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RENOWNED PAYMENTS INDUSTRY EXPERT LEAVES RBS TO JOIN CHARGEBACKS911

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RENOWNED PAYMENTS INDUSTRY EXPERT LEAVES RBS TO JOIN CHARGEBACKS911

Tracy Cray parlays 34 years of banking expertise into new and unparalleled chargeback mitigation services for Chargebacks911. 

Chargebacks911, a Global Risk Technologies company and an internationally-renowned leader for risk mitigation, announces the appointment of Tracy Cray as Director of Card Scheme Compliance at Chargebacks911’s new Essex location.

Tracy Cray, former Chargebacks & Disputes Manager for The Royal Bank of Scotland, has led Europe’s most successful chargeback processing division for the majority of her 34-year tenure in the payments industry. She also chaired a number of chargeback and scheme forums including the European Experts Chargebacks Group.

As an unrivalled expert in the field of chargeback management and risk mitigation, Tracy’s in-depth understanding of card schemes and influential relationships within the industry will serve as the cornerstone of Chargebacks911’s latest venture—services tailored to assist issuers, acquirers, and enterprise-level merchants. The service will launch in Q1 in Europe and will be offered to qualified clients, backed by a performance and ROI guarantee.

Tracy Cray, Director of Card Scheme Compliance, commented: “When it comes to chargeback management, financial institutions are burdened in many ways—it’s impossible to stay current on constantly-evolving regulations, there is little transparency regarding the processes of other entities, and an inability to maintain compliance becomes a major liability. These hidden issues have continued to accumulate without reprieve.”

According to recent reports published by ITS, internal chargeback-related expenses have climbed by 21% since 2015 and are expected to double in 2017.

“For this reason,” Tracy continues, “the services Chargebacks911 is offering will be a godsend to many, taking the guesswork out of the equation completely with effective results that last. I couldn’t be more pleased to lead this unprecedented industry initiative.”

Monica Eaton-Cardone, Co-Founder of Chargebacks911, stated: “Tracy is undoubtedly the most astute chargeback expert I have met, with an undeniable and persistent approach to positively address the core source of any problem she takes on. Her in-depth understanding of the inner-workings of chargeback management is unmatched, and we’re thrilled to have her join our growing leadership team in the U.K.”

Chargebacks911’s new services will include, among other things, personalised consulting and results-oriented strategies to assess current policies and procedures. By identifying oversight, errors, and unrealised opportunities, clients will experience an immediate improvement to their bottom line.

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Facebook ‘refriends’ Australia after changes to media laws

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Facebook 'refriends' Australia after changes to media laws 1

By Byron Kaye and Colin Packham

CANBERRA (Reuters) – Facebook will restore Australian news pages, ending an unprecedented week-long blackout after wringing concessions from the government over a proposed law that will require tech giants to pay traditional media companies for their content.

Both sides claimed victory in the clash, which has drawn global attention as countries including Canada and Britain consider similar steps to rein in the dominant tech platforms and preserve media diversity.

While some analysts said Facebook had defended its lucrative model of collecting ad money for clicks on news it shows, others said the compromise – which includes a deal on how to resolve disputes – could pay off for the media industry, or at least for publishers with reach and political clout.

“Facebook has scored a big win,” said independent British technology analyst Richard Windsor, adding the concessions it made “virtually guarantee that it will be business as usual from here on.”

Australia and the social media group had been locked in a standoff after the government introduced legislation that challenged Facebook and Alphabet Inc’s Google’s dominance in the news content market.

Facebook blocked Australian users on Feb. 17 from sharing and viewing news content on its popular social media platform, drawing criticism from publishers and the government.

But after talks between Treasurer Josh Frydenberg and Facebook CEO Mark Zuckerberg, a concession deal was struck, with Australian news expected to return to the social media site in coming days.

“Facebook has refriended Australia, and Australian news will be restored to the Facebook platform,” Frydenberg told reporters in Canberra.

Frydenberg said Australia had been a “proxy battle for the world” as other jurisdictions engage with tech companies over a range of issues around news and content.

Australia will offer four amendments, which include a change to the proposed mandatory arbitration mechanism used when the tech giants cannot reach a deal with publishers over fair payment for displaying news content.

‘UNTESTED’

Facebook said it was satisfied with the revisions, which will need to be implemented in legislation currently before the parliament.

“Going forward, the government has clarified we will retain the ability to decide if news appears on Facebook so that we won’t automatically be subject to a forced negotiation,” Facebook Vice President of Global News Partnerships Campbell Brown said in a statement online.

The company would continue to invest in news globally but also “resist efforts by media conglomerates to advance regulatory frameworks that do not take account of the true value exchange between publishers and platforms like Facebook.”

Analysts said while the concessions marked some progress for tech platforms, the government and the media, there remained many uncertainties about how the law would work.

“Retaining unilateral control over which publishers they do cash deals with as well as control over if and how news appears on Facebook surely looks more attractive to Menlo Park than the alternative,” said Rasmus Nielsen, head of the Reuters Institute for the Study of Journalism, referring to Facebook headquarters.

Any deals that Facebook strikes are likely to benefit the bottom line of News Corp and a few other big Australian publishers, added Nielsen, but whether smaller outlets win such deals remains to be seen.

Tama Leaver, professor of internet studies at Australia’s Curtin University, said Facebook’s negotiating tactics had dented its reputation, although it was too early to say how the proposed law would work.

“It’s like a gun that sits in the Treasurer’s desk that hasn’t been used or tested,” said Leaver.

COOLING-OFF PERIOD

The amendments include an additional two-month mediation period before the government-appointed arbitrator intervenes, giving the parties more time to reach a private deal.

It also inserts a rule that an internet company’s existing media deals be taken into account before the rules take effect, a measure that Frydenberg said would encourage internet companies to strike deals with smaller outlets.

The so-called Media Bargaining Code has been designed by the government and competition regulator to address a power imbalance between the social media giants and publishers when negotiating payment for news content used on the tech firms’ sites.

Media companies have argued that they should be compensated for the links that drive audiences, and advertising dollars, to the internet companies’ platforms.

A spokesman for Australian publisher and broadcaster Nine Entertainment Co Ltd welcomed the government’s compromise, which it said moved “Facebook back into the negotiations with Australian media organisations.”

Major television broadcaster and newspaper publisher Seven West Media Ltd said it had signed a letter of intent to strike a content supply deal with Facebook within 60 days.

A representative of News Corp, which has a major presence in Australia’s news industry and last week announced a global licensing deal with Google, was not immediately available for comment.

Frydenberg said Google had welcomed the changes. A Google spokesman declined to comment.

Google also previously threatened to withdraw its search engine from Australia but later struck a series of deals with publishers.

The government will introduce the amendments to Australia’s parliament on Tuesday, Frydenberg said. The country’s two houses of parliament will need to approve the amended proposal before it becomes law.

(Reporting by Colin Packham and Byron Kaye; additional reporting by Renju Jose, Kate Holton and Douglas Busvine; Writing by Jonathan Barrett; Editing by Sam Holmes and Mark Potter)

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Oil rises on positive forecasts, slow U.S. output restart

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Oil rises on positive forecasts, slow U.S. output restart 2

By Bozorgmehr Sharafedin

LONDON (Reuters) – Oil prices rose on Tuesday, underpinned by the likely easing of COVID-19 lockdowns around the world, positive economic forecasts and lower output as U.S. supplies were slow to return after a deep freeze in Texas shut down crude production.

Brent crude was up 36 cents, or 0.5%, at $65.60 a barrel by 1212 GMT, and U.S. crude rose 39 cents, or 0.6%, to $62.09 a barrel.

Both contracts rose more than $1 earlier in the session.

“Vaccine news is helping oil, as the likely removal of mobility restrictions over the coming months on the back of vaccine rollouts should further boost the oil demand and price recovery,” said UBS oil analyst Giovanni Staunovo.

Commerzbank analyst Eugen Weinberg said optimistic oil price forecasts issued by leading U.S. brokers had also contributed to the latest upswing in prices.

Goldman Sachs expects Brent prices to reach $70 per barrel in the second quarter from the $60 it predicted previously, and $75 in the third quarter from $65 forecast earlier.

Morgan Stanley expects Brent crude to climb to $70 in the third quarter.

“New COVID-19 cases are falling fast globally, mobility statistics are bottoming out and are starting to improve, and in non-OECD countries, refineries are already running as hard as before COVID-19,” Morgan Stanley said in a note.

Bank of America said Brent prices could temporarily spike to $70 per barrel in the second quarter.

Disruptions in Texas caused by last week’s winter storm also supported oil prices. Some U.S. shale producers forecast lower oil output in the first quarter.

Stockpiles of U.S. crude oil and refined products likely declined last week, a preliminary Reuters poll showed on Monday.

A weaker dollar also provided some support to oil as crude prices tend to move inversely to the U.S. currency.

(Reporting by Bozorgmehr Sharafedin in London, additional reporting by Jessica Jaganathan in Singapore; editing by David Evans and John Stonestreet)

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UK-Japan trade deal settled nerves for Japanese firms, Honda executive says

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UK-Japan trade deal settled nerves for Japanese firms, Honda executive says 3

LONDON (Reuters) – Britain’s trade deal with Japan settled the nerves of a lot of Japanese businesses in the United Kingdom and gives them confidence about their future prospects there, a senior Honda executive said on Tuesday.

Japan, the world’s third-largest economy, has since the 1980s made the United Kingdom its favoured European destination for investment, with the likes of Nissan, Toyota and Honda using the country as a launchpad into Europe.

But Britain’s shock 2016 decision to leave the European Union had prompted Japan to express unusually strong public concerns. Their companies and investors warned that a disorderly exit from the EU would force them to rethink their four-decade bet on Britain.

“We welcome very much the Japanese trade agreement which as a Japanese businesses was very welcomed,” Ian Howells, senior vice president at Honda Motor Europe, told a parliamentary committee.

“On the point around confidence, that certainly amongst my peers in Japanese companies was very much welcomed, and probably settled a lot of nerves in terms of their trading prospects in the UK going forward.”

Britain and Japan formally signed a trade agreement in October, marking Britain’s first big post-Brexit deal on trade. It has also made a formal request to join the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), of which Japan is also a member.

(Reporting by Kate Holton)

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