Key Developments: MasterCard Inc (MA)
586.37USD
19 Jun 2013
$1.96 (+0.34%)
$584.41
$585.54
$591.89
$585.28
766,112
559,403
$591.89
$404.70
Latest Key Developments (Source: Significant Developments)
Large U.S. Retailers Sue Visa Inc, MasterCard Inc Over Card Fees-Reuters
Reuters reported that Macy's Inc and Target Corp have sued Visa Inc. and MasterCard Inc, breaking off from a proposed $7.2 billion settlement reached last year over fees to process credit card transactions. The lawsuit, filed in U.S. District Court in Manhattan, came ahead of a May 28 deadline for the millions of merchants affected by the settlement to decide whether to forego receiving damages under the pact and pursue their own legal action. Representatives of Visa and MasterCard had no immediate comment on the new lawsuit. Also named as plaintiffs in the lawsuit are J C Penney Company Inc, Kohl's Corp and TJX Companies Inc. The lawsuit seeks compensatory and triple damages, as well as other remedies. Full Article
MasterCard Inc Targeted In EU Antitrust Probe-Reuters
Reuters reported that the European Union (EU) has opened an antitrust investigation into MasterCard Inc in connection with a number of practices, including inter-bank fees for payments by foreign cardholders such as U.S. tourists, authorities said. The European Commission, which enforces the bloc's competition policy, also said it is investigating MasterCard's limits on merchants using banks beyond their borders and its honor-all-cards rule requiring a merchant to accept all types of MasterCard cards. In 2007, the Commission already prohibited some of MasterCard's interbank fees and the Commission is currently investigating Visa, it said in a statement. Interchange fees paid by the merchant bank to the cardholder bank largely determine the prices paid by merchants for accepting MasterCard payment cards. Full Article
Alibaba Group and MasterCard Inc Sign Memorandum of Understanding to Enhance e-Commerce Environment
Alibaba Group, China`s e-Commerce company, and MasterCard Inc have signed a Memorandum of Understanding (MOU) to explore future collaboration in the area of e-Commerce. The MOU aims to forge joint efforts to establish an enhanced e-Commerce environment to benefit consumers and small businesses within and outside China. The two parties have also agreed to jointly address issues of common interests, including a mutual commitment to help combat intellectual property infringement. Full Article
Safran SA's Morpho and MasterCard Inc Offer Mobile NFC Services for Polish Banks
Safran SA announced that Morpho (Safran) and MasterCard Inc's MasterCard Europe launched mobile PayPass Near Field Communication (NFC) services for Polish banks. The MasterCard mobile PayPass is a contactless payment feature that allows users to perform transactions by simply tapping their phone on a terminal. Morpho processes the secure downloads and manages the lifecyle of the PayPass application on an NFC phone using its Trusted Service Management (TSM) platform. MasterCard Inc issuers are now adopting a standard process to offer mobile PayPass services on NFC phones. Full Article
U.S. Judge Dismisses ATM Fee Collusion Lawsuits Accusing Visa Inc, MasterCard Inc, JPMorgan Chase & Co, Bank of America Corp and Wells Fargo & Co-Reuters
Reuters reported that A federal judge has dismissed antitrust lawsuits accusing Visa Inc, MasterCard Inc, JPMorgan Chase & Co, Bank of America Corp and Wells Fargo & Co, of conspiring to fix automated teller machine fees. U.S. District Judge Amy Berman Jackson in Washington, D.C., said that, while the three lawsuits bristle with indignation, the plaintiffs failed to show they were injured, or that there was a conspiracy to charge excessive or artificially high fees. The plaintiffs included several individual consumers, 13 owners and operators of independent non-bank ATMs that compete with bank ATMs, as well as the National ATM Council, a trade group for those owners and operators. Lawyers for the plaintiffs did not immediately respond to requests for comment. Full Article
MasterCard Inc's MasterCard Advisors Announces Agreement With Data Analytics Firm Mu Sigma
MasterCard Inc's MasterCard Advisors and Mu Sigma announced a new partnership that combines MasterCard Advisors` aggregated and anonymous purchase behavior insights with Mu Sigma`s advanced analytics and expertise. MasterCard Advisors and Mu Sigma will jointly develop analytic products to enable companies of all sizes to successfully solve their business challenges - like acquiring customers and increasing customer loyalty. As part of the strategic partnership MasterCard has acquired an equity stake in Mu Sigma. Additional terms of the deal were not disclosed. Full Article
MasterCard Inc Announces Increase In Quarterly Dividend And $2 Billion Class A Share Repurchase Program
MasterCard Inc announced that its Board of Directors has increased the company's quarterly cash dividend to 60 cents per share, doubling the previous dividend level of 30 cents per share. The cash dividend will be paid on May 9, 2013 to holders of record of its Class A common stock and Class B common stock as of April 9, 2013. The Board of Directors also approved a new share repurchase program authorizing the Company to repurchase up to $2 billion of its Class A common stock. The new share repurchase program will become effective at the completion of the Company's previously announced $1.5 billion share repurchase program. Full Article
MasterCard Inc Reaffirms Long Term Guidance; Comments On H1 2013 Revenue Guidance-Conference Call
MasterCard Inc announced that it remains confident business can deliver an 11% to 14% net revenue CAGR and at least 20% EPS CAGR over the 2013 to 2015 period. These growth rates are on a constant currency basis and exclude any new acquisitions. In later years, assuming the world returns to a more stable environment, the Company believe net revenue growth could be at the higher end of the range, and that could also benefit EPS growth in that particular period. Given the current economic backdrop, the Company expects net revenue growth in the first half of 2013 to be below the 10.7% currency-adjusted rate that in the second half of 2012. According to I/B/E/S Estimates, analysts on an average are expecting the Company to report revenue of $1.9 billion, EPS of $6.23 for the first quarter of 2013; revenue of $2.0 billion, EPS of $6.43 for the second quarter of 2013. Full Article
MasterCard Inc And Excentus Announces Strategic Partnership
MasterCard Inc and Excentus announced an agreement in which MasterCard will become the exclusive payments partner of the Fuel Rewards Network (FRN) program, a rewards program that helps consumers earn valuable savings and instantly reduce the price of gasoline at the pump.When FRN Members shop and dine with participating grocery stores, retailers, restaurants, Shell stations and nearly 700 online mall merchants, they can earn cents per gallon savings redeemable on their next fill-up. To date, Members have earned a national average of $.32 per gallon in savings. Members will soon be able to enroll their MasterCard cards in the program and gain additional rewards when they use these cards to pay for groceries and other purchases at participating merchants. Full Article
MasterCard Inc Expands Strategic Alliance With Intercontinental Hotels Group PLC
MasterCard Inc announced new multi-year U.S. agreement with Intercontinental Hotels Group PLC naming MasterCard as the exclusive co-branded card for IHG`s hotel loyalty rewards consumer credit card portfolio. The deal also includes a broad range of marketing, loyalty and innovation initiatives. Full Article
MasterCard in final battle to overturn EU ban on card fees
BRUSSELS - MasterCard will make a final attempt to overturn an EU ban on cross-border card fees in a hearing at Europe's highest court next month, in a case with repercussions for the financial industry and global card payment systems.
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