Elon Musk hasnt wrapped up his purchase of Twitter yet, but he seems to be already gearing up for another battle.

In a pair of late-night Tweets, posted just four minutes apart, Musk expressed concerns about Apples business practices, specifically those surrounding Spotify and app store guidelines.

The first was a reply to Spotify founder Daniel Eks tweet highlighting a New York Times story about Apples three-time rejection of Spotifys new app, as the streaming service adds audiobooks to its offerings. Apple says the new app violates its rules detailing how developers communicate with customers about online purchases.

Ek used the story as a launching pad to decry the policies, saying I cant be the only one who sees the absurdity. Musk seemed to agree, replying Concerning.

Moments later, he voiced support for venture capitalist Bill Lees criticism of Apples 30% fee for in-app purchases, agreeing 30% is a lot.

Criticisms about Apple and its app store policies are nothing new, of course. Spotify and Apple have butted heads before, when it began offering podcasts. And Epic Games took Apple to court last year over the policies, resulting in a split decision where the judge upheld the app stores structure as legal.

Musk loves a good fight, though, and this isnt the first time hes poked Apple. In May, he Tweeted Apples store is like having a 30% tax on the internet. Definitely not ok, following that up with Literally 10 times higher than it should be.

And in July 2021, during a Tesla earnings call, he discussed plans allowing competitors to use the companys electric vehicle charging network, saying: We do want to emphasize that our goal is to support the advent of sustainable energy. It is not to create a walled garden and use that to bludgeon our competitors which is used by some companies.

He then faked a cough and added Apple.

So do Musks new criticisms of Apple mean hes reviving the (somewhat one-sided) feud? Its possible. Tesla and Apple have lured employees from each other in the pastand Musk tried to speak with Apple about possibly buying Tesla in the automakers early days, but Tim Cook refused the meeting.

Apple, as it has in the past, did not respond publicly to Musks comments.

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Yesterday, the Federal Housing Finance Agency (FHFA) approved two new credit scoring models for use by Fannie Mae and Freddie Mac, two government-sponsored enterprises (GSEs) that guarantee most of the mortgages made in the U.S. 

Both agencies are now authorized to use the FICO 10T credit score model and the VantageScore 4.0 credit score model, as opposed to relying on the classic FICO scoring model thats been the standard for nearly two decades. The goal is that these two new models will help improve accuracy by taking into account borrowers full payment histories and factoring in rent payments, utilities, and telecom payments.

In addition to these new scoring models, the FHFA also announced a change in credit reporting requirements for lenders. Currently, Freddie Mac and Fannie Mae require that lenders provide credit reports from all three consumer reporting agenciesTransUnion, Equifax, and Experian. Instead, lenders will only have provide credit reports from just two of the three agencies. 

Whats the difference between FICO and VantageScore? 

Both FICO and VantageScore provide consumers with a three-digit credit scores based on information in your credit report. Lenders look at this number (along with a lot of other factors) when deciding how likely it is that youll repay any money you borrow. While many consumer dont know the difference between Vantage and FICO, these competing scoring models vary slightly in how they are calculated and the ranges they provide their customers.

FICO categorizes credit scores from poor to exceptional with scores above 670 considered good and scores below 580 considered poor. VantageScore credit scores can fall within a few different categories, ranging from subprime (300-600) to superprime (781-850). The higher your score, the better.

Both scoring models consider factors like payment history, amounts owed, how much credit youre using, new credit inquiries, and credit mix. However, each scoring model assigns slightly different weights to these factors when calculating your overall score.

Maintaining a good credit score across both scoring models will require you to practice positive credit habits like making on-time payments, keeping your credit utilization under 30% of your available credit, and being selective about new credit applications.

What does this change mean for homebuyers?  

Your credit score plays a huge role in your ability to secure a mortgage and favorable terms like a low interest rates. Ideally, these new credit scoring models will help even the playing-field for borrowers with thinner credit profiles. The hope is that potential homebuyers, across income levels and races, should have better access to mortgage products. 

A 2021 report by the Urban Institute found that Black and Hispanic Americans are more likely to have no or low credit and are more likely to be renters. This more robust credit-scoring model could help create an easier path to homeownership. 

Todays decision will benefit borrowers and the Enterprises, along with maintaining safety and soundness, said FHFA Director Sandra L. Thompson. While implementing the newer credit score models is a significant change that will take time and require close coordination across the industry, the models bring improved accuracy and a more inclusive approach to evaluating borrowers.

3 easy ways to check your credit score 

There are several ways you can check your credit score and you should get into the habit of monitoring it regularlyespecially if you have a big purchase on the horizon. 

  1. Use a credit scoring service or site: Platforms like Credit Karma or Credit Sesame are free to use and can give you regular updates on your score and any major changes to it. 
  2. Request your score from one of the major credit bureaus: Experian, TransUnion, and Equifax all offer consumers access to their credit scores through their credit monitoring productsalthough some may require you to pay a fee. Experian Boost is a free product that allows you to track your credit score and can help you raise your FICO score since it connects to your bank account and gives you credit for paying everyday bills, like your utilities or rent, on time.
  3. Check with your bank or credit card issuer: American Express, Chase, Capital One, and a number of other banks offer free credit scores, even for consumers who are not cardholders.  

Different products allow you to check different scoresyou wont see both your VantageScore and FICO in the same place, so you may want to look on multiple platforms so you make sure you have all the info you need. Your credit score plays a key role in the likelihood that youll be approved for financing, as well as what it costs you to borrow that money. Knowing your credit score and how lenders are evaluating it is key in helping you hit all of your major financial goals.

Even before Superstorm Sandys floodwaters surged over New York Citys Rockaway Peninsula, there was an air of decay in Edgemere, a far-flung seaside neighborhood long pockmarked with boarded-up homes and vacant lots with waist-high weeds.

When the water receded, even more of Edgemeres homes lay in ruin. But there was hope, too, that in the rebuilding effort the predominantly Black neighborhood would finally get the boost it needed to recover from decades of neglect. In the decade since Sandy swamped the coast, those hopes have been dashed.

There is little sign of the development promised along block after block of worn homes, some long unoccupied. Meanwhile, mostly white communities further west on the peninsula have flourished, with recovery funds bringing new housing, businesses, places to gather.

They tell me that were one peninsula no, were not. Its a tale of two peninsulas, said Edgemere resident Sonia Moise, whose home filled with seawater during Sandy, her car carried off by the tide.

You go west, what do they have? They have a skatepark. They have a dog park. They have concession stands, Moise said. What do we have? We have homeless shelters. We have hotels that house homeless people.

When Sandy hit the northeastern U.S. coastline on Oct. 29, 2012, the storm did not discriminate as it caused about $65 billion in damage much of it in New York and New Jersey. Luxurious vacation homes on the Jersey Shore were torn apart; small homes in working-class sections of Staten Island were submerged up to their eaves.

But the rebuilding effort has been anything but equal. The woes in Edgemere are a case study in disparities that play out across the U.S. after natural disasters: The billions of dollars in recovery money that pour in make their way last to, and have their weakest impact in, communities of color. In New Orleans, the remarkable post-Katrina recovery made for a whiter, more expensive city where poor Black neighborhoods still struggle. In Florida, there are already grumblings along rows of crumpled mobile homes that help has been swiftest in resort beach communities in the wake of Hurricane Ian.

Public spending after disasters has led to increased inequality, said Junia Howell, a sociologist at the University of Illinois in Chicago who researches race, housing and disasters.

Communities that are whiter and wealthier actually are not only recovering from disaster, but in many cases, theyre doing better, Howell said. What youre doing is giving resources to those who already have the most resources and further leaving everyone else behind.

The contrast is perhaps sharpest just west of Edgemere, in Arverne by the Sea. Like most of the Rockaway Peninsula an 11-mile long sliver of barrier beaches that is home to around 124,000 people both communities were almost entirely underwater after Sandy hit. But Edgemere residents say they watched Arverne and predominantly white communities get more help, and sooner.

Arverne already has a new grocery store and a Dunkin Donuts in a new commercial strip. And next door in Rockaway Beach is a new skatepark, rebuilt after Sandy tore apart the old one. Construction of a community amphitheater is in progress.

Neighbors admit its not a perfect comparison. Some Arverne investment was underway before Sandy. Six years prior, a $1 billion development drew more white families to the neighborhood which is still majority Black, though that number is dropping and some of those 2,300 homes are being resold for as much as $1.7 million. The development was mostly unscathed by winds and flooding, prompting grumbling by Edgemere residents that their homes werent built to last.

Whats clear, community board leader Moise and others say, is that Edgemere has never gotten its fair share.

We have been fighting for years to get the same thing that the rest of our surrounding neighborhoods have gotten. We have been ignored, Moise said.

Unlike Arverne, Edgemere has no coffee shops or concession stands. Along Beach Channel Drive, the main thoroughfare, theres a bodega and a Chinese takeout restaurant. Next door, a smoke shop is moving in. Up the street is a massive public housing project.

Theres little sign here of the Rockaways history as a beach resort community. The peninsulas grand hotels didnt survive into the automobile age. The 1950s brought urban renewal; officials tore down thousands of bungalows that were home to Black and Puerto Rican families, replacing some of that lost housing stock with high-rise housing projects while leaving other razed blocks to nature.

Edgemere and other communities on the eastern end of the Rockaways became dumping grounds for the citys poorest residents, pushed out across a wide bay to the very end of the land, a 70-minute subway ride from Manhattan.

But just before Sandy, there was hope that things were getting better even if neighboring communities were seeing faster progress. Edgemere was growing. People were moving in. City officials promised to build some 800 new homes to fill vacant lots.

Sandy brought those small signs of hope to a halt.

The city says its working to bring change to Edgemere. Earlier this year, it finalized a development plan dubbed Resilient Edgemere. Every member of the community board urged the City Council and mayor to reject it. But the community didnt have the political clout to stop it.

The plan includes vows of affordable housing near the beach, and high-rise apartments with 1,200 residential units above retail space. Theres $14 million earmarked to buttress the shoreline with an elevated berm to protect Edgemere against 30 inches (76 centimeters) of sea level rise, and $2.3 million to upgrade sewage and drainage lines.

But residents worry the low-income units will add to the neighborhoods longtime burden of housing the poor. More than a quarter of Edgemere residents live in poverty, the highest among Rockaways communities, according to a recent state report that highlighted longstanding inequalities in the area.

Those who have money spend it elsewhere because the community has few amenities.

And while the plans shoreline work might be welcome news, many say its another case of being last in line. In other places along the peninsula, sand dunes were beefed up quickly to keep tides from intruding as they did during Sandy. Edgemeres beach restoration began only weeks ago.

Instead of the citys plan, community board members want more duplexes and townhomes to fit in with existing housing stock. They want a new school and grassy inland parks that could help absorb the next flood. They want amenities like the fully-stocked grocery stores found in neighboring, wealthier communities.

City officials insist theyve made progress they cite wetland restoration and the raising of 100-plus homes against flooding. Stretches of the wooden boardwalk have been replaced with a concrete promenade along the beach. Headquarters for a nature preserve is being built, but construction has limited community access to the boardwalk and beach.

Dexter Davis, a former NYC police officer whose Edgemere home was flooded with more than a yard (meter) of water during Sandy, says his community needs more than whats outlined so far.

The things that they pump into the other communities around us are more positive. They give them more leisure things, better quality, Davis said. Here, they do things but its not up to the same par.

Experts such as NYU sociologist Jacob Faber say its not just natural disaster that has affected Edgemere and other poorer communities its the lingering impact of years of neglect.

You have these geographically and socially and economically isolated communities that are in a position to just get hammered, over and over again, Farber said.

__________

Associated Press writer Deepti Hajela contributed to this report.

Intel CEO Pat Gelsinger suffered his latest setback on Tuesday after the IPO of his Mobileye subsidiary proved to be a great idea that was sadly long past its prime. 

Due to report quarterly earnings on Thursday, the former tech bellwether has fallen on hard times and reportedly plans thousands of layoffs as demand for personal computers following the pandemic is once more on the decline.

Gelsinger had hoped to float shares of the autonomous driving technology firm Mobileye at a valuation of around $50 billion, but demand fell far short of plans and its had to lower its expectations twice as a result.

The Israeli startup founded by CEO Amnon Shashua was purchased for $15.3 billion back in 2017 by former Intel CEO Brian Krzanich. Now five years later, shares will starting trading on Wednesday at an initial valuation of only $16.7 billionan annual return of just 1.8% on the original deal.  

Below are three key reasons why the IPO failed to deliver for Intel.

Poor fit

When Krzanich penned the deal, he had presided over a steep decline at Intel during which its fab-less rivals were eating its lunch. These companies chose to outsource their chip production to foundries like Taiwan Semiconductor Manufacturing Company (TSMC).

U.S. competitor AMD ate into Intels core PC business, Qualcomm seized control over the booming smartphone market that prizes chips that go easy on battery life, while Nvidia cleaned up in the area of high-end graphics processors for everything from video gaming to crypto mining. 

In this context, Intels Mobileye deal was little more than a strategic punt to be first in a future market it estimated to be worth $70 billion, and came just as premature euphoria over self-driving technology reached its peak. 

There was no natural fit between the two, and hence little justification why Intel would be best placed to run the Israeli company.

While they enjoyed some cross-selling opportunities, there were precious few technological or manufacturing efficiencies that could be gained by housing them under the same roof. Importantly, the Israeli startup has long designed its own proprietary silicon based on a RISC-V architecture rather than rely on Intels competing X86 standard.

When Intel CEO Gelsinger told reporters in December he was planning to take Mobileye public, he admitted things wouldnt much change since the links were thin to begin. 

We operate Mobileye quite distinctly from the rest of Intel to give it the speed and pace of operation, he said at the time. 

Poor timing

Gelsinger took over at Intel early last year with a mandate to rebuild its expertise in semiconductor fabrication, so cashing in on a tech market bubble made sense at the time. 

He needs billions to develop logic chips with bleeding edge five nanometer node sizes and below to compete with TSMC.

The timing seemed perfect. Just prior to Gelsinger announcement of the Mobileye IPO, Amazon-backed EV manufacturer Rivian had gone public in mid-November in the biggest IPO since Facebook and quickly gained a market cap that saw it eclipse General Motors and Ford in value after delivering only a few dozen trucks. 

Had Mobileye been taken public then, when chip shortages were acute and countries were outbidding each other to win investment in new fabs, Intel would have likely met with an avalanche of demand. 

Unfortunately investor appetite has since swung in the opposite direction, with the Nasdaq Composite trading near two-year lows. 

Making things worse, semiconductor stocks, once the talk of the town, have taken an absolute beating as geopolitical tensions added to bearish sentiment. The Biden administration has recently signaled it will go to extreme lengths to prevent high-tech chips from ending up in the hands of China. 

Beaten-down sector

For several years, auto industry stocks have traded at or near historically low valuation multiples. This poses a problem for even a leading supplier of computer vision technology like Mobileye, as ultimately the bulk of its business is selling componentry for driver assistance systems to incumbent carmakers under pressure from the likes of Tesla. 

While its true that Porsche was able to pull off a $10 billion IPO, it trades as a luxury branded goods maker like Ferrari, thanks to its iconic brand. It also boasts a list of investors that includes a wealthy family willing to fork over billions to secure a veto and a number of sovereign wealth funds that lined up in advance of the IPO subscription period. 

As Jefferies autos analyst Philippe Houchois told Fortune at the time, parent Volkswagen Group could have closed the order book on the very first day. 

Even so, while the Porsche IPO raised every penny of the cash VW had hoped for, it failed to live up to expectations in one key element that is also pertinent to Intel and Mobileye. VW management believed that by creating a transparent market price for the companys stake in Porsche, it would show just how undervalued the parent was: Instead, VWs market cap has since sunk below its diminutive 75%-controlled subsidiary.

Intel had likewise hoped the value of its investment in Mobileye would be better appreciated once its shares floated on the market. As Mobileye begins trading today, however, Intels shares were set to open lower.

Finally, investors will not have liked the fact that the IPO proceeds will largely go to Intel. On Tuesday, Mobileye said a significant portion of the roughly $800 million in net proceeds will be used to repay debt owed to Intel. Investors typically want to see the money reinvested in further growth.

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A robotic dog delivered a champagne toast and Georgias governor and junior U.S. senator shared a brief bipartisan celebration ahead of high-stakes elections as [hotlink]Hyundai Motor[/hotlink] Group broke ground Tuesday on its first U.S. plant dedicated to making electric vehicles.

Just five months after Hyundai announced the $5.5 billion manufacturing plant in Bryan County west of Savannah, vast areas of the site have already been cleared of trees. Euisun Chung, executive chairman of Hyundai Motor Group, said the plant will be the envy of the industry.

The South Korean company plans to open the factory in 2025, with at least 8,100 employees producing up to 300,000 electric vehicles per year. Georgia officials say its the largest economic development project the state has ever seen.

This is transformational for the region, not just for peoples children now, but for their grandchildren, Gov. Brian Kemp said. This is going to be a project that will resonate for generations to come.

The timing couldnt have been better for Kemp, a Republican, and Democratic Sen. Raphael Warnock. The groundbreaking ceremony was held two weeks before the Nov. 8 election in which both men face formidable challengers at the top of the ballot.

After a yellow-and-black robotic dog delivered champagne flutes for Kemp and top Hyundai executives to make a celebratory toast, the officials joined other dignitaries in picking up shoves to turn ceremonial scoops of dirt. Afterward, Kemp and Warnock shared a brief handshake.

Id like to see more of this kind of collaboration, quite frankly, said Warnock, whose race with Republican Herschel Walker will help determine which party controls the U.S. Senate. At the end of the day, we want to see more jobs in Georgia.

Kemp, facing an Election Day rematch with Democrat Stacey Abrams, worked with state and local officials to lure Hyundai to Georgia with a package of $1.8 billion in tax breaks and incentives.

President Joe Biden has also embraced boosting U.S. production and sales of electric vehicles as a key part of his strategy for slowing climate change and adding manufacturing jobs. The White House recently announced $2.8 billion in grants to ramp up production of EV batteries in 12 states.

A sweeping climate and health care law passed by congressional Democrats in August also includes incentives for manufacturing and purchasing electric vehicles, including tax credits for EV buyers worth up to $7,500.

However, the tax credit has injected some tension into Hyundais dealings with Washington. Changes made to the tax credit by Congress limit eligibility only to electric vehicles produced in North America. That means Hyundai EVs will no longer qualify until the company starts production in Georgia.

South Koreas ambassador to the U.S. told dignitaries at the Tuesday event that his country believes the revised EV tax credit unfairly excludes Hyundai as it commits to expanding EV production in America.

Korean companies are now at risk of being disadvantaged by the electric vehicle tax credit provision, Ambassador Tae-yong Cho said. I believe it is not good for Koreas partnership, for the state of Georgia, and not even for the common cause of climate change by limiting the consumer choices.

Warnock voted in support of the Inflation Reduction Act that contained the revised tax credit. He defends the law overall, saying it shows the U.S. is serious about investing in EV manufacturing. Meanwhile, he has introduced a bill that would push back the date the tax credit revisions take effect. He has also asked the Treasury Department to use maximum flexibility in adopting regulations to carry out the new criteria.

I will continue to work with Ambassador Cho as well as with other officials to do everything we can to perfect what is already clearly a win, Warnock said after the ceremony Tuesday.

While Georgia officials celebrated the Hyundai project, the states other big deal for a $5 billion EV plant east of Atlanta has run into deeper problems.

Electric truck maker Rivian announced last year plans to employ 7,500 workers in Georgia. But a Morgan County judge last month rejected local governments plan to exempt Rivian from an estimated $700 million in property taxes, with the company agreeing to pay $300 million in lieu of taxes. State and local officials are weighing an appeal of the judges decision.

The property tax break was a major piece of $1.2 billion in incentives offered to Rivian, a California automaker that has seen its stock value decline sharply this year and recently announced a big recall to tighten a loose fastener that could affect drivers ability to steer.

Asked Tuesday if he thinks Rivians Georgia plant will still happen, Kemp said: Im very confident.

The vast majority of people want the Rivian project to come, the governor said, adding: Were excited about the whole EV marketplace here in Georgia.

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Some of the 19 bodies exhumed for testing in an effort to identify victims of the 1921 Tulsa Race Massacre and then reburied in an Oklahoma cemetery will be removed again starting Wednesday to gather more DNA.

The latest exhumations of bodies, some of which were taken last year from Oaklawn Cemetery, will be followed by another excavation for additional remains.

There were 14 of the 19 that fit the criteria for further DNA analysis, city spokesperson Michelle Brooks said. These are the ones that will be re-exhumed.

The 14 sets of remains were sent to Intermountain Forensics in Salt Lake City, Utah, and Brooks said two sets have enough DNA recovered to begin sequencing.

It wasnt immediately clear how many of the 14 will be exhumed a second time, Brooks said.

The remains will be reburied at Oaklawn, where the previous reburial was closed to the public, drawing protests from about two dozen people who said they are descendants of massacre victims and should have been allowed to attend.

Intermountain Forensics is seeking people who believe they are descendants of massacre victims to provide genetic material to help scientists find potential matches.

The exhumations will be followed by another search for bodies in an area south and west of the areas previously excavated in 2020 and 2021.

None of the remains recovered thus far are confirmed as victims of the massacre in which more than 1,000 homes were burned, hundreds were looted and a thriving business district known as Black Wall Street was destroyed. Historians have estimated the death toll to be between 75 and 300.

Victims were never compensated, however a pending lawsuit seeks reparations for the three remaining known survivors of the violence.

The latest search is expected to end by Nov. 18.

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New Mexico, Texas and Colorado have negotiated a proposed settlement that they say will end a yearslong battle over management of one of the longest rivers in North America, but the federal government and two irrigation districts that depend on the Rio Grande are objecting.

New Mexico Attorney General Hector Balderas on Tuesday announced that the states had brokered a deal following months of negotiations. While the terms remain confidential, his office called it a comprehensive resolution of all the claims in the case.

Extreme drought and erratic climate events necessitate that states must work together to protect the Rio Grande, which is the lifeblood of our New Mexico farmers and communities, Balderas said in a statement. And Im very disappointed that the U.S. is exerting federal overreach and standing in the way of the states historic water agreement.

Attorneys with the U.S. Department of Justice and irrigation districts that serve farmers downstream of Elephant Butte reservoir argued that the proposal would not be a workable solution. The river is managed through a system of federal dams and canals under provisions of a water-sharing agreement that also involves Mexico.

The case has been pending before the U.S. Supreme Court for nearly a decade. Texas has argued that groundwater pumping in southern New Mexico has reduced river flows, limiting how much water makes it across the border. New Mexico argues that it has been shorted on its share of the river.

New Mexico and the other states plan in the coming weeks to submit their motion to move the proposed settlement forward, opening the door for federal officials and the irrigation districts to respond.

Another hearing has been scheduled for January.

The battle over the Rio Grande has become a multimillion-dollar case in a region where water supplies are dwindling due to increased demand along with drought and warmer temperatures brought on by climate change.

So far, New Mexico has spent roughly $21 million on lawyers and scientists over the last nine years.

Last fall, the special master overseeing the case presided over the first phase of trial, which included testimony from farmers, hydrologists, irrigation managers and others. More technical testimony was expected to be part of the next phase, which has now been put off.

Earlier this year, some of the rivers stretches in New Mexico marked record low flows, resulting in some farmers voluntarily fallowing fields to help the state meet downstream water-sharing obligations.

In the Elephant Butte Irrigation District, officials recently warned farmers that they can likely expect another late start to the irrigation season in 2023 and that allotments will be low again since the system depends less on summer rains and more on spring runoff from snowmelt in southern Colorado and northern New Mexico.

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