Dutch Watchdog Fines Uber
$324 Million for Alleged Inadequate Protection of Drivers' Data
The Dutch data protection watchdog slapped a 290 million euro ($324 million) fine Monday on ridehailing service Uber for allegedly transferring personal details of European drivers to the United States without adequateprotection. Ubercalled the decision flawed and unjustified and said it would appeal.
The Dutch Data Protection Authority said the data transfers spanning more than two years amounted to a serious breach of the European Union’s General Data Protection Regulation, which requires technical and organizational measures aimed at protecting user data.
“In Europe, the GDPR protects the fundamental rights of people, by requiring businesses and governments to handle personal data with due care,” Dutch DPA chairman Aleid Wolfsen said in a statement.
“But sadly, this is not self-evident outside Europe. Think of governments that can tap data on a large scale. That is why businesses are usually obliged to take additional measures if they store personal data of Europeans outside the European Union.
Source:
US consumer confidence scales six-month high, labor market angstrises
U.S. consumer confidence rose to a six-month high in August amid optimism over the economic outlook, but Americans are becoming more anxious about the labor market after the unemployment rate jumped to near a three-year high of 4.3% last month.
The better-than-expected reading in consumer confidence, reported by the Conference Board on Tuesday, reflected improved perceptions of business conditions over the next six months, and the survey suggested the odds of a recession had continued to decline. Consumers' uneasiness over the labor market is mirrored by concerns at the Federal Reserve, with Fed Chair Jerome Powell last Friday sign.
"This report supports a rate cut on both the decline in inflation expectations and a softening labor market but is not so weak as to suggest a recession at this point," said Conrad DeQuadros, senior economic adviser at Brean Capital.
The Conference Board's consumer confidence index increased to 103.3 this month, the highest level since February, from an upwardly revised 101.9 in July.
Source:
Photo: US News
Photo: Reuters
US Supreme Court declines to revive Biden's student debt relief plan
The U.S. Supreme Court declined on Wednesday to revive President Joe Biden's student debt relief plan, giving a boost to Republican-led states that have sued to block it.
The justices rejected the administration's request to temporarily lift a judicial decision that paused the plan, which is designed to lower monthly payments for millions of borrowers and speed up loan forgiveness for some.
Following the Supreme Court's June 2023 decision blocking Biden's earlier plan to cancel hundreds of billions of dollars in debt, his administration said it would continue providing student debt relief to as many borrowers as possible.
The White House in August 2023 launched a policy called the Saving on a Valuable Education, or SAVE, plan, which it touted as "the most affordable repayment plan ever created."
The plan would cut monthly college undergraduate loan payments from 10% to 5% of a borrower's discretionary income, which would save the typical borrower around $1,000 a year, according to the White House.
Wall Street Rally Helped Boost Gains for 401(k) Plan Savers in the First Half of 2024
Strong growth for stocks on Wall Street this year has helped juice gains for savers with retirement accounts.
The average 401(k) plan balance stood at $127,100 at the end of the second quarter, an increase of 13% from the same period last year, according to data from Fidelity Investments drawn from 24 million accounts.
TheaveragebalanceintheApril-Junequarterwasup just 1% from the first three months of the year, when the average 401(k) balance jumped 16.4% from a year earlier.
“Retirement savers in the second quarter of 2024 benefited from the continued upswing of the previous quarter, when contribution levels and average account balances reached record highs,” said Sharon Brovelli, president of workplace investing at Fidelity Investments.
The median 401(k) plan balance was just $29,200 at the end of the second quarter, an increase of 17% from a year earlier.
Source: https://www.reuters.com/legal/us-supreme-court-declines-revive-bidens-student-debtrelief-plan-2024-08-28/
Photo: Reuters
Photo: US News
Federal Reserve's Favored Inflation Gauge Shows Price Pressures
Easing as Rate Cuts Near
An inflation measure closely tracked by the Federal Reserve remained low last month, extending a trend of cooling price increases that clears the way for the Fed to start cutting its key interest rate next month for the first time in 4 1/2 years.
Prices rose just 0.2% from June to July, the Commerce Department said Friday, up a tick from the previous month’s 0.1% increase. Compared with a year earlier, inflation was unchanged at 2.5%. That's just modestly above the Fed's 2% target level.
The slowdown in inflation could upend former President Donald Trump's efforts to saddle Vice President Kamala Harris with blame for rising prices. Still, despite the near end of high inflation, many Americans remain unhappy with today's sharply higher average prices for such necessities as gas, food and housing compared with their pre-pandemic levels.
Excluding volatile food and energy costs, so-called core inflation rose 0.2% from June to July, the same as in the previous month. Measured from a year earlier, core prices increased 2.6%, also unchanged from the previous year. Economists closely watch core prices, which typically provide a better read of future inflation trends.
Source:
https://www.usnews.com/news/business/articles/2024-08-30/federal-reserves-favored-inflation-gauge-shows-price-pressures-easing-as-rate-cutsnear
Photo: US News