Retirement tech firm locates headquarters in Tennessee
Smart USA Co., the U.S. division of the London-based Smart Pension Ltd., will locate its U.S. headquarters in Nashville.
One of the world’s fastest growing retirement technology businesses, Smart USA said Wednesday it plans to create 128 new jobs and invest $2.2 million in its Davidson County operations over the next five years.
Founded in 2014, Smart has more than 70,000 retirement plans on its platform throughout the United Kingdom, Ireland, Dubai and Australia. Smart USA’s offices in Nashville will support its new venture into the U.S. retirement services industry.
“Nashville has all the recipes to be a great place to work and live,” said Jodan Ledford, CEO of Smart USA Co.. “We are excited to be among the trailblazers putting down roots here and to join the growing Nashville fintech community.”
Fed discusses stimulus cuts
Federal Reserve officials started discussing at their meeting last month the timing and mechanics of reducing their huge monthly bond purchases, which are used to keep longer-term interest rates in check.
The debate, revealed in the minutes of the Fed’s June meeting released Wednesday, reflected a broadly positive outlook on the economy among Fed policymakers but also some concern that higher inflation could prove more persistent than the central bank has previously indicated.
Still, economists saw little sign that the Fed was any closer to hiking interest rates or reducing its bond buys.
Job openings up to record highs
U.S. employers posted a record-high number of open jobs for the second straight month as a rapidly rebounding economy has created an intense demand for workers.
The Labor Department said Wednesday that the number of available jobs on the last day of May rose slightly to 9.21 million, from 9.19 million in April. That is the highest since records began in December 2000.
The previously-reported figure for April of 9.3 million was revised lower.
China fines tech giants in anti-monopoly cases
Chinese regulators have fined companies including internet giants Alibaba and Tencent for anti-monopoly violations as they move to tighten control over their fast-developing industries.
The government said companies in 22 cases were fined 500,000 yuan ($75,000) each for actions including acquiring stakes in other companies that might improperly increase their market power. It said violators include six companies owned by Alibaba Group, five by Tencent Holding Ltd. and two by retailer Suning.com, Ltd.
China’s leaders worry about the dominance of its biggest internet companies, which are expanding into finance, health services and other sensitive areas. The ruling Communist Party says anti-monopoly enforcement, especially in tech, is a priority this year.
– Compiled by Dave Flessner