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Visas Net Revenue Falls Short of Forecasts, Leading to PostEarnings Decline

As expected by Wall Street, Visas revenue for the third quarter was missed, which is unusual for the most significant payment processor in the world.

As expected by Wall Street, Visas revenue for the third quarter was missed, which is unusual for the most significant payment processor in the world. The companys afterhours share price fell 4.6% due to its $8.90 billion net sales, which fell short of the $8.92 billion expected. Higher borrowing rates, which affect consumer spending, especially among lowerincome groups, were blamed for this shortage. Visas growth was steady among highspenders while slightly down in lowerspend categories. A downturn was also seen in the AsiaPacific region, particularly in mainland China. Despite this, Visa reported a 14% increase in crossborder transactions and a 7% increase in payment volume, and they anticipate "low doubledigit" revenue growth in the upcoming quarter. Read More..

B2B Tech News | 1 days ago        

Finance Minister Nirmala Sitharaman Revises Income Tax Slabs, Increases Standard Deduction

Nirmala Sitharaman, the finance minister, updated the tax system recently, changing the income tax brackets but leaving the tax rates unaltered. With

Nirmala Sitharaman, the finance minister, updated the tax system recently, changing the income tax brackets but leaving the tax rates unaltered. With the 5% tax rate being the same, the lower tax slab threshold went from ₹36 lakh to ₹37 lakh. Under the new system, the standard deduction for salaried employees went up from ₹50,000 to ₹75,000, while the deduction for family pensioners went up from ₹15,000 to ₹25,000. With these adjustments, around four crore salaried persons and retirees will receive relief, with those earning ₹15 lakh, possibly saving as much as ₹17,500. A ₹20lakh threshold was also created to mitigate the penalty for minor nondisclosures related to tiny foreign assets. Read More..

B2B Tech News | 1 days ago        

Japans Top Spokesperson Calls for Wage Increases Among Smaller Firms to Support Economic Growth

Yoshimasa Hayashi, the chief spokesperson for Japan, underlined that broader pay rises among smaller businesses are necessary to guarantee longterm ec

Yoshimasa Hayashi, the chief spokesperson for Japan, underlined that broader pay rises among smaller businesses are necessary to guarantee longterm economic growth. This is a component of Fumio Kishida, the prime minister,s plan to maintain economic recovery while balancing growing living expenses. Hayashis remarks come ahead of the July 3031 Bank of Japan policy meeting, which might include a discussion on raising interest rates. He emphasised how crucial it is to start a positive feedback loop where businesses may raise salaries by raising prices to cover increased costs. The government is also considering a fresh fiscal stimulus plan to lessen the effects of inflation. However, there is still cause for concern given the yens recent slide, fueled by divergent interest rates with the US. Read More..

B2B Tech News | 2 days ago        

India Allocates $24 Billion for Job Creation and Rural Development in 2024/25 Budget

The Finance Minister, Nirmala Sitharaman, declared that India will set aside $24 billion in its 2024–2025 budget to develop rural areas and employme

The Finance Minister, Nirmala Sitharaman, declared that India will set aside $24 billion in its 2024–2025 budget to develop rural areas and employment opportunities. Prime Minister Narendra Modis Bharatiya Janata Party lost its absolute majority in the election, which led to this decision. The budget allots 2.66 trillion rupees $32 billion for rural development and new programmes for important ally states. Government initiatives to increase employment include subsidised loans for higher education, enhanced skills programmes, and business incentives. Private estimates indicate a greater urban unemployment rate, notwithstanding the official 6.7% statistic. Moreover, loans associated with reform benchmarks and declining budget deficit objectives indicate that infrastructure expenditure is still substantial. Read More..

B2B Tech News | 2 days ago        

Brazils Central Bank Delays Launch of Pix Automatic to June 2025 Amid Budgetary Concerns

With effect from October until June of next year, the central bank of Brazil has postponed the deployment of the "Pix Automatic" function for its Pix

With effect from October until June of next year, the central bank of Brazil has postponed the deployment of the "Pix Automatic" function for its Pix fast payment system. This new functionality wont require transaction authentication, which enables seamless payments for regular invoices. The delay has to do with the continuing discussion about a constitutional change that would increase the financial autonomy of the central bank. President Luiz Inacio Lula da Silva is now against the amendment. The central banks worries that its financial restrictions will affect Pixs operations led to the delay. By decreasing delinquency for utilities, schools, and other service providers, Pix Automatic seeks to minimise billing expenses and increase Pixs share of Brazilian payments. Read More..

B2B Tech News | 2 days ago        

African Development Bank Grants $1 Billion Loan to South Africa’s Transnet for Recovery Efforts

Transnet, a logistics company in South Africa, has received a $1 billion loan from the African Development Bank AfDB to help with immediate recovery r

Transnet, a logistics company in South Africa, has received a $1 billion loan from the African Development Bank AfDB to help with immediate recovery requirements. AfDB Vice President for Infrastructure, Industrialization, and the Private Sector Solomon Quaynor outlined Transnets recent challenges, which included reduced efficiency, governance problems, and vandalism. The $8 billion, fiveyear Transnet recovery plan prioritizes rapid increases in operational effectiveness and will benefit from the financing. This support, backed by a sovereign guarantee, fits in with South Africas proposed reforms, including creating a National Crisis Committee for logistics and transportation. Quaynor mentioned the AfDBs broader emphasis on industrialization, which includes support for SMEs and essential industries like agriprocessing and minerals, as well as the possibility for private sector engagement. Read More..

B2B Tech News | 2 days ago        

Israeli Cybersecurity Startup Wiz Ends $23 Billion Acquisition Talks with Alphabet

In a document seen by Reuters, Israeli cybersecurity company Wiz said that negotiations with Alphabet for a possible $23 billion purchase have ended.

In a document seen by Reuters, Israeli cybersecurity company Wiz said that negotiations with Alphabet for a possible $23 billion purchase have ended. According to CEO Assaf Rappaport, Wiz will concentrate on an IPO, with a goal of $1 billion in recurring income annually. Wiz and Alphabet have not acknowledged the acquisition talks. Wizs $12 billion fundraising round valuation roughly doubled after Reuters revealed earlier last month that Alphabet was in advanced discussions to acquire the company. Wiz offers cloudbased cybersecurity solutions driven by AI. With Alphabet having just decided not to pursue the acquisition of HubSpot, this announcement is a blow to Googles cloud business, which brought in over $33 billion in revenue last year. Read More..

B2B Tech News | 2 days ago        

IMF Approves New Loans to Niger to Support Economic Reforms and Stability

To promote economic reforms targeted at enhancing balance of payments stability and resolving longstanding balance of payments difficulties, Niger wil

To promote economic reforms targeted at enhancing balance of payments stability and resolving longstanding balance of payments difficulties, Niger will receive further loans from the IMF. The first review under the Resilience and Sustainability Facility RSF and the fourth and fifth reviews of Nigers Extended Credit Facility ECF were finished on Wednesday by the IMF Executive Board. As a result, SDR 19.74 million about $26 million under the ECF and SDR 34.216 million around $45 million under the RSF were immediately disbursed. To give essential reforms and fiscal consolidation more time, the ECF, which was authorised on December 8, 2021, and the RSF, which was introduced in July 2023, have been extended until December 2025. The political unrest in Niger caused interruptions to the programme, which affected the debt service. Read More..

B2B Tech News | 2 days ago        



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