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Forbes Real Time

Forbes Real Time news stream features up-to-date activity throughout Watch news stories, photo galleries and video content publish in real time.

Copyright: Copyright 2016 Forbes LLC

Silicon Valley The Sequel: Taiwan's Bold Plan To Save A Troubled High-Tech Industry

Tue, 27 Sep 2016 22:00:00 -0400

Few conversations about high-tech go by in Taipei without a reference to the Silicon Valley. A Taiwanese startup founder might have just visited the fabled California tech hub or a venture capital firm there is traveling to Taiwan to spread its wealth. You hear about how startups in the Silicon [...]

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Top 4 Storylines Following NBA Media Day

Tue, 27 Sep 2016 21:21:00 -0400

The NBA has returned. Here is what people are talking about.

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How A Porn Company And A Fashion Brand Shocked New York Fashion Week

Tue, 27 Sep 2016 21:06:00 -0400

Pornhub teamed up with Hood By Air to create a fashion show that got fashionistas talking.

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Earth's Oxygen Levels Are Declining And Scientists Don't Know Why

Tue, 27 Sep 2016 21:02:00 -0400

A new study shows Earth's oxygen levels continue to decline, a phenomena that has puzzled scientists.

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Online Advertising In China Continues To Generate Public Concern And Police Action

Tue, 27 Sep 2016 20:34:00 -0400

Recent news reports from China illustrate a recurrence of issues concerning online advertising practices. The latest episode involves the alleged redirection of web traffic on Internet service provider (ISP) Baidu from links to seemingly innocuous sites to sites advertising gambling and other unlawful activity.

Why Trump Is Right About China

Tue, 27 Sep 2016 20:34:00 -0400

The debate last night was entertaining. It's sad to see how the media manipulates facts and cherry picks quotes to fit their narrative. But that's what they do and it ultimately shapes views for voters, unfortunately. Today, I want to focus on China and Trump's comments on China's currency manipulation. Everyone [...]

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Android 7.0 Nougat Crashes Way More Than iOS 10

Tue, 27 Sep 2016 20:22:00 -0400

Android 7.0 Nougat users could be in for a disappointment as far as overall app stability goes. Nougat experiences far more network-related crashes than Apple iOS 10, according to new data from Apteligent.

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Top Chef Marcus Samuelsson Talks About Single Malt, Luxury And The New Connoisseur

Tue, 27 Sep 2016 20:15:00 -0400

The celebrity chef recently signed onto a year-long partnership with Glenmorangie and has been immersed in the world of single malt.

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Wells Fargo Board Forces CEO Stumpf To Forfeit $41 Million In Stock Awards

Tue, 27 Sep 2016 20:11:00 -0400

After weeks of public outcry over the fake account scandal, the Wells Fargo board announced late Tuesday that it is forcing both its CEO, John Stumpf, and former community banking head Carrie Tolstedt to forfeit more than $60 million in bonuses and unvested stock awards. The board, which is launching an independent investigation into Wells' sales practices, said that it is prepared to make additional clawbacks if they are warranted.

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The Wells Fargo Fake Account Scandal: A TimelineWhere Wells Went Wrong"Eight is Great"Two Million Phony Accounts$185 Million In FinesSlammed By Jack Lew And Elizabeth WarrenWells Fargo Starts Damage ControlStumpf Gets Grilled By The SenateCarrie Tolstedt Gets ScrutinyWill Stumpf Keep His Job?

Tue, 27 Sep 2016 20:11:00 -0400

On September 8, 2016, Wells Fargo announced that it was paying $185 million in fines to Los Angeles city and federal regulators to settle allegations that its employees created millions of fake bank accounts for customers. The bank wanted the issue behind them. But instead, the settlement sparked a firestorm. Here's a look at a timeline of the fallout.

The fraud appears to have stemmed from CEO John Stumpf’s mantra to employees: “eight is great.” Meaning: get eight Wells Fargo products into the hands of each customer. But this directive proved burdensome for bank employees as they struggled to meet demanding quotas and satisfy even more demanding managers.They began to cut corners andopened deposit accounts and credit cards forWells customers – without theirknowledge or permission.

From 2011 to mid-2016 — but possibly going back to 2009 or before — Wells employees created more than 1.5 million unauthorized deposit accounts and issued more than 500,000 unauthorized credit card applications. These accounts racked up $2.6 million in fees for the bank.

These sham accounts may have gone unnoticed were it not for a 2013L.A. Timesinvestigation that helped uncover the fraud. The reporting led to a 2015 lawsuit against Wells Fargo by the city of Los Angeles. Soon thereafter, federal regulators got involved and on September 8, 2016, Wells Fargo announced that it was paying $185 million in fines to city and federal regulators to settle the matter. Bank executives wanted the issue behind them.

The $185 million settlement was anything but the end. And while Wells said it had fired some 5,300 people over five years for creating the phony accounts, a public outcry ensued and government officials — from Senator Elizabeth Warren to the Treasury Secretary, Jack Lew — lambasted Wells for its actions.Many called for CEO John Stumpf to resign.

In a play for damage control, Wells said on September 13 that it was abolishing all sales goals in its retail banking business starting on January 1, 2017 — meaning that the types of quotas that led the fraud will soon no longer exist. Stumpf publicly apologized.And yet, reports indicate that federal prosecutors — the U.S. Attorneys for thesouthern district of NYand northern district of CA — have begun investigations into the bank's behavior.

On September 20, John Stumpf testified in front of the Senate Banking Committee. Again, he apologized but it wasn’t enough for the senators. “You should resign. You should be criminally investigated by the Department of Justice and Securities and Exchange Commission,” Senator Warren told Stumpf.Other senatorspressed him on executive compensation and whether there should be clawbacks.

Of particular interest to the committee is Carrie Tolstedt: She ran the unit that was responsible for the millions of fake accounts. Tolstedt retired this past summer, but could still have millions of dollars in c[...]

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Framework Of Trust Between Founder & VC

Tue, 27 Sep 2016 20:10:00 -0400

The value that comes from a trusting investor-founder relationship cannot be overstated for either party in the relationship. However, the dynamic of the relationship often does not lend itself to one of trust. Understanding the framework of trust, doing your homework on a VC and communicating openly and regularly will help bridge the gap.

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Newroom Jobs Changing Too Fast To Count

Tue, 27 Sep 2016 20:10:00 -0400

Job titles and duties in America’s newsrooms apparently are changing so fast that a major journalist group has stopped trying to take a headcount.

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Apple To Abandon Lightning Port? iPhone's Next Massive Gamble

Tue, 27 Sep 2016 19:59:00 -0400

First they came for the bulky 30-pin docking connector. Then the 3.5mm headphone jack was removed from the iPhone. What will Apple surgically remove next? In a bid to reduce the physical imperfections on the iPhone's external design, Apple could drop the lightning port.

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New Yorkers Can Now Get Unlimited Uber For $100

Tue, 27 Sep 2016 19:58:00 -0400

Uber's subscription plans are rolling out across the United States for flat rate or even free rides.

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The Rideshare Uprising Around The WorldNew York Uber Drivers Protest Rate CutsUber Boom DriversLA Airport Ride HailingFrance Taxi StrikePhiladelphia Uber ProtestPhiladelphia Uber ProtestUber CEOJunoLyftDidi KuaidiGrabTaxi In SingaporeGrabTaxi CEOKakaoTaxoThe Kakao Taxi AppBlaBlaCar CEOBlaBlaCar HQBlaBlaCar HQHailoYandex ExecYandexYandex CabYandex

Tue, 27 Sep 2016 19:58:00 -0400

Uber drivers protest the company's fare cuts and go on strike in front of the car service's New York offices on February 1, 2016. The drivers said Uber continued to cut into their earnings without cutting into its own take from each ride. (Spencer Platt/Getty Images)

In this July 21, 2015 photo, yellow cab driver Jatinder Singh poses for a portrait near his taxi in New York. Singh owned a yellow cab, which he decided to paint black so he could start driving with Uber. He lasted about six months before he sold the car and returned to taxi driving. (AP/Frank Franklin II)

(AP/Jeff Chiu)

Taxi drivers on strike sit on the Champs Elysees during a protest, in Paris, on January 28, 2016. (AP/Christophe Ena)

Taxi and Uber's black car service drivers protest the ride-hailing services Uber X and Lyft on December 16, 2015, in Philadelphia. The drivers are protesting that Uber and Lyft are operating without legal approval in the city. (AP/Matt Rourke)

Taxi driver Alassan Jalloh is temporarily detained as he other drivers protest the ride-hailing services Uber X and Lyft on December 16, 2015, in Philadelphia. (AP/Matt Rourke)

Travis Kalanick, CEO of Uber, speaks during a press conference in Beijing on January 11, 2016. Uber launched in China in February 2014 and is active in 21 cities there, with plans to be in 100 cities within a year. (Wang Zhao/AFP/Getty Images)

New startup Juno is trying to beat out Uber and Lyft by treating its drivers better. (Image courtesy of Juno)

(AP Photo/Jeff Chiu)

Jean Liu, president of Didi Kuaidi, the number one ride-sharing and taxi-hailing service in China. Didi Kuaidi commanded over 83%t market share of active users in China, compared to Uber's 16.2%. (Fred Dufour/AFP/Getty Images)

A commuter uses the smartphone app GrabTaxi, which US ridesharing service Lyft has an alliance with, in Singapore on December 4, 2015. (Mohd Fyrol/AFP/Getty Images)

GrabTaxi CEO Anthony Tan. (Dario Pignatelli/Bloomberg)

John Jung, director of business development at Daum Kakao Corp., poses for a photograph next to a taxi which uses the KakaoTaxi application in Seongnam, South Korea, on Wednesday, June 3, 2015. (SeongJoon Cho/Bloomberg)

(Woohae Cho/Bloomberg)

Nicolas Brusson, co-founder and CEO of French ridesharing company BlaBlaCar. (Simon Dawson/Bloomberg)

Employees in headquarter offices of BlaBlaCar in Paris, France. (Christophe Morin/Bloomberg)

(Christophe Morin/Bloomberg)

Gary Jackson, co-founder of Hailo Network Ltd., left, and Ron Zeghibe, chairman and co-founder of Hailo Network Ltd., in the back of a taxi cab in London Hailo, a smartphone app that lets the user hail a taxi cab, was launched in 2011. (Simon Dawson/Bloomberg)

Russian President Dmitry Medvedev (center) walks with Arkady Borkovsky (right), technology officer at Yandex Labs, and Victor Vekselberg (left). Yandex is one of the biggest ridesharing applications in Russia. (Tony Avelar/AFP/Getty Images)

A Yandex taxi crosses the Krymsky Bridge in Moscow, Russia. (Andrey Rudakov/Bloomberg)

A Tesla Model S 85 operated by the Yandex, a taxi online booking service, at Red Square near St. Basil's cathedral in Moscow. (Andrey Rudakov/Bloomberg)

A taxi driver in Moscow uses a smartphone app to [...]

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Chef Marcus Samuelsson Collaborates With Glenmorangie

Tue, 27 Sep 2016 19:53:00 -0400

One of New York’s top chefs talks about the perfect pairing and changes in the world of single malt.

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Too Bad Neither Trump Nor Clinton Understands Economics

Tue, 27 Sep 2016 19:43:00 -0400

In the first debate, Trump showed that he knows on the basis of hands-on experience that he recognizes the negative impact of government on businesses, jobs, and prosperity, and Clinton does not.

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A Year Into The Era Of Chip-Embedded Credit Cards, What Have We Solved, Exactly?

Tue, 27 Sep 2016 19:39:15 -0400

We’ve got lawsuits, slower check-outs and confusion, and not a whole lot more security than we had before the transition to the EMV standard. And the holiday season is coming soon.

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Deutsche Bank: A Sinking Ship?

Tue, 27 Sep 2016 19:37:00 -0400

Deutsche Bank is in deep trouble. In the last few days, its share price has dropped like a stone and is now at an all-time low. In parallel, yields on its CoCo bonds – a form of debt that acts as an additional capital cushion – are spiking on worries [...]

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High School Students Score Lower Marks On The SAT

Tue, 27 Sep 2016 19:35:00 -0400

The last high school class to take the old SAT saw its scores drop an average of 4 points across math, reading and writing in the College Board’s annual announcement of performance on the standardized tests.

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