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What you need to know about the Wells Fargo settlement

The Wells Fargo Settlement Darla Mercado | @darla_mercado Published 2 Hours AgoCNBC.com The bank estimates it will pay about $182 million to affected car loan borrowers. Some 110,000 homeowners were assessed about $98 million in mortgage rate lock extension fees between Sept. 16, 2013 and Feb. 28, 2017. Andres S | Getty Images Couple buying a new car and signing the contract The checks should be the mail for consumers affected by alleged improper auto loan and mortgage practices at lending giant Wells Fargo. The Consumer Financial Protection Bureau and the Office of the Comptroller of the Currency announced a $1 billion settlement with the bank on Friday. The penalties relate to fees assessed on mortgage interest rate lock extensions — money that prospective homebuyers pay to keep an offer...

Uber is launching a rental car service inside its app

  Uber is launching a rental car network in partnership with Getaround, the ride-hailing company announced today (April 11). San Francisco-based Getaround lets users find and instantly book vehicles from private car owners, all through a mobile app. The new Uber Rent platform, which is scheduled to launch later this month in San Francisco, will make cars from Getaround’s network available to users of the Uber app. The deal comes as Uber expands beyond its flagship on-demand rides and into other modes of local transportation. On April 9, the company said it had purchased Jump Bikes, a provider of dockless electric bicycles. Also today, Uber announced a partnership with London-based Masabi, a mobile ticketing company that Uber said will help customers book and use public transit tickets...

What Zuckerberg should do as Facebook faces a reputation meltdown

This is how it, and the wider industry, should respond, LAST year the idea took hold that Mark Zuckerberg might run for president in 2020 and seek to lead the world’s most powerful country. Today, Facebook’s founder is fighting to show that he is capable of leading the world’s eighth-biggest listed company or that any of its 2.1bn users should trust it. News that Cambridge Analytica (CA), a firm linked to President Donald Trump’s 2016 campaign, got data on 50m Facebook users in dubious, possibly illegal, ways has lit a firestorm (see article). Mr Zuckerberg took five days to reply and, when he did, he conceded that Facebook had let its users down in the past but seemed not to have grasped that its business faces a wider crisis of confidence. After months of talk about propaganda and fake n...

Fiat Chrysler to invest $1 billion in Michigan plant, pay bonus after tax cut

An employee removes side panels from a press at Fiat-Chrysler’s Sterling Stamping Plant in Sterling Heights, Michigan, on Aug. 26, 2016. (Jeff Kowalsky / Bloomberg) Jamie Butters and Ryan BeeneBloomberg Fiat Chrysler Automobiles is investing $1 billion in a Michigan truck factory and paying worker bonuses in the wake of a U.S. tax cut, gestures that could come in handy amid major policy matters being sorted out in Washington. The Italian-American automaker will share the spoils of a lower corporate tax rate by sending $2,000 checks to about 60,000 U.S. workers. Fiat Chrysler also will spend more than $1 billion and add 2,500 jobs at a factory near Detroit to produce heavy-duty Ram pickups that the company has been making in Mexico. The moves may prove useful to Fiat Chrysler’s ...

Wal-Mart to Cut Thousands of Store-Management Roles

Wal-Mart to Cut Thousands of Store-Management Roles About 3,500 U.S. store co-managers affected by reshuffle Retailer adding 1,700 new assistant store-manager positions Wal-Mart to Increase Starting Wages to $11 Wal-Mart to Increase Starting Wages to $11 A day after embarking on a pay hike, Wal-Mart Stores Inc. is taking steps to shake up management at thousands of its stores. The world’s biggest retailer is removing about 3,500 store co-managers, a salaried role that acts as a lieutenant underneath each store manager, according to people familiar with the move. It’s also adding about 1,700 assistant store managers, a slightly lower-paid role, who will oversee fast-growing areas like online orders, one of the people said. All co-managers will be notified Friday, and those affected will be ...

Shari Redstone once again eyeing a merger of CBS and Viacom

Shari Redstone is vice chair of both CBS Corp. and Viacom Inc. (Drew Angerer / Getty Images) Shari Redstone wants to recombine CBS Corp. and Viacom Inc. to better fortify the two medium-sized media companies at a time when other entertainment companies are scrambling to bulk up. There are no merger talks underway, three people familiar with the matter who were not authorized to publicly discuss the situation said Friday. However, Redstone, whose family controls the voting shares of CBS and Viacom, ​​increasingly sees a merger as a compelling option for the two companies that have operated separately for 12 years, according to these people. Redstone, who serves as vice chair of both companies, has expressed her feelings to the leadership and boards of the two entities, according to the sour...

Sears warns it will consider ‘all options’ if efforts to refinance $1 billion in debt fail

Sears’ same-store sales dropped 16 to 17 percent for the first two months of the fourth quarter. The department store chain has raised $100 million in new financing and is pursuing an additional $200 million from other lenders. Sears is pushing to return to profitability and will continue to explore ways to monetize its other assets. Lauren Thomas | @laurenthomasx3 Published 4 Hours Ago Updated 1 Hour AgoCNBC.com PLAY VIDEO Sears Holdings said Wednesday it suffered another disappointing holiday season, making it more challenging as the struggling retailer scrambles to refinance its debt. The parent company of Sears and Kmart stores said it’s in talks with lenders about transactions that would strengthen its balance sheet and improve the terms on more than $1 billion of debt. Th...

Sprint customers are about to get a very unpleasant bill hike

Image Source: Shutterstock Chris Mills @chrisfmills January 10th, 2018 at 12:46 AM Existing Sprint customers who signed up under two long-running deals are about to get a very unpleasant new years’ shock. The “Unlimited freedom” and “50% off” deals, which have been running for two years, are ending this month, which means that some bills will double. “Customers on Unlimited Freedom and 50% off were informed when they signed up with Sprint that the plans were introductory pricing and would increase in price at a future date,” a Sprint spokesperson told Fierce Wireless. “The great news is these customers are still paying less for their service compared to other major carriers. Plus, Sprint now provides unlimited customers Hulu at no additional cost.” DON’T MISSSuper NES Classic is in s...

People are ditching Subway, and franchisees expect a wave of store closures — here’s what went wrong

Joe Raedle/Getty Images Subway’s US store count fell by more than 900 this year. Franchisees tell Business Insider that hundreds more stores are in danger of closure and that up to one-third of Subway locations in the US are unprofitable. Subway’s crisis is linked to many factors: changing trends, a disgraced spokesman, internal conflict, and intense discounts. “They can’t just toss a bunch of stuff on random bread products and expect it to impress an increasingly discerning public,” one marketing executive says. Subway is in serious trouble. The world’s largest restaurant chain is being left behind as consumers seek healthier, fresher food and as competitors offer them better options. Franchisees are protesting its promotions, and some are complaining a...

Wells Fargo aggressive with consumers, careful with companies

While Wells Fargo branch employees aggressively pressured consumers to sign up for new accounts, commercial bankers adopted a relatively stingy approach to lending money to companies. While Wells Fargo branch employees aggressively pressured consumers to sign up for new accounts, commercial bankers adopted a relatively stingy approach to lending money to companies. Wells Fargo CEO Tim Sloan says the company’s growth reflects some good credit decisions made by colleagues. Wells Fargo CEO Tim Sloan says the company’s growth reflects some good credit decisions made by colleagues. Wells Fargo’s admission that its employees created up to 3.5 million fraudulent accounts suggests a reckless, out-of-control culture. But the San Francisco banking giant seems to have a split personality of sorts. De...

Walmart To Cut 20% Of Leadership Staff: Breaking News

Walmart is in the process of cutting 20% of its leadership staff above store level, as reported by a field executive for the retailer. Within the next three weeks, the company will reduce its total number of regional markets from 450 to 350, which will eliminate approximately 300 executive positions by the beginning of October. In fact, the retailer has been so focused on this initiative to cut staff that it eliminated two regional directors in Florida and one in South Carolina even as Hurricane Irma was approaching. This reduction in staff is reportedly the result of an edict to cut expenses quickly. The cuts will save Walmart from having to pay out bonus money and vested equity moving into Q1 2018. When all the cuts are finalized, Walmart will have been reduced from six divisions to four...

North Korea Threatens U.S. Over Haley’s `Hysteric Fit’ at UN

(Bloomberg) — North Korea said the U.S. will “pay dearly” after its United Nations Ambassador Nikki Haley said the isolated nation was “begging for war,” again ratcheting up tensions as world leaders consider a fresh round of sanctions. Describing Haley’s comments to the UN this week as a “hysteric fit,” a commentary by the state-run Korean Central News Agency on Friday warned the U.S. of unspecified retribution. North Korea detonated its sixth and most powerful nuclear bomb on Sunday, and South Korea has said Kim Jong Un’s regime may be planning to launch another intercontinental ballistic missile on Saturday. Nikki Haley speaks during a UN Security Council emergency meeting on Sept. 4. “The U.S. administration will have to pay a dear price for her tongue-lashing,” KCNA said of Hale...

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