Bitcoin: not worth much – except what someone else is willing to pay for it. Goldman Sachs’ withering assessment of bitcoin this week may be enough to take some wind out of the sails of those who have been looking for the marquee name in crypto to find its way...
United Airlines Announces Executive Staff Cuts
The “friendly skies� of United Airlines are not so friendly for employees facing layoffs as the pandemic has devastated the airline industry. United said it will reduce its staff of 67 officers by 13, CNBC reported on Friday (May 29). The officer-level executives work on the airline’s network, regional hubs and...
Bitcoin Daily: BitClave Settles SEC Charges By Agreeing To Return ICO Proceeds; Authentication Startup Magic Notches $4M In Funding
The U.S. Securities and Exchange Commission (SEC) unveiled charges against California-based blockchain services firm BitClave PTE Ltd. for allegedly holding an unregistered initial coin offering (ICO) of digital asset securities, according to a press release. The firm has agreed to settle the charges by giving back proceeds from the ICO...
Chicago Purchasing Managers Index Tumbles To 38-Year Low
The widely watched Chicago Purchasing Managers Index fell to 32.3 in May, hitting its lowest level since the recession year of 1982 as the COVID-19 pandemic slammed business confidence. Among the Index’s individual components, demand fell further after its largest drop ever during April. Meanwhile, the new orders component eased...
Uber Debuts $50 Hourly Ride Option In Select US Cities
Starting next month, ridesharing users in a dozen cities can opt in for a $50 an hour ride, Uber Technologies Inc. announced on Friday (May 29). Following a pilot program in Australia, Africa, Europe and the Middle East, this new feature is aimed at helping Americans with essential trips during...
Echo Look Will ‘No Longer Function’ Starting In July
After removing the camera from store shelves in December of last year, Amazon is sunsetting the Echo Look. Clients started to get messages yesterday noted that their units, as well as accompanying app, will “no longer function� starting in July of this year, as the functions of Echo Look move...
Mitch McConnell: ‘Final’ COVID-19 Relief Bill Coming In A Month
Senate Majority Leader Mitch McConnell said Congress will decide whether to pass another COVID-19 relief package soon. “We’re taking a careful look at a fourth and final bill,� the Kentucky Republican said on Friday (May 29), CNBC reported. “You could anticipate the decision being made on whether to go forward in...
Main Street’s Digital Shift, ATM Innovation, PPP Loans Top This Week’s News
It’s the end of the work week, and the PYMNTS Weekender is here to make sure you didn’t miss anything with the latest in payments and commerce news. We have deep dives on Main Street’s digital shift, ATM innovation and PPP loans. Top News The Flaw In Demonizing Big Tech...
Facebook Launches Venue As Live-Streaming Meets Post-Pandemic World
Facebook is introducing the world to Venue, an app designed to offer at-home users a digital second-screen experience at live events. Instead of livestreaming events directly, Venue was created as a platform that allows various expert hosts – journalists, athletes, social media personalities, etc. – to host digital venues connected to...
Survey: Despite Pandemic, 1 In 4 Americans Say Their Wallets Are Fatter
While the number of laid-off workers who filed for jobless benefits exceeded 40 million last week, 1 in 10 Americans say COVID-19 has boosted their budget, according to a new survey. CNBC reported a TD Ameritrade poll of more than 1,000 adults across the U.S. contacted between April 24 through...