Following the last several months of challenges, management must act fast to win back investors. What is going on at Super Micro Computer (SMCI -3.77%)? Shares of the once high-flying artificial intelligence (AI) server company have collapsed after a growing scandal has enveloped the business. This timeline shows how the story has unfolded: Aug. 27: In a short-seller report, […]
Residents will have the option beginning in mid-2025 to make the payments with the digital currency through a secure platform managed by PayPal. City leaders hope the move will help attract and retain tech startups in the Motor City. “Detroit is building a technology-friendly environment that empowers residents and entrepreneurs,” said Mayor Mike Duggan. “We […]
A U.S. appeals court rejected on Friday a bid by American Airlines to overturn a judge’s decision that sided with the U.S. Department of Justice and declared that its now-scrapped U.S. Northeast partnership with JetBlue Airways was anticompetitive. The Boston-based 1st U.S. Circuit Court of Appeals agreed with the lower-court judge that the airlines’ Northeast Alliance joint venture that allowed the […]
Global asset manager and Swiss bank UBS has developed and successfully piloted a blockchain-based payment solution, aiming to increase efficiency and transparency, as well as enable the programmability of money movements for corporate and institutional clients. The solution, dubbed UBS Digital Cash, aims to increase the transparency and security of cross-border payments with blockchain-based payments. Cross-border payments often […]
Pinterest shares plunged as much as 15% on Thursday after the social media company provided soft guidance for its fourth-quarter revenue despite beating on the top and bottom lines with its third-quarter earnings. Here’s how the company performed, according to LSEG: Revenue: $898 million vs. $896 million expected Earnings per share: 40 cents adjusted vs. 34 cents […]
Money movement firm TerraPay is aiming to enhance financial accessibility in Lebanon through a new partnership with Suyool, a licensed financial ecosystem regulated by Banque du Liban. Through the new partnership, TerraPay and Suyool are aiming to address the growing demand for fast, secure, and convenient remittance services in Lebanon. Lebanon remains heavily reliant on remittances, with over $6.5billion […]
WASHINGTON — The Federal Reserve approved its second consecutive interest rate cut Thursday, moving at a less aggressive pace than before but continuing its efforts to right-size monetary policy. In a follow-up to September’s big half percentage point reduction, the Federal Open Market Committee lowered its benchmark overnight borrowing rate by a quarter percentage point, […]
UK bank NatWest is partnering with Capco, the management and technology consultancy, as part of efforts to ensure a smooth transition for its systems and clients as the financial industry moves to adopt ISO 20022 for payments and reporting. Through its collaboration with Capco, NatWest is transitioning to Bankline Direct Digital, the strategic ISO 20022-compliant cloud-based architecture behind Bankline […]
Between 2017 and 2022, Navy Federal has been illegally collecting $20 from consumers for overdraft transactions through its Optional Overdraft Protection Service (OOPS). The credit union would charge surprise fees to users even when they had enough funds to cover the transaction, if the account had a negative balance once the purchase was posted. Navy […]
The California Department of Financial Protection and Innovation (DFPI) permanently revoked the license of collapsed cryptocurrency lender BlockFi two years after its bankruptcy. Announcing the news on Nov. 7, California’s DFPI said the license revocation came after an examination by the regulator following a suspension of BlockFi’s license in November 2022. BlockFi entered into a settlement agreeing to the license […]
MEX Global, a subsidiary of MultiBank Group, the global financial derivatives institution headquartered in Dubai, has launched cash payment services to enable UAE-based clients to easily deposit and withdraw funds. Through a partnership with Al Ansari Exchange, a personal remittance and foreign exchange company in the UAE, MEX Global is enabling its clients to deposit […]
UK bank NatWest has partnered with payments giant Mastercard to launch a new mobile virtual card payment solution for business, Approval2Buy with Mobile Virtual Cards. Becoming the first service in Europe to leverage the Mastercard mobile virtual card app, NatWest plans to enable companies to provide virtual cards to their employees for use worldwide. With the new solution, it […]
