Wells Fargo & Co. (NYSE: WFC) has run into trouble again. This time is because of their auto insurance policies. According to Reuters:
U.S. regulators are preparing to sanction Wells Fargo for receiving commissions on auto insurance policies it helped force on more than half a million drivers, people with direct knowledge of the probes told Reuters.
In July, Wells Fargo blamed a third-party vendor for wrongly layering insurance policies on its auto borrowers. Wells Fargo did not explain that it received payouts when those policies were written.
The fact that Wells Fargo stood to profit from the insurance program will form the backbone of fresh sanctions against the bank, said people with knowledge of the matter who were not authorized to speak publicly.
Walt Disney Co. (NYSE: DIS) reorganized top management and created a new guessing game about who will eventually replace chief executive Robert Iger. According to The Wall Street Journal:
Walt Disney Co. is reorganizing its operations in a move that positions two top executives as potential successors to Chief Executive Robert Iger.
Kevin Mayer, the company’s longtime head of strategy who has specialized in acquisitions and digital investments, was named chairman of a new direct-to-consumer and international segment, while parks chief Robert Chapek added consumer products to his portfolio, giving him oversight of what would be the company’s biggest business unit by revenue and profit.
One of America’s largest radio companies has gone bankrupt. According to The Wall Street Journal:
iHeartMedia Inc., the company behind the biggest U.S. radio broadcaster, filed for bankruptcy protection after reaching an agreement in principle with investors over a balance-sheet restructuring, a decade after a private-equity-led buyout left the company laden with billions in debt.
iHeartMedia said in a statement early Thursday the agreement in principle was with holders of more than $10 billion of its outstanding debt and its financial sponsors.
The value of bitcoin continued to plunge. According to CNBC:
Prices of major cryptocurrencies continued their sharp downward slide on Thursday amid closer regulatory scrutiny on the space and after Google announced plans to ban advertising related to the sector.
The market capitalization or value of all the world’s digital coins stood at $310.4 billion, down from $372.9 billion a day before, according to Coinmarketcap.com, which tracks prices based on different exchanges.
Singapore is the world’s most expensive city, based on a new piece of research. According to CNBC:
Singapore has been dubbed the world’s most expensive city to live in for the fifth year running.
The city state marched in ahead of New York, London and Los Angeles, which didn’t even feature in the top 10 priciest places in the Economist Intelligence Unit’s (EIU) Worldwide Cost of Living 2018 survey.
Some Tesla Inc. (NASDAQ: TSLA) workers say the company has trouble with defective parts. According to CNBC:
Tesla employees say automaker is churning out a high volume of flawed parts requiring costly rework Tesla employees say automaker is churning out a high volume of flawed parts
Luxury automaker Tesla is manufacturing a surprisingly high ratio of flawed parts and vehicles, according to several current and former employees, leading to more rework and repairs than can be contained at its factory in Fremont, California.
Tesla’s future as a mass-market carmaker hinges on efficient, automated production of the Model 3, which more than 400,000 people have already reserved, paying $1,000 refundable fees to do so. Musk said in July 2017 that Tesla would probably be making 20,000 Model 3s per month by December.