Stagflation is making a comeback, according to former Morgan Stanley Asia chairman Stephen Roach. He warns the U.S. is on a dangerous path that leads to higher prices coupled with slower growth. “This inflation problem is widespread, it’s persistent and likely to be protracted,” Roach told CNBC’s “Fast Money” on Thursday. “The markets are not […]
Kohl’s on Thursday said final and fully financed bids from potential buyers are expected in the coming weeks, as the retailer faces heightened pressure from activists to sell. Chief Executive Officer Michelle Gass said Kohl’s has been “pleased with the number of parties who recognize the value of our business and plan.” The retailer’s stock ended […]
Michael Barr, a law professor and former advisory board member of Ripple Labs who is United States President Joe Biden’s pick for vice chair for supervision at the Federal Reserve, called for U.S. lawmakers to regulate stablecoins in an effort to address “financial stability risks.” In a confirmation hearing before the Senate Banking Committee on […]
Mastercard’s biometric ‘wave to pay’ initiative uses customer gestures as part of its identity security but experts are concerned about data privacy Global payments network leader, Mastercard, has launched a new biometric payment initiative called ‘wave to pay’ that uses customer body language to manage its verification and security. While payments using physical gestures have struggled to obtain […]
BEIJING/HONG KONG, May 19 (Reuters) – Asian stocks slid on Thursday, tracking a steep Wall Street selloff, as investors worried about global inflation, China’s zero-COVID policy and the Ukraine war, while the safe-haven dollar eased. European equity markets also looked set for another rough day.The pan-region Euro Stoxx 50 futures fell 0.52%, German DAX futures […]
The average national retail price for a gallon of regular gasoline is projected to surpass $6 by the of summer, according to a recent JPMorgan research note. On Wednesday, the national average hit another record, reaching $4.56 per gallon, according to AAA. That’s already up nearly 50 cents from a month ago, and $1.52 from […]
Birgit Rodolphe, an executive director at Germany’s Federal Financial Supervisory Authority (BaFin) has called for innovative and uniform regulation of the decentralized finance (DeFi) space throughout the European Union (EU). BaFin is Germany’s financial regulatory body responsible for regulating banks, insurance firms, and financial institutions including cryptocurrency companies. BaFin is the issuer of “crypto custody […]
Gary Gensler, chair of the United States Securities and Exchange Commission, or SEC, has cited concerns about cryptocurrency enforcement in its budget request for the next fiscal year. In written testimony for a Wednesday hearing of the U.S. House Committee on Appropriations, Gensler said he supported President Joe Biden’s request to budget more than $2.1 […]
MIAMI – Mayor Francis Suarez welcomed a growing fintech company with headquarters in London to its U.S. headquarters in Miami’s Brickell neighborhood. Zilch, a buy now, pay later app, has about 30 employees and plans to create about 200 more jobs. To announce the U.S. launch, Suarez stood near Philip Belamant during a news conference […]
GoCardless has snagged its first Variable Recurring Payment customer, Nude, the savings app for first-time buyers. The deal sees the up-and-coming personal finance app use the GoCardless network to move money from a saver’s bank account into their Nude Lifetime ISA. In addition to using GoCardless’ Instant Bank Pay for one-off payments, Nude will be […]
Inflation is taking a toll. What happened Shares of Walmart (WMT -11.38%) sank 11.4% on Tuesday after the retail giant’s profits fell short of investors’ expectations. So what Walmart’s revenue rose 2.4% year over year to $141.6 billion in its fiscal 2023 first quarter, which ended on April 30. The gains were driven by a 3% rise in the […]
SINGAPORE — Shares in Asia-Pacific were mixed in Wednesday trade. following overnight comments from U.S. Federal Reserve Chairman Jerome Powell, who said he’s resolved to raise rates until inflation comes down. The Nikkei 225 in Japan rose 0.71% while the Topix index traded 0.78% higher. Japan’s economy shrank 1% on an annualized basis in January-March […]
