Money
Amex faces $230 million penalties for deceptive practices
Amex to pay $230M in penalties for deceptive sales practices involving credit cards, wire services to small businesses.
Amex to pay $230M in penalties for deceptive sales practices involving credit cards, wire services to small businesses.
American Express has agreed to pay approximately $230 million in penalties related to deceptive practices in the sale of credit cards and wire services to small businesses.
The settlement breaks down to a $108.7 million civil penalty from the Justice Department and includes a non-prosecution agreement with the Eastern District of New York. This follows a criminal investigation into the company’s practices.
Additionally, American Express has reached a preliminary agreement with the Federal Reserve, which is expected to be finalised soon. The penalty from the Federal Reserve is included in the total $230 million.
Reports by the Wall Street Journal highlighted instances where some Amex salespeople pressured business owners to boost sales for credit cards and other products. This included misrepresenting card rewards and fees, as well as checking credit reports without proper consent.
The Journal also reported on deceptive marketing practices regarding wire products that were misleadingly pitched as ways to avoid tax payments. Furthermore, Amex was accused of entering “dummy” employer identification numbers on small-business credit card accounts to artificially inflate sign-ups.
American Express stated that it has cooperated with regulatory agencies to address these issues, which included staff discipline and changes in training and organisation. The company claims that these problematic practices ended in 2021 or earlier.
Money
Australia’s inflation hits 3.8%: Budget decisions under pressure
Australia’s inflation hits 3.8%, raising concerns for households; Dr. Enticott discusses implications for everyday Australians and economic planning.
Australia’s inflation hits 3.8%, raising concerns for households; Dr. Enticott discusses implications for everyday Australians and economic planning.
Australia’s inflation has surged to 3.8%, sparking concern for households and businesses. Experts warn that rising prices could threaten financial stability if the government does not act in the upcoming budget.
Dr Steven Enticott from CIA Tax joins Ticker to break down what this inflation spike means for everyday Australians. He also explains why inflation above the Reserve Bank’s target band is particularly significant and how it affects economic planning.
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#AustraliaInflation #EconomicUpdate #Budget2026 #RBA #FinancialNews #BusinessImpact #HouseholdCosts #TickerNews
Money
Wall Street gains momentum amid tech and earnings surge
U.S. stocks rose Monday, driven by Oracle gains, as investors overlooked recent silver and bitcoin losses ahead of earnings week.
U.S. stocks rose Monday, driven by Oracle gains, as investors overlooked recent silver and bitcoin losses ahead of earnings week.
U.S. equities climbed on Monday as Wall Street kicked off a new month of trading. Investors looked past recent losses in silver and bitcoin, with optimism returning to major indices. The S&P 500 rose 0.7%, led by gains in Oracle shares following the company’s announcement to raise up to £50 billion for cloud capacity.
The Dow Jones Industrial Average surged 501 points, while the Nasdaq Composite increased 0.9%. Analysts note that the broader market is showing resilience despite mixed signals from tech and commodities.
More than 100 S&P 500 companies are expected to report earnings this week. Strong growth is predicted, even as some high-profile sell-offs continue to make headlines.
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US dollar weakens as Trump comments; Australian dollar gains from commodity prices and RBA rate hike expectations
The US dollar is coming under pressure as the economy remains strong and President Trump comments on its decline. We explore how this is impacting major currencies around the world and what it means for investors.
Meanwhile, the Australian dollar is benefiting from rising commodity prices and growing expectations of an RBA rate hike. Global investors are increasingly drawn to Australia’s bond market as economic conditions shift.
Currency trading strategies are adapting to this changing landscape, with potential implications for interest rates and international markets. Steve Gopalan from SkandaFX breaks down the trends.
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#USDDollar #AustralianDollar #ForexTrading #RBA #InterestRates #GlobalEconomy #CurrencyMarket #Ticker
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