E-scooter company Lime is recalling a scooter model manufactured by Chinese company Okai in all cities, with Lime saying the scooter could break apart at the baseboard after "repeated abuse." The recall comes a few weeks after Lime recalled certain scooters that could catch fire because of battery malfunction.
There has been little change in the pace of enforcement actions by the Department of Labor under President Donald Trump, say attorneys who specialize in matters related to the Employee Retirement Income Security Act. They say the department's focus has remained on broad regulations and going after retirement-plan sponsors for delinquent contributions or inadequate fee disclosures.
The Securities and Exchange Commission's Office of Compliance Inspections and Examinations will conduct a series of exams putting the spotlight on mutual funds and exchange-traded funds. The office said the exams will take a hard look at whether retail investors could be taken advantage of and whether firms have fully complied with regulatory and legal requirements.
Fidelity data shows 50.4% of 401(k) balances were invested solely in a target-date fund in the third quarter. Advisors say the funds are good for younger investors but may not be right for those who have accumulated significant assets or started saving later in life.
While it is estimated the average 65-year-old couple will spend $280,000 on health care in retirement, breaking the cost down annually results in a much more manageable number and is something retirees can plan for, writes financial planner Michael Kitces. For instance, a study from Vanguard and Mercer Health and Benefits shows the median annual cost for a 65-year-old woman is $5,200.
Insurance industry professionals say the midterm election results won't change insurance-related issues, but the new Congress could help reauthorize the National Flood Insurance Program, and the midterms could foster a better environment for the Terrorism Risk Insurance Program. "Insurance issues by their nature have not been partisan issues," said PCI's Nat Wienecke.
Carlos Ghosn, chairman of Nissan Motor Co., says that while driverless cars could reduce a car company's cost of goods by up to 90%, regulations on autonomous vehicles will continue to be a large hurdle to overcome before they are ready for mass-market release. Regulations on accident liability, safety, fuel efficiency and traffic vary by state and country.
A tropical wave has formed in the Atlantic, east of the Lesser Antilles, and the National Oceanic and Atmospheric Administration has given it a 90% chance of increased development over the next five days. The wave is forecast to pass near or north of the Leeward Islands, Puerto Rico, Hispaniola and the southeastern Bahamas.
Scientists continue to analyze the intensity of Hurricane Michael, and as it continues to be reviewed, it could be upgraded to a Category 5 storm, with climate change as the reason the storm was so powerful and fast-moving.
Adding to its intensity was the two-story storm surge and the fact that hurricane winds stayed active far into land.
A panel at the PLUS conference last week said that good communication between insurance companies and customers about their cybercoverage and products is vital, especially as the speed at which cyberrisks change can be confusing to customers. The conference also dived into the cannabis industry, with attorney Ian Stewart pointing out the need for cyberinsurance in the industry, as marijuana companies and programs collect large amounts of data.