Quick takes: Things that caught our eye this week

In addition to news covered in full stories posted this week, we're highlighting perspectives on making the hospitality sector more sustainable, the sentencing of FTX collaborator Caroline Ellison, changes to bank merger review policies, and the impact of interest rate cuts on the workforce.

Sustainability in the hospitality sector

Richard Neville, chief technology officer of VITEC, a provider in end-to-end streaming solutions and video encoding, contacted us to share perspectives on making the hospitality sector more sustainable, an issue that may resonate with ISOs and MLSs providing services to that market sector.

Neville stated that innovative technology is playing a crucial role in helping the hospitality sector adopt sustainable practices and reduce its environmental impact. Hotels and cruise liners, which contribute around 5 percent of global carbon emissions, are increasingly turning to solutions like IPTV systems and smart room technologies to improve energy efficiency, minimize waste and enhance guest experiences.

IPTV technology offers multiple benefits, including higher energy efficiency than traditional cable systems and reduced paper waste by digitizing in-room materials like menus and TV guides, Neville continued, adding that IPTV can integrate with hotel energy management systems to automatically power off devices in unoccupied rooms, further cutting energy consumption. According to Neville, smart room technologies, such as automated lighting, climate control, and occupancy sensors, also help reduce energy use. These systems, he added, ensure that lighting and climate control are only active when necessary, reducing unnecessary consumption. LED lighting and occupancy sensors contribute to overall energy savings.

Neville believes that by implementing these technologies, businesses not only meet environmental regulations but also attract eco-conscious guests. Sustainable practices improve brand reputation and operational efficiency, making them essential for the future of hospitality, he added. He also noted that sustainable technology adoption aligns with the industry's Environmental Social Governance commitments and can serve as a powerful marketing tool.

FTX accomplice Caroline Ellison receives light sentence

A federal judge handed down a two-year sentence for Caroline Ellison, the former CEO of Alameda Research and a leading figure in the collapsed crypto exchange FTX.

Praising Ellison for "remarkable cooperation," Judge Kaplan imposed a sentence that was a significant contrast to the 25 years given to FTX founder Sam Bankman-Fried.

In December 2022, Ellison pleaded guilty to two counts of wire fraud and five conspiracy counts as part of her cooperation agreement with the government. Prosecutors recommended a lenient sentence because of Ellison’s cooperation. Ellison's lawyers asked for no jail time; the federal Probation Department did, as well.

Bloomberg quoted Judge Kaplan as saying during the hearing, “I’ve seen a lot of cooperators in 30 years. I’ve never seen one quite like Ms. Ellison.”

Potential changes looming for banks

Lawyers from BakerHostetler detailed changes to bank merger review polices set forth separately by the Department of Justice, the Federal Deposit Insurance Corp. and the Office of the Comptroller of the Currency.

“These changes stem from a ‘collaborative process’ by the three agencies and are consistent with the Biden administration’s whole-of-government approach to regulation and enforcement and President Biden’s 2021 Executive Order on Promoting Competition in the American Economy …” the firm stated.

BakerHostetler also pointed out that financial institutions looking to merge face uncertainty as a result of these regulatory changes, and the looming presidential election portends possible further change for banks.

Interest rate cuts and the workforce

Jae Gardner, director of operations for Redrob, a global people discovery platform that uses AI to reorganize data to provide recruitment solutions to identify and acquire top talent for a company’s specific needs, said that, now that the Fed has lowered interest rates, it is on the employees to show their worth and rebuild their value for 2025.

“In 2024, many companies have justified pay cuts with raising interest rates and increased cost of capital," Gardner said. "This reduction in wages has diminished employee morale and forced people to reevaluate the type of employment that they are seeking. As this practice of wage reduction continues to grow throughout the job market, employers have adjusted their key performance indicators and put more on the shoulders of their employees.”

What is becoming necessary, Gardner added, is the need for further employee development to expand their worth. “In order to climb the corporate ladder, employees will have to expand their skill set and utilize more automated tools to increase productivity and overall output for the company," he said. "Small-to-medium sized businesses will have to adapt quickly as they will not have the financial runway that many larger institutions will have access to.”   Gardner noted that one thing has always held true in the workforce: the more you can do, the more valuable you are, the more you will be paid.

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.

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