Current Events in May 2016

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    A down week for mortgage applications

    Contract interest rates were little-changed

    After inching higher last week, mortgage applications are headed lower.

    According to the Mortgage Bankers Association, applications fell 1.6% in the week ending May 13, while refinance applications rose 1%. That pushed the refinance share of mortgage activity to 54.7% of total applications from 52.8% the previous week.

    The adjustable-rate mortgage (ARM) share of activity fell to 5.5% of total applications, the FHA share dipped to 12.6% from 13.0%, the VA share came in at 12.2%, and the USDA share of total applications was unchanged at 0.7%.

    Contract interest rates

    • The average contract interest rate for 30-year fixed-rate mortgages (FRMs) with conforming loan balances ($417,000 or less) was unchanged at 3.82%, with points holding steady at 0.34 (including the origination fee) for 80% loan-to-value ratio (LTV) loans. The effective rate was unchanged from last week.
    • The average contract interest rate for 30-year FRMs with jumbo loan balances (greater than $417,000) remained at 3.74%, with points decreasing to 0.29 from 0.31 (including the origination fee) for 80% LTV loans. The effective rate decreased from last week.
    • The average contract interest rate for 30-year FRMs backed by the FHA slipped one basis point, to 3.63% from 3.64%, with points increasing to 0.28 from 0.25 (including the origination fee) for 80% LTV loans. The effective rate decreased from last week.
    • The average contract interest rate for 15-year FRMs fell from 3.06% to 3.02%, with points increasing to 0.38 from 0.33 (including the origination fee) for 80% LTV loans. The effective rate decreased from last week.
    • The average contract interest rate for 5/1 ARMs inched up one basis point to 2.94%, with points increasing to 0.30 from 0.22 (including the origination fee) for 80% LTV loans. The effective rate increased from last week.

    The survey covers over 75% of all U.S. retail residential mortgage applications.

    After inching higher last week, mortgage applications are headed lower.According to the Mortgage Bankers Association, applications fell 1.6% in the wee...

    Trader Joe’s Kale Kale & Edamame Salad recalled

    The product may be contaminated with Salmonella

    WCD Kitchen of Fontana, Calif., is recalling Trader Joe’s Kale & Edamame Salad.

    The product may be contaminated with Salmonella.

    No illnesses have been reported to date.

    The 3,763 recalled salads (UPC 00967112), with a “USE BY May 05, 2016 through May 14, 2016,” were distributed to Trader Joe’s stores in Illinois, Indiana, Iowa, Kansas, Kentucky, Michigan, Minnesota, Missouri, Nebraska, Ohio and Wisconsin.

    The salad is packaged in a 10-oz. plastic clamshell and the “Use By” Date is stickered on the front of the label.

    What to do

    Customers who purchased the recalled product may return it to Trader Joe’s for a full refund.

    Consumers with questions may contact the company at 1-909-574-4140, 8 AM – 4:30 PM, (PST), Monday – Friday.

    WCD Kitchen of Fontana, Calif., is recalling Trader Joe’s Kale & Edamame Salad.   The product may be contaminated with Salmonella.   No illness...

    Ford recalls model year 2016 Fusions

    The driver may not be adequately restrained in a crash

    Ford Motor Company is recalling 39 model year 2016 Ford Fusions manufactured from March 10, 2016, through March 16, 2016Ford Motor Company.

    The front driver seat track assembly's rear riser may have been improperly welded to the seat track rail, and as a result, the driver may not be adequately restrained in a crash. As such, these vehicles fail to comply with the requirements of Federal Motor Vehicle Safety Standard (FMVSS) numbers 207, "Seating Systems" and 210, "Seat Belt Assembly Anchorages."

    An improperly welded driver seat riser may fail to adequately restrain the driver during crash, increasing the risk of injury.

    What to do

    Ford quarantined the affected vehicles at dealerships prior to their sale. Dealers will replace the front driver seat track rail, free of charge.

    The recall began on April 26, 2016. Ford's number for this recall is 16C05.

    Ford Motor Company is recalling 39 model year 2016 Ford Fusions manufactured from March 10, 2016, through March 16, 2016Ford Motor Company. The fro...

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      Dollywood Sweet & Salty Trail Mix recalled

      The product may be contaminated with Listeria monocytogenes

      Rucker’s Makin’ Batch Candies of Bridgeport, Ill., is recalling Dollywood Sweet & Salty Trail Mix.

      The product may be contaminated with Listeria monocytogenes.

      No illnesses have been reported to date.

      The recalled product is packaged in an 11-oz. clear bag with “Dollywood Theme Park” label, UPC 490000503272, and best by codes 11-22-16 and 1-6-17, and was distributed at Dollywood Theme Park in Pigeon Forge, TN.

      What to do

      Customers who purchased the recalled product should not consumer it.

      Consumers desiring a refund or who have questions may contact Rucker’s at 618-945-7778 or 888-622-2639 Mon – Fri. 8:00 am – 4:00 pm (CST), or by email at

      ericf7@ruckerscandy.com.

      Rucker’s Makin’ Batch Candies of Bridgeport, Ill., is recalling Dollywood Sweet & Salty Trail Mix. The product may be contaminated with Listeria mo...

      Pirelli recalls P Zero Trofeo tires

      The tires may not be marked with a date code

      Pirelli Tire is recalling 42 P Zero Trofeo tires, size 225/50RR15 91Y, manufactured from April 1, 2015, through April 7, 2015.

      The tires may not be marked with a date code and, as such, fail to comply with the requirements of Federal Motor Vehicle Safety Standard (FMVSS) number 139, "New Pneumatic Radial Tires for Light Vehicles."

      A missing date code could render the tire difficult to identify in the event of a safety-related issue, possibly causing them not to be removed from service. This could increase the risk of crash.

      What to do

      Pirelli will notify owners, and dealers will replace the tires missing the date code, free of charge. The recall is expected to begin during May 2016.

      Owners may contact Pirelli customer service at 1-800-747-3554.

      Pirelli Tire is recalling 42 P Zero Trofeo tires, size 225/50RR15 91Y, manufactured from April 1, 2015, through April 7, 2015. The tires may not be...

      NORPAC Foods recalls Natural Directions organic mixed vegetables and green peas

      The products may be contaminated with Listeria monocytogenes

      NORPAC Foods of Salem, Ore., is recalling two (2) frozen private label vegetable items -- Natural Directions Organic Mixed Vegetables and Natural Directions Organic Green Peas.

      The products may be contaminated with Listeria monocytogenes.

      No illnesses have been reported to date .

      The following products are being recalled:

      UPCProductNet WeightUSE BY / SELL BY DATECode
      UPC # 0-15400-19672-7Natural Directions Organic Mixed Vegetables12ozUSE BY 06 2017 / MFG 06 16 20155J5 16X8 HH:MM
      USE BY 02 2018 / MFG 02 16 20165F6 16X8 HH:MM
      USE BY 04 2018 / MFG 04 19 20165H6 19X8 HH:MM
      UPC # 0-15400-19670-3Natural Directions Organic Green Peas12ozUSE BY 03 2018 / MFG 03 21 20165G6 21X8 HH:MM
      USE BY 04 2018 / MFG 04 11 20165H6 11X8 HH:MM
      USE BY 04 2018 / MFG 04 12 20165H6 12X8 HH:MM

      The recalled products may have been sold in Alaska, California, Hawaii, Idaho, Montana, Nevada, Oregon, Washington and Guam.

      What to do

      Customers who purchased the recalled products may return them to the store where they were purchased for a refund, or discard them.

      Consumers with questions may call the company at 888-641-9349, Monday through Friday, 8:00 am to 5:00 pm (PDT).

      NORPAC Foods of Salem, Ore., is recalling two (2) frozen private label vegetable items -- Natural Directions Organic Mixed Vegetables and Natural Direction...

      No let up in persistent recession warnings

      Black cloud seems to be hanging over Wall Street

      Since the beginning of the year, the financial community has been in a funk. One bank, analyst, economist, and major Wall Street player after another has worried out loud about a recession.

      These worries are being expressed as the stock market has churned along near recent highs, employment has been rising, and workers' wages have begun to increase.

      One of the latest to warn of a coming recession is hedge fund manager John H. Burbank III, of Passport Capital.

      Yahoo Finance quotes Burbank in an investment letter as saying he believes that within the next year the world will experience a major Chinese currency devaluation and a U.S. recession.

      U.S. election is a wild card

      “It is for certain in seven months we will see a U.S. election whose outcome may provoke or have discounted one or both,” Burbank wrote. “China will enter their liquidity crisis with likely the largest amount of non-performing debt in the world; the U.S. will enter its recession with the smallest rate reduction potential in history. For both it will be a normal ending after decades of extending their booms with the first quarter’s flip-flops possibly being their final policy moves."

      Investment bankers have also been wearing grim expressions lately. JP Morgan is predicting even lower bond rates on the belief that the economy is running out of gas. The New York Post reports that 2016 has so far been one of the most pessimistic on Wall Street since the 2008 financial crisis.

      “We’ve had crises in the past. What’s different about this is there’s not a crisis and we still feel pessimistic,” Paul Mortimer-Lee, chief economist at BNP Paribas, told The Post. “If something nasty comes around the corner, we’re in trouble.”

      Disappearing shoppers

      Then there are the nation's retailers, who have turned in disappointing earnings over the last couple of weeks. Both Kohl's and Macy's reported a drop in same store sales as consumers disappeared from sight.

      If consumers are earning more and have a better chance of being employed, why aren't they spending? While some see that as a sign the economy is slowing, others see it as a sign the economy is shifting. Amazon.com, it turns out, is doing quite well. So are Home Depot and Lowes.

      Where, then, is all the recession worry coming from? Perhaps it is coming from those segments that are losing business in the new environment. After all, when your sales go down and your costs go up, it's a recession for you.

      The question, of course, is will it become a recession for everyone else? A growing number of people think so.

      Since the beginning of the year, the financial community has been in a funk. One bank, analyst, economist, and major Wall Street player after another has w...

      Hawaii sues Takata and Honda over defective airbags

      The state wants each company to pay $10,000 for each affected vehicle

      Hawaii is suing Takata and Honda, accusing them of covering up defects in Takata's airbags. It's the first state to take Takata to court over the massive recall of airbags, which have been linked to 13 deaths and hundreds of injuries worldwide.

      Takata announced today that it is recalling 14 million more airbags, although it doesn't yet know which cars contain the potentially defective units.

      Hawaii is seeking $10,000 for each affected vehicle in the state, estimated to be about 70,000. 

      “Companies that supply and market goods to Hawai’i consumers are obligated to deliver products that are safe and to provide consumers with full, accurate, and timely information when dangers become known," said Stephen Levins, Executive Director of the State Office of Consumer Protection. "Takata and Honda put their own profits and reputations ahead of honesty and their customers’ safety. We intend to hold them accountable for their conduct.”

      Takata is also being investigated by the U.S. Department of Justice and faces an avalanche of lawsuits. Federal regulators earlier this month said an additional 40 million Takata airbags need to be replaced, in addition to 28.8 million already recalled.

      Hawaii is one of the high-humidity states where the recall was initially focused. In its suit, the state says its tropical climate puts residents at a “significantly greater risk of overly aggressive combustion, rupture, and injury and/or death caused by Takata’s unsafe airbags.”

      Hawaii is suing Takata and Honda, accusing them of covering up defects in Takata's airbags. It's the first state to take Takata to court over the massive r...

      Allstate moving into auto service and repair

      Insurance company announces partnership with Openbay

      Insurance companies are there to write a check when someone runs into your car. But Allstate is expanding its role, teaming with a company to perform routine maintenance and repairs.

      The insurance giant has announced a partnership with Openbay, an online source for repairs and maintenance unrelated to collisions. The marketplace matches consumers with service providers in their locality.

      This service has been added to Allstate's website, the Allstate mobile app's 'My Rides' section, and the Drivewise app. The tie-up connects drivers to a national network of service centers that take part in the Allstate Dealer Agency program. Consumers can use it to schedule service, from major repairs to an oil change.

      The Allstate Mobile app and Drivewise apps are available as a free download in the iTunes App Store or on Google Play.

      Multiple estimates to choose from

      Once consumers access the app and explain what they need, they receive multiple estimates from local providers. Before making a decision, they can read reviews and look over warranties. A record of any work done through Openbay goes in a digital file, which can be accessed in the future and provided to a buyer when the vehicle is sold.

      Besides the obvious connection with automobiles, Allstate sees the collaboration as helping to fulfill its corporate mission.

       "Well maintained vehicles make the road safer for everyone,” said Gary Hallgren, President of Allstate Connected Car. “Consumers consistently indicate that identifying a quality auto-repair facility is a major pain point, which may serve as a deterrent to regular maintenance and repairs. Integrating with Openbay enables Allstate to ease the burden of comparing and booking vehicle service."

      Rob Infantino, founder and CEO of Openbay, says the U.S. auto fleet continues to age, increasing the need for quality repair services – not just to increase reliability but also safety.

      According to IHS Automotive, the average age of cars and light trucks on U.S. roads hit a record 11.5 years in 2014. Mark Seng, global aftermarket practice leader at IHS Automotive, says cars and trucks are getting older because their quality has improved in recent years.  

      Insurance companies are there to write a check when someone runs into your car. But Allstate is expanding its role, teaming with a company to perform routi...

      Survey finds U.S. homes have too many opioid drugs

      Doctors say they should advise parents to dispose of leftover pills

      Doctors are taking a new look at how they prescribe pain medication for children, as rates of opioid drug abuse rise nationwide.

      While it may be helpful that physicians reduce or eliminate these prescriptions for children, it doesn't address the issue of drugs that are still in the medicine cabinet. And a survey suggests there are a lot of them.

      Researchers at the University of Michigan report nearly half of parents whose children received opioids after surgery or illness reported keeping the leftover drugs at home. In many cases, parents who had disposed of the leftover pills had been advised to do so by the child's healthcare provider.

      “We found that the amount of pain medication prescribed for children is frequently greater than the amount used, and too few parents recall clear direction from their provider about what to do with leftover medication,” said Sarah Clark, associate research scientist in the department of pediatrics at the University of Michigan’s C.S. Mott Children’s Hospital.

      Missed opportunity

      Clark calls it a “missed opportunity” to head off prescription drug misuse among children. The leftover pills, she says, provide easy access to narcotics for teens and their friends.

      When parents admitted to keeping the pills, the survey shows about 60% were for narcotics, such as oxycodone or hydrocodone.

      The Michigan doctors say leftover drugs should be returned to a hospital, doctor's office, or pharmacy. A number of counties, responding to what has become an epidemic of opioid abuse, stage periodic “take-back” events to collect unused painkillers.

      Reducing the number of prescriptions

      Many health officials believe one answer is for doctors to prescribe fewer opioid drugs, especially for children. In March, the Centers for Disease Control and Prevention (CDC) issued guidelines for prescribing opioids, noting that in 2012, health care providers wrote 259 million prescriptions for opioid pain medication, enough for every adult in the United States to have a bottle of pills.

      Opioid prescriptions per capita increased 7.3% from 2007 to 2012. Oddly, the CDC found that opioid prescribing rates increased more for family practice, general practice, and internal medicine compared with other specialties.

      The Michigan researchers say healthcare providers should not assume that parents understand the risks of keeping leftover pain medication in the home. They say doctors need to explain the risks to parents, and offer guidance on appropriate options for disposing of the pills.

      Doctors are taking a new look at how they prescribe pain medication for children, as rates of opioid drug abuse rise nationwide.While it may be helpful...

      Consumer prices surge in April

      The increase was spurred by rising gasoline costs

      A big jump in the cost of gasoline helped send the cost of living up in April at the fastest clip in three years.

      The Department of Labor (DOL) reports its Consumer Price Index (CPI) increased a seasonally adjusted 0.4% last month and is up 1.1% over the last 12 months.

      Energy and food costs on the rise

      An 8.1% increase in the cost of gasoline helped push overall energy prices up 3.4% last month. Also on the rise were the cost of fuel oil (+1.9) and natural gas (+0.6). Electricity prices dipped 0.3%. Despite the big April increase, energy costs are down 8.9% over the past year, led by gasoline which has plunged 13.8%.

      Food prices inched up 0.2% last month with the food at home category, a reflection of grocery store prices, advancing just 0.1%. The cost of dairy and related products rose 0.4%, while cereals & bakery products and nonalcoholic beverages both increased 0.3%. The largest of the increases came in the “other food at home” group, which jumped 0.5 percent. Fruits and vegetables were lower (-0.5%), as were meats, poultry, fish, and eggs (-0.1%). In the past 12 months, food prices are up 0.9%.

      Core inflation

      The core rate of inflation, which excludes the volatile energy and food categories, rose 0.2% in April, with prices for shelter, medical care, motor vehicle insurance, airline fares, recreation, and education up 0.3%. Costs for household furnishings and operations, apparel, new vehicles, used cars and trucks, and communication were lower. Over the last 12 months, the core rate is up 1.1%.

      The complete April CPI report is available on the DOL website.

      A big jump in the cost of gasoline helped send the cost of living up in April at the fastest clip in three years.The Department of Labor (DOL) reports ...

      Uncle Bucks Sweet & Salty Trail Mix recalled

      The product may be contaminated with Listeria monocytogenes

      Rucker’s Wholesale and Service Co. of Bridgeport, Ill., is recalling Uncle Bucks Sweet & Salty Trail Mix

      The product may be contaminated with Listeria monocytogenes.

      No illnesses are reported to date.

      The recalled product is packaged in a 3-oz, clear bag with Uncle Buck paper header card, UPC 752545073390, and the best by codes 031417 & 041817. It was distributed in Bass Pro Shops stores nationwide.

      What to do

      Customers who purchased the recalled product should not consume it.

      Consumers wishing to receive a refund or who have questions may contact Rucker’s at 618-945-2411, or 800-663-1857 Monday – Friday, 7:30AM - 4:30PM (CST), or by email at customerservice@ruckerscandy.com

      Rucker’s Wholesale and Service Co. of Bridgeport, Ill., is recalling Uncle Bucks Sweet & Salty Trail Mix The product may be contaminated with Liste...

      Volkswagen recalls model year 2016 Touregs

      The Tire Pressure Monitoring System may be improperly calibrated

      Volkswagen Group of America is recalling 366 model year 2016 Touregs manufactured July 7, 2015, to March 3, 2016.

      The Tire Pressure Monitoring System (TPMS) may be improperly calibrated and, as a result, may fail to warn the driver that the tire pressure is low. Additionally, the tire pressures printed on the Safety Certification labels are incorrect. As such, these vehicles fail to comply with the requirements of Federal Motor Vehicle Safety Standard (FMVSS) number 138, "Tire Pressure Monitoring Systems."

      If the vehicle is driven on underinflated tires, the tires may fail suddenly, increasing the risk of a crash.

      What to do

      Volkswagen has notified owners, and dealers will correct the TPMS settings and replace the safety certification label, free of charge. The recall began on May 13, 2016. Volkwagen's number for this recall is 44M9.

      Volkswagen Group of America is recalling 366 model year 2016 Touregs manufactured July 7, 2015, to March 3, 2016. The Tire Pressure Monitoring Syst...

      Hobby Lobby recalls infant rattles

      The rattle seams can separate, exposing the fiber stuffing and bell rattle

      Hobby Lobby Stores of Oklahoma City, Okla., is recalling about 14,400 Little Wishes Chenille Stuffed Rattles.

      The rattle seams can separate, exposing the fiber stuffing and bell rattle, posing a choking hazard.

      No incidents or injuries have been reported.

      This recall involves Little Wishes Chenille Stuffed Rattles, including the Pink & Green Fish rattles, item number 5141577, and the Blue & Yellow Fish rattles, item number 5127642. The rattles are made of a soft chenille fabric with a fiber stuffing, and are 8.5 inches by 7 inches and have a hole cut out in the middle.

      The item number is printed on the top left corner of the product hang tag. Rattles have a sewn-in label with “Reg. No. PA-15130(CN)” and “Hobby Lobby 9123069” printed on the front of the label.

      The rattles, manufactured in China, were sold exclusively at Hobby Lobby Stores nationwide from January 2016, through April 2016, for about $7.

      What to do

      Consumers should immediately stop using the recalled rattles and return them to the nearest Hobby Lobby store for a full refund or store credit.

      Consumers may contact Hobby Lobby Stores at 800-326-7931from 9 a.m. to 6 p.m. (ET) Monday through Friday, or online at www.hobbylobby.com and click on the “Recall” tab at the bottom of the page for more information.  

      Hobby Lobby Stores of Oklahoma City, Okla., is recalling about 14,400 Little Wishes Chenille Stuffed Rattles. The rattle seams can separate, exposi...

      Springtime is prime time for car transport companies

      Shipping a car can be easy and convenient, but make sure you have the right carrier

      Spring is prime time for lots of things, including college graduations and snowbirds heading back home from sunny climes -- and both help to make May the second busiest time for car transport companies, second only to  the week between Christmas and New Year’s.

      Let's face it -- shipping your car is a lot easier than driving it, but the auto transport business needs to be approached with caution. There are lots of careful, reliable, and reputable companies, but there are also lots of quick-buck artists who went into business yesterday and may disappear tomorrow.

      Horror stories abound, but there are plenty of other consumers who have shipped cars numerous times with no complications. As with anything, it pays to be realistic; things can go wrong and perfection isn't always possible.

      Scheduling delays

      The most common problem is scheduling delays. Car carriers operate on public highways and are affected by weather and congestion, just like the rest of us. Also, drivers get sick or sometimes are called off the road for family emergencies. Things happen, in other words. If your car shows up a few days late, it may be an inconvenience, but it's not a disaster.

      Also, don't expect your car to arrive in showroom condition. Unless you are willing to pay a premium price for an enclosed carrier, your car will be exposed to the elements while it's being transported. It may get dirty and may even pick up a few new chip marks from flying gravel or other road debris.

      Brokers vs. carriers

      Besides maintaining reasonable expectations, it's vital to pick the right company. There are basically two kinds of car transport companies out there -- brokers and the actual carriers.

      Many of the companies that appear to be carriers are actually brokers. They advertise on the internet and elsewhere, but they don't own any trucks and can't move your car from Point A to Point B themselves. Instead, they line up business and farm it out to carriers, sort of the way Uber finds someone to take you to the airport on a minute's notice.

      This isn't necessarily bad. The brokers make it possible for lots of small, mom-and-pop haulers to stay in business. The problem is that some brokers make promises they can't keep, quoting unrealistically low prices and delivery times. 

      The safest course of action is to avoid brokers and book your job with a carrier. How can you be sure? Ask the company for its seven-digit USDOT number, something that is issued only to carriers, not brokers. 

      Once you get that number, you can go to Protect Your Move, a U.S. Department of Transportation website where you can check out your carrier's record and find some helpful tips.  

      You can also check reviews for major carriers at the ConsumerAffairs Auto Transporters section.

      Spring is prime time for lots of things, including college graduations and snowbirds heading back home from sunny climes -- and both help to make May the s...

      Amazon launching its own perishable brands, reports say

      Everything from soup to nuts may be included under the new house brands

      It would almost be easier to write a news story about what Amazon is not doing rather than trying to keep up with everything it is doing. In the latest development, the Wall Street Journal says Amazon will soon roll out its own private-label perishable foods under a variety of brands.

      The new house brands include Happy Belly, Wickedly Prime and Mama Bear, according to the Journal. They include everything from nuts to coffee to baby food to vitamins.  

      Private-label brands are nothing new, of course, but they are increasingly popular at supermarkets and specialty outlets. Trader Joe's, in particular, sells almost exclusively its own brands and has succeeded in positioning them as superior, or at least more economical, to competing national brands.

      Houseful of house brands

      Amazon, of course, already has a houseful of house brands, including Pinzon linens and Elements baby wipes. Its AmazonBasics line includes hundreds of gadgets and convenience items, including audio cables, computer mouse units, and even dumbbells. It recently introduced new fashion lines including Lark & Ro and North Eleven.

      Retailers like store brands because they're more profitable. Consumers once regarded what were once called "generic" items as lower quality but now mostly accept the notion that they are backed by the retailer, whose brand is often better etched into customers' consciousness than national brands once were.

      Amazon is itself one of the most powerful brands on earth today, ranking at number twelve on Forbes' listings of the world's most valuable brands. The Kindle line of e-readers and tablets is also a well-established brand these days.

      Maybe someday Amazon will launch its own brand of car. It could call it the Kardle. 

      It would almost be easier to write a news story about what Amazon is not doing rather than trying to keep up with everything it is doing. In the latest dev...

      Supreme Court casts doubt on privacy class-action cases

      The issue boils down to the "concreteness" of the damage allegedly suffered by consumers

      The U.S. Supreme Court today dealt a blow to privacy class-action cases that do not clearly establish that plaintiffs have been harmed, but it side-stepped setting any major precedents. The case involved information published by Spokeo, a "white pages" website that claims to provide accurate information about individuals.

      Plaintiff Thomas Robins charged in the suit that Spokeo's site contained information about him that was incorrect and said that this had resulted in damage to his reputation and job prospects. He alleged that this constituted a violation of the federal Fair Credit Reporting Act (FCRA) of 1970.

      But in a 7-2 decision written by Justice Samuel Alito, the high court vacated a February 2014 ruling by the Ninth Circuit Court of Appeals, which had held in Robins' favor.  

      The trial court had originally dismissed Robins' case, saying he had not proven injury, but the Ninth Circuit disagreed and reinstated the case. Spokeo subsequently appealed, leading to today's Supreme Court ruling which split various hairs having to do with Robins' injury. It stated that while the harm was "tangible," it may not have been sufficiently "concrete" to warrant a trial.

      Legal experts said the issue remains far from settled. 

      Craig A. Newman, a partner with Patterson Belknap Webb & Tyler LLP and chair of its privacy group, called it "a bit of a lateral pass back to the appellate court."

      "Not surprisingly, the Court was focused on whether there was a concrete enough injury to allow standing. It concluded that this issue wasn’t given proper attention by the appellate court, and sent it back on those grounds,” Newman said.

      FCRA requirements

      The suit alleged that by setting itself up as a "people search engine," Spokeo had fallen under the requirements of FCRA, which apply primarily to consumer credit reporting agencies.

      FCRA requires consumer reporting agencies to follow certain procedures to ensure the accuracy of their reports, limits the use of reports for employment purposes, and requires posting a toll-free number for consumers to request reports.

      Robins, 29, alleged that his Spokeo profile "states that he is married, has children, is in his 50’s, has a job, is relatively affluent, and holds a graduate degree" yet, according to Robins’ complaint, all of this information is incorrect. 

      The high court did not definitively rule on whether Robins' injuries were sufficient to warrant legal action, merely returning the case to lower courts for adjudication.

      It also dodged ruling on whether a mere statutory violation is sufficient grounds for consumers to bring suit. 

      Newman noted, however, that both Justices Ruth Bader Ginsburg and Sonya Sotomayor dissented from the ruling, saying they "concluded that misinformation about a consumer, such as educational information, family circumstances and economic status, was enough to satisfy the concreteness threshold that this sort of information – at the beginning of a lawsuit – could cause the plaintiff actual harm."

      "So there are two votes in favor of allowing the case to move forward,” Newman said.

      The U.S. Supreme Court today dealt a blow to privacy class-action cases that do not clearly establish that plaintiffs have been harmed, but it side-stepped...

      'Smarter' JoikuSpot WiFi now available for Android

      Enables users to share networks privately

      JoikuSpot, an app that could once magically turn a humble Nokia phone into a free WiFi hotspot, is back with some new features.

      Finnish mobile software company Joiku announced today that Android users can once again download JoikuSpot -- but the app has evolved since we last saw it.

      Now, users will be able to safely share WiFi networks, hunt down places with good WiFi (and connect to networks automatically, without a password), and even sync to WiFi networks of different countries.

      Smart sharing

      Joiku hopes the new and improved version of JoikuSpot -- which features an increased attention to user privacy -- will help bring the concept of sharing WiFi networks into a “new era.”

      Android users will now have the ability to share their WiFi networks safely, without having to reveal or store passwords in other phones. Users’ passwords can be encrypted via Smart QR codes and Access links.

      Thanks to its Smart Sharing functionality, JoikuSpot users can privately share with friends not only their phone’s hotspot, but WiFi networks of their home or office as well.

      Connecting to other networks

      With WiFi Spotting, users can track down strong WiFi signals in the area. A map can guide users to the spot, then automatically (no password required) connect users to the signal.

      Speaking of maps, frequent travelers might enjoy WiFi Globe: a feature that allows users to download and sync to the country WiFi networks of their choice. Those networks can later be easily dumped once they’re no longer needed, should a user need to free up space in their phone.

      Finally, with Joiku’s Mobile HotSpot, users can turn their Android phone or tablet into a WiFi HotSpot simply by adding the hotspot icon to their device’s screen.

      JoikuSpot is available as a free download for Android phones and tablets via Google Play. A version for iOS will be coming soon, according to the company.

      JoikuSpot, an app that could once magically turn a humble Nokia phone into a free WiFi hotspot, is back with some new features.Finnish mobile software ...

      Warren Buffett among the bidders for Yahoo, reports say

      Verizon's AOL had previously been considered the leading bidder

      Value investor Warren Buffett is said to be among a group of investors making a bid to acquire the core assets of Yahoo, the moribund internet portal that has been slowly sinking into obscurity.

      Press reports, citing unnamed sources, say that Buffett's Berkshire Hathaway has teamed with Quicken Loans founder Dan Gilbert and other investors to make the bid. AOL parent Verizon had been seen as the leading contender to acquire Yahoo's assets.

      Buffett is not a fan of high-tech investments and generally sticks to bread-and-butter companies like railroads and food processors, although his group has become a leading investor in community newspapers. 

      Yahoo and other websites are generally regarded as technology companies, as illustrated by the way their managers mangle their media components but underneath all the tech hype, a website like Yahoo is not fundamentally different from a TV network or newspaper.

      All provide content that is primarily ad-supported but most tech ventures for some reason put editorial functions in the hands of engineers, often producing results that are similar to what would happen if newspapers turned over publishing duties to their pressmen.  

      Content still king

      Through his investments in community newspapers, Buffett has been seen as voting for the concept that content is king, especially in smaller communities where a local newspaper has a virtual monopoly on local content. 

      Gilbert built Quicken Loans and went on to become a professional investor, taking chunks of numerous high-tech and traditional ventures. He also owns the Cleveland Cavaliers.

      Verizon's interest in Yahoo is thought to center on the added heft it would bring to AOL, which has emerged as the cornerstone of Verizon's attempt to become a major content player. 

      Others thought to be circling Yahoo include Bain Capital, Mitt Romney's former company, and other private equity firms. 

      Yahoo once ruled the internet roost with an elaborate catalog of online resources but was displaced by Google's keyword-driven cataloging strategy. It has suffered through an endless series of CEOs, including the incumbent, Marissa Mayer, who left Google to attempt a Yahoo turnaround that most analysts agree has fallen flat.

      Value investor Warren Buffett is said to be among a group of investors making a bid to acquire the core assets of Yahoo, the moribund internet portal that ...

      Renters worry more about housing costs than owners

      Renters see housing costs rising faster than homeowners

      There are many ways to measure whether it makes more sense to rent than own. Many rental advocates correctly point out that you can't just compare mortgage payments to rent. There are other costs associated with owning.

      But it is also true that rents have been steadily rising, while fixed rate mortgage payments stay the same, with small increases in taxes and insurance from time to time.

      Maybe for that reason, renters tend to worry more about housing costs than homeowners do, according to a Gallup Poll. When pollsters asked consumers if they were moderately to very worried about not being able to pay housing costs, 49% of renters admitted to being worried while only 25% of homeowners said the same.

      The pollsters found the same level of worry at all income levels. However, as you might expect, lower-income consumers were more likely than those earning higher incomes to express worry about housing costs.

      Stable payments

      But Gallup also notes that homeowners might be less worried because their payments are more stable. Renters expect their payments to go up each month, and lately they've tended to go up a lot.

      Gallup attributes much of that disparity to the declining percentage of homeowners in the wake of the housing crash. Fewer buyers – including homeowners losing their homes to foreclosure – swelled the ranks of renters. That competition for existing rental property escalated the price of rents.

      “From 2001 through 2007, before the housing market crashed, an average 24% of Americans worried about paying their housing costs,” the pollsters write. “Since then, an average of 35% have. Although Americans' worry about a variety of financial matters is up since 2007, worries about making housing payments are up the most.”

      Rising rents

      The housing story of 2015 was rising rents. It could be much the same in 2016, according to research produced by The Harvard Joint Center for Housing Studies. Apartment construction increased at its fastest rate in decades, but it hardly put a dent in vacancy rates, which were the lowest last year since 1985.

      The Harvard researchers found the number of renters spending more than 30% of their monthly incomes on rent at a record high. There is no evidence that has moderated so far in 2016.

      Part of the problem may be a growing housing shortage. Inventories of homes for both sale and rent have gotten tighter over the last 12 months, and the National Association of Realtors (NAR) says it may be due, in part, to the fact that not enough new homes are being built.

      There are many ways to measure whether it makes more sense to rent than own. Many rental advocates correctly point out that you can't just compare mortgage...