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Daily Briefing

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Friday 3rd May @ 10:54am

Is Mastercard stepping ahead of its longtime rival Visa? The company this week announced a 27 percent rise in profits and it saw its price hit an all-time high as the company pivots towards the delivery of value on new digital rails. "The company's stock rose as much as 4.1 percent to $257.4 in morning trade," reported Reuters. "Total net revenue rose 8 percent to $3.9 billion, in the quarter ended March 31, beating the average analyst estimate of $3.86...MORE

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Thursday 2nd May @ 9:53am

What goes around comes around. Back in 2016, Lafferty Group suggested that banks should not rush to dispose of their merchant acquiring businesses. Why? The oversight of customer spending extending into the digital and physical sphere provides companies with a wealth of data useful for serving those customers better, a point well understood by the likes of Apple and Alipay. With a handful of deep-pocketed PE firms consolidating big processing organisations, and the rapid move...MORE

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Wednesday 1st May @ 10:05am

Can someone please explain what banks have against coffee? The future of finance, according to a lot of people in the know, is a banking app that shows you how to save money by, for instance, telling you not to have another coffee. JPMorgan Chase got in on the wheeze on Monday, tweeting advice to its customers in a particularly tone-deaf manner that mimicked a customer and a robot. ("You: https://edition.cnn.com/2019/04/29/business/chase-bank-tweet-outra...MORE

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Tuesday 30th April @ 10:05am

From the genius mind of Hyperion's David Birch comes an alternative take on Apple's move into cards, and which we suspect might be right. He thinks Apple Card is all a bit of misdirection, and tell us to watch Apple Cash, which is used for peer to peer payments. "Cognisant of how Starbucks makes out by persuading citizens to exchange their US dollars that are good anywhere into Starbucks Dollars that are not, and of Facebook's likely launch of some kind of...MORE

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Monday 29th April @ 9:55am

Singapore bank DBS reported higher than expected earnings, with an 8.5 percent rise in first-quarter net profit from a year earlier, and said the macro-economic environment had stabilized. 'By and large, I'm relatively sanguine about the business momentum,' CEO Piyush Gupta told a news conference. DBS maintained its forecast of mid-single-digit https://www.reuters.com/article/us-dbs-results/dbs-posts-record-profit-on-lending-gains-raises-bar-for-s...MORE

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Friday 26th April @ 10:02am

Banks, Facebook is making a major pitch for your business. For now, Facebook is just after your marketing business, and it's doing so in language that is a model of obfuscation and mistruth. Yes, a new survey of 18 to 34 year olds in the US, conducted for Facebook by Accenture, reports that this group want flexible finance, casual convenience and the human touch. (Quite why a survey was needed to find this is not clear, not least because Facebook often seems to know a lot...MORE

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Thursday 25th April @ 10:33am

Which is Germany's most dysfunctional bank or financial institution: Deutsche Bank, Commerzbank or newcomer Wirecard? In news that will come as a shock to no-one this morning, Germany's Deutsche Bank and Commerzbank have called off merger talks. Wirecard, meanwhile, is getting attention it doesn't want, and German authorities have come to its defence. Wirecard this morning announced that EY had...MORE

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Wednesday 24th April @ 9:52am

Australia gets a new SME-focused bank this month as Judo Bank picks up its licence and goes into business. The fintech was founded by former NAB staff who plan what's now a familiar offering: a banking relationship built for the digital world. A report by Judo claims that Australian SMEs face a funding gap of $80 billion. Also familiar is the problem that most banks want a family home as collateral. "So what will Judo's https://dailyfintech.com/...MORE

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Tuesday 23rd April @ 10:44am

Is it open season on capitalism? When Jamie Dimon is arguing that capitalism is not the solution to everything, we mortals should pay attention. What an election 2020 is shaping up to be in the US: Donald Trump will be unable to believe his luck as he sets out his stall as the last defender of capitalism. There's even talk that the Bank of England will select a new governor who once praised an anti-capitalist protest. What is the world coming to? Bank of England governor...MORE

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Thursday 18th April @ 10:17am

Not long ago, Lafferty News recently received birthday wishes by email from a hotel where we stayed last year. Somehow the hotel thought this it a good idea to remind us that it's still got all of our details in its system, waiting to be hacked. But we're now in a world of tension between proof of identity and storage of identity documents. "European anti-money laundering legislation means customers and businesses are required to provide potentially sensitive...MORE

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Wednesday 17th April @ 9:15am

With first quarter results in from the biggest six US banks — Wells Fargo, JPMorgan, Citi, Bank of America and Goldman Sachs — retail is the star of the day. Mark that success down to mobile apps and credit cards, notes the Financial Times. "Look at the banks' different businesses -- corporate and investment banking is not a source of growth, and asset management is not either. All the growth is coming from the retail banks," said Charles Peabody of Portales...MORE

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Tuesday 16th April @ 9:45am

Any article on China at the FT draws out an army of commenters, mostly railing against China's unwillingness to reciprocate on trade. But slowly China is opening its borders, though it's allowing Swiss companies to gain majorities in joint ventures, and letting them in ahead of other Europeans in the finance industry. Credit Suisse will increase its share in the joint venture with Founder Securities, taking it from one third to 51 percent. That follows local rival UBS...MORE

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