Money is tight, food prices are soaring, and that’s turning more and more Americans to buy now, pay later options to stay afloat. Last year, some 15 million consumers — or 6.5% of the US population — reported using BNPL installment loans to pay for groceries or manage their weekly food expenses, according to research […]
Category: Top News
Stock futures are little changed as investors await fresh Fed guidance
Stock futures were little changed on Sunday, as Wall Street awaits guidance on monetary policy from the Federal Reserve this week. Futures tied to the S&P 500 ticked up 0.1%. Dow Jones Industrial Average futures hovered near the flatline, while Nasdaq-100 futures added 0.2%. Inflation concerns have pressured stocks in recent days, with the S&P 500 set to enter Monday trading riding a […]
Nippon Steel says US Steel acquisition wouldn’t cause layoffs, plant closures
Nippon Steel said Friday that its proposed $14.9 billion acquisition of U.S. Steel would not result in any layoffs or plant closures as the pending deal faces opposition from President Biden and scrutiny from unionized steelworkers. Japan-based Nippon Steel, which announced the proposed acquisition in December, released a statement about the deal that looked to […]
Advantages of digital banking platforms for commercial real estate
While payments and treasury services span multiple industries, commercial real estate has unique considerations, including managing liquidity, sending payments, receiving rent and complex account structures. “Commercial real estate organizations of all sizes can benefit from JPMorgan Chase’s digital banking platforms. We’re focused on industry-specific issues—and solutions—to help clients optimize liquidity, gain insights into operating accounts and manage rent payments,” […]
Deutsche Bank cuts bonuses over botched Postbank IT integration
Deutsche Bank has reduced the cash bonuses of management board members connected to last year’s bungled Postbank IT integration project. Bonuses were slashed by €1.95 million over what the bank calls, in its annual report, the “unacceptable” migration problems. The Postbank migration last summer saw 12 million customers and 50 billion data sets shifted to […]
GoCardless to buy Nuapay from EML Payments
GoCardless is creating a full-service bank payments provider through the acquisition of open banking business Nuapay from Australia’s EML Payments in a deal worth €32.75 million. EML is selling Irish firm Sentenial – which operates under the Nuapay brand – three years after buying the business for an upfront enterprise value of €70 million. UK […]
S&P 500 closes lower on inflation worries, notches second straight weekly loss
The S&P 500 fell on Friday and notched its second-straight weekly loss, with technology stocks under pressure as inflation concerns remain front and center ahead of the Federal Reserve’s policy meeting next week. The broad market index lost 0.65% to close at 5,117.09. The Dow Jones Industrial Average dipped 190.89 points, or 0.49%, to finish the session at 38,714.77, […]
Wholesale inflation rose 0.6% in February, much more than expected
Wholesale prices accelerated at a faster-than-expected pace in February, another reminder that inflation remains a troublesome issue for the U.S. economy. The producer price index, which measures pipeline costs for raw, intermediate and finished goods, jumped 0.6% on the month, the Labor Department’s Bureau of Labor Statistics reported Thursday. That was higher than the 0.3% forecast […]
FTC conducting inquiry into Reddit’s AI data-licensing practices ahead of IPO
Reddit said on Friday that the Federal Trade Commission sent a letter to the company about its data-licensing business related to the training of artificial intelligence systems. “On March 14, 2024, we received a letter from the FTC advising us that the FTC’s staff is conducting a non-public inquiry focused on our sale, licensing, or […]
McDonald’s suffers global tech outage forcing some restaurants to halt operations
LONDON — McDonald’s suffered a system failure Friday that left customers in some parts of the world unable to order food. “We are aware of a technology outage, which impacted our restaurants; the issue is now being resolved,” a McDonald’s spokesperson said. “We thank customers for their patience and apologize for any inconvenience this may […]
BNPL – are we nearing extinction in Europe?
In an unexpected move, NatWest has announced the closure of its buy now, pay later (BNPL) service less than two years after its launch. While citing a “clear demand” from customers for BNPL products at the initial launch in 2022, the bank now revealed that their service did not have the desired impact and uptake remained low […]
PPRO Secures €85m Dual Tranche Funding to Fuel Growth
Local payments platform PPRO has secured €85m (US$92.8m) in funding to pursue growth in key markets and enhance its global network of local payment methods PPRO, the local payments platform, has completed a dual-tranche funding round totalling €85m (US$92.8m). The fintech aims to use this funding to pursue its growth aims in key markets and […]