Bank of England Governor Andrew Bailey denied any “falling out” with the U.K. government over Revolut’s bank license delays. The Financial Times reported a cancelled meeting between Revolut, the PRA, and Treasury. Bailey emphasized good relations with the Treasury and revealed restrictions on Revolut’s banking license granted in July 2024.

Revolut’s journey toward full-fledged banking status has entered the “mobilization” phase. With a cap on customer deposits at £50,000, Revolut’s e-money unit serves U.K. customers, not the banking entity. The delays have sparked criticism from the U.K. tech industry regarding government efforts to compete globally. Bailey expressed openness to rule changes to support the fintech sector.

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Tesla’s stock surged over 20% after announcing a split, making it more affordable for investors. The electric car company’s shares have more than quadrupled this year, boosting CEO Elon Musk’s net worth to nearly $90 billion.

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Apple became the first US company to reach a $2 trillion market value. The tech giant’s stock has soared over 50% this year, with investors anticipating the release of the iPhone 12 and continued growth in services like Apple Music and iCloud.

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The US economy added 1.8 million jobs in July, marking a slowdown in the labor market recovery. Unemployment fell to 10.2%, but economists warn that the pace of hiring may be hindered by the resurgence of COVID-19 cases and expiration of federal aid programs.: Bank of England governor denies rift with government over Revolut