Tag: backs

Mastercard backs card issuing start-up Marqeta

By Anna Irrera

LONDON (Reuters) – Mastercard Inc <MA.N> has made a strategic investment in fintech firm Marqeta Inc and extended an existing partnership with the card issuing start-up, the companies said on Thursday.

Mastercard and Marqeta will work together to expand into new markets, build new products and launch new card programs, they said.

The size of the investment was not disclosed.

“As Marqeta’s global ambitions continue to grow we saw an opportunity to strengthen the partnership,” Omri Dahan, Marqeta’s chief revenue officer, said in an interview. He added that Marqeta had not been in need of a cash injection.

The Oakland, California-based company has developed a platform that it says makes payment card issuing and processing simpler and more efficient for businesses. Its backers include Goldman Sachs Group Inc <GS.N> and Visa Inc.

Marqeta raised $150 million from an undisclosed U.S. institutional investor in late May at a

Read More

GCG backs proposal allowing DoF to supervise PhilHealth

The Governance Commission for GOCCs (GCG) is supporting the proposal seeking to allow the Department of Finance (DoF) to take the lead in supervising the Philippine Health Insurance Corp. (PhilHealth).


GCG Chairman Samuel Dagpin Jr. said this has been the recommendation submitted by the commission to President Duterte in 2017 following an operational audit with respect to PhilHealth’s performance.

“Our recommendation to the President is to transfer the supervising agency from the Department of Health (DoH) to the DoF primarily because this is an insurance business…That was our recommendation in 2017,” Dagpin told the Senate Committee on Finance subcommittee hearing the GCG’s proposed P192-million budget for next year.

While privatizing PhilHealth could be one of the options to remove corruption in the agency, Dagpin said he believes a reorganization of the PhilHealth’s management structure can help remove anomalous practices in the insurance agency.

While they are waiting for

Read More

White House backs $400 per week jobless benefit in last-ditch COVID talks with Congress

“We raised our offer to $1.6 trillion,” McEnany told reporters Thursday. “It’s one that she is is not interested in.”

Mnuchin and Pelosi are scheduled to talk by phone early Thursday afternoon, a Pelosi spokesman said.

The Trump administration is pressing for an agreement, more so than Capitol Hill Republicans.

The White House plan, offered Wednesday, gave ground with a $250 billion proposal on funding for state and local governments and backed $20 billion in help for the struggling airline industry. Both areas are of great interest to Democrats’ union backers.

Details on the White House offer were confirmed by congressional aides, speaking on condition of anonymity to discuss closed-door discussions.

Pelosi postponed debate Wednesday on a Democratic alternative measure. A vote is likely on Thursday, spokesman Drew Hammill said, depending on how the Mnuchin-Pelosi exchanges go.

At the very least, the positive tone set by Pelosi and Mnuchin represented

Read More

Klopp backs idea of Premier League sides helping struggling EFL teams

(Reuters) – Liverpool manager Juergen Klopp said Premier League teams should look to help England’s lower division clubs that have taken huge financial hits amid the COVID-19 pandemic.

FILE PHOTO: Soccer Football – Premier League – Chelsea v Liverpool – Stamford Bridge, London, Britain – September 20, 2020 Liverpool manager Juergen Klopp during the warm up before the match Pool via REUTERS/Michael Regan

The English Football League (EFL) oversees the three tiers below the Premier League – the Championship, League One and League Two – and clubs in these divisions largely rely on matchday revenue to operate.

The British government this week postponed plans to allow a limited number of fans back into stadiums from October after a second wave of COVID-19 infections and the move is expected to have a massive impact.

“In general people in a better position should help people in a less good position, 100%,” Klopp

Read More

Apple backs down on taking 30% cut of paid online events on Facebook

Apple backs down on taking 30% cut of paid online events on Facebook


Facebook has temporarily shamed Apple out of taking a 30 percent cut of paid online events organized by small businesses and hosted on Facebook—things like cooking classes, workout sessions, and happy hours. Demand for these kinds of online events has soared during the COVID-19 pandemic.

Apple says that it has a longstanding policy that digital products must be purchased using Apple’s in-app payments system—and hence pay Apple’s 30 percent tax. In contrast, companies selling physical goods and services are not only allowed but required to use other payment methods (options here include Apple Pay, which doesn’t take such a big cut).

For example, an in-person cooking class is not a digital product, so a business selling cooking class tickets via an iPhone app wouldn’t have to give Apple a 30 percent cut. But if the same business offers a virtual cooking class, Apple considers that to be a digital

Read More

Southern Africa: Sacu Backs Proposals to Advance Industrialisation

The Southern African Customs Union (SACU) Ministers of Finance and Trade support the proposal of working together, through a regionally coordinated approach, to advance industrialisation, trade market access regionally and continentally, and to strengthen resource mobilisation.

South Africa’s Finance Minister, Tito Mboweni, chaired the fourth joint Finance and Trade Ministers’ virtual Ministerial Retreat meeting on Monday.

The SACU Ministerial retreat noted that its development trajectory should be anchored on a clear industrialisation path that provides for the development of regional value chains to strengthen SACU’s productive capacity.

The meeting reaffirmed the outcomes of the SACU Ministers of Trade and Industry of 28 August 2020, as forming the basis for cooperation for regional industrialisation, investment and export promotion.

The Ministers acknowledged that a trade and industrialisation agenda would require the mobilisation of substantial financial resources. Going forward, SACU must design appropriate and effective financing instruments by mobilising the national Development Finance

Read More

Business Roundtable backs a price on carbon

With Daniel Lippman

BUSINESS ROUNDTABLE ENDORSES A ‘PRICE ON CARBON’: The Business Roundtable, one of Washington’s top trade groups, announced this morning that it will back efforts to fight climate change that include a “price on carbon.” The trade group didn’t endorse any particular legislation, but the announcement is the latest signal that much of corporate America might prefer a seat at the table the next time Washington takes up a climate bill to trying to kill it outright. (The House passed a cap-and-trade bill in 2009 that failed to make it through the Senate.)

Business Roundtable urged policymakers to “ensure that U.S. companies are not at a disadvantage from carbon pricing policies that may be implemented abroad” as part of any effort to reduce emissions. It also urged Washington to commit to “at least a doubling of federal funding” for research and development of technologies to reduce

Read More

BP backs bifaciality, merchant revenue strategies to boost solar out to 2030

Dev Sanyal, BP's EVP for gas and low carbon power (pictured) gave an overview of the firm's renewables plans. Image: BP.

Dev Sanyal, BP’s EVP for gas and low carbon power (pictured) gave an overview of the firm’s renewables plans. Image: BP.

BP has set lofty targets for its renewables ambitions, backing bifaciality and merchant revenue strategies to provide major boosts as it targets 50GW of renewable capacity by 2030.

This week sees the publication of BP’s strategic overhaul as it reveals how it intends to decarbonise its business and attain net zero status by 2050. The so-called ‘bp week’ comprises numerous events and speeches, with Dev Sanyal, the company’s EVP for gas and low carbon electricity, providing new detail on BP’s growth targets in the clean energy sectors.

Central to BP’s plans are a mass upscaling of renewable capacity over the next decade. It intends for its renewables capacity to reach 20GW by 2025 and 50GW by 2030, indicating a meteoric rise for the company as the decade draws to

Read More