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Amid the ongoing geopolitical tension, the <keyword id="19904988" type="General" weightage="20" keywordseo="energy-sector" source="keywords">energy sector</keyword> will continue to face challenge while the <keyword id="20468174" type="General" weightage="20" keywordseo="consumer-goods" source="keywords">consumer goods</keyword>, automotive, healthcare is set to expand in 2025, highlighted a report 'Industry Outlook 2025' by <keyword id="20618515" type="General" weightage="100" keywordseo="Economist-Intelligence-Unit" source="keywords" meta.keywordsubtype="org" meta.entityname="Economist Intelligence Unit" meta.hostid="261" meta.entityid="Economist Intelligence Unit">Economist Intelligence Unit</keyword>. The report noted that the Fossil fuel markets will continue to face risks from geopolitical conflicts, particularly in the Middle East and Ukraine. However, investments in <keyword id="19895602" type="General" weightage="20" keywordseo="renewable-energy" source="keywords">renewable energy</keyword> will remain strong, especially in China, as the world pushes toward cleaner and more sustainable energy sources. The report said "Fossil-fuel markets will continue to face <keyword id="20064250" type="General" weightage="20" keywordseo="geopolitical-risks" source="keywords">geopolitical risks</keyword> amid conflicts in the Middle East and Ukraine, but investment into renewables will remain strong, particularly in China." It also added that the financial sector faces a mixed outlook with falling interest rates anticipated to narrow bank profit margins, potentially leading to smaller dividend payouts for shareholders. Yet, regulatory easing could provide relief, with the Basel III endgame likely seeing further delays, softening the impact on banking institutions amid a challenging economic landscape. For the consumer goods and retailing the report added that the Global retail volumes are forecast to grow by 2.2 per cent in 2025, thanks to easing inflation. However, stricter regulations on online retailing will target high-volume, low-price retailers, to ensure fair competition and consumer protection. It said "Global retail volumes will expand by 2.2 per cent, helped by disinflation, but regulations around online retailing will tighten further" As per report, the <keyword id="20359760" type="General" weightage="20" keywordseo="automotive-sector" source="keywords">automotive sector</keyword> is set for a record year, it said "After a difficult few years, annual new-vehicle sales will reach a record 97.2m units in 2025. This includes a 2 per cent rise in new car sales, a 4 per cent increase in commercial vehicle sales, and a significant 16 per cent growth in <keyword id="19963112" type="General" weightage="20" keywordseo="electric-vehicle-sales" source="keywords">electric vehicle sales</keyword>, reflecting the sector's recovery and the shift toward cleaner mobility. In technology the report added more countries will adopt satellite internet, although the primary users will be enterprise clients, including military and maritime sectors. Amazon's Project Kuiper will challenge the existing market dominance of Starlink and EutelSat OneWeb, offering more competition and potential growth in satellite connectivity. The resulting tensions will continue to affect investment into production and market entry, with companies taking advantage of government incentives to build out more flexible supply chains. <keyword id="23684177" type="General" weightage="20" keywordseo="investment-in-technology" source="keywords">Investment in technology</keyword>, particularly artificial intelligence (AI), will also be strong as projects gather pace. However, technology companies will face pressure from several directions as regulations tighten (particularly in Europe), investors become more impatient for profits and their energy usage comes under more scrutiny.

Consumer goods, auto and healthcare sector to expand but energy may face challenge in 2025: Report

<keyword id="19897349" type="General" weightage="100" keywordseo="Ola-Electric" source="keywords" meta.keywordsubtype="org" meta.entityname="Ola Electric" meta.hostid="261" meta.entityid="Ola Electric">Ola Electric</keyword> CEO <keyword id="19914967" type="General" weightage="20" keywordseo="Bhavish-Aggarwal" source="keywords">Bhavish Aggarwal</keyword> recently made headlines for engaging in a war of words with comedian <keyword id="20947562" type="General" weightage="20" keywordseo="Kunal-Kamra" source="keywords">Kunal Kamra</keyword> on Twitter (X). The comedian had criticised Ola EV's customer service, sharing photos of Ola scooters gathering dust at a dealership. Aggarwal was quick to respond to his post, saying that he can pay him more for what he got for this "paid tweet." Now, a day after the spat, Ola Electric has been slapped with a show-cause notice by <keyword id="20127554" type="General" weightage="20" keywordseo="CCPA" source="keywords" meta.keywordsubtype="org" meta.entityname="CCPA" meta.hostid="261" meta.entityid="CCPA">CCPA</keyword> (Central Consumer Protection Authority) for increased customer service complaints. <h2>CCPA issues show-cause notice to Ola Electric </h2> According to a report in ANI, the CCPA took official action against Ola Electric on October 8, issuing the notice to the company in response to a growing number of grievances from consumers regarding the its electric scooters. According to a filing made by Ola Electric, the company acknowledged receipt of the notice, confirming that it would respond to the CCPA within the 15-day timeline provided. The notice, which currently does not impose financial penalties, signals the government’s intent to address concerns over <keyword id="21054298" type="General" weightage="20" keywordseo="consumer-rights" source="keywords">consumer rights</keyword> violations and misrepresentation. Ola Electric reassured stakeholders that this regulatory development would not affect its financial or operational activities in the immediate term. <div type="Article" hostid="261" msid="114004646" title="'Pay your staff properly, solve the 80,000 complaints first': Internet reacts on Ola CEO Bhavish Aggarwal and Kunal Kamra feud" mstype="2" mssubtype="0"></div> <h2>Complaints against Ola Electric</h2> The notice from the CCPA comes amid a surge in consumer dissatisfaction regarding Ola Electric’s scooters, which has become increasingly evident both through official channels and on social media. The National Consumer Helpline has received over 10,000 complaints regarding issues such as delayed deliveries, service inefficiencies, and persistent mechanical problems with Ola scooters. Allegations of <keyword id="20610549" type="General" weightage="20" keywordseo="misleading-advertisements" source="keywords">misleading advertisements</keyword> and unmet service promises have further eroded trust in the company, which initially captured consumer enthusiasm with its vision of accessible, eco-friendly transportation Specifically, many complaints have centered around recurring issues with vehicle components, delays in promised services, and unfulfilled refund requests following booking cancellations. This growing wave of discontent has pushed the regulatory spotlight onto the company, forcing it to confront its service shortcomings more directly. <h2>Kunal Kamra vs Bhavish Aggarwal </h2> The growing backlash against Ola Electric came into sharp public focus when comedian Kunal Kamra took to social media to criticize the company’s service failures. In a post on X, Kamra shared a photograph of an Ola dealership with several scooters gathering dust. He tagged prominent figures like Nitin Gadkari, Minister of Road Transport and Highways, questioning the state of EV adoption in India and calling on the Department of Consumer Affairs to weigh in on the matter. <div type="Article" hostid="261" msid="113984574" title="‘Comedian ban na sake, Chaudhary banne chale’: Ola CEO Bhavish Aggarwal after Kunal Kamra criticises Ola EV service" mstype="2" mssubtype="0"></div> Kamra’s post quickly garnered attention, inviting frustrated consumers to share their experiences with Ola Electric in the comments. In response, Ola Electric CEO Bhavish Aggarwal fired back, accusing Kamra of engaging in a “paid tweet” to damage the company’s reputation. Aggarwal challenged Kamra to work with Ola to improve services, offering to pay him more than what he supposedly earned from his comedic career. The heated exchange between the two personalities quickly went viral and got people talking. <h2>Share Prices plummet </h2> The consumer dissatisfaction and negative publicity surrounding the company have had immediate repercussions in the financial markets. Following the social media spat between Kamra and Aggarwal, Ola Electric’s share prices took a significant hit, falling by 8% to Rs 90.82 on the BSE. This marks a 43% drop from the company’s all-time high of Rs 157.5, though the stock remains 18% above its IPO price of Rs 76.

Government takes action against Ola Electric for customer complaints, Bhavish Aggarwal’s company slapped with show-cause notice

<ul class="summary-list"><li>This post originally appeared in the Insider Today newsletter.</li></ul>Good morning! I've been known to make a bet or two in my day, which is why I'm wondering the odds you could get betting you'd have <a target="_blank" href="https://l.businessinsider.com/a/click?_t=c8e10479a20f45bba5aad6c5f6fbb009&amp;_m=6772a277a53343d1b8950d06c580109a&amp;_e=wedM0vcz3WB83-iK-OBZJTkfVvTI1cenK4Yfx-kMvpCPL58ojVWleTggSDrDNbC6MwxTb_NHGcJCaEdKGa66gW11aCmDeW54RamXMfEYgz4pgzPyjX3VK-xGq6HLo8JeF7nM8tdyn4FxN4cSYiGkQCMUaavUX7kshB-sMPphr6HvBF2DREPVxJDafa_79wfvN6VKhdYiUJnVdmEB1IKEEQHCf7LUE-5DFaymAiX_zWS1zHCSdRISy3qfL_nHIW4-CUAZJD3W_erXuiGqEcOJW8bEkt13rwIOROZ83FVl34PHj0WL69EHdDhEEX9OL3Vy6IqBL4ivYkaI3KuRoSrpxi0zMck_wwGXx8Ho_Rfmm1rf418GJiy2K1HKfbnj7tnxp-0WREsGhcM8vuSM8AkynSKTd7PGptUxbU0h7GaVSX4UFH191h1CXQasaDZi8Noacuiq2XhMSo8AoOGkIL90nA%3D%3D">four kids with the same birthday</a>.In today's big story, the economy is heading in the right direction, <a target="_blank" href="https://l.businessinsider.com/a/click?_t=c8e10479a20f45bba5aad6c5f6fbb009&amp;_m=6772a277a53343d1b8950d06c580109a&amp;_e=wedM0vcz3WB83-iK-OBZJTkfVvTI1cenK4Yfx-kMvpDdvvp5_TVwJ0J3vTteS83eVIpt0v1xbwCXSl3sN3tMrAZNUiQLvyMxCikHtOcIkqz9gRKolFXi2bsoDVThPUIrOWqwQlUFqGLcwxdzRN_2B5DGEy_WN93l0PLSw0F0R9zBJvD9LdCrxQiH7sQuSGBDBKINpLHrgTK2gEILUNpPVD5NEwaEGzElv8IWb0jrebQml1SjspMQJLTm1W7SJh6SrDPQ6L9GBKv9M_B1rBQb8HXfX8JVYq55eoOPDlloYzylnHbrJSEwu91n6NFHmn1ckz6IliaXwWuaAfBpOOdNmfJykY0_BTBwTUUY2GzvVKJXyEGrOBrYEUojIiOdfRCS5J9xBXzYU5IxNKLSIWt9w_rkKbuS9LhLP8ouy-fyufQFjfX0Kj5GDB4zWIRZfbJn40Y6ru83RJ28WKZLMd9ojg%3D%3D">but consumers aren't buying it</a>.What's on deck:<ul><li>Markets: What's good for economic growth <a target="_blank" href="https://markets.businessinsider.com/news/stocks/stock-market-nightmare-scenario-is-no-landing-in-the-economy-2024-9">could eventually be bad for stocks</a>.</li><li>Tech: Check out the leaked MrBeast handbook <a target="_blank" href="https://www.businessinsider.com/leaked-mrbeast-guide-reveals-youtube-secret-weapons-for-success-2024-9">revealing his "secret weapons" for success</a>.</li><li>Business: The DOJ just hit Visa with an <a target="_blank" href="https://www.businessinsider.com/visa-antitrust-monopoly-lawsuit-doj-debit-card-2024-9">antitrust lawsuit over its debit cards</a>.</li></ul>But first, the vibes are all off.If this was forwarded to you, <a target="_blank" href="https://www.businessinsider.com/subscription/newsletter/insider-today">sign up here.</a><h3 id="7fa5f018-5b05-4a37-a8dc-d3f89138bcb3">The big story</h3><h2 id="5fd547b9-ec52-41fc-8e08-4f4b27dd8097">Lacking confidence</h2><div type="image" title="A job seeker looking at an Employment page in the newspaper, giving it a .5-star review out of 5" height="1500" width="2000" msid="113670882" hostid="261" sizebytes="97270"></div>The Federal Reserve cut interest rates, the stock market reached all-time highs, and the risk of a recession is gone.Things seem to be going really well for the economy, right?Wrong.Consumers aren't feeling bullish about the economy these days. In fact, they're quite pessimistic. US consumer confidence suffered its biggest drop in three years this month, according to data from the Conference Board.We've been here before. For much of 2022 and 2023, Americans were in a "vibecession" where their perception of the economy was much worse than the data indicated. Last time around, pesky inflation was keeping things like groceries and housing costs high, even as the rest of the economy showed improvement.This time, <a target="_blank" href="https://www.businessinsider.com/jobs-hiring-less-economy-outlook-inflation-consumer-sentiment-2024-9">the labor market's the culprit</a>, writes Business Insider's Juliana Kaplan. But it's not mass layoffs most people are worried about. Having a job isn't the issue — the unemployment rate is just 4.2% — as much as finding the next gig.It's no wonder that consumers aged 35 to 54 suffered the biggest drop in confidence, according to the Conference Board. This group, which is in its prime earning years, is facing a job market that's keeping them stuck in place.<div type="image" title="Wall street broker pointing upwards in front of an upward stock arrow" height="1500" width="2000" msid="113670879" hostid="261" sizebytes="159792"></div>The labor market isn't a lost cause, though.The Fed has acknowledged its top priority is keeping an eye on job growth and unemployment.We'll get a sense of which direction things are headed on October 4 when we get September's payroll data.Morgan Stanley's chief US equity strategist, Mike Wilson, recently outlined <a target="_blank" href="https://markets.businessinsider.com/news/stocks/best-case-scenario-for-stock-market-outlook-fourth-quarter-ms-2024-9">the best- and worst-case scenarios for the numbers</a> in regard to the stock market. If unemployment dips below 4.1% and non-farm payroll can surpass 150,000, consider it game on for a big fourth quarter for stocks.But if unemployment climbs to 4.3% and non-farm payroll drops below 100,000, buckle up for a bumpy ride.The stock market isn't representative of the entire economy, as we've already covered. But continued success there could give companies more confidence to start hiring again.<h3 id="77f31a4c-8462-4e3d-a71f-838cb79493fb">News brief</h3><h2 id="1fcd294b-3f53-425f-9f20-4093e8623b59">Top headlines</h2><ul><li>Caroline Ellison was sentenced to 2 years in prison for her role in <a target="_blank" href="https://www.businessinsider.com/caroline-ellison-sentencing-jail-time-ftx-2024-9">the FTX and Alameda Research fraud scheme</a>.</li><li>Brett Favre reveals he's been diagnosed <a target="_blank" href="https://www.businessinsider.com/brett-favre-diagnosed-parkinsons-disease-hearing-2024-9">with Parkinson's disease</a>.</li><li>Hezbollah launched its deepest strike on Israel yet — <a target="_blank" rel="noopener" href="https://www.businessinsider.com/israel-intercepts-hezbollah-missile-strike-tel-aviv-lebanon-2024-9">targeting Tel Aviv</a>.</li><li>Alice Walton, the world's richest woman, <a target="_blank" rel="noopener" href="https://www.businessinsider.com/alice-walton-wealth-walmart-family-richest-woman-bettencourt-meyers-billionaires-2024-8">just joined the $100 billion club</a>.</li></ul><h2 id="8120060b-ae66-48dc-b149-f0489a30ffa2">3 things in markets</h2><div type="image" title="A line of public servants walking toward an open door on a Social Security card" height="1000" width="2000" msid="113670886" hostid="261" sizebytes="316196"></div><ol><li>Retirement, so confusing. Social security curveballs are making retirement age a nightmare to wade through for workers who have had both private sector and government careers. The murky provisions have left some workers <a target="_blank" href="https://www.businessinsider.com/social-security-benefits-loopholes-mean-teachers-police-get-less-retirement-2024-9">with a bitter $0 in benefits</a>.</li><li>One of the biggest risks to stocks could be the economy growing. Wait, what? Economist Steven Blitz outlined a scenario where the Fed keeps rates too low for too long, creating a red-hot economy. The end result could be <a target="_blank" href="https://markets.businessinsider.com/news/stocks/stock-market-nightmare-scenario-is-no-landing-in-the-economy-2024-9">another bout of inflation</a> and the Fed raising rates again.</li><li>China's stimmy package is a win for emerging markets. China's stimulus plan to boost its ailing economy sent emerging markets indexes to their <a target="_blank" href="https://www.businessinsider.com/chinas-stimulus-boosts-emerging-markets-stocks-2024-9">highest level since April 2022</a>. But some analysts aren't sold on China's strategy saving its economy in the long run.</li></ol><h2 id="f4b54806-7f81-450c-ba32-92560d4fae9b">3 things in tech</h2><div type="image" title="Andy Jassy" height="900" width="1200" msid="113670885" hostid="261" sizebytes="240466"></div><ol><li>Amazon cut a popular remote-work benefit. Months before its strict RTO policy kicks in, the company has already scrapped the option to <a target="_blank" href="https://www.businessinsider.com/amazon-rto-remote-work-benefit-ends-2024-9">work up to four weeks a year fully remote</a>. The benefit allowed people to stay close to family while working during the holidays.</li><li>MrBeast's "secret weapons" for workplace success. A leaked handbook reveals the YouTuber's sacred pillars for success and the expectations he set for employees. "We aren't stuck in any old ways of thinking and you can literally turn anything into content," <a target="_blank" href="https://www.businessinsider.com/leaked-mrbeast-guide-reveals-youtube-secret-weapons-for-success-2024-9">he wrote in the document</a>. Former employees said his principles weren't always followed.</li><li>TikTok waves the white flag on music streaming. TikTok is <a target="_blank" href="https://www.businessinsider.com/tiktok-abandoning-plan-to-challenge-spotify-apple-in-music-streaming-2024-9">abandoning its plan to beat</a> Spotify at its own game: It's shutting down the TikTok Music app in November. However, the video-sharing platform will still be a major player in music discovery.</li></ol><h2 id="9260fa45-d397-4b3c-b4f8-4bb193976216">3 things in business</h2><div type="image" title="State of Texas with an Austin map inside along with an arrow going down with a house on it" height="1500" width="2000" msid="113670883" hostid="261" sizebytes="113256"></div><ol><li>A boom and bust your city should copy and paste. Austin, Texas, enjoyed a real-estate boom during the pandemic, but that high has since subsided. While that's created short-term pain for those who bought near the peak, the quick boom-bust cycle will be good for the city in the long term because of one key effect: <a target="_blank" rel="noopener" href="https://www.businessinsider.com/austin-home-prices-falling-texas-mortgage-rates-housing-crisis-success-2024-9">It allowed developers to build, build, build</a>.</li><li>Visa just got hit with an antitrust lawsuit. The US Justice Department filed a lawsuit accusing the payment processing giant of engaging in anticompetitive behavior and <a target="_blank" href="https://www.businessinsider.com/visa-antitrust-monopoly-lawsuit-doj-debit-card-2024-9">imposing unfair costs on customers and merchants</a>. Prosecutors say the company's actions affect "the price of nearly everything."</li><li>Generation Never-Called-in-Sick. Ron Sherman had what he considered a typical baby-boomer attitude towards work: Be loyal to your employer, always give 100%, and never call out sick unless you really have to. But he lost 360 hours of unused sick leave after a brutal layoff. Now, at retirement's doorstep, <a target="_blank" rel="noopener" href="https://www.businessinsider.com/baby-boomers-gen-z-sick-days-time-off-work-regret-2024-9">he thinks Gen Z might have the right idea</a> after all.</li></ol><h2 id="9f5d80ac-3466-429f-a50a-2ffbb70c65ff">What's happening today</h2><ul><li>SEC chair testifies to Senate banking committee.</li><li>G20 foreign ministers meet.</li><li>Mark Zuckerberg addresses Meta Connect developer conference on AI and AR.</li></ul>The Insider Today team: Dan DeFrancesco, deputy editor and anchor, in New York. Jack Sommers, deputy editor, in London. Jordan Parker Erb, editor, in New York. Amanda Yen, fellow, in New York.

Things are looking up for the economy. So why are consumers still unhappy? 

<ul class="summary-list"><li>This post originally appeared in the Insider Today newsletter.</li></ul>Good morning. Milton has strengthened once again into a Category 5 hurricane. Gas stations across Florida are already <a target="_blank" rel="noopener" href="https://www.businessinsider.com/florida-gas-stations-out-of-fuel-before-hurricane-milton-landfall-2024-10">running out of fuel</a> as millions of people try to flee.In today's big story, we got our first interest-rate cut, <a target="_blank" href="https://www.businessinsider.com/fed-interest-rate-cuts-outlook-economy-recession-no-landing-borrowing-2024-10">but it doesn't feel like it for many consumers</a>.What's on deck:<ul><li>Markets: Roblox is the latest target of <a target="_blank" href="https://markets.businessinsider.com/news/stocks/roblox-stock-price-short-seller-hindenburg-report-gaming-inflated-metrics-2024-10">short-seller Hindenburg Research</a>.</li><li>Tech: The DOJ is considering asking a judge to <a target="_blank" rel="noopener" href="https://www.businessinsider.com/google-search-antitrust-case-doj-remedy-alphabet-2024-10">break up Google</a>.</li><li>Business: Walt Disney World will temporarily <a target="_blank" href="https://www.businessinsider.com/disney-world-shut-down-hurricane-milton-florida-orlando-parks-2024-10">close its doors</a> for Hurricane Milton.</li></ul>But first, we're canceling the landing.If this was forwarded to you, <a target="_blank" href="https://www.businessinsider.com/subscription/newsletter/insider-today">sign up here.</a><h3 id="7fa5f018-5b05-4a37-a8dc-d3f89138bcb3">The big story</h3><h2 id="5fd547b9-ec52-41fc-8e08-4f4b27dd8097">So much for the help</h2><div type="image" title="Business person in a suit holding scissors, preparing to cut strings suspending a stack of cash, with a group of people standing below" height="1500" width="2000" msid="114087130" hostid="261" sizebytes="264596"></div>The US economy is having an Instagram vs. reality moment.Last month's interest-rate cuts were supposed to kick off a new era. After two years of battling inflation, the Federal Reserve finally claimed victory. More rate cuts were coming, which meant lower borrowing costs for everyone.<a target="_blank" href="https://www.businessinsider.com/fed-interest-rate-cuts-outlook-economy-recession-no-landing-borrowing-2024-10">But the relief many were hoping for isn't materializing</a>, writes Business Insider's Jennifer Sor. Let's break down why.We finally got an interest-rate cut, but borrowing costs are still high. What gives? First off, last month's interest-rate cut wasn't going to provide immediate relief. It takes time for cuts to trickle down to consumers. The Fed also telegraphed the cut, so the market started pricing it in.That seems fair, but borrowing rates are still rising in some cases. Yes, the average 30-year fixed mortgage rate <a target="_blank" href="https://www.businessinsider.com/mortgage-rate-increase-since-federal-reserve-cut-interest-rates-housing-2024-10">has gone up 47 basis points since the Fed cut rates</a>, writes BI's Matthew Fox.So the Fed cut rates but borrowing costs went up? How is that possible? You can thank the 10-year Treasury yield, <a target="_blank" href="https://www.businessinsider.com/economy-outlook-impact-of-rate-cuts-10-year-treasury-yields-2024-9">which is a key benchmark used by</a> lenders. It went above 4% this week for the first time since August.I'm confused. Why is there such a discrepancy between the two? The Fed's rate is focused on the short-term while the 10-year Treasury reflects a longer-term view (hence the name). As a result, the 10-year bond yield can diverge from the Fed's benchmark rate.Gulp So what does the 10-year Treasury rising mean for the economy? Big picture, it's a good thing. Thanks to a stellar jobs report, investors have a positive view of the economy's future. But the downside is we shouldn't expect the slew of rate cuts investors were banking on. The economy will likely avoid a recession and not need the help.Is this a soft landing or a hard landing? Neither. It's considered a "no landing" because the economy remains strong, but in a way that risks reigniting inflation, which would hamstring the prospect of future stimulative rate cuts.What's with all the aviation metaphors? I don't know.OK, so at this rate, will I ever be able to buy a house? It's honestly not as bad as it seems. BI's James Rodriguez, who's covered the housing market for a while, <a target="_blank" href="https://www.businessinsider.com/housing-market-ice-age-homebuyers-mortgage-rates-spring-real-estate-2024-10">has a piece on why the industry's ice age is starting to thaw</a>. There was a 34% year-over-year increase in active listings in September. More inventory will help unstick the economy.<h3 id="77f31a4c-8462-4e3d-a71f-838cb79493fb">News brief</h3><h2 id="1fcd294b-3f53-425f-9f20-4093e8623b59">Top headlines</h2><ul><li>The Kremlin says <a target="_blank" rel="noopener" href="https://www.businessinsider.com/kremlin-says-trump-sent-putin-covid-tests-pandemic-denies-calls-2024-10">Trump sent Putin COVID tests</a> during the pandemic, but denies subsequent calls.</li><li>Boeing's negotiations with union leaders <a target="_blank" rel="noopener noreferrer" href="https://www.businessinsider.com/boeing-strike-negotiations-union-leaders-break-down-after-two-days-2024-10">break down 2 days after restarting</a>.</li><li>Exclusive: AI cloud startup Ori is in talks to raise up to $80 million in funding, <a target="_blank" href="https://www.businessinsider.com/ori-gpu-ai-startup-talks-raise-funding-nvidia-2024-10">sources say</a>.</li><li>A surprising company <a target="_blank" rel="noopener" href="https://www.businessinsider.com/robotaxi-ridesharing-tesla-waymo-uber-2024-10">might beat Elon Musk</a> in the robotaxi race.</li><li>Influencers are swiping a new black card at <a target="_blank" href="https://www.businessinsider.com/influencer-marketing-startup-oth-network-pays-creators-products-services-2024-10">restaurants, spas, and fitness studios</a>.</li><li>I don't allow Roblox in my house. <a target="_blank" rel="noopener" href="https://www.businessinsider.com/roblox-not-allowed-my-child-kids-why-explained-2024-10">Here's why</a>.</li></ul><h2 id="8120060b-ae66-48dc-b149-f0489a30ffa2">3 things in markets</h2><div type="image" title="Photo of wave hitting Florida park" height="1000" width="2000" msid="114087135" hostid="261" sizebytes="112966"></div><ol><li>The Hurricane Milton trade is in full effect, according to US natural gas futures. Energy traders are betting the storm barreling toward Tampa will cause power outages in multiple states. <a target="_blank" href="https://markets.businessinsider.com/news/commodities/hurricane-milton-power-outage-florida-electricity-natural-gas-prices-futures-2024-10">Futures on US natural gas have dropped 8% over the past few days</a> as power plants are expected to be left idling as demand evaporates.</li><li>A short-seller takes aim at Roblox for "lying to investors." Hindenburg Research accused the online gaming platform of <a target="_blank" href="https://markets.businessinsider.com/news/stocks/roblox-stock-price-short-seller-hindenburg-report-gaming-inflated-metrics-2024-10">inflating its user numbers</a> by including bots and players with multiple accounts. It also called Roblox a "pedophile hellscape," claiming child users are exposed to grooming and pornography. A Roblox spokesperson said in a statement it "totally" rejected the claims made in the report.</li><li>Bank of America is bullish on stock gains ahead of this earnings season. "The bar isn't high," BofA analysts said in a Tuesday note. Stocks should rise as long as companies report they're <a target="_blank" href="https://markets.businessinsider.com/news/stocks/stocks-q3-earnings-lower-rates-stocks-returns-outlook-bofa-2024-10">feeling good about lower rates</a>.</li></ol><h2 id="f4b54806-7f81-450c-ba32-92560d4fae9b">3 things in tech</h2><div type="image" title="Vinod Khosla" height="900" width="1200" msid="114087136" hostid="261" sizebytes="76966"></div><ol><li>OpenAI's exec exodus might actually be a good thing, Vinod Khosla says. The legendary investor backing OpenAI has <a target="_blank" href="https://www.businessinsider.com/openai-vinod-khosla-fixing-ai-image-2024-10">plenty of confidence in the startup</a>, even after multiple high-profile exits. He also thinks the AI industry is catching strays from "Luddites" — those who think the tech is a slippery slope into a Westworld-ian apocalypse.</li><li>The DOJ may seek to break up Google. After a major antitrust lawsuit against Google, a federal judge ruled that it illegally monopolized online search. Now, prosecutors are proposing "behavioral and structural remedies." If enacted by a judge, the changes could <a target="_blank" rel="noopener noreferrer" href="https://www.businessinsider.com/google-search-antitrust-case-doj-remedy-alphabet-2024-10">force a major reorganization or even a breakup</a> of some of Google's basic businesses, including its search engine.</li><li>Where are the Gen Z Mark Zuckerbergs? Gen Zers, aged 13 to 27, haven't produced any big-name tech founders like previous generations. But don't just blame it on Zoomers' blasé attitudes toward work — <a target="_blank" href="https://businessinsider.com/gen-z-tech-founder-gap-zuckerberg-bezos-holmes-2024-10">there's a bigger reason</a>.</li></ol><h2 id="9260fa45-d397-4b3c-b4f8-4bb193976216">3 things in business</h2><div type="image" title="A screenshot of zara.com" height="1500" width="2000" msid="114087133" hostid="261" sizebytes="93076"></div><ol><li>Zara's bizarre website is the secret to its success. The site, which feels more like a magazine spread than an online retailer, is routinely roasted for being "virtually unusable." But experts say <a target="_blank" href="https://www.businessinsider.com/zara-website-memes-mocked-secret-success-aspirational-luxury-consumers-2024-10">there's a method to Zara's madness</a>: It's meant to project an upscale image, distancing itself from other fast-fashion brands.</li><li>The "happiest place on earth" takes a rain check. There are literally storm clouds forming over Florida's family-friendly amusement parks, as the state braces for Hurricane Milton. It's a <a target="_blank" href="https://www.businessinsider.com/disney-world-shut-down-hurricane-milton-florida-orlando-parks-2024-10">rare occasion for Disney World</a>, which has only closed its gates nine times in more than 50 years.</li><li>Tesla executives are hitting the exits. In the past week, <a target="_blank" href="https://www.businessinsider.com/elon-musk-loses-4-top-executives-ahead-of-robotaxi-event-2024-10">four of Elon Musk's direct reports have announced they're leaving</a>, or have already left, the company. Their departures come ahead of Robotaxi Day tomorrow, where Musk is tasked with convincing investors that Tesla is more than just a car company.</li></ol><h2 id="9f5d80ac-3466-429f-a50a-2ffbb70c65ff">What's happening today</h2><ul><li>Hurricane Milton is projected to hit the west coast of Florida, including the Tampa Bay area.</li><li>Federal Open Market Committee's September meeting minutes and forecast published.</li></ul>The Insider Today team: Dan DeFrancesco, deputy editor and anchor, in New York. Jordan Parker Erb, editor, in New York. Hallam Bullock, senior editor, in London. Milan Sehmbi, fellow, in London. Amanda Yen, fellow, in New York.

Why the interest-rate cut isn't delivering the relief consumers were hoping for

<ul class="summary-list"><li>China has announced a slew of supportive policies to give its economy a boost.</li><li>But the past week's stimulus blitz did not offer fiscal support to China's discouraged consumers.</li></ul>China's latest stimulus blitz offers everything but one key fix: new incentives to revive consumers.In a rare press conference on Tuesday, Beijing demonstrated fresh resolve to reverse the country's economic malaise. An adrenaline shot <a target="_blank" href="https://www.businessinsider.com/china-economy-aggressive-monetary-stimulus-interest-rate-rrr-2024-9">worth of policy was announced</a>, ranging from mortgage financing to lower interest rates and reductions to the reserve requirement ratio.JPMorgan estimates that the latter will inject around 1 trillion yuan into the country's banking system. That's alongside other liquidity support and plans for a stock stabilization fund.Markets have lauded the measures as a step in the right direction and a meaningful improvement compared Beijing's piecemeal support initiatives thus far. The country's equities have ballooned on the news, leading to the largest weekly rally <a target="_blank" href="https://www.bloomberg.com/news/articles/2024-09-27/china-stocks-climb-as-fiscal-stimulus-bets-woo-more-buyers">since 2008.</a>But economists, though also encouraged, warn not to overestimate what these policies can achieve."Although the numbers sound big and the efforts seem wide-reaching, this stimulus announcement alone may not be enough to bring the entire Chinese economy out of the doldrums," Liz Young Thomas, Head of Investment Strategy at SoFi, said in written commentary.<h2 id="d53ed0b2-fd6d-434c-80d4-1201796d73bb">Want change? Help consumers</h2>"This economy has many deep, structural, fundamental problems that cannot be turned around just simply by a stimulus package," Tianlei Huang told Business Insider. "I think it's probably a bit too early to celebrate."The Peterson Institute for International Economics research fellow explained that Tuesday's stimulus boost will be offset by the country's major fiscal contraction. The government has simply not spent enough on consumers, even though an economic recovery depends on them.A lack of domestic spending sits at the crux of China's turmoil: consumers are so savings-oriented that China is fighting a deflation spiral. Meanwhile, buyers don't want to touch real estate, a sector so big it makes up as much as 30% of the nation's GDP, Huang said.Despite its size, the market suffers from debt, defaults, and unsold inventory.In Huang's view, Beijing needs to start spending more on people rather than its consistent focus on areas like infrastructure. Addressing the housing downslide might also boost confidence, given how many individuals depend on the market for work.While Tuesday's stimulus package didn't address fiscal support, Chinese officials appear to be getting around to it. On Friday, <a target="_blank" href="https://www.reuters.com/markets/asia/chinas-central-bank-cuts-banks-reserve-requirement-ratio-by-50-bps-2024-09-27/">Reuters</a> reported that China plans to issue over $284 billion worth of yuan in special sovereign bonds — a move meant to shore up fresh stimulus.That followed a day after Chinese leadership noted a need to support household consumption and a stable real estate market. These rare comments were made at the Communist party's monthly Politburo meeting, <a target="_blank" href="https://www.reuters.com/world/china/china-vows-necessary-spending-hit-economic-growth-target-2024-09-26/">Reuters</a> said.Meanwhile, Barclays cited that some policymakers have recently advocated for an even larger fiscal stimulus package, amounting to as much as $1.4 trillion worth of yuan, to be unleashed over two years.The bank considers this a "bazooka" stimulus scenario, which would snap up housing surplus, prop up consumption, and continue to ease debt burdens and fund public services. By Barclay's estimates, this could take GDP growth to 5% in 2025.The scenario reported on Friday will trigger a milder boost, raising next year's growth to 4.4%.As to this year's growth, economists have turned anxious that Beijing may miss its <a target="_blank" class="" href="https://www.businessinsider.com/china-growth-targets-axa-investment-property-sector-industrial-production-2024-9">growth target of 5%</a>. Even if China commits to bigger fiscal support in the near term, it could be too late to change things this year, Huang said.He noted a lag between bond announcements and actual bond issuance. Winter is also around the corner, which can slow down activity in stimulus-targeted sectors, such as infrastructure."Sounds weird, but that was actually one of the major reasons why additional Treasury bond issued last year since October was actually not spent until earlier this year," he said.To be sure, fiscal expansion is not enough to entirely shore up consumer faith. Policies need to address why consumers are not spending, Bank of America wrote on Wednesday."We argue the key is to fix an increasingly prevalent problem to save China from the economic malaise — the lack of positive incentives at the micro level in both public and private sectors," the bank said.For instance, Chinese consumers are staying away from new housing projects even as China has introduced <a target="_blank" class="" href="https://www.businessinsider.com/china-economy-stimulus-package-push-wont-reverse-property-market-crisis-2024-9">looser mortgage rates and downpayment rules</a>.Huang explained this on the fact that new construction is simply not getting finished, reducing fresh demand — some shoppers are waiting for years to receive their purchase. In his view, the government needs to be more direct in funding unfinished projects.

China's massive stimulus is missing a key ingredient: a way to revive the nation's consumers

<ul class="summary-list"><li>The market for pets, sports, and cultural IP are poised for huge growth in Chin, BofA says.</li><li>With demand outpacing supply in those sectors, greater investment could boost consumption.</li></ul>A family dog, tennis, and <a target="_blank" class="" href="https://www.businessinsider.com/disney-duffy-friends-franchise-revenue-sales-asia-disneyland-linabelle-shanghai-2023-9">Disney Shanghai's LinaBell</a> character have one thing in common — they might end up pulling China out of a long slump in consumer demand. Those rapidly growing areas are poised to drive a rebound in China's anemic consumer spending, Bank of America analysts say."Despite aggregate demand remaining sluggish, structural changes in consumption patterns have led to rapid growth in select areas where supply has yet to catch up to demand," the analysts said in a Friday report.They point to pets, sports and cultural IPs as the most promising sectors."Expanding supply in these sectors, through either direct government investment or policy-guided private investment, could prove to be useful in boosting consumption," the analysts said.China's pet economy is seeing outsize spending as pets come to occupy a greater place of prominence in households. That means people are willing to spend more beyond basic necessities, buying pet services like skill training, insurance, travel, and photo shoots.Those services lack market penetration, and once supply catches up, could see further growth, the analysts say.The size of China's pet economy increased 40% from 2019 to 2023, and is projected to gain another 29% by 2026, the analysts say."For these owners, especially those in higher tier cities, pets are increasingly treated as key family members that offer important emotional support and companionships. Such pattern will likely become even more common in the future, especially as marriage rates and birth rates continue to tumble," the analysts said.China's sports economy also has room for growth amid rising demand, with just under 70% of the country's residents participating in sports at least once a week. That trumps the EU's 40% participation rate, the analysts say.Tennis, in particular, has picked up steam in the last few years, especially since a Chinese player won gold in the sport for the first time in history at this year's summer Olympics.China accounts for 23% of tennis players globally, but has under 9% of the world's tennis courts, the analysts say."This to us suggests that China can at least double the amount of existing courts to be on par with international levels," the analysts said. "Tennis also has a bigger multiplier effect to overall consumer spending given that fees across coaching, venue and equipment tends to be much higher than that for badminton and table tennis."They add that there's an opportunity, too, for China to host sporting events to take advantage of the growing interest and to attract more tourism.Finally, the analysts see significant growth potential in the country's "cultural IP" economy — spending on books, movies, and experiences based on fictional characters or storylines.That spending is especially pronounced in Disney Shanghai's LinaBell character, a pink fox introduced in 2021 that's seen huge popularity.The character Wukong from the Chinese classic tale Journey to the West is a source of big spending, too, especially with the recent release of Black Myth, a video game based on the tale. It sold over 10 million copies globally in the four days following its release."Consumers have ever growing demand for unique emotional values. This can come in the form of a quirky Disney character that is stress relieving or in the form of a video game with traditional Chinese symbols, such as the Black Myth, which provides cultural pride," the analysts said.China's economy has been stuck in the doldrums amid <a target="_blank" href="https://www.businessinsider.com/china-economy-weak-domestic-demand-factory-activity-amid-strong-export-2024-7">weak consumer spending</a>. Retail sales grew just 2% in June before jumping to 2.7% in July, even as disposable incomes have grown.China's economic slump has also been fueled by a collapsing property market, with property sales tumbling and much of the country's available housing supply remaining vacant.

Pets, sports, and Disney might end up rescuing China's ailing consumer economy

<ul class="summary-list"><li>Ari Brojde thought his grandmother's estate would be easy, but it took nearly three years to settle.</li><li>Brojde and his cousin invented software to help streamline estate administration.</li></ul>This as-told-to essay is based on a conversation with Ari Brojde, founder of <a target="_blank" href="https://www.estateably.com/">Estateably</a>. It has been edited for length and clarity.When my grandmother passed away in 2015, I was <a target="_blank" class="" href="https://www.businessinsider.com/how-ultra-wealthy-choose-wealth-managers-2019-7">working as a wealth manager</a>. My grandmother's estate was the most plain vanilla situation: she didn't own property, and her only asset was a retirement account worth about $250,000. She had a will, which said the proceeds of that account were to be split equally between her three grandchildren. We all got along, and everything was clear, so I thought we'd be done in months. I was wrong. <h2 id="7331ed85-beee-4494-aa03-88e8f1efd2e4">It took years</h2>Two and a half years into the process I called my cousin, and said "is there something wrong with our family, or is there something wrong with this system?" We agreed it had to be the system — which was convoluted and time-consuming even for such a seemingly simple estate. We began interviewing professionals, <a target="_blank" class="" href="https://www.businessinsider.com/fired-accounting-job-make-500000-youtube-2024-5">including accountants</a> and lawyers, and they confirmed that the problem wasn't us — ealtit was inherent to dealing with a loved one's estate.My cousin and I wanted to change that. We created<a target="_blank" href="https://www.estateably.com/"> Estateably</a>, a software that guides families and professionals through <a target="_blank" class="" href="https://www.businessinsider.com/manage-inheritance-family-conflict-money-emotions-financial-therapist-2024-7">administering the estate process</a>. I also started taking steps to make my eventual demise easier on my wife and two kids, who are 13 and 16 today. Here's how.<h2 id="ddbb9b9e-885c-4e74-a61f-a749b6075b85">My will isn't a surprise</h2>It's critical to have conversations about your intentions. Communicating ahead of time goes a long way to head off any feelings of hurt or miscommunication. I'm talking with my kids, in an age-appropriate way, about what they can expect from my will.For example, when my dad died I was only 29. I was hurt that he hadn't left me a <a target="_blank" class="" href="https://www.businessinsider.com/inherited-money-mistake-regret-2024-3">substantial inheritance</a>. It wasn't until my mother died decades later that I realized, for tax purposes, his decision made a lot of sense. If we'd talked about it before he died I would have saved a lot of hurt.<h2 id="e56392fe-613d-4113-9ba4-b9d2c6627d71">I'm working with professionals</h2>Thinking about your will is hard enough. Getting it in writing in a way that's legally binding can be impossible. That's why I'm working with professionals, including <a target="_blank" class="" href="https://www.businessinsider.com/estate-planning-how-to-handle-inheritance-assets-house-401k-ira-2024-10">lawyers and accountants</a>, who are experts in helping people make their intentions clear. They think about the nitty-gritty details of these transactions all day, every day, and they're a great resource.<h2 id="17623356-a5a3-45b7-b20e-7577afbcdf24">I'm planning for incapacitation, not just death</h2>People understand they should put together a will that dictates their finances when they die. But it's also important to consider what should happen with your assets if you become incapacitated.This is personal for me — my mother died from a rare, progressive illness that changed who she was. Seeing that, I've put very strong language in my own health care directives and written documents. It covers not only what should be done with my money, but makes it explicitly clear that if I were in a vegetative state, I would want to be euthanized. I've even ear-marked money to move to a jurisdiction that allows that, if that's necessary and legal.<h2 id="6382bdc6-1c04-4eab-adc2-03ee9fce9bd2">I'm keeping good records</h2>When we can't speak for ourselves — because of death or incapacitation — we rely on our records to speak for us. Keeping meticulous written documents can keep things from going off the rails, and reduce friction between family members. I tell people to get everything in writing, right down to the epitaph on the grave. Control as much as possible while you can.<h2 id="0afa658f-1683-4b8b-a96b-9ba08e12f1d6">I'm automating where I can</h2>Being the executor of an estate is extremely time consuming. From closing social media accounts to selling assets, there are hundreds of administrative steps. Platforms like the one me and my cousin created help take a bit of that administrative burden, by automating the mundane tasks that families need to handle.As <a target="_blank" class="" href="https://www.businessinsider.com/baby-boomers-gen-z-sick-days-time-off-work-regret-2024-9">boomers get older</a> our society is preparing for an unprecedented wealth transfer. Technology can help the next generation feel empowered, and give them more space to grieve without worrying about the logistics of their inheritance.

I'm a wealth manager and handling my parents' estates took years. I'm leaving iron-clad legal directives for my kids. 

A <keyword id="19895037" type="General" weightage="20" keywordseo="Bengaluru" source="keywords">Bengaluru</keyword> based <keyword id="19910096" type="General" weightage="20" keywordseo="woman" source="keywords">woman</keyword> has been awarded a <keyword id="19896798" type="General" weightage="20" keywordseo="compensation" source="keywords">compensation</keyword> of Rs five lakh by a <keyword id="20546234" type="General" weightage="20" keywordseo="consumer-forum" source="keywords">consumer forum</keyword>, nearly 20 years after a 3.2 centimetre <keyword id="22504968" type="General" weightage="100" keywordseo="surgical-needle" source="keywords">surgical needle</keyword> was left in her body following her surgery at a private <keyword id="19915254" type="General" weightage="20" keywordseo="hospital" source="keywords">hospital</keyword> here. The Karnataka State Consumer Disputes Redressal Commission has directed the hospital and two <keyword id="20000183" type="General" weightage="20" keywordseo="doctors" source="keywords">doctors</keyword> to pay Padmavathi, a resident of Jayanagar, Rs 50,000 as litigation expenses. It has also directed <keyword id="22497673" type="General" weightage="20" keywordseo="New-India-Assurance-Co-Ltd" source="keywords" meta.keywordsubtype="org" meta.entityname="New India Assurance Co Ltd" meta.hostid="261" meta.entityid="New India Assurance Co Ltd">New India Assurance Co Ltd</keyword>, which had issued a policy covering the hospital expenses, to pay her Rs five lakh for "the professional and <keyword id="21130249" type="General" weightage="20" keywordseo="medical-negligence" source="keywords">medical negligence</keyword> caused." The then 32-year-old woman underwent the surgery on September 29, 2004 at the <keyword id="22497672" type="General" weightage="20" keywordseo="Deepak-Hospital" source="keywords" meta.keywordsubtype="org" meta.entityname="Deepak Hospital" meta.hostid="261" meta.entityid="Deepak Hospital">Deepak Hospital</keyword>, with the two doctors allegedly performing the hernia operation. On completion of the surgery, her appendix was also removed, according to the Commission's order last month. Immediately, on the next day, she complained of severe pain for which she was prescribed some pain killers and assured that it is post surgery discomfort and that it will get cured. She suffered acute stomach and back pain for several years and was also admitted in the same hospital twice later, the order noted. Padmavathi later approached another private hospital here in 2010 and during a scan, it was noticed that some foreign body existed in the abdominal and back portion of her body and it was suggested to her to get it (surgical needle) removed. She then underwent surgery and the 3.2 cm surgical needle was removed following which she approached the consumer forum with a complaint the following year. The forum noted that the complainant was aged about 32 years, when she underwent all these surgeries and removal of the surgical needle. "Definitely she suffered severe pain and inconvenience till removal of the surgical needle," the order stated. Hence, she is entitled to get "global compensation" of Rs five lakh and the insurance company (New India Assurance Company Limited) is directed to pay the amount while the two doctors are liable to pay litigation expenses of Rs 50,000 to the complainant, it further added.

Woman to get Rs 5 lakh compensation, 20 years after needle left in her body after surgery

<ul class="summary-list"><li>The FDA said people may be overdosing on knock-off semaglutide weight-loss drugs.</li><li>Consumers are self-administering incorrect doses.</li></ul>The US Food and Drug Administration says some people have been hospitalized with symptoms that may be related to overdoses from injectable weight-loss drugs.The agency <a target="_blank" class="editor-rtfLink" href="https://www.fda.gov/drugs/human-drug-compounding/fda-alerts-health-care-providers-compounders-and-patients-dosing-errors-associated-compounded">alerted</a> healthcare providers and patients on Friday, saying it received reports that some people sought medical attention or required hospitalization after taking incorrect doses of "compounded" <a target="_blank" class="editor-rtfLink" href="https://www.businessinsider.com/semaglutide-how-does-drug-work-for-weight-loss-diabetes-2021-5">semaglutide products</a>.Compounded pharmaceuticals are essentially copies of approved medications that the FDA allows during a shortage but which have not gone through the usual FDA approval process. This is currently <a target="_blank" class="" href="https://www.businessinsider.com/buy-compounded-semaglutide-online-risks-wegovy-ozempic-2023-1">the case for semaglutide</a>, which is sold under the brand names Ozempic and Wegovy.Compounded semaglutide is a slightly more complex story, however. The Danish pharmaceutical company Novo Nordisk has a patent on the semaglutide molecule and doesn't offer it for sale for compounding. This has caused confusion over where some pharmacies are sourcing ingredients."Compounded drugs pose a higher risk to patients than FDA-approved drugs because compounded drugs do not undergo FDA premarket review for safety, quality or effectiveness," the alert said.The <a target="_blank" class="" href="https://www.businessinsider.com/weight-loss-glp-1-drugs-ozempic-wegovy-mounjaro-effects-future-2023-12">diet industry has exploded</a> in recent years in part due to the FDA's 2021 decision to approve semaglutide — a drug originally intended to treat type 2 diabetes — for obesity management. Novo Nordisk's injectable medications, Wegovy and Ozempic, quickly gained attention from consumers, even among those who couldn't afford the steep price tag.<div type="image" title="Three boxes of Wegovy on a light wood counter" height="3744" width="5616" msid="112071385" hostid="261" sizebytes="213814"></div>The FDA did not share the number of reports it received but said the adverse health events may be related to incorrect dosing of compounded semaglutide products."Dosing errors have resulted from patients measuring and self-administering incorrect doses of the drug and health care providers miscalculating doses of the drug," the FDA said.The alert added that some patients administered 5 to 20 times more than intended, and one healthcare provider prescribed at least three patients 20 units instead of two.The FDA also said there are no industry standards regarding compounded semaglutide since products can come in different concentrations, containers, syringe sizes, and instructions."FDA encourages compounders, health care providers, and patients to report adverse events and medication errors associated with compounded semaglutide products to FDA's MedWatch Adverse Event Reporting program," the agency said.

The FDA says patients may be overdosing on imitation semaglutide weight-loss drugs because the directions are unclear

<ul class="summary-list"><li>Lawmakers introduced a new bill that could give peer-to-peer payment app users more protection.</li><li>The bill aims to increase banks' liability for helping consumers resolve fraud disputes.</li></ul>Consumers <a target="_blank" class="" href="https://www.businessinsider.com/guides/tech/is-zelle-safe">defrauded while using Zelle</a> or other peer-to-peer payment apps might have increased reimbursement protections under a new bill introduced by Democrats in Congress on August 2.<a target="_blank" class="" href="https://www.businessinsider.com/zelle-fraud-scam-swimming-pool-online-payment-apps-mobile-banking-2023-10">Zelle</a> partners with over 2,100 financial institutions and is used by major banks like Bank of America and JPMorgan Chase to facilitate direct money transfers between accounts. Consumers and small businesses <a target="_blank" href="https://www.prnewswire.com/news-releases/zelle-soars-with-806-billion-transaction-volume-up-28-from-prior-year-302077432.html">sent $806 billion</a> across 2.9 billion Zelle transactions in 2023, both up 28% from 2022.Meanwhile, apps like Venmo — which is owned by PayPal — also provide quick ways to send money electronically. Over 2 million merchants accept Venmo, and there are over 90 million user accounts, according to the company's website.Zelle and other payment app transactions are typically irreversible, meaning if someone accidentally sends money to a scammer, they can't always get it back. Consumers reported losing $210 million to scams across all payment apps in 2023, according to<a target="_blank" href="https://public.tableau.com/app/profile/federal.trade.commission/viz/FraudReports/FraudFacts"> data from the Federal Trade Commission</a>.<a target="_blank" class="" href="https://www.businessinsider.com/personal-finance/banking/zelle-scams">Fraudsters often use methods</a> like email phishing links or posing as bank employees and calling users to get them to send money via payment apps.The Protecting Consumers from Payment Scams Act, proposed by Rep. Maxine Waters, Sen. Richard Blumenthal, and Sen. Elizabeth Warren, aims to increase financial institutions' liability for helping consumers resolve instances of fraud disputes."Fraudsters are using every trick in the book to steal money from hardworking consumers through payment apps like Zelle, Venmo, or old-fashion bank wire transfers," Waters said in a <a target="_blank" href="https://www.blumenthal.senate.gov/newsroom/press/release/blumenthal-warren-and-waters-introduce-legislation-to-protect-consumers-from-payment-scams">statement</a>. "That's why it is absolutely critical that we move quickly to modernize our consumer protection laws to reflect the realities of today's payment systems."<h2 id="5219d26d-a9b9-41b9-8802-9395d0371e1b">Protecting consumers against fraud</h2>Under existing federal law, consumers are reimbursed for unauthorized transactions, like purchases on a stolen credit card. However, getting money back that was sent through Zelle or other payment apps is much more difficult.That's because when money is voluntarily sent, even accidentally, it's classified as an authorized purchase. For example, Zelle says to treat the service like how you would <a target="_blank" href="https://www.zellepay.com/pay-it-safe/zeller-safety-101#:~:text=And%20if%20you%20send%20money,to%20the%20money%20you%20send.">give someone cash</a>, and to only send money to people you trust.The new <a target="_blank" href="https://www.blumenthal.senate.gov/newsroom/press/release/blumenthal-warren-and-waters-introduce-legislation-to-protect-consumers-from-payment-scams">bill</a> aims to amend the law to make banks more liable for all financial transactions, whether they're authorized or unauthorized.Specifically, the proposed bill would update the 1978 Electronic Fund Transfer Act, which regulates electronic money transfer protections. It would require financial institutions to share liability when consumers are defrauded and clarify consumer protections for bank wire and electronic transfers.<h2 id="2244dc9a-dff5-4548-9183-7c93ae71e867">Zelle is coming under increased scrutiny</h2>The bill comes after lawmakers' increased scrutiny of Zelle and several banks' approach to fraud cases.In recent months, Blumenthal led a Senate investigation into how Zelle, Bank of America, JPMorgan, and Wells Fargo handled fraud cases.The investigation's <a target="_blank" class="" href="https://ewscripps.brightspotcdn.com/27/50/85f89a22450ca7b726b58982aaf0/2024-7-23-zelle-report-final.pdf">report</a> found that in 2023, JPMorgan, Bank of America, and Wells Fargo reimbursed consumers for 38% of fraud disputes, leaving over $100 million unreimbursed. That's less than the 62% of fraud disputes the banks reimbursed in 2019, according to the report.On July 23, executives from Zelle, Wells Fargo, Bank of America, and JPMorgan defended their fraud dispute policies and <a target="_blank" class="" href="https://www.hsgac.senate.gov/subcommittees/investigations/hearings/instant-payments-instant-losses-zelle-and-the-big-banks-fail-to-protect-consumers-from-fraud/">testified</a> before the Homeland Security &amp; Governmental Affairs Permanent Subcommittee on Investigations, which is chaired by Blumenthal.Cameron Fowler, the CEO of Early Warnings Services, the company that owns and operates Zelle, said that reports of fraud on Zelle decreased between 2022 to 2023 while the platform increased the volume of transactions.Over 99.95% of all Zelle transactions in 2023 were completed without instances of fraud, according to Zelle."Although we're proud of our efforts, we can't do it alone," a spokesperson for Early Warning Services said in a statement to Business Insider. "We encourage lawmakers to do more to support law enforcement and efforts to educate consumers to reduce financial crime."In an August 2 SEC <a target="_blank" class="" href="https://jpmorganchaseco.gcs-web.com/static-files/152bd589-94d1-4551-9f6e-8fb11cdefd60">filing</a>, JPMorgan said it is responding to inquiries from the Consumer Financial Protection Bureau about payments through Zelle. A spokesperson for JPMorgan told Business Insider it was considering its options against the CFPB's inquiries, including litigation.On August 5, Blumenthal announced that he was calling on the CFPB to investigate Zelle, JPMorgan, Bank of America, and Wells Fargo for their practice of resolving fraud disputes."The three banks' circuitous answers to questions regarding whether they have ever had a third-party review of their dispute resolution processes further increased our concerns that, not only has such a review never occurred, but that the opaque processes applied by these banks are being used to deny rightful claims," Blumenthal wrote in a <a target="_blank" class="" href="https://www.blumenthal.senate.gov/newsroom/press/release/blumenthal-calls-on-cfpb-to-investigate-zelle-and-big-banks-for-mishandling-fraud">statement</a>.It is now up to the CFPB to decide whether or not to investigate. The CFPB declined to comment on Blumenthal's announcement.In the meantime, the Protecting Consumers from Payment Scams Act will go to the Committee on Banking, Housing, and Urban Affairs for review.Have you been the victim of a scam through Zelle or another payment app? Were you reimbursed? This reporter wants to hear your story. Please reach out at <a target="_blank" class="" href="mailto:jtowfighi@businessinsider.com">jtowfighi@businessinsider.com</a>.

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