Olga PopovaAlexander Marrow
3 minute read
A view shows the pick-up point of the Ozon online retailer in Moscow, Russia March 16, 2020. REUTERS/Evgenia Novozhenina
Ozon (OZON.O) wants to achieve online transaction volumes of around $34 billion in five years and a third of Russia s rapidly expanding e-commerce market, its chief operating officer told Reuters.
One of Russia s largest e-commerce players, Ozon last week reported a sixth consecutive quarter of triple-digit gross merchandise volume (GMV) growth and upped its GMV growth target for 2021 to 100% from 90%.
A $1 billion Nasdaq debut last year has allowed Ozon to become slightly more aggressive in some segments, such as IT development and logistics infrastructure, where it sees no risk of over-investment, its COO Daniil Fedorov said.
United KingdomUK government, watchdog pledge action to protect cash
Huw JonesIain Withers
2 minute read
A person uses a cash machine, amid the spread of the coronavirus disease (COVID-19), in London, Britain June 17, 2020. REUTERS/Hannah McKay
The British government has pledged to protect access to cash for vulnerable people, while the financial regulator has said it will intervene if cash machines face removal in some areas after a 40% cut in withdrawals last year as a result of the pandemic.
Financial services minister John Glen told a webcast event by consumer group Which? on Thursday the government would launch a public consultation on legislation this summer to protect access to cash within a reasonable distance.
Visa Inc (V.N) reported a fall in quarterly profit on Tuesday as the COVID-19 pandemic hit large parts of the global travel and retail industries, pressuring cross-border spending volumes for the world's largest payment processor.
BusinessAmEx credit spending slump eclipses profit beat, shares fall
ReutersNiket NishantSohini Podder
2 minutes read
Credit cards of American Express are photographed in this illustration picture in this March 17, 2016, file photo. REUTERS/Kai Pfaffenbach/Illustration
American Express Co (AXP.N) said travel and entertainment-related spending on its cards halved in the first quarter as customers stayed at home due to the COVID-19 crisis, overshadowing a better-than-expected profit and sending its shares down 4%.
Cross-border travel restrictions and a resurgence of COVID-19 cases in several parts of the world have forced people and businesses to put travel on hold, hitting credit-card issuers.
Chief Financial Officer Jeffrey Campbell said in an interview with Reuters on Friday that the continued travel restrictions would slow a rebound in business travel for large corporations.
BusinessEXCLUSIVE DBS, StanChart weigh bids as Citi retreats from Asia consumer business - sources
Anshuman DagaNupur AnandSumeet ChatterjeeNupur Anand
4 minutes read
A view of the exterior of the Citibank corporate headquarters in New York, New York, U.S. May 20, 2015. REUTERS/Mike Segar/File Photo
Banks including DBS Group (DBSM.SI), Mitsubishi UFJ Financial Group (MUFG), OCBC (OCBC.SI) and Standard Chartered (STAN.L) are set to bid for parts of Citigroupâs (C.N) consumer business in Asia, people with direct knowledge of the matter said.
The sale process will start within a couple of weeks, they added, declining to be named as they were not authorised to speak to media.