The Daily Populous

Saturday April 14th, 2018 morning edition

image for Wells Fargo faces $1B fine from federal regulators over mortgage, auto loan abuses

File photo taken in 2013 shows a Wells Fargo Bank branch connected to the U.S. banking giant's headquarters in San Francisco, California.

Federal regulators are seeking a $1 billion payment from Wells Fargo to settle problems with mortgage and auto loan issues, along with compliance risk management concerns, the bank said Friday as it reported its first-quarter earnings.

The disclosure and resulting uncertainty likely mark a new setback for Wells Fargo.

If levied, a collective $1 billion penalty by the two regulators would be the highest-ever fine imposed by the consumer bureau.

Wells Fargo's statement said the talks with federal regulators have also focused on the bank's overall "compliance risk management program.".

Wells Fargo accepted the sanctions and said they could reduce its profits by as much as $400 million this year.

Wells Fargo potentially faces a separate federal investigation of whether its wealth management division made inappropriate referrals or recommendations to the company's investment and fiduciary services business. »

Elon Musk's SpaceX will be the third most valuable private company in the country after a $500 million fundraising round — Quartz

Authored by qz.com

Once the fundraising round is completed, the company’s value will have increased by approximately 25% in the last nine months, according to Equidate COO Hari Raghavan.

It’s not clear yet which investors will provide the cash, but the company has preferred to retain old investors than add new ones.

SpaceX’s next launch is expected on April 16, when it will put a NASA telescope that hunts for distant planets into orbit. »

Donald Trump confirms 'precision strikes' on Syria

Authored by news.sky.com
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The US, UK and France have launched military strikes on Syria following the suspected chemical attack by the Assad regime.

Mr Trump said the military action was a "combined operation" with the armed forces of the UK and France.

The Ministry of Defence said British forces joined the allied strikes on Syria at 2am UK time. »

Apple Sued an Independent iPhone Repair Shop Owner and Lost

Authored by motherboard.vice.com
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Last year, Apple’s lawyers sent Henrik Huseby, the owner of a small electronics repair shop in Norway, a letter demanding that he immediately stop using aftermarket iPhone screens at his repair business and that he pay the company a settlement.

The specifics of Huseby’s legal case apply only in Norway, of course, but his case speaks to a problem faced by independent iPhone repair shops around the world.

For his repair operation, called PCKompaniet, Huseby imported 67 iPhone 6 and iPhone 6S screens that fell into this grey area. »

Federal department tells researcher his document request will be ready in ... 80 years

Authored by thestar.com

In correspondence reviewed by the Star, the federal department said it needed at minimum eight decades to review 780,000 records related to a mysterious RCMP investigation called Project Anecdote.

Researcher Michael Dagg requested the documents through the access to information system, which allows any Canadian to request government information for a $5 fee.

Library and Archives Canada initially told Dagg the department would require a deadline extension of 292,000 days — or about 800 years. »