Big Business
Associated Press/Photo by Ben Margot (file)

Regulators hit Wells Fargo with $1 billion fine

by Onize Ohikere
Posted 4/20/18, 10:24 am

Federal regulators on Friday slapped Wells Fargo with a $1 billion combined fine for mortgage and auto loan abuses. The fine includes a $500 million payment to the office of the Comptroller of the Currency—the bank’s main regulator—and $500 million to the Consumer Financial Protection Bureau (CFPB). This marks the first penalty issued since Mick Mulvaney took over as CFPB director in late November under the Trump administration. Wells Fargo has faced several scandals in recent years.

Read more

Associated Press/Business Wire

Amazon, Best Buy join up to sell TVs

by Lynde Langdon
Posted 4/19/18, 12:02 pm

Amazon and Best Buy have formed a partnership to sell TVs engineered by the online retail giant. Toshiba and Best Buy’s brand, Insignia, will make the TVs, which will be powered by Amazon’s Fire TV software and its Alexa voice-activated assistant. Amazon has made increasing efforts to establish a presence in brick-and-mortar retail stores in recent years by buying the Whole Foods grocery chain and opening more than a dozen bookstores. Best Buy investors welcomed the news, and its stock rose 4 percent Wednesday.

Read more

Armed with information

Business | The data behemoths have great power, but they aren’t invincible
by Janie B. Cheaney
Posted 4/12/18, 10:37 am

In July 1995, Jeff Bezos sold his first book on an internet site called True to tech-wizard legend, he shipped the volume from his garage in Seattle. Anyone with an ounce of computer savvy could have done the same, and before long many did; what set Bezos apart was his vision for online marketing.

Read more