On Friday, Shares of International Business Machines Corp.(NYSE:IBM), added 0.47% and closed at $158.85 in the last trading session. The last trading range of the stock ranges between $158.06 and $159.84. IBM (NYSE: IBM) recently declared plans to acquire Promontory Financial Group, a global market-leading risk administration and regulatory compliance consulting firm. Upon close, the capabilities of Promontory combined with IBM’s deep industry expertise and Watson’s cognitive capabilities will directly address the massive operational effort and manual cost of escalating regulation and risk administration requirements.
Promontory’s 600 professionals are based in North America, Europe, the Middle East and Asia Pacific – many of them have deep and varied expertise amassed over decades as senior leaders of regulatory bodies, financial institutions and Fortune 100 corporations. Promontory is widely regarded as the firm financial institutions turned to for guidance coming out of the 2008 financial crisis. The firm’s expertise and offerings directly address the standards for compliance implemented to ensure the integrity of the financial system, protect consumers and build trust through transparency.
More than 20,000 new regulatory requirements were created last year alone, and the complete catalog of regulations is projected to exceed 300 million pages by 20201, rapidly outstripping the capacity of humans to keep up. Recently, the cost of managing the regulatory environment represents more than 10 percent of all operational spending of major banks, for a total of $270 billion per year2.
This is a workload ideally suited for Watson’s cognitive capabilities intended to allow financial institutions to absorb the regulatory changes, understand their obligations, and close gaps in systems and practices to address compliance requirements more quickly and efficiently.
Public Service Enterprise Group Inc. (NYSE:PEG), dropped -0.57% and closed at $41.87 in the last trading session. The last trading range of the stock ranges between $41.64 and $42.52. The company’s Market capitalization is $21.06 Billion with the total Outstanding Shares of 505.92 million. PSEG Solar Source, Platte River Power Authority and juwi recently joined to dedicate the PSEG Rawhide Flats Solar Center. The 36.3 MW-dc (30 MW-ac) facility is located 25 miles north of Fort Collins, Colo.
The PSEG Rawhide Flats Solar Center was built on a 190-acre site leased from the power authority at the Rawhide Energy Station and will generate enough electricity to meet the needs of 8,000 Colorado homes.
“We’re happy to partner with Platte River Power Authority to bring emission-free energy to its customers and in assisting Colorado achieve its renewable energy aims,” said Diana Drysdale, president of PSEG Solar Source. “By investing in solar projects like this one, we at PSEG are doing our part to lay the foundation for a clean, green and economically vibrant energy future for everyone.”
PSEG Solar Source has a 25-year power purchase agreement with Platte River, a wholesale generation and transmission provider.
“This facility is a noteworthystep in the continued diversification of our generation portfolio,” said Jason Frisbie, Platte River general manager and CEO. “It reduces the risk of depending on any single source of fuel and increases our renewable resources.”
Square Inc (NYSE:SQ), jumped 0.17% and closed at $11.66 in the last trading session. The last trading range of the stock ranges between $11.59 and $11.74. During the 52-week trading session the minimum price at which share price traded, registered at $8.06 and reached to max level of $15.91. Recently Square, the company unwilling to accept the status quo for local businesses, declared that it reduced the speed of their chip card reader by 25% from 5.7 seconds to 4.2 seconds (measured from when a card has been dipped to when payment is complete). Square also unveiled its aim to further reduce that speed to around 3 seconds as it continues shaving off transaction time through software updates that get automatically pushed to business owners’ devices. (News agencies report average chip speeds anywhere from 8 seconds to 13 seconds, though there isn’t one consistent methodology for measuring transaction speed.)
Nearly one year ago, the U.S. began a transition to chip cards, riddled with hurdles like masking tape covering chip slots at big box stores and lengthy lines of customers waiting at the register to retrieve their cards. “Consumers and business owners alike loathe waiting for chip cards to process. And we, at Square, feel the same. But it doesn’t have to be this way,” said Jesse Dorogusker, Square’s Hardware Lead said in a blogpost.
Square is in an exclusive position to tackle this challenge because they design both the hardware and software in-house. This allows engineers to optimize the entire system at once and push the reader even faster. “We’re committed to saving time for our sellers and the customers they serve. Conversations with business owners should be about the delicious cheeseburger you ate or the new haircut you just stopped in for, not the amount of time it takes to pay for them,” Dorogusker continued.