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.
BusinessBitcoin sinks below $50,000 as cryptos stumble over Biden tax plans
Stanley WhiteKevin BucklandAnna Irrera
4 minutes read
The exchange rates and logos of Bitcoin (BTH), Ether (ETH), Litecoin (LTC) and Bitcoin Cash (BCH) are seen on the display of a cryptocurrency ATM of blockchain payment service provider Vaerdex at the headquarters of Swiss Falcon Private Bank in Zurich, Switzerland May 29, 2019. REUTERS/Arnd Wiegmann
Bitcoin and other cryptocurrencies suffered hefty losses on Friday on concern that U.S. President Joe Biden s plan to raise capital gains taxes will curb investment in digital assets.
The selloff came after reports that the Biden administration is planning a raft of proposed changes to the U.S. tax code, including a plan to nearly double taxes on capital gains to 39.6% for people earning more than $1 million. read more
Finance Britcoin not bitcoin? UK considers new digital currency
ReutersHuw JonesDavid Milliken
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Britain s Chancellor of the Exchequer (finance minister) Rishi Sunak attends a virtual press conference inside 10 Downing Street in central London, Britain March 3, 2021. Tolga Akmen/Pool via REUTERS
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British finance minister Rishi Sunak told the Bank of England on Monday to look at the case for a new Britcoin , or central bank-backed digital currency, aimed at tackling some of the challenges posed by cryptocurrencies such as bitcoin.
A BoE-backed digital version of sterling would potentially allow businesses and consumers to hold accounts directly with the bank and to sidestep others when making payments, upending the lenders role in the financial system.
TechnologyEXCLUSIVE Chinaâs Ant explores ways for Jack Ma to exit
Julie Zhu
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A sign of Ant Group is seen during the World Internet Conference (WIC) in Wuzhen, Zhejiang province, China, Nov. 23, 2020. REUTERS/Aly Song/File Photo
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Ant Group is exploring options for founder Jack Ma to divest his stake in the financial technology giant and give up control, as meetings with Chinese regulators signaled to the company that the move could help draw a line under Beijingâs scrutiny of its business, according to a source familiar with regulatorsâ thinking and two people with close ties to the company.
BusinessGrab to unveil worldâs biggest SPAC merger, valued at nearly $40 bln - sources
Anshuman DagaAradhana Aravindan
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A Grab logo is pictured at the Money 20/20 Asia Fintech Trade Show in Singapore March 21, 2019. Picture taken March 21, 2019. REUTERS/Anshuman Daga/File Photo
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Grab Holdings, the largest ride-hailing and food delivery firm in Southeast Asia, clinched a merger on Tuesday with special-purpose acquisition company Altimeter Growth Corp (AGC.O) securing a valuation of nearly $40 billion and paving the way for a coveted U.S. listing.
The merger, the biggest blank-check company deal ever, underscores the frenzy on Wall Street as shell firms have raised $99 billion in the United States so far this year after a record $83 billion in 2020.