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☆ Visa launches $100 mln venture fund for generative AI startups
▼ + stars: | 2023-10-02 | by ( ) www.reuters.com time to read: +1 min

Credit card is seen in front of displayed Visa logo in this illustration taken, July 15, 2021. REUTERS/Dado Ruvic/Illustration/File Photo Acquire Licensing RightsOct 2 (Reuters) - Payments processor Visa (V.N) on Monday launched a $100 million venture fund for generative artificial intelligence (AI) startups, joining a list of investors who have flocked to the sector this year. Several high-profile names such as Microsoft (MSFT.O) and Alphabet's (GOOGL.O) Google have backed the AI space, a buzzword in technology circles this year, after chatbot ChatGPT's popularity. Generative AI is a technology that creates brand new content based on what it has learnt from past data. Reporting by Niket Nishant in Bengaluru; Editing by Shilpi MajumdarOur Standards: The Thomson Reuters Trust Principles.

Persons: Dado Ruvic, Jack Forestell, Niket, Shilpi Majumdar Organizations: REUTERS, Monday, Microsoft, Google, Thomson Locations: Bengaluru

☆ How AI will change the job of the junior banker and raise the bar to entry
▼ + stars: | 2023-09-22 | by ( Bianca Chan | Emmalyse Brownstein | ) www.businessinsider.com time to read: +12 min

But let's face it, many of the tasks junior bankers spend their time on could very well be done by a robot. "As a junior banker you don't critically think. With artificial intelligence progressing by leaps and bounds, how will it impact the job of the junior banker? She said it's already helping junior bankers get their jobs done faster. "It will allow junior bankers to operate at a higher level with that first pass of analysis being prepared by the technology," said Torrente.

Persons: Wall, Tamara Bitticks, it's, Carlo Allegri, Bitticks, Crystal Cox, Peter Torrente, Bogdan Tudose, Morgan Stanley, Tudose, Goldman Sachs, Banks Organizations: Deutsche Bank, Reuters, Deloitte, Industry, Wall, Google, KPMG, Blackstone, JPMorgan, Excel, Getty, Deutsche Locations: Manhattan, San Francisco

☆ From rolling out OpenAI's GPT-4 to employees to preventing $27 billion in fraud, Visa exec Rajat Taneja opens up about the payments giant's AI playbook
▼ + stars: | 2023-09-14 | by ( Bianca Chan | ) www.businessinsider.com time to read: +4 min

Visa relies on AI for mission-critical tasks like processing payments, detecting fraud, and securing its massive network infrastructure. It has more than 300 AI models that are live and operating. "AI is going to be a huge part of how we grow, but it'll also be part and parcel of everybody's work," Taneja said. Visa continues to experiment with similar AI models, like Meta's AI model Llama 2 and those from French-American company Hugging Face, Taneja said. Visa introduced AI models that ingest billions of data points every day to train on, learn patterns, and identify any cybersecurity or payment-security threats.

Persons: It's, Rajat Taneja, it'll, Taneja, it's, coder, counterfeits Organizations: Visa, Microsoft Locations: American

☆ Stocks making the biggest moves midday: Netflix, Etsy, HP, Visa and more
▼ + stars: | 2023-09-14 | by ( Brian Evans | ) www.cnbc.com time to read: +2 min

Striking Writers Guild of America members walk the picket line in front of Netflix offices in Los Angeles, July 12, 2023. Check out the companies making headlines in midday trading:Visa — The credit card behemoth's stock was trading more than 2% lower after announcing plans to change its share structure. Netflix — The streaming giant's shares slipped roughly 2% in midday trading after Chief Financial Officer Spencer Neumann said the ongoing Hollywood writers' strike is bad for business. The movie theater chain said it sold 40 million shares at an average price of $8.14, raising about $325.5 million. Etsy — The e-commerce retailer's stock rose nearly 3% after Wolfe Research upgraded Etsy to outperform from a peer perform rating, citing improving consumer spending and margins.

Persons: Semtech, Spencer Neumann, Neumann, Warren, Berkshire Hathaway, —, Samantha Subin, Pia Singh, Alex Harring Organizations: Guild of America, Netflix, Visa, FactSet, Penn Entertainment, Deutsche Bank, Penn, ESPN BET, AMC Entertainment, AMC, Wolfe Research, HP, Exxon Mobil, Chevron —, Exxon, Chevron Locations: Los Angeles, U.S, China

☆ Solana jumps on Visa stablecoin announcement as bitcoin and other cryptocurrencies remain flat
▼ + stars: | 2023-09-05 | by ( Tanaya Macheel | ) www.cnbc.com time to read: +2 min

The native token of the Solana blockchain jumped Tuesday after Visa announced it will expand its stablecoin capabilities to the Ethereum alternative. Other cryptocurrencies were little changed, with bitcoin hovering below the flat line at $25,803.25 and ether up slightly at $1,640.06. The move came after Visa announced it will introduce settlement of the USDC stablecoin over the Solana network. Bernstein has called stablecoins the "monster killer app" for crypto, identifying them as a nearly $3 trillion market over the next five years. "Going forward, we expect tokenized stablecoins to be a $2.8 trillion market, led by regulated, onshore stablecoins."

Persons: Solana blockchain, Solana, Ethereum, It's, Bernstein Organizations: Visa, Metrics, Solana, PayPal Locations: Solana, Krakow, Poland, Visa's

☆ Visa's pricing of token technology under DOJ probe - Bloomberg News
▼ + stars: | 2023-08-16 | by ( ) www.reuters.com time to read: +1 min

[1/2] Visa credit and debit cards are seen in this picture illustration taken August 2, 2022. The DOJ's antitrust probe against Visa, which began in early 2021, is investigating if the company uses anticompetitive practices in the debit card market. The DOJ declined to comment and Visa did not immediately respond to a Reuters request for comment. Mastercard also disclosed in April that it was being asked to provide additional information by the DOJ. In 2019, Visa had settled a European Union antitrust probe relating to card fees.

Persons: Benoit Tessier, Pritam Biswas, Pooja Desai Organizations: REUTERS, U.S . Department of Justice, Bloomberg, Visa, DOJ, Mastercard, U.S . Federal Trade Commission, Union, Thomson Locations: United States, Bengaluru

REUTERS/Benoit TessierJuly 27 (Reuters) - Visa (V.N) and Mastercard (MA.N), which bet on China to boost travel spending, have had to contend with a disappointing first half of the year as post-COVID momentum in the world's second-biggest economy loses steam. In their earnings calls this week, both card giants said travel in China was nowhere near pre-pandemic levels. "Looking at Mainland China specifically, cross-border travel continued to improve but remains well below 2019 levels," said Vasant Prabhu, Visa's chief financial officer. His counterpart at Mastercard, Sachin Mehra, also said there was further room for travel recovery in China. Reuters GraphicsInbound cross-border travel to China stood at nearly 50% of 2019 levels, while outbound travel was nearly 70%, the company said.

Persons: Benoit Tessier, Vasant Prabhu, Sachin Mehra, Edward Jones, Logan Purk, Manya Saini, Niket, Krishna Chandra Organizations: REUTERS, Mastercard, Reuters, U.S, Reuters Graphics Visa, Thomson Locations: China, Mainland China, U.S . Federal, Bengaluru

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWhy Mastercard's stock has outperformed Visa's over the past 5 yearsMastercard is one of the world's most recognizable brands. It's the second largest card network in the U.S., accounting for more than a quarter of all purchase volume using a payment card. As the world transitions to a more cashless society, Mastercard's value has continued to soar. Shares have seen nearly a 100% gain over the past five years, even outperforming No. So exactly how is Mastercard setting itself apart from its competitors?

Organizations: Mastercard Locations: U.S

☆ Mastercard's stock has outperformed Visa's over the past 5 years. Here's why
▼ + stars: | 2023-05-27 | by ( Juhohn Lee | ) www.cnbc.com time to read: +2 min

As the world transitions to a more cashless society, Mastercard's value has continued to soar. While Visa outpaces Mastercard in terms of cards in circulation, net revenue and market share based on purchase transactions, Mastercard's stock has outperformed Visa's over the past 5 years. "Visa did not use to own Visa Europe. "Back in 2016, 2017, Visa was able to buy Visa Europe, and they have gone through a huge effort to modernize Visa's operations in Europe. "So, it's kind of a double benefit to revenue when you have more market share in Europe in particular."

☆ No office tower is safe from the roiling market — not even a trophy building housing Google and Visa deemed one of the best
▼ + stars: | 2023-05-10 | by ( Daniel Geiger | ) www.businessinsider.com time to read: +9 min

Potential problems at One Market Plaza show how far San Francisco's office market may fall. One Market Plaza has long been considered the pinnacle of San Francisco's office market. Autodesk plans to downsize by about 73,000 square feet to 211,000 square feet, a spokeswoman told Insider. Google did not respond to a request for comment on its plans for One Market Plaza. One Market Plaza could indicate how far San Francisco's office woes reachTurbulence at One Market Plaza indicates the extent of the problems facing San Francisco's office market.

☆ Elon Musk's potential plan for turning Twitter into a super app is an uphill battle. These are the 3 biggest things holding the strategy back, according to experts.
▼ + stars: | 2023-04-27 | by ( Paige Hagy | ) www.businessinsider.com time to read: +8 min

And while he's never publically detailed specific plans for a super app, recent changes at Twitter offer some clues. He first teased his intentions to transform Twitter into a super app called "X" prior to acquiring it in October 2022. It 'makes no sense' to build on TwitterFor starters, Twitter is a peculiar place to build a super app, some experts said. A super app in the US is difficultPerhaps a bigger issue not specific to Musk's plans for Twitter is whether a super app in the US is even possible. So if anyone can build a super app in the US, it would be him.

☆ Elon Musk's everything app could include Twitter. But industry experts can't make sense of the strategy.
▼ + stars: | 2023-04-26 | by ( Paige Hagy | ) www.businessinsider.com time to read: +8 min

Elon Musk wants to create a US super app, but industry experts have some concerns. And while he's never publically detailed specific plans for a super app, recent changes at Twitter offer some clues. He first teased his intentions to transform Twitter into a super app called "X" prior to acquiring it in October 2022. It 'makes no sense' to build on TwitterFor starters, Twitter is a peculiar place to build a super app, some experts said. A super app in the US is difficultPerhaps a bigger issue not specific to Musk's plans for Twitter is whether a super app in the US is even possible.

☆ Visa earnings offer evidence of consumer strength and signals inflation is falling
▼ + stars: | 2023-04-26 | by ( Bob Pisani | ) www.cnbc.com time to read: +2 min

"Starting in March and through the summer, we will be lapping the peaks in fuel prices last year," Prabhu said. In 2022, fuel prices continued to rise through spring and peaked in June." Another reason ticket prices are lower: Retailers are discounting. Strong consumer. Lower inflation.

☆ Visa's payments business helps profit exceed Wall Street estimates
▼ + stars: | 2023-04-25 | by ( Mehnaz Yasmin | ) www.reuters.com time to read: +2 min

April 25 (Reuters) - Visa Inc (V.N) reported a better-than-expected second-quarter profit on Tuesday and bet on sustained growth at its payments business, as consumers brace for a milder recession than was once feared. The San Francisco-based payments processor's shares, up 11% so far this year, rose another 2.4% in after-hours trading. "Consumer payments remains a massive opportunity for Visa," Chief Executive Officer Ryan McInerney said on a post-earnings call. Visa's results follow peer American Express Inc (AXP.N), which stockpiled $1.1 billion to cover potential defaults and spent more on promotions, missing Wall Street estimates on Thursday. On an adjusted basis, Visa earned $2.09 per share in the quarter ended March, exceeding analysts' estimates of $1.99, according to data from Refinitiv IBES.

☆ Visa, MasterCard tell UK tribunal to block new mass actions
▼ + stars: | 2023-04-03 | by ( Sam Tobin | ) www.reuters.com time to read: +2 min

Visa and Mastercard are each being sued by hundreds of claimants at London's Competition Appeal Tribunal, which is currently managing the various cases together. Special purpose vehicle Commercial and Interregional Card Claims (CICC) brought another set of lawsuits against Visa and Mastercard last year, seeking damages on behalf of merchants which were allegedly overcharged. CICC is asking the tribunal to certify its cases under the United Kingdom's collective proceedings regime, which is roughly equivalent to the class action regime in the United States. But Visa and Mastercard's lawyers say the need for collective proceedings is undermined by the fact that thousands of merchants have already sued them. "These proposed collective proceedings are not, therefore, about providing access to justice to those who cannot seek it for themselves," he added.

☆ Mexico's Televisa reaches $95 mln investor settlement over FIFA bribery role
▼ + stars: | 2023-03-01 | by ( Jonathan Stempel | ) www.reuters.com time to read: +2 min

[1/2] The logo of broadcaster Televisa is seen outside its headquarters in Mexico City, Mexico, December 14, 2022. REUTERS/Raquel Cunha/File PhotoNEW YORK, March 1 (Reuters) - Grupo Televisa SAB (TLEVISACPO.MX) has reached a $95 million settlement to resolve a U.S. investor lawsuit accusing the Mexican broadcaster of bribing FIFA soccer officials to win rights to four World Cup tournaments. Investors said they suffered losses as the bribery became known during corruption trials in Brooklyn, New York, causing the ADR price to fall. Its law firm Boies, Schiller & Flexner may seek up to $28.5 million of the settlement in fees and $3.5 million for expenses. The case is In re Grupo Televisa Securities Litigation, U.S. District Court, Southern District of New York, No.

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☆ Mexico's Televisa posts Q4 net loss, dragged by TelevisaUnivison, Sky
▼ + stars: | 2023-02-23 | by ( ) www.reuters.com time to read: +2 min

MEXICO CITY, Feb 23 (Reuters) - Grupo Televisa , Mexico's largest broadcaster, reported on Thursday a net loss in the fourth quarter of 13.75 billion pesos ($705 million), hurt by losses related to TelevisaUnivison and declines in its satellite TV unit. The result compares with a net profit of 3.7 billion pesos in the year-earlier period, according to a statement filed with the Mexican stock exchange. The company's revenue increased 1.6% from the year-earlier period to 19.13 billion pesos, slightly missing the Refinitiv forecast of 19.28 billion pesos. Televisa has tried to revamp Sky, launching a new mobile service with AT&T in July which executives said would boost the unit's revenue in the coming years. Mexico's Megacable in December rejected an offer by Televisa to merge the companies' pay TV and broadband operations.

☆ CNBC Exclusive: Visa executive chairman talks diversity, Atlanta office opening and the economy
▼ + stars: | 2023-02-09 | by ( Frank Holland | ) www.cnbc.com time to read: 1 min

In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailCNBC Exclusive: Visa executive chairman talks diversity, Atlanta office opening and the economyFrank Holland sits down with Visa Executive Chairman Alfred Kelly at the company's new Atlanta office to talk about Visa's commitment to creating a more diverse workforce.

☆ Maintaing diversity in tech: Firms continues Atlanta investments
▼ + stars: | 2023-02-09 | by ( Frank Holland | ) www.cnbc.com time to read: +1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailMaintaing diversity in tech: Firms continues Atlanta investmentsVisa says it is still hiring and remains focused on hiring Black workers and partnering with Black startups at its new Atlanta office. 27% of Atlanta's tech workers are Black compared to 2% in the Bay Area and 3% in Austin according to CBRE. 2023 could be a major turning point for diversity in tech according to a new report this week from McKinsey. If the Black tech gap isn't closed there will be $360B in lost wages and the underrepresentation will grow. Frank Holland looks at the data, the companies emphasizing diversity, and speaks with Visa's Chief Diversity Officer about the importance of the Atlanta Office.

☆ Visa works to diversify workforce
▼ + stars: | 2023-02-08 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailVisa works to diversify workforceVisa Executive Chair Alfred Kelly joins 'Power Lunch' to discuss diversity hiring in Atlanta, the black talent pipeline and Visa's use of AI in the payments ecosystem.

☆ Spain launched its long-awaited 'digital nomad visa' — here's who qualifies and how to apply
▼ + stars: | 2023-02-06 | by ( Hannah Towey | ) www.businessinsider.com time to read: +5 min

The Spanish government has officially approved a new digital nomad visa for remote workers. How Spain's visa for remote workers compares to Portugal's digital nomad visa:Portugal's digital nomad visa has a slightly higher minimum income requirement than Spain's. Cavan Images/Getty ImagesSpain's digital nomad visa is very similar to its neighbor Portugal's, which was released back in November. In order to qualify for Portugal's digital nomad visa, remote workers must make at least four times its minimum wage to apply. Spain's Startup Act and digital nomad visa saw support from both sides of the political spectrum.

☆ Visa revenue growth slows more as tough economy sobers spending
▼ + stars: | 2023-01-27 | by ( Mehnaz Yasmin | ) www.reuters.com time to read: +2 min

REUTERS/Philippe Wojazer/Illustration//File PhotoJan 26 (Reuters) - Visa Inc's (V.N) revenue growth continued to wind back to pre-pandemic levels in the first quarter as the post-lockdown travel craze ebbed and consumer spending slowed in a tough economy. The growth was, however, far lower than a 40% surge in cross-border volumes in the first quarter of 2021 and a 20% jump in payments volumes. The firm's exit from Russia will impact reported payments volume growth rates in the second quarter, Prabhu said on a post-earnings call. Earlier in the day, rival Mastercard Inc (MA.N) forecast current-quarter revenue growth below expectations as pent-up demand for travel was seen slowing going forward. Visa reported a profit of $2.18 a share, comfortably above the $2.01 estimated by analysts, according to Refinitiv.

☆ DOJ probing Visa on U.S. debit card practices, competition
▼ + stars: | 2023-01-27 | by ( ) www.reuters.com time to read: +1 min

Jan 27 (Reuters) - Visa Inc (V.N) said on Friday the antitrust division of the U.S. Department of Justice had issued investigative demand earlier this month seeking documents and information about U.S. debit card practices and competition with other payment networks. The probe, which began in early 2021, followed reports the United States was investigating whether the credit card company uses anticompetitive practices in the debit card market. The Justice Department has previously investigated the credit card payments industry but settled with Visa and Mastercard Inc (MA.N) in 2010 when they agreed to allow merchants to offer consumers incentives to use a low-cost credit card. Both Visa and Mastercard have faced increasing scrutiny for their dominance in the credit card market. Visa, in 2019, had to settle a European Union antitrust probe over card fees.

☆ Visa profit beats estimates on resilient consumer spending
▼ + stars: | 2023-01-26 | by ( Mehnaz Yasmin | ) www.reuters.com time to read: +2 min

[1/2] A Visa credit card is seen on a computer keyboard in this picture illustration taken September 6, 2017. REUTERS/Philippe Wojazer/Illustration//File PhotoJan 26 (Reuters) - Visa Inc's (V.N) first-quarter profit beat Wall Street targets on Thursday as its payments volume held steady with Americans still spending on international travel despite an economic slowdown. That was, however, far lower than last year's 40% surge in cross-border volumes and a 20% jump in payments volumes. Reuters GraphicsVisa's revenue rose at the slowest rate in seven quarters, gaining 12% to $7.9 billion. read moreThe company on Thursday reported a profit of $2.18 a share, comfortably above the $2.01 estimated by analysts, according to Refinitiv.

☆ UK review of 'golden' visas for millionaires finds links to corruption
▼ + stars: | 2023-01-12 | by ( Andrew Macaskill | ) www.reuters.com time to read: +4 min

The government first commissioned the visa's review in 2018 after the poisoning of former Russian double agent Sergei Skripal in Britain. Russian oligarchs and newly-minted Chinese entrepreneurs have flocked to London over the past two decades, snapping up everything from opulent homes to soccer clubs. Under the programme, foreigners who invested 2 million pounds in assets in Britain could apply for permanent residency after five years in the country. Investing 10 million pounds allowed an application after two years. In total, more than 12,000 golden visas have been granted, including more than 2,500 to Russians, according to government data.

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