Business

Your blog category

Rohit Chopra testifies before Congress as CFPB takes legal action against Zelle

Rohit Chopra testifies before Congress as CFPB takes legal action against Zelle

Rohit Chopra, director of the Consumer Financial Protection Bureau (CFPB), testified before the Senate Committee on Banking, Housing, and Urban Affairs in late November 2023, addressing ongoing financial consumer protection issues. Just weeks later, the CFPB escalated its efforts by filing a lawsuit against Zelle, a prominent peer-to-peer payment network, and its three largest operators—JP Morgan Chase, Bank of America, and Wells Fargo—alleging a failure to address fraud and adequately compensate victims. The lawsuit marks a significant move in the CFPB’s broader campaign to hold financial institutions accountable for fraud-related customer losses. According to the bureau, customers of the three…
Read More
Border detentions in December remain stable, reaching lowest levels since 2020

Border detentions in December remain stable, reaching lowest levels since 2020

Border detentions for unauthorized crossings from Mexico into the United States in December showed little change compared to the previous month, maintaining the lowest levels since July 2020. A high-ranking official from the U.S. Customs and Border Protection (CBP), speaking on condition of anonymity, revealed Monday that December detentions are projected to end near November’s total of 46,612. The official added that preliminary figures suggest around 44,000 apprehensions as of earlier this month. December marks the sixth consecutive month where detentions at the southern border were below monthly averages seen in 2019, signaling a continued decline in unauthorized crossings. The…
Read More
European markets slip in final full trading session of the year

European markets slip in final full trading session of the year

European stock markets traded lower on Monday during the last full trading session of 2024, as investors prepared for a quiet end to the year. The pan-European Stoxx 600 index fell by 0.5% by early afternoon in London, with most sectors posting losses. Technology, industrial, and media stocks led the declines, while oil and gas stocks managed to record gains. Trading volumes were light as markets across the region prepared to shut early or remain closed until January 2 for the New Year holiday. Despite Monday’s subdued performance, European stocks are on track to close the year with moderate gains.…
Read More
New York City’s Congestion Pricing Set to Begin Amid Legal Challenges

New York City’s Congestion Pricing Set to Begin Amid Legal Challenges

Cars traveling through Manhattan will face new tolls starting just after midnight on January 5, 2025, as New York City implements the nation’s first congestion pricing plan. However, the plan continues to face legal challenges, particularly from the state of New Jersey, which argues the program could lead to environmental harm and economic consequences across the river. Key Details of Congestion Pricing Under the congestion pricing scheme, drivers entering Manhattan below 60th Street will pay: Peak hours (weekdays 5 a.m.–9 p.m., weekends 9 a.m.–9 p.m.): $9 Off-peak hours: $2.25 (a 75% discount) The Metropolitan Transportation Authority (MTA) predicts a 10%…
Read More
Ukraine halts Russian gas transit to Europe, ending decades of energy dominance

Ukraine halts Russian gas transit to Europe, ending decades of energy dominance

On New Year’s Day, Ukraine officially cut off the flow of Russian natural gas to several European countries, marking the end of Moscow’s long-standing dominance over Europe’s energy markets. The move, which had been widely anticipated, comes as the five-year transit agreement between Russia and Ukraine expired without renewal amid the ongoing war between the two nations. At around 8 a.m. local time on Wednesday, Russian state energy giant Gazprom confirmed that gas exports to Europe through Ukrainian pipelines had stopped. This development, following over three decades of Russian gas transit via Ukraine, underscores the shifting energy dynamics in Europe…
Read More
America’s oldest racetrack closes as horse racing eyes a modern resurgence

America’s oldest racetrack closes as horse racing eyes a modern resurgence

After more than 170 years of operation, Freehold Raceway, America’s oldest horse racetrack, has run its final race. The New Jersey track, co-owned by Penn Entertainment, officially closed its doors on the last weekend of 2024, ending an era marked by declining attendance, shrinking revenues, and failed attempts to secure a casino license. “Unfortunately, the operations of the racetrack cannot continue under existing conditions, and we do not see a plausible way forward,” said Howard Bruno, the track’s general manager, in a statement announcing the closure. While Freehold’s closure reflects the challenges facing horse racing in the United States, industry…
Read More