Stocks mounted a dramatic comeback on Monday as investors stepped in to buy beaten-up tech shares following a sharp sell-off earlier in the day. The Dow Jones Industrial Average closed up 99.13 points, or 0.3%, at 34,364.50, gaining for the first day in seven. The S&P 500 finished higher by 0.3% at 4,410.13. The Nasdaq […]
Chime has called in Goldman Sachs to help it prepare for an initial public offering that could value the digital banking giant at up to $40 billion, according to Reuters. Chime picked Goldman Sachs after interviewing investment banks about a New York listing over the last few weeks, says Reuters, citing sources Founded in 2013, […]
Commonwealth Bank of Australia is being taken to court by a union over its alleged failure to give thousands of retail banking employees millions of dollars worth of tea breaks. The Finance Sector Union (FSU) has lodged a claim in the Federal Court, arguing that around 3000 workers have lost out on a combined $45 […]
An activist is pushing Peloton to fire its chief executive officer and consider a sale as its share price has plummeted, according to a person familiar with the matter. Blackwells Capital, which has a stake of less than 5% in Peloton, believes Peloton could be an attractive acquisition target for larger technology or fitness-oriented companies, […]
U.S. department store Kohl’s Corp may soon receive a second takeover offer as private equity firm Sycamore Partners prepares to make a bid only days after a consortium backed by activist investment firm Starboard Value proposed buying the company, three sources familiar with the matter said on Sunday. Sycamore Partners has reached out to Kohl’s […]
Google has hired PayPal exec Arnold Goldberg to help reset its ambitions for banking and payments. Google’s most recent foray into the banking sector, Plex, was killed off after bank’s got cold feet about giving the firm a leg-up into the current accounts business. Atr the time, Google said it wanted to focus on “delivering […]
Mastercard has unveiled a virtual card offering that uses machine learning and straight-through processing for instant payment of supplier invoices. Mastercard says that slow and inefficient payment processes continue to hamper businesses, hitting cash flow for suppliers while being time consuming for buyers. Other payment methods, like ACH, require buyers to safeguard sensitive bank account […]
The Biden and Trump administrations had years of warnings. But the government failed this week to avoid a collision between U.S. telecom companies and airlines over the rollout of new 5G cellular networks. That failure, rooted in longstanding disagreements over potential risk and a lack of cooperation by U.S. regulators, led to a last-minute scramble […]
Bulls should be glad there were only four days this week instead of five. To wit, the Nasdaq 100 just did something it hasn’t done since the aftermath of the internet bubble: fall more than 1% in every session of a week. It doesn’t count as a superlative because Monday was a holiday. But for […]
Frustrations over delayed payments are on the rise, prompting businesses to upgrade their B2B transactions and other processes. Today, 45% of businesses view slow payment completion times as one of their main pain points, according to the “Next-Gen Digital Payments Report,” a PYMNTS and Transcard collaboration. Chief financial officers (CFOs) and other payment professionals are […]
Peloton shares rose nearly 12% Friday after the company said it’s resetting its production levels and considering layoffs in order to make its business more “flexible.” Chief Executive John Foley sent a memo to workers late Thursday that was also posted publicly, after CNBC reported earlier in the day that Peloton was temporarily halting production […]
SAO PAULO (Reuters) – Brazilian financial services provider Dock said on Friday it will start using cryptocurrencies to process international remittances as it expands to Latin America and Europe. Brazilian reais will be converted into bitcoin then into another currency, such as the dollar, and will reach end users through Dock customers such as Vivo […]
