Big Payday Lender Hit with a Big Fine, and 4 More Things to Know Today
• According to USA Today, "Cash America International, a major owner of U.S. pawn shops and payday loan shops, has agreed pay $19 million in consumer refunds and fines for robo-signing documents used in debt collection, issuing improperly high loans to military members and destroying records sought by a federal regulator." The Consumer Financial Protection Bureau imposed the penalties Wednesday, the agency's first enforcement action against a payday lender.
• The longest flight in passenger air travel will land for the last time this weekend: Singapore Airlines' non-stop route between Singapore Changi Airport and Newark, N.J. The 18.5-hour flight operated as an all-business class trip, with tickets in the neighborhood of $8,800, but between the still-high costs of fuel and the extra overhead involved in running an ultra-long range service, Singapore Airlines wasn't making money on the route.
• Cable company Charter Communications (CHTR) is close to an agreement with banks to raise funds for a bid to buy larger rival Time Warner Cable (TWC), the Wall Street Journal reports.
%VIRTUAL-article-sponsoredlinks%• U.S. attorneys are probing a subsidiary of Caterpillar (CAT), Progress Rail, to learn whether it schemed to bill railroad companies for unnecessary repairs. Progress Rail may have dumped parts into the Pacific Ocean to hide that it was charging owners of rail equipment for replacing parts that were still in good condition. Caterpillar purchased Progress Rail for about $800 million in 2006, and its founder still runs it.
• And finally, here's a great idea for the many people who would prefer not to deal with car salesmen. An Atlanta-based dealership that already allows customers accomplish almost every aspect of the car buying process online, has created a new innovation: A car sales vending machine.