Word: visas
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Dates: during 2000-2009
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...been widely noted that the current dovetailing of the largest initial public offering in U.S. history and a panic-fueled recession seems counterintuitive. And many observers have correctly pointed out that Visa Inc. is largely immune from the downturn in consumer spending because it reaps its profits from fees charged on each transaction, as opposed to the total amount people spend. But several other underlying factors are driving this turbocharged...
...debit purchases. That's partly why transaction volume has remained strong even as spending declines; for the first time ever, in 2006, U.S. consumers made more debit purchases than credit charges. The funds may be pre-paid or come directly from checking accounts, but the debit cards are often Visa-branded. And because it's easier to obtain a debit card than a credit card, even people who have never qualified for a credit card before are enjoying the convenience of going cash-free...
...rates being reported by card issuers is just 5%. Despite fears that the credit-card industry is poised to become the next subprime debacle, it is still highly profitable. "All the players are making money in the credit-card business," notes Moshe Orenbuch, a managing director at Credit Suisse. (Visa recently reported $434 million in quarterly profits versus $304 million for rival MasterCard...
Perhaps the biggest reason that Visa's IPO price soared from $44 to $60 a share by noon on its first day of trading is simply that the company has massive growth potential, especially internationally. Visa Europe will remain a separate company for now, but "in the developing world, we are just scraping the surface," says Clifford Tan, an economist and visiting scholar at the Stanford Center For international Development. Visa's U.S. revenue grew a healthy 23% in fiscal year 2007, but its international revenue soared 57% over 2006. And as formerly cash-based economies in South Korea, China...
...June, Dr. Mohammed said, her visa will expire and she will be forced to return to Iraq. She said she has tried and failed to find a job in the United States or elsewhere in the Arab world...