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☆ Oil and gas are 'part of the solution,' not the problem, former BP chief says
▼ + stars: | 2023-12-03 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailOil and gas are 'part of the solution,' not the problem, former BP chief saysOil and gas are "part of the solution," not the problem, BeyondNetZero Chairman John Browne, who once led BP, tells CNBC's Steve Sedgwick at COP28 in Dubai.

Persons: John Browne, Steve Sedgwick Organizations: Email, BP Locations: COP28, Dubai

☆ Robinhood CEO defends payment for order flow, says practice is 'here to stay'
▼ + stars: | 2023-12-01 | by ( Ryan Browne | ) www.cnbc.com time to read: +3 min

Vlad Tenev, co-founder and CEO of Robinhood, rings the opening bell at the Nasdaq on July 29, 2021. Robinhood CEO Vlad Tenev says he doesn't believe that the payment for order flow (PFOF) model of market-maker routing that the company incorporates in the U.S. is under threat. Speaking with CNBC, Tenev defended the practice of PFOF, saying that it's "inherently here to stay." PFOF is the practice of routing trades through market-makers like Citadel Securities in return for a slice of the profits. Critics say that brokers have an incentive to direct order flow to market makers offering PFOF arrangements over the interests of their clients.

Persons: Vlad Tenev, Tenev, Robinhood, we've, Ameritrade, Charles Schwab, Morgan Stanley Organizations: Nasdaq, CNBC, Citadel Securities, U.S . Securities, Exchange Commission, European Union Locations: U.S

☆ Zepz, a $5 billion fintech unicorn, is laying off more staff
▼ + stars: | 2023-11-30 | by ( Ryan Browne | ) www.cnbc.com time to read: +2 min

Zepz, the money transfer group that owns WorldRemit, made a fresh round of layoffs. "Zepz has entered a redundancy consultation which will could affect less than 2% of its global headcount," a Zepz company spokesperson said in an exclusive statement to CNBC. "Zepz values the contributions these colleagues have made to our company," the spokesperson added. "To fully realise our mission to unlock the prosperity of cross-border communities, we sometimes need to make tough decisions," Zepz told CNBC. The business was last valued at $5 billion, making it one of the largest and most valuable fintech companies in Europe.

Persons: Zepz, Zepz hasn't Organizations: TCV, CNBC, Sendwave Locations: British, Europe

☆ Stock trading platform Robinhood to launch in UK after two failed attempts
▼ + stars: | 2023-11-30 | by ( Ryan Browne | ) www.cnbc.com time to read: +3 min

Features include the ability to choose from 6,000 U.S. stocks and 24-hour trading five days a week. Robinhood currently offers 24-hour trading in the U.S., allowing trades to happen outside 9:30 a.m. Robinhood won't offer U.K. stocks to begin with but will look to add them as it brings more products into the platform. Jordan Sinclair, Robinhood's U.K. chief, said he expects 24-hour trading to be popular, as it will let users trade on market-moving news. Dan Moczulski, U.K. managing director of EToro, a rival stock trading platform, said the arrival of more competition in the retail trading market marks "an exciting time for the industry."

Persons: Rafael Henrique, Robinhood, Jordan Sinclair, Sinclair, Tenev, Dan Moczulski, Moczulski, Vlad Tenev, We've Organizations: Getty, Robinhood's, CNBC Locations: U.S, British, England

☆ Look of the Week: Timothée Chalamet wears shirtless suit at ‘Wonka’ premiere
▼ + stars: | 2023-11-29 | by ( Leah Dolan | ) edition.cnn.com time to read: +3 min

“I don’t know what the hell I was doing wearing this.”But Chalamet has long relied on the wow factor of a shirtless suit for red carpet engagements. Chalamet's magenta velvet suit was from Tom Ford's latest collection. Jean-Paul Gaultier's "Pin Up Boys" from the 1996 season were early examples of the shirtless suit on the runway. In Gaultier’s infamous Spring-Summer 1996 collection, titled “Pin-Up Boys,” the shirtless suit was gauche, cheesy and even funny. For Chalamet, shirtlessness is fast becoming a state of mind.

Persons: CNN —, Wonka, Tom Ford’s, “, ”, Chalamet, Louis, Timothée Chalamet, Luca, Haider Ackerman, Tom Ford's, Jeff Spicer, photocall, Hugh Grant, Rowan Aktinson, Olivia Coleman, Alexander McQueen pinstripe, Lil Nas, Jonah Hill, Donald Glover, Jay, Harry Styles, Dior, Van Noten, Thom Browne, Paul Smith, Zegna, Porter, Jean, Paul Gaultier's, Jean Paul Gaultier, Vivienne Westwood, Raf Simons Organizations: CNN, Venice Film Locations: Venice, London

☆ Watch CNBC's full interview with SoFi's Liz Young and PIMCO's Erin Browne
▼ + stars: | 2023-11-28 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWatch CNBC's full interview with SoFi's Liz Young and PIMCO's Erin BrowneLiz Young, SoFi head of investment strategy, and Erin Browne, PIMCO portfolio manager, join 'Closing Bell' to discuss markets, labor trends, and their market outlook for 2024.

Persons: SoFi's Liz Young, PIMCO's Erin Browne Liz Young, Erin Browne

☆ European tech funding halves to $45 billion, back to pre-Covid levels — but AI is a bright spot
▼ + stars: | 2023-11-28 | by ( Ryan Browne | ) www.cnbc.com time to read: +1 min

Venture capital investment into Europe's tech industry plunged by half in 2023 as investors continued to reel from the effects of high interest rates, according to data from venture capital firm Atomico. Atomico's "State of European Tech" report, published Tuesday, showed that overall funding for European venture-backed companies is projected to decline 45% in 2023 from a year ago. Total venture funding for European tech companies will reach $45 billion this year, Atomico expects. That's down from $82 billion in 2022, which is itself down from $100 billion the previous year. "There has been this reset after an overheated and unsustainable period of growth in 2021 and early 2022," Wehmeier told CNBC.

Persons: Atomico, Tom Wehmeier, Wehmeier Organizations: European Tech, CNBC Locations: Atomico, Europe

☆ Finnish startup Varjo launches new $3,990 mixed-reality headset to take on Apple, Microsoft
▼ + stars: | 2023-11-27 | by ( Ryan Browne | ) www.cnbc.com time to read: +3 min

Finnish mixed-reality startup Varjo on Monday launched its latest headset, the XR-4, a product it hopes to sell to large enterprise firms. The headset, which starts at a price of $3,990, is similar to those from Meta , Microsoft and Apple . Unlike consumer offerings from companies such as Meta, Varjo's headset is intended for enterprise use cases. For example, a pilot working for a major defense contractor could use it to train in a virtual reality simulation. The XR-4 headset has two 4K displays and a 50% wider field of view compared with previous-generation devices.

Persons: Patrick Wyatt, Apple's, Varjo Organizations: Monday, Meta, Microsoft, Apple, CNBC, Vision, Volvo Locations: Helsinki, Atomico

☆ Coinbase CEO says crypto industry can turn the page after historic Binance settlement
▼ + stars: | 2023-11-27 | by ( Ryan Browne | ) www.cnbc.com time to read: +1 min

Brian Armstrong, chief executive officer of Coinbase Global Inc., speaks during the Messari Mainnet summit in New York, on Thursday, Sept. 21, 2023. The crypto industry can finally close the chapter on a litany of scandals and problems after Binance was hit with a historic settlement by the U.S. Department of Justice, Coinbase CEO Brian Armstrong said Monday. "There are many crypto companies that are helping build the crypto economy and change our financial system globally. Binance was hit by the U.S. Department of Justice with a $4 billion settlement last week, which saw its founder and CEO Changpeng Zhao step down and plead guilty to charges of money laundering violations. "It's true that there have been some small amount of illicit activity in crypto but it's actually less than 1% from what we've seen.

Persons: Brian Armstrong, Binance, Armstrong, CNBC's Joumanna, Changpeng Zhao, we've Organizations: Coinbase Global Inc, U.S . Department of Justice, U.S, Bank, CNBC Locations: New York, Iran

☆ Flying taxi firm Lilium receives EU approval for its electric jets
▼ + stars: | 2023-11-27 | by ( Ryan Browne | ) www.cnbc.com time to read: +1 min

Lilium, a German air taxi firm, has received regulatory approval to design and operate its electric vertical takeoff and landing vehicles, the company said Monday. Alastair McIntosh, Lilium's chief technology officer and head of design organization, said the approval is effectively a "license to operate" for the firm. "Receiving Design Organization Approval from EASA further motivates us on our path to commercialize the revolutionary Lilium Jet," McIntosh said in a statement Monday. I would like to congratulate Lilium on achieving this Design Organization Approval, which advances Europe's electric aviation activity," he added. It's a key milestone for the industry, which has been working for several years to get such vehicles ready for commercialization.

Persons: Lilium, Alastair McIntosh, McIntosh, Luc Tytgat Organizations: European Union Aviation Safety Agency, EU, Lilium Locations: German

☆ 3 reasons why electric cars will soon get a lot cheaper
▼ + stars: | 2023-11-23 | by ( Tom Carter | ) www.businessinsider.com time to read: +7 min

Some automakers are slowing down EV production, saying electric vehicles are too expensive. Auto execs have pointed to high prices as a big reason why demand for electric cars has slumped this year. AdvertisementHere's three reasons why electric cars are getting more affordable. Cheaper battery packsBy far the most expensive part of any EV is the battery, and spiking battery prices have hit automakers hard. "You have to get to a certain scale to really start to make money on electric cars and for the costs to go down," Valdez Streaty said.

Persons: —, Kelley, Tesla, Goldman Sachs, EVs, David Browne, Patrick T, Fallon, Browne, Matthias Preindl, Stephanie Valdez Streaty, it's, Valdez Streaty, Elon, you've Organizations: Service, Ford, General Motors, EV, Atlas Public, EVs, Bloomberg, Department of Energy, Smart, Toyota, Manufacturers, ICE, Columbia University, Smith, Cox, Chicago Tribune, Getty Locations: China, Germany, Los Angeles

The plea deals end a years-long investigation into the crypto exchange. Binance holds around $2.8 billion worth of BNB tokens, according to Nansen. Binance remains the world's largest crypto exchange globally, processing billions of dollars in trading volume every year. "This, combined with the likely imminent approval of an ETF based on bitcoin quotes, could positively impact the crypto market in the long term," said Drozdz. Binance has agreed to forfeit $2.5 billion to the government and to pay a fine of $1.8 billion.

Persons: Binance's, Changpeng Zhao, Ben Mcshane, Sportsfile, Nansen, Binance, Grzegorz Drozdz, Bitcoin, Drozdz, Zhao, Yesha Yadav, Milton R, Underwood, General Merrick Garland, Garland, Richard Teng, Teng, Janet Yellen, Al, Yellen Organizations: Getty, Department of Justice, ., SEC, Conotoxia, CNBC, DOJ, Vanderbilt University, Justice Department, U.S, Monetary Authority of Singapore, Binance, Futures Trading Commission, Treasury Department, The Securities, Exchange Commission, ISIS Locations: Lisbon, Portugal, Binance, Nansen, U.S, Abu Dhabi

Binance founder and CEO Changpeng Zhao pleads guilty to felony charges Tuesday related to his failure to prevent money laundering on the crypto exchange platform. Former Binance CEO Changpeng Zhao on Tuesday named a new CEO of the cryptocurrency exchange he founded, after pleading guilty to federal money laundering charges and stepping down as the company's chief. Zhao named Richard Teng, a former CEO of Abu Dhabi Global Market, the UAE capital's financial services regulator, as Binance's new CEO. "He will ensure Binance delivers on our next phase of security, transparency, compliance, and growth," Zhao added. Zhao appeared before Judge Brian Tsuchida for a hearing in a Seattle courtroom at 10:00 a.m. Pacific Time (1:00 p.m.

Persons: Changpeng Zhao, Zhao, Richard Teng, Teng, Binance, Sam Bankman, Fried, CNBC they'd, Brian Tsuchida Organizations: Abu, Abu Dhabi Global Market, Monetary Authority of, U.S, Bank, Emergency Economic, DOJ, CNBC, U.S . Department of Justice Locations: Abu Dhabi, UAE, Binance, Monetary Authority of Singapore, Seattle

Zhao Changpeng, founder and chief executive officer of Binance, speaks at the Blockchain Week Summit in Paris, France, on Wednesday, April 13, 2022. Binance chief Changpeng Zhao will plead guilty to criminal charges and step down as the company's CEO as part of a $4.3 billion settlement with the Department of Justice, according to court documents. The plea arrangement with the government resolves a multi-year investigation into the world's largest crypto exchange. The Securities and Exchange Commission targeted the company with an expansive lawsuit in June, alleging that Binance was running an illegal securities exchange and mishandling customer funds. To this day, Binance remains the world's largest crypto exchange globally, processing billions of dollars in trading volume every year.

Persons: Zhao Changpeng, Changpeng Zhao, Zhao, Brian Tsuchida, Binance, Kraken, Gary Gensler, wasn't, Samuel Lim, —, ada, Kevin Breuninger Organizations: Department of Justice, Justice Department, DOJ, Emergency Economic, U.S, CNBC, Securities and Exchange Commission, Commodity Futures Trading Commission, Securities, Exchange Commission, SEC, Binance, Authority Locations: Paris, France, U.S, Seattle, Iran, Cayman Islands

☆ Plaid taps Adyen executive to lead its European operations
▼ + stars: | 2023-11-21 | by ( Ryan Browne | ) www.cnbc.com time to read: +3 min

U.S. financial technology firm Plaid has hired former Adyen executive Brian Dammeir as its new head of Europe, the company told CNBC exclusively. Plaid, which was last valued by investors at $13.4 billion in a funding round, offers technology that enables financial technology apps to retrieve data from people's bank accounts and initiate payments on their behalf. Dammeir told CNBC. Bandourian, a former Booking.com executive, was appointed the company's first head of Europe last year. Payments has been a big focus for Plaid beyond financial data, with payment volumes on the platform having climbed more than 90% in 2023.

Persons: Plaid, Brian Dammeir, Dammeir, Ripsy Bandourian, Keith Grose, Dammeir didn't Organizations: CNBC, San, Plaid Locations: Europe, San Francisco, fintech, Adyen, North America

There's a history of Christmas pudding charms, to be hidden within the holiday treat. And there's an angel made of beads by an artisan in the Woza Moya collective of South Africa. The photographer behind the Instagram account Brown Girls Do Ballet has put together a celebratory essay in images of just that. More than 1,100 color images included in this broad overview, Glaser’s wit ever-present. Includes rarely seen images and recollections from Salt-N-Pepa, Public Enemy, Run-D.M.C., Mary J. Blige and more.

Persons: Slim Aarons, Shawn Waldron, Abrams, “, David Trigg, Sam Bilton, Dolph Gotelli, Moya, “ Lena Horne, Donald Bogle, Bogle, TaKiyah Wallace, McMillian, Kailyn Scales, Leventhal, Dutton, Chef Gabriel “, Kim Laidlaw, Guilbeau, Taylor Sheridan, John, Kayce, Beth, Hal Rubenstein, Mary Tyler Moore's, Laura Petrie, Dick Van Dyke, ” Moore, Rubenstein, Dawn Wells, Mary Ann, Molly Adams, Sydney Golden Anderson, Adams, Golden Anderson, “ Thom Browne, ”, Thom Browne, Andrew Bolton, Johnny Dufort, Browne's, Karida L, Brown, Charly Palmer, W.E.B, Du Bois, They've, Langston Hughes, Jenni Nuttall, Mark Seliger, Seliger, Joe Jonas, Sophie Turner, Chadwick, Will Smith, Jada Pinkett Smith, Robert De Niro, ” Abrams, Lindsey Taylor, Taylor, “ Milton Glaser, Steven Heller, Mirko Ilić, Beth Kleber, Glaser, Glaser busied, “ LL, LL Cool, Vikki Tobak, Alec Banks, Mary J, Blige, Peep Ludacris Organizations: Hollywood, Getty Images, Phaidon, Running Press, CBS, HarperCollins, Sydney, Feminist Bird, National Wildlife Federation, Princeton Architectural Press, Families, Chronicle, Exeter College, “, Wall, Rizzoli New Locations: Palm Beach, Rome, tailgaters, Aiken , South Carolina, South Africa, Brooklyn, Louisiana, Bolton, New York, Rizzoli New York

☆ Mastercard doubles down on effort to detect and tackle crypto fraud with AI tie-up
▼ + stars: | 2023-11-20 | by ( Ryan Browne | ) www.cnbc.com time to read: +2 min

(Photo by Joan Cros Garcia/Corbis via Getty Images)Mastercard is doubling down on its efforts to detect and prevent fraud that's routed through cryptocurrency exchanges. The company told CNBC exclusively that it's partnered with Feedzai, a regulatory technology platform that aims to combat money laundering and financial scams online using artificial intelligence. "This will increase fraud detection by protecting unwary consumers, but will also detect potential money laundering activity and mule accounts," Feedzai CEO and co-founder Nuno Sebastio told CNBC. An estimated 40% of scam transactions exit directly from a bank account to a crypto exchange today, according to Feedzai data. Feedzai says its software can identify and block suspicious transactions in a matter of nanoseconds — but also recognize transactions that are legitimate.

Persons: Joan Cros Garcia, Corbis, it's, Feedzai, Mastercard's, Nuno Sebastio, Sebastio Organizations: MasterCard, Mobile, Congress, Getty Images, Mastercard, CNBC, Feedzai Locations: BARCELONA, SPAIN, Barcelona, Spain, Coimbra, Portugal, San Mateo , California, Silicon Valley

☆ Who is new interim OpenAI CEO Emmett Shear? All you need to know about the man replacing Sam Altman
▼ + stars: | 2023-11-20 | by ( Ryan Browne | ) www.cnbc.com time to read: +4 min

After a weekend of rumor and speculation, Emmett Shear — former co-founder and CEO of Twitch — confirmed he will take the top job at probably the most high-profile AI company in the world. watch nowTwitch was acquired by Amazon for $1 billion in 2014 and Shear stepped down as CEO of Twitch last year. Before Shear started Twitch, he was the co-founder of Kiko Calendar, a calendar app he worked on through the 2005 Y Combinator program. As head of OpenAI, Shear will likely face pressure from regulators who have been heavily scrutinizing AI model companies given the risks the technology poses around misinformation and potential displacement of jobs. Earlier this month, the U.K. held a pivotal summit on AI safety, attended by major foundational AI companies, to discuss some of the most pressing issues in the field.

Persons: Emmett Shear, Eoin Noonan, It's, Sam Altman, Twitch —, Shear, Altman, ChatGPT, Emmett, Justin Kan, Michael Seibel, Kyle Vogt, Kan, Twitch, Y, Kiko Organizations: Web, Getty, Amazon, YouTube Locations: LISBON, PORTUGAL, Lisbon, Portugal, Silicon

☆ The 'Apple of e-bikes' targets profitability next year even as rivals enter bankruptcy
▼ + stars: | 2023-11-17 | by ( Ryan Browne | ) www.cnbc.com time to read: +4 min

CowboyCowboy, the Belgian electric bike maker, is expecting to hit full-year profitability in 2024 even as some of its market rivals are facing financial hardship. By the third quarter, Cowboy would then have reached profitability on a full-year basis, according to the firm's boss. It's been termed the "Apple of e-bikes" in the past due to its integration of software smarts in its bikes. In July, Dutch e-bike firm VanMoof filed for protection from creditors. Revonte, a Finnish e-bike firm, also filed for bankruptcy and said it is selling its intellectual property.

Persons: Cowboy Cowboy, Adrien Roose, Roose, we'll, they're, Cowboy Organizations: Cowboy Cruiser, Cowboy, CNBC, Apple Locations: Belgian, Dutch

☆ Alibaba sheds $20 billion in market value after scrapping plans to list its cloud business
▼ + stars: | 2023-11-17 | by ( Ryan Browne | ) www.cnbc.com time to read: +1 min

Shares of Chinese tech giant Alibaba tumble on Sept. 11, 2023 after the company said in a surprise move that outgoing CEO Daniel Zhang will also be stepping down as chairman and CEO of its cloud business. Chinese e-commerce giant Alibaba saw $20 billion wiped off its market capitalization after announcing that it would no longer spin off and list its cloud computing business. At Thursday's market close in Hong Kong, Alibaba's market cap was 1.65 trillion Hong Kong dollars ($211.6 billion). On Friday, Alibaba's market cap sank to 1.49 trillion Hong Kong dollars ($191.1 billion). That translates to a loss of $21.1 billion in market cap, according to CNBC calculations of data from FactSet.

Persons: Daniel Zhang, Alibaba, Joe Tsai Organizations: Cloud Intelligence, Cloud Intelligence Group, Amazon Web Services, Microsoft, Google, Hong Kong, CNBC Locations: Hong Kong, FactSet, Alibaba's Hong Kong

☆ Germany approves financial reforms to help its tech industry compete with Silicon Valley
▼ + stars: | 2023-11-17 | by ( Ryan Browne | ) www.cnbc.com time to read: +2 min

BERLIN, GERMANY - NOVEMBER 15: German Finance Minister Christian Lindner gives a statement to the media at the Chancellery following the weekly government cabinet meeting on November 15, 2023 in Berlin, Germany. (Photo by Sean Gallup/Getty Images)Germany on Friday approved a package of key reforms to its capital markets frameworks to help its technology industry compete with Silicon Valley. The reforms, which have been in the works for sometime, had been widely expected. Some of the major changes will be to employee stock options plans, which allow companies to hand a slice of the business to their employees. Index has invested in a number of high-profile German tech startups, including human resources software firm Personio and financial service startup Raisin.

Persons: Christian Lindner, Sean Gallup, Martin Mignot, Mignot Organizations: German Finance, German, Court, Getty, Ventures Locations: BERLIN, GERMANY, Berlin, Germany, Silicon, Europe

☆ Alibaba shares slide over 8% after it disappoints on profit, curbs cloud spinoff
▼ + stars: | 2023-11-16 | by ( Ryan Browne | ) www.cnbc.com time to read: +3 min

Signage at the Alibaba Group Holding Ltd. booth at the Smart China Expo in Chongqing, China, on Monday, Sept. 4, 2023. Here's how Alibaba did in the September quarter, compared with Refinitiv consensus estimates:Net income attributable to ordinary shareholders: 27.7 billion yuan ($3.8 billion) versus 29.7 billion yuan expected. 27.7 billion yuan ($3.8 billion) versus 29.7 billion yuan expected. Revenue: 224.79 billion yuan ($31 billion) versus 224.3 billion yuan expected. On Thursday, Alibaba said that the U.S. chip restrictions have "created uncertainties for the prospects of Cloud Intelligence Group."

Persons: Alibaba, Eddie Wu, Daniel Zhang, Joe Tsai Organizations: Alibaba, Holding, Smart, U.S, Cloud Intelligence, Amazon Web Services, Microsoft Locations: Chongqing, China, U.S

☆ Sonic the Hedgehog helped revive 63-year-old Sega. The firm wants a repeat with its other classics
▼ + stars: | 2023-11-15 | by ( Ryan Browne | ) www.cnbc.com time to read: +4 min

"Sonic is reviving," Utsumi told CNBC's Arjun Kharpal, alluding to the success of the Sonic the Hedgehog adaptations in the box office. It comes as Sega is set to launch a new Yakuza game, Like a Dragon: Infinite Wealth, next year. watch nowSega recently launched the latest iteration of its Yakuza game. Collectively, the Yakuza game series has sold 21.1 million units since its debut in 2005, according to Sega. Buying more studiosSega is also on the hunt for more acquisitions as it seeks to expand its ownership of gaming studios, Utsumi said.

Persons: Shuji Utsumi, Utsumi, CNBC's Arjun Kharpal, Sega Sammy, that's Organizations: Paramount, CNBC, Summit, Sega, Rovio, Angry Birds, PlayStation, Nintendo, Sony, Microsoft Locations: Libson, Portugal, lockdowns, Japan

It was the first of at least four strikes involving multiple munitions on different sections of the sprawling complex between 1 a.m. and 10 a.m. Friday morning. Hours after the final blast, the Israeli military blamed unspecified Palestinian militants, saying a “misfired projectile” aimed at Israel Defense Forces troops deployed nearby had instead hit the hospital. The strikes did not cause mass casualties, but Israel is under increasing international pressure to avoid targeting hospitals. Hospital officials deny Hamas operates there and have said patients are dying for lack of food, fuel and other supplies. The evidence reviewed by The Times from Al-Shifa points more directly to strikes by Israel — whether on purpose or by accident is unclear.

Persons: Mohammed Abu Salmiya, Shifa, Israel, Israel — Organizations: Israel Defense Forces, The New York Times, The Times Locations: Israel, Gaza, Al, Ahli

☆ British fintech Wise reports 280% jump in profit as higher interest rates boost income
▼ + stars: | 2023-11-14 | by ( Ryan Browne | ) www.cnbc.com time to read: +2 min

British fintech firm Wise nearly quadrupled pre-tax profits in its half-year results out on Tuesday, citing a boost from higher interest rates. Including interest income, the company's total income stood at £656 million for the period, up 58% year-on-year. Wise said that it benefited from higher interest rates, extending a trend from earlier this year where the company was pulling in extra income thanks to interest rate increases. The analysts added that the boost to Wise's results from higher interest income is a "welcome temporary compensation" for slowing core total processed volume, but noted it is "likely unsustainable." Harsh Sinha, Wise's technology chief, recently took the reins from Wise CEO Kristo Kaarmann at the firm's helm.

Persons: Wise, Harsh Sinha, Kristo Kaarmann, Taavet Hinrikus Organizations: British, Jefferies, London Stock Exchange Locations: Kaarmann, Estonia

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