Financial News

Chamber Requests Nominations for 2022 Outrageously Good Customer Service Awards
August 24, 2022
AP-NC Newswatch
August 24, 2022
Financial News

5 takeaways from Twitter whistleblower Peiter Zatko

SAN FRANCISCO (AP) — Startling new revelations from Twitter’s former head of security, Peiter Zatko, have raised serious new questions about the security of the platform’s service, its ability to identify and remove fake accounts, and the truthfulness of its statements to users, shareholders and federal regulators. In a whistleblower complaint made public Tuesday, Zatko documented his uphill 14-month effort to bolster Twitter security, boost the reliability of its service, repel intrusions by agents of foreign governments and both measure and take action against fake “bot” accounts that spammed the platform.

 

Big student loan forgiveness plan announced by Biden

WASHINGTON (AP) — President Joe Biden has announced his long-awaited plan to deliver on his campaign promise to provide $10,000 in student debt cancellation for millions of Americans — and up to $10,000 more for those with the greatest financial need. Biden announced in a Wednesday tweet that borrowers who earn less than $125,000 a year, or families earning less than $250,000, would be eligible for the $10,000 loan forgiveness. For recipients of Pell Grants, which are reserved for undergraduates with the most significant financial need, the federal government would cancel up to an additional $10,000 in federal loan debt. Biden is also extending a pause on federal student loan payments through the end of 2022.

 

Biden’s student loan plan: What we know (and what we don’t)

NEW YORK (AP) — President Joe Biden says many Americans will be able to have up to $10,000 in federal student loan debt forgiven in they make less than $125,000 a year. People who went to college on Pell grants can have up to $20,000 forgiven. Biden also says a pause on student loan payments will be extended until Dec. 31. Interest rates will remain at 0% until repayments start. Under an earlier extension announced in April, people who were behind on payments before the pandemic will automatically be put in good standing.

 

‘Pre-bunking’ shows promise in fight against misinformation

Google and a team of university researchers have hit on what they say could be an effective way to make people more impervious to the harmful impact of online misinformation. In experiments, the researchers showed people videos that explain how things like emotionally charged language or false comparisons can help persuade people to believe false claims. The people who saw the videos were later tested and found to be better able to distinguish false claims from accurate information. It’s an approach called pre-bunking, and university researchers and Google say it holds promise as a relatively easy and effective way to bolster critical thinking and make people more able to resist misinformation.

 

SEC questions Twitter on how it counts fake accounts

DETROIT (AP) — U.S. securities regulators are questioning Twitter about how it calculates the number of fake accounts on its platform. The Securities and Exchange Commission in June asked the company about its methodology and “the underlying judgments and assumptions used by management.” The agency’s Division of Corporation Finance made the request in a June 15 letter, shortly before Tesla CEO Elon Musk raised the issue as grounds to back out of a deal to buy Twitter for $44 billion. Such questions can be routine, and it wasn’t clear whether the SEC has opened a formal investigation into Twitter’s fake accounts.

 

Rupert Murdoch’s son sues Australian website for defamation

SYDNEY (AP) — Fox Corp. chief executive Lachlan Murdoch is suing Australian news website Crikey in a Sydney court for defamation over an opinion piece about last year’s storming of the U.S. Capitol. Media mogul Rupert Murdoch’s son filed a statement of claim Tuesday after Crikey publisher Private Media’s chairman Eric Beecher and managing editor Peter Fray put their names to media ads inviting Lachlan Murdoch to sue. Murdoch claims he was defamed by a column about the U.S. congressional investigation into the Jan. 6 insurrection. Crickey said it welcomed the suit and would not be silenced. No court hearing date has yet been set. Murdoch has not proposed a monetary sum should he win damages in court.

 

Germany exports power to France, urges savings at home

BERLIN (AP) — Germany says it will keep exporting electricity to neighboring France despite calling on citizens to help fend off winter shortages by saving energy at home. Problems at French nuclear plants have driven up electricity prices there in recent months, prompting power companies in neighboring countries to sell their excess energy to France. Even precious natural gas, which Germany is trying to conserve for winter in case Russia cuts of supplies entirely, is being burned in large volumes to produce electricity for export to France. A German government spokesman said Wednesday that there were no plans to stop the practice, citing the need for European solidarity.

 

 

Paul Newman’s daughters sue late actor’s charity foundation

HARTFORD, Conn. (AP) — A new lawsuit has exposed a rift between two of Paul Newman’s daughters and the late actor’s charitable foundation funded by profits from the Newman’s Own line of food and drink products. Susan Kendall Newman and Nell Newman filed a lawsuit Tuesday in Stamford, Connecticut. They allege Newman’s Own Foundation improperly decreased its mandated contributions to the daughters’ own charities from $400,000 apiece per year to $200,000 apiece per year, against their father’s wishes. The foundation calls the lawsuit “meritless” and says best practices for philanthropic organizations do not allow for perpetual funding allotments to anyone.

 

Italy’s natural gas storage is 80% full as prices hit record

MILAN (AP) — Outgoing Italian Premier Mario Draghi said the country is less vulnerable to interruptions of Russian natural gas supplies because of its moved rapidly to reduce dependence on Moscow. He said Wednesday that natural gas storage is 80% full ahead of winter and is on track to hit 90% by October. Draghi told an annual summertime festival in the Adriatic seaside town of Rimini that Italy has reduced its reliance on Russian gas from 40% last year to half that by finding new sources in countries from Algeria to Azerbaijan. Russia’s war in Ukraine has driven natural gas prices to record highs, fueling inflation worldwide.

 

Stocks tick higher as Wall Street waits ahead of Fed speech

NEW YORK (AP) — Stocks are ticking higher as Wall Street waits in its holding pattern ahead of a highly anticipated speech about interest rates scheduled for the end of the week. The S&P 500 was 0.2% higher Wednesday. The Dow Jones Industrial Average and Nasdaq also shook off small early losses to inch higher Tesla shares were one of the strongest forces lifting the market. They rose ahead of a stock split scheduled for the end of the day. Treasury yields rose after a report showed orders for long-lasting goods were stronger in July than expected, after ignoring transportation.