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EXCLUSIVE Visa’s chief financial officer expects to resolve fee row with Amazon
NEW YORK, Nov 19 (Reuters) – Visa (V.N) expects to resolve its credit card fee dispute with Amazon.com Inc (AMZN.O) in Britain and hopes to continue its co-branded credit card partnership with the e-commerce giant in the United States, its Chief Financial Officer told Reuters. Amazon said on Wednesday that it would stop taking payments from Visa credit cards in Britain from mid-January next year. “We’ve resolved these things in the past and I believe we’ll resolve them in the future,” Vasant Prabhu said in an interview on Friday, adding: “It is our expectation that there will be a resolution
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Reconceiving the global trade finance ecosystem
The need to improve the $5.2 trillion global trade finance ecosystem—which facilitates the movement of goods and services around the world—has been evident for some time. A recent Asian Development Bank study estimated that the gap in trade finance availability reached $1.7 trillion in 2020, representing 10 percent of global trade. Disruptions fueled by the COVID-19 pandemic are widely acknowledged to have exacerbated this shortfall, which is expected to persist absent proactive measures. These issues are particularly challenging for the
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The hidden ‘replication crisis’ of finance
It may sound like a low-budget Blade Runner rip-off, but over the past decade the scientific world has been gripped by a “replication crisis” — the findings of many seminal studies cannot be repeated, with huge implications. Is investing suffering from something similar? That is the incendiary argument of Campbell Harvey, professor of finance at Duke university. He reckons that at least half of the 400 supposedly market-beating strategies identified in top financial journals over the years are bogus. Worse, he worries that many fellow academics are in denial about this. “It’s a huge issue,” he
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Global Approaches for the Digital Age
Managing Technology in Finance: Global Approaches for the Digital Age Opening Remarks by Deputy Managing Director Bo Li November 10, 2021 Good morning. I hope you are all healthy and well. It is a great pleasure to welcome you to this highly topical panel discussion on “Managing Technology in Finance: Global Approaches for the Digital Age.” I am joined by a panel of eminent experts who will provide deeper insights into the issues. Technological change
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CORRECTING and REPLACING Upstart Announces Third Quarter 2021 Results
SAN MATEO, Calif., November 09, 2021–(BUSINESS WIRE)–In the table titled RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES, in the column labled Three Months Ended September 30, 2021, Adjusted EBITDA should be $59,139 (instead of $29,139). The updated release reads: UPSTART ANNOUNCES THIRD QUARTER 2021 RESULTS Upstart Holdings, Inc. (NASDAQ: UPST), a leading artificial intelligence (AI) lending platform, today announced financial results for its third quarter of the fiscal year 2021 ended September 30, 2021. Upstart will host a conference call and webcast at 1:30 p.m. Pacific Time today. An earnings presentation and link to the webcast are
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Inbank Unaudited Financial Results for Q3 and 9 Months 2021
In Q3 2021 Inbank earned a consolidated net profit of 3.7 million euros, increasing 153% year-on-year. The net profit in the first nine months of 2021 was 8 million euros, which is 92% more than the year before. The return on equity in Q3 was 21.5%. Inbank’s loan portfolio increased by 45% compared to Q3 2020 reaching 543 million euros. The deposit portfolio grew 66% and reached 599 million euros by the end of Q3. Total sales for Q3 was 135 million euros increasing 57% year-on-year. Growth was once again driven by the Polish business unit that contributed 62 million
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Nearly 1 in 3 adults get financial help from their parents post-Covid
Amid widespread job losses and sudden financial turmoil in 2020, many adults found a likely safety net: their parents. A year and a half later, nearly a third of millennials, between the ages of 25 and 40, still receive financial support from their parents, according to a new survey by personal finance site MagnifyMoney. From paying for their cell phone plan or covering auto insurance, 55% of parents with adult children said they provide financial support to their kids at least occasionally, the report found. MagnifyMoney polled more than 2,000 adults in September. During the pandemic, the number of
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Opinion: Robinhood might have actually democratized finance, but it’s killing Robinhood
As the company’s founders have told the public over and over again for the last few years, the ultimate goal of Robinhood HOOD, +0.08% has always been to “democratize finance.” That lofty goal created a company that attracted more than 30 million users at its height, forced the brokerage industry to adapt to its zero-commission business model, and allowed it to go public at a $32 billion valuation. By getting those untapped traders into ‘stonks,’ Robinhood might have actually democratized finance to some extent, but those traders kept educating themselves and that newly earned awareness may be killing Robinhood slowly.
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