An FIS survey finds 51% of fund administrators doubt their technological capabilities can support client demands, an increase from 50% last year. Meanwhile, 44% of respondents say their operations cannot support growth, a decrease from 53% last year.
The London Metal Exchange plans to publish a position paper in coming weeks that outlines reportedly a requirement that copper producers in Congo get third-party audits to prove the metal does not originate from suppliers involved in human rights abuse, money laundering or corruption. The LME says it wants further market input.
Adults in the 25- to 34-year-old age group have an average of $42,000 in debt, and roughly 25% of it is credit card debt, finds a study by Northwestern Mutual. Many millennials see their expenses increase and their disposable income decrease as they get older, making credit cards an attractive way to fill the gap, a Northwestern Mutual executive said.
Many people approaching retirement focus on how much they should save, but they should instead focus on setting up a series of "retirement paychecks," recommends Steve Vernon, a retirement expert and actuary. These may include Social Security, pensions, annuities and reverse mortgages.
The assets of Lumo Bodytech, a closed startup that made garments to track and assist body movements, have been acquired by tech-apparel company Superflex, which has rebranded as Seismic. Some members of Lumo's team will join Seismic.
Sila Nanotechnologies, a startup developing silicon-based lithium-ion batteries for consumer products and electric vehicles, raised $70 million in its most recent funding round. Investors included Next47, Amperex Technology, Samsung and In-Q-Tel.
The effort by startup Long Term Stock Exchange to run a new kind of corporate listing program on the Investors' Exchange suffered a setback when IEX Group withdrew its application for approval from the Securities and Exchange Commission. LTSE founder Eric Ries, author of "The Lean Startup," says the timeline for getting the new exchange off the ground is uncertain.
Displaydata, a company that sells electronic shelf labels used in retail stores, has formed a partnership with wireless power startup Ossia to incorporate Ossia's wireless charging technology into its shelf labels. The companies expect to give a proof-of-concept demonstration toward the end of 2019.
Millennial-focused personal finance company Credit Karma has acquired digital mortgage platform Approved. Credit Karma Chief Product Officer Nikhyl Singhal says the deal is part of an initiative to establish a presence in the mortgage business.