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Home » Daily Briefing » Morning Briefing 19 July 2016

Morning Briefing 19 July 2016

Morning Briefing

Wal-Mart, the world's largest retailer, stopped accepting Visa credit cards at three of its store locations yesterday in Thunder Bay, Canada. The retail giant's Canadian unit has threatened to pull acceptance of Visa cards from its 405 stores across the country if the network refuses to lower credit card transaction costs.

Visa has responded to the change by stating it "remains committed to doing everything reasonable to ensure Canadians can use their Visa cards everywhere they wish to shop — including Wal-Mart stores".

In Britain, the Labour party has promised the mobilisation of £500 billion of investment and lending with the establishment of a new national investment bank. Shadow chancellor John McDonnell says a network of regional banks will accompany this effort in an attempt to "rescue Britain's communities from decay and rebuild Britain's industries after years of neglect".

A recent purchase of a London office block by Wells Fargo could signal the resilience of the city's market, despite fears that the banking industry would abandon London post-Brexit. The deal's value is estimated at £300 million.

Bank of America reported a 19 percent drop in second-quarter profit yesterday. Its growth in trading and lending business failed to offset low interest rates.

World's 20 biggest banks rack up £252 billion 'conduct costs' in five years
Kenya: Guests opting for card payment, despite growth of mobile money
Africa: Zenith Bank launches stress-free, mobile banking solution
OCBC merges two banking units in China
India: Banks like Kotak Mahindra, Axis Bank and others mulling iris-recognition technology for ATM transactions
Chase outpaces rivals in mobile banking race

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