Writing the summary…
Bank of America shares drop 7% after third-quarter revenue miss and regulatory penalty
Source: CNBC
Original reporting
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CNBC
Consumer prices rose at 3.7% annual rate in September as gas costs skyrocket
The consumer price index was expected to increase 0.6% in September on a monthly basis and 3.6% from a year ago, according to the Dow Jones consensus forecast.
CNBC
Social Security Administration announces 3.6% cost-of-living adjustment for 2027
The Social Security Administration has announced a 3.6% cost-of-living adjustment for 2027.
CNBC5 outlets
FBI arrests Saudi OpenAI employee who allegedly planted recording device in conference room
An OpenAI engineer was arrested after the company said it discovered a "sophisticated recording device" hidden in one of its offices. The employee was identified as Abdulrahman Alfozan, a 35-year-old Saudi national. Alfozan is charged with using or endeavoring to use a device to intercept oral communications, according to a press release from the Department […]
The Guardian
English and Welsh water firms could be forced to return £107m via lower bills
Yorkshire and Thames among providers facing penalties for missing performance targets, but bills could rise elsewhere Business live – latest updates Thames Water, Yorkshire Water and other providers could be forced to cut tens of millions of pounds from household bills after the regulator said they had missed performance targets. Customer bills at Yorkshire Water could fall by £27 on average, while those at Thames could decrease by £7, according to estimates by Ofwat, the regulator of the privatised industry in England and Wales. Continue reading...
The Guardian
‘Ugly’ jump in US inflation, driven by gasoline prices, in blow to Trump before midterm elections – business live
Rolling coverage of the latest economic and financial news, including the IMF meeting in Thailand and the IEA’s new oil market report Full story: US inflation rose to 3.7% in September Global financial system is failing developing countries, says Ed Miliband UK government borrowing costs are dropping this morning, which will please John Healey and the IMF alike! The yield, or interest rate, on UK 10-year bonds is down 3.5 basis points to 5.4%, while thirty-year bond yields are 3bps lower at 5.89%. Chancellor John Healey is expected to pay for all new giveaways in this month’s Budget — including a cost-of-living package — with higher taxes or spending cuts rather than more borrowing. People briefed on UK Budget preparations told the FT that the October 28 fiscal package would be “scorecard positive” in 2029-30, the final year of the parliament, meaning that all extra discretionary spendin
The Guardian
Uber begins self-driving robotaxi trial in Manchester
Company hails first step in rolling out technology across UK as first autonomous vehicles take to city’s streets Uber has begun a trial of autonomous vehicles on the streets of Manchester as it looks to bring robotaxis to cities around the UK. The first self-driving cars are operating, using the technology of its partner firms Pony and Verne, with whom Uber recently launched Europe’s first autonomous taxi service in the Croatian capital, Zagreb. Continue reading...