UK set to announce new ‘Buy Now, Pay Later’ rules
26Jul Avatar photoBy William MitchellNo Comments
Business

UK set to announce new ‘Buy Now, Pay Later’ rules

Related media - Latest news The UK government is set to introduce new regulations for the buy now, pay later (BNPL) sector, which includes companies such as Klarna and Afterpay, after several delays. A Treasury Department representative confirmed that updated regulatory plans will be revealed soon, following comments made by Tulip Siddiq, the newly appointed economic secretary of the Treasury. Siddiq stressed the importance of these regulations in protecting consumers and providing certainty to the industry. The government’s push for regulation follows the findings of a 2021 review by former Financial Conduct Authority (FCA) chief Christopher Woolard, which found that more than 10% of BNPL users were in arrears. BNPL services, which allow consumers to make purchases and pay off debt ...
Read More
Ford Reports Significant Revenue Drop Due to Warranty Issues
26Jul Avatar photoBy William MitchellNo Comments
News

Ford Reports Significant Revenue Drop Due to Warranty Issues

More news - Latest news DETROIT — Ford Motor Company fell significantly short of Wall Street expectations for second-quarter earnings, despite beating revenue forecasts, as long-running warranty issues plague the automaker. Here's how the company performed against analyst estimates reviewed by LSEG: Earnings per share: 47 cents adjusted vs. 68 cents adjusted expected Automotive revenue: $44.81 billion vs. $44.02 billion forecast Ford shares are up about 15% this year as prices in the auto sector have remained more resilient than expected. However, as the industry-wide shift to electric vehicles proceeds more slowly than expected, the automaker has adjusted its production plans, focusing less on fully electric vehicles and more on hybrids. Most recently, Ford announced last week tha...
Read More
76ers sign Paul George, secure Maxey extension, set championship aspirations
26Jul Avatar photoBy William MitchellNo Comments
Sports

76ers sign Paul George, secure Maxey extension, set championship aspirations

More news - Breaking news PHILADELPHIA — Tyrese Maxey was patient. Despite the uncertainty, he waited, and now the Philadelphia 76ers have rewarded him handsomely. A year ago, the 76ers asked Maxey to delay signing a contract extension, promising that it would be worth it. At the time, Maxey was not yet an All-Star and had not scored 50 points in a game. The delay allowed the team to effectively manage the salary cap, entering free agency with about $65 million to spend. This strategic move paid off when the 76ers acquired Paul George from the Los Angeles Clippers on a four-year, $212 million deal. Maxey, the NBA’s Most Improved Player, also received his due: a five-year, $204 million extension. With these signings, the 76ers have committed more than $400 million to two players they ...
Read More
Stocks with Big After-Hours Moves: Alphabet, Tesla, Visa and More
25Jul Avatar photoBy William MitchellNo Comments
Business

Stocks with Big After-Hours Moves: Alphabet, Tesla, Visa and More

Related media - News 24 hours Here are the companies making headlines in after-hours trading: Alphabet — The tech giant slipped 1% despite reporting declines in both revenue and profit for the second quarter. Alphabet earned $1.89 a share on $84.74 billion in revenue. Consensus estimates called for earnings of $1.84 a share on $84.19 billion in revenue. However, its YouTube advertising revenue missed forecasts. Tesla — Shares of the electric vehicle maker fell 4.7% after second-quarter earnings missed consensus estimates. Tesla reported adjusted earnings per share of 52 cents, while analysts polled by LSEG had expected 62 cents per share. On the bright side, the company reported $25.5 billion in quarterly revenue, slightly above Wall Street’s estimate of $24.77 billion. Visa — Shares...
Read More
Tesla’s margins suffer from EV discounts and heavy AI spending
25Jul Avatar photoBy William MitchellNo Comments
News

Tesla’s margins suffer from EV discounts and heavy AI spending

More news - News 24 hours BEVERLY HILLS, CALIFORNIA — At the Milken Institute Global Conference, Elon Musk, co-founder of Tesla and SpaceX and owner of X Holdings Corp., spoke about the current challenges Tesla is facing. As Musk continues to make ambitious promises about Tesla’s future in autonomous driving and robotics, investors are seeing a steady decline in profit margins. Tesla missed Wall Street estimates for second-quarter earnings, reporting a decline in its adjusted operating margin to 14.4%, the lowest in three years, down from 18.7% a year earlier. That marked the fourth consecutive quarter of decline. The company reported net income of $1.48 billion on revenue of $25.5 billion, including $890 million in regulatory credits. Tesla is getting hit on both sides. Spending is ...
Read More
Wiz Cancels $23B Google Acquisition, Plans IPO Instead
24Jul Avatar photoBy William MitchellNo Comments
News

Wiz Cancels $23B Google Acquisition, Plans IPO Instead

Related media - Recent news Wiz has decided to forgo a $23 billion acquisition by Google, a deal that would have marked Google’s largest acquisition to date. Instead, the cloud security startup will pursue an initial public offering (IPO) as originally planned, according to an internal memo from co-founder Assaf Rappaport. “Turning down offers like this is a challenge,” Rappaport noted in his message to employees, obtained by CNBC. He emphasized the company’s focus on reaching its next milestones: an IPO and reaching $1 billion in annual recurring revenue, milestones that had been in sight well before the acquisition talks began. The acquisition would nearly double Wiz’s valuation from its last funding round, which was $12 billion. Founded in 2020, Wiz has grown rapidly unde...
Read More