Fed Decision: Officials Hold Rates Steady, Signal First Cut Is Nearer | Bloomberg

August 1, 2024July 31, 2024 ~ knjohn ~ Leave a comment

Federal Reserve Chair Jerome Powell said an interest-rate cut could come as soon as September after the US central bank voted to leave its benchmark at the highest level in more than two decades.

“The question will be whether the totality of the data, the evolving outlook, and the balance of risks are consistent with rising confidence on inflation and maintaining a solid labor market,”

Powell told reporters Wednesday. “If that test is met, a reduction in our policy rate could be on the table as soon as the next meeting in September.”

His comments followed a Federal Open Market Committee decision to leave the federal funds rate in a range of 5.25% to 5.5%, a level they have maintained since last July.

Amazon responsible for product recalls, says US | BBC News

July 31, 2024July 30, 2024 ~ knjohn ~ Leave a comment

US regulators have ruled that Amazon is responsible for handling recalls of unsafe products sold on its site and must improve its process.

They said Amazon’s alerts were not sufficient to convince its customers to stop using such products and ordered the company to submit a new plan for how it will respond.

The decision by the US Consumer Product Safety Commission (CPSC) came after the agency sued the e-commerce giant in 2021 for distributing more than 400,000 hazardous items, including faulty carbon monoxide detectors.

Amazon said it planned to appeal the finding while defending its practices.

Simone Biles leads USA to Olympic gymnastics team gold as GB finish fourth | BBC Sport

July 31, 2024July 30, 2024 ~ knjohn ~ Leave a comment

Simone Biles inspired the United States to victory in the women’s team gymnastics event as the first leg of a “redemption tour” began with a fifth Olympic gold.

For the world’s most decorated gymnast, it is the first Olympic gold since Rio 2016 after she pulled out of several events in Tokyo three years ago with the ‘twisties’ – a disorientating mental block.

Fellow sporting greats like Serena Williams and Michael Phelps were on their feet in the packed Bercy Arena as Biles’ stunning Taylor Swift-inspired floor routine sealed gold for her and team-mates Sunisa Lee, Jordan Chiles, Jade Carey and Hezly Rivera.

Apple Maps finally comes to the web | Mashable

July 26, 2024July 25, 2024 ~ knjohn ~ Leave a comment

More than a decade after it launched on phones, Apple Maps is now also available in your preferred computer’s web browser window.

Touted as a beta release, this version of Apple Maps can be found at https://beta.maps.apple.com/ (removing the “beta” part will land you at Apple’s landing page for the mobile version of Maps)

Senate Defiance Act passes unanimously, outlining civil path for deepfake victims | Mashable

July 26, 2024July 25, 2024 ~ knjohn ~ Leave a comment

New anti-deepfake legislation, known as the Disrupt Explicit Forged Images and Non-Consensual Edits (Defiance) Act, has passed a Senate vote with unanimous consent, pushing the first of potentially many AI-focused regulations one step closer to federal law.

The bipartisan Defiance Act grants victims the right to sue individuals who “knowingly produce, distribute, or receive” nonconsensual sexually-explicit digital forgeries. It was introduced to the session by Senate Judiciary Chair Dick Durbin and Republican senator Lindsay Graham, but Democratic representative and co-leader Alexandria Ocasio-Cortez has become a figurehead of the legislation.

Conn’s, a 134-year-old home goods retailer, is closing 70 stores | CNN Business

July 25, 2024July 24, 2024 ~ knjohn ~ Leave a comment

Conn’s HomePlus, a 134-year-old furniture and electronics retailer with locations primarily in the southern United States, has filed for bankruptcy and is closing nearly half of its 170 stores.

The Texas-based company, which filed for Chapter 11 bankruptcy protection on Tuesday, has been struggling with slumping sales amid a broader slowdown in discretionary spending among consumers. Conn’s has assets and liabilities worth at least $1 billion each, according to the filing.

The 73 Conn’s HomePlus stores closing are listed on its website. Florida is the most affected state with 18 stores soon shutting down, followed by Texas with 9 locations. Other states where stores are closing include Arizona, Colorado, North Carolina and Virginia.

A Conn’s spokesperson said that as the company goes through the Chapter 11 process, it “continues to have ongoing discussions with potential buyers to sell all or parts of the business and preserve jobs.”

Ford keeps having to repair customers’ new cars and trucks. Its profit is plunging and its stock tumbled | CNN Business

July 25, 2024July 24, 2024 ~ knjohn ~ Leave a comment

Shares of Ford fell more than 11% in after-hours trading Wednesday after the automaker reported much weaker than expected earnings. The company said it was compelled to set aside more money to cover the cost of repairing customers’ vehicles.

The company (F) did not break out how much extra money it set aside to cover warranty expenses, but said “most” of the $1.2 billion drop in operating income in the quarter came from that increased expense. Still, Ford said it is making gains in product quality, despite the increased costs.

“We still have lots of work ahead of us to raise quality and reduce costs and complexity, but the team is committed and we’re heading in the right direction,” said Ford CFO John Lawler in the company’s earnings report.

The company’s adjusted net income fell $1 billion to $1.9 billion, or 47 cents a share. That badly missed analysts’ forecasts of earnings per share of 68 cents a share

Amid extreme heat, 1 in 4 American households experience energy insecurity each year | Fast Company

July 19, 2024July 18, 2024 ~ knjohn ~ Leave a comment

Coast to coast, millions of Americans are experiencing sweltering temperatures this summer, with seemingly little relief in sight. For people who struggle to access or afford air conditioning, the rising need for cooling is a growing crisis.

An alarming number of Americans risk losing access to utility services because they can’t pay their bills. Energy utility providers in 2022 shut off electricity to at least 3 million customers who had missed a bill payment. Over 30% of these disconnections happened in the three summer months, during a year that was among the hottest on record.

eBay Partners with Liberis to Launch Business Cash Advance for Sellers | Small Biz Trends

July 17, 2024July 16, 2024 ~ knjohn ~ Leave a comment

eBay Inc. announced the launch of Business Cash Advance, a new eBay Seller Capital revenue-based financing product provided by Liberis. The goal is to support eBay sellers at every business stage; Business Cash Advance offers eligible U.S. eBay sellers up to $1 million in working capital in as little as 24 hours.

The product promises:

A seamless application experience: 100% online and personalized application experience that takes as little as three minutes.
Extensive financing options: Pre-approved funding offers ranging from $500 up to $1M, removing the fear of rejection.
Fast access to capital: Upon approval, funds are typically transferred in as little as 12-24 hours.
Flexible payments: Flexible payment schedules that scale with the seller’s sales cycle. There is no minimum payment and no early payment penalty.
Transparent reporting: Sellers can easily track payment progress, reconcile payments and sales proceeds, and view all reporting in one place on the eBay Seller Hub.

IRS Warns Car Dealers About Phishing and Smishing Scams | Small Biz Trends

July 17, 2024July 16, 2024 ~ knjohn ~ Leave a comment

The IRS is warning car dealers and sellers about rising phishing and smishing scams. These scams can severely impact business operations by tricking recipients into clicking suspicious links or providing sensitive information.

A recent ransomware attack targeted car dealers, prompting the IRS to stress vigilance. Fraudsters use various tactics to steal personal and financial information, often impersonating the IRS. The agency advises car dealerships to be wary of unsolicited messages and avoid clicking links in emails or texts if they seem suspicious.

Types of Scams:

Phishing: Fraudulent emails appear to be from legitimate sources, using various tricks to obtain sensitive information.

Smishing: Fraudulent text messages use alarming language to prompt recipients to click bogus links, leading to identity theft or malware installation. These scams aim to disrupt computer systems and steal valuable data. They often appear as unsolicited texts or emails from supposed trusted sources. The IRS advises not to click on unsolicited communications, as they might load malware or ransomware.