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Yahoo
20-05-2025
- Business
- Yahoo
Why Mastercard invested in Corpay
This story was originally published on Payments Dive. To receive daily news and insights, subscribe to our free daily Payments Dive newsletter. Mastercard invested in Corpay's cross-border unit last month largely because of a 'synergistic' fit between the companies, Chief Financial Officer Sachin Mehra explained at an investor conference last week. It's unusual for one large publicly-traded company to make a minority investment in another publicly-traded company, and for just a 3% ownership stake in this case. When Mehra was asked to explain the move during JPMorgan Chase's Global Technology, Media and Communications conference on May 13, the CFO expounded on the benefits of the tie. Corpay handles big-dollar, account-to-account cross-border payments, mainly for corporate clients, and primarily in the U.S., Mehra explained at the JPMorgan event. By contrast, Mastercard's expertise is in lower-value cross-border card payments globally, tapping its financial institution partner channels, he said. Bringing those capabilities together benefits both companies, he contended. 'This is very synergistic for both companies in many ways,' Mehra said, praising Corpay's currency conversion, currency management and basic platform technology. The announcement came just before Mastercard reported first-quarter results that showed cross-border payments volume growth slowed for the period, with that business emerging as a potential pain point for the card network. Analysts who follow the company attributed the slowdown in growth to weakness in regions including the Middle East and Africa. Purchase, New York-based Mastercard is the no. 2 U.S. card network behind Visa. Atlanta-based Corpay provides digital payments services that allow its business customers to manage and better track their payments to other businesses. Those clients use Corpay's cards for lots of different types of payments, but it has a sweet spot in the transportation field. As its former FleetCor Technologies name implies, Corpay's clients use its cards to manage an array of transportation expenses, including fuel, tolls and parking. Mehra noted during the conference that under the new pact Mastercard will be able to offer its other digital, cross-border payment services to Corpay's corporate clients. The two companies have been business partners for more than a decade. Now, Corpay will be the exclusive provider of currency risk management and big-ticket cross-border payments services to Mastercard's bank customers. And Corpay will offer only Mastercard's virtual cards to its business clients. 'As we went into that discussion, we said 'There's a ton of stuff we do on the virtual card side, there's more we can do on this cross-border, account-to-account payments side,'' Mehra recounted, noting that the companies tried to take a more strategic approach. It amounted to a deeper tie where Corpay benefits from Mastercard's broader customer base, and the card network gets access to Corpay's big-ticket cross-border capabilities, he said. In its initial April 29 press release, Mastercard said its bank clients and their customers will get simplified access to Corpay's cross-border payments options, including carded and non-carded services 'for all ticket sizes.' The Corpay offering includes 'servicing business payments, hedging, multi-currency collections accounts and vertical specialization,' a spokesperson for the network said last month after the transaction was disclosed. Recommended Reading Mastercard faces cross-border headwinds Sign in to access your portfolio
The Hindu
14-05-2025
- Business
- The Hindu
Intel has limited customer commitments for latest chip manufacturing tech, CFO says
The volume of processors Intel is set to produce for external customers using its upcoming manufacturing technology is currently "not significant", finance chief David Zinsner said on Tuesday. Committed volumes, or the amount of external customers' chips set to be produced by Intel using upcoming manufacturing tech, is presently not significant, Zinsner said at J.P. Morgan's Global Technology, Media and Communications conference being held in Boston, Massachusetts. Santa Clara, California-based Intel is striving to become a contract manufacturer of chips, but has struggled to progress with its 18A and latest 14A chip manufacturing technologies. However, last month the company said several customers planned to build test chips for the forthcoming process. "We get test chips, and then some customers fall out of the test chips... So committed volume is not significant right now, for sure," Zinsner said. AI chip front-runner Nvidia and custom chipmaker Broadcom are running manufacturing tests with Intel, Reuters reported in March. The contract manufacturing unit, called foundry, is on track to break-even sometime in 2027 and would require external customers to generate low to mid-single digit billions in revenue to achieve that, Zinsner added. The foundry unit reported $4.7 billion in sales in the March quarter, up 7% from the year-ago period. However, chips manufactured for the company's own products unit make up a large chunk of these sales. New CEO Lip-Bu Tan, who is tasked with undoing years of missteps at the chipmaker, has retained Intel's practice of manufacturing its own chips and attempting to produce processors for others. "It's a fair assessment that Lip-Bu isn't thinking about massive changes," Zinsner said during the call. So far, Tan has flattened the organisation and centered his strategy around streamlining by divesting non-core assets like some of its Altera stake.
The Star
13-05-2025
- Business
- The Star
Intel has limited customer commitments for latest chip manufacturing tech, CFO says
(Reuters) -The volume of processors Intel is set to produce for external customers using its upcoming manufacturing technology is currently "not significant", finance chief David Zinsner said on Tuesday. Committed volumes, or the amount of external customers' chips set to be produced by Intel using upcoming manufacturing tech, is presently not significant, Zinsner said at J.P. Morgan's Global Technology, Media and Communications conference being held in Boston, Massachusetts. Santa Clara, California-based Intel is striving to become a contract manufacturer of chips, but has struggled to progress with its 18A and latest 14A chip manufacturing technologies. However, last month the company said several customers planned to build test chips for the forthcoming process. "We get test chips, and then some customers fall out of the test chips... So committed volume is not significant right now, for sure," Zinsner said. AI chip front-runner Nvidia and custom chipmaker Broadcom are running manufacturing tests with Intel, Reuters reported in March. The contract manufacturing unit, called foundry, is on track to break-even sometime in 2027 and would require external customers to generate low to mid-single digit billions in revenue to achieve that, Zinsner added. The foundry unit reported $4.7 billion in sales in the March quarter, up 7% from the year-ago period. However, chips manufactured for the company's own products unit make up a large chunk of these sales. New CEO Lip-Bu Tan, who is tasked with undoing years of missteps at the chipmaker, has retained Intel's practice of manufacturing its own chips and attempting to produce processors for others. "It's a fair assessment that Lip-Bu isn't thinking about massive changes," Zinsner said during the call. So far, Tan has flattened the organization and centered his strategy around streamlining by divesting non-core assets like some of its Altera stake. (Reporting by Arsheeya Bajwa and Meghana Khare in Bengaluru; Editing by Leroy Leo)
Yahoo
13-05-2025
- Business
- Yahoo
WWE Executive Sees ‘Tremendous Upside' In Current Ticket Pricing, Reduced Live Event Schedule
If you aren't a fan of WWE's currently high ticket prices, don't expect them to go back down anytime soon. TKO president & chief operating officer Mark Shapiro recently spoke at the JP Morgan Global Technology, Media and Communications conference in Boston. During his talk, Shapiro believes WWE currently has tremendous upside on ticket pricing as well as defending the decision to cut a considerable number of house shows off the yearly schedule. Advertisement 'We cut those house shows down to where now we're doing 200 events a year,' Mark Shapiro said. 'We cut them 75%, the number of house shows that we do. We feel that's a good place to be and we'll continue to prune as we go through. 'WWE has tremendous upside on global partnerships. Tremendous upside on ticket pricing. Tremendous upside on site fees, dynamic pricing, yield management. All areas we're really focusing and pushing in on as it related to live events. As you saw on our first quarter, our margins significantly expanded as it relates to WWE live events.' [H/T: Fightful] READ MORE: WWE RAW Netflix Global Viewership Decreases On 5/5 What do you make of Mark Shapiro's overall comments? Do you see the 'tremendous upside' with the current ticket pricing of WWE events? Let us know your overall thoughts by sounding off in the comments section below. The post WWE Executive Sees 'Tremendous Upside' In Current Ticket Pricing, Reduced Live Event Schedule appeared first on Wrestlezone.
Yahoo
13-05-2025
- Business
- Yahoo
Intel has limited customer commitments for latest chip manufacturing tech, CFO says
(Reuters) -The volume of processors Intel is set to produce for external customers using its upcoming manufacturing technology is currently "not significant", finance chief David Zinsner said on Tuesday. Committed volumes, or the amount of external customers' chips set to be produced by Intel using upcoming manufacturing tech, is presently not significant, Zinsner said at J.P. Morgan's Global Technology, Media and Communications conference being held in Boston, Massachusetts. Santa Clara, California-based Intel is striving to become a contract manufacturer of chips, but has struggled to progress with its 18A and latest 14A chip manufacturing technologies. However, last month the company said several customers planned to build test chips for the forthcoming process. "We get test chips, and then some customers fall out of the test chips... So committed volume is not significant right now, for sure," Zinsner said. AI chip front-runner Nvidia and custom chipmaker Broadcom are running manufacturing tests with Intel, Reuters reported in March. The contract manufacturing unit, called foundry, is on track to break-even sometime in 2027 and would require external customers to generate low to mid-single digit billions in revenue to achieve that, Zinsner added. The foundry unit reported $4.7 billion in sales in the March quarter, up 7% from the year-ago period. However, chips manufactured for the company's own products unit make up a large chunk of these sales. New CEO Lip-Bu Tan, who is tasked with undoing years of missteps at the chipmaker, has retained Intel's practice of manufacturing its own chips and attempting to produce processors for others. "It's a fair assessment that Lip-Bu isn't thinking about massive changes," Zinsner said during the call. So far, Tan has flattened the organization and centered his strategy around streamlining by divesting non-core assets like some of its Altera stake. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
