google
Forget Credit Cards, Google’s Looking to Open Its Own Current Accounts

This year saw plenty of tech giants dabble in finance. Apple released its credit card, Facebook just launched Facebook Pay and is trying to get its Libra cryptocurrency off the ground, and now Google is reportedly mulling offering a financial product of its own – current accounts. Read More >>

apple
Steve Wozniak Points to Apple Card Gender Discrimination on Twitter, Regulators Investigating

This weekend, with astonishing speed, a viral Twitter thread prompted a New York State investigation into alleged gender discrimination by the Apple Card and its banking partner Goldman Sachs. On Thursday, Basecamp CTO and Ruby on Rails creator David Heinemeier Hansson called bullshit on the Apple Card’s alleged decision to award him “20x” the credit limit of his wife, despite the fact that they file joint tax returns and that her credit score is higher. Goldman Sachs offered somewhat thin gruel in its justifications for determining credit worthiness but emphasised that it looks forward to allowing customers to “share their Apple Card with other members of their families” – which I can only interpret to mean “wives.” Read More >>

uber
Surprising No One, Uber Continues to Haemorrhage Cash

Beleaguered ride-sharing giant Uber continued to torch cash like an outdated Joker reference in Q3 2019, but it claims that the news is positive because parts of its business would technically be profitable if one looked past all the ways it’s losing money. Read More >>

crypto
Sounds Like Things Aren’t Going Well for Facebook’s Libra Cryptocurrency Scheme

There’s been no shortage of official opposition to Facebook and dozens of corporate partners’ plans to launch a cryptocurrency powered global payment network, Libra. A short list of the wary might include the heads of the U.S. Federal Reserve and Treasury Department, the House and Senate banking committees, EU antitrust officials, Indian and Chinese finance officials, and the French government, which vowed to stop it in its tracks across Europe. Read More >>

software
How the Invention of Spreadsheet Software Unleashed Wall Street on the World

In 2010, a pair of researchers published a controversial economics paper. It was cited by British MPs to justify austerity measures that sparked economic and employment crises, and anti-austerity protests—measures that the UN later called “punitive, mean-spirited, and often callous” inflicting “great misery.” In 2013, however, this widely influential paper was found to have been substantially off in its estimates, thanks in part to a simple spreadsheet error: specifically, “a few rows left out of an equation to average the values in a column,” the Guardian wrote at the time. Read More >>

apple
You’ll Probably Get Approved for an Apple Card – but Be Wary

Wondering if you’ll get approved for the Apple Card? Turns out you probably don’t have to. Goldman Sachs, the bank issuing the card, is reportedly approving applications from subprime applicants, according to CNBC. Read More >>

facebook
Facebook’s Libra Project is Getting Hammered From All Sides

Facebook’s already-troubled Libra cryptocurrency project, which has already run into significant opposition among the U.S. House Committee on Financial Services and the Senate Banking Committee, is running headlong into further resistance from regulators. Read More >>

finance
Uber, Down £11 Billion Since Friday, May Drop Even Further

Outpacing the New York Stock Exchange’s losses on another rocky day of trading, Uber’s disappointing IPO is becoming disastrous, falling an additional 10.8 per cent in its second day as a public company. Read More >>

apple
Apple Q2 2019 Earnings Show iPhone Business Stalling, But Services Expanding at Rapid Pace

Everyone has a theory: Maybe it’s that iPhones are too expensive. Maybe it’s that Apple’s quality control seems weaker, or that they’ve alienated consumers by removing consumer-friendly features like the headphone jack. Maybe it’s that iPhones keep getting more and more expensive at a time when consumers have realised the price premium isn’t worth it in an age of excellent mid-range phones, or just that consumers are upgrading less often. Maybe it’s all of these, or something else entirely. Read More >>

security
Programmer at Chinese Bank Jailed After Reportedly Finding a Secret Way to Withdraw £796,000

A software chief of a Chinese bank reportedly found a loophole in his company’s system and managed to stealthily withdraw seven million yuan (£795,665) over the course of 14 months. When he was caught, he explained he was testing the system. Huaxia Bank bought it, but the authorities didn’t. Read More >>

huawei
Report: Documents Show Extensive Huawei Ties to Suspected Fronts in Iran and Syria

Meng Wanzhou, the chief financial officer of Chinese tech giant Huawei and the daughter of its founder Ren Zhengfei, was detained in Canada late last year at the behest of U.S. authorities, who allege she oversaw a complex financial scam to violate nuclear sanctions on Iran. The incident has become a major source of tension amid the ongoing U.S.-China trade war – and according to a Tuesday report in Reuters, newly discovered corporate filings and other documents show the depth of Huawei’s ties to Iran as well as Syria. Read More >>

cryptocurrency
Report: Wall Street Is Getting Cold Feet on Bitcoin as Crash Continues

The crypto crash has continued, with about $700 billion (£552 billion) wiped off the market since its peak at around $800 billion (£631 billion) at the start of the year, and leaving a trail of destroyed startups behind it. Bitcoin at one point closed in on the $3,000 (£2,367) price mark, well below both its peak of nearly $20,000 (£15,779) in 2017 and a so-called “floor” of $6,000 (£4,734). And now major Wall Street firms once rumoured to be preparing entries to the cryptocurrency market—particularly bitcoin futures—appear to have gotten cold feet after a brutal beatdown in crypto prices this year, Bloomberg reported on Sunday. Read More >>

cryptocurrency
Cryptocurrencies Just Plummeted £9.8 Billion in Value Over the Course of a Few Hours

The cryptocurrency markets saw a significant crash on Wednesday (Eastern local time), with just short of £10 billion in value wiped out over the course of just three hours, CNBC reported. Read More >>

Tesla
Report: Saudi Arabia May Be Planning a Major Bid for Tesla’s Leveraged Buyout

The official sovereign wealth fund of the Saudi Arabian government may be considering a major investment in Elon Musk’s electric car giant Tesla, and sources say it is “in talks” to do so after Musk let slip via Twitter that he is considering taking the company private in a $60-billion-plus (£47-billion-plus) deal at $420 (£330) a share, Bloomberg reported on Sunday. Read More >>

facebook
Facebook: Hey Can We Pretty Please Maybe Have Lots of Your Banking Information Too?

Facebook is looking to gobble up users’ financial information, including such tidbits as “card transactions and checking-account balances,” as part of its relentless effort to swallow up yet more of the web, the Wall Street Journal reported on Monday. Read More >>