Volkswagen has reached a deal with the IG Metall trade union which will avert plant closures in Germany and avoid immediate compulsory redundancies. The two sides have, however, agreed to cut more than 35,000 jobs across the country in a “socially responsible manner” by 2030, in order to save some €15bn (£12.4bn). Germany’s largest carmaker […]
The Consumer Financial Protection Bureau on Friday sued the operator of the Zelle payments network and the three U.S. banks that dominate transactions on it, alleging that the firms failed to properly investigate fraud complaints or give victims reimbursement. The CFPB said customers of the three banks — JPMorgan Chase, Bank of America and Wells Fargo — have lost more than $870 million since the […]
Careem Pay has rolled out a new service enabling UAE-based Lebanese residents to send money back home, following a partnership with Lebanon’s Purpl digital wallet. The remittance solution enables users to send transfers from AED into USD directly to mobile numbers connected to a Purpl wallet, circumventing the need for a traditional bank account. The […]
For the first time, UK neobanks have edged out traditional legacy banks in app downloads, marking a shift in consumer banking preferences, according to a recent study by global software company SplitMetrics. Its data reveals that UK neobanks boast an estimated 71.78 million Android users, narrowly surpassing the 71.58 million users of legacy banks. This year […]
Crude oil prices were on track for yet another weekly loss earlier today as pessimism about demand growth in China continued to dominate markets. At the time of writing Brent crude was trading at $72.45 per barrel and West Texas Intermediate was changing hands for $69.91 per barrel, both down from opening in Asia. Reuters […]
U.S. stock futures fell on Friday morning as traders anticipated the latest reading of the Federal Reserve’s favorite inflation gauge. Futures tied to the Dow Jones Industrial Average lost 88 points, or about 0.2%. S&P 500 futures also dropped around 0.3%, while Nasdaq 100 futures slid 0.6%. Futures took a turn lower after a Trump-endorsed […]
Buy now, pay later has emerged as one of the most transformative innovations in the payments industry in recent years. While no longer considered a new technology, financial institutions like Citi continue to find novel ways to integrate the tech into their offerings. Citi has incorporated BNPL into its Citi Pay suite of services, launched […]
The Consumer Financial Protection Bureau (CFPB) recently passed new regulations that grant it expansive oversight over digital wallet and payment apps, such as Venmo and Apple Pay, effectively treating these companies as traditional financial institutions. The CFPB’s rule takes a one-size-fits-all approach with a low threshold for covered companies, stifling innovation in digital payments while […]
US share prices slumped after the central bank cut interest rates for the third time in a row but its economic projections signalled a slower pace of cuts next year. In a widely expected move, the Federal Reserve set its key lending rate in a target range of 4.25% to 4.5%. That is down a […]
The Dow plunged Wednesday on a disappointing outlook from the Federal Reserve. In the process, the blue-chip index extended its losing streak to 10 days — the longest such stretch since Gerald Ford was president. The Dow Jones Industrial Average ended the day down about 1,123 points, or 2.6%, after the Fed indicated in a […]
Buy now, pay later firm Sezzle’s shares plunged on Wednesday after Hindenburg Research disclosed a short position, citing risky lending practices alongside a decline in customers and merchants. The company, however, denied these allegations, calling them “misleading and out of context”, and said they “remain confident” in the outlook that was provided in conjunction with […]
Mastercard has joined forces with the Bank of Punjab (BOP) to enhance the bank’s proposition across consumer debit and credit, affluent portfolio, and loyalty offerings. The collaboration seeks to transform the bank’s digital ecosystem and its customers’ digital experience. Customers of BOP’s priority banking program, KHAAS, will now benefit from Mastercard’s World and World Elite […]
