T-Mobile announced on Tuesday that it agreed to acquire “substantially all” of U.S. Cellular’s wireless operations in a deal valued at $4.4 billion. Under the deal, T-Mobile will acquire all of U.S. Cellular’s wireless customers and stores. The deal also includes up to $2 billion in debt. T-Mobile said the deal would “create a much-needed […]
Years of work on Wall Street to pick up the pace of trading will be put to the test this week. If all goes well, most people won’t notice the difference. Starting Tuesday, trades of stocks and several other securities will need to be settled by the end of the next business day. Settlement involves […]
Buy now, pay later services — or BNPL for short — are now beholden to some of the same rules as credit card providers. On Thursday, the Consumer Financial Protection Bureau (CFPB) issued an interpretive rule that classifies BNPL services as credit card providers and requires them to investigate disputed purchases, among other things. BNPL […]
The FinTech IPO Index lost 2.6% as earnings trickled in. The buy now pay later (BNPL) space, arguably, held sway — dominating headlines as the Consumer Financial Protection Bureau (CFPB) weighed in with new oversight over providers. The CFPB Weighs In As PYMNTS reported Wednesday (May 22), The CFPB ruled that BNPL vendors are credit card providers […]
Walmart has ended a partnership with Capital One that made the banking company the exclusive issuer of Walmart’s consumer credit cards. The companies announced the change in a joint statement Friday. The companies said card-holders can still use their Capital One Walmart Rewards cards, which will continue to accrue rewards unless customers are notified of […]
The U.S. Transportation Security Administration (TSA) said it screened 2.95 million airline passengers on Friday, the highest number ever on a single day. The record travel coincides with the Memorial Day weekend that marks the beginning of the U.S. summer travel season. Last week, a group representing major U.S. airlines forecast record summer travel with airlines expected […]
Just six months ago, OpenAI was a model of unity as hundreds of employees and managers threatened to quit the startup en masse unless cofounder Sam Altman was rehired as CEO. The gambit led to Altman’s return just days after he was fired by OpenAI’s board—a dramatic display of the power of an organization marching in lockstep, aligned around […]
Tesla (TSLA.O), opens new tab founder Elon Musk told tech investors in Paris on Thursday he opposed U.S. tariffs on Chinese electric vehicles (EVs), an about-face from his January warning that trade barriers were needed or China would “demolish most other car companies in the world.” On Thursday, Musk said he did not favour measures […]
The Barclays Scams Bulletin tracks scam types and changes over time, providing information about affected groups and methods to help combat scams Barclays has launched a new bi-monthly scams bulletin to monitor and analyse fraud trends across personal and business accounts. The bulletin shows that the total value and volume of scam claims made in March […]
Mastercard is using artificial intelligence to detect compromised credit cards faster and intercept card data before it ends up in the hands of cybercriminals. Generative AI can cross-reference compromised credit card data with geographical clues to pinpoint breached cards so the company can replace them. Mastercard’s tool can also do the reverse. AI can scour […]
The UK’s Payment System Regulator (PSR) has stepped back from imposing financial penalties on Visa and Mastercard scheme and processing fees, despite evidence that the firms are running an effective duopoly in the supply of services to merchants. The watchdog’s market review into card sheme and processing fees concludes that there is currently “no effective […]
Lowe’s topped Wall Street’s quarterly earnings and revenue expectations on Tuesday, even as do-it-yourself customers bought fewer pricey items. The home improvement retailer’s results echoed those of Home Depot last week. Home Depot missed revenue expectations, which it attributed to a tougher housing market and a delayed start to spring. Lowe’s stuck by its full-year forecast. It said it expects […]
