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☆ Australia to regulate buy-now-pay-later sector
▼ + stars: | 2023-05-21 | by ( ) www.reuters.com time to read: +2 min

SYDNEY, May 22 (Reuters) - The Australian government said on Monday it would introduce laws that will consider buy-now-pay-later (BNPL) services as a credit product in a bid to protect consumers in a largely unregulated industry. "Best way to do that is to legislate, to regulate as a credit product, so that we can manage some of the risks." But concerns about repayment have been rising as Australia battles high inflation, which now sits at near 30-year highs. Australia, home to about a dozen listed BNPL providers, has about 7 million active accounts that resulted in A$16 billion ($10.9 billion) of transactions in 2021-22, up 37%, data showed. ($1 = 1.4743 Australian dollars)Reporting by Renju Jose in Sydney; Editing by Lincoln FeastOur Standards: The Thomson Reuters Trust Principles.

Investors will look for clues on whether inflation is continuing to ease following the Labor Department's consumer price index (CPI) report on Wednesday. Shares of PayPal Holdings (PYPL.O) dropped and pressured the benchmark S&P 500 after the company cut its margin forecast. Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., May 4, 2023. Under Armour Inc (UAA.N) fell 5.66% as the sports apparel maker forecast its annual sales and profit below street expectations. The S&P 500 posted 14 new 52-week highs and 14 new lows; the Nasdaq Composite recorded 77 new highs and 171 new lows.

☆ PayPal tumbles 12%, eyes lowest close since 2017
▼ + stars: | 2023-05-09 | by ( ) www.reuters.com time to read: +1 min

May 9 (Reuters) - PayPal Holdings' (PYPL.O) stock slumped 12% on Tuesday, on track for its lowest close in almost six years, after the payments company cut the outlook for its annual adjusted operating margin. The stock, last trading at $66.45, was set to record its lowest closing price since October 2017. It touched a session low of $66.39, its lowest intra-day price since December. PayPal late on Monday estimated adjusted operating margin expansion of 100 basis points this year, compared with its earlier forecast of 125-basis-point growth. Its stock has fallen 7% in 2023, compared to a 17% rise in the Nasdaq Composite Index (.IXIC).

Shares of PayPal Holdings (PYPL.O) dropped 12% and led declines on the benchmark S&P 500 index (.SPX) after the company cut its margin forecast. They were also among the top drags on the Nasdaq Composite index (.IXIC). Shares of other Apple suppliers including Qualcomm (QCOM.O), Broadcom (AVGO.O), Qorvo (QRVO.O) and Corning (GLW.N) fell between 1.2% to 2%. The action-packed week will see the release of the much-awaited inflation data on Wednesday. The S&P index recorded 13 new 52-week highs and 12 new lows, while the Nasdaq recorded 52 new highs and 130 new lows.

Yields on U.S. short-dated Treasury bills , jumped sharply as investors sold off bonds, which mature as early as June. That weighed on shares of high-growth companies, including Apple Inc (AAPL.O) and Microsoft Corp (MSFT.O), which fell about 0.5% each. ET, Dow e-minis were down 82 points, or 0.24%, S&P 500 e-minis were down 15.25 points, or 0.37%, and Nasdaq 100 e-minis were down 73.25 points, or 0.55%. Chip-gear maker Skyworks Solutions Inc's (SWKS.O) shares tumbled 11.7% after forecasting current-quarter revenue and earnings below estimates. Shares of other Apple suppliers including Qualcomm (QCOM.O) and Qorvo (QRVO.O) fell 0.9% and 2.3%, respectively.

Shares of PayPal Holdings (PYPL.O) dropped 10.5% and led declines on the benchmark S&P 500 index (.SPX) after the company cut its margin forecast. They were also among the top drags on the Nasdaq Composite index (.IXIC). Shares of other Apple suppliers including Qualcomm (QCOM.O), Broadcom (AVGO.O), Qorvo (QRVO.O) and Corning (GLW.N) fell between 0.9% to 2%. That weighed on shares of high-growth companies, including Apple Inc (AAPL.O) and Microsoft Corp (MSFT.O), which fell about 0.3% each. The S&P index recorded six new 52-week highs and 10 new lows, while the Nasdaq recorded 20 new highs and 54 new lows.

☆ Stocks making the biggest moves premarket: Palantir, Skyworks, Under Armour & more
▼ + stars: | 2023-05-09 | by ( Sarah Min | ) www.cnbc.com time to read: +4 min

It also reaffirmed full-year revenue guidance, though it raised its full-year adjusted EBITDA forecast. Western Digital — The chip stock rose about 2% in premarket after the company reported a revenue beat in the latest quarter. Earnings guidance for the full year was more upbeat and the company posted better-than-expected earnings and revenue, according to Refinitiv. The company reported revenue of $149.4 million against Refinitiv analyst expectations of $209.9 million. The company reported adjusted earnings of $7.19 per share, just topping a StreetAccount forecast of $7.18 per share.

☆ PayPal adjusted margin forecast cut eclipses higher profit expectations
▼ + stars: | 2023-05-08 | by ( Manya Saini | Thomson Reuters | Manya Saini Reports On Prominent Publicly Listed U.S. Financial Firms Including Wall Street S Biggest Banks | ) www.reuters.com time to read: +2 min

REUTERS/Fabrizio BenschMay 8 (Reuters) - PayPal Holdings Inc (PYPL.O) on Monday cut its outlook for annual adjusted operating margin, overshadowing its profit forecast raise, sending shares in the payments firm down 5% in extending trading. PayPal expects adjusted operating margin expansion of 100 basis points this year, compared with its earlier forecast of a 125-basis-point growth. Still, the payments heavyweight raised its full-year adjusted profit forecast on the back of stronger-than-expected e-commerce trends and improved margins on cost cuts. It now expects adjusted profit growth of about 20% to $4.95 per share, above analysts' average estimate of $4.88 per share,Adjusted operating margin in the first-quarter came in at 22.7% compared with 20.7% last year. The payments firm posted a profit of $1.17 per share on an adjusted basis for the quarter, compared with 88 cents last year.

☆ PayPal raises full-year profit above estimates on e-commerce strength, cost cuts
▼ + stars: | 2023-05-08 | by ( ) www.reuters.com time to read: +2 min

While a cost-of-living crisis has now begun to squeeze budgets, particularly of lower income households, consumer spending has remained remarkably steady in the face of a looming economic slowdown. The company's payments volume rose 12% on a forex-neutral basis to $354.5 billion in the first-quarter ended March 31. The upbeat forecast echoes expectations of card giants Visa (V.N) and Mastercard (MA.N) that have remained largely upbeat about spending volumes on pent-up travel demand and resilient consumer spending. The company has said in the past that it is focused on lowering expenses with executives cautioning that inflation was impacting discretionary consumer spending. The payments firm earned a profit of $1.17 per share on an adjusted basis in first-quarter, compared with 88 cents last year.

☆ How to trade three stocks with earnings on deck: PYPL, LCID, WMG
▼ + stars: | 2023-05-08 | by ( ) www.cnbc.com time to read: 1 min

In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailHow to trade three stocks with earnings on deck: PYPL, LCID, WMGPiper Sandler's Craig Johnson joins 'The Exchange' to share his earnings takeaways and expectations for Paypal Holdings, Lucid Group, and Warner Music Group.

☆ As earnings season winds down, investors turn to Tuesday's debt ceiling meeting
▼ + stars: | 2023-05-06 | by ( Zev Fima | ) www.cnbc.com time to read: +12 min

With only a small fraction of the S & P 500 left to report quarterly earnings, investors are now turning their focus to another major hurdle for the markets and economy: the debt ceiling crisis. Earlier this week, we looked back to debt limit crisis of 2011 for potential lessons. The protracted fight ultimately ended in an agreement in early August of that year, but it was a choppy summertime ride for investors. Within the portfolio, Wynn Resorts will report Tuesday, after the closing bell, and Disney will report on Wednesday, after the closing bell. Estee Lauder (EL) and Emerson Electric (EMR) reported earnings before the opening bell.

☆ Apple launches buy now, pay later service in U.S.
▼ + stars: | 2023-03-28 | by ( ) www.reuters.com time to read: +2 min

The service, Apple Pay Later, will allow users to split purchases into four payments spread over six weeks with no interest or fees, the company said. "Apple Pay Later will absolutely wallop some of the other players. Hewson added that Apple Pay Later will be a disruptor as consumers are looking for the easiest way to get what they want, as their wallets have been stretched by inflation. BNPL firm Affirm Holdings Inc's (AFRM.O) shares fell more than 7%, while PayPal was down about 1.5% in midday trading. Apple Pay Later is enabled through the Mastercard Installments program, the company said, adding that Goldman Sachs (GS.N) was the issuer of the Mastercard payment credential.

☆ Australian regulator accepts PayPal unit's undertaking for money laundering laws
▼ + stars: | 2023-03-17 | by ( ) www.reuters.com time to read: +1 min

March 17 (Reuters) - Australia's financial crime regulator said on Friday it accepted an enforceable undertaking from payments giant PayPal Holdings' (PYPL.O) local unit to ensure its compliance with the country's anti-money laundering and counter-terrorism financing laws. In 2019, AUSTRAC, which is tasked with ensuring compliance with the laws, had ordered PayPal Australia Pty Ltd to appoint an external auditor to look at fund transfers after the regulator identified concerns with its reporting obligations. "PayPal Australia self-identified a reporting obligation issue to AUSTRAC. We have fully co-operated with AUSTRAC throughout their investigation..." a PayPal Australia spokesperson said. AUSTRAC said in a statement that PayPal has already undertaken significant work, including an independent audit, to ensure its compliance with the anti-money laundering obligations.

[1/2] People queue outside a newly reopened career center for in-person appointments in Louisville, Kentucky, U.S., April 15, 2021. REUTERS/Amira KaraoudMarch 9 (Reuters) - Layoffs by U.S. companies over January and February touched the highest since 2009, with the tech sector accounting for more than a third of the over 180,000 job cuts announced, a report showed on Thursday. In February alone, layoffs in the United States stood at 77,770, more than five times higher than the 15,245 job cuts announced a year earlier, according to the report from employment firm Challenger, Gray & Christmas Inc.Reuters Graphics"Right now, the overwhelming bulk of cuts are occurring in Technology. Retail and Financial are also cutting right now, as consumer spending matches economic conditions," said Andrew Challenger, senior vice president of the firm. U.S. firms announced plans to hire 28,830 workers in February, down 87% from 215,127 a year earlier, the report added.

☆ Fintech firms may struggle to find investor love in rebounding U.S. IPO market
▼ + stars: | 2023-03-08 | by ( Manya Saini | ) www.reuters.com time to read: +4 min

REUTERS/Dado Ruvic/IllustrationMarch 8 (Reuters) - The once high-flying fintech startups looking to go public will have a hard time attracting investor attention, even though a freeze that has gripped the market for new listings is starting to thaw. "I don't think it would surprise anyone if they all sat out the 2023 IPO market," Kennedy added. In the IPO boom of 2021, 20 fintech companies raised a combined $10.93 billion, vastly overshadowing the $144 million that was raised by a lone offering in the following year, according to data from Dealogic. "The IPO market is not closed, but it's certainly more valuation and profitability focused," said David Ethridge, U.S. co-IPO leader at global consulting giant PwC. Reuters GraphicsLACKLUSTRE LISTINGSListed fintech companies have failed to largely live up to their shareholders' expectations as they have steadily booked losses, leading to a string of routs in their shares.

☆ PayPal CFO Blake Jorgensen Steps Down
▼ + stars: | 2023-03-07 | by ( Sabela Ojea | ) www.wsj.com time to read: +1 min

PayPal Holdings Inc. Chief Financial Officer Blake Jorgensen has stepped down after a few months in the role. Gabrielle Rabinovitch will remain as PayPal’s acting CFO, the company said Tuesday. Newsletter Sign-up WSJ | CFO Journal The Morning Ledger provides daily news and insights on corporate finance from the CFO Journal team. PREVIEWMr. Jorgensen, who took a medical leave of absence in September after being appointed PayPal’s CFO in August, will continue working with the digital payments giant as a senior adviser through Sept. 15, the company said. He joined PayPal to succeed John Rainey, who left the company to take the CFO role at Walmart Inc.

☆ PayPal tells Australia it supports buy-now-pay-later regulation
▼ + stars: | 2023-02-16 | by ( Byron Kaye | ) www.reuters.com time to read: +3 min

SYDNEY, Feb 16 (Reuters) - Payments giant PayPal Holdings Inc (PYPL.O) wants buy-now-pay-later (BNPL) loans subjected to consumer protection law, it said in a submission to the Australian government, adding a powerful voice from inside the sector calling for regulation. Many other companies which sell BNPL loans said in submissions that they supported minimal or self-regulation. BNPL companies attract shoppers by charging no interest and make money from retailer fees. The company saw "merit in further consideration of the development of a bespoke BNPL credit reporting framework" without the full "costs typically associated with engaging in the credit reporting regime". The government has said it wants BNPL regulation in place in 2023.

☆ U.S. Exempts Earthquake Aid to Syria From Sanctions
▼ + stars: | 2023-02-10 | by ( Mengqi Sun | ) www.wsj.com time to read: +3 min

Funds sent to Syria for earthquake relief that might otherwise be barred by U.S. sanctions are exempted for about six months, the U.S. Treasury Department said. The Treasury’s Office of Foreign Assets Control, which implements and enforces U.S. sanctions, issued a general license Thursday night allowing U.S. banks and money transmitters to process transactions to and from Syria if they are intended for earthquake aid. The language is seen as providing more protection to financial institutions processing the transactions, sanctions experts said. Paul Carroll, director of the Charity & Security Network, a resource and advocacy center for nonprofit organizations, said delivering aid to Syria also faces logistical challenges. “The obstacles to getting aid to Syria [for earthquake relief] is more about parties, the bad and good guys, than about the sanctions themselves,” Mr. Carroll said.

☆ PayPal pauses stablecoin work amid regulatory scrutiny of crypto - Bloomberg News
▼ + stars: | 2023-02-10 | by ( ) www.reuters.com time to read: +1 min

Feb 10 (Reuters) - PayPal Holdings Inc (PYPL.O) is pausing work on its stablecoin as regulators increase scrutiny of cryptocurrencies and a key partner on the project faces a probe by the New York State Department of Financial Services, Bloomberg News reported on Friday. PayPal had hoped to debut the stablecoin, which will be backed one for one by the dollar, in the coming weeks, Bloomberg reported, citing a person with knowledge of the matter. "We are exploring a stablecoin; if and when we seek to move forward, we will of course, work closely with relevant regulators," a spokesperson for the payments firm said in an emailed statement. A string of high-profile bankruptcies has sparked tough global regulatory scrutiny of firms operating in the crypto industry. Reporting by Manya Saini in Bengaluru; Editing by Anil D'SilvaOur Standards: The Thomson Reuters Trust Principles.

Macroeconomic pressures have begun to hurt American consumers, particularly those in the lower income bracket, but PayPal's customers continue to spend largely undeterred by decades-high inflation. Even so, the company's upbeat forecast comes alongside its previously announced commitment of lowering expenses in the backdrop of its key e-commerce segment feeling the pinch of a slowdown. Inflationary pressures have affected discretionary consumer spending and post-COVID spending patterns are still evolving," acting finance chief Gabrielle Rabinovitch said in a call with analysts. In a divergence from prior quarters, PayPal said it will not provide a forecast for full-year revenue growth. PayPal said it expects full-year adjusted profit of roughly $4.87 on a per share basis.

Feb 9 (Reuters) - PayPal Holdings Inc (PYPL.O) forecast full-year profit above Wall Street estimates on Thursday and said Chief Executive Dan Schulman will retire at the end of 2023, after nearly eight and a half years at the payment firm's helm. PayPal said it expects full-year adjusted profit of roughly $4.87 on a per share basis. PayPal earned a profit of $1.24 per share on an adjusted basis in the fourth quarter ended Dec. 31, beating analyst estimates of $1.20 per share. PayPal was one of the biggest winners during the COVID pandemic when people locked at home used its platform while shopping online. Reporting by Manya Saini and Jaiveer Shekhawat in Bengaluru; Editing by Shailesh KuberOur Standards: The Thomson Reuters Trust Principles.

☆ PayPal CEO Dan Schulman to Retire
▼ + stars: | 2023-02-09 | by ( Peter Rudegeair | ) www.wsj.com time to read: 1 min

PayPal Holdings Inc. Chief Executive Dan Schulman said he would retire from the company at the end of 2023, ending a nine-year run atop the payments giant. PayPal’s board hasn’t yet chosen a successor. Mr. Schulman said he would help with the leadership transition and remain on the board.

☆ Binance.US CFO Says Customer Funds Are Safe
▼ + stars: | 2023-02-08 | by ( Patricia Kowsmann | ) www.wsj.com time to read: +3 min

The U.S.-based arm of crypto exchange Binance doesn’t lend out customer assets and doesn’t commingle deposits with the larger platform, its financial chief said Wednesday. Newsletter Sign-up WSJ | CFO Journal The Morning Ledger provides daily news and insights on corporate finance from the CFO Journal team. “At Binance.US, customer assets are theirs,” she said. So that’s the extent of our relationship,” Ms. Lee said. “As far as the business activities go, we do not commingle customers’ assets.

☆ Disney, Pepsi, Uber Set to Report During Lackluster Earnings Season
▼ + stars: | 2023-02-04 | by ( Dia Gill | ) www.wsj.com time to read: 1 min

PepsiCo Inc., Uber Technologies Inc. and Walt Disney Co. are among the companies slated to report earnings in the coming week, during an earnings season marked by cooling demand and throttled profits. Investors will also hear from the food makers Kellogg Co. and Tyson Foods Inc., the healthcare companies CVS Health Corp. and AbbVie Inc., as well as the private-equity firms KKR & Co. and Apollo Global Management Inc. Other companies reporting earnings include PayPal Holdings Inc., S&P Global Inc. and Chipotle Mexican Grill Inc.

☆ PayPal's rocky road ahead warrants more cost cuts, Wall Street says
▼ + stars: | 2023-02-01 | by ( ) www.reuters.com time to read: +1 min

The San Jose, California-based digital payments company said on Tuesday it would lay off 7% of its workforce, or around 2,000 employees, a move in line with analyst expectations and the firm's previous commitment to rein in costs. PayPal has been under pressure for most of last year, as surging inflation and fears of a recession limited digital payments and e-commerce spending. Some analysts suspect the latest job cuts were under pressure from Elliot, which took a stake in the company in August. PayPal still has potential to "meaningfully improve margins over time," Horn added, indicating the company has further room to cut costs. The company cut its annual revenue growth forecast when it reported its third-quarter results in November.

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