Company Highlights: Bank Fees, Musk Teases Twitter

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As Americans feel stuck, Biden targets ‘junk fees’

NEW YORK — With time running out before the election, President Joe Biden has highlighted his administration’s efforts to crack down on so-called junk fees that banks and other businesses charge their customers. The announcement comes after months of high inflation that have eaten away at Americans’ savings and made the economy the top issue for voters. Biden was joined by Rohit Chopra, the director of the Consumer Financial Protection Bureau, the nation’s financial watchdog, which targets overdraft fees charged by banks as well as NSF check fees, which are levied on a customer. from the bank when a check is not valid.

Musk posts video of himself walking around Twitter headquarters

SAN FRANCISCO — Elon Musk posted a video on Wednesday showing him strolling through Twitter’s headquarters ahead of Friday’s deadline to complete his $44 billion deal to buy the company. Musk also changed his Twitter profile to refer to himself as “Chief Twit” and his location to Twitter headquarters, which is based in San Francisco. The video showed him carrying a sink through a hall. “Enter the Twitter headquarters – let him in!” he tweeted. A court has given Musk until Friday to complete his April deal to acquire the company after he earlier tried to pull out of the deal. Neither Musk nor Twitter said if the deal was done yet.

Gas crisis easing in Europe – but respite may not last

FRANKFURT, Germany – Skyrocketing natural gas prices in Europe have plummeted thanks to unusually warm weather and efforts to fill storage before winter. Prices fell to their lowest level since June. Electricity is also cheaper. Declining use by industry has contributed to lower fuel demand. But there are uncertainties ahead, including cold weather, if people turn down their thermostats, demand from Asia and if Russia’s war in Ukraine causes more disruption. European officials are trying to tackle the crisis with measures such as limiting price fluctuations and buying gas together to avoid bidding against each other.

Facebook Parent Company Meta Q3 Revenue, Lower Profits

Facebook’s parent company Meta said revenue fell for a second straight quarter. This raises questions about whether it’s safe to spend $10 billion a year on the Metaverse – a concept that doesn’t quite exist yet and may never exist. The Menlo Park, California-based company’s results have been hit by falling digital ad spend as the economy falters. Meta, which also owns Instagram and WhatsApp, also faces fierce competition from TikTok. Its disappointing results follow weak earnings reports from Google’s parent Alphabet Inc. and Microsoft this week.

UK Treasury chief slow to detail new economic plans

LONDON — Britain’s Treasury chief Jeremy Hunt has postponed his long-awaited economic statement until November 17. The move on Wednesday gives Prime Minister Rishi Sunak’s new government a chance to weigh in on policies intended to stabilize the country’s finances after his predecessor’s tax system. cutaways caused a market upheaval. The statement will now include a full budget and an analysis of its impact on public debt and borrowing by the Independent Office for Budget Responsibility. It was originally supposed to be announced on Halloween. Sunak took office on Tuesday after former Prime Minister Liz Truss was forced to resign over fears that her package of tax cuts and spending increases could lead to higher public debt.

Executives could forfeit part of their compensation under the new rule

Securities regulators want to ensure that publicly traded companies recoup any executive compensation awarded based on financial statements that contain errors. The Securities and Exchange Commission said Wednesday it had passed a rule that calls on national securities exchanges to require companies whose stock they list to comply with the new compensation clawback policy. Companies will be required to disclose any instances where they have clawed back incentive compensation awarded in error, whether from a current or former executive. The rule applies to compensation paid up to three years before the date on which a company is required to publish an accounting statement.

Ford cuts investment in self-driving vehicle unit, posts loss

DETROIT — Ford is exiting its investment in Argo AI, an autonomous vehicle company it jointly owns primarily with Volkswagen. The company says in its third-quarter earnings filings that it is shifting investment priorities from fully autonomous vehicles to advanced driver assistance systems. Ford takes a $2.7 billion accounting charge to write down the value of its investment in Pittsburgh-based Argo and writes off a cash investment of about $500 million. Largely due to the non-cash accounting charge, Ford, based in Dearborn, Mich., posted a net loss of $827 million from July to September.

Railroad’s No. 2 union rejects deal, adding to strike concerns

OMAHA, Neb. – A second railroad union has rejected its deal with major US freight railroads, reflecting growing worker frustration over the industry’s lack of paid sick leave. The Brotherhood of Railway Signalmen’s vote adds to worries about the possibility of a strike next month that could cripple the economy. More than 60% of union members opposed the five-year contract, even though it included 24% raises and $5,000 in bonuses. Six small railway unions have approved their agreements, but all 12 unions must ratify them to prevent a strike. If a walkout occurs, then Congress can step in to block it and impose conditions on workers.

The S&P 500 fell 28.51 points, or 0.7%, to 3,830.60. The Dow Jones Industrial Average rose 2.37 points, or less than 0.1%, to 31,839.11. The Nasdaq fell 228.12 points, or 2%, to 10,970.99.

The Russell 2000 Small Business Index rose 8.18 points, or 0.5%, to 1,804.33.

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