Quick takes: Things that caught our eye this week

This week's highlights include reports on a delay in the eagerly anticipated Polaris Dawn launch, sustainability in the hospitality sphere, the potential impact of shifting currency markets, and the passing of a beloved industry leader.

U.S. officials ground SpaceX launches

What does this have to do with the payments sphere? you might ask. The answer: Jared Isaacman, Shift4 CEO and payments industry leader. The Polaris Dawn mission, funded by Isaacman, was initially set to lift off on Aug. 27, from SpaceX's Launch Complex-39A, at NASA's Kennedy Space Center—the same pad that supported all the crewed Apollo missions to the moon.

However, the mission was delayed due to a helium leak, then by bad weather. Following that, the U.S. FAA grounded SpaceX's Falcon 9 rocket after it failed an attempt to land back on Earth during a routine Starlink mission. 

Dawn is the second space mission billionaire Isaacman is funding, and it will be his second personal launch to orbit. His first came in 2021, with the launch of Inspiration4—the first all-civilian spaceflight. These missions, and the next two planned for the Polaris Program, are being flown with the dual goal of furthering the bounds of private human space exploration and raising money to support St. Jude Children's Research Hospital. With Inspiration4, Isaacman and the mission raised $210 million in donations for the organization.

When conditions are right, Isaacman will fly as Polaris Dawn's mission commander, and will be joined by the mission's pilot, retired United States Air Force Lieutenant Colonel Scott "Kidd" Poteet, and the first two SpaceX employees to launch to orbit, Sarah Gillis and Anna Menon, who both work as lead space operations engineers.

Sustainability in the hospitality sphere

Richard Neville, chief technology officer of Vitec, a global provider of end-to-end streaming solutions and video encoding shared ideas on fostering sustainability in the hospitality sector. Following are several points he made.

Sustainability is a critical issue in the hospitality sector, which accounts for 5 percent of global carbon emissions, largely due to energy use and waste, according to the World Tourism Organization. Many businesses are turning to innovative technologies to minimize their environmental impact while maintaining high guest satisfaction.

Neville highlighted the role of IPTV (Internet Protocol Television) in achieving sustainability goals. IPTV, Video on Demand, and interactive services provide personalized guest experiences while offering environmental benefits, such as greater energy efficiency compared to traditional cable or satellite TV systems. IPTV can also reduce paper waste by replacing printed materials with digital content accessible on in-room TVs.

Smart room technologies, like automated lighting and climate control, further enhance sustainability by cutting energy usage through occupancy sensors and energy-efficient lighting. As eco-conscious travelers increasingly seek sustainable accommodations, investing in smart technologies like IPTV can help hotels and cruise liners meet environmental standards, improve brand reputation, and increase operational efficiency. By focusing on reducing waste and energy use, businesses can attract more eco-conscious customers and foster sustainable practices throughout their operations.

Shifting currency markets?

Investors and companies doing business globally are being advised to prepare for significant currency market changes as Chinese companies may repatriate a large portion of their U.S. dollar-denominated assets, according to Nigel Green, CEO of deVere Group.

He warned that expected U.S. interest rate cuts could diminish the appeal of holding assets in dollars, prompting Chinese firms to move their capital back to China. This shift is driven by narrowing interest rate differentials between the U.S. and China. Chinese firms now hold over $2 trillion in offshore investments, mainly in U.S. dollar assets, but with the Federal Reserve likely to cut rates, these firms could repatriate between $400 billion to $1 trillion. Even at the lower end, such a move could significantly impact the yuan’s value, Green stated.

This capital shift could lead to a stronger yuan, reshaping global trade dynamics, particularly in emerging markets that compete with China, Green pointed out, adding that a stronger yuan might benefit other Asian economies with weaker currencies. He advised stakeholders to closely monitor U.S. monetary policy and Chinese economic conditions, adjust strategies accordingly, and prepare for potential changes in currency values.

Farewell to Ollie Sam Ackley

Ollie Sam (O. Sam) Ackley, beloved husband, father, grandfather, brother and friend, passed away on Aug. 25, 2024. He leaves behind his wife, Diane Ackley, and their five children: Amon, Ryan Sr., Eris, Nathan, and Kristen, along with their spouses and six grandchildren. He is also survived by his siblings, Said, Suad, and Charlene, and numerous nieces and nephews.

Sam served in Florida's local government for over a decade before transitioning into private business. An international traveler and American patriot, he found joy in fishing, late-night pancakes, and sharing stories of his adventures.

As the founder of ACheck 21, Sam was a visionary in the e-check services industry, joining the Payroc family in 2021. Payroc's leaders praised his faith, integrity, and humility, warm spirit and significant impact on the company. He will be deeply missed by all who knew him.

Sam will be laid to rest on Sept. 1 at Oaklawn Memorial Gardens in Titusville, Fla. In lieu of flowers, the family requests memorials be made to a charity of choice.

Whether you want to upgrade your POS offerings, find a payment gateway partner, bone up on fintech regs or PCI requirements, find an upcoming trade show, read about faster payments, or discover the latest innovations in merchant acquiring, The Green Sheet is the resource for you. Since 1983, we've helped empower and connect payments professionals, starting with the merchant level salespeople who bring tailored payment acceptance and digital commerce tools, along with a host of other business services to merchants across the globe. The Green Sheet Inc. is also a proud affiliate of Bankcard Life, a premier community that provides industry-leading training and resources for payment professionals.

Notice to readers: These are archived articles. Contact information, links and other details may be out of date. We regret any inconvenience.