Nov 5, 2018 - World

SWIFT payments system suspends Iranian banks as U.S. sanctions return

Treasury Secretary Steve Mnuchin. Photo: Alex Wong/Getty Images

Belgium-based payments system SWIFT — a linchpin of the global financial system that allows Iran to get paid for its oil, pay for its imports and finance its activities abroad — announced Monday it is "suspending certain Iranian banks’ access to the messaging system," reports the Financial Times.

Why it matters: Ensuring that Iranian banks remain plugged into the SWIFT network was a key part of Europe's strategy to keep the Iran deal alive, Axios' Jonathan Swan reported in August. Now that SWIFT has announced it will comply with new U.S. sanctions, Europe could seek to activate a special payments system to maintain trade ties with Iran. Treasury Secretary Mnuchin warned Monday that such a move could trigger sanctions against any financial institution that engages in "certain significant transactions" with Iran.

Go deeper

Sara Fischer
2 hours ago - Economy & Business

Newsrooms abandoned as pandemic drags on

Illustration: Sarah Grillo/Axios

Facing enormous financial pressure and uncertainty around reopenings, media companies are giving up on their years-long building leases for more permanent work-from-home structures. Others are letting employees work remotely for the foreseeable future.

Why it matters: Real estate is often the most expensive asset that media companies own. And for companies that don't own their space, it's often the biggest expense.

Go deeper (2 min. read)Arrow
Ashley Gold
2 hours ago - Technology

Dark clouds envelop feel-good Pinterest

Illustration: Eniola Odetunde/Axios

Pinterest set out to be a bright spot in cutthroat Silicon Valley, but now stands to see its reputation forever tarnished by allegations of mistreatment and a toxic culture by women who held senior roles at the company.

Why it matters: Even a company known for progressive policy decisions and successfully combatting hateful and otherwise problematic content isn't immune to the systemic problems that have plagued many tech companies.

Go deeper (2 min. read)Arrow
Sara Fischer, Ashley Gold
2 hours ago - Technology

Big Tech pushes voter initiatives to counter misinformation

Illustration: Rebecca Zisser/Axios

Tech giants are going all in on civic engagement efforts ahead of November's election to help protect themselves in case they're charged with letting their platforms be used to suppress the vote.

Why it matters: During the pandemic, there's more confusion about the voting process than ever before. Big tech firms, under scrutiny for failing to stem misinformation around voting, want to have concrete efforts they can point to so they don't get blamed for letting an election be manipulated.

Go deeper (2 min. read)Arrow