In today’s top news, Visa reported mixed Q2 earnings, and Starbucks reported a drop in rewards members in its Q3 earnings. Plus, Mastercard offers concessions over Nets deal to win antitrust approval.
Visa reported Tuesday (July 28) that its second-quarter results suffered from plummeting consumer spending amid COVID-19, although the pandemic did boost online spending and contactless cards.
Starbucks reported in its third quarter earnings results on Tuesday (July 28) that the ranks of its 90-day active Starbucks Rewards members dropped 5 percent year over year in the U.S. to 16.3 million because of “reduced customer frequency.”
Mastercard Inc. is offering concessions in an effort to defuse the European Union’s antitrust concerns about its planned acquisition of Nets Group, the Scandinavian payment firm.
It’s looking increasingly likely that Congress will vote on a new round of COVID-19 stimulus funding, with the Paycheck Protection Program (PPP) an increasing area of focus. The latest plan put forward by Senate Republicans calls for a fresh round of funding for PPP loans, although this time with somewhat narrowed eligibility criteria.
Mastercard and Microsoft share many goals when it comes to building a bigger future for digital commerce and making it more accessible to consumers worldwide. Ken Moore, head of Mastercard Labs, tells Karen Webster a recently announced collaboration between the two is a natural way to combine their respective strengths and create solutions on a truly global scale.
Today marks a red letter day for Big Tech. The heads of Google, Amazon, Apple and Facebook will appear (virtually) before a House subcommittee that’s examining online platforms. Lawmakers and regulators have been scrutinizing these marquee names’ business efforts, training laser sights on what they deem to be anti-competitive practices. But is all the finger-pointing misplaced?
AMC Entertainment Holdings has reached agreement with Universal Studios allowing films go to premium video-streaming services after just 17 days in cinemas.