In today’s top news, Tencent’s stock dropped 10 percent after President Trump banned WeChat, and Uber reported earnings rooted in delivery revenue. Plus, U.S. household debt declined for the first time since 2014.
Shares of Tencent Holdings Ltd., WeChat's parent company, fell as much as 10 percent Friday (Aug. 7) hours after the president prohibited Americans from using China’s popular social media app, erasing $35 billion from the internet giant’s market value.
Before Q2 2020, Uber was the innovator that launched a digitally backed ridesharing business with a side hustle in the world of delivery. Q2 has reversed that.
The steep decline in consumer spending resulted in less U.S. household debt for the first time since 2014. At the end of June, consumer debt balances sat at $14.27 trillion, a drop of 0.2 percent since March, according to the Federal Reserve Bank of New York.
The Federal Reserve Board on Thursday (Aug. 6) announced details of a 24/7 year-round interbank settlement service to accelerate the time it takes to process instant payments, with a clearing function to support instant payments in the U.S.
When foreign exchange rates fluctuate from the time a purchase is made until the time it settles and is reflected on the consumers statement, that buyer experience can quickly go south. Visa’s new policy to steady those rates, Senior Vice President and Global Head of Visa Direct Bill Sheley tells Karen Webster, will mean greater clarity for consumers and a much-needed competitive edge for issuers and merchants.
Fifty-seven percent of millennial investors want their dividends and payouts from those investments just like they want everything else: right now. In our latest Disbursements Tracker, Brian Bond, founder of Leverage Financial Advisory, tells PYMNTS how investment disbursements must change in order to attract and keep a younger generation of investors.
Luxury consignment platform The RealReal struggled in Q2 due to supply problems and other pandemic-related issues at its New York and Los Angeles locations. But CEO Julie Wainwright says she sees a positive outcome for 2020 as a whole.