Oct 31- MasterCard Inc reported a quarterly profit that handily topped market estimates as more people, particularly in Asia, opted to use credit and debit cards instead of cash. MasterCard has been boosting its presence outside the United States, cashing in on higher-growth markets in Asia and the Nordic countries.
The credit-card company reported quarterly earnings that beat analysts' expectations, authorized a new $1.5 billion share repurchase program and raised its dividend by 50 percent on Wednesday.
Check out which companies are making headlines after the bell Wednesday.
Oct 31- MasterCard Inc, the No.2 credit and debit card network, reported a quarterly profit that topped Wall Street estimates as more people across the globe opted to use cards instead of cash. Higher consumer spending in the United States also helped to boost MasterCard's third-quarter profit.
Burger King Worldwide Inc. reports quarterly financial results. Baidu Inc., the Chinese Internet company, reports quarterly financial results. Avon Products Inc. reports quarterly financial results.
Oct 24- Visa Inc said Charles Scharf, a former head of JPMorgan Chase& Co's retail financial services division, will succeed Joseph Saunders as chief executive, effective Nov. 1. Scharf worked closely with Jamie Dimon, chairman and CEO of JPMorgan, when the two men were at Citigroup Inc in the 1990 s.
Oct 24- Visa Inc said Charles Scharf, a former head of JPMorgan Chase& Co's retail financial services division, will succeed Joseph Saunders as chief executive. Scharf is currently managing director at One Equity Partners, which manages $10 billion of investments and commitments for JPMorgan Chase.
Oct 24- Visa Inc said Charles Scharf, a former head of JPMorgan Chase& Co's retail financial services division, will succeed Joseph Saunders as chief executive officer. Scharf, whose appointment is effective Nov. 1, has also been appointed to the payment network's board.
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NEW YORK-- Target Corp. on Tuesday said it reached a deal to sell its entire consumer credit card business to TD Bank Group, ending an almost two-year search for a buyer. The two companies also entered into a seven-year pact under which TD Bank will underwrite, fund and own future Target credit card and Target Visa receivables in the U.S.
WASHINGTON-- A proposed settlement in a class-action lawsuit brought by retailers and trade groups against Visa Inc. and MasterCard Inc. fails to protect merchants from abuse by credit card companies, a national retail group says.
NEW YORK-- A group of retailers and trade groups has launched a last-ditch effort to stop a settlement worth at least $6 billion that Visa Inc., MasterCard Inc. and major banks have agreed to pay retailers for alleged fee fixing. The proposed settlement, which was disclosed in July, is expected to be submitted to the U.S. District Court in Brooklyn by Oct. 19.
*Alison kutler joins Visa as head of government policy for the americas. *Says previously kutler was vice president, external affairs at rio tinto,. *Source text* Further company coverage ().
*Bluebird card available next week at Walmart stores, online. *Amex gets access to 4,000 stores, spending by underbanked* Wal-Mart brings low pricing to card accounts* Average American pays $200 annually in fees* Shares of rival card companies NetSpend, Green Dot tank.
WASHINGTON-- American Express Co. is paying $112.5 million in refunds and fines to settle regulators' accusations that it charged unlawful late fees and deceived customers to pressure them to pay off old debts or buy extra credit card services. American Express is refunding $85 million to about 250,000 customers and is paying $27.5 million in civil fines.
Analysts from KBW weigh in with their picks of winners and losers in the financial sector if the U.S. falls off the “fiscal cliff.” TheStreet.com reports.
During a time of historically low interest rates, narrowing margins and increasing regulatory burdens, efficiency is the name of the game for many banks. One reporter for TheStreet.com details five efficient bank stocks that may be right for your portfolio.
Groupon is taking on established players like American Express, plus successful startups like Square, which Visa backs, along with PayPal and Google, which are also getting into the mobile payments space.
The recent phenomenon known as mobile payments has caused one Street.com contributor to start looking at some possible casualties in that all-important process known as the business transaction.
Yesterday's move was really impressive, and if bond buying is open-ended then there's no rush to sell stocks or buy protection.