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Federal Reserve Investigating AI’s Potential Impact on Jobs, Economy
The Federal Reserve is investigating possible effects generative artificial intelligence (AI) may have on productivity, inflation and the labor market, Fed Chair Jerome Powell said Tuesday (July 2). Speaking during a panel discussion at the European Central Bank’s Forum on Central Banking in Portugal, Powell said that the massive investments...
Walmart in Talks to Sell Medical Clinics Closed in April
Walmart has reportedly held talks with potential buyers of the medical clinics it closed in April. Health insurance companies have been among those potential buyers, but it is not clear if any talks are still ongoing, Reuters reported Tuesday (July 2), citing a paywalled article by Fortune. The retailer aims...
Report: AI Video Startup Runway Looking to Raise $450 Million
Artificial intelligence (AI)-powered video startup Runway is reportedly looking to raise $450 million at a valuation of $4 billion. The company is in talks with investors, Reuters reported Tuesday (July 2) based on a paywalled article by The Information that cited unnamed sources. Runway did not immediately reply to PYMNTS’...
FTC Says Vroom Agrees to $1 Million Settlement
Vroom, the online used car dealer that discontinued its eCommerce operations in January, has reportedly agreed to a proposed settlement that would include it paying $1 million that would be refunded to consumers. The Federal Trade Commission (FTC) said in a Tuesday (July 2) press release that Vroom agreed to...
Plaid Adds Products, Partnerships Aimed at Serving Enterprise Customers
Plaid has been rolling out new products and partnerships in recent months, offering additional resources to a broader range of customers, including enterprises. For example, the firm rolled out its new credit underwriting solution, Consumer Report, in early June, saying that it brings bank account-level data to client firms so that the data can be used in those firms’ models.
AI Evaluation Initiative Could Boost Commercial Adoption
Anthropic’s new funding program for advanced artificial intelligence (AI) evaluations could accelerate the adoption of AI across various commercial sectors, industry experts say. The AI company announced Tuesday it will fund third-party organizations to develop new methods for assessing AI capabilities and risks, addressing a critical gap in the...
Netflix Begins Previously Announced Phaseout of Cheapest Ad-Free Tier
Netflix reportedly began phasing out its cheapest ad-free tier for existing subscribers after saying in January that it planned to do so. Social media users in Canada and the United Kingdom have been posting that they received notifications from Netflix that the company’s Basic plan has been discontinued, and they must choose an ad-supported tier or a more expensive ad-free one, The Verge reported Tuesday (July 2).
Safe Ticketing Launches Resale Ticket Purchasing Platform in US
Safe Ticketing launched a resale ticket purchasing platform in the United States. The TicketX platform is new to the U.S. market but has a Japanese counterpart, TicketJam, that has been operating since 2017, according to the TicketX website. The new platform includes a website and app that allows customers to...
1 in 5 Retail Shoppers Is Influenced by Written Content
As consumers increasingly turn to digital content for shopping inspiration, articles are proving to be a relatively effective motivator for purchasing. “Generation Zillennial: How They Shop,” the new PYMNTS Intelligence special report, draws on a survey of more than 3,600 U.S. consumers to examine how purchasing behaviors differ across generations.
Mid-Market Retailers Innovate to Survive in a Tight Economy
As ongoing financial pressures make it harder for mid-market retailers to compete, without the scale of industry giants or the close customer connections of mom-and-pop shops, these merchants are forced to adapt if they do not want to go the way of, say, Sam Ash. Up Close and Personal. To...
Case Against Big Banks Overcharging on Corporate Bonds Revived
A lawsuit accusing 10 banking giants of overcharging investors on corporate bonds has been resurrected. The reason, as Reuters reported Tuesday (July 2), is because the 2nd U.S. Circuit Court of Appeals in Manhattan has overturned the trial judge’s earlier dismissal of the suit, saying the judge should have been recused as his wife held stock in one of the lenders.
CDK Says It’s Recovering From Hack Faster Than Expected
CDK Global has “substantially all” of its car dealership customers back online with their management systems, about two weeks after the company’s systems were taken down by hackers. The company had said Monday (July 1) that some of its systems could be down as late as the...
CFPB Finds Failures in Loan Collection and Medical Credit Cards
The companies collecting Americans’ student loans, auto loans and medical payments have some work to do. That’s according to a report issued Tuesday (July 2) by the Consumer Financial Protection Bureau (CFPB), which found numerous failures in student and auto loan servicing, deceptive and abusive debt collection practices, and complaints centered on credit cards offered by dental and medical practices.
Pa. Health System Geisinger’s 1 Million-Patient Data Breach Leads to Lawsuit
A patient affected by a “data security incident” involving Pennsylvania-based health system Geisinger has filed a class-action lawsuit against the company. Geisinger’s IT vendor, Microsoft-owned Nuance, determined that a former employee may have accessed the personal information of 1 million Geisinger patients, according to a June 24 press release.
Gap’s Promising Turnaround Efforts Suggest Blueprint for Legacy Apparel Retailers
Gap, a once-dominant force in American retail that has faced challenges in recent years, is undergoing a years-long effort to reclaim its position in a highly competitive market — a journey that serves as an indicator for how legacy apparel brands can hold their own in a rapidly evolving fashion industry.
Global AI Regulation Heats Up: France Targets Nvidia, California Proposes Safety Rules and US Senators Challenge FCC on Political Ads
Governments and regulators worldwide are scrambling to address the rapid rise of artificial intelligence (AI) technology. From France’s antitrust investigation into Nvidia to California’s new safety legislation and U.S. senators’ resistance to AI regulation in political ads, the global response highlights the complex struggle to balance innovation, competition, safety and free speech.
How Banks and Big Tech Use AI to Modernize Workflows
Unlocking operational leverage is the name of the game for today’s businesses. In the face of ongoing macroeconomic uncertainty, controlling for what is controllable while making the most of available resources is emerging as a way to capture growth. For instance, Amazon is equipping its finance teams with generative...
FleetUp and RoadFlex Create Integrated Fleet Expense Management Solution
FleetUp and RoadFlex have integrated their solutions to automate fleet expense management and fuel management, from data collection to reporting. Together, their fleet management solutions help fleet owners and administrators streamline their operations, the companies said in a Tuesday (July 2) press release. “By integrating our fleet management platform with...
Mashreq Launches API-Enabled Instant Payments for Corporate Clients in UAE
Mashreq has launched a new application programming interface (API)-enabled instant payment solution for its corporate and institutional clients in the United Arab Emirates (UAE). This new offering is integrated with the Central Bank of the UAE’s (CBUAE) Aani or Instant Payments Platform (IPP), facilitating low-value payments for corporates in real...
PrimeRx Intros Online Marketplace for Pharmacies
Pharmacy management solutions firm PrimeRx has debuted PrimeRx MARKET, an online marketplace for pharmacies. “Formerly known as Trxade, PrimeRx MARKET represents a significant expansion in PrimeRx’s commitment to enhancing the operational efficiency and cost-effectiveness of pharmacies nationwide,” the company said in a news release Tuesday (July 2). MARKET...
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