Investors largely expected the FOMC to cut rates by a quarter point.The Fedread more
India could benefit from the fallout in the U.S.-China trade war, experts told CNBC — but much-needed reforms on land and labor could prove to be a challenge for companies...Asia Economyread more
The FAA administrator's comments come on the eve of his visit to Boeing facilities outside Seattle. While there, he's scheduled to meet with Boeing executives and be briefed...Airlinesread more
The photo depicts Canadian leader Justin Trudeau wearing a turban and robe, with dark makeup on his hands, face and neck. Liberal Party spokesman confirms the photo is of...Electionsread more
As the Fed was meeting to consider cutting interest rates, it lost control of the very benchmark rate that it manages.Market Insiderread more
CBS, CNN and other major media companies are starting to pull e-cigarette advertising off their airways, as the death toll from a mysterious vaping-related illness continues...Health and Scienceread more
The U.S. Federal Reserve on Wednesday cut its overnight rate by 25 basis points to a range of 1.75% to 2%, a move that was widely expected. The central bank, however, appeared...Asia Marketsread more
Investors bought bank stocks because there's a chance the Federal Reserve's interest rate cut may "put an end to this artificially inverted yield curve," Jim Cramer says.Mad Money with Jim Cramerread more
AT&T is considering selling DirecTV, according to a report in the Wall Street Journal.Technologyread more
The Facebook CEO will talk to policymakers "about future internet regulation," according to a spokesperson.Technologyread more
Disney CEO Bob Iger writes in his autobiography that he believes he would have discussed combining Disney with Apple had Steve Jobs lived.Technologyread more
TransferWise will book another year of profit in its latest fiscal year, the online money transfer start-up's financial chief told CNBC on Tuesday.
The London-based firm reported revenues of £67 million ($94 million) in the year ended March 31, 2017, more than double the previous year. It made an adjusted operating profit of £2 million, its first profitable year.
Speaking to CNBC at the Goldman Sachs Disruptive Technology Symposium in London, Matt Briers, chief financial officer at Transferwise, said the company would achieve another profit in the year ended March 31, 2018.
"We're managing to be a sustainable business. So I'd expect us to be profitable," Briers said.
"We've been profitable for the last year. We're very much focused on just driving growth as a business. It's all about growing, but growing in a sustainable manner. We're not managing to a margin, but rather making sure that we have this sustainable business which benefits everybody."
Briers did not disclose the profit that TransferWise expects this fiscal year, but did say that revenues will see "similar growth" to what it has recorded before. In its 2017 fiscal year, revenues more than doubled.
TransferWise is one of Europe's biggest technology companies, reportedly valued at around $1.6 billion. Its core product allows people to transfer money across the world in different currencies, but without incurring the high fees charged by traditional banks and companies like Western Union.
But it has tried to branch out beyond that. It recently launched a product known as "borderless account," which lets a user hold money in multiple currencies. It could be useful if a business is getting paid in different currencies or a person goes to work abroad, for example. It would allow them to convert between different currencies at a cheaper cost than at a traditional bank.
Incumbents are fighting back, however. Western Union has been investing heavily in its digital money transfer business, which continues to grow.