What we’re reading (2/18)
“Cashless Is Here To Stay: Why Contactless Payments Will Be The Status Quo For Consumers & Businesses” (Worth). “According to the National Retail Federation, in the U.S. alone, no-touch payments have increased 69 percent since January 2020. Of those currently using contactless, 57 percent of participants said they’ll continue to do so beyond the pandemic. Cash and credit cards, as we know it, may vanish from much of consumers’ routine purchases, and with this mind, investments and business opportunities within contactless technologies are likely to continue their growth beyond the pandemic.”
“How Robinhood Ended Up In Washington’s Crosshairs” (CNN Business). “This was supposed to be the year Robinhood turned the page on its troubles and launched a massive IPO. And then GameStop mania happened…[a]t Thursday's virtual hearing, held by House Financial Services Committee, Robinhood will be forced to defend its controversial trading restrictions and the startup's relationship with the empire of billionaire Ken Griffin, who is also scheduled to testify.”
“Online-Trading Platform Will Let Investors Bet On Yes-Or-No Questions” (Wall Street Journal). “An online-trading startup that aims to let people wager on questions about future events ranging from economics to the weather to public health has raised $30 million from an array of prominent investors including venture firm Sequoia Capital and discount-brokerage pioneer Charles R. ‘Chuck’ Schwab. Kalshi Inc. expects to launch in March. It plans to let users bet on “yes” or “no” answers to questions about future events. For instance, had the platform existed last year, it might have asked users whether a Covid-19 vaccine would be approved by the end of 2020.”
“‘Someone Who Does Not Care About The Journalism’: Gloomy Tribune Newsrooms Brace For The Hedge Fund Squeeze” (Vanity Fair). “Among journalists at Tribune Publishing, whose newspapers are now set to be fully within the jaws of notorious hedge fund Alden Global Capital, the mood on Wednesday was as dark as you’d expect. ‘There are a lot of disappointed people in the newsroom right now,’ said Todd Lighty, an investigative reporter at the company’s flagship, the Chicago Tribune, where a virtual staff meeting was scheduled for 3 p.m. central time on Thursday. ‘It’s really disheartening to be owned by someone who does not care about the journalism one iota.’”
“Citibank Just Got A $500 Million Lesson In The Importance Of UI Design” (Ars Technica). “A federal judge has ruled that Citibank isn't entitled to the return of $500 million it sent to various creditors last August. Kludgey software and a poorly designed user interface contributed to the massive screwup. Citibank was acting as an agent for Revlon, which owed hundreds of millions of dollars to various creditors. On August 11, Citibank was supposed to send out interest payments totaling $7.8 million to these creditors.”
