Economic news

The new law, which is modeled on a similar effort in the United Kingdom, aims to lure financial firms to the desert. It has drawn support from business organizations but opposition from consumer groups — a dynamic that is likely to be replayed in other states.

Uber Freight, the ride-hailing giant's load-sharing app for the trucking industry, is collaborating with fleet card giant Fleetcor on a payment card that offers drivers discounts for gas, engine maintenance and tires.

President Trump is expected to announce as early as Thursday morning that he has selected Larry Kudlow, the host of CNBC's "The Kudlow Report," to replace Gary Cohn as head of the National Economic Council, according to multiple media reports.

The fridge, car, home assistant, smart watch, etc., will be able to initiate digital payments both online and on-location, and some will even be able to accept payment as well, and payment companies will need to respond, according to Michel Léger, executive vice president of innovation at Ingenico Group.

As head of the National Economic Council, Gary Cohn played a key role in helping guide the Trump administration on its financial services policy, including regulatory relief and housing finance reform. Institutions are anxiously watching to see who President Trump picks as Cohn's replacement.

Banks increasingly avoid crypto, but Grainne McNamara at PwC has come up with a framework banks could use to participate in the digital currency world.

Deposit prices are starting to rise, deposit growth is slowing, commercial loan growth remains tepid (with some exceptions) and concerns are mounting about the economic toll of U.S. trade policy, bank executives said just a few weeks ahead of the end of the quarter.

Federal Reserve Chair Jerome Powell largely hewed close to his predecessor's positions in his first congressional testimony as the top central banker, but also signaled important changes when it came to paying banks interest on reserves and other topics.

The Federal Reserve Board's vice chairman for supervision said he did not foresee the agency’s regulatory review as significantly reducing capital levels.

eBay’s change of payments processor signals the strong and continuing shift toward local, alternative methods of payment around the world, writes James Booth, head of business development for PPRO.

Cheers to Irene Dorner, who gives Virgin Money its new status as the only major British company with a female chairman-CEO duo. Cryptocurrency is on the minds of some smart women, and Simple tries to be awesome enough to overcome consumer apathy.

There are practical lessons from Amazon's service model that can be applied elsewhere, writes Derek Corcoran, chief experience officer at Avoka.

Deutsche Bank on Wednesday became the first large bank to announce a wholesale relocation of client business out of the U.K., but B of A has extended the lease on its London headquarters, and Northern Trust is searching for a new lease in the city.

Turmoil at the Export-Import Bank, a possible trade war with China and a potential retreat from the North American Free Trade Agreement all add up to high anxiety for bankers in the business of financing U.S. exports.

EBay's recent decision to favor Adyen over PayPal doesn't spell doom for PayPal, which sees itself playing a key role in the nascent gig economy. But other payment networks also seek a slice of that pie.

As the economy strengthens, more banks are facing pressure to pay up for the best lenders and tech specialists.

Wirecard has gained a foothold in using virtual prepaid cards to streamline corporate payments across business units, platforms and borders for companies with sprawling operations. Now the German company wants to do the same for more U.S. companies going global.

Companies like Amazon are increasing customer expectation, and traditional issuers could lose out if they don't respond, according to FIS' Sona Jepsen.

Analysts are wondering what the big Japanese technology fund plans to do with its proposed stake in Swiss Re; the insurer takes a onetime $6.7 billion loss due to tax reform.

Cross-border transactions are getting smaller in size and more frequent, rendering the correspondent banking model increasingly obsolete as new use cases pile up.