The news at a glance
Finance: Asking banks to self-report wrongdoing
The regulator responsible for monitoring everything from commodities trading to complex derivatives is making a major change in the way it polices wrongdoing, said David Enrich in The New York Times. The Commodity Futures Trading Commission, which “became one of Wall Street’s most aggressive watchdogs” under the Obama administration, will increasingly look to banks “to come clean on their own about misconduct and problems in the market.” The philosophy corresponds with a “wide rollback of federal regulations” under President Trump.
Tech: Uber loses license to operate in London
London’s top transport authority last week stripped Uber of its license to operate in its biggest European market, said Sarah Butler in The Guardian. Transport for London said the ride-hailing giant was not “a fit and proper” car operator, citing “a lack of corporate responsibility” and problems with the company’s approach to background checks and to reporting criminal offenses. The company’s 3.5 million London customers and 40,000 drivers reacted indignantly to the decision, which the company said it planned to appeal.
Finance: Equifax boss steps down amid scandal
Richard Smith, the chairman and CEO of Equifax, announced this week he was retiring effective immediately amid an ongoing hacking scandal, said Jim Puzzanghera in the Los Angeles Times. Smith’s swift departure came just days before he was set to appear before lawmakers in Washington to answer questions about Equifax’s security breach, which exposed the Social Security numbers and personal details of up to 143 million people. While Smith will not receive a bonus or severance payment, his pension, worth $18.4 million, remains intact.
Airlines: Ryanair ‘sorry’ for travel chaos
Budget airline Ryanair is facing “a wave of customer anger,” said Amie Tsang in The New York Times. The Irish carrier, known for its commitment to no-frills travel, has stoked anger among customers and shareholders for canceling 2,100 flights after it “scheduled too many pilots for vacations.” The cancellations, taking place over a six-week period, have thrown the travel plans of 315,000 passengers across Europe into chaos and have cost the airline about $30 million. Ryanair has apologized to customers, citing “a failure within its pilotrostering function.”