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Apple ending Goldman credit card partnership deal

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Apple is reportedly ending its partnership with Goldman Sachs on the Apple Card, signaling a shift in the tech giant’s financial services strategy.

This move comes as Apple seeks to further expand its footprint in the fintech industry and take more control over its financial products.

The Apple Card, launched in 2019 in collaboration with Goldman Sachs, offered users various benefits, including cashback rewards and a seamless integration with Apple Pay. However, recent reports suggest that Apple is dissatisfied with the progress of the partnership and is now looking to develop its own credit card services independently.

One of the key questions arising from this development is how it will impact existing Apple Card users. Will they see changes in the card’s features or customer service? Additionally, what does this mean for Goldman Sachs, which had hoped to benefit from its association with Apple in the financial sector?

Another important aspect to consider is Apple’s long-term strategy in the financial services industry. With the company already offering services like Apple Pay, Apple Wallet, and Apple Cash, will this move lead to the introduction of new, innovative financial products and services from the tech giant?

Furthermore, what regulatory challenges and hurdles might Apple face as it endeavors to expand its presence in the highly regulated world of finance? And finally, how will competitors in the fintech space react to Apple’s growing influence and potential disruption of the industry?

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Money

Australian Treasurer and RBA chief clash over economy

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A rare dispute has emerged between Australia’s Treasurer Jim Chalmers and Reserve Bank Governor Michele Bullock over the nation’s economic trajectory.

Governor Bullock argues the economy remains overheated, even as growth data shows recent slowdowns.

Treasurer Chalmers, however, warns that sustained high interest rates are “smashing the economy.”

This debate is critical for Australians, as it will influence the future of interest rates and inflation.

Data shows a mixed economic picture: while inflation is down, it’s still above target, and the jobs market remains historically strong.

Ultimately, deciding who’s right may come down to theory and perspective on economic health.

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Central bank expected to ease interest rates as election nears

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The Federal Reserve is expected to cut interest rates again this week, a move aimed at cooling inflation.

This quarter-point rate cut would bring the benchmark rate to about 4.6%, the second reduction this year.

Analysts expect that additional cuts could come in December, which would benefit borrowers by reducing loan costs.

If Trump were to win the election, economists say his proposals on trade and immigration could reignite inflation.

The Fed is balancing a strong economy and low unemployment with its inflation-calibrated rate cuts.

As Election Day approaches, all eyes are on both the Fed and the presidential race.

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Big Tech pushes AI investments

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Tech giants like Microsoft and Meta are accelerating AI data center spending, with massive capital pouring into these projects.

Microsoft and Meta reported on Wednesday that AI investments are spiking their expenses, while Alphabet announced similar trends.

Amazon, due to report earnings shortly, is expected to mirror these projections, foreseeing further pressure on profit margins.

Wall Street is getting wary of the financial strain, as each company’s stock took a hit this week despite strong quarterly numbers.

Shares of Meta fell over 3%, and Microsoft saw a 6% drop, underscoring Wall Street’s jitters.

“It’s expensive to keep up with AI technology demands,” says GlobalData’s Beatriz Valle, emphasising a competitive race in AI capacity.

The high-stakes investments are starting to test investor patience in Big Tech’s ambitious AI journey.

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