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...The top US consumer finance watchdog has raised doubts about megamergers in the credit card industry, just as Capital One attempts to close its $35.3bn takeover of card issuer Discover Financial Services...
Talks show largest US lender’s appetite for a payments network to support its credit card business
FDIC board postpones votes on rival proposals that have alarmed the fund management industry
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...Regulators are worried that Big Tech companies may be taking advantage of AI companies’ insatiable need for computing power to train large language models, by luring cash-strapped start-ups to their cloud services...
...It has already rolled out a large range of services, including meeting transcription and spreadsheet analysis, available for $30 per person, per month....
...Demand for Microsoft’s AI services boosted sales by 7 percentage points during the quarter, up from 6 in the previous quarter and 3 in the one before that....
...Moreover, such institutions often accompany lending with advisory services to clients to build their capacity. Such factors may explain the lower defaults and superior recovery rates....
...The Japanese automaker has eschewed its usual conservative management style to partner with Chinese gaming and social media giant Tencent — whose social networking service is used by more than 1bn people...
...Results at BofA, like its large competitors, were also dragged down by costs tied to last year’s regional banking crisis after the Federal Deposit Insurance Corp imposed another round of fees on the nation...
...*Ignites Europe is a news service published by FT Specialist for professionals working in the asset management industry. Trials and subscriptions are available at igniteseurope.com....
US activist’s interest comes as London-listed SMIT has fallen out of favour
...On Monday, the Virginia-based bank said it had agreed to acquire Discover Financial Services for $35bn, to be paid all in stock....
...and Google’s owner Alphabet have quashed investor scepticism around the vast sums spent on developing artificial intelligence, after being boosted by rampant corporate demand for their cloud computing services...
...It followed a stand-off between the then government and the tech sector that led to Google warning it would shut down its search services in Australia....
...Its own generative AI-supported services will benefit from improvements that come from the public....
...an Argentine naval vessel during a protracted tussle with the Latin American nation — British water company legislation restricts the ability of bondholders to seize assets if Thames Water is unable to service...
...Former Barclays boss Bob Diamond will be appointed chair of social media start-up Triller after financial services platform AGBA, of which he has been chair since September, agreed an all-share takeover...
...A year ago, an expected economic downturn in the US hung over the sector, which was already grappling with a post-pandemic slip in demand for digital services....
Plus, the money behind The Body Shop’s rescue and the Shakespearean drama of an Italian dynasty
...*Ignites is a news service published by FT Specialist for professionals working in the asset management industry. Trials and subscriptions are available at ignites.com....
Porticoes Capital bets on further turmoil with approval to take over collapsed lenders from FDIC
...What is a “transportation service”? It’s one of just a few services costs that drove an acceleration of consumer prices in January: Shelter costs, transportation services and medical services....
Takeover set to unite two of the US’s largest credit card companies and reshape industry
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