HONG KONG—China Evergrande Group on Tuesday missed its third round of bond payments in three weeks, intensifying market fears over contagion involving other property developers as a wall of debt payment obligations come due in the near-term. Some bondholders said they did not receive coupon payments totalling $148 million on Evergrande’s April 2022, April 2023,…
Evergrande Misses Third Round of Bond Coupon Payments, Intensifying Contagion Fears
October 12, 2021
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Stablecoins to Face Same Safeguards as Traditional Payments
LONDON—Stablecoins would have to comply with the same safeguards as their more traditional competitors in payments under proposals from regulators on Wednesday as authorities get to grips with a rapidly evolving sector. Stablecoins are cryptocurrencies designed to have a stable value relative to traditional currencies, or to a commodity such as gold, to avoid the…
Google Tells EU Court Payments to Phone Makers Gave Android a Chance Against Apple
September 29, 2021
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LUXEMBOURG—Payments to phone makers to pre-install only Google Search on their devices were not aimed at preventing competition but were necessary for Android to seize market share from Apple, Alphabet’s Google told Europe’s second-top court on Wednesday. Google was addressing the General Court on the third day of a week-long hearing as it tries to…
House Passes Bill to Send Payments to Victims of Likely Directed Energy Attacks
The House on Sept. 21 unanimously passed a bipartisan measure that would authorize payments to victims of likely directed energy attacks, also known as the Havana syndrome. The legislation, titled Helping American Victims Afflicted by Neurological Attacks (HAVANA) Act, and led by Sen. Susan Collins (R-Maine), was approved by a 427–0 vote. It was first passed…
Act Fast or Miss the Digital Payments Boat, BIS Tells Central Banks
LONDON—Major central banks should press ahead now with digital currency projects to avoid falling behind comparable private sector payment initiatives that are already taking root, a Bank for International Settlements official said on Friday. Corporate moves into digital payments, including Facebook with its diem stablecoin, have accelerated since the pandemic, as have contactless card transactions,…
As ‘Buy Now, Pay Later’ Surges, a Third of US Users Fall Behind on Payments
A third of U.S. consumers who used “buy now, pay later” services have fallen behind on one or more payments, and 72 percent of those said their credit score declined, a new study published by personal finance company Credit Karma showed. The study, conducted by software firm Qualtrics, surveyed 1,044 adult consumers in the United…
JPMorgan to Buy Majority Stake in Volkswagen’s Payments Business
September 8, 2021
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LONDON—JPMorgan has struck a deal to buy a majority stake in German car giant Volkswagen’s payments business ahead of a planned rollout of in-car technology that allows drivers to automatically pay for fuel or tolls. The U.S. bank has agreed to buy close to 75 percent of Volkswagen Payments S.A. for an undisclosed sum, subject…
Apple Offers Small Concession in Easing App Store Rules for Netflix, Others
SAN FRANCISCO/TOKYO—Apple will let some apps like Netflix provide links to their websites for user payments, a small concession that would allow app developers to bypass the controversial 30 percent App Store fee the iPhone maker charges. The concession was part of a settlement with Japan’s anti-trust regulator, which said the change was enough for…
Contactless Payment Limit to Jump to £100 in October
The limit on contactless payments is set to rise for the second time in less than two years from October as the UK Government tries to get people to spend more in shops. Shoppers will be able to pay up to £100 ($137) using their contactless cards from October 15, trade body UK Finance said….
Australian Firms Pay Bills Quicker in Improved Times
In a further sign of improving economic conditions, payment times between businesses declined in many industries last year. However, there are concerns that this trend could be cut short from the imposition of snap COVID-19 lockdowns. Research by commercial credit bureau CreditorWatch found 15 out of 19 industry groups reported a reduction in the time…
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