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Apple Reportedly Still Seeking ‘Killer App’ for Vision Pro
Months after Apple debuted the iPad, the tablet had 20,000 apps. The company’s Vision Pro headset, now five months old, has a tenth of that figure. And that could be a problem for Apple as it expands sales of its “spatial computing” product into Europe, Ars Technica reported Friday (July 12), with the company still seeking a “killer app” to woo customers toward the $3,500 device.
AI’s Rise Helps Fuel Uptick in Tech Layoffs
Artificial intelligence (AI) is playing a role in recent tech sector job cuts. Layoffs in the tech industry for the year exceeded 100,000 as of July 12, Seeking Alpha (SA) reported Sunday (July 14), citing data from the tracker Layoffs.fyi. Among the most recent layoffs were at Intuit, maker of...
Corporate Bankruptcies Surge as Consumers Cut Back
U.S. corporate bankruptcies are at a level not seen since the early days of COVID. So far this year, there have been 346 business bankruptcy filings in the U.S., Seeking Alpha reported Saturday (July 13), citing S&P Global Market Intelligence data. Last month’s filings were at their highest level since...
OpenAI Whistleblowers: Company Barred Employees From Talking to Regulators
Whistleblowers have reportedly accused OpenAI of preventing employees from warning regulators about possible artificial intelligence (AI) risks. The whistleblowers say the AI company handed down overly restrictive agreements for employment, nondisclosure and severance, the Washington Post reported Sunday (July 14), citing a letter from those whistleblowers to the Securities and Exchange Commission (SEC).
Google Reportedly Eyeing $23 Billion Purchase of Wiz
Google is reportedly in talks to purchase cybersecurity startup Wiz for about $23 billion. That’s according to a Sunday (July 14) report by The Wall Street Journal (WSJ), which pointed out that this would be Google’s largest-ever acquisition. The tech giant is in advanced talks with Wiz and...
Report: Apple Accused of Abusing App Store Position in India
India’s antitrust watchdog says Apple abused its dominant place in the app store market. That’s according to a report Friday (July 12) by Reuters, citing a confidential report by the Competition Commission of India (CCI) which accuses Apple of engaging “in abusive conduct and practices” in the app store market.
Argentine FinTech Tapi Raises $22 Million Amid Expansion Into Mexico
Argentina-based payments processor Tapi has reportedly raised $22 million in new funding. The company will use the Series A funding to help fuel its expansion into Mexico, Co-Founder/CEO Tomas Mindlin said in a Bloomberg News interview Friday (July 12). According to the report, Tapi processes payments for large Latin American...
OpenPayd Launches Instant Payments on Brazil’s Pix Network
OpenPayd says its clients can now make transactions via Pix, Brazil’s real-time payment network. The new offering, announced by the embedded finance infrastructure provider last week, comes as Brazil is emerging as the world’s most digitally engaged countries, thanks in part to the popularity of Pix. “Pix was...
The Cyborg Shopper: Is It the Future or Just a Blip?
As a fringe group of consumers gets microchips implanted in their hands to make payments without using any external devices, time will prove whether these shoppers are early adopters or simply eccentrics. A TikTok video from last year with more than 10 million views, by a user who fittingly goes...
Partior Raises $60 Million to Expand Blockchain-Based Cross-Border Transaction Capabilities
Partior has raised $60 million in a Series B funding round to add new capabilities and more currencies to its global unified ledger-based interbank rails for real-time clearing and settlement. The company’s infrastructure is used by major banks in financial markets that include London, New York, Singapore, Frankfurt and Hong...
Delta Airlines Q2 Earnings: Business Travel Continues to Surge
Business travel at Delta Air Lines is surging, exceeding expectations with “mid-teens” growth, according to a Thursday (July 11) Q2 earnings transcript. Delta President Glen Hauenstein said during the call that Delta benefited from double-digit volume growth in this high-value segment with broad demand and growth across all sectors. He noted that the company’s premium tier continued to perform (10% year-over-year increase) admirably and helped differentiate the airline’s results.
Citigroup’s 3% Branded Card Spend Growth Driven by Higher FICO Consumers
Citigroup’s earnings results showed a bit of bifurcation in consumer spending, as higher credit scoring individuals continue to use their cards and lower FICO consumers are falling behind a bit amid evidence of budget tightening. The company’s earnings release indicates that spending on Citi’s cards was 3% higher than...
Nala Raises $40 Million to Expand Consumer Business Beyond Africa
Nala raised $40 million in a Series A funding round to expand its consumer business beyond Africa and to build its B2B payment platform for Africa. The new offerings will expand upon Nala’s app, which was launched in 2021 and now allows users in the United Kingdom, the United States and the European Union to send money to 11 African countries, Nala said in a Tuesday (July 9) blog post.
Expedia Launches Credit Cards to Complement Loyalty Program
Expedia Group said Friday (July 12) that it will launch two new co-branded credit cards designed to complement its loyalty program, One Key. The new cards — the One Key Card and the One Key+ Card — will result from the online travel platform’s new multiyear agreement with Wells Fargo and Mastercard, the companies said in a Friday press release.
FTC Warns Franchisors About Non-Disparagement Clauses, Undisclosed Fees
The Federal Trade Commission (FTC) warned franchisors Friday (July 12) that non-disparagement clauses and the imposition of previously undisclosed fees are against the law. The regulator highlighted these practices in a policy statement and a guidance released Friday, the FTC said in a press release. “Franchising is a chance for...
They Said That: Notable Quotables From the Week of July 8, 2024
PYMNTS reporters, analysts and writers do dozens of interviews every week to bring you the editorial package that is PYMNTS and PYMNTS Intelligence. While they all inform our coverage, some of them rise above the others in terms of candor and insight. With that spirit in mind here are our...
Malls Add EV Chargers to Woo Affluent Shoppers With Spare Time
Around the world, malls are adding new electric vehicle (EV) charging stations to attract the high-income shoppers who own them and to get them to spend more time on site. BP, for instance, announced Wednesday (July 10) that Simon Property Group, the largest mall owner and developer in the U.S., has partnered with BP Pulse to roll out ultra-fast EV charging stations at 75 of its shopping centers across the United States. The collaboration aims to install more than 900 ultra-fast charging bays, with the first ones set to be available in early 2026.
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