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Apple and Goldman Sachs launching a credit card


The Maltese market closed in the red, with MSE Equity Total Return Index ending the session 0.414% lower, to 8,943.332 points. Top gainer was Malita Investments plc followed by Plaza Centres plc, adding 1.1% and 0.97% to close at 0.92 and 1.04 respectively. The biggest faller was BMIT Technologies plc which closed 1.83% lower, to 0.535. HSBC Bank Malta plc shed 1.79% to close at 1.65, while Bank of Valletta plc and Midi plc lost 0.79% and 0.76% to close at 1.25 and 0.65 respectively. FimBank plc, GO plc, International Hotel Investments plc, Malta International Airport plc, Mesderv plc, and PG plc closed unchanged.

European markets were mixed on Thursday, struggling against a myriad of headwinds including weak economic data and earnings. The Stoxx Europe 600 lost 0.2% to 370.75. The FTSE 100 led the region’s top decliners falling 0.9% to 7,180.85. German DAX rose by 0.3% to 11,431, while France’s CAC 40 remained flat at 5,194.58.

U.S. Stocks finished lower Thursday, as fresh economic data out of Europe and Japan suggest further slowing in global growth. However, fears about a world-wide slowdown were somewhat tempered by reports that U.S. and Chinese negotiators were beginning to outline a deal to end a long-running trade spat. The Dow Jones Industrial Average fell 0.4%, to 25,850.63 and the S&P 500 shed 0.4%, to 2,774.88, while the Nasdaq Composite Index dropped 0.4%, to 7,459.71.

Apple and Goldman Sachs Will Reportedly Launch An iPhone-Connected Credit Card

Apple will reportedly have a different kind of product launch later this year: a credit card, jointly operated by Goldman Sachs. The card will be integrated with the iPhone and offer features to track spending and points. The card would represent a move into new, highly competitive terrain for both companies.

Rather than competing with other credit cards offering lots of points, the Apple and Goldman Sachs card may try to attract users with features that emphasize budget management. Apple’s move to get a share of the credit card market would be amid a slide in iPhone sales, particularly in China. Last month, the technology company said that its iPhone revenue declined 15 percent from the previous year.

But its services business has been growing. In its most recent earnings report, Apple trumpeted that services revenue hit $10.9 billion, an all-time high. That includes revenue from the App Store, Apple Music and Apple Pay.

That’s where the credit card business comes in. Apple may be able to take a larger cut from purchases made on the credit card than it does through Apple Pay, while continuing to expand its role in the lives of iPhone users.

For Goldman, the card appears to be part of its effort to capture new customers: the middle class. In 2016, the bank launched Marcus, its business offering personal loans and online savings accounts.

Card will be using the MasterCard payment network.

This article was issued by Nadiia Grech, Junior Trader at Calamatta Cuschieri. For more information visit, www.cc.com.mt. The information, view and opinions provided in this article are being provided solely for educational and informational purposes and should not be construed as investment advice, advice concerning particular investments or investment decisions, or tax or legal advice. Calamatta Cuschieri Investment Services Ltd has not verified and consequently neither warrants the accuracy nor the veracity of any information, views or opinions appearing on this website.