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Bilt, the company that awards points when you pay rent, adds Alaska Airlines as a transfer partner. However, Bilt will lose American Airlines as a points transfer partner in June 2024. Noteworthy Alaska Airlines partners include oneworld alliance partners American Airlines, British Airways, Cathay Pacific, Japan Airlines, Qantas, and Qatar. In addition to Alaska Airlines, Bilt partners with American Airlines, Aer Lingus, Air Canada, Avianca, British Airways, Cathay Pacific, Emirates, Air France-KLM, Hawaiian AIrlines, Iberia, IHG, Marriott, Turkish Airlines, Virgin Atlantic, United Airlines and Hyatt. Bilt and American Airlines will part ways in June, three years after their partnership initially began.
Persons: Bilt, Organizations: Alaska Airlines, Alaska Airlines cardholders, American Airlines, Service, oneworld, British Airways, Cathay, Japan Airlines, Qantas, luxe, Air, Singapore Airlines, Mastercard, Aer Lingus, Air France, KLM, Hawaiian AIrlines, Turkish Airlines, Virgin Atlantic, United Airlines, Hyatt Locations: Alaska, Cathay Pacific, Qatar, Air Canada, Emirates, Air, Iberia, IHG, Marriott
This is a story about you and your favorite credit card, the one that earns you points. So this rewards card, it’s really a screw-over-poor- people card. Why are swipe fees in the U.S. nine times higher than they are in Europe? But these two companies control over 80 percent of the credit card market. Dick Durbin, the senator who helped crack down on swipe fees for debit cards, has authored a bipartisan bill that would use competition to drive down credit card swipe fees.
Persons: Marty, let’s, you’ll, you’re, It’s, MJ, Dick Durbin, you’ve Organizations: Visa, Mastercard, Federal Reserve Locations: Europe, Congress
Rising gasoline and housing prices led inflation to increase 0.4% in February, the Bureau of Labor Statistics reported on Tuesday. The food index was unchanged in February, as was the food at home index. Meanwhile, a recent report on consumer spending from Mastercard found that retail sales excluding autos were up in February, with online retail sales up more than 9.1%. The Census Bureau is scheduled to release retail sales for February on Thursday with analysts looking for a strong 0.8% increase after January's drop. “A dip in retail sales to start the calendar year is common, however, this year January retail sales marked the biggest decline since March of last year,” said Chip West, retail and consumer behavior expert at Vericast.
Persons: ” Joseph Brusuelas, , Chip Organizations: of Labor Statistics, Federal, “ Services, RSM, Mastercard, Apparel, Bureau, Federal Reserve Bank of, Blue Locations: Federal Reserve Bank of Atlanta
Edwin Tong, Singapore's culture minister, told local outlet Mothership on February 28 that the amount of grant given "is not what is being speculated online." As Tong, the Singapore culture minister, told Mothership, the city-state is looking "beyond just the economic impact" of Swiftonimics. Economists estimate that Swift's concerts in Singapore could contribute up to 500 million Singapore dollars, or $372 million, in tourist receipts. AdvertisementIt's a different story for spending on experiences — and it's heightened because Singapore is Swift's only stop in Southeast Asia. Mann said the people who have money to pay for flight tickets, Swift's concert tickets, and a hotel are likely to keep spending at other tourist spots.
Persons: , Taylor Swift, Srettha, Edwin Tong, Swift, it's, Yun Liu, Tong, Kevin Cheong, David Mann, Mann, Coldplay, Si Ying Toh, Cheong, Joey Salceda, Sandiaga Salahuddin Uno Organizations: Service, Business, HSBC, Asia Pacific, Mastercard, Nomura, Philippine Star, Bloomberg, Vegas Locations: Singapore, Southeast Asia, British, Thailand, Bangkok, Indonesia, Sands
The S & P 500 is ending February with a gain of almost 5%. S & P 500: Four big months November: up 8.9% December: up 4.4% January: up 1.6% February: up 4.6% The November gain of 8.9% was one of the 20 best monthly performances in history. The S & P has advanced about 5% since passing the old January 2022 historic high, which it crossed on Jan. 19, this year. Put another way: the S & P has recovered all the bear market losses from the old high in January 2022 to the bear market bottom in October 2022, and added another 5%. "Yet it also offers encouragement that no post-recovery selloff saw the start of a new bear market before rebounding and proceeding onto additional new highs."
Persons: Steve Starker, Todd Sohn, Eli Lilly, Nicholas Colas, Sam Stovall Organizations: Nvidia, P, Technology, Services, Care, Broadcom, Communication Services, Meta, Health Care, Merck, Depot, Costco, JPMorgan, Mastercard, Berkshire Hathaway, Research Locations: BTIG
AI is Uncle Sam’s new secret weapon to fight fraud
  + stars: | 2024-02-28 | by ( Matt Egan | ) edition.cnn.com   time to read: +5 min
Starting around late 2022, the Treasury Department began using enhanced fraud-detection methods powered by AI to spot fraud, CNN has learned. Treasury’s AI-powered fraud detection recovered $375 million in fiscal 2023 alone, Treasury officials tell CNN, marking the first time Treasury is publicly acknowledging it is using AI to detect fraud. Instead, Treasury officials say the type of AI they are using falls more into the bucket of machine learning and Big Data. The goal is to move with such speed that anomalies are flagged and banks are alerted before fraudulent checks are ever cashed, Treasury officials said. Catching fraud in millisecondsAmiram Shachar, co-founder and CEO of cloud security startup Upwind, told CNN the federal government should “absolutely” use AI to detect fraud.
Persons: Sam, Sam’s, Fraudsters, Wally Adeyemo, , ” Shachar, Steph Curry Organizations: New, New York CNN, Treasury Department, CNN, Treasury, Data, Washington, Office, Business Administration, Social, Internal Revenue Service, IRS, Google, Facebook, Penny Jar, NBA, Mastercard Locations: New York, Banks, Washington, Hong Kong
Goldman Sachs anticipates the S & P 500 will rise to 5,200 by the end of the year, the CNBC Market Strategist Survey showed. Instead, some better opportunities may lie in "shared favorites," according to David Kostin, chief U.S. equity strategist at Goldman Sachs. They've outperformed the S & P 500 a majority of the time, 63%, in the months since 2013. Other names Kostin considers shared favorites include Mastercard , Visa and Danaher . "Some of these shared favorites are … less highly valued and that's a perhaps more risk adjusted return opportunity set," Kostin said.
Persons: Goldman Sachs, That's, David Kostin, Kostin, CNBC's, They've, TD Cowen, Morgan Stanley, — CNBC's Michael Bloom Organizations: CNBC Market, Mutual Fund, KKR, Mastercard, Visa
Jamie Dimon, President & CEO,Chairman & CEO JPMorgan Chase, speaking on CNBC's Squawk Box at the World Economic Forum Annual Meeting in Davos, Switzerland on Jan. 17th, 2024. JPMorgan Chase CEO Jamie Dimon isn't worried about the added competition from a bulked-up Capital One if its $35.3 billion takeover of Discover Financial gets approved. Dimon, speaking to CNBC's Leslie Picker from a Miami conference, acknowledged that if regulators approve the Capital One-Discover deal, his bank will be eclipsed as the nation's biggest credit-card lender. The deal has two major components: the credit card business and the payment network, Dimon noted. It's unclear if Capital One can create a true alternative to the dominant card networks in Visa and Mastercard with this deal, Dimon said.
Persons: Jamie Dimon, JPMorgan, JPMorgan Chase, Jamie Dimon isn't, Dimon, CNBC's Leslie Picker, Richard Fairbank, Richard Organizations: JPMorgan Chase, JPMorgan, Discover Financial, Capital, Visa, Mastercard, American Locations: Davos, Switzerland, Miami
But even a rally of these proportions doesn't mean that all future gains in 2024 are off the table for investors. As of Thursday, 85% of analysts covering the stock had assigned it a buy rating, with an average potential upside of 23%. About 62% of analysts covering the stock have assigned it a buy rating, with the average analyst predicting a potential upside of 14%. More than three-fourths of analysts have assigned telecommunications giant T-Mobile a buy rating. While T-Mobile missed analysts' earnings expectations, the firm posted a higher revenue than Wall Street had expected.
Persons: Stocks, Warren Buffett, Berkshire Hathaway, , Fred Imbert Organizations: Nasdaq, Nvidia, CNBC Pro, York Stock Exchange, Dow Jones, Walgreens, Alliance, Amazon, Chevron, Mobile, Wall, Visa, Mastercard
It's a chess move by one of the savviest long-term thinkers in American finance, Capital One CEO Richard Fairbank. Fairbank, who became a billionaire by building Capital One into a credit card giant since its 1994 IPO, is betting that buying rival card company Discover will better position the company for global payments' murky future. The deal, if approved, enables Capital One to leapfrog JPMorgan as the biggest credit card company by loans, and solidifies its position as the third largest by purchase volume. By 2027, the bank expects to add at least $175 billion in payments and 25 million of its cardholders onto the Discover network. The Discover network alone would be worth up to $6 billion if sold to Alphabet, Apple or Fiserv , Sakhrani wrote Tuesday in a research note.
Persons: Richard Fairbank, Marvin Joseph, It's, Fairbank, Sanjay Sakhrani, Sakhrani Organizations: Washington Post, Getty, Capital, Discover Financial, U.S, JPMorgan Chase, Independence, Discover, JPMorgan, Visa, Mastercard, American Express, One's, PayPal Locations: Wall, U.S
Premarket stocks: Is Nvidia too big to fail?
  + stars: | 2024-02-21 | by ( Nicole Goodkind | ) edition.cnn.com   time to read: +7 min
Investors expect Nvidia to report earnings of $4.59 a share and $20.378 billion in revenue, up from just $6.05 billion a year before. Too big to fail: For the time being, Nvidia is the “most sophisticated and deployed” chipmaker in the world, and its output is one of national importance, said Newman. Capital One wants to be the biggest credit card company in America. If approved by regulators and shareholders, Capital One’s (COF) acquisition will create the biggest US credit card company by loan volume. Compared to other major credit card issuers, Capital One has historically catered to customers with credit scores in the 600s range, which is considered subprime.
Persons: , , Daniel Newman, Newman, Jensen Huang, ” What’s, Sam Altman, Pat Gelsinger, Elisabeth Buchwald, Biden, Richard Fairbank, Fairbank, Samantha Delouya, Dow, Dow hasn’t Organizations: CNN Business, Bell, New York CNN, Nvidia, Wall, Microsoft, Apple, Investors, Intel, AMD, Discover Financial Services, Capital, Discover, Mastercard, Consumer Financial, Bureau, Walgreens, Dow Jones, Alliance, Dow Jones Industrial, Dow Jones Indices, Dow, Tesla Locations: New York, California, United States, China, Dubai, America
Capital One plans to acquire Discover in an all-stock deal valued at $35.3 billion, pending approval. On Monday, Capital One Financial announced its plans to buy Discover Financial Services. Here's what you need to know about the deal and what it could mean for current Capital One and Discover customers. Capital One credit cards are part of the Visa and Mastercard credit card networks. The Wall Street Journal reports that Capital One is planning to switch some of its credit cards to the Discover network.
Persons: , Simon Blanchard, Alvin Carlos Organizations: Discover, Service, Financial, Discover Financial Services, Capital, Visa, Mastercard, Georgetown University's McDonough School of Business, Street Journal, CFA, CFP, District Capital Management
Challenges, and opportunities, for a financial megadealCapital One’s $35.3 billion takeover to buy Discover Financial Services will create a colossus in the fast-growing credit card industry and a more powerful force in the payment networks that underpin the consumer economy. That will almost surely invite tough scrutiny from a Washington that is increasingly skeptical of big financial mergers. But continuing scrutiny of the two biggest payment networks in the U.S., Visa and Mastercard, may complicate the regulatory math. The deal: Capital One agreed to pay 1.0192 of its shares for each share of Discover, a roughly 26 percent premium to Friday’s trading prices. If completed, the transaction would become a giant among credit card lenders, with Bloomberg estimating that the combined company would outstrip JPMorgan Chase and Citigroup in U.S. card loan volume.
Organizations: Discover Financial, Visa, Mastercard, Capital, Bloomberg, JPMorgan Chase, Citigroup, U.S Locations: Washington, U.S
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailCapital One and Discover merger could pose risks to Visa and Mastercard, says Dan DolevDan Dolev, Mizuho Securities managing director, joins 'The Exchange' to discuss the likelihood of the Capital One and Discover merger, the potential effects of the merger on the credit industry, and more.
Persons: Dan Dolev Dan Dolev Organizations: Visa, Mastercard, Mizuho Securities, Discover
If approved by regulators and shareholders, Capital One’s (COF) acquisition will create the biggest US credit card company by loan volume. Discover cards are already accepted at 99% of all US merchants that allow customers to make credit card purchases, according to the company. Credit card networks are the liaison between card issuers and merchants, for whom they set fees. If Capital One flips all its credit cards to Discover, Mastercard would stand to lose a quarter of its US credit card volume. Compared to other major credit card issuers, Capital One has historically catered to customers with credit scores in the 600s range, which is considered subprime.
Persons: New York CNN —, Biden, Richard Fairbank, Fairbank, JPMorgan Chase, Andrew Harrer, Democratic Sen, Elizabeth Warren, Jaret, Cowen Organizations: New, New York CNN, Discover Financial Services, Capital, Discover, Mastercard, Visa, US, American Express, JPMorgan, Bank of America, Citigroup, Bloomberg, Getty, Consumer Financial, , Democratic Locations: New York, Mastercard’s, Visa’s
New York CNN —Capital One announced it’s acquiring Discover Financial Services for $35.3 billion in an all-stock deal, giving the bank a leg up in the competitive credit card market. Under the terms of the deal announced Monday evening, Discover (DFS) shareholders will receive a little over one share of Capital One (COF) for every Discover share they own. If the deal is finalized, current Capital One shareholders will own a 60% stake in the combined company, while Discover shareholders will own the remaining 40%. Credit card networks are the liaison between card issuers and merchants, for whom they set fees. Currently, Capital One issues credit cards with Mastercard, Visa and Discover.
Persons: JPMorgan Chase, Richard Fairbank Organizations: New, New York CNN, Capital, Discover Financial Services, Discover, US, Visa, Mastercard, American Express, JPMorgan, Bank of America, Citigroup, Wall Street Journal Locations: New York
OK, you will never confuse me for a rapper, but those are the four words that describe this economy right now. I have not been a fan of this company because of its losses and its inability to pivot to profit. You have to add the DoorDash numbers to the Toast numbers to see the strength of the go-out and go-in parts of the economy. I am just saying that the Federal Reserve does not have a handle on how overheated this economy has become. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade.
Persons: Todd Schneider, Kevin Hourican, Ralph Lauren, Ralph, That's, Lam, Barry Sternlicht, Otis, There's, Eaton, Parker, Uber, it's, Morgan Stanley, Jim Cramer's, Jim Cramer, Jim, Justin Sullivan Organizations: Walmart, Home, Philadelphia Eagles, Applied Materials, Federal Reserve, Simon Property Group, Costco, Property, Reuters, Saudi, Mastercard, American Express, Lam Research, Nvidia's, Waste Management, Starwood Capital, U.S, Fed, Jim Cramer's Charitable, CNBC Locations: DraftKings, China, Emerson, Dover, Cummins, , Wells Fargo, San Francisco
Capital One announced on Monday that it would acquire Discover Financial Services in an all-stock transaction valued at $35.3 billion, a deal that would merge two of the largest credit card companies in the United States. “A space that is already dominated by a relatively small number of megaplayers is about to get a little smaller,” said Matt Schulz, chief credit analyst at LendingTree. Capital One, with $479 billion in assets, is one of the nation’s largest banks, and it issues credit cards on networks run by Visa and Mastercard. Acquiring Discover will give it access to a credit card network of 305 million cardholders, adding to its base of more than 100 million customers. The country’s four major networks are American Express, Mastercard, Visa and Discover, which has far fewer cardholders than its competitors.
Persons: , Matt Schulz, Jesse Van Tol Organizations: Discover Financial Services, LendingTree, Visa, Mastercard, Discover, American Express, National Community Reinvestment Coalition Locations: United States
A new stock pick from the 93-year-old Buffett almost always leads some investors to follow suit, quickly moving the share price. Berkshire has been a longtime shareholder in credit rating agency Moody's , and bought a big stake in Citigroup in early 2022. The last financial stock Berkshire bought was Capital One Financial in the first quarter of 2023. If the new stake ever exceeds 5% of whatever stock it is, Berkshire would be required to report its holding with the SEC. Buffett might be asked to reveal the identity of the mystery stock at Berkshire's annual shareholder meeting in early May.
Persons: Warren Buffett, Berkshire Hathaway, Buffett, Todd Combs, Ted Weschler, Berkshire's, Goldman Sachs, David Kass, University of Maryland's Robert H, Jamie Dimon, Kass, there's Organizations: Berkshire, The Securities, Exchange, Chevron, Verizon, Apple, Buffett, Bank of America, American Express, Citigroup, Mastercard, Visa, JPMorgan, U.S . Bancorp, Bank of New York Mellon, University of Maryland's, Smith School of Business, outperforming Bank, SEC Locations: Omaha, Berkshire, McLean, Va, Wells, outperforming
Despite broad concerns surrounding the health of regional banks, Ole Andreas Halvorsen's Viking Global bought into one key name in the sector in the fourth quarter. The move came near the end of a turbulent year for regional banks after the shuttering of Silicon Valley Bank , First Republic Bank and Signature Bank led investors to question the regionals' business model. Shares of U.S. Bancorp climbed more than 30% in the fourth quarter, but the stovck still ended the year down about 1%. The sector took a hit this year following New York Bancorp 's dismal fourth quarter earnings , which showed a loss, a large reserve against weaker future credits and slashed the dividend. Halvorsen went even further and zeroed out stakes in Microsoft and Arm Holdings , the British chip and software designer that went public last September.
Persons: Ole Andreas Halvorsen's, Halvorsen, Julian Robertson, InsiderScore, Lamb Weston Organizations: Ole Andreas Halvorsen's Viking Global, Viking Global, . Bancorp, Silicon Valley Bank, First Republic Bank, Signature Bank, U.S . Bancorp, Regional Banking, New York Bancorp, Viking, Tiger Management, Devices, Microsoft, Arm Holdings, Mastercard, Electric, Colgate, Palmolive Locations: Ole Andreas Halvorsen's Viking, Minneapolis, Silicon, U.S, Deere
Companies spend billions on marketing every year, but the question remains whether these campaigns translate into profits. San Francisco-based startup Alembic is employing big data techniques developed for contact tracing during the pandemic to answer those questions. The company today announced a $14 million Series A that included Jeffery Katzenberg, NFL-star-turned-VC Joe Montana, and Braze co-founder Mark Ghermezian. But recent advances in AI and big data technology, he says, have made it possible to track the impact of marketing spend on a granular level, in real time. Puig says the company currently has about a dozen customers, including trillion-dollar chipmaker Nvidia, which is using the technology to guide its marketing efforts.
Persons: Crypto.com, Dunkin, Ben Affleck, Jennifer Lopez, Jeffery Katzenberg, Joe Montana, Braze, Mark Ghermezian, Katzenberg, Tomas Puig, epidemiologists, Puig, Jensen Huang, it's Organizations: Mastercard, PGA, Business, Walt Disney Studios, DreamWorks, Nvidia Locations: Los Angeles, San Francisco, Covid
Daniel Sundheim's D1 Capital made a handful of notable changes to its technology holdings in the fourth quarter, including closing out a position in a key artificial intelligence play. Sundheim also zeroed out his stake in software stock Salesforce , while trimming Microsoft and Facebook parent Meta by more than 60% and 20%, respectively. The role of large-cap tech stocks in driving up the market was so apparent that a group was dubbed the "Magnificent 7" for its outsized gains. Outside of big tech, Sundheim added to Mastercard and Philip Morris stakes. On the flip side, he dissolved stakes in a number of well-known stocks including Hilton , Las Vegas Sands , Liberty Media and Yum Brands .
Persons: Daniel Sundheim's, Sundheim, Philip Morris Organizations: Nvidia, Facebook, Meta, Viking Global, Mastercard, WWE, UFC, Lexeo Therapeutics, Hilton, Liberty Media, Yum Brands, Rivian, Electric Locations: Amazon, Vegas Sands
Among the most common email scams are phishing emails. Instead of sending out generic emails, the emails are addressed to an individual or a specific organization. Now, criminals anywhere in the world can use ChatGPT or FraudGPT to create convincing phishing and spear phishing emails. If I'm going to do 1,000 spear phishing emails or CEO fraud attacks, and I find one in 10 of them work, that could be millions of dollars," said Davies. It will take some time for companies to adjust, but for now, cybersecurity experts say generative AI is leading to a surge in very convincing financial scams.
Persons: Chase, Christopher Budd, Elon, Gayle King, Tucker Carlson, Bill Maher, Andrew Davies, Cyril Noel, Tagoe, Davies, Venmo, Wise, Netcea, Banks, Ajay Bhalla, haven't, Noel, I've, Budd Organizations: Association of Financial, eBay, CBS, Fox News, Facebook, YouTube, PayPal, Mastercard Locations: Hong Kong, ComplyAdvantage
I left big city life behind in 2020. I knew I couldn't achieve these goals living in a big city. I'd lived in big cities my whole life, including notoriously unaffordable cities in the world like Toronto, Zurich, and Geneva. I knew I couldn't do this, at least not in the way I wanted to, in a big city. If I want to live in a big city again someday and still have some space around me, I need to plan very carefully.
Persons: I'd, I've, I'm Organizations: Service, Mastercard Locations: Toronto, Zurich, Geneva
In his column for CMO Insider, Raja Rajamannar writes that it's not too late for CMOs to prove their impact. More recently, UPS and Walgreens joined the growing list of companies opting to merge their marketing and digital teams or move the marketing discipline into new posts, like chief growth officer, chief commercial officer, or chief customer officer. Find power in purposeIn the modern age of marketing – quantum marketing — purpose is no longer optional; it's an essential differentiator. The future of marketing shines bright, but it requires dedicated effort to realize its full potential. Raja Rajamannar is the chief marketing and communications officer and president of healthcare, at Mastercard
Persons: Raja Rajamannar, it's, , Johnson, Wells, Rajamannar Organizations: Service, Fortune, UPS, Walgreens, Brands, Mastercard Locations: Wells Fargo
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