Posts by Stephanie Irvin
JPMorgan considers suing consumer watchdog over Zelle
JPMORGAN Chase said on Friday (Aug 2) it is considering whether to sue a United States consumer watchdog over the agency’s inquiries into the Zelle payment app. The bank said in a filing it is responding to queries from the Consumer Financial Protection Bureau (CFPB) over Zelle, which has grown to become the leading US…
Read MoreAlphabet’s fund CapitalG cut stake in CrowdStrike before July global outage
GOOGLE-PARENT Alphabet’s independent growth fund CapitalG cut its stake in cybersecurity company CrowdStrike, according to a regulatory filing on Friday (Aug 2), much before a global outage last month triggered by a software update. The fund cut its stake to 427,895 class A shares from 855,789 shares. The change in holdings is as at Jun…
Read MoreInfluencers’ go-to digital retailer finds actual stores are key
REVOLVE Group, a popular fashion hub among young influencer-obsessed shoppers during the pandemic, is seeing its shares tumble as sales dry up. So, in an attempt to juice the brand, the company is trying something it’s never done before – run an actual store. The luxury-adjacent retailer uses a marketing strategy that’s largely about latching…
Read MoreFed officials likely to push back against half-point rate cut
A WEAK July jobs report has fuelled fears the Federal Reserve has already waited too long to lower interest rates, but policymakers are unlikely to respond with a jumbo-sized cut in September that might signal alarm. United States hiring slowed markedly in July and the unemployment rate rose to the highest level in nearly three…
Read MoreMeta is offering Hollywood stars millions for AI voice projects
META Platforms is offering Hollywood celebrities millions of US dollars for the right to record and use their voices for artificial intelligence (AI) projects, according to several sources familiar with the negotiations. The company is talking with Judi Dench, Awkwafina and Keegan-Michael Key, said the sources, who asked not to be identified because the project…
Read MoreHedge fund investor appetite hit by high fees and private credit, says Goldman Sachs
GLOBAL investor appetite for the most expensive multi-strategy hedge funds has fallen, Goldman Sachs said in a report to clients seen by Reuters on Friday (Aug 2), though more investors plan to add hedge funds to their portfolios. Goldman Sachs’ data from a survey of more than 300 investors like family offices, sovereign wealth funds…
Read MoreChevron reports Q2 earnings miss on weak refining margins
CHEVRON reported second-quarter earnings on Friday (Aug 2) that missed Wall Street estimates due to industry-wide pressure from lower refining margins and natural gas prices, sending its shares down 1.5 per cent in premarket trading. The company earlier had warned oil output this quarter would slip and refining would suffer from turnarounds at two refineries…
Read MoreRinggit on best run in 14 years as Malaysia’s outlook brightens
THE ringgit is set for its longest winning streak in 14 years on optimism surrounding Malaysia’s economy and foreign fund inflows. The local currency rose 1.6 per cent against the US dollar on Friday (Aug 2), gaining for the 10th straight day, its best run since 2010. After three years of losses, the ringgit is…
Read MoreNintendo Switch sales halve and profit tumbles as successor device awaited
JAPAN’S Nintendo said sales of its aging Switch console almost halved in the April-to-June first quarter and profit slumped, falling far short of estimates. The gaming giant sold just 2.1 million units of the Switch, which is in its eighth year, during the quarter but maintained its full-year sales forecast for 13.5 million units. Nintendo…
Read MoreOCBC looks to balance net interest income growth with NIM impact ahead of interest rate cuts
The bank’s Q2 net profit rises 14% to S$1.94 billion; the earnings are the second-strongest on record AHEAD of cuts to US interest rates, OCBC has noted the need to sustain growth in its net interest income (NII) while blunting the impact of lower net interest margins (NIMs), its group chief executive Helen Wong has…
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