Author: News Room

Bank customers used Zelle to transfer $806 billion in 2.9 billion payments last year, up 28% in both dollar value and transaction volume from 2022, as use of the payment app by small businesses spread. Zelle was launched by the big banks in 2017 to compete with peer-to-peer payment services such as PayPal’s PYPL Venmo and Block’s CashApp and now allow payments between 2,100 banks and credit unions covering more than 80% of U.S. deposit accounts. It is operated by Early Warning Services, a fintech co-owned by JPMorgan Chase JPM (the nation’s largest bank), Bank of America BAC , Capital…

A terrifying plunge on a Latam Airlines Boeing 787 Dreamliner flight earlier this week might have been caused by a mistake made in the cockpit, and not any flaw in the Boeing jet, according to a report in The Wall Street Journal. The Journal report, which cites unnamed US industry officials briefed on preliminary evidence from an investigation of the incident, said that a flight attendant may have mistakenly hit a switch on the pilot’s seat while serving a meal, leading a motorized feature to push the pilot into the controls and push down the plane’s nose. The pilot eventually…

Check out the companies making headlines before the bell. Under Armour — Shares dropped 5.3% on news that founder Kevin Plank is returning as chief executive to the sportswear company. Plank’s return is a clear signal that UAA’s strategy is not working, Evercore ISI said, downgrading shares to underperform from in line. Robinhood — The financial services platform said Thursday that its equity trading volumes in February rose by 41% from a year ago, leading shares to climb nearly 12%. Dollar General — The discount retailer popped 5.8% on the back of a stronger-than-expected earnings report for the fourth quarter. Dollar…

OKX, a leading cryptocurrency exchange, has introduced a new initiative called OKX Jumpstart Mining. It has allowed users to mine ZK tokens from Polyhedra Network starting today. This project allows eligible users to stake Bitcoin ($BTC) or Ethereum ($ETH) and receive ZK tokens. OKX Jumpstart Mining offers 6,000,000 ZK tokens to cryptocurrency fans who want to diversify their holdings and work on new blockchain projects. OKX App Introduces Easy Access to Jumpstart Mining for BTC and ETH Holders OKX Jumpstart Mining shows that the exchange wants to offer users new, high-quality blockchain projects. OKX Jumpstart Mining users who stake BTC…

Wholesale prices accelerated at a faster-than-expected pace in February, another reminder that inflation remains a troublesome issue for the U.S. economy.The producer price index, which measures pipeline costs for raw, intermediate and finished goods, jumped 0.6% on the month, the Labor Department’s Bureau of Labor Statistics reported Thursday. That was higher than the 0.3% forecast from Dow Jones and comes after a 0.3% increase in January.Excluding food and energy, the core PPI accelerated by 0.3%, compared with the estimate for a 0.2% increase. Another measure that also excludes trade services rose 0.4%, compared with the 0.6% gain in January, and…

The Supreme Court on Friday denied a request by a Texas college student group to host a drag show on campus, siding with the school’s decision to prohibit the performance. Spectrum WT and two student leaders of the LGBTQ group filed an emergency petition with the high court asking that it be allowed to put on the show at West Texas A&M University. The ban, the group claims, violates the First Amendment. The brief order by the Supreme Court on Friday doesn’t resolve the issue but means the group will not be able to put on the performance while the litigation continues.…

Topline Former Vice President Mike Pence told Fox News on Friday he won’t be endorsing former President Donald Trump, the latest jab Pence has taken at Trump following months of public feuds between the two. Key Facts Pence said he can’t in “good conscience endorse Donald Trump” during an interview with Fox News. The ex-vice president said Trump is pursuing an agenda “that is at odds with the conservative agenda that we governed on during our four years.” Pence’s comments should come as little surprise, as he told reporters last year those who put themselves above the Constitution “should never…

Mexico has overtaken China as the top exporter to the U.S. In 2023, according to U.S. Commerce Department, U.S. imports from Mexico hit $475 bln in value, while imports from China were $427 bln. Imports from Mexico rose 5% YoY, and imports from China fell 20%. The U.S. goods and services trade deficit with Mexico was $131.1 bln in 2022, according to USTR. In the face of U.S. regulatory hostility and unreliable Chinese policies, exporters are spreading their bets. A lot of Mexican exports are by Chinese companies. Facing a suspicious U.S. bureaucracy, many Chinese companies have increasingly been investing…

I was recently asked what I look for in the founders I back? A heuristic I find particularly valuable is asking myself: in another world, would I work for this founder? In this post, I hope to help you to not only make better investment decisions, but also better startup employment ones too. Let’s discuss three specific questions I find valuable. 1. The Visionary Impact: How Inspired Am I By The Founder’s Vision? A founder’s vision is a startup’s north star, and compels investors, employees and clients to believe in the impossible – and strive to make it a reality.…

Unemployment in the U.S. has risen over the past year. However, it has increased at a moderate pace, fueling expectation of a so-called soft landing for the U.S. economy. That may be changing. If unemployment rises over the coming months by a relatively small margin, then indicators such as the Sahm rule have the potential to predict a near-term recession. That would mirror the verdict of the inverted yield curve which has suggested a U.S. recession is more likely than not for the past 2 years. The Sahm Rule The Sahm rule forecasts recessions based on a 0.5% rise in…