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Robinhood cops record fine for outages and misleading customers

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Major Investing Firm Robinhood Financial has copped a $93 Million fine from the Financial Industry Regulatory Authority

Robinhood will pay close to $93 million AUD to settle a wide range of allegations, including that the investment firm gave customers misleading information while also allowing some users to make riskier trades after they lied about their trading experience.

The financial penalty is the largest ever ordered by the Financial Industry Regulatory Authority.

The FIRA is a non-governmental organisation that oversees the brokerage industr.

Head of FIRA’s department of enforcement Jessica Hopper said that the fine “reflects the scope and seriousness of Robinhood’s violations,”

Since its 2014 launch, Robinhood has shaken up the brokerage industry with zero-commission trading.

The investment firm is also renowned for its easy-to-use app that’s drawn a new generation of investors into the market.

Robinhood already has more than 31 million customers

Many of the finance firms customers were earlier getting left behind as the stock market rose without them. But it’s also faced criticism and penalties from a range of regulators over allegations that it encouraged novices to make trades too risky for them and hurt them in other ways.

Robinhood neither admitted nor denied the allegations in the settlement

Robinhood detailed how it has improved support for its customers, including the ability to call in and talk with a service representative for some issues that they encounter on the platform.

“We are glad to put this matter behind us 

RobinHood stated in a statement.

Robinhood is preparing to sell its own stock on the market in one of Wall Street’s most anticipated initial public offerings.

Anthony Lucas is reporter, presenter and social media producer with ticker News. Anthony holds a Bachelor of Professional Communication, with a major in Journalism from RMIT University as well as a Diploma of Arts and Entertainment journalism from Collarts. He’s previously worked for 9 News, ONE FM Radio and Southern Cross Austerio’s Hit Radio Network. 

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Germany recalls Tesla models due to emergency fault

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Tesla is in the spotlight again, with Germany’s road traffic agency recalling models Y and 3 due to a fault in the automatic emergency call system

It’s a fault that could possibly impact around 59,000 vehicles globally.

Germany’s watchdog says a software flaw is causing a breakdown of the e-Call, a system designed to alert authorities after a serious accident.

The glitch follows the company delivered almost 18 per cent fewer electric vehicles in the second quarter than in the previous.

This is largely due to China’s Covid-19-related shutdowns and the ongoing supply chain crunch.

Meanwhile, CEO Elon Musk says Tesla’s new factories in both Texas and Berlin are “losing billions of dollars”.

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World’s first city to charge tourists for visiting

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If you’re lucky to be heading abroad this summer, a visit to the famous canals in Venice, Italy might be on your itinerary, but beware of new fees to come.

Venice will charge most of its visitors an entry fee from next year as it tries to tackle overcrowding.

The city’s tourism chief says Venice are pioneers and will be the first city in the world to apply a measure that could be revolutionary.

From mid January next year, day-trippers must book their visit online before travelling.

They will pay a basic fee of 3 euro, which will rise to 10 euro at peak times.

Tourism is bouncing back in Venice after the pandemic with daily visitors again often outnumbering the 50-thousand residents of the city centre.

The scheme will be closely watched by other popular tourist destinations, overwhelmed with travellers around the world.

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Pubs in UK declining by thousands, new research

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It’s no secret Brit’s love their Pub Grub, but plating up Bangers and Mash is a tradition on the decline

The number of pubs in England and Wales is continuing to fall, hitting its lowest level on record this year

After struggling through Covid the industry now faced soaring prices and higher energy costs, it warned.

There were just under 40-thousand pubs in June, down by 7,000 in the past decade, according to new research.

In fact, thousands of pubs have closed as younger people drink less, supermarkets sell cheaper alcohol and the industry complains of being too heavily taxed.

Pubs which had “disappeared” from the communities they once served had either been demolished or converted for other purposes, meaning that they were “lost forever”.

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