1. Wells Fargo fined $185 million over illegally opened accounts
Federal regulators said Thursday that Wells Fargo & Co. would pay $185 million to settle complaints that bank workers opened deposit and credit-card accounts without customers' approval to meet sales targets. The Consumer Financial Protection Bureau said the bank opened more than 2 million such accounts. Wells Fargo fired 5,300 employees over the bogus sales. The CFPB's $100 million portion of the payments will be its largest fine ever. The rest of the money will go to the Office of the Comptroller of the Currency and the Los Angeles city attorney. The San Francisco-based bank will pay back customers for any fees associated with the accounts.
2. Airbnb enacts new anti-discrimination measures
Airbnb CEO Brian Chesky unveiled the room-listing company's new anti-discrimination policy on Thursday. The move came after months of complaints and widespread criticism for allegations of racial and other bias on the platform. "Discrimination is the opposite of belonging, and its existence on our platform jeopardizes this core mission," Chesky wrote. "Bias and discrimination have no place on Airbnb, and we have zero tolerance for them." Chesky apologized for the company's "slow" response and said Airbnb was enacting several new anti-discrimination measures, including a new system for filing bias complaints.
The Week
Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.
Sign up for The Week's Free Newsletters
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
3. Mastercard hit with $19 billion lawsuit in U.K.
Former U.K. financial ombudsman Walter Merricks on Thursday filed a lawsuit against Mastercard in London demanding that the world's second largest credit and debit card issuer pay $19 billion in damages for allegedly charging excessive fees. The case, filed in the Competition Appeal Tribunal, could benefit tens of millions of customers. The suit says Mastercard charged stores unlawfully high fees for transactions that were passed on to consumers in the form of higher prices from 1992 to 2008. Mastercard said it "firmly disagree with the basis of this claim and we intend to oppose it vigorously."
4. SpaceX begins investigation of launchpad explosion
SpaceX has started the investigation into what caused last week's massive explosion of one of its Falcon 9 rockets on a Cape Canaveral launchpad. Since there was no loss of life, FAA regulations say the private company — not federal investigators — will lead the inquiry. Tory Bruno, chief executive of SpaceX rival United Launch Alliance, said SpaceX rockets probably would be grounded for at least nine months until investigators determine why the rocket exploded in a routine prelaunch test, destroying the reusable Falcon 9 booster and the $200 million Israeli communications satellite it was to send into orbit. "It typically takes nine to 12 months for people to return to flight," Bruno said.
5. Pokémon Go hits $500 million revenue milestone in record time
Pokémon Go has reached $500 million in worldwide revenue faster than any game app in history, according to a report released Thursday by App Annie. It took Pokémon Go just 60 days to reach the milestone. The haul, which includes customer spending on iOS and Android, was just the latest in a series of firsts for the wildly popular Nintendo game app, which was both the most downloaded app in its first week, and the fastest to reach 50 million installs on Google Play.
-
October 4 editorial cartoonsCartoons Saturday's political cartoons include the Einstein files, defunding the police, and an odd tribute to Jane Goodall
-
Mustardy beans and hazelnuts recipeThe Week Recommends Nod to French classic offers zingy, fresh taste
-
Under siege: Argentina’s president drops his chainsawTalking Point The self-proclaimed ‘first anarcho-capitalist president in world history’ faces mounting troubles
-
Russia is ‘helping China’ prepare for an invasion of TaiwanIn the Spotlight Russia is reportedly allowing China access to military training
-
Interpol arrests hundreds in Africa-wide sextortion crackdownIN THE SPOTLIGHT A series of stings disrupts major cybercrime operations as law enforcement estimates millions in losses from schemes designed to prey on lonely users
-
China is silently expanding its influence in American citiesUnder the Radar New York City and San Francisco, among others, have reportedly been targeted
-
How China uses 'dark fleets' to circumvent trade sanctionsThe Explainer The fleets are used to smuggle goods like oil and fish
-
One year after mass protests, why are Kenyans taking to the streets again?today's big question More than 60 protesters died during demonstrations in 2024
-
What happens if tensions between India and Pakistan boil over?TODAY'S BIG QUESTION As the two nuclear-armed neighbors rattle their sabers in the wake of a terrorist attack on the contested Kashmir region, experts worry that the worst might be yet to come
-
Why Russia removed the Taliban's terrorist designationThe Explainer Russia had designated the Taliban as a terrorist group over 20 years ago
-
Inside the Israel-Turkey geopolitical dance across SyriaTHE EXPLAINER As Syria struggles in the wake of the Assad regime's collapse, its neighbors are carefully coordinating to avoid potential military confrontations
