Yahoo News

(Bloomberg) — Five years into scandals that have already cost Wells Fargo & Co. more than $5 billion in fines and legal settlements, regulators are privately signaling they’re still not satisfied with the bank’s progress in compensating victims and shoring up controls. The Office of the Comptroller of the Currency and the Consumer Financial Protection Bureau have warned the firm they may bring new sanctions over the company’s pace in fulfilling those obligations, according to people… Source link

The freshly filed IPO prospectus from Allbirds will test the appetite of investors to own a green-focused retailer, that still has some proving to do on the top and bottom lines.  Allbirds said Tuesday it will view its IPO as a “sustainable public equity offering.” By that, Allbirds will be required to adhere to certain ESG (environmental, social and governance) standards.  They include, according to the filing, “a minimum ESG rating, a stakeholder-centric mission and purpose, best practices… Source link

The Federal Reserve has telegraphed that it will soon take the first steps in paring back its extraordinary monetary stimulus to the economy, but Fed officials are split on exactly when to start that process. For many of the 18 policymakers on the central bank’s Federal Open Market Committee, it could all come down to a single point of data due this week. “A non-committal Fed puts the focus squarely on Friday’s jobs report,” ING Economics wrote Tuesday. The August jobs report, to be… Source link

The weed market opening up in New York will be a massive catalyst for the cannabis industry, according to an industry veteran. “I think New York as a market, [Senate Majority Leader Chuck] Schumer as a representative of New York, is going to be a very, very live topic through September,” Bruce Linton, chairman of Gage Cannabis and former CEO of Canopy Growth (CGC), told Yahoo Finance (video above). “And to me, that is one of the bigger movers. You say to anybody else on the planet, tell… Source link

Someday soon you may be able to buy groceries from Best Buy (BBY) as it looks to better compete for shoppers online with Amazon and Walmart.  But before then, Best Buy is hoping to sell you an electric bike, an electric mower or some form of beauty product.  The electronics retailer (or one-time electronics only retailer) began selling a range of electric bikes and scooters on its website on Tuesday. USA Today first reported the launch. Offerings range from a $799 Segway electric scooter to… Source link

The Street is unclear on how to value Zoom as its growth slows with people returning to offices and schools, despite the lingering pandemic.  So the only course of action right now it seems — sell Zoom’s stock (ZM) and wait for more stable waters.  “We are wary of a potential demotion for Zoom from hyper-growth to growth at a reasonable price,” said Citi analyst Tyler Radke, following Zoom’s underwhelming second quarter results Monday evening. Radke called the earnings report… Source link

PayPal’s (PYPL) Venmo is set to become an even more formidable player in the payments space in the next several years, according to Bank of America. In the past year, PayPal has evolved beyond its early peer-to-peer payments capabilities, rolling out new features including a Venmo credit card and cryptocurrency trading. The company has also eyed introducing high-yield savings accounts and budgeting tools. And on Monday, CNBC reported that PayPal is looking to roll out a stock-trading… Source link

As the U.S. reaches a daily average of 100,000 COVID-19 hospitalizations for the first time since January, doctors are urging more Americans to get vaccinated, saying it is “key” to getting control of the virus. “You’ve got to promote vaccination. And people keep saying to me, ‘Well, the people who are vaccinated, what do they have to worry about?” NYU Langone Health’s Dr. Arthur Caplan told Yahoo Finance Live. “But it’s the unvaccinated who irresponsibly are filling up our ERs,… Source link

Facing a staggering amount of back rent, hundreds of thousands of individuals and families may be put out of their homes this year as the eviction moratorium comes to an end, according to research from Goldman Sachs. Following the Supreme Court’s decision last week to strike down the pandemic-era policy that kept renters in their homes despite being unable to pay, economists at the investment bank said on Monday that about 750,000 US households will ultimately be evicted later this year,… Source link

Stocks dipped on Tuesday, with the major indexes on track to close out August trading with another monthly gain.  The S&P 500 was slightly lower, pulling back after the Conference Board’s closely watched monthly report on consumer confidence fell more than expected in August amid the Delta variant’s spread. Both the S&P 500 and the Nasdaq had set fresh record intraday and closing highs during Monday’s trading day, powered higher by a jump in heavily weighted Big Tech stocks.  The S&P 500 is… Source link