Crypto social media sites offering gated channels are gaining popularity — with a new version on Arbitrum taking off.
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Tag: breaking news
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BizToc
Video site Rumble has lashed out at the UK government for asking if it would stop Russell Brand earning money on the platform following the sexual assault allegations made against the comedian and actor. According to a statement on Rumble’s X/Twitter feed, the company received an “extremely…
#rumble #russellbrand #rumblesxtwitter #parliament #times #carolinedineage #commons #mrbrand #chrispavlovski #mrbrands
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A team of researchers have crunched the numbers to explain why you don’t see people hawking ugly cartoon apes on the internet as much anymore: NFTs, or non-fungible tokens, once vaunted as a revolution in crypto and digital art, are largely worthless. “Dead NFTs: The Evolving Landscape of the NFT…
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PinkPantheress says she’s “so excited” to hit the road with Olivia Rodrigo, championing the “Vampire” singer for helping to pave the way for young artists like herself. But while PinkPantheress was announced as an opening act for Rodrigo’s “GUTS World Tour” to much fanfare, the British singer and…
#pinkpantheress #oliviarodrigo #rodrigo #gutsworldtour #olivia #billboard #boses #quietcomfortultra #boysaliar #immersiveaudio
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Below is the statement the Fed released Wednesday after its policy meeting ended: Recent indicators suggest that economic activity has been expanding at a solid pace. Job gains have slowed in recent months but remain strong, and the unemployment rate has remained low. Inflation remains elevated.…
#treasury #jeromehpowell #johncwilliams #michaelsbarr #michellewbowman #lisadcook #austandgoolsbee #patrickharker #philipnjefferson #neelkashkari
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BJ's Wholesale Club shows rising price performance, earning an upgrade to its IBD Relative Strength Rating The post BJ's Wholesale Club Stock Gets A Bump With Rising Relative Strength appeared first on Investor's Business Daily.
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Apple and Goldman were planning stock-trading feature for iPhones until markets turned last year
As equities soared in 2020 and consumers flocked to trading apps like Robinhood, Apple and Goldman Sachs were working on an investing feature that would let consumers buy and sell stocks, according to three people familiar with the plans.
The project was shelved last year as the markets turned south, said the sources, who asked not to be named because they weren’t authorized to speak on the matter.
The effort, which has not been previously reported, would have added to Apple’s suite of financial products powered by Goldman. Apple first teamed up with the Wall Street bank to offer a credit card in 2019, and then added buy now, pay later (BNPL) loans and a high-yield savings account. The company said last month that the savings account offering had climbed past $10 billion in user deposits.
Representatives for Apple and Goldman declined to comment.
Apple CEO Tim Cook holds a new iPhone 15 Pro during the ‘Wonderlust’ event at the company’s headquarters in Cupertino, California, U.S. September 12, 2023.
Loren Elliott | Reuters
Apple was working on the investing feature at a time of zero interest rates during Covid, when consumers were stuck at home and spending more of their time and their record savings in trading shares, including meme stocks like GameStop and AMC, from their smartphones.
Apple’s conversations with Goldman began during that hype cycle in 2020, two sources said. Their work progressed, and an Apple investing feature was meant to roll out in 2022. One hypothetical use case pitched by executives involved the ability for iPhone users with extra cash to put money into Apple shares, one person said.
But as markets were roiled by higher rates and soaring inflation, the Apple team feared user backlash if people lost money in the stock market with the assistance of an Apple product, the sources said. That’s when the iPhone maker and Goldman switched directions and pushed the plan to launch savings accounts, which benefit from higher rates.
The status of the stock-trading project is unclear after Goldman CEO David Solomon bowed to internal and external pressure and decided to retrench from nearly all of the bank’s consumer efforts. One source said the infrastructure for an investing feature is mostly built and ready to go should Apple eventually decide to move forward with it.
The Apple Card launched with much fanfare three years ago, but the business brought regulatory heat and racked up losses as its user base expanded. Earlier this year, Goldman rolled out a high-interest savings account for Apple Card users, offering a 4.15% annual percentage yield.
Goldman was also central to Apple’s BNPL offering. The product, called Apple Pay Later, can be used for purchases of $50 to $100 “at most websites and apps that accept Apple Pay,” according to the support page. Borrowers can split a purchase into four payments over six weeks without incurring interest or fees.
Before Goldman’s pivot away from retail banking, the company examined ways to expand its partnership with Apple, sources said. More recently, Goldman was in discussions to offload both its card and savings account to American Express.
Had plans for the trading app progressed, Apple would have entered a market with stiff competition, featuring the likes of Robinhood, SoFi and Block’s Square, along with traditional brokerage firms such as Charles Schwab and Morgan Stanley’s E-Trade.
Stock trading has become another way for financial firms to keep customers and drive engagement on their platforms. Apple was pursuing the same approach, one source said. It’s a move that could capture the interest of regulators, who have scrutinized Apple for its App Store practices. Robinhood has also been grilled by regulators for what they described as “gamifying” markets.
Other tech companies have been pushing into the space. Elon Musk’s X, formerly known as Twitter, is working on a way to let users buy stocks and cryptocurrencies through a partnership with eToro. PayPal had plans to launch stock trading after hiring a key industry executive in 2021. But the company abandoned those plans, and said on an earnings call that it would cut spending and refocus on its core e-commerce business.
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BizToc
US stock futures rose Wednesday morning as Wall Street awaits the Federal Reserve’s latest policy decision. Stocks declined Tuesday, and the 10-year Treasury yield rose to 4.37%, its highest level since October 2007, as investors worried the central bank will keep rates higher for longer. Oil…
#federalreserves #treasury #censusbureau #unitedautoworkers #stellantis #generalmotors #ford #jeromepowell #federalreserve #cmefedwatchtool
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The season premiere of The Walking Dead: Daryl Dixon left me cold. I didn’t like it at all, other than the cool new setting (however implausible) and Norman Reedus, who is always compelling as Daryl in his gruff, shaggy way. This week was better in almost every single way. Maybe I just had to…
#daryldixon #normanreedus #atlantic #walkingdeadi #twd #eiffeltower #adamnagaitis #walkingdead #laurent #laurentandsylvie
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Chris Evans is opening up about the critical panning of the Apple action comedy Ghosted and how his busy 2021 impacted his relationship and marriage to Alba Baptista. The man behind Captain America spoke to GQ about his 20-year journey in Hollywood, entering and leaving the MCU and how he’s…
#chrisevans #apple #ghosted #albabaptista #captainamerica #hollywood #mcu #hollywoodreporter #avengers #redone
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The dollar has continued to climb strongly over recent weeks. However, Bitcoin is also rallying. Will Bitcoin pull away now? DXY rises – Bitcoin rises With interest rates at possibly their highest point in the U.S., the dollar has been the cleanest shirt in the dirty laundry basket of the rest of…
#willbitcoin #dxy #bitcoin #jamesvstratton #jamesvstraten #jimmyvs24 #fomc #federalreserve #jeromepowell
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Israel’s prime minister, Benjamin Netanyahu, urged Elon Musk to address the proliferation of antisemitism on the billionaire’s social media platform X. In an in-person meeting in California on Monday, Netanyahu said he hoped Musk would find ways within the confines of the first amendment to clamp…
#israel #benjaminnetanyahu #elonmusk #twitter #israeli #antidefamationleague #adl #jewish #jonathangreenblatt #nazis
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Chinese developers Sunac (1918.HK) and Country Garden (2007.HK) brought some relief to the crisis-hit property sector by forging debt deals with creditors, but the outlook remained clouded by uncertainty about a recovery in home sales. Shares in Sunac China Holdings surged as much as 14% on…
#countrygarden #sunacchinaholdings #beijing #sunac #hongkong #garyng #chinaevergrandegroup #anz #bettywang
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Alibaba reportedly told Turkey’s president it plans to invest $2 billion in the country. Alibaba President Michael Evans made the remarks in a meeting with Turkish Head of State Tayyip Erdogan, Reuters reported Monday (Sept. 18). It is not clear when the investment would be made. Evans also said…
#turkey #alibaba #michaelevans #turkish #tayyiperdogan #trendyol #ankara #istanbulairport #tmall #michaelbilotta
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BizToc
Since Federal Reserve officials last met in July, the economy has moved in the direction they hoped to see: Inflation continues to ease, if more slowly than most Americans would like, while growth remains solid and the job market cools. When they meet again this week, the policymakers are likely…
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