Wall Street ticks up in choppy trading after mixed bank results

(Reuters) – Wall Street’s main indexes inched higher in choppy trading on Wednesday as investors digested a mixed bag of quarterly earnings reports from major U.S. banks.

FILE PHOTO: Traders wear masks as they work on the floor of the New York Stock Exchange as the outbreak of the coronavirus disease (COVID-19) continues in the Manhattan borough of New York, U.S., May 27, 2020. REUTERS/Lucas Jackson

Goldman Sachs edged up as strength in its trading business helped quarterly profit surge 94%. Bank of America shed 4.0% after it missed revenue estimates and Wells Fargo declined 4.6% as its profit fell short of forecasts.

The S&P 500 banks index dropped 1.3% as the third-quarter earnings season took off amid improving expectations over the extent of the drop in overall profits for S&P 500 firms. Analysts now expect earnings to fall 18.9% from a year, according to

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Google, NASA, PayPal and the World Bank to Headline Neo4j’s NODES 2020 Developer Conference

SAN MATEO, Calif., Oct. 14, 2020 /PRNewswire/ — Neo4j, the leader in graph technology, announced today the key highlights for the second-annual Neo4j Online Developer Expo and Summit (NODES).

The one-day virtual conference is expected to attract more than 10,000 developers and data scientists on October 20th. The program includes diverse, interactive sessions delivered by graph experts on topics ranging from anti-money laundering and cybersecurity to contact tracing and automotive design. This year, NODES welcomes over 70 speakers from across the globe.

Michael Hunger, Director of Developer Relations at Neo4j, commented on hosting the

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Hoping to be LatAm’s top digital bank for SMBs, Xepelin launches a lending and revenue management service

There’s another entrant in the startup race to provide financial services to Latin America’s small and medium-sized businesses.

Financial services have been a huge opportunity for startups coming out of Brazil, Colombia and Mexico in recent years, and now Xepelin, a new company from Chile, is looking to join the fray.

Xepelin’s founders, Sebastian Kreis and Guillermo Molina Carvallo, launched their company with the vision of creating a new kind of online bank for Latin America’s small businesses.

Sebastian Kreis, chief executive officer, Xepelin. Image Credits: Xepelin

The company’s pitch to business owners depends on a variation of the lending tool known as factoring, where small businesses can take out loans based on the income they’re expecting to receive. In Latin America, where small businesses have limited avenues to traditional loans, according to Kreis, factoring represents a novel solution.

Xepelin already has a multimillion dollar credit line on the books

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Snowflake Rated Buy at Deutsche Bank, Piper Sandler on Growth Prospects

Snowflake  (SNOW) – Get Report Monday received positive recommendations from analysts at Deutsche Bank and Piper Sandler, who are impressed with the cloud service company’s growth prospects.

Snowflake shares recently traded at $245.51, up 3.15%, but have slipped 4% since the company’s initial public offering in September.

Deutsche Bank analyst Patrick Colville initiated coverage with a buy rating and a $305 price target.

“Data is the coal of the digital economy,” he wrote in a commentary. Production of the commodity “spurned the Industrial Revolution,” he said.

Now, “we find that capturing and analyzing data is becoming paramount to business success in the 21st century,” Colville said. “We see a world where the use of data is democratizing, many more roles and functions are becoming data consumers. … Our estimates call for data warehouse (analytical processing) spending to grow to $45.2bn in 2024, a 13% CAGR from 2019.”

Brent

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Killer Mike’s majority Black and Latin-American owned online bank already has ‘tens of thousands’ on the waiting list



a man looking at the camera: Rapper Killer Mike. Jim Watson/AFP via Getty Images


© Jim Watson/AFP via Getty Images
Rapper Killer Mike. Jim Watson/AFP via Getty Images

  • A majority Black and Latin-American owned and operated digital bank already has “tens of thousands” of people on its waiting list ahead of its January opening, CNN Business reported. 
  • The new bank, founded by Bounce TV founder Ryan Glover, rapper “Killer Mike,” and former Atlanta Mayor and US Ambassador to the UN Andrew Young, aims to support Black and Latin-American communities, Black-owned businesses, and Black entrepreneurs. 
  • Over the past few months, companies including Square and Netflix have announced support initiatives for Black-owned financial institutions to address racial inequality. 
  • Visit Insider’s homepage for more stories.

A majority Black and Latin-American owned and operated online bank set to open in January already has “tens of thousands” on the waiting list seeking an account, CNN Business reported.

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Greenwood is a digital bank that was founded by Bounce

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Bank rules force staff to turn off NHS COVID-19 tracing app at work

By Iain Withers and Sinead Cruise

LONDON (Reuters) – Branch staff at some of Britain’s biggest banks say rules that require them to store phones in lockers while at work are putting them at undue risk of COVID-19 from colleagues and customers, as they cannot use the country’s tracing app.

Lloyds Banking Group <LLOY.L>, along with rival TSB, are among those advising employees to deactivate the NHS Track & Trace app during office hours, when they are not allowed to keep phones on their person.

Some banks ask staff and cashiers to store phones away to prevent leaks of sensitive customer data, although this is not formally required by regulator the Financial Conduct Authority.

Under current government guidelines, users of the NHS app are advised to disable bluetooth or pause the app when away from their phones to avoid false notifications.

Other companies have told staff to pause the app

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Airtel Payment Bank allows merchants to use smartphone as ePOS

Airtel Payments Bank on Tuesday has upgraded its app to further simplify its merchant partners with a range of digital benefits that make the payments journey more simplified, including allowing them to convert their smartphone into a ‘Smart ePOS’ device to accept digital payments and also make ‘On-Demand Settlement’.

Smart e-POS (Point of Sale) enables merchants to use their smartphones as a POS machine to accept digital payments and not worry about handling cash.

Merchants simply need to select the Smart ePOS option in the app, and a QR code will appear on the mobile screen for the payments to be made, the company said.

The amount will get credited immediately to the merchant bank account linked to the app. This eliminates the need to have a physical QR code or the need to carry an additional device to receive payments for home deliveries. Also, merchants can accept payments with

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Airtel Payments Bank allows merchants to convert Smartphone into PoS to accept digital payments



a hand holding a cellphone


© Provided by Zee Business


Airtel Payments Bank has upgraded its app to further empower its merchant partners with a range of digital benefits that make the payments journey more simplified. For merchants, the Airtel Payments Bank app now comes with two new features “Smart ePOS” and “On-Demand Settlement”.

Speaking on the initiative, Ganesh Ananthanarayanan, Chief Operating Officer at Airtel Payments Bank said, “Merchant partners play a crucial role in driving digital payments on the ground and empowering them with easy to use payment solutions is of utmost importance to us. The new solutions allow merchants to receive and settle payments through a seamless and secure digital process. This is one more step towards our aim of building a cashless economy.”

Smart e-POS (Point of Sale) enables merchants to use their smartphones as a POS machine to accept digital payments and not worry about handling cash. Merchants simply need to

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Growth stocks enjoying best year-to-date outperformance since 1979 – but value can soon bounce back, Bank of America says


  • Stocks just closed out their best third-quarter performance in a decade, but Bank of America expects growth stocks to soon take a back seat to value names.
  • The Russell 1000 Growth Index opened a 36 percentage-point lead over its value-focused peer on Thursday. That’s the biggest outperformance for growth stocks in data going back to 1979, Bank of America said in a note to clients.
  • Still, investors’ heavy concentration in growth sets value up for a bounce-back. The bank recommended high-quality value stocks to ride out election-season volatility and the US economic recovery.
  • Positioning, valuation dispersion, and “an expected recovery in the profits cycle” point to a near-term rally for value, the team of strategists led by Savita Subramanian added.
  • Visit the Business Insider homepage for more stories.

The stock market is hot off of its best third-quarter performance in a decade, and growth names are set

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Teen-focused digital bank Step launches with Charli d’Amelio

  • Step is a no-fee digital bank for teenagers, offering secured credit cards and an app.
  • It’s working with influencers like TikTok megastar Charli d’Amelio to spread the word, and banking on referrals between users to grow its platform.
  • Fintechs like Current and Greenlight, too, offer debit cards and savings accounts for kids.
  • Step will also have a brand ambassador called the Step Squad.
  • Visit Business Insider’s homepage for more stories.

 

Banking isn’t typically top of mind for teens, and teens aren’t typically top of mind for banks. But as Gen Z comes of age, fintechs are starting to pay attention to the digitally-savvy segment.

Step, a digital-only bank for teens, just launched, and it’s using influencers like TikTok superstar Charli D’Amelio to spread the word.

D’Amelio, 16, is the most-followed individual on the app, with nearly 90 million followers.

When Step founder and CEO CJ MacDonald first met D’Amelio and

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