Tag Archives: Business News

The S&P 500 is the most widely used stock market index as it takes into account 500 of the largest stocks by market capitalization. This position atop other indexes has remained constant for a long time, probably because the index captures the big stocks without taking the specific sectors into consideration.Back in July, the S&P 500 hit its all-time high of about 3,025 and even though its currently not too far from that mark (at 2,992), Fundstrat’s co-founder and managing director,...

Recently, people familiar with the matter, shared information that OneConnect, which is the fintech and blockchain unit of the Chinese insurance giant Ping An, is planning to debut in New York with an IPO. The company plans to launch the IPO in mid-November this year. Also, Japan’s SoftBank Corp. is one of the largest investors in the company.Previously, the company had marked the listing venue in Hong Kong. However, a few months ago, it changed it to New York in order to achieve a more...

Payments giant Stripe announced they will be raising $250 million in funding at a pre-money valuation of $35 billion. This happened only a week after they launched some new services and now, the money they want to raise, they want to use for growing on the international level (that includes adding more new payment products and even start working with larger companies).More importantly, proud to now be working with Airbnb, Wayfair, GitHub, Twilio and The Real Real!Lots more in the works. The...

The conspicuous absence of even a single bank as a founding member of Facebook’s cryptocurrency project was never “intentional," according to the co-creator of  Libra, David Marcus. Facebook, he said, would love to have banks involved. No banks in Libra Association? No worries In an interview with Swiss newspaper Neue Zurcher Zeitung, Marcus revealed that banks were put off by the lack of regulatory clarity. This could change when new members are inducted: "First of all, financial...

Bitcoin bull Jack Dorsey is bolstering Square's crypto business with a string of new hires. | Credit: AP/Francois Mori As if Facebook's Libra doesn't have enough trouble, they just lost a developer to a rising crypto star. Square Crypto has poached a trio of blockchain developers from across the tech industry including Lightning Labs, Facebook's Libra, and Google....

Patrick Byrne, Overstock's former CEO, is cashing out of the company he built. | Image: AP Photo/Steve C. Wilson Ousted former CEO of Overstock, Patrick Byrne, revealed via a regulatory filing on Wednesday that he offloaded his entire holdings in the internet retailer he's been at the helm for since 1999. Byrne liquidated his entire holdings. | Source:...

The second major smartphone maker Huawei seems to be in troubles. Even though they tried to convince Google to let them continue operating on their new Androids, Mate 30 Pro and Mate 30, they haven’t succeeded. At the beginning of the month, as we have already reported, the company announced the launch date for its new smartphones. And last week we witnessed a lot of video teasers regarding new models, Google seemed to stay implacable regarding to its politics. This definitely seems to be a...

The Microsoft Corporation (MSFT) has announced interesting plans to buy back up to $40 billion in stock and to also raise the dividends payable to shareholders by up to 11%. This new buyback plan, as well as the plans to increase quarterly dividends, could see shareholders receiving up to 51 cents per share.This is definitely not the first time that Microsoft has undergone a large buyback plan as its board did authorize two before now, with the first in 2013 and the previous one in 2016....

Open banking fintech company Deposit Solutions received its latest financing round of just over €40m involving Deutsche Bank. Part-owner and German Venture Capital firm Finlab revealed this in a statement on Wednesday. As part of the financing round, the shares of the Fintech startup were revalued according to the International Financial Reporting Standards (IFRS) and the company is now said to be worth about €1 Billion.Last year, the startup also received a financing round of €100 million...

U.K based fund transfer service, TrasnferWise Ltd, has announced that in its last fiscal year, the company’s revenues recorded growth by more than 50%. TransferWise which is fully backed by Sir Richard Branson as well as Peter Thiel’s Valar Ventures, had its fiscal year-end on the 19th of March, which confirms the company’s three-year consecutive profit streak.TransferWise successfully pulled in 179 million pounds (about $223 million) in revenue which is an increase of more than half of the...