Facebook Takes On Crypto: Facebook is mining more than just likes and comments these days. According to Bloomberg, the social media giant announced that it’s been working on its own cryptocurrency, Libra, with the help of eBay, Farfetch, Spotify, Uber, and other major corporations. Noticeably absent, however, is the involvement of big banks and other financial institutions, signaling some apprehension about Mark Zuckerberg’s ever-growing empire.
Discover eliminates bank fees: The online bank and credit card company Discover announced it will no longer charge any fees to its 1 million-plus customer base, according to CNBC. As customer experience becomes more and more integral in financial services, the decision is bold yet not surprising.
“Discover already offered checking customers an account that does not charge a monthly maintenance fee and offers 1% cash-back rewards on up to $3,000 in debit card purchases,” writes CNBC. “Plus, Discover customers have access to 60,000 no-fee ATMs in the U.S.”
Regulators fear leveraged loans: Leveraged loans–or, more appropriately, high-risk loans–could pose a threat to the economy despite being different from the faulty loans responsible for the 2008 crisis, according to Bloomberg. Leveraged loans are in the form of CLOs and 85 percent of them are held by investors rather than banks, making banks less exposed to their potential danger. However, this leaves regulators with little ability to narrow in on where the risk lies and how these loans could affect the economy in the long-run.
India’s trade war escalates: India’s decision to tax US products including apples, almonds, and chemicals and other products further escalates a trade war with America that could backfire, according to CNN. Because India, much like China, sells more to the US than it buys, the administration is well-positioned to purchase goods elsewhere if it chooses. Whether President Trump will retaliate hasn’t been decided yet, however, the administration recently removed India from a preferential trade agreement.
Learning from leaders: Last week, our UK team hosted the latest in its Breakfast and Brainfood events in partnership with The FT. Rob Mitchell, CEO of B2B thought leadership agency Longitude, discussed the ins and outs of getting thought leadership right for the C-suite. The session brought together influential communications and marketing professionals from across the financial services to learn how we can better engage, inform and influence business leaders in this field. Get the full recap of the event on our blog.