The Financial Conduct Authority and the Bank of England announced on Tuesday that British lender TSB had been fined £48.65 million ($59.07 million) for a botched IT platform migration in 2018. The Financial Conduct Authority (FCA) and Prudential Regulation Authority (PRA) reported that the IT upgrade “immediately experienced technical failures,” causing “significant disruption” to TSB’s…
The owner of the Chinese-owned social media platform TikTok has refuted allegations that it is operating an illegal subsidiary on the island, but Taiwan’s government has launched an investigation. TikTok, which is not very popular in Taiwan, has faced pressure primarily from Americans who are worried about China gaining access to user data, a concern…
Following a review, cryptocurrency company Voyager Digital Ltd announced on Monday that it will sell its assets to Binance.US in a deal worth about $1 billion. Binance.US, based in Palo Alto, California, which is a separate legal entity from Binance.com and has a licensing agreement with it, will deposit $10 million and reimburse Voyager for…
Goldman Sachs Group Inc is planning to lay off thousands of employees in order to navigate a difficult economic environment, according to a source familiar with the matter. The layoffs are the latest indication that layoffs are spreading across Wall Street as dealmaking slows. Investment banking revenues have fallen this year due to a slowdown…
PepsiCo plans to deploy 100 heavy-duty Tesla Semis in 2023, when it will begin using the electric trucks to deliver to customers such as Walmart and Kroger, according to the soda maker’s top fleet official, who spoke to Reuters on Friday. PepsiCo Inc, which ordered the large trucks in 2017, is buying them “outright” and…
HSBC will stop funding new oil and gas fields and will seek more information from energy clients about their carbon-cutting plans, the banking giant announced on Wednesday as part of a broader update to its sector policy. Activists who have been critical of HSBC in recent years have mostly praised the move by one of…
Binance CEO Changpeng Zhao said on Wednesday that the situation at his cryptocurrency exchange has “stabilized,” attempting to assuage investors’ concerns after the company was forced to halt withdrawals of a stablecoin. Zhao stated that approximately $1.14 billion in net withdrawals occurred on Tuesday, but added that this was “not the highest withdrawals we processed,…
Twitter relaunched its updated Twitter Blue subscription service on Monday, two months after Elon Musk, the company’s new owner, pulled and delayed the launch in November. The service costs $8 per month for web users and $11 per month for iOS users who buy it from Apple’s App Store. Musk’s recent complaints about Apple’s 30%…
Toyota Motor Corp is expected to outline changes to its electric vehicle (EV) strategy to key suppliers early next year, as it seeks to close the price and performance gap with industry leaders Tesla and BYD, according to two people familiar with the project. According to people who spoke on the condition of anonymity because…
On Monday, Twitter’s paid verification feature will be available once more. It was halted last month after being inundated with impersonators. It is still $8 per month, but there is a $11 fee for those who use the Twitter app on Apple devices. Elon Musk, the owner of Twitter, has previously stated in tweets that…
