Volkswagen Group plans to invest up to $5 billion in electric vehicle startup Rivian, starting with an initial investment of $1 billion. The additional $4 billion is expected by 2026. It includes plans for $1 billion each in 2025 and 2026, followed by $2 billion in 2026 related to an expected joint venture to create electrical architecture […]
Shares of Nvidia (NVDA.O), opens new tab surged nearly 7% on Tuesday, snapping out of a three-session tailspin that had erased about $430 billion from the artificial intelligence chipmaker’s market value. Nvidia’s shares finished at $126.09, after a tumble that saw them lose around 13% from their June 18 close of $135.58. The drop followed a rally […]
Regions Bank has launched a new digital payments solution designed to streamline payment and billing processes for its commercial clients. Powered by BILL’s financial operations platform for small and medium-sized businesses (SMBs), the new Regions CashFlowIQ provides advanced accounts payable (AP) and accounts receivable (AR) capabilities and offers more choices for domestic and international payments, […]
Tencent Holdings-backed online lender WeBank has received regulatory approval from the mainland to set up a fintech subsidiary in Hong Kong, as the Shenzhen-based digital banking unicorn looks to grow outside its home market. WeBank was cleared to establish its wholly-owned Hong Kong unit with a capitalisation of US$150 million, according to a statement published last Friday by the Shenzhen bureau […]
As a new interpretive rule from the Consumer Financial Protection Bureau (CFPB) is set to give “buy now, pay later” customers more legal protections, the Better Business Bureau (BBB) is sharing tips for using these services wisely. “Buy now, pay later” is a service that many retailers offer to allow shoppers to space out smaller […]
Electric vehicle-maker Tesla and opponents of CEO Elon Musk’s $56 billion pay package clashed on Friday as they look to resolve the legal dispute over the package and billions of dollars in potential legal fees that hinge on its outcome. The automaker said in a court filing that the Delaware judge who voided Musk’s compensation […]
Banking regulators on Friday disclosed that they found weaknesses in the resolution plans of four of the eight largest American lenders. The Federal Reserve and the Federal Deposit Insurance Corp. said the so-called living wills — plans for unwinding huge institutions in the event of distress or failure — of Citigroup, JPMorgan Chase, Goldman Sachs and Bank of America filed in 2023 […]
Digital wallets are the fastest growing payment method in the world, and Asia is leading the charge, according to the latest report by payments processing firm Worldpay. Globally, digital wallets accounted for 50% of e-commerce purchases and 30% of in-store purchases in 2023, accounting for $14 trillion in transaction value. That figure is expected to […]
Revolut is aiming to become the most valuable start-up in Europe with a target valuation of $40 billion, the FT reports. Sources with knowledge of the plans told the FT that the fintech is working with Morgan Stanley to sell about $500 million worth of existing shares, including those held by employees, to reach this […]
Spain’s second-largest bank, BBVA, has announced plans to roll out a new digital bank in Germany in a bid to boost customer numbers BBVA, the second-largest bank in Spain, has announced plans to introduce a new digital bank in Germany, to mirror its success in Italy and boost its customer acquisition rate. Its digital model […]
Apple said Friday it won’t release three recently announced features, including its flagship “Apple Intelligence” AI product, in the European Union in 2024 due to “regulatory uncertainties” stemming from the bloc’s Digital Markets Act antitrust regulation. Apple said in a statement that the features — Apple Intelligence, iPhone Mirroring, and enhancements to its SharePlay screen-sharing product — […]
As of May 2024, the US economy looked pretty good on paper. Inflation was a big fat zero: Prices did not rise at all on average last month. Unemployment was 4 percent — a rate lower than at any point in the Reagan, Obama, or either of the Bush administrations — and the economy added […]
