Throughout his presidency, Donald Trump tried to pressure the Federal Reserve into cutting rates — a breach of protocol that threatened to undermine the independence of the central bank and its ability to keep jobs booming and inflation low. If reelected, Trump said Thursday he’d go further: He’d try to exert direct power over monetary […]
US-based paytech Payoneer has acquired Skuad, a global workforce and payroll management start-up based in Singapore, for $61 million in cash. Payoneer says the deal, carried out on 5 August, also includes “up to an additional $20 million of future payments in cash and equity” that are contingent upon Skuad achieving “certain performance and tenure […]
Wharton School Professor Jeremy Siegel no longer thinks it’s vital for the Federal Reserve to implement an emergency interest rate reduction, but still wants policymakers to cut quickly and aggressively. Siegel caused a stir Monday when he told CNBC that Fed Chair Jerome Powell and his colleagues should institute an emergency 0.75 percentage point decrease […]
Oil prices edged higher on Friday on course for a weekly gain of more than 3% as U.S. jobs data eased demand concerns while fears of a widening Middle East conflict persisted. Brent crude futures were up 22 cents or 0.3% to $79.38 per barrel by 0845 GMT. U.S. West Texas Intermediate crude futures were […]
NerdWallet, a US-based financial comparison site, is set to cut approximately 15% of its full-time workforce as part of a restructuring plan intended to “reduce the company’s operating expenses and better position the company to execute its long-term strategic initiatives”. The company revealed the restructuring plan with the publication of its Q2 2024 financial results, […]
Totem Technologies, the US-based neobank founded in 2022 to democratise access to financial services for Native Americans, has “come to the end of its road”, says founder and CEO Amber Buker. In a post on LinkedIn at the end of last week, Buker writes: “We’ve already shared the news with our customers and tribal partners, […]
Octane, a New York-headquartered fintech built to help individuals access financing for “major recreational purchases”, has bagged a $50 million Series E funding round. The round is described as “unique” for being composed entirely of existing backers, with Valar Ventures leading the funding and Rhode Island-based VC firm Upper90 also contributing. Founded in 2014, Octane […]
CVS Health on Wednesday reported second-quarter earnings that topped expectations, but slashed its full-year profit outlook, citing higher medical costs that have been squeezing the U.S. insurance industry. The retail drugstore chain also said Aetna President Brian Kane, the top executive at the CVS-owned insurance unit, will leave the company immediately based on the current performance and outlook for the […]
Shares of server company Super Micro Computer plunged 13% on Tuesday after the company announced fiscal fourth-quarter earnings that missed analyst expectations. The company also announced a 10-for-1 stock split, set to begin trading on a split-adjusted basis on Oct. 1. Here’s how the company did vs. LSEG estimates for the quarter that ended in June: Super Micro said […]
What’s going on here? GooglePay, AmazonPay, and other digital payment titans are gearing up to join India’s e-rupee pilot—potentially supercharging transaction volumes. What does this mean? The Reserve Bank of India (RBI) rolled out the e-rupee in December 2022 as a digital stand-in for physical cash. Initially, only banks could handle e-rupee transactions via mobile […]
The Olympics are a time for pushing the boundaries of what’s possible. Beyond the awe-inspiring athleticism, the Olympics also serve as a proving ground for technological innovation, particularly in the realm of payment systems. And with the news that for the Paris 2024 games, Visa has provided the most technologically advanced payment systems available — including contactless-enabled […]
TAIPEI, Aug 5 (Reuters) – Taiwan stocks (.TWII), opens new tab plunged a record 8.4% on Monday, with tech stocks including TSMC (2330.TW), opens new tab sliding as investors spooked by a poor outlook for the U.S. economy sold off one of Asia’s top performing markets. It was the worst one-day decline for the main […]
