PYMNTS

It’s been a bad month for Evolve Bank & Trust, and it’s only getting worse. Following a “cease and desist” order issued to the bank on June 14, the Arkansas-based lender on Wednesday (June 26) publicly confirmed the news that a ransomware gang had hacked the bank and was posting customer data on the dark web.

Evolve Confirms Ransomware Hack as Challenges Grow at FinTech Partner Bank

Amazon will reportedly add a section to its shopping site that aims to compete with Temu and Shein, featuring items that are cheap and are shipped from China to overseas consumers. The new marketplace will offer apparel, home goods and consumer goods, along with delivery in nine to 11 days,...

Amazon Takes On Temu and Shein With China-Direct Discount Section

Amazon’s market valuation topped $2 trillion for the first time Wednesday (June 26), driven in part by investor interest in artificial intelligence (AI). The company became the fifth U.S. firm to reach that milestone, with the others being Microsoft, Apple, Nvidia and Alphabet, Reuters reported Wednesday. Together with investor...

Amazon Market Valuation Tops $2 Trillion for First Time

FedEx is reportedly expected to spin off its Freight unit after it conducts an assessment of the future of that business unit. The company’s Freight unit, which is the largest operator in the less-than-truckload (LTL) sector, could bring a windfall to FedEx shareholders if it were spun off as a separate publicly traded company, The Wall Street Journal (WSJ) reported Wednesday (June 26).

Experts Expect Spinoff as FedEx Considers Future of Freight Unit

As retailers grapple with the trillion-dollar returns problem, more merchants are beginning to penalize consumers for sending back items. Take Boozt, a Nordic digital department store operating across Europe. The company shared in a press release Tuesday (June 25) that it has banned 60,000 customers who returned “an excessive number” of items. The company shared that it aims to crack down on “serial returners.”

Retailers Crack Down on ‘Serial Returners’

New Jersey State

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Morristown Minute

NEW JERSEY - Attorney General Matthew J. Platkin and the Division of Consumer Affairs announced today that Walmart has agreed to pay $1.64 million to settle allegations of unlawful unit pricing practices across its 64 New Jersey retail stores. The settlement, which includes a $1.61 million civil penalty, marks the largest ever obtained by the Division’s Office of Weights and Measures (OWM).

Walmart Pays $1.64M Settlement for Unlawful Pricing in NJ

Clariti has secured $10 million in growth capital financing from CIBC Innovation Banking for its permitting and licensing software solutions for North American local governments. The company also recently received an investment of $18 million from Vistara Growth, according to a Wednesday (June 26) press release. Clariti will use the...

Clariti Secures $10 Million Financing for Government Permitting, Licensing Solutions

Amid news that the U.S. job market is cooling, first-time unemployment claims are up and 64% of Americans now live paycheck to paycheck, comes this finding: One-quarter of those Americans earning more than six figures a year work side hustles to generate extra income. But it’s not just high earners...

25% of High-Income Consumers Work Side Hustles

Maine State

Neiman Marcus reported a data breach that affected 64,472 customers. The incident occurred on April 14 and was discovered on May 24, the retailer said in a data breach notification filed with the Office of the Maine Attorney General. The company’s filing identified the incident as “external system breach (hacking).”...

Neiman Marcus Reports Data Breach Affecting 64,472 Customers

New York City, NY

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The e-Texan

New York – As Trump anticipates his sentencing on July 11th in the New York hush money case, Florida Judge Aileen Cannon made a ruling this Monday. Despite rejecting Trump’s legal team's request to dismiss several charges in the classified documents case, she conceded on a minor point. She removed a portion of the charges that referenced an uncharged allegation, but upheld the other charges.

Legal expert says Trump should not be jailed after New York guilty verdict because he is ‘too old’

Georgia State

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DeanLand

Georgia's population grew beyond the 11 million mark in 2023, reaching 11,029,227 residents according to new data from the U.S. Census Bureau. With a robust population increase of 2.9% from 2020 to 2023, 315,456 new residents arrived in the state. Georgia was the 10th fastest-growing state in the US by percentage during the reporting period.

Georgia's Population Surges Past 11 Million, Fueled by Migration

Newark, NJ

NEWARK, N.J. – Eight individuals associated with the "793 Bloods" street gang, a subset of the national Bloods gang, have been charged for their roles in a Newark-based drug trafficking organization, U.S. Attorney Philip R. Sellinger announced.

Eight '793 Bloods' Gang Members Charged in Newark Drug Network

Automated billing and payment solution provider FlexPoint launched a collaboration with cloud commerce marketplace Pax8. The partnership brings FlexPoint’s financial platform to the Pax8 Marketplace, according to a Thursday (June 27) press release. FlexPoint’s offerings are designed to streamline billing operations, enhance cash flow, and automate financial processes for...

FlexPoint Launches Automated Billing Partnership With Pax8

Anika Jindal

A subtle sign of low intelligence is an inability to understand or appreciate complexity. People with low intelligence may have difficulty understanding abstract concepts or thinking outside the box. They may also be more likely to believe simplistic explanations or conspiracy theories.

12 Subtle Signs Of Low Intelligence

Merchant steering, which is a practice where retailers offer discounts to consumers if they use certain payment methods, could be getting eclipsed by surcharges and tipflation. The PYMNTS Intelligence report “Credit Card Surcharges: How Cardholders React to Extra Costs” detailed the impact of merchant surcharges on cardholder satisfaction. It found...

Consumers Are Tired of Merchant Surcharges and Tipflation

The FinTech IPO Index climbed 2.2% this week as a spate of acquisitions dominated the headlines headed into the end of the second quarter. One of those acquisitions came from InsurTech provider Huize, which saw its stock top the $1 mark after a rocky Q2 in which its share price slipped below $0.57.

Acquisitions Dominate FinTech IPO Headlines as Index Climbs 2.2% for the Week

Citigroup’s head of risk data, analytics, reporting and tech Peter Cai has reportedly become the latest senior executive to leave the bank. Cai’s departure was announced internally on Tuesday (June 25) and a Citigroup spokesman confirmed the move Wednesday (June 26), Reuters reported Wednesday. The executive had recently...

Citi Head of Risk Data Peter Cai Leaves Bank

There’s a misperception about bankers and banking. That misperception is that money — in all its forms — is the most important asset. The reality is that customers are the most important asset, because if there are no customers there is no money. And financial services executives who understand the connection also understand the importance of technology as it serves those two assets: customers and their money.

What Core Banking’s 40-Year Evolution Says About What’s Next for Banking

The Securities and Exchange Commission (SEC) sued Consensys Friday (June 28), charging the blockchain and Web3 software company with engaging in the unregistered offer and sale of securities and with operating as an unregistered broker. These charges center on two services offered by Consensys Software: MetaMask Staking and MetaMask Swaps,...

SEC Charges Web3 Firm Consensys With Unregistered Sale of Securities

Western Union is bringing its “concept store” concept to Africa with a new outpost in Morocco. The money transfer service announced the store — its first on the continent — on Wednesday (June 26), saying it was part of Western Union’s “Evolve 2025” strategy for Africa and Morocco.

Western Union Grows Africa Retail Presence Via Morocco ‘Concept Store’

NewsBreak

BIS: Financial Sector Among ‘Most Exposed’ to AI Benefits, Risks

The financial sector is among the “most exposed” to both the benefits and the risks of artificial intelligence (AI), the Bank for International Settlements (BIS) said...

BIS: Financial Sector Among ‘Most Exposed’ to AI Benefits, Risks

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