Browsing: financial services.

Visa, for its part, has lodged an application seeking to dismiss the charges. In its defence, the payments platform company said that the people who posted the victims’ underage images and those who distributed and earned money from the material caused the alleged harm and not Visa, the Washington Post reports.

The company went on to argue that it had nothing to do with the operations of the websites run by Mind Geek which include adult entertainment websites where child sexual abuse videos have been featured. Since the news of child sexual abuse broke and the landmark ruling delivered by the California court, Visa has been at pains to distance itself from the lawsuit of which it is now a defendant. The company made a statement to the Washington Post where it condemned sex trafficking, exploitation, and child sexual abuse materials as “repugnant” to its values and purpose as a company.

The statement reads: “This pretrial ruling is disappointing and mischaracterizes Visa’s role and its policies and practices… Visa will not tolerate the use of our network for illegal activity. We continue to believe that Visa is an improper defendant in this case.” The application filed with the California court to be dismissed from the lawsuit on the grounds that Visa was an improper defendant was dismissed by Judge Carney. It is now alleged that Visa helped users on the internet to make money from illegal images.

Not to be mistaken the adverse impact of the times have been felt at Richemont with sales for the half-year ending 30 September 2020 decreasing significantly by 26 per cent to €5.48 billion against the previous year. This decline in sales resulted in a fall in operating profits of 61 per cent from €1.165 billion to €452 million.

Notwithstanding this slowdown in profits, the company was able to deliver a 78 per cent increase in sales from their China market which has now been overtaken by the Americas as the company’s largest market.

The financial services space is being disrupted by new entrants that are nimble and more innovative. The overwhelming result of this has been the closure of bank branches right across the broad spectrum of the banking sector and across the country. 

Whenever a branch closes press space is taken up by the banks running adverts citing the growth and advent of mobile technology to be the cause of bank branch closures. To the passive reader it would then look as though technological advancements, growth, and adoption together with the prosperity of banks with respect to their branch networks are mutually exclusive.

Brokerage Kenyan firm EFG Hermes Kenya has launched its online equity-trading platform, EFG Hermes One.  According to the company, the…