6 Most Important Things in Business Today
October 5, 2017 by Douglas A. McIntyreOPEC is trying to convince Russia to continue to participate in a program to raise oil prices.
Alphabet Inc.’s (NASDAQ: GOOGL) Google released a series of smartphones, speakers, earbuds and home consumer electronics in a challenge to Apple Inc. (NASDAQ: AAPL) and Amazon.com Inc. (NASDAQ: AMZN).
The government of Puerto Rico is in deep financial trouble. According to Bloomberg:
Puerto Rico faces a government shutdown on Oct. 31, including halting its hurricane recovery, if Congress doesn’t provide billions in emergency funds, said Treasury Secretary Raul Maldonado.
The U.S. commonwealth’s bankrupt government is burning through the $1.6 billion it had on hand before Hurricane Maria ravaged the island, destroying decayed infrastructure and killing 34 people. With widespread damage to telecommunications systems and the electricity grid, Maldonado doesn’t expect to begin collecting sales tax for at least another month, he said Wednesday.
Wells Fargo & Co. (NYSE: WFC) charged fees to homeowners that it should not have. According to CNNMoney:
Wells Fargo is in trouble once again — this time for fees charged to customers trying to nail down a mortgage.
The scandal-ridden bank said on Wednesday that some mortgage borrowers were inappropriately charged for missing a deadline to lock in promised interest rates, even though the delays were Wells Fargo’s fault.
Wells Fargo (WFC) said it will reach out to all 110,000 customers who were charged “mortgage rate lock extension fees” between September 2013 and this February. The bank promised to refund customers “who believe they shouldn’t have paid those fees.”
Hot IPO Roku Inc. (NASDAQ: ROKU) saw its shares sell off as skeptics worried its valuation is too high and short sellers moved aggressively into the stock.
Shares of SeaWorld Entertainment Inc. (NYSE: SEAS) rose on rumors it may be bought by U.K.-headquartered Merlin Entertainments.
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