Apple Card users can soon sign up for a ‘high-yield’ savings account

Your Apple Card is now more of a full-fledged banking service. Apple has introduced a “high-yield” savings account from Goldman Sachs that will soon let you grow your funds. You can have your card’s Daily Cash automatically deposited if you like, but you can also transfer money from a linked bank account or your Apple Cash balance. You can withdraw at any time, and there are no fees, balance requirements or minimum deposit amounts.

The savings account will be available to Americans sometime in the “coming months,” Apple said. We’ve asked the company about the exact yield rate and will let you know if we hear back — needless to say, this could play a major role in your decision to sign up.

If this sounds somewhat familiar, it should. Goldman Sachs already offers a “Marcus” savings account that you can quickly open online and link to other banks. It’s built for mobile users with a dedicated app, touts a relatively high 2.15 percent annual yield and doesn’t carry any fees or minimum deposits. Apple’s offering mainly stands out through its daily reward deposits and, of course, tight integration with iPhones and other Apple products.

The Apple Card savings account isn’t quite the company’s answer to Google’s defunct Plex banking service, though. Where that was ultimately a bid to modernize banking for companies that didn’t have their own apps, Apple is providing a savings account dedicated to its cardholders. This is an incentive to use your card and stick to the Apple ecosystem.

Intel will reportedly lay off thousands of employees as PC sales slow

Intel had long been expecting a decline in PC sales after a period of heightened demand due to work-and-study-from-home arrangements brought about by the COVID-19 pandemic. In July, it admitted to Nikkei that it was going to raise the prices of its processors and other chips due to “inflationary pressures” later this year. Turns out that may not be the only move Intel is making to weather the declining PC market. According to Bloomberg, Intel is planning to cut thousands of jobs and could make the announcement around the same time it’s releasing its third quarter earnings report on October 27th. 

The company slashed its sales and profit forecasts for 2022 back in July, when it said that it expects revenue for the year to be $11 billion less than previously projected. Chief Executive Officer Pat Gelsinger said during its earnings call for the second quarter that the company “will look to take additional actions in the second half of the year” to improve profits. Bloomberg Intelligence analyst Mandeep Singh said the layoffs could reduce the costs Intel incurs to keep the company running by around 10 to 15 percent. Singh also said that those costs could be worth at least $25 to $30 billion.

Mobileye, the the self-driving tech firm that Intel had purchased for $15.3 billion back in 2017, recently filed for an IPO. Intel intends to keep most of what it earns from the IPO for itself and to help finance the chip factories it’s planning to build. But projected earnings from the offering may not be enough to prevent the mass layoffs, which will affect various divisions within the company. Certain groups, such as the sale and marketing department, will reportedly see their numbers reduced by up to 20 percent. 

Over the past year, Intel took steps to achieve its goal of expanding its foundry business. It earmarked $20 billion to build a massive chip-making facility in Ohio, which it intends to turn into the biggest “silicon manufacturing location on the planet.” The company also purchased Tower Semiconductor, a chipmaker catering to clients across industries, for $5.4 billion. There seems to be no indication that those expansion plans are changing, and Bloomberg said that Intel intends to pursue the goals it set for itself as a leaner company.

Mastercard wants to make crypto purchases less risky

Crypto is still loaded with uncertainty, but Mastercard is betting that it can assuage buyers’ minds. The credit card giant has introduced a Crypto Secure service meant to boost trust in crypto purchases. The offering uses AI from CipherTrace (a blockchain security firm Mastercard bought in 2021) to create a “risk profile” for digital asset providers and help card issuers decide whether or not to approve a transaction. Your bank might block a purchase if a merchant has significant fraud problems.

The system shows color-coded risk ratings that vary from green (safe) to red (dangerous). Mastercard also offers a “benchmark” rating to compare with a peer financial group, and helps issuers track the volume of approved and declined transactions. The company already uses a similar method for conventional currency — it’s just shifting the concept to the crypto realm.

The service might not thrill you if a seemingly innocuous crypto buy falls apart. As Mastercard’s Ajay Bhalla explains to CNBC, though, this is as much about helping companies as it is customers. Crypto Secure ideally helps card providers navigate the current regulatory maze for virtual assets. They shouldn’t run into trouble by approving a shady deal that leaves people stranded.

As it is, Mastercard has a vested interest in improving the reliability of crypto transactions. It started supporting some cryptocurrency payments in 2021, letting more retailers adopt the technology. The more trustworthy those payments are, the more Mastercard can profit from them. Regardless of the motivations, you might not mind if you find more places to spend your Bitcoin or Ethereum.

Coinbase users were unable to withdraw funds to US bank accounts for six hours

Coinbase users were unable to carry out US bank account transactions for around six hours on Sunday. An issue with the Automated Clearing House Network, which is used for electronic transfers between bank accounts in the country, emerged just before 7AM ET. The company said on its status page that it identified the problem, described as a “major outage,” by 8:23AM and resolved it by 12:41PM.

During the outage, users were still able to buy cryptocurrency with a debit card or PayPal account, as Decrypt noted. However, they weren’t able to make withdrawals to a US bank account.

“We’ve fully resolved this issue and ACH transfers are now processing. We apologize for the inconvenience,” Coinbase wrote on Twitter. The company said users’ funds were safe during the outage (at least if you don’t factor in the volatility of the crypto market).

As Web3 is Going Great points out, Coinbase is the largest cryptocurrency exchange in the US. It’s in seventh place worldwide in terms of trading volume, per CoinCecko. At the time of writing, Coinbase users had traded $572 million over the previous 24 hours.

Intel-owned autonomous driving tech company Mobileye files for an IPO

Mobileye, the self-driving tech firm that Intel had purchased for $15.3 billion back in 2017, has filed for an IPO with the Securities and Exchange Commission. When Intel first announced its plans to take Mobileye public late last year, the autonomous driving firm was expected to have a valuation of over $50 billion. Now according to Bloomberg, Intel expects Mobileye to be valued at around $30 billion, due to soaring inflation rates and poor market conditions. Regardless, it’s still bound to become one of the biggest offerings in the US for 2022 if the listing takes place this year. 

Intel intends to retain a majority stake in Mobileye, but Chief Executive Pat Gelsinger previously said that taking it public would give it the ability to grow more easily. He also said that the company plans to use some of the funds raised from the IPO to build more chip factories. Intel revealed its big and bold foundry ambitions in 2021 when it announced that the company is investing $20 billion in two Arizona fabrication plants. Back then, Gelsinger even proclaimed that he was pursuing Apple’s business. Earlier this year, the CEO revealed earmarking another $20 billion to build two fabrication plants in Columbus, Ohio. The company expects that facility to eventually become “the largest silicon manufacturing location on the planet.”

Mobileye didn’t specify how much a share would cost in its filing with the SEC. It did say, however, that it will use portion of the proceeds it will get from the IPO to pay debts. The firm also talked about its history in the filing and how its revenue grew from $879 million in 2019 to $1.4 billion in 2021, representing a growth of 43 percent year-over-year. 

Meta reportedly suspends all hiring, warns staff of possible layoffs

As with many other industries, the tech sector has been feeling the squeeze of the global economic slowdown this year. Meta isn’t immune to that. Reports in May suggested that the company would slow down the rate of new hires this year. Now, Bloomberg reports that Meta has put all hiring on hold. 

CEO Mark Zuckerberg is also said to have told staff that there’s likely more restructuring and downsizing on the way. “I had hoped the economy would have more clearly stabilized by now, but from what we’re seeing it doesn’t yet seem like it has, so we want to plan somewhat conservatively,” Zuckerberg reportedly told employees. 

The company is planning to reduce budgets for most of its teams, according to Bloomberg. Zuckerberg is said to be leaving headcount decisions in the hands of team leaders. Measures may include moving people to other teams and not hiring replacements for folks who leave.

Meta declined to comment on the report. The company directed Engadget to remarks Zuckerberg made during Meta’s most recent earnings call in July. “Given the continued trends, this is even more of a focus now than it was last quarter,” Zuckerberg said at the time. “Our plan is to steadily reduce headcount growth over the next year. Many teams are going to shrink so we can shift energy to other areas, and I wanted to give our leaders the ability to decide within their teams where to double down, where to backfill attrition, and where to restructure teams while minimizing thrash to the long-term initiatives.”

In an earnings report, Meta disclosed that, in the April-May quarter, its revenue dropped by one percent year-over-year. It’s the first time the company has ever reported a fall in revenue.

Word of the hiring freeze ties in with a report from last week, which suggested that Meta has quietly been ushering some workers out the door rather than conducting formal layoffs. In July, it emerged that the company asked team heads to identify “low performers” ahead of possible downsizing. The company is said to have been cutting costs on other fronts, such as by cutting contractors and killing off some projects in its Meta Reality Labs division. Those reportedly included a dual-camera smartwatch.

SEC sues former MoviePass executives for fraud

The US Securities and Exchange Commission has filed a lawsuit against two former MoviePass executives. In a federal complaint seen by Bloomberg, the agency accused Theodore Farnsworth and Mitch Lowe on Monday of misleading investors about the viability…