Business

CFPB Orders Apple and Goldman Sachs to Pay $89 Million for Mismanagement of Apple Card Transactions

NEW YORK: A federal regulator said Monday that Apple and Goldman Sachs must reimburse $89 million to customers for deceptive practices and mishandling of disputes over transactions involving the Apple Card. The Consumer Financial Protection Bureau said there were significant "breakdowns and misrepresentations" about its credit card partnership with Apple.

Business

Intel Wins Another Victory Against EU as Top Court Backs Annulment of Billion-Euro Antitrust Fine

The leading American chipmaker, Intel Corp yesterday won a major legal victory in its long-drawn battle with the European Union's antitrust enforcers. For the third time in three years, the EU's top court said the Court of Justice an earlier decision by a lower tribunal was right-and threw out the €1.06 billion antitrust fine ($1.14 billion) originally imposed on Intel more than ten years ago. The ruling is an affirmation of the order made by the General Court back in 2022 and a huge win for the chipmaker over regulatory actions taken from the EU on market practices it followed.

Business

Stock Market Today: Wall Street Closes Mixed as Tesla Soars and IBM Slumps

Wall Street was a mixed bag on Thursday as was the day's trading, which was strewn with vivid contrasts in stock performance. The S&P 500 bucked its losing streak into three days—a string that hasn't occurred since early September—to advance 0.2% on the Dow Jones Industrial Average, however, lost 0.3% or 140 points. Nasdaq composite was the major bright spot, advancing 0.8%.

Business

Food Supply Remains Safe Despite High-Profile Outbreaks, Say Experts

Bad bugs in deli meats did their part to help fuel a wave of recent foodborne illness outbreaks—including a few that have been associated with meats from Boar's Head and McDonald's Quarter Pounders—many Americans are likely worrying over the safety of their food. Experts, though, say it remains one of the safest.

Business

TKO Group Acquires PBR, On Location, and IMG in $3.25 Billion All-Stock Deal

TKO Group, the parent of WWE and UFC, is acquiring PBR, On Location, and IMG for $3.25 billion, all-stock, from Endeavor Group as a boost for TKO in the share of premium sports, further enhancing its portfolio while opening new revenue avenues under its belt as it pushes deeper into media rights, live events, and brand partnerships.

Business

Global Markets Mixed as Japan's Nikkei Drops Before Election

Global stock markets were mixed in Friday trading, with Asian stocks generally finishing higher, though European markets opened lower. Japan's Nikkei fell as investors await Sunday's snap general election amid a political funding scandal that has accused Prime Minister Shigeru Ishiba's ruling Liberal Democratic Party of impropriety and may imperil their long-time majority and inject uncertainties into Japan's economic outlook, analysts said.

Business

Trump Win Could Lead to Mortgage Market Changes: Higher Rates Feared as Privatization Looms

If he wins next month's election, Donald Trump's administration could reopen a top priority of the GOP: privatizing Fannie Mae and Freddie Mac, the government-backed mortgage giants that hold about half of the U.S. home loan market. Democrats and economists have mixed feelings about the move because they fear, at present high rates, higher mortgage costs might make the insecurity of homeownership in the U.S. even more unsustainable.

Business

Putin Concludes BRICS Summit Amid Global Tensions and Calls for Cooperation

Russian President Vladimir Putin closed a three-day summit of the BRICS bloc Thursday in the city of Kazan, Russia, as developing economies today unleashed a significant show of unity. The summit, attended by leaders or representatives from 36 countries, highlighted the group's growing influence as a counterweight to Western powers.

Business

IMF Chief Warns of Global Economic Risks, Urges China to Boost Consumer-Driven Growth

The world economy faces a risk of slipping into a slow-growth pattern sustained by heavy debt, said International Monetary Fund Head Kristalina Georgieva here Thursday while urging China to put in place policies that will energize its economy or risk a spiraling slide downward. "These are nervous times," Georgieva said at the IMF and World Bank's annual meetings.

Business

Harris and Trump Shift to Podcasts, Moving Away from Legacy Media to Share Their Messages

NEW YORK (AP) _ As Kamala Harris and Donald Trump campaign for the next election, they both have eschewed the traditional legacy outlets in favor of engaging directly with new media platforms. Major news organizations, such as NPR, The New York Times, PBS, and The Washington Post, found themselves knocking on the back door for an interview with them; instead Harris is going for podcasts such as Alex Cooper's "Call Her Daddy" and sports talks on "All the Smoke."

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