Financial Briefs
Amazon Web Services (AWS) suffered a widespread outage, affecting major websites like the Boston Globe and New York City’s Metropolitan Transit Authority. The outage hindered news organizations’ coverage of Donald Trump’s court appearance. The Boston Globe and the transit authority confirmed the impact on their digital operations, while other outlets such as The Verge also …
AWS Outage Affects Major Websites: Brief Disruption Read More »
Two studies reveal that a significant portion of younger Americans feel unprepared to handle their finances. According to MassMutual, 33% of Gen Z and 36% of millennials lack financial readiness. Another survey by Experian shows that about 70% of Gen Z and millennials believe the current economic environment hampers their financial independence. These findings reflect …
Youth’s Economic Anxiety: Gen Z & Millennials Surveyed Read More »
Banks and fintech companies are rushing to adopt generative artificial intelligence, despite concerns about potential risks. At a fintech conference in Amsterdam, industry executives hailed generative AI as a game-changing innovation with limitless potential. Chalapathy Neti, head of AI at Swift, praised the progress made with ChatGPT and GPT-4 as transformative. However, banks are currently …
Big Banks Embrace Generative A.I. with Caution: Analyzing Risks Read More »
Economists expect smaller price increases in May, with a predicted 4.1% rise compared to last year. If accurate, this reflects a significant decline from April’s 4.9% inflation, bringing it to about half of last year’s level. Despite the Federal Reserve’s rate hikes, inflationary pressures continue. Inflation has been a give-and-take process over the past year, …
Social Security provides income post-retirement, based on your earnings and the age you start receiving payments. Discover how Social Security works, factors influencing payment amounts, including taxation, and the role of your full retirement age. These benefits are available to American workers who’ve accumulated 40 work credits (about 10 years of work). Commencing payments at …
Understanding Retirement: A Guide to Social Security Read More »
The Consumer Financial Protection Bureau (CFPB) cautions that 1 in 5 student loan borrowers face challenges as loan payments resume this fall. The recent bipartisan agreement to raise the federal debt ceiling, signed by President Joe Biden, officially ends the prolonged pause on federal student loan payments, potentially hindering future extensions. With the next due …
Consumer Watchdog: 1 in 5 Student Loan Borrowers Face Post-Resumption Struggles Read More »
The dollar fell as lower U.S. Treasury yields, fueled by a spike in jobless claims, hinted at a potential peak in interest rates. Despite the surge in unemployment claims, actual layoffs may not be accelerating due to the Memorial Day holiday. Nevertheless, the data prompted a more than two-week low for the dollar against major …
US Jobless Claims Surge, Dollar Eases; Fed in Focus Read More »
Mastercard prioritizes data security in payment experience, launching a solution for safe financial data sharing. Users gain more choice and better service, while Mastercard supports open banking. Their Account Owner Verification service automates and simplifies customer bank account verification, saving time and money. This innovation empowers consumers to transact securely and seamlessly. Jess Turner, EVP …
Mastercard Expands European Open Banking with New Product & Partnership Read More »
Turkey’s Lira Hits Record Low, Signaling Move towards Free Market as State Controls Eased. The lira dropped 7% in its largest daily decline since the 2021 crash, indicating a shift away from state intervention. President Erdogan’s re-election increased pressure on the currency, now down over 19% this year. The central bank’s forex reserves reached a …
Turkish Lira Plunges 7% Indicating Shift towards Free Market Read More »
A new debt ceiling deal introduces work reporting rules for 50-something SNAP beneficiaries, risking food assistance for 750K adults aged 50-54, per Center on Budget and Policy Priorities. SNAP, or food stamps, provide monthly funds for low-income individuals. While work requirements already exist for most adults aged 18-49 without children, they can only receive benefits …
750K Adults at Risk of Losing SNAP Food Assistance Due to Debt Ceiling Deal Read More »
