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☆ Delta Air Lines posts quarterly loss but forecasts profit as peak travel season approaches
▼ + stars: | 2023-04-13 | by ( Leslie Josephs | ) www.cnbc.com time to read: +2 min

Analysts polled by Refinitiv had anticipated second-quarter revenue growth of 14.7% and earnings per share of $1.66. But for the first quarter, adjusted revenue and adjusted earnings came in below analyst estimates. Adjusted revenue: $11.84 billion vs. $11.99 billion expected. In the first quarter, Delta posted a net loss of $363 million, or 57 cents per share, citing, in part, a new, four-year pilot contract that includes 34% raises. That's still improvement from the year-ago period, when travel demand was still recovering and the company reported a net loss of $940 million, or $1.48 per share.

☆ Factbox: Warren Buffett's investments in financial firms
▼ + stars: | 2023-03-23 | by ( ) www.reuters.com time to read: +3 min

[1/2] Warren Buffett, CEO of Berkshire Hathaway Inc, pauses while playing bridge as part of the company annual meeting weekend in Omaha, Nebraska U.S. May 6, 2018. Here is history on Buffett's involvement with banks and current holdings in his investment portfolio. The investment gave Berkshire preferred stock that paid a 10% along with warrants to pay $5 billion for 43.5 million Goldman shares at $115 each. Berkshire has financial services investments in other countries. Reporting by Jonathan Stempel in New York Editing by Nick ZieminskiOur Standards: The Thomson Reuters Trust Principles.

☆ US attorneys general condemn credit-card firms for backtracking on gun sale code
▼ + stars: | 2023-03-16 | by ( ) www.reuters.com time to read: +1 min

March 16 (Reuters) - A coalition of 14 attorneys general condemned payment networks majors including Visa Inc (V.N), American Express Co (AXP.N) and Mastercard Inc (MA.N) for pausing work on a merchant code to help detect suspicious gun sales in the United States. Visa, Mastercard and American Express did not immediately respond to Reuters requests for comment. Senators Bob Menendez and Elizabeth Warren have also called on federal regulators to help speed up the adoption of the MCC by payment networks. The MCC, aimed at identifying firearms sellers, would identify the type of store where consumers shopped, though not the individual items they bought. Reporting by Deborah Sophia in Bengaluru; Editing by Shinjini GanguliOur Standards: The Thomson Reuters Trust Principles.

That's where the Ink Business Cash Credit Card comes in handy, providing additional bonus categories to help me maximize all my spending. The Ink Business Cash Credit Card card earns 5% cash back on the first $25,000 in combined spending at office supply stores, and on internet, cable, and phone services every anniversary year — that's a pretty extensive spending category, so 5% is a substantial number for me. Overall, the Ink Business Cash card provides higher earning potential without me having to pay an annual fee. While that's an invaluable benefit, you don't have to pay for it if you have certain credit cards, including the Ink Business Cash card. Luckily, the Ink Business Cash card does provide primary coverage, so I won't have to pay extra for supplemental insurance as long as I charge the car rental to that card.

☆ Analysis: US Republicans aim to stymie gun sale codes at state level
▼ + stars: | 2023-03-03 | by ( Ross Kerber | ) www.reuters.com time to read: +6 min

"I don't want card companies to raise interest rates or fees on merchants as a way to dissuade them" from selling guns and ammunition, Owen told Reuters. Visa Inc (V.N) declined to comment on the state bills. Other payment card companies Discover, Mastercard Inc and (MA.N) American Express Co (AXP.N) did not respond to requests for comment. Owen, the Mississippi state legislator, said he expects that payment companies could address any technical issues the bills could create. "I think the credit card companies are going to have to adapt on a state-by-state basis," Owen said.

☆ Buffett's Berkshire has record annual operating profit despite inflation, rate pressures
▼ + stars: | 2023-02-25 | by ( Jonathan Stempel | ) www.reuters.com time to read: +4 min

Feb 25 (Reuters) - Warren Buffett's Berkshire Hathaway Inc (BRKa.N) on Saturday reported its highest-ever annual operating profit, even as foreign currency losses and rising interest rates contributed to lower earnings in the fourth quarter. Buffett called 2022 a "good year" for Berkshire in his annual shareholder letter, after the conglomerate's dozens of businesses generated $30.8 billion of profit despite rising inflation and supply chain disruptions, including from the war in Ukraine. Berkshire also bulked up its cash hoard, ending the year with $128.6 billion after selling about $16.3 billion of stocks in the fourth quarter. Quarterly operating profit fell 8% to $6.71 billion, or $4,596 per Class A share, from $7.29 billion. Berkshire projected that Geico, which shed 7% of its 41,000-person workforce last year, will generate an underwriting profit in 2023.

☆ Exclusive: Discover to enable tracking of purchases at gun retailers from April
▼ + stars: | 2023-02-17 | by ( Ross Kerber | ) www.reuters.com time to read: +2 min

Proponents of the move, including gun control activists and Democratic politicians, say it will allow financial institutions to better assist authorities in investigating crimes involving gun violence in the United States. Discover said it will include the new code in its next policy and product update to merchants and payment partners, in April. A Visa representative declined to comment on its schedule for the new code. "The decision to use the new merchant category code is eventually left up to the users in the industry," the ISO representative said. Industry leader Visa had a 61% share, Mastercard 26% and American Express 11%.

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Review: Is the Hilton Honors Surpass Card the Best Credit Card for You? The Hilton Honors American Express Surpass® Card earns terrific rewards rates in multiple categories like Hilton hotel bookings, restaurants, gas stations, and more. Redeem Hilton points for experiences, events, merchandise, and moreOther options for redeeming Hilton points also won't get you the highest value, but they could be helpful in certain circumstances:Hilton experiences — Use points for exclusive events, dining, and toursUse Hilton points for event credits — Starting at 25,000 points for up to $50 creditRedeem Hilton points at Amazon — A poor value; you'll get just 0.2 cents per pointDonate Hilton points to charity — For every 10,000 points you donate, Hilton will send $25 to a charity of your choiceUse Hilton points toward Lyft rides — Again, not the best value; you'll typically get around 0.2 cents per pointPool or transfer Hilton points to a friend — Send up to 2 million points per year to friends or family with no fee, or pool your points with up to 11 people to save for a redemptionHilton points expire if there's no activity in your account for 24 months. Read our review Read Our Review A looong arrow, pointing rightFees and CostsThe Hilton Honors American Express Surpass® Card has a 20.24% - 29.24% Variable APR. So, for example, if you already have The Hilton Honors American Express Business Card, Hilton Honors American Express Card, or Hilton Honors American Express Aspire Card, you could still qualify for the Hilton Honors American Express Surpass® Card.

American Express issues four co-branded Hilton credit cards, but only one — the Hilton Honors American Express Card — has a $0 annual fee. For example, the Hilton Honors American Express Surpass® Card and The Hilton Honors American Express Business Card also have excellent elevated welcome bonus offers and come with Hilton Gold status, which gets you free breakfast (currently awarded as a food and beverage credit at US hotels) and better perks. Amex OffersLike other American Express cards, the Hilton Honors American Express Card includes targeted discounts and bonus rewards at participating merchants through Amex Offers**. However, if you stay at Hilton hotels with any regularity, a card like the Hilton Honors American Express Surpass® Card or The Hilton Honors American Express Business Card is a better choice. The Hilton Honors American Express Card is a great card for those who are skeptical about the value of travel rewards credit cards.

☆ Investors Shrug Off Weak Earnings Reports as Stocks Rebound to Start Year
▼ + stars: | 2023-02-01 | by ( Hannah Miao | ) www.wsj.com time to read: 1 min

Microsoft reported its slowest sales growth in more than six years, yet its shares finished the week higher. Lackluster earnings reports from some of the biggest companies in the U.S. haven’t put a damper on the stock market’s bounceback. Even some companies that have posted disappointing results have seen their shares rise in the following days. Microsoft Corp. last week reported its slowest sales growth in more than six years, yet its shares finished the week 3.3% higher. American Express Co. and Alaska Air Group Inc. both posted lighter-than-expected earnings and revenue.

Two of American Express's Blue cards — the Blue Cash Preferred® Card from American Express and Blue Cash Everyday® Card from American Express — are excellent options for earning cash back. Blue Cash credit card benefits and rewardsAs cash-back credit cards, the Amex Blue Cash Preferred and Blue Cash Everyday® Card from American Express are light on extra perks compared to travel rewards credit cards that often come with high annual fees. Card benefitsThe Blue Cash Everyday® Card from American Express and the Amex Blue Cash Preferred both offer statement credits for select purchases. The Blue Cash Everyday® Card from American Express also offers two statement credits to cardholders, including the same Disney Bundle credit as the Amex Blue Cash Preferred. When comparing the Blue Cash Preferred® Card from American Express and the Blue Cash Everyday® Card from American Express, you'll want to look at your own specific spending patterns.

☆ AmEx forecasts upbeat full-year profit on buoyant spending trends
▼ + stars: | 2023-01-27 | by ( Manya Saini | ) www.reuters.com time to read: +2 min

Even as decades-high inflation pressures household budgets, American Express has remained so far insulated from feeling a dent as the company's affluent customer base refused to dial down on their spending. Shares of American Express were up more than 5% in premarket trading. Even so, American Express Chief Financial Officer Jeff Campbell told Reuters that the company continues to remain optimistic about travel recovery going forward. "We had a very strong quarter with travel across borders and national travel and feel really good about the trends there." Provisions for credit losses were $1.03 billion in the reported quarter, compared with $53 million a year ago.

☆ AmEx misses profit estimate as loan-loss provisions weigh
▼ + stars: | 2023-01-27 | by ( ) www.reuters.com time to read: +1 min

Jan 27 (Reuters) - American Express Co (AXP.N) missed market estimates for fourth-quarter profit on Friday as the credit card giant stockpiled more rainy-day funds to prepare for a worsening economy, wrapping up a turbulent quarter for major U.S. card companies. Provisions for credit losses were $1.03 billion in the reported quarter, compared with $53 million a year ago. Net income fell 9% to $1.57 billion, or $2.07 per share, in the three-month period ended Dec. 31, from $1.72 billion, or $2.18 apiece, in the year-ago period. The New York-based company's total revenue excluding interest expense increased 17% to $14.18 billion in the quarter. Reporting by Manya Saini in Bengaluru; Editing by Sherry Jacob-PhillipsOur Standards: The Thomson Reuters Trust Principles.

☆ AmEx shrugs off slowdown worries after forecasting upbeat full-year profit
▼ + stars: | 2023-01-27 | by ( Manya Saini | ) www.reuters.com time to read: +2 min

AmEx forecast 2023 net revenue growth between 15% and 17% and earnings per share of $11 to $11.40. Jefferies analysts said although the forecast might "appear aggressive" in light of sentiment around a potential macroeconomic slowdown, it reflected momentum. "We had a very strong quarter with travel across borders and national travel and feel really good about the trends there," Campbell added. A typically strong holiday quarter saw AmEx's customers splurge on gifts, travel, and entertainment, driving a 12% increase in total network volumes. AmEx reported a profit of $2.07 per share for three months ended Dec. 31, missing analysts' estimates of $2.22 per share.

About a quarter of the S&P 500 companies have reported earnings so far, of which 69% have beaten analysts' estimates, according to Refinitiv data as of Thursday. Both companies were among the biggest boosts to the S&P 500 (.SPX) and the Dow Jones Industrial Average (.DJI). Seven of the 11 major S&P 500 sectors edged higher with the consumer discretionary sector (.SPLRCD) surging 1.4%. Advancing issues outnumbered decliners by a 1.32-to-1 ratio on the NYSE and by a 1.37-to-1 ratio on the Nasdaq. The S&P index recorded 12 new 52-week highs and no new low, while the Nasdaq recorded 43 new highs and 21 new lows.

☆ Visa, Mastercard pin hopes on China reopening as travel boom fades
▼ + stars: | 2023-01-27 | by ( Niket Nishant | ) www.reuters.com time to read: +2 min

Jan 27 (Reuters) - Mastercard Inc (MA.N) and Visa Inc (V.N) will rely on China reopening to give travel spending a boost, Wall Street analysts said, as the pace of growth in other parts of the world eases from a post-pandemic boom. Executives at the payments companies on Thursday pointed to further room for travel recovery in China, which earlier this month reopened its borders after dropping its stringent COVID-19 control measures. "However, the reopening of China should act as a modest boost." Shares of Visa climbed nearly 3% on Friday, while Mastercard was up nearly 1% in choppy trading. "Consumer spending has remained surprisingly resilient, but reopening has not been worked through in earnest – especially in Asia where there is pent-up travel demand post China reopening," said Macquarie Group analyst Paul Golding.

[1/2] Credit card is seen in front of displayed Visa logo in this illustration taken, July 15, 2021. REUTERS/Dado Ruvic/IllustrationJan 24 (Reuters) - U.S. card companies are expected to post the slowest revenue growth in seven quarters, as consumers tighten their purse strings and avoid spending on luxury and big-ticket items. Card firms pocket a small percentage of the dollar value of transactions and stand to lose out on fees if customers pivot away from buying luxury items. Shares in Visa, Mastercard and Amex closed last year between 3% and 10% lower. Mastercard and Visa are set to report quarterly results on Thursday, with AmEx rounding off the season on Friday.

☆ Tesla, Microsoft Are Headlining First Busy Earnings Week of 2023
▼ + stars: | 2023-01-21 | by ( Sabela Ojea | ) www.wsj.com time to read: 1 min

Microsoft Corp., Tesla Inc. and Johnson & Johnson headline the first busy earnings week of 2023 as investors search for insight into the global economy in the midst of growing concern over a possible recession. Other companies set to issue their latest quarterly reports include the telecom companies AT&T Inc. and Verizon Communications Inc.; Visa Inc. and American Express Co.; and airlines including Southwest Airlines Co.

☆ Deutsche Bank Names New Compliance Chief as Part of Reshuffle
▼ + stars: | 2023-01-19 | by ( Mengqi Sun | ) www.wsj.com time to read: +3 min

Laura Padovani will join Deutsche Bank on April 1 as its group chief compliance officer and head of compliance, according to a memo seen by The Wall Street Journal. Ms. Padovani spent seven years at Barclays, most recently as its compliance chief, and 20 years at American Express. Mr. Tagné, who has spent more than six years at Deutsche Bank, will also take on the role of deputy chief compliance officer, according to the memo. Germany’s top financial watchdog, BaFin, in November threatened to fine Deutsche Bank if it didn’t implement controls against money laundering by mid-2023. Deutsche Bank was fined $150 million in 2020 by the New York Department of Financial Services for failing to properly monitor its dealings with Epstein.

☆ Peloton Names Twitter’s Former Top Marketer as CMO
▼ + stars: | 2023-01-17 | by ( Katie Deighton | ) www.wsj.com time to read: +2 min

Peloton Interactive Inc. named former Twitter Inc. marketer Leslie Berland as its chief marketing officer. Ms. Berland was previously chief marketing officer and head of people at Twitter, where she worked for nearly seven years. She departed the company last November along with a raft of other executives following Elon Musk ‘s takeover of the company. Ms. Berland is joining Peloton as the company attempts a comeback following a rocky 2022. Newsletter Sign-up WSJ | CMO Today CMO Today delivers the most important news of the day for media and marketing professionals.

☆ ‘Sonic Logos’ Struggle to Get Heard at U.S. Checkouts
▼ + stars: | 2023-01-12 | by ( Katie Deighton | ) www.wsj.com time to read: +8 min

A spokeswoman for American Express said the company’s sonic logo plays on marketing channels such as brand videos, but not at any credit-card terminals. PREVIEWPayments firms say sonic logos at cash registers can also communicate to customers that they are transacting with a trusted merchant, making the sounds akin to the stickers of credit-card logos that often appear in store windows. Visa’s spokeswoman said the company doesn’t share figures on how many businesses play its sonic logo due to the complexity of tracking rollouts. To that suggestion, Mastercard said the value of sonic logos for merchants “comes in through consumer trust and reassurance.” Visa declined to comment. But some retailers want no part of sonic logos.

Earn 6 Marriott Bonvoy points for each dollar of eligible purchases at hotels participating in the Marriott Bonvoy™ program. $95 Apply now On Wells Fargo's website Learn More Apply now On Chase's websiteHow to earn points with the Amex Marriott Bonvoy Brilliant cardThe Marriott Bonvoy Brilliant® American Express® Card offers a straightforward earning structure, earning bonus points at eligible Marriott Bonvoy properties and in other useful categories. Read our review Read Our Review A looong arrow, pointing rightMarriott Bonvoy Brilliant card fees and costsThe Marriott Bonvoy Brilliant® American Express® Card has a $650 annual fee. You also aren't eligible for the welcome bonus offer on this card if any of the following apply to you: You are a current cardmember, or were a previous cardmember within the last 30 days, of The Ritz-Carlton™ Credit Card from JPMorgan or J.P. Morgan Ritz-Carlton Rewards® Credit CardYou've opened the Marriott Bonvoy Boundless® Credit Card, Marriott Bonvoy Bold® Credit Card, or Marriott Bonvoy Bountiful™ Card in the last 90 daysIn the last 24 months, you've received a new cardmember bonus offer or upgrade offer for the Marriott Bonvoy Boundless® Credit Card, Marriott Bonvoy Bold® Credit Card, or Marriott Bonvoy Bountiful™ CardIs the Marriott Bonvoy Brilliant card worth it? There are also two new mid-range Marriott cards to consider (Marriott Bonvoy Bountiful™ Card and Marriott Bonvoy Bevy™ American Express® Card) which both have a $250 annual fee).

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