Welcome to the Five at Five, your late look at the payments and commerce news of the day. Stories include Southeast Asia ride-hailing service Grab on the verge of a huge investment, Huawei knocking off Apple in smartphones, Royal Bank of Scotland getting a reprieve, Shopify shares falling amid a slowdown and solid private sector jobs growth in July.
The new ride-hailing service, which acquired Uber’s Southeast Asia services in June, is about to announce that it scored a massive $1 billion in financing, according to a new report. That same month, Toyota also announced that it would buy a stake in the company for $1 billion.
The smartphone maker has taken over as the global runner-up to Samsung in smartphone sales, knocking the iconic iPhone maker down to third, according to a new report by International Data Corp. Smartphone makers shipped 342 million smartphone units during the second quarter, a 1.8 percent decrease from the year-ago quarter.
The U.K. Financial Conduct Authority decided not to take action against the Royal Bank of Scotland, following allegations that small business customers were mistreated by its Global Restructuring Group. The decision was widely panned by lawmakers, however, Andrew Bailey, chief executive of the FCA, said the agency’s hands were tied.
The eCommerce firm, which helps small, independent retailers compete with eCommerce giants like Amazon and major department store chains, reported only 56 percent in gross merchandise volume during the second quarter, compared with 64 percent during the first. The numbers fueled investor concerns that Adobe is eating into Shopify’s market share following Adobe’s acquisition of Magento in May for $1.68 billion.
ADP and Moody’s Analytics reported that private payrolls surged by 219,000 positions during the month of July in the U.S., beating estimates of 185,000. The report showed broad-based gains, save for verticals that might be impacted by structural changes, such as online information services and retail.