Title: Forbes Daily: Capital One Allegedly Swindling Customers Out of $2 Billion
Good morning,
It's that time of year where it seems like everyone is catching a bug, and one of the main culprits is gastroenteritis, also known as the "stomach flu." This afflicts an estimated 19 to 21 million Americans annually.
Gastroenteritis is usually caused by noroviruses, and unsurprisingly, the CDC has reported the highest outbreak numbers for norovirus infections in the past decade. Annually, these viruses cost the global economy approximately $60 billion.
Three norovirus vaccines are in the pipeline, with Moderna leading the charge. Using the same mRNA technology as their Covid-19 vaccine, Moderna targets three viruses simultaneously to bypass the challenge of numerous strains circulating at once.
Top Headlines
Financial regulators accused Capital One of "cheating" millions of customers out of over $2 billion in interest by freezing account rates even as interest rates rose across the industry. The Consumer Financial Protection Bureau alleges that Capital One claimed their "360 Savings" accounts offered the "top," "best," and "highest" rates before freezing the rate at just 0.30%, preventing customers from switching into new higher-yielding accounts.
President-elect Donald Trump suggested creating an "External Revenue Service" to collect revenue from proposed tariffs, but power to form federal agencies lies with Congress, making Trump's plan complicated.
Business & Finance
ByteDance may seek between $40 billion and $50 billion for TikTok's U.S. operations if a deal materializes with Elon Musk, according to an analyst. The Chinese government is reportedly considering allowing a sale to prevent a U.S. ban, and if true, the price tag would be similar to the $44 billion Musk paid for Twitter in 2022. The Supreme Court may rule on the federal law banning TikTok unless ByteDance divests itself from the app.
The SEC accused Elon Musk of securities fraud related to his $44 billion purchase of Twitter, alleging Musk failed to disclose his Twitter stake in a timely manner, allowing him to "underpay by at least $150 million for shares he purchased after his financial disclosure report was due."
Money & Politics
Donald Trump's Defense Secretary nominee Pete Hegseth faced intense questioning at a Capitol Hill hearing, but it's unlikely he'll face any votes against confirmation. Hegseth, a Fox News host and military veteran, faced allegations of alcohol abuse, sexual misconduct, and controversial military statements during the hearing.
World News
Kate Middleton announced her cancer is in remission, following her September revelation that she completed chemotherapy for an undisclosed type of cancer. Kate serves as a patron at the Royal Marsden Hospital in London, where she underwent treatment.
South Korean President Yoon Suk Yeol was detained by law enforcement authorities for insurrection charges stemming from his failed attempt to impose martial law in December. Yoon continues to dismiss the investigation as "illegal."
Trends & Explainers
The causes of the ongoing wildfires in southern California remain unclear, with theories including electrical issues, embers from older fires, and arson being considered. Experts agree that climate change contributed to the perfect conditions for the fires to spread.
The IRS aims to update the guidelines governing tax professionals, requiring them to understand the benefits and risks of the technology they use and explaining how to correct noncompliance, errors, or omissions on tax returns or documents.
Daily Cover Story
Military Tech Investors Chase the Trump Bump at Mar-a-Lago
Access to Mar-a-Lago has been surprisingly accessible for smaller tech firms looking to invest in weapons technology. Having a Mar-a-Lago member sponsor their gatherings has allowed these firms to build relationships with Trump and his inner circle, potentially positioning themselves for growth.
Facts & Comments
President Joe Biden announced that California wildfire victims would receive a one-time $770 payment to cover essential expenses like water, prescriptions, and temporary shelter. More than $5.1 million has been delivered to 6,000 California wildfire survivors.
Strategy & Success
The possibility of a TikTok ban threatens $24.2 billion in economic activity and has already impacted marketing strategies for many businesses. Some companies are turning to alternative platforms like Instagram, YouTube, or Snapchat while awaiting the fate of TikTok.
Adjustments & Enhancements
Enrichment data is primarily incorporated where it supports or clarifies existing information or when mentioning those details would intrinsically contribute to the article's context. Given the significance of the norovirus data, it's important to highlight the recent outbreak numbers and pharmaceutical companies' efforts to create a vaccine.
Paragraph adjustments are necessary to enhance readability and improve the overall flow of the content. Sentence restructuring is occasionally used to vary sentence structure, while ensuring meaning is not compromised.
The rewritten version retains an informal and straightforward tone, while incorporating enrichment data and providing a clear, cohesive reading experience.
IRS is considering updating the guidelines for tax professionals, requiring them to understand the technology they use and its risks, as well as how to correct any noncompliance, errors, or omissions on tax returns or documents (Forbes Daily Newsletter).
Pete Hegseth, President-elect Donald Trump's Defense Secretary nominee, faced intense questioning at a Capitol Hill hearing, but it's unlikely he'll face any votes against confirmation despite allegations of alcohol abuse, sexual misconduct, and controversial military statements (Money & Politics).
Elon Musk, the CEO of SpaceX and Tesla, is reportedly interested in buying TikTok, the Chinese-owned short-video app, for between $40 billion and $50 billion, according to an analyst, as ByteDance seeks to avoid a potential U.S. ban (Business & Finance).
Donald Trump suggested creating an "External Revenue Service" to collect revenue from proposed tariffs, but forming federal agencies lies with Congress, making Trump's plan complicated (Top Headlines).
Kate Middleton, the Duchess of Cambridge, announced her cancer is in remission, following her September revelation that she completed chemotherapy for an undisclosed type of cancer (World News).
