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Apple is looking to strike deals with ‘alternative payments’ providers

Apple CEO Tim Cook speaks about Apple Pay during an Apple special event at the Flint Center for the Performing Arts on September 9, 2014 in Cupertino, California.Getty ImagesApple is looking for a lead negotiator to strike partnerships with “alternative payment” partners, according to a job listing posted on Tuesday.The role, according to the listing, would include screening potential partners, negotiating and signing deals, and launching new programs and features for Apple’s Wallets, Payments, and Commerce team. It will also work with Apple Pay teams.”Lead the partnership program with key players in the Alternative Payments ecosystem, covering the complete process of partner identification, business case development and socialization, partnership negotiation, contract signing and execution, go to market launch and continued partnership value growth,” the job listing says.Like most Apple job listings, it doesn’t mention specific products or partnerships that the role would work on. But it does mention some examples of alternative payments experience that Apple is looking for, including digital wallets, BNPL (buy now pay later, like Affirm), fast payments and cryptocurrency.Apple has a digital wallet app built into the iPhone, called Wallet. When it started in 2012, it could hold digital boarding passes. Over the years, it has

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Amazon's $8.45 billion deal for MGM is historic but feels mundane

In this articleAMZNMGM Studios Plaza entrance on February 28, 2015 in Niagara Falls, Ontario, Canada.Raymond Boyd | Michael Ochs Archives | Getty ImagesIt finally happened. After years of waiting, a large technology company finally acquired a significant legacy media company. Amazon has purchased legendary MGM Studios for $8.45 billion.So why does it feel so underwhelming?Perhaps it’s because this is, in essence, a bolt-on acquisition for Amazon. There’s nothing about the MGM deal that’s particularly revolutionary or leans into cutting-edge technology.Rather, Amazon needs more content for Prime Video to stay relevant against Netflix, Disney+, Hulu, HBO Max and the many other streaming services competing for eyeballs. Buying MGM not only gives it library favorites like “James Bond,” “Rocky,” “Real Housewives” and “Survivor.” It also improves its odds of making better originals with a fully fledged studio that has made recent hits such as “The Handmaid’s Tale” and “Fargo.”Perhaps it’s because the essence of this deal isn’t about media or technology at all. Amazon is playing a different game than every other entertainment company. The primary rationale behind buying MGM is getting more consumers to pay for Prime. More than 175 million Prime subscribers have streamed TV shows and movies in the

Fighting inflation with a reverse mortgage. What retirees need to know

Ariel Skelley | DigitalVision | Getty ImagesMany older Americans worry about outliving their savings, and those fears have been magnified by recent spikes in inflation, eating away at retirees’ nest eggs. The consumer price index increased by 0.8% in April from March and surged 4.2% from the previous year, the biggest jump since September 2008. As retirees weigh options to preserve purchasing power, financial experts say adding a reverse mortgage to a retirement plan may offer inflation protection. “There are more and more people who are looking at this strategically,” said Don Graves, president of the Housing Wealth Institute and author of “Housing Wealth: An Advisor’s Guide to Reverse Mortgages.” More from Personal Finance:Retirees worried about inflation may consider adding this to their portfolioThese strategies can reduce the taxes you will pay on retirement accountsPandemic drove these Americans into early retirement. What to knowWhile Americans have record amounts of home equity, it hasn’t been easy to access during the pandemic.Several large banks stopped offering home equity lines of credit amid the economic uncertainty. As a result, some cash-strapped seniors turned to reverse mortgages, particularly during stock market dips. But reverse mortgages can also be a proactive strategy, said Wade Pfau, professor of retirement income at

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Amazon to buy MGM Studios for $8.45 billion

Amazon said Wednesday that it will acquire MGM Studios for $8.45 billion, marking its boldest move yet into the entertainment industry and turbocharging its streaming ambitions.The deal is the second-largest acquisition in Amazon’s history, behind its $13.7 billion purchase of Whole Foods in 2017.Amazon said it hopes to leverage MGM’s storied filmmaking history and wide-ranging catalog of 4,000 films and 17,000 TV shows to help bolster Amazon Studios, its film and TV division.”The real financial value behind this deal is the treasure trove of IP in the deep catalog that we plan to reimagine and develop together with MGM’s talented team,” said Mike Hopkins, senior vice president of Prime Video and Amazon Studios, in a statement. “It’s very exciting and provides so many opportunities for high-quality storytelling.”In a statement, MGM Chairman Kevin Ulrich said: “The opportunity to align MGM’s storied history with Amazon is an inspiring combination.”Shares of Amazon barely moved on the announcement.The deal emphasizes Amazon’s willingness to spend deeply to remain competitive in the crowded streaming market. Amazon, Netflix, Disney and other video streaming services have been looking to beef up their content libraries to win over subscribers, committing billions toward licensing content and developing original programming.Meanwhile, media

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Weekly mortgage demand falls as interest rates move higher

A slight increase in mortgage interest rates was enough to tank refinances and bring down overall demand. Total mortgage application volume fell 4.2% last week from the previous week, according to the Mortgage Bankers Association’s seasonally adjusted index.The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($548,250 or less) increased to 3.18% from 3.15%, with points decreasing to 0.35 from 0.36 (including the origination fee) for loans with a 20% down payment.While the rate increase was small, refinance demand fell 7% for the week and was 9% lower than a year ago. So many borrowers have already refinanced at rates below 3% that there is just not a lot of opportunity left.The refinance share of mortgage activity decreased to 61.4% of total applications from 63.3% the previous week.Mortgage applications to purchase a home increased 2% for the week but were 4% lower than a year ago.”While purchase activity was around 4% lower than a year ago, the comparison is to last spring’s large upswing in activity as pandemic-related lockdowns lifted,” said Joel Kan, an MBA economist. “Demand is robust throughout the country, but homebuyers continue to be held back by the lack of homes for sale

Bitcoin price bounces back above $40,000 after a wild week of trading

In this articleTSLAA photo illustration depicting the cryptocurrency bitcoin.Jakub Porzycki | NurPhoto via Getty ImagesThe price of bitcoin climbed back above $40,000 on Wednesday morning, a week after its price tumbled 30% to around $30,000.The world’s most popular cryptocurrency was trading at $40,344.50 at 5:24 a.m. ET on Wednesday, up over 5% over the last 24 hours, according to Coin Metrics data.All the other major digital coins were also in the green Wednesday. Ethereum’s price has risen over 10% in the last 24 hours to $2,865.61, while Dogecoin’s price has climbed a little over 2% to 36 cents a coin.Last week’s crypto sell-off came after authorities in China and the U.S. moved to tighten regulation and tax compliance on cryptocurrencies. Chinese authorities called for tighter regulation on crypto mining and trading on Friday, reinforcing rules announced in 2017, and the U.S. Treasury announced Thursday that it would require stricter crypto compliance with the IRS.But the cryptocurrency market is trying to recover some of the losses this week after it plunged again on Sunday to almost $31,000.Bitcoin’s latest price rise comes after Tesla CEO Elon Musk said on Monday he spoke to bitcoin miners in North America about renewable energy solutions.