WASHINGTON (Reuters) – Nissan Motor Co’s U.S. lending arm agreed on Tuesday to pay a $4 million U.S. fine to settle a government agency’s allegation that it improperly repossessed hundreds of consumers’ vehicles.

The Consumer Financial Protection Bureau (CFPB) said that between 2013 and 2019, Nissan Motor Acceptance Corp (NMAC), a subsidiary of the Japanese automaker’s North American unit, “wrongfully repossessed hundreds of consumers’ vehicles despite the consumer having made payments” or taken other actions. Nissan must pay up to $1 million to consumers subject to a wrongful repossession.

NMAC said it denied wrongdoing but agreed to settle and takes the agency’s “assertions seriously and share their commitment to fair practices for all our customers.”

NMAC repossessed vehicles from consumers who made payments that decreased delinquency to less than 60 days past due or took other steps that should have prevented repossessions, the bureau said, adding NMAC told consumers it

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  • Profitboss is a startup offering a free online ordering system for restaurants.
  • The company recently pulled in $3.5 million in seed funding in a round led by Redpoint Ventures and joined by Kimbal Musk, Figma CEO Dylan Field, AngelList cofounder Naval Ravikant, The Chainsmokers, Raise founder George Bousis, Tinder founder Sean Rad, and others.
  • Profitboss tracks user data in order to create customized ads designed to bring customers back to the restaurants it services.
  • The service is free for restaurant owners. It charges restaurant customers a $1.50 fee instead of taking a cut of financial transactions like other third-party delivery companies.
  • CEO Adam Guild, 21, started the business when he was 18 years old after creating its core software to help his mother’s struggling dog grooming business.
  • “Everyone in this life faces different sorts of challenges,” Redpoint partner Alex Bard told Business Insider, “and some people succumb to those challenges.
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  • UK unemployment jumped to its highest rate in over three years, rising to 4.5% in the three months to August.
  • Nearly 3 million people claimed jobless benefits in September, according to data released by the Office for National Statistics.
  • The jobs data was worse than the 4.3% rise economists had expected.
  • The situation could deteriorate after the British government announced a new system of local lockdowns, introducing a three-tiered system of rules as infections surge across the country and a furlough program is set to expire later this month.
  • Visit Business Insider’s homepage for more stories.

UK unemployment rose to a three-year high of 4.5% in the three months to August, from 4.1% in July, according to data released by the Office of National Statistics on Tuesday. 

The number of people claiming jobless benefits rose to 2.7 million in September – an increase of

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New reports suggest that Apollo CEO Leon Black may have funneled as much as $75 million to disgraced financier Jeffrey Epstein before supposedly cutting ties in 2018.

The initial report published by the New York Times uncovers a number of alleged payments from Black to Epstein made through several companies.

A company that owned Black’s yacht wired $22.5 million to a company in 2017 that managed Epstein’s private jet – a move that raised questions at Deutsche Bank, the report said.

Other transactions passed through Black-owned businesses, according to the report, including a company that Black used to buy much of his billion-dollar art collection. The total amount of money that Black may have funneled to Epstein is around $75 million, which may have allowed Epstein to continue

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Aligos Therapeutics (ALGS) intends to raise $150 million in an IPO of its common stock, according to an S-1 registration statement.

South San Francisco, California-based Aligos was founded to develop a functional cure for Hepatitis B and other liver and viral diseases.

Management is headed by co-founder and CEO Mr. Lawrence Blatt, Ph.D., who was previously Global Head of Infectious Diseases and Vaccines at Janssen Pharmaceutical Companies, a subsidiary of Johnson & Johnson (JNJ).

Below is a brief overview video of Hepatitis B:

Source: Columbia University Department of Surgery

The firm’s lead candidate, ALG-010133, is currently being tested in Phase 1 safety trials for the treatment of Hepatitis B, which more than 290 million people worldwide suffer from.

Aligos has seen ‘higher inhibitory activity than a reference NAP compound in nonclinical studies.’

Below is the current status of the company’s drug development pipeline:


Source: Company S-1 Filing

Investors in the

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Shares of Workhorse Group  (WKHS) – Get Report rose Monday after the electric delivery truck maker announced it will sell $200 million of four-year, 4% senior secured convertible notes to two unnamed institutional lenders.

The proceeds will be used to increase and accelerate production volume, advance new products to market, replace previous higher cost financings, and support current working capital and other general corporate purposes, the company said in a statement Monday.

Workhorse shares traded at $27.22, up 1.68%, in premarket trading. The stock has soared 781% this year through Friday as investors have rushed into electric vehicle stocks.

Workhorse also has forged an agreement with the unnamed holder of its existing 4.5% convertible notes to exchange the $70 million outstanding principal for shares of the company’s common stock. After this transaction, Workhorse will have more than $270 million in cash available.

As for the notes being purchased,

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1) SiriusXM can pay more than competitors because its gross margin percentage (62%) is far higher than competitors such as Spotify (25%) and the standard in subscription service licensing deals (30%).

2) Smiles all around. What’s good for SiriusXM is good for record labels, artists, publishers and songwriters. SiriusXM pays a share of its revenue as royalties for performances of recordings and musical works. Also, SiriusXM helps break new artists and gives a platform to the legends.

3) The way bundled content works, Stern likely improves SiriusXM’s perceived value for people who don’t listen to him.

Analysts’ initial comments on the contract were mixed. Credit Suisse analyst Brian Russo estimates 15% of Stern’s listeners, or roughly 2.7 million subscribers, would leave SiriusXM if he does not return. Using SiriusXM’s current metrics, 2.7 million subscribers have a lifetime value of $1.4 billion, far greater than the value of Stern’s

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Quick Take

Praxis Precision Medicines (PRAX) has filed to raise $126 million in an IPO of its common stock, according to an S-1 registration statement.

The firm is developing drug treatment candidates for central nervous system disorders.

PRAX has produced intriguing early efficacy results for its lead candidate and the IPO, while not cheap, is worth consideration.

Company & Technology

Cambridge, Massachusetts-based Praxis was founded to advance a pipeline of treatments for both broad psychiatric-related and rare diseases of the central nervous system having to do with neuronal imbalances.

Management is headed by president and Chief Executive Officer Mr. Marcio Souza, who has been with the firm since April 2020 and was previously Chief Operating Officer at PTC Therapeutics.

Below is a brief overview video of symptoms of major depressive disorder:

Source: Psych Hub Education

The company’s lead candidate, PRAX-114, is being developed to treat major depressive disorder as both

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(Corrects paragraph 8 of Oct. 9 story to say Trump administration officials, not Trump, are considering the move)

FILE PHOTO: An employee stands next to the logo of Ant Financial Services Group, Alibaba’s financial affiliate, at its headquarters in Hangzhou, Zhejiang province, China January 24, 2018. REUTERS/Shu Zhang/File Photo

SHANGHAI (Reuters) – Five newly launched Chinese funds targeting Ant Group’s upcoming mega stock listing raised 60 billion yuan ($8.93 billion) cumulatively from more than 10 million retail investors, selling out within days, the funds’ distributor said.

An average of eight investors placed orders each second during the subscription period, highlighting retail frenzy over Ant’s initial public offering (IPO) despite possible U.S. sanctions against the Chinese fintech giant.

The rush also underscores the marketing clout of Ant’s online payment platform Alipay, the sole third-party distributor of the five mutual funds that threatens to disrupt traditional fund sales models.

Ant, Alibaba Group’s

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Federal investigators say a Coppell man fraudulently applied for dozens of federal stimulus PPP grants and received more than $17 million that he spent buying real estate and luxury cars such as a Bentley and a Corvette.

A coalition of federal agencies charged Dinesh Sah, 55, of Coppell, with applying for $24.8 million in PPP loans for 15 businesses that claimed to have more than 500 employees, but in fact, many of the businesses were registered after the CARES Act was passed and did not have any employees, according to court documents detailing the indictment.

“Mr. Sah exploited this terrible pandemic for personal gain — and he should be held accountable to the American people for that behavior,” said U.S. Attorney Erin Nealy Cox in a statement. “COVID-19 has devastated the finances of hardworking business owners across the nation. PPP funds should be reserved for those who really need them

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