Finance

JPMorgan has agreed to buy payments start-up WePay, in its first major acquisition of a financial technology (fintech) firm. The investment bank said Tuesday it would provide its 4 million small businesses clients with WePay’s payments technology. “With WePay, Chase is taking the work out of payments for both our business clients and the software
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Speculation in digital currency bitcoin is apparently spilling over into an obscure e-commerce stock. Shares of Overstock.com closed up nearly 11.6 percent Tuesday after briefly surging more than 14 percent. The stock has hit four-year highs on mounting excitement around the company’s venture into blockchain, the technology behind bitcoin. “I think the new story for
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Goldman Sachs posted earnings Tuesday that easily beat expectations on the top and bottom lines, sending shares higher in premarket trading. Traders reacted positively despite another sharp pullback in trading. The bank reported: Earnings of $5.02 per share vs. $4.17 expected by Thomson Reuters. Revenue of $8.33 billion vs. $7.54 billion expected. Goldman has struggled
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Private equity and venture capital have much in common, and The Economist is partly correct to characterize VC as “private equity for fledglings”. Like their counterparts in PE, VC funds have long lifespans, which allows partners to cultivate long-term growth in portfolio companies rather than focusing on quarterly showings. And like private equity firms, the
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Traditional money transfer services like Western Union charge 7 to 8 percent per $100 of money transferred from one country to another, a big price for migrant workers who want to send money home to their families. “That’s a huge cut, right?” argued Wood. But if cryptocurrency transfers can put pressure on traditional companies, those
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“Who cares about bitcoin? The world economy is so big,” Dimon said, noting the bank moves about $6 trillion in money around the world every day. In comparison, bitcoin only has a market capitalization of less than $100 billion. Twenty-four hour trading volume in bitcoin-U.S. dollars was $3.7 billion Friday, according to CoinMarketCap. “This is
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The bank also said, however, its fixed-income trading revenue fell 22 percent on a year-over-year basis. Third-quarter fixed-income revenue totaled $2.152 billion versus $2.646 billion in the year-earlier period. Bank of America said the slowdown was “driven by less favorable market conditions across credit-related products, as well as lower volatility in rates products.” “This slowly
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General Motors is “well positioned” as a future mobility leader thanks to its extensive autonomous vehicle research and production, UBS research said. UBS reiterated its buy rating on the company’s shares and raised its price target, citing GM’s leadership in developing automotive technology through its AV unit as well as opportunities in the ride-hailing business.
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BlackRock, the largest asset manager in the world, reported better-than-expected third-quarter results on Wednesday. Total assets under management rose 17 percent to nearly $6 trillion as net inflows easily beat Wall Street expectations. Here’s how the company’s results compare to Wall Street’s expectations: EPS: $5.92 per share vs $5.56 expected, according to Thomson Reuters Revenue:
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Influential bond investor Bill Gross of Janus Henderson Investors said on Monday that financial markets are artificially compressed and capitalism distorted because of the U.S. Federal Reserve‘s loose monetary policy. “I think we have fake markets,” Gross said at a Janus Henderson event. Investors should brace for higher Treasury bond yields as the Fed begins
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Unstable loans and escalating levels of global debt could plunge the world into another financial crisis, departing German Finance Minister Wolfgang Schaeuble told the Financial Times in an interview published Sunday. “Economists all over the world are concerned about the increased risks arising from the accumulation of more and more liquidity and the growth of
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Alipay is owned by Alibaba affiliate Ant Financial Services and has 520 million users, according to its international website. The app is linked to online money market fund Yu’e bao, encouraging users to invest and spend with Alipay. Attractive interest rates of nearly 4 percent or more have turned it into the largest money market
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Alvin Baez | Reuters Haydee Mestre looks inside her refrigerator after Hurricane Maria destroyed the town’s bridge and the surrounding areas, in San Lorenzo, Morovis, Puerto Rico, October 5, 2017. Puerto Rico‘s situation could get worse without Congress’ help, said Raul Maldonado, the island’s Treasury secretary. In a phone interview with CNBC.com, Maldonado said Puerto
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Quadratic Capital Management’s Nancy Davis said the next “big short” is betting against volatility. “I think the challenge has been that we’re in a very, very low-yield, low-return environment,” said Davis, Quadratic’s managing partner and chief investment officer. “So investors have been forced to figure other ways of generating yield in their portfolio, and I
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