BUSINESS AND MONEY
Sandy Di Angelis 12, Nov 50 secs
50 secs
The Ritz Herald
The Nilson Report Releases Annual U.S. Payment Cards Data

Spending for goods and services initiated by credit, debit, and prepaid cards issued in the United States, which totaled $7.266 trillion in 2018, is projected to reach $10.086 trillion in 2023 according to statistics released this week from The Nilson Report, the leading card and mobile payment industry trade publication.

At the end of 2018, there were 6.96 billion credit, debit, and prepaid cards in circulation in the U.S. That total is expected to reach 8.02 billion at the end of 2023.

“When nearly 7 billion payment cards generate more than $7 trillion in purchases of goods and services…you have to conclude the state of the card business is very good,” said David Robertson, Publisher of The Nilson Report.

Credit cards accounted for 54.17% of spending on all types of cards, down from 54.37% in 2017. Spending on credit cards is project to account for 54.13% in 2023. Outstanding credit card debt was $1.124 trillion at the end of 2018, an increase of 5.8%. Outstandings are projected to reach $1.435 trillion by the end of 2023.

The average amount of a credit card purchase transaction was $90.73 in 2018, up from $89.88 in 2017. In 2023, the average amount is projected to be $94.44.

Payment cards in circulation include general purpose type (Visa, Mastercard, American Express, and Discover), PIN-debit type (Star, Nyce, Pulse, etc.), as well as private label type (store, gasoline, medical, hotel, airline), ACH, and private label prepaid, etc.

SOURCE The Nilson Report

CURRENT EDITION

WEATHER

TODAY

New York
-4°
clear sky
humidity: 46%
wind: 2m/s ENE
H 1 • L -2
10°
Fri
9°
Sat
6°
Sun
8°
Mon
Secret to a #bestlife Holiday Season: Get Real About the Pressure to Overspend
The Ritz Herald

According to the SunTrust (NYSE: STI) 2019 nationwide holiday survey, more than half of Americans (56%) felt pressured to overspend during the holiday season last year. Will history repeat itself? This year, Americans plan to spend a median of $400, similar to 2018.

“Reducing holiday-spending pressure starts with being honest:…

McDonald’s Corporation Announces Leadership Transition
The Ritz Herald

McDonald’s Corporation (“McDonald’s”) (NYSE: MCD) today announced that its Board of Directors has named Chris Kempczinski, most recently President, McDonald’s USA, as President and Chief Executive Officer, effective immediately. Kempczinski has also been elected to the McDonald’s Board of Directors.

Kempczinski succeeds Steve Easterbrook, who has separated from the Company…

Employment Growth Stronger Than Expected
The Ritz Herald

The U.S. Bureau of Labor Statistics reported that total nonfarm payroll employment increased by 128,000 in October. This is a stronger than expected gain given the negative impact from the GM strike, which probably lowered overall employment by more than 50,000. The numbers for August and September were significantly…

Michael Cole Appointed President Of Kia Motors America
The Ritz Herald

Kia Motors America (KMA) today announced the appointment of Michel Cole as president, effective November 11th. Cole has served as KMA’s chief operating officer and executive vice president since joining the company from Kia Motors Europe in May 2018.

At KMA, Cole has played a vital role in the successful…

Federal Reserve issues FOMC statement
The Ritz Herald

Information received since the Federal Open Market Committee met in September indicates that the labor market remains strong and that economic activity has been rising at a moderate rate. Job gains have been solid, on average, in recent months, and the unemployment rate has remained low. Although household spending…

4 mins
Governor Gavin Newsom addresses more than 900 public, private and civic leaders at the 2019 California Economic Summit on Nov. 8 in Fresno, CA. Photo: David Jonn
The Ritz Herald
Largest Summit ever featured Governor Newsom; state higher-education leaders; and discussions on workforce, education, housing, infrastructure, and forest resiliency

The 2019 California Economic Summit concluded today in Fresno, marking its eighth and largest gathering where more than 900 public, private and civic leaders from across California came together to commit to policies and programs that will make the California dream accessible to all. The Summit focused on workforce development, education, housing, infrastructure and ecosystem vitality, with an emphasis on lifting economic growth in all regions of state.

Produced by California Forward (CA Fwd), the Summit is built upon the principle that regional approaches to economic problem solving are critical to advancing the state’s triple bottom line strategy of growing the economy, improving environmental quality, and increasing opportunity for all residents.

“All Californians deserve the opportunity to thrive in an inclusive and sustainable economy that builds upon the strength of each of our unique regions,” said California Governor Gavin Newsom who also told Summit attendees during his keynote address that the best is yet to come in California. “Our Regions Rise Together initiative is an important step in ensuring inland communities are represented, as together we work to address some of our most pressing economic challenges.”

In May, Governor Newsom announced the Regions Rise Together initiative, an effort…

3 mins
Collaboration to Honor Freedom: John Krotec, CEO, GreenZone Hero - Drew Horvath, Major, US Army (Retired) - John Barringer, ACN Independent Business Owner
The Ritz Herald
GreenZone Hero and ACN, Independent Business Owner John Barringer Support the Value of Honoring Freedom in Business

Global Commerce is growing exponentially as technology eliminates borders and today’s consumers can open businesses online and purchase products on the other side of the globe. GreenZone Hero has a new business member whose mission is to honor freedom and provide veterans, transitioning veterans, and family members the opportunity to own their own business. John Barringer is the first ACN independent business owner worldwide to join GreenZone Hero.

“We strive to work with companies and organizations that combine modern business with core values. Both, GreenZone Hero and ACN independent business owner, John Barringer and his team partners believe in honoring freedom – from a patriotic view and a flexible business view. These two innovative companies are leading the way to implement programs and initiatives that provide an opportunity to utilize strategic skillsets while building a business. Transitioning veterans have strong skillsets that can be utilized to build a successful company when given the opportunity,” states John Krotec, Founder of GreenZone Hero.

The eCommerce market is estimated to reach $4.5 Trillion by 2021. ACN focuses on essential services that people already use and pay for. Business is changing and the internet, energy, business transactions, and even identity theft are essential services that…

A Central Bank Will Issue a Consumer-ready Digital Currency Within Five Years
The Ritz Herald

Policy-makers at a number of central banks around the world are seriously considering developing and issuing a central bank digital currency (CBDC), with a consumer-ready CBDC likely to arrive in the next five years. That is the key finding from a report from IBM (NYSE: IBM) and OMFIF, a…

Bloomberg Launches First-of-its-Kind Global Economic Index Ahead of the New Economy Forum
The Ritz Herald

The Bloomberg New Economy Forum today launched a first-of-its-kind index, covering 114 economies accounting for 98% of global GDP. The New Economy Drivers and Disrupters Report introduces a new benchmark that for the first time measures competitiveness against the new disruptive forces sweeping the global economy: automation, digitization, climate…

Forrester Releases 2020 Predictions
The Ritz Herald

Forrester’s 2020 predictions identify key market dynamics that will impact companies’ growth in the coming year.

2020 will be the year that moves leaders’ attention to adaptability: the ability to understand and anticipate market dynamics — and rapidly exploit opportunities, both big and small. Factors including heightened values-based consumer activism;…

Business Owners View 401(k)s as Advantageous, Yet Struggle to Communicate Benefits to Employees
The Ritz Herald

It won’t come as a surprise that business owners view 401(k)s as advantageous both for their business and their employees. Yet, despite business owners seeing the advantages of 401(k)s, a gap exists in understanding how to effectively communicate 401(k) benefits to employees, according to a new survey from Nationwide….

Sotheby’s Names Charles F. Stewart Chief Executive Officer
The Ritz Herald

Sotheby’s today announced the appointment of Charles F. Stewart as Chief Executive Officer, effective immediately.

Mr. Stewart joins Sotheby’s from Altice USA, where he has served as Co-President and Chief Financial Officer since 2016. He assumed the role at Altice USA following more than two decades of operations, financial and…

2 mins
The Ritz Herald
From left to right: Dr. Sheila Robinson, Shellye Archambeau, Edie Fraser, Andrea Conner, Hannah Kain, and Kimber Maderazzo
ATHENA International and WBC award C200 with the National ATHENA Organizational Leadership Award
By / Newsdesk Editor

ATHENA International and the Women’s Business Collaborative (WBC) awarded The Committee of 200 (C200) with the National ATHENA Organizational Leadership Award for C200’s efforts in advancing diversity in the C-suite and in boardrooms.

“We are thrilled to celebrate C200’s commitment to diversity in supporting, developing and honoring women leaders. This Leadership Award honors an organization that creates a culture on a national scale that encourages women to achieve their highest potential. From C200’s successful peer support imperative to their dedication to advancing women in the business world, ATHENA International is honored to stand alongside the Women’s Business Collaborative and applaud C200’s exemplary work,” said ATHENA International President Andrea Conner.

“Congratulations to C200 for receiving the National ATHENA Organizational Leadership Award, recognizing the critical need to take action to drive more diverse women into the executive suite and boardroom,” said Dr. Sheila Robinson, Chair of the Diversity & Inclusion Action Initiative for Women’s Business Collaborative and Founder & CEO of Diversity Woman Media. “We believe it is important to acknowledge organizations, such as C200, who are ensuring representation of all races, cultures, and backgrounds across the board for gender parity. It is an honor to recognize them for pioneering the way for others to follow.”

C200 is honored to receive this recognition from ATHENA International and WBC. Although there is progress to be made, we are confident that organizations moving from good intention to intentional action will help accelerate diversity and inclusion in business,” said Susan A. McLaughlin, Chair of…

MORE ARTICLES

Consumers are Approaching the Holiday Season Eager to Spend
Despite some softening in confidence, consumers are entering the holiday
Half of Employed Adults in the U.S. Likely to Job Hunt Next Year
Nearly half of employed adults in the U.S. (48%) are
Equifax Launches Multi-Dimensional Fraud Prevention Solution
The Ritz Herald

Equifax (NYSE: EFX) continues its industry leadership in fraud prevention with the release of its cloud-based platform, Luminate. Introduced today at Money20/20 in Las Vegas, Luminate uses advanced analytics, artificial intelligence (AI), machine learning and data orchestration to provide risk managers with insights to help manage fraud decisions across…

Retail Banks Must Change to Stay Relevant
The Ritz Herald

With customer behaviors changing across multiple dimensions and challengers such as digital giants, fintechs, and neobanks vying for market share, traditional retail banks must act now or lose out later in their quest for growth, according to a new report by Boston Consulting Group (BCG)….

9 In 10 Employees Come To Work Sick
The Ritz Herald

Are coworkers literally making each other sick? In new research from global staffing firm Accountemps, 90% of professionals admitted they’ve at least sometimes come to the office with cold or flu symptoms. Of those respondents, 33% always go to work even when they’re under the…

2 mins
Macy's Herald Square, 151 W 34th St, New York
The Ritz Herald
U.S. Households Plan to Spend an Average of $675 on Gifts this Season

Despite some softening in confidence, consumers are entering the holiday season in a highly festive mood, with intentions to spend about $675 on gifts this season, according to a survey by The Conference Board. This is an increase over last year’s spending estimate of $627. However, despite a willingness to spend generously, consumers say they are expecting steep discounts. In fact, more than a third say they expect – at a minimum – to purchase half their gifts at a discount.

The survey of holiday gift spending intentions, based on a probability-design random sample, is conducted for The Conference Board by Nielsen, a leading global provider of information and analytics around what consumers buy and watch. The survey was conducted for The Conference Board in October as part of the Consumer Confidence Survey®.

“This holiday season has all the makings of a good one,” says Lynn Franco, Senior Director of Economic Indicators at The Conference Board. “Consumers are gearing up for the holidays, with signs indicating they will not reign in their spending. Consumer confidence is at historically strong levels, the job market remains solid, and the economy is in a record-breaking year of expansion. Retailers should expect strong demand this…

EDITOR'S

CHOICE

Half of Employed Adults in the U.S. Likely to Job Hunt Next Year

Di Angelis / Nov 5
Nearly half of employed adults in the U.S. (48%) are likely to look for a new job in the next year, according to the results of the latest American Staffing
AgileDad Facilitates Free Project Management Training for Military Personnel
The Ritz Herald

Business agility begins with Servant Leadership. None are more equipped than members of the Armed Forces. AgileDad has partnered with Barrymore Hotel, Scrum Alliance and Symbol…

Los Angeles Tax Advocates Defense Tax Group Celebrate Crossing 10,000 Client Milestone
The Ritz Herald

Probably no one would disagree being in a bad situation with the IRS is one of the worst feelings in the world. Phone call after phone call, letter after letter, from faceless employees many of whom treat people more like numbers than names. The good news is competent help…

Bwanaz.com, A new way of wholesale to small business in States
The Ritz Herald

Is Bwanaz relevant?

That’s a good question. In a world that’s dominated by a small number of corporations, you might be skeptical about how useful a company like Bwanaz could be. We’ve dedicated ourselves to assisting small businesses, but does that mean anything anymore?