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EMVCo adds fourteen new associates from across industries to accelerate payment technology innovation

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EMVCoadds fourteen new associates from across industries to accelerate payment technology innovation

Organisations including Bank of America, Citi, Expedia Group and Google to contribute to the strategic direction of global payments

 Global technical body EMVCo has welcomed fourteen new organisations to its Associates Programme to increase cross-industry collaboration in the development of EMV® Specifications.

The newest Associates have joined since December 2017.

Joining as Technical Associates, Everi, Netcetera, Tencent and Toshiba Global Commerce Solutions can provide input to, and receive feedback on, detailed technical and operational issues connected to the EMV Specifications, and related testing and security evaluation processes.

Bank of America, European Card Payment Association (ECPA), Financial Software & Systems (FSS) and STET have joined as Business Associates. Participation at this level is available to organisations with a business responsibility for an EMV transaction. Business Associates can provide input to strategic and business topics related to the use of the EMV Specifications.

Combining both technical and business participation are AsiaPay, Bankalararası Kart Merkezi A.S. (BKM), Citi, Expedia Group, Google, and Sony Interactive Entertainment. In addition to the fourteen new Associates, re-joining Associates include Australian Payments Network, Panasonic Mobile Communications and the Saudi Arabian Monetary Authority.

Stephanie Ericksen, EMVCo Executive Committee Chair, comments: “The continuing expansion of EMVCo’s Associates Programme demonstrates an increasing interest from stakeholders actively looking to contribute towards the development, enhancement and evolution of the EMV Specifications. As EMVCo further expands its remit from developing global EMV Chip Specifications – for secure card present transactions – to broad applications of secure payments – that include card-not-present transactions – participation by all members of the global payments ecosystem is encouraged and welcomed. We look forward to collaborating with the new and returning Associates and benefiting from their unique insights.”

The EMVCo Associates Programme allows global payment industry stakeholders including card or terminal manufacturers, processors, banks, payment systems, mobile network operators, transaction processors and merchants to play an active role in the strategic and technical direction of the global technical body.

EMVCo also offers Subscriber access, which enables organisations to receive access to advance information regarding new developments and draft documents, while having the opportunity to provide feedback and input on the work of EMVCo.

Visit the EMVCo website for further detail on the EMVCo Associates Programme and how to join.

 

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Nvidia forecasts sales above estimates as gaming chip sales surge

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Nvidia forecasts sales above estimates as gaming chip sales surge 1

By Chavi Mehta and Stephen Nellis

(Reuters) – Nvidia Corp forecast better-than-expected fiscal first-quarter revenue on Wednesday, expecting strong demand for its graphics chips used in gaming PCs and artificial intelligence chips for data centers.

As people wait for COVID-19 vaccine rollouts around the world, stay-at-home orders have helped sustain the demand for chips used in personal computers, gaming devices and data center infrastructure that enables remote working.

The Santa Clara, California-based company’s gaming chips have also regained popularity for mining cryptocurrency, a trend Nvidia is trying to counter by throttling its gaming chips ability to mine for currencies and instead offering specialty chips for mining.

While Nvidia was long known for its gaming graphic chips, its aggressive push into artificial intelligence chips that handle tasks such as speech and image recognition in data centers has helped it become the most valuable semiconductor maker by market capitalization.

It has eclipsed rivals Intel Corp and Advanced Micro Devices.

Shares were up 3% at $597.50 in extended trading after the results.

On a conference call with investors, Chief Financial Officer Colette Kress said that a global chip crunch made it hard to keep the company’s flagship gaming chips introduced last fall in stock and that the chips would likely remain in tight supply through the fiscal first quarter.

The company also said it will make a change to its gaming chips starting with the RTX-3060s to make them less efficient for mining cryptocurrency. The company said it will instead introduce mining-specific chips.

“We would like GeForce GPUs (graphics processing units) to end up with gamers,” Kress said.

Kress said analysts have estimated that cryptocurrency mining contributed between $100 million and $300 million to Nvidia’s sales in the fiscal fourth quarter. The company expects the new mining chips to generate about $50 million revenue in its fiscal first quarter, Kress added.

The company expects first-quarter revenue of $5.30 billion, plus or minus 2%, above analysts’ average estimate of $4.51 billion.

Revenue in the quarter ended on Jan. 31 rose to $5 billion from $3.11 billion a year earlier. Analysts on average were expecting $4.82 billion, according to IBES data from Refinitiv.

Revenue in the company’s gaming segment was $2.5 billion, above analyst estimates of $2.36 billion, according to data from FactSet. Data center revenue was $1.9 billion, above estimates of $1.84 billion according to FactSet data.

(Reporting by Chavi Mehta in Bengaluru and Stephen Nellis in San Francisco; Editing by Maju Samuel and Will Dunham)

 

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Running boom to help Puma recover after slow start

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Running boom to help Puma recover after slow start 2

By Emma Thomasson

BERLIN (Reuters) – German sportswear company Puma expects the financial impact from coronavirus lockdowns to last well into the second quarter, but believes global growth in running should help to support a strong improvement after that.

“We clearly see a running boom in the whole world,” Chief Executive Bjorn Gulden told journalists, noting that yoga and other outdoor activities are also doing well. He expects the healthy living trend to continue even after the pandemic.

Gulden said his optimism is underlined by the fact that orders for 2021 are up almost 30% compared to a year ago, with bookings for running products particularly high.

However, there is still uncertainty about when lockdowns in Europe will end, with about half of the stores selling its products currently closed in its home region.

For the full year, Puma expects at least a moderate increase in sales in constant currency, with an upside potential, and a significant improvement for both its operating and net profit compared with 2020.

Shares in Puma were down 2.9% at 1100 GMT.

“The wording on outlook looks softer than we had anticipated, even by Puma’s cautious standards,” said Jefferies analyst James Grzinic.

Gulden noted that a shortage of shipping containers bringing products made in Asia would impact margins, with freight rates likely to double in the next 12 months.

Puma will put a stronger focus on the women’s market in future, Gulden said, creating shoes better modelled to female feet for running and soccer and capitalising on partnerships with celebrities like singer Dua Lipa and model Cara Delevingne.

Gulden admitted Puma had been slow in creating its own app, but it plans to launch one towards the end of the year, further supporting online sales, which grew by 63% in 2020.

Rival Nike in December raised its full-year sales forecast after demand for outdoor sportswear drove an 84% surge in online sales.

Gulden said he is hopeful that the Olympics will go ahead in Japan and the European soccer championship will also take place after both were postponed from 2020.

($1 = 0.8226 euros)

(Reporting by Emma Thomasson; Editing by Mark Potter and Keith Weir)

 

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ExxonMobil to sell some UK, North Sea assets to HitecVision for over $1 billion

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ExxonMobil to sell some UK, North Sea assets to HitecVision for over $1 billion 3

(Reuters) – Exxon Mobil Corp said on Wednesday it would sell its non-operating interest in its UK and North Sea exploration and production assets to private-equity fund HitecVision for more than $1 billion.

Exxon has been looking to sell its oil and gas assets since late 2019, seeking to free up cash to focus on a handful of mega-projects.

The deal includes ownership interests in 14 producing fields operated primarily by Shell as well as interests in the associated infrastructure. Exxon could also receive about $300 million in contingent payments based on a potential for increase in commodity prices.

Exxon’s share of production from these fields was about 38,000 barrels of oil equivalent per day in 2019, the company said.

Exxon said it would retain its non-operated share in upstream assets in the southern part of the North Sea as well as its interest in the Shell Esso gas and liquids (SEGAL) infrastructure, which supplies ethane to the company’s Fife ethylene plant.

HitecVision, in partnership with Eni, had bought Exxon’s Norwegian North Sea assets for $4.5 billion in 2019.

Initially, Exxon hoped to raise more than $2 billion from the sale, which was planned for late 2019. In June 2020 sources told Reuters that the portfolio was more likely to fetch $1 to $1.5 billion given the oil price weakness last year.

(Reporting by Arathy S Nair in Bengaluru; Editing by Anil D’Silva)

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