Apple has significantly reduced production of its Vision Pro headset, which starts at approximately $3,500, in contrast to Meta's Quest 3 priced around $500. Reports indicate that suppliers have manufactured enough components for 500,000 to 600,000 units, but one factory halted production in May.
Goldman Sachs and Apple have been ordered to pay $89 million by a US watchdog agency due to consumer failures affecting hundreds of thousands of Apple Card users. CFPB Director Rohit Chopra highlighted the misconduct that led to this significant penalty.
Apple and Goldman Sachs have been ordered to pay over $89 million for mishandling consumer disputes related to the Apple Card. The Consumer Financial Protection Bureau found that Apple failed to forward numerous disputes to Goldman Sachs, which also did not comply with federal investigation requirements. Goldman Sachs faces a $45 million civil penalty and $19.8 million in redress, while Apple is fined $25 million.
Sygnum, a Swiss bank specializing in digital assets, has opened an office in Lugano to enhance local services and support the city's Bitcoin initiative, Plan B. This move aims to foster collaboration within Lugano's growing digital ecosystem and includes the launch of Bitcoin@Sygnum to promote partnerships and research in the Bitcoin space. Mayor Michele Foletti emphasized the importance of this development for Lugano's economic growth and innovation in blockchain technology.
Citi Chair John Dugan indicated that the revised bank-capital rules, known as Basel III, are unlikely to be finalized before the next presidential inauguration. He highlighted a "fundamental stalemate" at the Federal Deposit Insurance Corp. regarding the latest version of the rules, with significant changes still pending from US regulators.
NextEra Energy Inc. is exploring the possibility of restarting the closed Duane Arnold nuclear plant in Iowa, as stated by CEO John Ketchum during an earnings conference call. He expressed strong interest in recommissioning the facility but did not disclose any estimated costs for the project.
Tupperware Brands has agreed to a $23.5 million sale to a group of lenders, alongside over $63 million in debt relief, canceling its planned asset auction. The company, which filed for bankruptcy with $818 million in debt, will wind down operations in markets with heavy liabilities, as confirmed by CEO Laurie Ann Goldman. A court hearing will be scheduled to approve the sale, deemed the best outcome given the company's challenging situation.
Marty Fridson, a renowned expert in junk bonds, cautions that investors pursuing high yields in US corporate debt are overpaying for risk. He notes that these investors are not receiving adequate compensation for the risks involved, leading to inferior risk-adjusted returns.
UBS has maintained a 'Sell' rating on Unilever shares, setting a target price of 4000 pence, following recent financial results from Hindustan Unilever and Unilever Indonesia. The company, a major player in consumer goods with over 400 brands, emphasizes sustainability through its Unilever Sustainable Living Plan, aiming for 100% of its plastic packaging to be reusable, recyclable, or compostable by 2025.
17:15 23.10.2024
Hindustan Unilever's Board is set to decide by December on the separation of its ice cream business, following recommendations from an Independent Committee. CEO Rohit Jawa indicated that the board is considering two main options: selling the business or demerging it into a separate entity. The committee will guide the board's decision on the preferred mode of separation.
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