PALO ALTO, Calif. - (06/14/06) Internet giant Google isexpected to unveil its long-awaited online payments system nextweek, an attempt to carve out a larger portion of the worldwideweb. The system, called Gbuy (pronounced Gby), is supposedto form the backbone of a payments system that will facilitate bothconsumer-to-merchant and consumer-to-consumer transactions. Googleis expected to allow merchants to use the system for free duringthe beta stage, thereby developing merchant relationships. Afterbeta, Google is expected to charge a small fee (1.5% to 2%) pertransactions, lower than the 1.9% to 2.9%, plus 30 cents pertransaction, charged by eBays PayPal service. On its searchresult pages, Google will designate each merchant accepting GBuy asa trusted GBuy merchant, to encourage consumers toview the merchant as safe, and thus, increase click rates. GBuywill also be another way for the Google to charge merchants morefor advertising. The payment system captures all transaction dataflow, and lets Google see which categories and keyword bids producethe most hits and sales, potentially creating a huge database offinancial transactions among users.
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The Cleveland-based bank is projecting steady growth in net interest income even as credit losses remain manageable. But Chairman and CEO Chris Gorman also said that he thinks a recession is likely.
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The first-quarter increase involved commercial real estate loans, including some problematic multifamily loans and an office credit, but none of the criticized loans were to consumers, officials at the Dallas company say. Further CRE deterioration is anticipated.
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The Detroit-based company is exploring ways to make more consumer auto loans without running afoul of stricter capital standards that are expected from the Federal Reserve. Possible approaches include more securitizations and the use of credit risk transfers.
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The House Financial Services Committee also sent to the full House two bipartisan bills, including one that would prevent large banks from opting out of having to recognize Accumulated Other Comprehensive Income in regulatory capital.
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Charge-offs and nonperforming loans rose at the Georgia bank in the first quarter. But it blamed the problem on one large client and said the matter has been resolved.
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Amid healthy first-quarter loan growth and improving credit quality, Discover Financial Services slashed its profits by $800 million to offset remediation costs from a 16-year period when it overcharged certain merchants.
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