3 min
Equifax sent millions of inaccurate credit scores to lenders - August 3, 2022 Executive Leadership Briefing
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- Business News
The number of job openings dropped to its lowest level since September, suggesting the labor shortage may be heading towards its end. The decline was mainly attributed to hiring in the retail and wholesale trade sectors, although the number of workers quitting their jobs remained mostly static. While the dip represented a significant pullback in job openings, observers noted there were still roughly 1.8 jobs per worker, and some pointed out the phenomenon may be due to the economy slowing down rather than a decrease in demand for workers.
Millions of inaccurate credit scores were sent to lenders by credit reporting agency Equifax according to sources familiar with the matter. The agency blamed a computer error for the erroneous credit scores being sent for consumers applying for mortgages, auto loans and credit cards from mid-March through early April this year. While the error represents another potential scandal for the company, which dominated headlines years ago due to a massive data breach, Equifax’s CEO said the impact is likely to be negligible.
Rideshare giant Uber reported positive cash flow for the first time in the company’s history due to an overall increase in demand and more reliance on the company’s food delivery service. The company saw a 24% increase in year-over-year rides and the company’s CEO said confidence is high that the company will stand apart from competitors in the event of economic troubles. Uber’s CEO also noted that the shift in consumer spending from retail to services has benefited the company’s prospects. The news comes even as inflation and gas prices remain a challenge for many of those in the transportation industry.
Retailers are opening stores despite economic pressure brought on by fears of a recession according to the owners of some of the largest shopping malls in the U.S. gains both in occupancy and cash flow are expected to continue with over 4,000 store openings reported so far this year compared to just under 2,000 closings. Consumers are increasingly shifting spending from online stores to brick-and-mortar locations according to economists, with investors buying into the shopping center space despite warnings of an incoming wave of retail bankruptcies. Retail expansion into the physical space is not expected to slow down as tenants presently enjoy below-market rates for retail space.
The U.S. said companies that receive funding from its new $52 billion Chips and Science Act will be required to pull back from the production of advanced chips in China in an effort to combat Chinese expansion. While limiting the shipment of memory chip-making equipment could harm companies from South Korea such as Samsung Electronics, policymakers maintain such moves are necessary to protect U.S. semiconductor manufacturing. The move comes at a time of heightened tensions between the nations as U.S. House Speaker Nancy Pelosi touched down in Taiwan on Tuesday, eliciting stark warnings and demonstrations of force from China.
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The number of job openings dropped to its lowest level since September, suggesting the labor shortage may be heading towards its end. The decline was mainly attributed to hiring in the retail and wholesale trade sectors, although the number of workers quitting their jobs remained mostly static. While the dip represented a significant pullback in job openings, observers noted there were still roughly 1.8 jobs per worker, and some pointed out the phenomenon may be due to the economy slowing down rather than a decrease in demand for workers.
Millions of inaccurate credit scores were sent to lenders by credit reporting agency Equifax according to sources familiar with the matter. The agency blamed a computer error for the erroneous credit scores being sent for consumers applying for mortgages, auto loans and credit cards from mid-March through early April this year. While the error represents another potential scandal for the company, which dominated headlines years ago due to a massive data breach, Equifax’s CEO said the impact is likely to be negligible.
Rideshare giant Uber reported positive cash flow for the first time in the company’s history due to an overall increase in demand and more reliance on the company’s food delivery service. The company saw a 24% increase in year-over-year rides and the company’s CEO said confidence is high that the company will stand apart from competitors in the event of economic troubles. Uber’s CEO also noted that the shift in consumer spending from retail to services has benefited the company’s prospects. The news comes even as inflation and gas prices remain a challenge for many of those in the transportation industry.
Retailers are opening stores despite economic pressure brought on by fears of a recession according to the owners of some of the largest shopping malls in the U.S. gains both in occupancy and cash flow are expected to continue with over 4,000 store openings reported so far this year compared to just under 2,000 closings. Consumers are increasingly shifting spending from online stores to brick-and-mortar locations according to economists, with investors buying into the shopping center space despite warnings of an incoming wave of retail bankruptcies. Retail expansion into the physical space is not expected to slow down as tenants presently enjoy below-market rates for retail space.
The U.S. said companies that receive funding from its new $52 billion Chips and Science Act will be required to pull back from the production of advanced chips in China in an effort to combat Chinese expansion. While limiting the shipment of memory chip-making equipment could harm companies from South Korea such as Samsung Electronics, policymakers maintain such moves are necessary to protect U.S. semiconductor manufacturing. The move comes at a time of heightened tensions between the nations as U.S. House Speaker Nancy Pelosi touched down in Taiwan on Tuesday, eliciting stark warnings and demonstrations of force from China.
CONTENT FACTS.
https://www.turbinelabs.com/ (Turbine Labs) has tracked 172,007 media articles and blogs and 57,509 social media posts over the last 24 hours.
Questions or feedback? Don't hesitate to https://www.turbinelabs.com/contact (reach out) to us directly.
3 min