Author: EconLearner
Money transfer app Remitly has taken significant market share from incumbents such as Western Union since it was founded in 2011, but its share price has fallen this year.SOPA Images/LightRocket via Getty Images Remitly, a financial technology company that allows consumers in places like the US and Canada to send money to countries like Mexico and the Philippines, may finally see the effects of President Trump’s immigration crackdown on its business. The 14-year-old Seattle company reported its third-quarter financial results yesterday, and some metrics rattled investors, sending the stock down 24% today and shrinking its market value to $2.6 billion.…
The IRS Direct File program is no longer available. (Photo by Tassos Katopodis/Getty Images for Economic Security Project)Getty Images for Economic Security Project We knew it was coming, but now we know for sure: Direct File, the free online tax filing option offered by the Internal Revenue Service, has been scrapped by the Trump administration. This week, reports began circulating that the IRS had notified states via email that Direct File will not be available next filing season. One of the participating states confirmed the existence of the email to Forbes. The IRS did not respond to a request for…
Toast’s software is used by 156,000 restaurants to accept payments, handle orders and manage inventory.Getty Images Toast, a fintech based in Boston which makes restaurant software for accepting payments and managing orders, is the largest company in its industry, with a market share of 15% and a market value of $22 billion. It is also the fastest growing, yet its stock performance this year tells a different story. On its third-quarter earnings call yesterday, Toast said revenue was $1.6 billion, up 25% from a year ago, and net income was $105 million, up 88%. The results easily beat Wall Street…
WASHINGTON, DC – AUGUST 18: Entrance to the Federal Deposit Insurance Corporation (FDIC) is seen on August 18, 2024, in Washington, DC. (Photo by J. David Ake/Getty Images)Getty ImagesBanks are not in the business of losing money. In an opinion piece intended to support an increase in federal deposit insurance, it is important to state the obvious up front. Precisely because banks make their money from the spread between the interest rate paid on deposits and the interest rate at which deposits are lent out, there is little or no incentive for banks to make loans that will not be…
“If I were to ask people the definition of ‘sane’, most people would say it’s someone who’s cool and logical – we’re sensible when we’re capable and think in a very logical, simple, analytical way,” he says. Tessa Charlesworthassistant professor of management and organizations at Kellogg.But when Charlesworth and co Charles Dorrison of Georgetown University studied how people actually defined rationality—based on word embeddings of a vast collection of texts on the Internet—realized that this stereotypical view of rationality only tells half the story.On the one hand, their study of real-world text confirmed that most people associated “rational” with words…
Silicon Valley Bank customers listen as FDIC representatives leave, speak with them before the opening of SVBs headquarters in Santa Clara, California, March 13, 2023. – US President Biden sought to reassure Americans about the nation’s banking system on Monday, while insisting that emergency measures would not be paid for by additional taxpayers. last week, the second-largest bank failure in history, and New York regulators took control of Signature Bank on Sunday. (Photo by NOAH BERGER/AFP) (Photo by NOAH BERGER/AFP via Getty Images)AFP via Getty ImagesLast week, Treasury Secretary Scott Bessent and Senator Bill Hagerty (R-TN) participated in The Wall…
Extra Strength Tylenol is displayed in Carmel, Ind., Tuesday, Sept. 23, 2025. (AP Photo/Michael Conroy)Copyright 2025 The Associated Press. All rights reserved. A politician, a scientist and a lawyer enter a courtroom. No, this is not the beginning of a joke. Politics, science and law are colliding in a way that could harm Americans’ health and public trust.The Texas attorney general has filed a lawsuit against the makers of Tylenol, alleging that the company marketed its painkiller as safe for pregnant women while concealing the “fact” that it increased the risk of autism. He cites recent statements by Secretary of…
Imports of plasma, vaccines and blood fractions, single-dose drugs and insulin, hormones and steroids are the sixth, seventh and 10th most valuable imports this year, topping $140 billion, according to the latest US Census Bureau data, available only through July due to the government shutdown.ustradenumbers.comA freight transport integrator hopes it has a solution to a A $35 billion problem in the fast-growing business of exporting and importing temperature-sensitive pharmaceuticals – waste caused by a lack of temperature control from manufacture to end-use.Frontier Scientific Solutions last month began flying between Ireland, where nine of the 10 largest and best-known pharmaceuticals in…