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CNBC's MacKenzie Sigalos reports on the latest moves by Block-owned payments platform Cash App and PayPal's Venmo. Read more: cnb.cx/3ITneqI

LONDON — A year on from securing its initial U.K. bank license, Revolut is still awaiting full authorization from regulators. The fintech giant was granted a banking license with restrictions in July 2024 from the U.K.'s Prudential Regulation Authority (PRA), bringing an end to a years-long application process that began back in 2021. The PRA is a unit of the Bank of England. This key victory moved Revolut into what's known as the "mobilization" phase of a company's journey toward becoming a full-fledged bank.

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Evacuations were ordered across the Pacific Ocean after a magnitude 8.8 earthquake struck off Russia's Far Eastern Kamchatka Peninsula on Wednesday. Tsunami waves over 3 meters high were recorded in the Russian Pacific town of Severo-Kurilsk, with some waves reaching up to 5 meters, Russia's RIA Novosti news agency reported on Wednesday, citing emergency services. CNBC was unable to confirm the report. Over in Hawaii, residents along the coast were told to move to the fourth floor or above in buildings with at least 10 stories. The Emergency Management Agency ordered all commercial habors to be closed and warned that "the arrival of tsunami waves can happen over a period of hours." Hawaii Governor Josh Green said all flights in and out of Maui were canceled.

Google on Wednesday said it will sign the European Union's guidelines on artificial intelligence, which Meta previously rebuffed due to concerns they could stifle innovation. In a blog post, Google said it planned to sign the code in the hope that it would promote European citizens' access to advanced new AI tools, as they become available. Google's endorsement comes after Meta recently said it would refuse to sign the code over concerns that it could constrain European AI innovation.

A powerful 8.8 magnitude earthquake off Russia's far eastern Kamchatka Peninsula has triggered tsunami warnings in Japan and several states in the western United States, including Hawaii, Alaska and California. The earthquake, which struck early Wednesday, triggered evacuation orders in Hawaii and Japan. The U.S. Coast Guard also ordered commercial vessels in harbors in Hawaii to evacuate. So far, Hawaii has "not seen a wave of consequence, which is a great relief to us," Hawaiian Governor Josh Green told reporters during a press conference. He said Hawaii registered two waves through the Midway Atoll, one measuring 30 centimeters and the other 3 feet, he said.

This report is from this week's CNBC's UK Exchange newsletter by Ian King. Like what you see? You can subscribe here.

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Swiss banking titan UBS on Wednesday beat expectations on the bottom line, as group invested assets soared on the back of increases in the lender's global wealth management and corporate units. Net profitable attributable to shareholders hit $2.395 billion in the second quarter, compared with a mean LSEG analyst forecast of $1.901 billion. The bank's revenues over the period reached $12.112 billion, just below analyst expectations of $12.45 billion. This breaking news story is being updated.

This report is from this week's edition of CNBC's The China Connection newsletter, which brings you insights and analysis on what's driving the world's second-largest economy. Each week, we'll explore the biggest business stories in China, give a lowdown on market moves and help you set up for the week ahead. Like what you see? You can subscribe here.