Crypto Platform Kraken Plans to Launch Competitor to Venmo, Block's Cash App
Crypto exchange Kraken is developing a financial services app targeting remittances and payments, further diversifying the company's revenue streams ahead of a potential stock market debut.
The new app, named Krak, will allow businesses and consumers globally to send and receive both crypto and traditional currencies across borders at little to no cost, Kraken said in a statement Thursday. At launch the app will support more than 300 assets, but will operate in a partially closed system where customers can only send cash to other Krak users or withdraw to their own bank account.
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News24
14 minutes ago
- News24
Open Secrets: How big consulting firms are cashing in on the climate crisis
A new investigative report released on Thursday by non-profit social justice organisation Open Secrets lays out how multinational consultancy firms are cashing in on the climate crisis. Titled The Climate Consultants: How management consultants cash in on the climate crisis, the investigation, led by Zen Mathe, Michael Marchant, Ra'eesa Prather and Ariella Scher, describes how technocrats in the private sector, paid from the public purse, are influencing government climate change policy, while continuing to consult for the very fossil fuel companies exacerbating the crisis. Using public documents, interviews, and responses to questions, the authors make a case that the government's increasing reliance on consultants to formulate responses to the climate and energy crises undermines state capacity in the long run and puts democracy at risk by side-lining the voice of the public. The report points out the massive size of the global management consulting market, which passed the $1-trillion (~R17 trillion) mark in 2023. The report notes there was a surge in demand for climate change consultancy in the wake of the 2015 Paris Agreement, which saw 195 countries commit to keeping global warming below 1.5 degrees above pre-industrial levels. (World temperatures exceeded 1.5 degrees above pre-industrial levels in 2024 - a stark warning that we are on track to break the Paris Agreement target, which refers to long-term warming over a 20-year period.) READ | Fatal heatwaves, food shocks loom for SA without urgent climate action, warns commission As part of their commitment, countries have to submit Nationally Determined Contributions every five years, which detail the actions being taken to reduce greenhouse gas emissions. This is where consultancy firms have been used to provide modelling and advice. Yet these firms, three large multinationals known as the Big Three – McKinsey, Bain and Boston Consulting Group (BCG) – and the consulting arms of the Big Four multinational accounting firms – Deloitte, EY, KPMG, and PwC – also continue to do 'lucrative work' for fossil fuel companies. 'While consultants will argue that they are a key part of trying to get fossil fuel companies to change, there is little evidence of them doing so. Instead, the evidence is that their clients are steadfastly engaged in misinformation, greenwashing, and lobbying to slow down reforms needed to address the climate crisis,' argues the report. The report claims there is no 'corporate wall' between the consultants working for fossil fuel clients and those advising the government on climate mitigation and adaptation strategies. 'They inevitably meet at the same water cooler … (and) chase the same goals of position and profit.' The report gives examples of how large consultancy firms promote oil and gas production in the short and medium term, which ignores scientific consensus that any further investment in fossil fuel will destroy any attempts to reduce carbon emissions to net-zero by 2050. The authors claim there is also evidence the consultancy firms 'actively facilitate new deals to pursue new fossil fuel developments'. These may be catastrophic for human life in the long term, but are good for profits in the short term. Just transition compromised The Climate Change Act defines 'just transition' as 'a shift towards a low-carbon, climate-resilient economy and society and ecologically sustainable economies and societies which contribute toward the creation of decent work for all, social inclusion and the eradication of poverty'. A just transition is essential, argue the authors, if South Africa is to undo the damage to human health and the environment caused by our fossil-fuel and mining-based economy, along with the inequality it has created. The report describes how much of South Africa's Just Energy Transition (JET) plan is being financed by a $12.8-billion pledge from France, Germany, the United Kingdom and the European Union. Most of the money so far provided is in the form of concessional loans, which means it still has to be paid back, albeit at favourable rates. The terms and conditions of these loans are not made known. 'According to the JET Grants Register, around 65% of the committed grant funds have gone to private corporations and organisations as implementing entities,' the report says. 'Less than 25% of the grant monies go to local implementing entities, such as non-governmental organisations, public sector entities, and universities. More often than not, there is also a direct link between where the money comes from (the donor country) and where the money goes (the implementing entity).' One example is the money paid to PwC's consulting arm, which is the implementing entity for four Just Energy Transition projects worth more than R130-million. These projects are funded by the UK government. On two large projects in Mpumalanga, PwC is working with Adam Smith International, a UK firm which has been involved in several scandals. While the UK government will count all its grant funding as a contribution to South Africa's just transition, much of it ends up paying consultants' salaries. 'It is likely that money earmarked as grant funding to assist Mpumalanga's just transition is contributing to the rent for Adam Smith International's swanky offices in central London,' note the authors. The report says that PwC was the external auditor for SAA and looked the other way when executives Dudu Myeni and Yakhe Kwinanan led the state airline to financial ruin. Similarly, Open Secrets describe how Deloitte, which was the external auditor for Steinhoff for 20 years until it collapsed, and is implicated in the possible audit failure at Tongaat Hulett, received R145-million from US grants to be the implementing agent in a number of Just Energy Transition-related projects. READ | Climate Investment Funds approve R47bn coal-exit plan for SA State capture's legacy Open Secrets also dig into the Boston Consulting Group (BCG). The report notes that unlike McKinsey and Bain (which was banned in 2022 by National Treasury from doing business for the state for 10 years), BCG was not found to be involved in South Africa's state capture. The scrutiny and mistrust of McKinsey and Bain has been an opportunity for BCG to land numerous contracts, 'especially in the climate and energy space', with the result they are 'playing a large role in many important public policy processes, with little scrutiny or public outcry'. The Open Secrets report reveals a 'revolving door', allowing consultants to move across firms, often to avoid accountability for wrongdoing. Several members of the team at Bain who helped gut SARS during state capture 'moved to BCG within a short period of time after the full extent of Bain's role in the attack on SARS was revealed'. While BCG has scored R30.2-million from grant funds for the Just Energy Transition Plan in South Africa, Open Secrets names a partner at BCG who they claim was one of a number of former Bain consultants involved in the SARS scandal. One of BCG's largest corporate accounts is Standard Bank. Adam Ikdal, who Open Secrets states had a 25-year career with BCG, including a stint as managing partner, joined Standard Bank in 2022 as chief of strategy. 'The relationship is noteworthy,' remark the authors, given that Standard Bank announced a year ago that it would finance the controversial $5-billion East African Crude Oil Pipeline project despite massive criticism. This is but one example of why consultancy firms such as BCG should be 'viewed with caution', state the authors, who with this report attempt to shine a light on opaque operations that maintain a 'business as usual' status quo, while profiting from the crisis this approach has caused. Open Secrets sent requests for comment to the parties mentioned in the report: BCG responded, on behalf of its partners, that it is committed to the law and regulations, and that it cannot provide details on its individual projects due to confidentiality agreements. Standard Bank said that it had contracted BCG prior to Ikdal joining the company. Adam Smith International said it had 'implemented comprehensive governance and leadership reforms, strengthened our compliance processes, and introduced robust ethical and transparency policies'. PwC did not respond to questions, says Open Secrets. Deloitte said: '[W]e were unable to make a direct link between the grant payments listed in the Registry and Deloitte Africa's records … other Member firms within the Deloitte network may have been involved in the delivery of these projects … The information provided in the Registry was fairly limited, and at a specific point in time. Accordingly, we are unable to comment on the other questions raised related to these grant payments specifically.'
Forbes
35 minutes ago
- Forbes
Earnings Preview: What To Expect From Nike & How Its Handling Tariffs
Projecting sign with Nike swoosh logo outside retail store against blue sky and high-rise buildings, ... More San Francisco, California, May 13, 2025. (Photo by Smith Collection/Gado/Getty Images) Nike is scheduled to report earnings after Thursday's close. The stock hit a record high of $179.10/share in 2021 and is currently trading near $62. The stock is prone to big moves after reporting earnings and can easily gap up if the numbers are strong. Conversely, if the numbers disappoint, the stock can easily gap down. To help you prepare, here is what the Street is expecting: Earnings Preview The company is expected to report a gain of $0.12/share on $10.67 billion in revenue. Meanwhile, the so-called Whisper number is a gain of $0.21/share. The Whisper number is the Street's unofficial view on earnings. A Closer Look At The Fundamentals The company has seen up and down earnings over the last few years. In 2020, the company made $1.84/share. In 2021, earnings jumped to $3.56. Then, earnings came in at $3.75 in 2022. Then, earnings slid to $3.23 in 2023. In 2024, earnings grew to $3.95 and are expected to come in at $2.15 in 2025 and $1.85 in 2026. The stock sports a price to earnings (P/E) ratio of 20 which is (0.8x) lower than the benchmark S&P 500. It will be interesting to see what the company says about tariffs. FedEx came out last week and didn't report future guidance because of tariffs. Nike imports its sneakers from abroad, so tariffs will play a big role. Charts & Data Courtesy of MarketSurge Inc. A Closer Look At The Technicals Technically, the stock is in a long downtrend and trying to bottom. The stock is trading below its longer term 200-day moving average line (DMA) which is not a healthy sign. The stock sports a relative strength (RS) rating of only 14 which is very low. MarketSurge ranks the RS rating from 1-99, 1 being the lowest and 99 being the highest. Ideally, the bulls want to see the stock gap up and the bears want to see it gap down after earnings. Company History Nike, originally founded as Blue Ribbon Sports on Jan. 25, 1964, began as a small operation in Eugene, Oregon. Phil Knight, a track athlete at the University of Oregon, and his coach Bill Bowerman teamed up to import high-quality running shoes from Japan's Onitsuka Tiger (now Asics) to sell in the U.S. market. Knight sold these shoes out of his car at track meets, while Bowerman contributed his expertise by experimenting with innovative shoe designs. By 1966, BRS had opened its first retail store in Santa Monica, California, and expanded operations to the East Coast. However, disagreements with Onitsuka Tiger led the company to rebrand as Nike in 1971, adopting the now-iconic Swoosh logo designed by Carolyn Davidson. The launch of Nike marked a turning point for the company. In 1972, Nike introduced its first original shoe featuring Bowerman's revolutionary "waffle sole," inspired by a waffle iron, which enhanced traction and durability. The company gained momentum throughout the 1970s and introduced its patented Air technology in 1979, setting it apart from competitors. The 1980s solidified Nike's dominance with high-profile endorsements, most notably Michael Jordan in 1984. The Air Jordan line became a cultural phenomenon, blending performance and style. Nike also debuted its "Just Do It" slogan in 1988, further embedding itself into popular culture and sports. Today, Nike is a global leader in sportswear and innovation, headquartered in Beaverton, Oregon. It has expanded beyond footwear into apparel, equipment, and digital technology like Nike+, which integrates fitness tracking with wearable devices. With a focus on sustainability through initiatives like Flyknit technology and recycled materials, Nike continues to adapt to modern demands while maintaining its legacy as a brand synonymous with athletic excellence and innovation. Company Profile NIKE, Inc., together with its subsidiaries, engages in the design, development, marketing, and sale of athletic footwear, apparel, equipment, accessories, and services worldwide. The company provides athletic and casual footwear, apparel, and accessories under the NIKE, Jumpman, Converse, Chuck Taylor, All Star, One Star, Star Chevron, and Jack Purcell trademarks. It also sells a line of performance equipment and accessories comprising bags, sport balls, socks, eyewear, timepieces, digital devices, bats, gloves, protective equipment, and other equipment for sports activities under the NIKE brand; and various plastic products to other manufacturers. In addition, the company markets apparel with licensed college and professional team, and league logos, as well as sells sports apparel; licenses unaffiliated parties to manufacture and sell apparel, digital devices, and applications and other equipment for sports activities under NIKE-owned trademarks; and operates digital platforms, including fitness and activity apps; sport, fitness, and wellness content; and digital services and features in retail stores. It sells its products to footwear stores; sporting goods stores; athletic specialty stores; department stores; skate, tennis, and golf shops; and other retail accounts through NIKE-owned retail stores, digital platforms, independent distributors, licensees, and sales representatives. The company was founded in 1964 and is headquartered in Beaverton, Oregon. Pay Attention To How The Stock Reacts To The News From where I sit, the most important trait I look for during earnings season is how the market and a specific company reacts to the news. Remember, always keep your losses small and never argue with the The stock has been featured on
Washington Post
37 minutes ago
- Washington Post
Average long-term US mortgage rate drops to 6.77%, the lowest level since early May
The average rate on a 30-year U.S. mortgage fell to its lowest level since early May, an encouraging trend for prospective homebuyers at a time when the U.S. housing market remains largely held back by elevated borrowing costs and rising prices. The long-term rate fell to 6.77% from 6.81% last week, mortgage buyer Freddie Mac said Thursday. A year ago, the rate averaged 6.86%.
