The financial technology industry has experienced a significant shift in valuations, with industry executives and investors indicating that the sector has reached a “bottom.” The days of exorbitant venture capital flowing into startups with ambitious ideas but lacking solid business metrics are long gone. According to Iana Dimitrova, CEO of OpenPayd, the market has undergone
In a bold move, British financial technology firm Revolut has announced its plans to relocate its official headquarters from London to Canary Wharf, the city’s major financial district. This decision signifies a significant shift for the company, with the global headquarters set to move to the YY London building in the heart of Canary Wharf.
The recent sell-off in GameStop shares has intensified, coinciding with a spike in trading volume of call options owned by the meme stock leader known as “Roaring Kitty”. This individual, whose real name is Keith Gill, disclosed his portfolio on Monday night, revealing that he still held 120,000 call options contracts with a strike price
Oracle Chairman Larry Ellison has seen a significant increase in his wealth, with a rise of almost $19 billion. This growth is attributed to the positive forecast of double-digit revenue growth for the fiscal year of the software maker he founded back in 1977. Ellison’s ownership of about 1.15 billion Oracle shares, which accounts for
The Federal Reserve announced on Wednesday that it will be keeping its key interest rate unchanged, signaling that only one cut is expected before the end of the year. The Federal Open Market Committee policymakers have taken two rate reductions off the table from the three that were indicated in March, in a move that
Foundation Robotics Labs, a humanoid robotics startup, has been making bold claims about their ties and imminent investment from General Motors, but these claims have been refuted by the automaker. The company is currently seeking the final $1 million in funds for an $11 million seed round, and their investor pitch included assertions of GM’s
Broadcom recently reported its earnings for the second fiscal quarter, surpassing analysts’ estimates. The company posted earnings per share of $10.96 adjusted, compared to the expected $10.84. Additionally, Broadcom’s revenue came in at $12.49 billion, exceeding the expected $12.03 billion. This strong performance led to a spike in the company’s stock price, rising approximately 10%
The Mortgage Bankers Association reported a significant surge in mortgage application volume as mortgage rates dropped for much of last week. The total volume increased by nearly 16% compared to the previous week. This surge was mainly driven by a decrease in the average contract interest rate for 30-year fixed-rate mortgages, making it an attractive
In a recent announcement, the U.S. Treasury Department and Internal Revenue Service revealed that the federal government has allocated over $1 billion in tax credits to incentivize the purchase of electric vehicles. This new initiative allows buyers of new and used EVs to receive upfront cash incentives ranging from $4,000 to $7,500, depending on the
Oracle recently announced fourth-quarter results that fell short of Wall Street expectations. While the company’s earnings per share were slightly below expectations at $1.63 adjusted versus $1.65 expected, its revenue of $14.29 billion also missed analyst estimates of $14.55 billion. Despite this, Oracle’s revenue still managed to increase by 3% year over year during the