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Crypto lender Celsius is being investigated by multiple states after transactions freeze
Customers were left in the lurch after Celsius froze transactions.
Google's latest search feature helps you buy a house
If you’re planning to buy a house, then congratulations and good luck — it can be a daunting process. To make it a bit easier, Google has teamed with the Consumer Financial Protection Bureau (CFPB) to create a new mobile Search feature.
Uber's next business idea: Lending money to drivers
Uber is reportedly looking into offering loans directly to drivers, according to a report from Recode. The ride sharing company recently sent out an in-app survey to some drivers that indicated the company is starting to build a "new financial product" designed to help Uber drivers "in a time of need." The survey contained a number of questions regarding the driver's previous use and future interest in loans.
Phones4u execs' new venture offers loans for phones
After Phones4u lost its remaining carrier partners in quick succession a couple of years ago, the contract reseller had no choice but to go into administration. The folding of the company couldn't have come at a worst time for a few unlucky customers, who had put down money to preorder the iPhone 6 or 6 Plus without hope of a refund. And while many staff were saved from the bother of job-hunting, plenty of the top brass were left twiddling their thumbs. We now know, however, that several former execs united to work on something new. That something is Unshackled, which promises the best mobile deals by separating handset cost from tariff cost.
Square dips into banking with quick cash for small businesses
Square has so far focused on helping businesses take payments; now, it's ready to make payments to get those businesses off the ground. The company has launched Square Capital, a quick financing service that uses card transactions for repayment. Every time someone makes a purchase, a small cut of that sale (on top of the usual card fee) goes toward covering the advance. Square is purposefully keeping things as simple as that. There's no application process, and there's no due date -- if business gets slow, it just takes a bit longer to pay things off.
Proposed Rhode Island bill would default on 38 Studios loan debt
38 Studios, the now-defunct company created by former Red Sox pitcher Curt Schilling and developers of Kingdoms of Amalur: Reckoning, left a big hole of debt in Rhode Island when it went bankrupt. A $75 million loan guarantee-sized hole, to be exact. Last week, the state's legislature introduced a bill that would rid themselves of that burden. According to an Associated Press report, Representative Karen MacBeth, D-Rhode Island, introduced a bill on Thursday that would cause the state government to default on the loan and thus prevent the Rhode Island Commerce Corp. from making any further payments toward it. Governor Lincoln Chafee argued that a default would harm the state's financial reputation and cause an increase in borrowing costs. This isn't the first time such a bill has been introduced; the AP also reports that an attempt to default on the 38 Studios loan failed last year. The state made a payment of $2.5 million in 2013, but the next payment is substantially larger: $12.5 million. And thus, the legacy of 38 Studios continues to be defined by messy financial arguments.
SEC subpoenas the Rhode Island Commerce Corporation over 38 Studios lawsuit
After the last bit of immature name-calling over the 38 Studios debacle, it must be nice to finally put this whole mess to bed for good so we can... oh, wait. No, it appears that the drama regarding the dead studio continues as the Securities & Exchange Commission has issued a subpoena for the Rhode Island Commerce Corporation regarding its lawsuit against Curt Schilling and the other executives of 38 Studios pre-closure. The subpoenas request both depositions and exhibits pertaining to the ongoing court case against the management of the former studio. The RICC, formerly known as the Economic Development Corporation, was the organization responsible for selling bonds to facilitate the $75 million loan to the now-defunct gaming studio and has been under investigation by the SEC following the company's bankruptcy and dissolution. Neither the SEC nor the RICC is discussing any further details regarding the investigation.
No relief in sight for 38 Studios after emergency meeting [Updated]
Generally, when your company defaults on a major loan, you might expect an emergency meeting about the loan and the company's future would produce some results. But apparently today's meeting between 38 Studios owner Curt Schilling and Rhode Island governor Lincoln Chafee resulted in... absolutely nothing. Specifically, Rhode Island's Economic Development Corporation will take no immediate action to prevent the studio from going under, with Chafee on record as asking, "How do we avoid throwing good money after bad?" It's a loaded question if you consider that the failure of 38 Studios would put the state's taxpayers on the hook for more than $112 million. Schilling has declined to elaborate on the company's state in interviews, and he has not made public how much more funding the company is seeking. It's bad news for the studio, bad news for the state, and bad news for any fans still looking forward to the possibility of Project Copernicus in the future. [Update: Joystiq reports that "it appears 38 Studios put up all present and future IP by the company as collateral," meaning that if the studio defaults, the state of Rhode Island will own all of its game assets. We've tucked some of the ensuing news coverage in the video behind the break.]
