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Tencent Cloud and PlaysOut Partner on Embedded Services for Super Apps
Tencent Cloud and PlaysOut have unveiled a collaboration on embedded services for super apps. PlaysOut, a global gaming technology company, will leverage the Tencent Cloud Mini Program Platform (TCMPP) to lead the development of content ecosystems for global super apps, the companies said in a Monday (July 15) press release.
Big Bank Earnings Show Mixed Signals on Consumer Credit Health
Get enough data points in place, and you have a trend. As bank earnings have started to roll in — thus far, from JPMorgan, Wells Fargo and Citigroup — management commentary and earnings supplementals reveal a bit of a mixed picture on spending and credit trends. The headline...
Salesforce Cuts 300 Jobs in Year’s Second Round of Layoffs
Salesforce reportedly cut about 300 jobs in July after eliminating 700 roles earlier this year. The latest cuts are part of the company’s ongoing effort to streamline its operations, Bloomberg reported Monday (July 15), citing an unnamed source. Without specifying the number of layoffs, a Salesforce spokesperson told Bloomberg:...
China’s AI Surge Could Impact the Global Business Landscape, Experts Say
Chinese companies are racing ahead in adopting generative artificial intelligence (AI), a technological leap that experts say could upend global commerce and give China a critical edge. This significant lead, coupled with China’s dominance in AI patent filings and strong government support, could reshape global market dynamics and give Chinese...
China’s Economic Growth Shows Surprise Slowdown
Economic growth in China reportedly fell to its slowest pace in five quarters. The surprise slowdown came as a decline in consumer spending hamstrung an increase in exports, Bloomberg reported Monday (July 15). Gross domestic product grew 4.7% year over year in the second quarter, lower than all but one...
Macy’s SVP Says Winning Back Customers Brand’s Top Priority
For Macy’s Senior Vice President, Customer Journey, Bennett Fox-Glassman, personalization boils down to two things. “Customers don’t come up and ask for personalization,” Fox-Glassman said at The Lead Summit in New York City. “They’re asking for relevance, know me better. Personalization, to me, is context and relevance.”
What We’ve Learned Tracking the 100 Connected Economy Leaders Since 2022
The Connected Economy (CE) 100 Stock Index was launched in February 2022. It was introduced as an equity index of 100 publicly traded companies across 11 categories, aiming to track the digital transformation and the growth of the connected economy. At the time, though we were emerging from the pandemic,...
OCN Raises $86 Million to Expand Gig Worker Platform
OCN, a gig worker-focused FinTech formerly called OneCarNow, raised $86 million in equity and debt in a Series A funding round. The firm, based in Mexico, will use the new funding to fuel its expansion across the Americas and globally, OCN said in a Monday (July 15) press release emailed to PYMNTS.
Fashion Brands Drop Virtual Goods to Drive Omnichannel Engagement
From the metaverse to video game worlds, fashion companies are releasing digital clothing and accessories to create new sales opportunities and get consumers to engage more with their brands. Vans, for instance, is expanding its presence within online game platform and game creation system Roblox. The footwear and fashion brand...
Lloyds Reportedly Puts Brakes on Staff Travel
Lloyds is reportedly telling staff to reduce their use of taxis and business class flights. It’s part of the British banking giant’s attempt to cut costs amid a $5 billion strategic overhaul, the Financial Times (FT) reported Monday (July 15). To that end, Lloyds is making a “few...
Gen Z Consumers 117% Likelier to Shop From Influencers
As social commerce comes to occupy a growing role in retail overall, Generation Z consumers are the most likely to seek shopping inspiration from influencers. The PYMNTS Intelligence special report “Generation Zillennial: How They Shop” is based on responses from more than 3,600 U.S. consumers, seeking to understand how shopping habits differ across generations.
Boutique Investment Bank Ardea Reportedly Eyes UK Expansion
Boutique investment bank Ardea Partners is reportedly planning to expand in the U.K. As the Financial Times (FT) reported Monday (July 15), the New York-based Ardea is growing its London office with the recent hiring of Sir Ian Cheshire, who is chair of broadcaster Channel 4 and property group Land Securities, as a senior adviser.
C3 Debuts AI-Powered Application for Government Programs
Artificial intelligence software company C3 AI has a new application designed for government agencies. C3 Generative AI for Government Programs uses generative AI to help federal, state and local governments inform the public about a variety of programs, according to a Monday (July 15) press release. “Understanding and accessing vital...
Macy’s Board Ends Acquisition Talks With Arkhouse, Brigade
The Macy’s board of directors has unanimously decided to end acquisition talks with Arkhouse Management and Brigade Capital Management. The decision follows more than seven months of engagement that included a due diligence process, Macy’s said in a Monday (July 15) press release. “At this time, after careful...
UK Regulators Investigating Benefits, Risks of Digital Wallets
Two United Kingdom regulators have begun gathering information on the benefits and risks of digital wallets for people and businesses. The Payment Systems Regulator (PSR) and Financial Conduct Authority (FCA) launched a joint call for information “from a wide range of stakeholders,” according to a Monday (July 15) press release.
Finance Platform OneStream Aims to Raise $465.5 Million in IPO
OneStream is attempting to raise $465.5 million in an initial public offering (IPO). The cloud-based enterprise finance platform revealed its plans in a filing with the Securities and Exchange Commission Monday (July 15). OneStream and its shareholders — including investment group KKR — are offering 24.5 million shares for $17 to $19 each.
AI Gets Positive Prognosis for Health Insurance Industry
Artificial intelligence (AI) is set to change the health insurance industry, potentially slashing costs and boosting revenues for payers grappling with economic pressures. As insurers face rising medical service utilization and provider costs and tightening Medicare Advantage reimbursements, AI and automation technologies offer a possible solution to improve efficiency and profitability.
Goldman’s Card Balances Up 11% as Management Is ‘Pleased’ With Credit Performance
Goldman Sachs’ GreenSky sale is in the rearview mirror and its pivot from Main Street banking is ongoing. Its latest earnings results, released Monday (July 15), show that “substantially all” of the Marcus loans were sold a year ago. As PYMNTS reported earlier this year, independent digital...
Transend and Midland States Bank Partner on Working Capital Solution
Transend and Midland States Bank have partnered to help suppliers offer their commercial customers instant access to working capital at the point of commerce. The companies will offer these dynamic payment solutions by leveraging Transend’s B2B private-label working capital solution, they said in a Monday (July 15) press release.
Report: Stripe Valued at $70 Billion Amid Possible Sequoia Deal
The valuation of payments processing platform Stripe reportedly reached $70 billion. Sequoia Capital is offering to buy shares from investors that want to cash out, Bloomberg reported Monday (July 15), citing unnamed sources. The venture capital firm is offering $27.51 for Stripe shares and will purchase up to $861 million in shares.
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