Roughly six million auto borrowers with shoddy credit scores are at least 90 days late on making their loan payments, according to new figures released by the New York Federal Reserve. The percentage of delinquent subprime auto loans has raced to the highest level since 2010.
Since the end of the Great Recession, there’s been an explosion of auto loans, growing to more than $1.1 trillion. That, along with a far stronger economy, has helped fuel a boom in U.S. auto sales.
While Detroit’s sales slowed down earlier this year due to rising prices, General Motors (GM) and Ford (F) on Thursday said sales accelerated in November. The industry is now back on track for record sales in 2016. It could be the eighth-straight year of increases.
But part of those sales may have been fueled by easy availability of credit for borrowers with poor credit, who are evidently now struggling to pay off those loans.
Amazon is hosting the second of two major keynotes at its re:Invent developer conference in Las Vegas today. TechCrunch has received detailed notes on the contents of today’s keynote, which will be delivered by Amazon CTO, Werner Vogels. We already knew he was going to talk about DevOps and containers today, but here are a few more details of what to expect. The keynote is scheduled to start at 8:30am PT.
AWS Personal Health Dashboard
AWS Personal Health Dashboard will give developers data on the health of the infrastructure that is running their applications. This is the kind of operational data that companies are used to having on their applications — and should make DevOps teams feel a lot more comfortable using AWS to launch their cloud applications.
Fallen mobile phone giant Nokia is about to (attempt to) rise again next year with new phones — this time based on Android.
The plan has been known for a while, but it’s now official, as the company itself confirmed it in a press release Thursday.
The new Nokias will be manufactured by Foxconn subsidiary FIH Mobile and sold by a Finnish company called HMD Global, which will have an exclusive global license for the Nokia brand for the next ten years. This means another Android player has emerged in the overcrowded market, albeit one with a familiar brand name.
The story of the new, new Nokia is somewhat complex, so here’s a little background: Microsoft bought Nokia’s struggling mobile phone division in 2013 for $7.2 billion but it ditched the Nokia brand the following year, instead calling its mobile phones Microsoft Lumia.
Many employers have been wrestling with plans to comply with new U.S. Department of Labor (DOL) overtime rules since last May. That’s when the rules were finalized, with a December 1 compliance deadline. Those new rules included raising the minimum salary overtime exemption to $913 per week from $455. A little more than a week before the deadline for the rules was to take effect, a federal court has issued an injunction, at least temporarily blocking implementation of the changes.
In its decision, the court stated it believes the DOL exceeded its authority in promulgating the rule. In addition, the court said the DOL failed to follow Congress’s intent, which was to reexamine the duties test of the overtime rules, and not to focus solely on the salary level, as the final rules do.
The DOL’s initial response was to state that it “strongly disagrees” with the ruling, and is “currently considering all of our legal options.” A couple of short-term legal scenarios remain possible: The U.S. District Court for the Eastern District of Texas, which issued the ruling, could drop its temporary injunction.
NEW ORLEANS — Hostility is linked to poor heart health, and a new study reveals what may happen in women’s bodies that may explain this link.
Scientists have known that, in women, optimism is associated with a reduced risk for heart disease, and that “cynical hostility” — or a general mistrust of other people — has been linked to a higher risk for heart disease, according to a previous study.
What has been unclear, however, is what mechanism optimism and hostility act through to influence women’s heart health. In other words, why do these traits have such effects on heart disease risk?
Warren Buffett is worth $70 billion. He is the second-most wealthy person in the world. But he recognizes that the growing income inequality gap in the United States is a big problem. And it may have helped Donald Trump defeat Hillary Clinton.
“The Forbes 400 had $93 billion in 1982, and they got $2.4 trillion now. And that’s 25 times as much,” Buffett told CNN’s Poppy Harlow in an exclusive interview in Omaha on Thursday.
“If you’ve been working 40 hours a week, maybe holding a second job, and, you know, you work with the Little League and you’ve been a good parent, and you’re really struggling, you think, ‘What’s wrong with this picture?'” he added.
Those “No Way: You will not make Australia home,” campaign ads from the country’s government have made it to Facebook, and they’re targeting…Australians.
Earlier in the week, the government proposed a lifetime ban on refugees who arrive by boat. Now, some Australians are being served the same anti-immigration campaign as people in other parts of the world are seeing. Including myself.
The anti-immigration ads have been around since 2014, aiming to deter would-be asylum seekers from making their way to Australia by boat.
They’ve been translated into 16 different languages, including Tamil, Arabic and Vietnamese. The format has even been copied by far-right Dutch politician Geert Wilders.
I have a Vietnamese background, but as someone born and raised in Australia, I’m not really sure why I’m being served the ads.