Business

Peloton has announced that it will charge a one-time fee of $95 for new subscribers who activate used hardware, responding to the growing trend of purchasing second-hand devices at significantly reduced costs. The introduction of this fee for U.S. and Canadian members coincides with a significant increase in customers purchasing used bikes and treadmills from platforms like Facebook Marketplace. In its most recent fiscal quarter ended June 30, Peloton saw a strong increase in new connected fitness subscribers opting for hardware from secondary markets, marking a 16 percent increase over the prior year. “This trend not only expands our user…

Jackson Hole, Wyoming — As the financial community eagerly awaits Federal Reserve Chairman Jerome Powell’s speech on Friday, clarity is expected on the anticipated shift in interest rate policy following the Federal Open Market Committee’s landmark two-day meeting in Washington, DC, last July. Market sentiments and forecasts The consensus among market analysts is that the Federal Reserve is poised to begin cutting interest rates as early as September, with continued adjustments likely through the end of the year and into 2025. While the size and timing of these cuts remain points of debate, Powell’s next speech is expected to shed…

Related media - Breaking news The rapid growth of online sports betting, following its legalization in several states, has significantly affected the dynamics of personal finances, especially among economically vulnerable groups. Study insights A recent analysis titled “Gambling Away Stability: The Financial Repercussions of Sports Betting on At-Risk Families” highlights the dramatic increase in sports betting following the 2018 Supreme Court decision overturning a nationwide ban. With 38 states now allowing the activity, the industry has boasted more than $120 billion in wagers and generated revenues of more than $11 billion in 2023. This influx of funds has benefited government…

More news - Recent news The debate over whether electric vehicles (EVs) or traditional gasoline-powered cars offer better long-term value has intensified as EV prices have fallen and charging infrastructure has expanded. While EVs often come with a higher upfront cost, the potential savings on fuel and maintenance can make them an attractive option. However, the financial equation is far from simple, with factors such as location, driving habits and vehicle model playing crucial roles. A growing body of research indicates that the total cost of ownership (TCO) for electric vehicles can vary significantly depending on where you live. Studies…

Related media - News 24 hours Goldman Sachs has lowered its forecast for a potential US recession to 20%, following a reassessment prompted by the latest employment and retail trade data. The change comes after it raised its recession probability earlier this month, initially pegged at 25% due to disappointing job growth figures in early August. Earlier, Goldman Sachs economic analysts had raised their recession risk estimates when the July jobs report showed nonfarm payrolls rose by just 114,000, significantly below expectations and down from the revised June figures. The disappointing report contributed to a temporary stock market downturn and…

Related media - News 24 hours Klarna, a leading fintech known for its innovative “buy now, pay later” services, is further venturing into the realm of traditional banking by introducing a personal account feature and cashback system to improve customer engagement and loyalty. Announced Thursday, the initiatives are part of Klarna’s strategic move to challenge conventional retail banking and move consumer financial activities onto its platform. The newly revealed features, designed to simplify payment management and increase customer purchase frequency, were highlighted by CEO Sebastian Siemiatkowski in a discussion with CNBC. According to Siemiatkowski, these offerings are geared toward supporting…