| Long-Awaited Visa Offering Tests The Power Of Plastic
When Visa filed its initial prospectus Nov. 9, it wasn't exactly a surprise. But it caused excitement nonetheless. It's been more than a year since the world's No. 1 credit-card brand announced it was planning to go public, and that was after months of rumors. The reason why wasn't exactly a secret. In May of last year, MasterCard (NYSE:MA - News) pulled off 2006's most lucrative IPO, and only saw improvement thereafter. Now it's trading five times its initial offering price. Still, Visa couldn't rush in on its main rival's coattails. Like MasterCard, it wasn't originally a corporation at all, but a sort of cooperative run by its member banks. It wasn't until May of this year that Visa formally incorporated, headed by all-new leadership. The time lapse, however, means that Visa is entering a quite different market from MasterCard.
Hattiesburg police seek bank robbery suspect
Hattiesburg police officers were dispatched around 4:10 p.m. today to the Central Sunbelt Federal Credit Union to investigate a bank robbery, canvassing the area at 1857 Lincoln Road in Hattiesburg.
The suspect, a white male, described as being in his late 20s or early 30s and wearing denim overalls, handed a note to the bank teller for an undisclosed amount of money.
Anyone with information should call Metro Crimestoppers at (601) 582-7867 or the Hattiesburg Police Department at (601) 544-7900.
Read more in Tuesday's Hattiesburg American. .
America's credit card debt climbs to new record
While the fallout of the subprime loan industry collapse continues to play out, momentum is gaining on another potential economic calamity: Americans now owe a record $915 billion in credit card debt, according to a new report by Moody's Investors Service. Credit card companies wrote off 4.58 percent in payments between January and May, almost a third more than in the same period in 2006, Moody's said. As a result, lenders such as Citigroup, Bank of America, and American Express, already reeling from the subprime mortgage collapse, are being further weakened, according to a new report at MoneyNews.com. The third quarter numbers for banks were the worst since 2001, MoneyNews.com reported. The stock market slid again today on news about record crude oil prices exceeding $98 per barrel and General Motors Corp.'s quarterly loss of $39 billion.
Vouchers to beat fraud on internet
PEOPLE who are nervous about online shopping can now buy virtual vouchers to pay for internet purchases without the need for plastic cards or even a bank account. The move should assuage the fears of thousands of Australians who avoid shopping over the internet or telephone for fear of credit card fraud. Customers can buy VCard credit from retailers in the same way they buy prepaid mobile phones. The credit - up to $1000 per VCard - can then be used in place of a credit card anywhere that accepts Visa. A one-off fee of $5.50 applies for each voucher and the customer cannot spend more than the amount on it. The market research firm Forrester, in a report released in April, found that 7.2 million Australians were online shoppers. It forecast that that figure would grow by an average of 22 per cent a year until 2010.
Crime Report
Burglary, grand larceny, financial transaction card theft/fraud, 11 a.m.
East Quad, 1400 Blossom St.
Bank of America credit cards, a digital camera, a Wii, games, controllers and a gold and diamond necklace were taken. The cards were used before they could be cancelled.
Estimated value: $2,132
Reporting officer: M. Winnington
Thursday, Nov. 8
Petit larceny, 3:15 p.m.
Blatt PE Center, 1328 Wheat St.
Someone took a pair of pants from the men's locker room. A wallet with $20 cash, two Visa credit cards, a Mastercard, a USB drive and a South Carolina driver's license were in them.
Estimated value: $88
Reporting officer: W. Guyon
Friday, Nov. 9
Auto break-in, petit larceny, 2:50 a.m.
Napa supplier of bank investment software on a growth path
NAPA � An 18-year-old broker-dealer is reaping the benefits of growth in investment services offered by banks and credit unions.
Napa-based Essex National Securities Inc. supports the sale and management of stocks, bonds, annuities and other investments by more than 40 financial institutions around the country, focusing on those in the range of $250 million to $30 billion in assets.
Last year, it launched new software that allows institutions to integrate customers� investment portfolios into their online banking systems, creating a one-stop Web site for financial services.
�A lot of financial institutions that are in our target market don�t have that capability right now, and we�re just introducing it,� said Scott Davis, president and CEO for ENSI.
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