>>Trading Week Winding Down
(New York, NY) -- The opening bell rings this morning after a down day on Wall Street as investors reacted to the latest economic data. Both the Dow and the S&P 500 fell from record highs after the consumer price index rose more than expected in September. The CPI is considered one of the best gauges of inflation and this latest reading comes amid growing concerns the Federal Reserve could slow the pace of future rate cuts. At the closing bell, the Dow Jones Industrial Average fell 57 points to 42-454. The S&P 500 lost 11 points to 57-80. The Nasdaq dropped 9 points to 18-282. Investors today will be keeping an eye out for another key inflation indicator when the producer price index is released.
>>TD Bank Slapped With Historic Money Laundering Charges
(Cherry Hill, NJ) -- Federal authorities have slapped TD Bank with three-billion dollars in penalties for what they call staggering and pervasive money laundering failures. They allege the New Jersey-based bank enabled international drug traffickers to launder more than 670-million dollars through the institution. Attorney General Merrick Garland says TD Bank had inadequate controls in place to be able to detect money laundering and even aided in the process, with employees accepting bribes and joking about it. Bank officials pleaded guilty to multiple felonies in federal court on Thursday. Garland says this makes TD Bank the first bank in U.S. history to plead guilty to money laundering.
>>Tesla Rolls Out Robotaxi
(Undated) -- Tesla is taking the wraps off its robotaxi. CEO Elon Musk showed off the company's Cybercab concept vehicle at an invitation-only event yesterday at the Warner Bros. studio in Burbank, California. During the event, attendees were told they'd be welcome to take a test ride in the Cybercab which does not come with a steering wheel or pedals. In addition to the big reveal, Musk told the crowd that Tesla plans to have unsupervised Full Self-Driving capabilities up and running in California and Texas next year in Model 3 and Model Y electric vehicles.
>>Health Insurance Premiums Rising, Again
(New York, NY) -- The cost of employer health insurance is up seven-percent for a second straight year, hurting both employers and workers. That's according to an annual survey released by the nonprofit health policy organization KFF on Wednesday. Consecutive years of increased healthcare costs have added more than three-thousand dollars to the average family premium, which reached about 25-thousand this year. Employers spent about 18-hundred dollars more this year. Many businesses - particularly smaller ones - can't keep up with the rising costs and workers ultimately endure those higher costs in other ways, like job cuts or smaller raise. Even though inflation has cooled, stress on the sector is expected to continue, at least for another year.
>>California Regulators Propose Hike in Gas Prices
(Sacramento, CA) -- California regulators are proposing a spike in gas prices. The state's Air Resources Board wants to change the low-carbon fuel standard, which analysts suggest could increase the price of a gallon of gas by 65 cents. Some lawmakers say the unelected commission is too powerful, lacks transparency, and requires more oversight. The proposal comes while Governor Gavin Newsom is pushing a plan to require oil companies to maintain gasoline reserves. The plan, which is likely to pass during an emergency legislative session, faces criticism from the oil industry and some economists who say it will also increase prices.
