Finance

Car Loan Scandal: Stakeholders Worry as Payout Dispute Drags On

Marcus Johnson has openly admitted that his metallic blue Suzuki Swift was nothing special—just a simple car bought after passing his driving test.

However, the way this ordinary vehicle was sold has now become the centerpiece of a much larger, multi-billion-pound controversy.

Lenders and dealers are facing allegations of concealing commission payments linked to cars purchased through finance deals.

A recent ruling by the Court of Appeal in the case of Mr. Johnson, alongside two other car buyers, has raised the prospect of millions of drivers receiving compensation.

Not everyone is in agreement with this outcome, though.

As MPs prepare to question the head of the financial regulator about its involvement, there appears to be widespread industry consensus that only the UK’s highest court should have the final say on the matter.

If that happens, it could either delay payouts or leave them in even greater uncertainty for several months.

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TECH

Olympic Influence: How the Games Shaped Salt Lake City’s Tech Future

After the 2002 Winter Olympics, Salt Lake City transformed into a thriving tech hub, drawing investment, talent, and businesses to Utah’s "Silicon Slopes." The Games sparked initiatives that boosted the region’s engineering graduates and attracted major tech companies like Adobe, fortifying Utah's tech sector.

As the city prepares to host the Olympics once again in 2034, Utah is investing $31 million in upgrades and anticipates billions in economic benefits.

In just two decades, Salt Lake City has evolved from a winter sports destination to a dynamic tech powerhouse, using the legacy of the 2002 Olympics to become one of the fastest-growing business centers in the U.S.

Part of Utah's "Silicon Slopes," the city has become a hub for innovation, venture capital, and a flourishing workforce. Over the last decade, wages have increased by 51%, and the population has grown by 10%, according to Census Bureau data.

Former Utah Governor Michael Leavitt credits the Olympics with driving key infrastructure projects, attracting tech talent, and creating an enduring economic legacy that continues to define the region.

"The Games were a great catalyst. Big economic growth needs a catalyst like that," Leavitt told CNBC ahead of the "Cities of Success: Salt Lake City" special, airing Tuesday at 10 p.m. ET.

CRYPTO

Trump Appoints Venture Capitalist David Sacks as AI and Crypto 'Czar'

Venture capitalist and podcaster David Sacks will join the Trump administration as the "White House A.I. & Crypto Czar," President-elect Donald Trump announced Thursday on Truth Social.

Sacks will oversee the administration's policies on artificial intelligence and cryptocurrency, including creating a legal framework for crypto and leading a presidential council on science and technology.

“David will focus on making America the global leader in both areas,” Trump wrote. “He will protect free speech online and steer us away from Big Tech bias and censorship.”

This appointment highlights the Trump administration’s strategy of rewarding Silicon Valley figures who supported his campaign and signals that it will advocate for policies favored by cryptocurrency entrepreneurs.

Earlier this year, Sacks became a prominent Trump supporter, hosting a fundraiser at his San Francisco mansion with tickets priced at $50,000, and a $300,000 tier offering perks like a photo with Trump.

This marked a sharp contrast to his earlier criticism of Trump after the Capitol riot on January 6, 2021, when Sacks said on his "All-In" podcast that Trump was "clearly" responsible for the events and had “disqualified himself from being a candidate at a national level.”

In July, Sacks spoke at the Republican National Convention in Milwaukee.

Sacks is a well-known venture capitalist and entrepreneur, having sold Yammer to Microsoft for $1.2 billion in 2012. He is also part of the "PayPal mafia," a group of influential tech figures and investors, including Elon Musk and Peter Thiel, who worked at PayPal in the 1990s.

In recent years, Sacks has gained attention as a host of the “All-In” podcast, where he and fellow investors Chamath Palihapitiya, Jason Calacanis, and David Friedberg discuss economic, political, and social issues. Trump referred to the podcast as "the top podcast in Tech."