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Visa Inc. (V) is a digital payments brand that provides services globally to consumers, merchants, financial institutions, and governments. The company offers authorization, clearing, and settlement services for financial institutions and merchants.

Visa does not issue credit or debit cards. It provides services to the businesses which issue the cards and the consumers who use them.

Visa's rivals include Mastercard Inc. (MA) and American Express Co. (AXP), as well as digital payments companies like PayPal Holdings Inc. (PYPL).

Visa reaches more than 200 countries and territories, 14,500 financial institutions, and 130 million merchant locations. The company offers services including credit, debit, prepaid, tap-to-pay, click-to-pay, and tokenization through four segments:

For its fiscal year 2023, Visa reported revenues of $32.7 billion, a gain of 11% year over year. Visa posted a loss of $12.3 billion in client incentives, paid to financial institution clients, merchants, and business partners to grow payment volume, entice new routing transactions, and drive innovation.

Service revenues contributed $14.8 billion to overall performance, Data Processing added $16 billion, and International Transactions brought in $11.6 billion. Revenue for other services like licensing fees and marketing was $2.5 billion.

Ryan McInerney became chief executive officer of Visa, Inc. in February 2023.

Visa Inc. traces its origins to Bank of America's launch of BankAmericard, the first card with a revolving credit feature, in 1958. By 1976, BankAmericard became Visa.

In 2023, Visa completed 283.2 billion transactions valued at $15.1 trillion.

In 2024, Visa announced a partnership with HSBC Group to support the bank's new international multi-currency payments app, called Zing.

In 2022, Visa acquired Tink, a Europe-based open banking platform that enables banks, financial technology companies (fintechs), and startups to develop data-driven financial services.

In 2023, Visa signed an agreement to acquire Pismo, a cloud-native issuer processing and core banking platform with operations in Latin America, Asia Pacific, and Europe. 

After 20 years of litigation, Visa and the merchants who accept its card reached a settlement over the fees it charges in March 2024. The agreement lowers credit interchange rates and caps the lower rates until at least 2030.

Interchange rates, also called "swipe fees," are the fees that merchants pay credit card companies whenever a customer uses one of its credit or debit cards.

Visa is subject to various cybersecurity regulations and cyber incident reporting requirements across many jurisdictions. Short timeframes are mandated to report cyber incident reporting. If Visa fails to follow the rules and timeframes, the company faces monetary damages, civil and criminal penalties, litigation, and damage to its brand.

As of 2024, Visa has about 4.3 billion cards worldwide.

Visa employs 28,800 workers worldwide.

In 2023, Visa reported fiscal year revenues of $32.7 billion. The company's data processing operations generate the largest proportion of its revenue. Data processing provides clearing, settlement, authorization, value-added, network access, and similar services.

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If you're struggling with depression, the most important question about taking an antidepressant is whether it will work. But another question on your mind may be whether it will fuel weight gain.

A new study provides some context by suggesting how much weight, on average, people taking one of eight commonly used antidepressants might expect to gain. This insight is valuable, since people with depression often stop taking antidepressants because they don't like the effect on their weight, a Harvard expert says.

"It's important to acknowledge that weight gain is a key reason that some people decide to stop antidepressants, even if they're otherwise working well," says Dr. Roy Perlis, associate chief of psychiatric research at Massachusetts General Hospital. "It's also a reason people may be reluctant to start them in the first place, even if they're quite depressed or anxious."

What did the study look at?

Published July 2024 in Annals of Internal Medicine, the new study drew on data from more than 183,000 people between ages 20 and 80. Their average age was 48, and 65% were women. Most were overweight or obese at the study's start.

The researchers analyzed participants' electronic health records and body mass index. They gauged weight gain or loss at regular intervals — six, 12, and 24 months — after people began taking an antidepressant for the first time.

The study compared the weight-related effects of sertraline (Zoloft) to seven other antidepressant medications:

What did the research find?

The antidepressants led to the following average weight gain:

Citalopram, fluoxetine, and venlafaxine didn't confer lower or higher odds of weight gain than Zoloft, the study found. And only bupropion was associated with a small amount of weight loss — 0.25-pounds — at six months. But that trend reversed at 24 months, when bupropion led to an average weight gain of 1.2 pounds.

What does the study tell us?

"Weight gain is common among antidepressant users, even if the amounts gained on average are modest," says Dr. Perlis, who was not involved in this new study. It underscores similar findings from other studies of antidepressants, including research he published with colleagues a decade ago.

"While differences in weight gain for specific antidepressants tend to be small, there are certainly some — like bupropion — that tend to cause less weight gain," he notes.

It's crucial to keep in mind that the study points out average weight gain. Many people taking antidepressants won't gain any weight and others could gain more. "Still, having average values to work with — and seeing that these averages line up well with prior studies — at least lets us give people a sense of what they might expect," he says.

"One caution is that some people lose weight as a result of depression, which can impact appetite," he adds, "so some of what we're seeing may be people regaining weight they'd lost as their depression or anxiety improves."

What additional limitations did the study have?

Other limitations may have shaped the findings. The study was observational, meaning it cannot prove that antidepressants cause weight changes, only that they were linked with them. It wasn't a randomized, controlled trial — considered the gold standard in research — and the participants taking antidepressants weren't compared to a control group not taking the medications.

Additionally, only about one in three participants was still taking their initially prescribed medication six months after the study started. That makes it difficult to link any later weight changes with a specific medication.

"As with any study that's not randomized, we don't know if the differences between medicines could reflect other differences in who gets prescribed these medicines," Dr. Perlis says. "But, for circumstances where a randomized trial is unrealistic, health records can be a helpful way of trying to study side effects and at least generate a partial answer to these important questions."

What else should you consider?

Another thing to consider, if you're taking an antidepressant, is what types of side effects you're willing to tolerate in pursuit of its mood-smoothing benefits.

"The best way to manage side effects is to anticipate them — to have an open conversation with your doctor about the potential risks and how we'll manage them if they occur," Dr. Perlis says.

What can you discuss with your doctor?

If weight gain is a particular concern for you, you may also wish to consider nondrug treatments for depression. They include:

"We know that certain kinds of talk therapies, especially cognitive behavioral therapy, can be very effective for treating depression and anxiety disorders," Dr. Perlis says. "Whether people choose talk therapy or antidepressant medications can depend on their preference. It's important to have multiple options."

Source: Harvard Health Publishing

You may no longer have to choose between paying off student loans and saving for retirement.A provision in Secure 2.0, a retirement law that went into effect this year, allows workers to receive a retirement account match from their employer for making payments towards their student debt. The rule could help roughly a third of the about 42 million student loan borrowers who currently have retirement accounts.

It is yet to be implemented widely, however, and it's unclear how commonly offered it will be — though some experts say it could be attractive to employers looking to attract and and retain talent.

Secure 2.0 “permits an employer to make matching contributions under a 401(k) plan, 403(b) plan, or SIMPLE IRA with respect to ‘qualified student loan payments.’”

This is intended to help employees who had to choose between repaying student loans and making retirement contributions to their workplace plans, potentially missing out on matching contributions from their employer.

Under the new rule, an employee may be eligible to receive the matching contribution stated in their retirement benefits even if they’re unable to meet their employer-sponsored plans' matching requirements.

Research from JPMorgan found that once student loan payments kicked in, one-quarter of borrowers reduced their average retirement contributions by a median of 2.7%.

Among people making $55,000 or more, JPMorgan said, 401(k) balances were "significantly" higher for those who weren't making student loan payments. Employer matches that offset loan repayments will likely help employees accumulate the same amount in retirement savings as they would’ve without the debt, researchers found.

The ability to claim a match without making the required contributions could free up money that could be spent on other expenses, according to Olivia Mitchell, a professor at the University of Pennsylvania who has studied the benefit, while still building a cushion for retirement.

The offering could be attractive to potential employees, according to Mitchell. "Offering this benefit will cost employers more than they paid pre-reform, but the new benefit is likely to contribute to better employee attraction and retention, which of course helps save costs," she said.

Still, many believe it won't be adopted quickly. In a 2024 survey from Alight, a retirement record-keeper, only 10% of 87 organizations said that they were likely to add this benefit. Nearly 40% reported that they were unsure if they’d ever offer it.

"As to what the prevalence of this is going to be, that's hard to say because the employer has to opt into this and then the employees have to as well,” said Mark Kantrowitz, financial aid expert and author of "How to Appeal for More College Financial Aid."

The IRS recently released guidance for employers on how the new provision works, detailing information on how employees can certify their student loan payments and what types of student loans and retirement plans qualify. Employees who want to receive the matching retirement plan contributions must certify certain information with their employer, such the loan payment amounts and dates of the payments, according to Kantrowitz.

Katie Brewer, a CFP and founder of Your Richest Life, thinks it could be a few years before employers start offering the benefit.

“We may see it popping up, but I don't think it's going to be immediate,” Brewer said.

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The Chairman Presidential Fiscal Policy and Tax Reforms Committee, Taiwo Oyedele has said the committee is proposing a law to the National Assembly to increase valued added tax from the current 7.5% to 10%.

Speaking with Channels Television, Oyedele said that his committee is working to consolidate multiple taxes in Nigeria to ensure a reduction, adding that the draft tax law will be submitted to the National Assembly

”We have significant issues in our tax revenue. We have issues of revenue generally which means tax and non-tax. You can describe the whole fiscal system in a state that is in crisis.

When my committee was set up, we had three broad mandates. The first one was to look at governance: our finances as a country, borrowing, coordination within the federal government and across sub-national.

The second one was revenue transformation. The revenue profile of the country is abysmally low. If you dedicate our whole revenue to fixing roads it will be insufficient. The third is on government assets.

The law we are proposing to the National Assembly has the rate of 7.5% moving to 10% from 2025. We don’t know how soon they will be able to pass the law. Then subsequent increases are also indicated in terms of the year they will kick in.

While we are doing that, we have a corresponding reduction in personal income tax. Anybody that is earning about N1.5 million a month or less, they will see their personal income tax come down. Companies will have income tax rate come down by 30% over the next two years to 25%. That is a significant reduction.

Other taxes they pay are quite many: IT levy, education tax, etc. All these we are consolidating into a single one. They will pay 4% initially. That will go down to 2& in the next few years,” he said.

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Warren Buffett, the legendary value investor known as the “Oracle of Omaha” and longtime CEO of Berkshire Hathaway (BRK.A, BRK.B), turned 94 on Friday. 

Berkshire Hathaway hit a market capitalization of $1 trillion earlier this week, making it the first U.S. company outside of the tech sector to hit that milestone, and Buffett played a key role in making Berkshire the financial giant it is today.

Here are some of the investing rules Warren Buffett is most famous for.

One of Buffett's most famous sayings is "Rule No. 1: Never lose money. Rule No. 2: Never forget Rule No. 1."

Buffett hasn’t always followed his own advice in this regard, notably losing about $25 billion in the 2008 financial crisis—though he's known for taking a risk-averse approach, and only investing in companies that he thoroughly researches and understands.

Also known for his long-term approach to investing, Buffett’s investment philosophy is based on the principle of acquiring shares of what he believes are well-managed, undervalued companies—and holding them for an extended time.

Buffett has famously said that you shouldn't own a stock for 10 minutes if you don't feel comfortable owning it for 10 years. Some of Berkshire's largest holdings are ones the firm has maintained a stake in for several decades.

Some of Berkshire's recent changes to its portfolio in the second quarter included adding stakes in beauty products retailer Ulta Beauty (ULTA) and aerospace and electronics manufacturing company Heico Corp. (HEI).

Meanwhile, Berkshire has significantly trimmed its position in Apple (AAPL), though the tech giant still represents Berkshire's largest holding.

Berkshire also reduced its holdings in Bank of America (BAC) in July after the bank's shares surged following an earnings beat.

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