Weekly jobless claims unexpectedly fell last week in a sign that turnover in the labor market remains low. New data from the Department of Labor showed 227,000 initial jobless claims were filed in the week ending Oct. 19, down from 241,000 the week prior and below the 242,000 economists had expected, per Bloomberg data. Thursday’s […]
Fresh data out Thursday showed the US economy remains on track to grow at a solid pace through the end of 2024. S&P Global’s flash US composite PMI, which captures activity in both the services and manufacturing sectors, came in at 54.4 in September, down from 54.6 in August. Economists had expected the index to […]
Santander launches US digital subsidiary Openbank, extending North American footprint as it targets deposit growth with cloud technology Santander, the Spanish banking group with €1.3tn (US$1.4tn) in deposits, is launching its digital banking subsidiary Openbank in the US market, marking the group’s first nationwide retail banking offering beyond its Northeast American branch network. The US […]
Alternative investment firm Castlelake backs YouLend’s revenue-based lending with a three-year agreement as the platform expands its reach YouLend, an embedded finance provider that delivers revenue-based lending through partners including Amazon and eBay, has secured a financing facility from Castlelake to develop its US operations. The facility enables YouLend to extend up to US$1bn in revenue-based financing to […]
An investigation is underway in Canada after a 19-year-old Walmart employee was found dead inside a store’s walk-in bakery oven Saturday night. Police were called to a Walmart location in Halifax, Nova Scotia, over the weekend, where they discovered the body of a woman “located in a large walk-in oven belonging to the store’s bakery […]
Wall Street closed lower on Wednesday, as climbing Treasury yields pressured megacap stocks and investors grew less confident about strong rate cuts from the Federal Reserve, while corporate news pressured McDonald’s and Coca-Cola. Benchmark 10-year U.S. Treasury yields reached a three-month high with investors reassessing the Fed rate-cut outlook over the next few months against […]
As much as two in three European banks may not be prepared to meet the EU’s instant payment deadline, a new survey by the transaction data management firm, Intix, has revealed. Intix reveals that while only 33 per cent of respondents said they are ready to meet these deadlines, a further 41 per cent also claimed […]
HSBC is expanding the trade financing solutions it offers for businesses trading on e-commerce platforms in mainland China and Hong Kong, in partnership with Dowsure Technologies. The partnership aims to benefit SMEs facing challenges in securing trade finance by integrating an e-commerce data solution from Dowsure with HSBC banking solutions. By streamlining the credit assessment process for Amazon merchants […]
We’ve all heard the story: someone at work or on a podcast shares how they—or perhaps a friend, or a friend of a friend—forgot their wallet at home one morning yet managed to navigate the day, buying lunch, commuting, and making purchases, all with just their phone. The moral is clear: the world is filled […]
TerraPay, a facilitator of cross-border money movement, has announced a strategic partnership with Tenpay Global, Tencent’s cross-border payment platform, to enable international transfers directly to Weixin Pay users in China. According to the World Bank, global remittances are projected to reach $913 billion by 2025, with a significant portion directed towards developing nations. China, being […]
IBM shares moved 3% lower in extended trading on Wednesday after the hardware, software and consulting provider fell short of Wall Street’s revenue expectations for the third quarter. Here’s how the company did in comparison with LSEG’s consensus: Earnings per share: $2.30 adjusted vs. $2.23 expected Revenue: $14.97 billion vs. $15.07 billion expected IBM’s overall revenue increased 1.5% […]
Tesla (TSLA) reported mixed third quarter results after the bell on Wednesday, but the stock jumped in after-hours trading as investors cheered the earnings beat, higher gross margins, and news that Tesla’s cheaper EV is on track for production next year. CEO Elon Musk also added on the earnings call that Tesla’s volume growth could […]
