THE NEWS WRAP: Cisco investing $US150 million in Internet of Things startups

Network equipment manufacturer Cisco has announced it is investing $US150 million in startups through its venture capital arm, Cisco Investments.

The investments, to be made over the next two to three years, will focus on startups working on the Internet of Things (IoT).

The announcement comes on top of the $US100 million Cisco announced it is investing in January into startups focusing on areas such as big data and connecting mobile devices.

PayPal announces brand overhaul

Online payments provider PayPal has announced a new logo and an advertising push in the US, as competition in the mobile payments market intensifies.

The marketing campaign will include the company’s first ever television ads in the US, which will run through the northern hemisphere summer, with the move coming amid intensifying competition from companies including Google, Amazon and Square.

“Our brands and the ways consumers are going to experience them, the way people are going to touch us, is going to change hugely in coming years,” said Christina Smedley, vice president of global brand and communications at PayPal.

CBA announces withdrawals from its mobile app

The Commonwealth Bank is set to introduce a new feature allowing users to make withdrawals from the company’s iOS and Android mobile apps.

The apps will give users a confirmation code, which they can then enter into a compatible ATM to receive their cash.

The service will be limited to one withdrawal, with a maximum amount of $200 per day.

Overnight

The Dow Jones Industrial Average is up to 16580.8. The Aussie dollar is down to US92.85 cents.