ReportWire

Tag: Consumer

  • Tesla, Nvidia, Spirit Aerosystems, KB Home, Accenture, and More Market Movers

    Tesla, Nvidia, Spirit Aerosystems, KB Home, Accenture, and More Market Movers

    [ad_1]

    Stock futures were falling following three straight days of losses for Wall Street. Federal Reserve Chairman Jerome Powell again will be delivering testimony before Congress. His comments on Wednesday that the central bank likely would be raising rates further this year pushed markets lower.

    [ad_2]

    Source link

  • Edmonton MP to file ‘grievance’ about Taylor Swift tour’s lack of Canadian shows  | Globalnews.ca

    Edmonton MP to file ‘grievance’ about Taylor Swift tour’s lack of Canadian shows | Globalnews.ca

    [ad_1]

    Edmonton MP Matt Jeneroux hopes Taylor Swift’s lack of Canadian stops on her Eras Tour is not about Bad Blood.

    In several posts on his social media accounts, the Conservative politician indicated he would follow Australia’s lead and file what he’s calling an “official grievance” with Parliament to encourage Taylor Swift to add some Canadian dates to The Eras Tour — if she has a Blank Space in her calendar, that is.

    “I filed an official letter of grievance,” Jeneroux said on Thursday. “I don’t actually know if that’s really a thing, but we got a message from one of my friends who said the Australian parliament is filing an official letter of grievance to have Taylor Swift reconsider to come to Adalaide.

    “I went and said: ‘Is this something we can do in Canada?’ and nobody seemed to know. So I thought let’s go and file an official letter of grievance and kind of see what happens.”

    Story continues below advertisement

    The letter reads:

    “It has come to my attention that despite much anticipation, Taylor Swift’s Eras Tour has neglected to include any Canadian dates or locations as she released her international dates, which includes stops throughout Asia and Europe,” Jeneroux wrote in a letter dated and signed on Wednesday, June 21.

    “Similar to what’s being considered in Australia, I would like to file an official grievance within Parliament on behalf of all Swifties in Canada for her and her team to reconsider,” the letter continued.


    Click to play video: 'Taylor Swift ticket chaos leads to US Justice department probe of Ticketmaster, Live Nation'


    Taylor Swift ticket chaos leads to US Justice department probe of Ticketmaster, Live Nation


    “Not only is this leaving Canadian fans without the opportunity to see her tour, but it is also leaving Canada out of the economic opportunities her shows generate. It is estimated that these shows could generate $4.6 billion for local economies. Fans just don’t simply attend concerts, they spend money at local businesses including hotels, restaurants and shops.

    Story continues below advertisement

    “This motion is non-partisan in nature and requires swift action to address what I can only assume is a serious oversight,” the letter concludes.

    So far, Swift’s international tour dates don’t include any Canadian stops, but it’s not clear if more will be added.

    “Considering the fact that I’m not totally clear on what a letter of grievance really is, it’s pretty lighthearted in the way we’ve approached it,” Jeneroux said.

    “But I think often in politics, it’s meeting people, what they’re thinking about, what’s important to them, and I know a lot of people in our community and in my home too, this is top of mind.

    “My daughters have never paid more attention to my career than yesterday when I wrote the letter,” he added with a smile.

    Story continues below advertisement

    Concordia University economist Moshe Lander doubts Jeneroux’s economic impact estimates. Mega tours do have economic impacts on the cities they visit, but not to the extent Jeneroux forecasted, he said, unless it was for the entire tour.

    “I don’t think that that’s something he really costed out when he wanted to show his fake outrage,” Lander said.

    “I think that he’s maybe trying to justify why he’s taking that stance.

    “With a Taylor Swift concert, the economic benefit would be in the tourist dollars that it brings in. Her devoted followers will follow her around from one venue to another so you could find that of 20,000 people going to the concert, a portion of them would be coming from outside Edmonton.

    “When they’re coming into Edmonton, they’re filling up local hotels, local bars, they’re buying local merchandise — that does have an economic impact, but it’s not long-lasting. It’s essentially for the 48 hours before and after the concert and then it’s all over,” Lander explained.

    Jeneroux clarified the number he cited was a prediction of how much money would be generated in the U.S. economy by the tour.

    Lander said another factor to consider is the venues available.

    “She’s working 60,000-70,000 seat outdoor venues,” he said. “Canada doesn’t really have those type of outdoor venues and, if they do have it, there’s a limited amount of time where it’s a fun experience for the act and for the fans because the summer is so short here.”

    Story continues below advertisement

    Economically, choosing Edmonton as a stop on a tour might not make sense, he added. It requires flying or driving and moving a lot of equipment and crew across a border and Alberta is fairly isolated in terms of being close to other stops.

    “That’s a huge cost that has to be borne by the concert act, so I can certainly understand why Taylor Swift is saying: ‘Why go to Edmonton and fill out 18,000 seats when I could just do an extra night in San Francisco and get the same 18,000 seats without any of the transportation costs?’

    “She only has so many days, so if Edmonton is sitting there saying: ‘Hey what about us?’ OK, so who are you replacing?

    “You’ve got to be kidding me if you think… her managers are making that calculation, saying: ‘I think Edmonton is a good move. Why don’t you sacrifice SoCal for a night?’ It’s top to bottom economic nonsense, but it makes for good copy,” Lander said with a grin.


    Matt Jeneroux Instagram.


    Courtesy: Instagram/ Matt Jeneroux

     

    Story continues below advertisement

    The reaction to the letter has been bigger than Jeneroux imagined in his Wildest Dreams.

    “There’s been over 50 media requests across the country, internationally, that we’ve had… A whole bunch of people have reached out and said: ‘Boy, we’d like to help on your next campaign.’

    “Ultimately, this is something that resonates with people,” he said.

    And he just can’t Shake It Off.

    “People all across the country have reached out and want to talk about this letter of grievance,” Jeneroux said.

    “Our goal is to ensure that — there’s a segment of our population that is really passionate about this — that they’re heard.

    “There’s important work happening in Parliament but from the lighthearted side of things, it’s pretty fun to watch,” he added.

    “There’s a lot of anticipation for the concert dates that were released. I know, at least in our home with my daughters, we were very eager to see where she’d be playing and when there’s no Canadian dates, obviously some disappointment.

    “There’s still a lot of venues across Canada that would for sure welcome Taylor Swift and her crew with open arms.”

    Story continues below advertisement

    [ad_2]

    Emily Mertz

    Source link

  • Alibaba, Dice, Arcellx, Avis, PayPal, and More Stock Market Movers

    Alibaba, Dice, Arcellx, Avis, PayPal, and More Stock Market Movers

    [ad_1]


    • Order Reprints

    • Print Article


    [ad_2]

    Source link

  • Ticketmaster, Live Nation to offer all-in prices as Biden cracks down on junk fees – National | Globalnews.ca

    Ticketmaster, Live Nation to offer all-in prices as Biden cracks down on junk fees – National | Globalnews.ca

    [ad_1]

    Live Nation and Ticketmaster will soon offer consumers all-in pricing on their popular ticket platforms, the White House announced as it convenes a meeting on Thursday to highlight efforts crack down on so-called junk fees.

    President Joe Biden President is hosting a meeting at the White House of private companies – including Ticketmaster, SeatGeek and Airbnb – who have committed to fully disclose fees to consumers upfront. It is part of Biden’s broader effort to crack down on junk fees imposed by ticket companies, banks, airlines and other industries.

    Live Nation will commit to roll out an upfront all-in pricing in September showing just one total price for more than 30 million fans who attend shows at the more than 200 Live Nation-owned venues and festivals across the country, the White House said.

    Ticketmaster will also add a feature to give consumers the option to receive all-in upfront pricing for all other tickets sold on the platform, White House said.

    Story continues below advertisement


    Click to play video: 'Paperless papal mass tickets causing anxiety for seniors in Edmonton'


    Paperless papal mass tickets causing anxiety for seniors in Edmonton


    Live Nation and Ticketmaster merged in 2010 after a Department of Justice brokered settlement that officials said would encourage competition and send ticket prices down. Critics, including lawmakers, have said that has not been the result.

    SeatGeek, a ticketing platform that serves both the primary and secondary market, will roll-out product features over the course of the summer to make it easier for its millions of customers to shop on the basis of all-in price, the White House said.

    Biden has called on Congress to pass legislation that mandates up-front all-in pricing for all ticket sellers, bans surprise “resort fees,” eliminates early termination fees charged by cable, internet, and cellphone companies, and bans family seating fees on airlines.

    “President Biden has been working to lower costs for hardworking families by bringing down inflation, capping insulin prices for seniors, and eliminating hidden junk fees. More companies are heeding the President’s call so that Americans know what they’re paying for up front and can save money as a result,” said National Economic Director Lael Brainard.

    Story continues below advertisement

    (Reporting By Jarrett Renshaw; Editing by Mary Milliken and Stephen Coates)

    [ad_2]

    Source link

  • Bud Light is No Longer Top-Selling Beer in U.S.

    Bud Light is No Longer Top-Selling Beer in U.S.

    [ad_1]

    Bud Light has lost its status as the top-selling beer in the U.S.


    Rick Diamond/Getty Images

    Modelo Especial has quietly overtaken


    Anheuser-Busch InBev


    Bud Light as the nation’s top-selling beer, punctuating the impact of a boycott that followed the brand’s controversial promotion by a transgender activist.

    [ad_2]

    Source link

  • Why the Most Successful Entrepreneurs Don’t Do It Alone | Entrepreneur

    Why the Most Successful Entrepreneurs Don’t Do It Alone | Entrepreneur

    [ad_1]

    Opinions expressed by Entrepreneur contributors are their own.

    Over the last several months, I have been deeply immersed in the Goldman Sachs 10k Small Businesses (10KSB) accelerator program. In partnership with Babson College, Goldman Sachs developed an in-depth curriculum that requires small business owners, or “scholars,” as we are called during the program, to take a deep look at each aspect of our businesses and our leadership styles.

    Goldman Sachs developed this program with the belief that small businesses are the economic engine of the American economy and that the stronger those businesses are, the stronger and more resilient the American economy will be. This is particularly important today as we face tremendous economic uncertainty.

    The program curriculum was demanding and required a significant time commitment. The result was a 70-page, comprehensive business plan. The business plan was tangible evidence that my fellow scholars and I completed the program and dug into the guts of our business. We each identified a “Growth Opportunity” and created a detailed plan to capture that opportunity.

    Related: Going Alone in Business? 5 Reasons That’s a Really Bad Idea.

    But to be clear, the plan was not strictly the result of the program curriculum. It was also the result of the invaluable network of hundreds of small businesses from every state in the union in my Goldman Sachs cohort and the alumni of over 13,000 small business owners that now make up my community.

    As I sit at my computer today and pour through my company’s daily, weekly, and monthly financial reports, it is increasingly evident that I cannot do this alone. Like business leaders everywhere, I am concerned about the realities of the economy, the supply chain, access to capital and all the myriad factors that affect my business, which I have no control over. The one fact that is crystal clear to me is that, as small business owners, we need to join forces.

    There is power in numbers. Small businesses are successful when we work together and take advantage of each other’s strengths. Diverting focus from our core business to spend time on our own every internal business process is costly and wastes time. This point was stressed time and time again over the nine months I was in the program.

    If marketing isn’t your core business, find and hire a small business specializing in the marketing type you need to get the message out to your customers. Hire those services you need from another small business so that you can focus. If distribution isn’t your core business, find and hire a business that specializes in logistics. And the list goes on and on. If we are intentional about looking for other small businesses to provide the services we need so we can focus, we can find virtually anything.

    Related: Follow Your Entrepreneurship Path But Don’t Do It Alone

    Spending money is one of the most terrifying things for a small business owner. Like many of you, I look at the bank account and think I can’t afford to hire an outside service to do this. I will do it myself and save money. Here is the rub, how much time and effort am I wasting learning something new? What is my time worth? What if I could spend my time focused on what I do best, on my core business competency? Would that pay for the additional cost of a service?

    I have been forced to take a tough look at my business in a new way. It is not that I suddenly realized that I had better cash flow and could outsource things. I didn’t, and I can’t. But it costs money and lost opportunity when my key employees or I spend time on things that don’t fall within our immediate business and enhance our offerings.

    I will give you a perfect example. I have years of experience in marketing, but marketing is not my core business today. I lead an ecommerce platform for women-owned businesses. The last thing I thought I needed to spend money on was marketing. I have done it for years and know how to identify my target audience and what channels to use to reach them. I have actively resisted my team’s push to hire marketing services. What I didn’t factor in is how much time my co-founder and I spent on marketing execution rather than focusing on building our sales platform.

    Related: Entrepreneurs, You Can’t Handle Everything at Your Startup

    My core business is NOT marketing execution, so why do we have one of the most valuable members of the team spending hours a week focused on it? We need to find a small business whose specific business is marketing execution for direct-to-consumer companies like mine and hire them. I am confident that freeing my co-founder up to focus on building our core offering will enable us to pay for the cost of the outsourced marketing execution.

    The bottom line is that, as small business owners, we can’t do it alone. As the uncertainty in the economy continues, capital is harder to access, and consumers reduce spending, the best thing I can do is surround my business with experts focused on how to grow and invest back into our communities.

    Small businesses have long been the American economy’s growth engine; for this to continue, we need to fuel economic stability and growth by investing and supporting one another. I am fortunate to have been able to participate in an accelerator program that jump-started my network. But there are many places where small businesses can and should connect. Your local Chamber of Commerce is a great resource, as is the Small Business Administration and industry affinity groups with chapters nationwide.

    We can’t do it on our own! And the good news is we don’t have to. Find a hire a small business expert so you can focus on your core business and grow!

    [ad_2]

    Kate Isler

    Source link

  • Marijuana products recalled in Arizona for possible mold contamination – Medical Marijuana Program Connection

    Marijuana products recalled in Arizona for possible mold contamination – Medical Marijuana Program Connection

    [ad_1]

    Several marijuana dispensaries in Arizona are voluntarily recalling some products due to possible fungal contamination. 

    The Arizona Dept. of Health Services says two strains produced by TRU Infusion – Zombie Cookies and Peach Gas – are being recalled after samples tested positive for Aspergillus.

    So far, no illnesses have been reported. Health officials say there were errors in the testing results, which may have led to false negative results for contaminants.

    “Once ADHS discovered the potential contamination, they contacted the facility that produced the products,” health officials said. “The licensee took immediate action to work with all distribution and retail partners to remove any potentially impacted products from store shelves.”

    The affected batch numbers are 1110R29ZMBC and 1021R32PG.

    What is Aspergillus?

    According to the Mayo Clinic, Aspergillus is a mold that exists both indoors and outdoors.

    “Most strains of this mold are harmless, but a few can cause serious illnesses when people with weakened immune systems, underlying lung disease or asthma inhale their fungal spores,” read a portion of the Mayo Clinic’s website.

    Aspergillus, according to the Cleveland Clinic, can cause a disease known as Aspergillosis.

    “In certain people, Aspergillus can cause allergic reactions, chronic lung conditions and invasive disease that spreads to your brain, kidneys, lungs or other organs,” read a portion of the…

    Original Author Link click here to read complete story..

    [ad_2]

    MMP News Author

    Source link

  • AB InBev Stock Falls Again as Controversy Continues to Exact Toll

    AB InBev Stock Falls Again as Controversy Continues to Exact Toll

    [ad_1]


    • Order Reprints

    • Print Article

    It’s another down day for


    Anheuser-Busch InBev


    putting the stock on pace for its worst month in nearly two years.


    [ad_2]

    Source link

  • Walmart, Alibaba, Target, and More Stocks to Watch This Week

    Walmart, Alibaba, Target, and More Stocks to Watch This Week

    [ad_1]

    Walmart, Alibaba, Target, and More Stocks to Watch This Week

    [ad_2]

    Source link

  • Consumer sentiment tumbles to six-month low in May on renewed fears about U.S. economy

    Consumer sentiment tumbles to six-month low in May on renewed fears about U.S. economy

    [ad_1]

    The numbers: The University of Michigan’s gauge of consumer sentiment fell to a preliminary May reading of 57.7 from an April reading of 63.5. That is the lowest level since November last year.

    Economists polled by the Wall Street Journal had expected a May reading of 63.

    Americans view on near-term inflation moderated slightly in May. They now expect the inflation rate in the next year to average about 4.5%. Inflation expectations had surged to 4.6% in April from 3.6 in March.

    Inflation expectations over the next five years rose to 3.2% from 3% in April. That’s the highest reading since 2011.

    Key details: A gauge that measures what consumers think about their financial situation — and the current health of the economy — fell to 64.5 from 68.2 in April.

    Another measure that asks about expectations for the next six months moved down to 53.4 in May from 60.5 in the prior month.

    Big picture: Consumer spending is the engine of the economy. If households grow concerned about the outlook and pull back, it could push the economy into recession.

    And Federal Reserve officials won’t be pleased to see expectations of inflation over the long-term increase. They view expectations as a key source of future inflation pressure.

    What UMich said: “Consumers’ worries about the economy escalated in May alongside the proliferation of negative news about the economy, including the debt crisis standoff,” the press release said. In the most serious debt-ceiling standoff in 2011 consumer sentiment plummeted to recession levels but recovered quickly when the crisis was averted.

    What are they saying? “While we don’t place too much weight on the relationship, if sustained, the latest plunge in consumer sentiment would be consistent with falling consumption in the second quarter. That would be alongside the probable hit to consumption from tightening credit conditions,” said Olivia Cross, assistant economist at Capital Economics.

    Market reaction: Stocks
    DJIA,
    -0.18%

    SPX,
    -0.22%

    were lower in volatile trading on Friday while the yield on the 10-year Treasury note
    TMUBMUSD10Y,
    3.437%

    rose to 3.41%.

    [ad_2]

    Source link

  • Chegg Stock Sinks on Worries About ChatGPT

    Chegg Stock Sinks on Worries About ChatGPT

    [ad_1]



    Chegg


    shares were sinking in late trading Monday after the education technology firm warned that students are using OpenAi’s ChatGPT for homework help, hurting


    Chegg


    ‘s own efforts to add new customers.

    [ad_2]

    Source link

  • Fed ‘accident’ could slice 20% off the S&P 500, stock market strategist David Rosenberg warns. Here are 3 ways to protect your money now.

    Fed ‘accident’ could slice 20% off the S&P 500, stock market strategist David Rosenberg warns. Here are 3 ways to protect your money now.

    [ad_1]

    David Rosenberg honestly doesn’t want to be bearish on stocks or bash the Federal Reserve. The veteran market strategist will get no satisfaction if he’s right about Americans having to slog through recession and consequently endure deflation, job losses and a wallop to the stock market.

    “As I play the role of economic detective, I can see the smoking gun,” says Rosenberg, a former chief North American economist at Merrill Lynch and now president of Toronto-based Rosenberg Research.

    Who’s…

    [ad_2]

    Source link

  • National Instruments, Tesla, Bed Bath & Beyond, and More Stock Market Movers

    National Instruments, Tesla, Bed Bath & Beyond, and More Stock Market Movers

    [ad_1]


    • Order Reprints

    • Print Article


    [ad_2]

    Source link

  • Why Customer Confidence Always Comes First | Entrepreneur

    Why Customer Confidence Always Comes First | Entrepreneur

    [ad_1]

    Opinions expressed by Entrepreneur contributors are their own.

    If you’re in the professional services industry, take a step back and watch what’s happening in the banking industry right now. As of this writing in late March 2023, two banks have failed in the US, and the FDIC stepped in to support the depositors, making them whole. This means the money was not lost per se but rather inconvenienced momentarily.

    However, in the week following, over 120 billion dollars flowed back into the nation’s top 25 biggest banks.

    This should scream to you that consumer confidence is the most important aspect of the client relationship. Period.

    Using banking as an example, customers are always on the lookout for the best deals. They want the lowest interest rates on loans, the highest interest rates on savings and the best customer service. This is why many customers opt for local and regional banks. These institutions often offer better rates and more personalized service than larger banks.

    Related: Analysts Remain Bullish On These 3 Regional Banks

    However, when the economy takes a turn for the worse, and a couple of small banks fail, it can quickly shake customers’ confidence. Suddenly, the safety and security of their funds become the priority, and they run back to the big banks they once avoided and likely still loathe.

    Need more examples? If you’re hiring a CPA for your company’s tax return, what’s more important: customer service and friendliness or your tax bill? Would you feel okay paying more in tax if they responded to your emails and were friendly? Probably not.

    How about this — if you were wrongly accused of a crime and needed to hire a defense attorney, which is more important? Hourly fees, customer service or the ability to get you out of jail. See what I’m saying now?

    The worst part of all this is that the overwhelming majority of local or regional banks are probably doing just fine. All it took to move all those billions of dollars back to the big banks was the mere thought of a small chance of failure (even though it’s still FDIC insured). The slightest sliver of doubt sent them running back to the perceived safety (and horrible service and rates) of big banks without even giving the local guys a chance to defend themselves.

    Related: Banks or VCs; Where Should Startups Seek Funds?

    In banking, law and all professional services, confidence must come first, followed by customer service. Clients are willing to overlook customer service issues if they have confidence in the provider’s ability to deliver results. This is not to say that customer service is not important. It is crucial in building and maintaining client relationships. However, it is not the primary driver of the client’s decision-making process. I always say, “People work with people they like,” but I should add that they only work with people they know can get the job done, then they pick the one they like most.

    So, how can professional service providers build and maintain client confidence? There are a few key strategies that can be employed:

    1. Build a strong reputation. Reputation is everything in the professional services industry. A provider’s reputation is built on their track record of delivering results, expertise and ability to meet client needs.

    Saved a client some money on their taxes? — make sure you tell everyone you know.

    Win a big case? — tell everyone you know! Spread the word!

    2. Communicate often. This transparency can help build trust and confidence in the provider’s ability to deliver results. Taking a personalized approach and communicating frequently can show clients that they are important and that their needs are being met.

    3. Embrace technology. Like it or not, technology is changing how professional services are delivered. By embracing technology, you stay current in the world. This also instills confidence that you’re able to keep up in the changing world and are at the forefront of your industry. That CPA that “doesn’t do email” probably isn’t as up-to-date on recent tax law changes either.

    Remember to be the person they trust; then be the person they like.

    [ad_2]

    Scott Ford

    Source link

  • Coinbase, Newmont, Tilray, Hexo, Virgin Orbit, and More Stock Market Movers

    Coinbase, Newmont, Tilray, Hexo, Virgin Orbit, and More Stock Market Movers

    [ad_1]


    • Order Reprints

    • Print Article


    [ad_2]

    Source link

  • Housing Costs Are Cooling Off. Where the Market Could Be Headed.

    Housing Costs Are Cooling Off. Where the Market Could Be Headed.

    [ad_1]

    Housing inflation has remained hot in recent months—but it could be approaching a turning point, according to a


    Zillow


    economist. 

    Housing costs—both the cost of buying or renting—climbed earlier in the pandemic. While data show that prices in both categories have cooled in recent months, the industry’s contribution to inflation has remained hot. 

    [ad_2]

    Source link

  • J&J, C3.ai, Albemarle, Walmart, and More Stock Market Movers

    J&J, C3.ai, Albemarle, Walmart, and More Stock Market Movers

    [ad_1]


    • Order Reprints

    • Print Article


    [ad_2]

    Source link

  • Sen. Sherrod Brown: American consumers losing power over their savings and paychecks is an emergency, too.

    Sen. Sherrod Brown: American consumers losing power over their savings and paychecks is an emergency, too.

    [ad_1]

    The collapse of Silicon Valley Bank sent shockwaves through the global economy and had the makings of another crisis. Depositors raced to withdraw money. Banks worried about the risk of contagion. I spent that weekend on the phone with small business owners in Ohio who didn’t know whether they’d be able to make payroll the next week. One woman was in tears, worried about whether she’d be able to pay her workers. 

    The Federal Deposit Insurance Corporation (FDIC) and the Federal Reserve responded quickly, took control of the bank, and contained the fallout. Consumers’ and small businesses’ money was safe. That Ohio small business was able to get paychecks out.

    The regulators were able to protect Americans’ money from incompetent bank executives because when Congress created the Federal Reserve in 1913 and the FDIC in 1933, it ensured that their funding structures would remain independent from politicians in Congress and free from political whims. 

    But now, as the U.S. Supreme Court considers the case of Community Financial Services Association v. CFPB, these independent watchdogs’ ability to keep our financial system stable faces an existential threat.

    The Consumer Financial Protection Bureau is the only agency solely dedicated to protecting the paychecks and savings of ordinary Americans, not Wall Street executives or venture capitalists. Corporate interests have armies of lobbyists fighting for every tax break, every exemption, every opportunity to be let off the hook for scamming customers and preying on families.

    The CFPB’s funding structure is designed to be independent, just like the Fed and the FDIC.

    Ordinary Americans don’t have those lobbyists. They don’t have that kind of power. The CFPB is supposed to be their voice — to fight for them. The CFPB’s funding structure is designed to be independent, just like the Fed and the FDIC. Otherwise, its ability to do the job would be subject to political whims and special interests — interests that we know are far too often at odds with what’s best for consumers.

    Since its creation, the CFPB has returned $16 billion to more than 192 million consumers. It’s held Wall Street and big banks accountable for breaking the law and wronging their customers. It’s given working families more power to fight back when banks and shady lenders scam them out of their hard-earned money. 

    The CFPB can do this good work because it’s funded independently and protected from partisan attacks, just as the Fed and the FDIC are. So why, then, does Wall Street claim that only the CFPB’s funding structure is unconstitutional?

    Make no mistake — the only reason that Wall Street, its Republican allies in Congress, and overreaching courts have singled out the CFPB is because the agency doesn’t do their bidding. The CFPB doesn’t help Wall Street executives when they fail. It doesn’t extend them credit in favorable terms or offer them deposit insurance like the other regulators do. The CFPB’s funding structure isn’t unconstitutional — it just doesn’t work in Wall Street’s favor.

    If the Supreme Court rules against the CFPB, the $16 billion returned to consumers could be clawed back. What would happen then — will America’s banks really go back to the customers they’ve wronged with a collection tin?

    Invalidating the CFPB and its work would also put the U.S. economy — and especially the housing market — at risk.

    Invalidating the CFPB and its work would also put the U.S. economy — and especially the housing market — at risk. For more than a decade, the CFPB has set rules of the road for mortgages and credit cards and so much else, and given tools to help industry follow them. If these rules and the regulator that interprets them disappear, markets will come to a standstill. 

    By attacking the CFPB’s funding structure and putting consumers’ money at risk, Wall Street is putting the other financial regulators in danger, too. 

    The Fifth Circuit’s faulty ruling against the CFPB is astounding in its absurdity — the court ruled that the authorities that other financial agencies, like the Federal Reserve and the FDIC, have over the economy do not compare to the CFPB’s authorities. In other words, the court is claiming that the CFPB supposedly has more power in the economy than the Fed.

    That’s ridiculous. Look at the extraordinary steps taken to contain the failures of Silicon Valley Bank and Signature Bank — the idea that the CFPB could take action even close to as sweeping is laughable.

    But we know why the Fifth Circuit put that absurd assertion in there — they recognize the damage this case could do to these other vital agencies, and to our whole economy.

    Imagine what might happen if another series of banks failed and the FDIC did not have the funds to stop the crisis from spreading.

    The FDIC’s own Inspector General has stated that the Fifth Circuit ruling could be applied to their agency. If that happens, the FDIC and other regulators could be subject to congressional budget deliberations, which we all know are far too partisan and have resulted in shutdowns. Imagine what might happen if another series of banks failed and the FDIC did not have the funds to stop the crisis from spreading, or the Deposit Insurance Fund to protect depositors’ money. Imagine if politicians caused a shutdown, and we were without a Federal Reserve. 

    U.S. financial regulators are independently funded so that they can respond quickly when crises happen. It’s telling, though, that plenty of people in Washington don’t seem to consider the CFPB’s issues in the same category. Washington and Wall Street expect the government to spring into action when businesses’ money is put at risk. But when workers are scammed out of their paychecks, that’s not an emergency — it’s business as usual. 

    When Wall Street’s abusive practices put consumers in crisis, the CFPB must have the funding and strength it needs to carry out its mission — to protect consumers’ hard-earned money. 

    U.S. Sen. Sherrod Brown (D-OH) is chairman of the U.S. Senate Committee on Banking, Housing, and Urban Affairs.

    More: Supreme Court to hear case that will decide the future of consumer financial protection

    Also read: Senate Banking Chair Sherrod Brown sees bipartisan support for changes to deposit insurance

    [ad_2]

    Source link

  • Interested in booking a campsite in Alberta’s mountains? Parks Canada has some tips  | Globalnews.ca

    Interested in booking a campsite in Alberta’s mountains? Parks Canada has some tips | Globalnews.ca

    [ad_1]

    Parks Canada has begun opening up bookings for national parks in Alberta using its updated online reservation system.

    “The updated platform that we’re running with functioned very well and as expected,” said Pamela Clark, who runs visitor experience for Jasper National Park. “The queuing, the site selection and the payment process operated very smoothly, even with the increased volumes that we experienced.”

    Demand for campsites continues to increase and has been going up significantly for the last three or four years.

    “When we launched (the Parks Canada online reservation system) back in 2015, we had about 1,800 reservations on launch day,” Clark said of Jasper. “Now, fast-forward to 2023, we’re over 20,000 reservations on launch day.


    Whistlers Campground in Jasper National Park summer 2022.


    Supplied: Parks Canada

    “People know we have a reservation system. They understand it’s the best way of ensuring that they have a site that meets their needs,” she said.

    Story continues below advertisement

    “What we’ve seen in the last four or five years, when it really started to pick up in 2019 and 2020 — even the use of our national parks — is people are gravitating towards the outdoor opportunities and just the natural escapes.”

    Read more:

    Jasper opens backcountry camping reservations Monday

    For Jasper National Park, reservations for front-country (serviced) sites launched March 16. Bookings for back-country sites launched March 20.

    “When users logged in at 8 a.m. last Thursday morning, there were about over 22,000 people in our waiting room but we were able to manage those volumes, and the average wait time was about 30 minutes,” Clark said.


    Click to play video: 'Parks Canada’s new reservation system opens March 13'


    Parks Canada’s new reservation system opens March 13


    The phased approach to site bookings reduces overall volume and helps the reservation site operate more smoothly. Clark said Parks Canada uncoupled backcountry reservations for Banff and Jasper because the combined volumes created issues in the booking system.

    Story continues below advertisement

    “The older system really wasn’t able to keep up with the volumes that we’ve been experiencing, especially in the last three or four years, volumes have increased substantially,” Clark said. “Even from last year to this year, we experienced a volume increase for reservations of over 6,000.”


    Click to play video: 'Banff and Lake Louise encouraging visitors to take transit to the mountains this summer'


    Banff and Lake Louise encouraging visitors to take transit to the mountains this summer


    For Banff National Park, reservations for front-country sites launch on Thursday, March 23. Back-country bookings opened Wednesday morning.

    As other areas open up, Clark has some tips for people looking to book a spot.

    “They should get onto our website — Parks Canada reservations — and look through all the tips on there. They should open up a profile if they don’t have one yet or update their profile if they’ve been on the system before. And they should get acquainted with the areas they want to be camping in.

    Story continues below advertisement

    “Have a plan. Have a couple backup plans, that’s really important.”

    Jasper National Park has more than 2,000 campsites, the second-largest inventory of campgrounds managed under one park in North America, Clark said. Together, the mountain national parks have about 5,000 campsites. Despite an “abundant” inventory, there’s just so much demand in July and August.


    Whistlers Campground in Jasper National Park summer 2022.


    Supplied: Parks Canada

    Serviced, front-country campsites in Jasper National Park for dates in those peak months get snapped up within hours.

    “After our launch day, there really is no availability in July and August, but there’s still lots of availability in May, June, September for campers who are looking and can be a little more flexible in their departure dates and aren’t looking for serviced sites.

    “At this point, for service sites, you’re looking at October. There’s really no availability in serviced sites from May until September,” Clark said. “They’re really popular.”

    Story continues below advertisement

    Read more:

    Environmental groups welcome Parks Canada buyout of Jasper Park backcountry lodges

    If you were unable to book a campsite in the area you want at the time you were hoping for, Parks Canada suggests looking at less-peak times or staying just outside the national parks.

    “There are also campgrounds on the outskirts of the (Jasper National) park — in Mt Robson Provincial Park, also in the Hinton area.”

    Alberta Parks opens provincial campsite bookings 90 days before the scheduled stay. For instance, on March 22, reservations would be open for a late June camping trip.

    “And, if you really have these dates in mind, you can check back to see if there are cancellations because from time to time there are, and you might be the fortunate one who gets a cancellation.”


    Click to play video: 'Outdoor blogger reacts to Moraine Lake parking ban'


    Outdoor blogger reacts to Moraine Lake parking ban


    For the more adventurous camper, backcountry sites are an option too.

    Story continues below advertisement

    “There’s still availability along some of the lesser-known backcountry trails,” Clark said. “The ones that quickly get booked up are the iconic classics — so Skyline and Maligne — there is no availability left for the summer. But there is availability in almost all the other trail areas that we manage.”

    Read more:

    ‘Loved to death’: Balancing recreation and conservation in Alberta’s mountain parks

    And one more great tip for anyone visiting a park in Alberta?

    “When they’re coming to a national park, they take on the stewardship of these areas, they follow the special rules, they put the garbage where it belongs and they follow that wildlife-watching etiquette,” Clark said.

    “It’s really super important that we all share in taking care of these wild spaces.”

    &copy 2023 Global News, a division of Corus Entertainment Inc.

    [ad_2]

    Emily Mertz

    Source link

  • Credit Suisse, UBS, First Republic, and More Stock Market Movers

    Credit Suisse, UBS, First Republic, and More Stock Market Movers

    [ad_1]


    • Order Reprints
    • Print Article

    [ad_2]
    Source link