>>Consumer Sentiment Jumps 13% In July
(Ann Arbor, MI) -- Consumer sentiment is sharply higher in July. The University of Michigan's early reading for the month jumped 13 percent above June to its highest level since September 2021. Slowing inflation and stability in labor markets were among the key factors. The survey noted a sharp rise in sentiment among all groups except lower-income consumers.
>>Hollywood Shuts Down
(Los Angeles, CA) -- Film and television production is grinding to a halt in Hollywood, with actors set to hit the picket lines today. The union representing 160-thousand actors is going on strike, joining the screen writers who have been on strike for nearly two-and-a-half months. The biggest entertainment shutdown in decades means that all work covered by SAG actors must stop, as well as film and television productions shutting down.
>>FTC Investigates Open AI For Consumer Harm
(Washington, DC) -- The company "OpenAI" is being investigated for potentially violating consumer protection laws. The Federal Trade Commission is looking at records from the ChatGPT-maker about how it handles personal data and the potential to give inaccurate information to users. The FTC also wants to know about any complaints OpenAI has received from the public.
>>Amazon Sees Single Larges Sales Day During Prime Day Event
(Seattle, WA) -- Amazon says it saw its largest sales day ever during its two-day Prime Day sales event. The online retail giant announced its Prime members bought more than 375 million items and saved over two-point-five-billion dollars across the July 11th and 12th sale. Amazon said the first day of the event was the biggest sales day in its history. It added that Prime members saved more money than any other Prime Day event. Adobe Analytics reported the average money spent on an order during the event jumped nearly two-dollars from last year.
>>Frank Founder Accused Of Federal Fraud
(New York, NY) -- The founder of the student loan startup Frank is being accused of fraud. Charlie Javice [[ Juh-vees ]] appeared in a Manhattan federal court on Thursday along with her former employee Olivier Amar. Javice pleaded not guilty to wire, bank and securities fraud, and Amar pleaded not guilty to helping Javice fabricate millions of customers for the startup. Prosecutors allege that Javice over-reported how many users the company had in order to sell Frank to JP Morgan Chase, and that she and Amar tried to cover up the alleged fraud by providing Chase with a phony list of customers. The next hearing is scheduled for August 15th.
>>Cryptocurrency CEO Charged With Fraud
(New York, NY) -- The CEO of cryptocurrency platform Celsius Networks is being charged with defrauding customers. An indictment unsealed this week charges Alexander Mashinsky with misleading customers about the business. It says "Mashinsky portrayed Celsius as a modern-day bank, where customers could safely deposit crypto assets and earn interest," when in reality he operated Celsius as a "risky investment fund." The CEO's attorney said his client denies the allegations.
