Wells Fargo, a major US bank, has agreed to pay $3bn (£2.3bn) to resolve a government investigation into its sales practices, including opening millions of fake customer accounts.
The bank admitted it had wrongly collected millions of dollars in fees, misused customer information and harmed the credit rating of customers.
The settlement comes about four years after the scandal first erupted.
It has already forced out two chief executives and led to hefty fines.
Since 2018, Wells Fargo has been operating under an order from the US Federal Reserve that limits its growth.
Cryptocurrency company Coinbase has been working with Paysafe to issue the Coinbase Card, a Visa debit card that works with your Coinbase account balance. The company is now a Visa Principal Member, which should help Coinbase rely less on Paysafe and control a bigger chunk of the card payment stack.
Coinbase says it is the only cryptocurrency company that has reached that level of certification. The company will offer the Coinbase Card in more markets in the future. The new status could open up more possibilities and features as well.
The coronavirus outbreak has “temporarily constrained” the iPhone supply chain in China, which has been hit hardest by the illness. As a result, Apple expects to miss the $63 billion to $67 billion in sales it projected to rake in this quarter.
“These iPhone supply shortages will temporarily affect revenues worldwide,” the company said in an investors’ note.
Everybody loves a good sports dog. The world was particularly blessed on Sunday when a very good dog invaded a Turkish soccer pitch, trying to get in on the action.
The very furry and adorable incident happened during a TFF First League match between Fatih Karagumruk Spor and Giresunspor in Istanbul, Turkey.
The dog took the field like a new version of Air Bud: World Pup and chased after the ball, interrupting play but embracing sweet, sweet freedom in all its glory.
Pier 1, the troubled home furnishings retailer that has closed hundreds of stores in recent years, filed for bankruptcy Monday.
The company, based in Fort Worth, Texas, released a statement saying that it reached a plan with lenders to provide it with $256 million. It will try to find a buyer for the company.
Pier 1 (PIR) previously announced it will close up to 450 stores, including all its locations in Canada. Around 400 stores have already closed or started going-out-of-business sales, according to the statement.
Last month, SpaceX became the operator of the world’s largest active satellite constellation. As of the end of January, the company had 242 satellites orbiting the planet with plans to launch 42,000 over the next decade. This is part of its ambitious project to provide internet access across the globe. The race to put satellites in space is on, with Amazon, U.K.-based OneWeb and other companies chomping at the bit to place thousands of satellites in orbit in the coming month.
London (CNN Business) -Mobile World Congress, one of the technology industry’s biggest annual events, has been called off because of the coronavirus outbreak. The announcement comes after more than a dozen major tech companies said they would not attend the event as the deadly outbreak continues to spread.
A year ago, a coalition of some of the world’s biggest brands embarked on an experiment: If they started selling everyday products like shampoo in reusable, returnable packaging instead of single-use plastic, would customers buy it? Could a modern version of the milkman model—where customers shop online, and then return empty containers via UPS to be cleaned and refilled for a new customer—make business sense?
For brands, the new platform, called Loop, was a radical step to test fundamental changes to how they package and deliver products, driven by consumer pressure to deal with the problem of plastic pollution. The first pilots started in May 2019. The tests have been successful enough that the system is now rapidly expanding and will soon launch in retail stores.
President Trump wants to end a popular student loan forgiveness program.
Here’s what you need to know.
End Student Loan Forgiveness
Trump’s new annual budget calls for several changes to student loans, which are part of a $5.6 billion cut in funding to the U.S. Education Department. As in previous years, Trump repeated his call to end public service loan forgiveness. Under Trump’s proposed budget, if passed by Congress, the Public Service Loan Forgiveness program would be eliminated.