Airlines are increasingly relying on credit card programs and rewards points for profitability, while smaller airlines fight for a way to break into this competitive market. This morning’s U.S. Department of Transportation and Consumer Financial Protection Bureau hearing on airline rewards credit cards focused on the roadblocks consumers face in navigating their points programs, including […]
The Consumer Financial Protection Bureau (CFPB) has taken action against online payments processor Chime for failing to return funds to customers promptly after account closure. Although Chime is not a bank itself, the San Francisco-based company partners with banks to offer financial products like checking accounts and credit cards. Chime’s policy dictates that customers should […]
The Dow Jones Industrial Average closed higher on Thursday, the seventh straight daily advance for the benchmark, as all three major U.S. indexes gained after weekly jobless claims data offered fresh hope for interest-rate cuts.U.S. Federal Reserve policy has been the main driver of investor sentiment in 2024. Renewed hopes the central bank will cut […]
The dust is settling, and results from the beer giants are coming in. On Thursday, Bud Light parent company Anheuser-Busch InBev (BUD) posted better-than-expected Q1 results, a year after an advertising campaign kicked off a boycott starting April 2023. Yet, Constellation Brands (STZ) and Molson Coors (TAP) have been fighting to hold on to their […]
Disney managed a rare feat for a legacy media company: Its streaming service actually turned a profit — with some caveats. But Wall Street still wasn’t satisfied, sending shares down more than 9%. It was Disney’s worst stock trading day in 18 months. See here: Disney (DIS), fresh off its victory in a bruising (and stupidly […]
Revolut, the London-based fintech, has introduced a cryptocurrency exchange tailored for professional traders, dubbed Revolut X. In addition to giving customers the ability to buy and sell more than 100 different tokens directly from the platform, Revolut X distinguishes itself with low transaction fees. Makers incur zero charges, while takers only face a nominal fee […]
Tesla CEO Elon Musk is causing chaos in the EV industry by firing Tesla’s entire charging team, which may lead some automakers to reconsider their plans to adopt the NACS plug. But NACS is just a better standard, and the industry should move forward on it, even if Tesla waffles with its commitment. Last week, […]
Chinese fintech major Ant Group is looking to boost its global presence via its digital offering, Alipay+, as it seeks to connect mobile payment apps around the world. “What we found is that people want to use their home e-wallets when they travel abroad. So they don’t want to have to load their card into […]
Wells Fargo has joined JP Morgan in revealing that US authorities are investigating the handling of complaints about P2P payments service Zelle. In an SEC filing, Wells says: “Government authorities have been conducting formal or informal inquiries or investigations regarding the handling of customer disputes related to fund transfers made through the Zelle Network.” JP […]
The US Federal Reserve Board is seeking feedback on a proposal to start operating its two large payments services seven days a week. Currently, both the Fedwire Funds Service and the National Settlement Service (NSS) operate Monday through Friday, excluding holidays. Under the proposal, both services would operate every day of the year. The operating […]
Google has a lot at stake as a federal judge weighs whether the tech giant’s search empire should be broken up. So does the rest of Silicon Valley. A landmark antitrust case pitting Google (GOOG, GOOGL) against the Justice Department entered its final stage this past week as prosecutors from the federal government and 14 […]
Oil futures climbed on Monday after Saudi Arabia hiked June crude prices for most regions and as the prospect of a Gaza ceasefire deal appeared slim, renewing fears the Israel-Hamas conflict could still widen in the key oil producing region. Brent crude futures gained 51 cents, or 0.6%, to $83.47 a barrel at 0636 GMT, […]
