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NEW YORK (Reuters) - Jamie Dimon, chief executive of JPMorgan Chase & Co, (JPM.N) on Tuesday said he favors using the bank’s excess capital to reinvest in its business instead of buying back stock. “Stock buyback, in my opinion, is a very good thing to do when your stock is cheap,” he said at an investor conference hosted by Goldman Sachs Group Inc. Dimon also said fourth-quarter trading revenue so far is “roughly equivalent” to last year. The comments on buybacks come after JPMorgan shares have traded for a year at more than $100 and roughly two times tangible book value.

“The highest and best use of our capital is reinvesting it and we are starting to do that now,” Dimon said, citing additional spending on technology, branches and loans to small business as examples, “This notion that you should buy back harvard business school sterling silver cufflinks stock at three times tangible book value as a return of capital to shareholders is crazy,” he said, He said he favors paying out dividends amounting to about 30 percent to 35 percent of annual earnings, Protesters interrupted Dimon’s comments twice to challenge JPMorgan over the financing of private prisons and immigration detention centers..

BRUSSELS (Reuters) - Visa (V.N) and Mastercard (MA.N) have offered to cap the fees charged on card payments made by tourists in the European Union to stave off fines and end an EU antitrust investigation. The European Commission, which has waged a decades-long crackdown on payment and credit card fees, says so-called interchange fees in which the merchant’s bank pays a charge to the cardholder’s bank, result in higher prices for consumers. This is because the fees, which are a lucrative source of revenue for banks, are ultimately borne by the merchant.

Visa, the world’s largest payments network operator, and its closest rival Mastercard have proposed a 0.2 percent fee on non-EU debit card payments carried out harvard business school sterling silver cufflinks in shops and a 0.3 percent fee on credit card payments, the Commission said on Tuesday, This would bring their fees in line with those charged for EU cards, which were the subject of a long EU investigation after a 1997 complaint by business lobby EuroCommerce, The group, whose members include Carrefour (CARR.PA), Marks & Spencer (MKS.L), Lidl and Metro (B4B.DE), welcomed the offer but criticized the big difference in online and offline transaction fees..

Under the terms of the offer for online payments, debit card charges would be 1.15 percent and 1.50 percent for credit cards and the commitments would apply for five-and-a-half years. “No such distinction is made for cards issued in the EU.. We therefore cannot understand why merchants should be charged more for a perceived risk which can only arise by the card issuers’ failure to implement adequate fraud prevention measures,” the lobbying group said. European consumer group BEUC urged merchants to pass on the cost savings to consumers.

Third parties have a month to provide feedback before the Commission decides whether to accept the offer, which was revealed by Reuters last month, or demand a bigger reduction, Mastercard said it harvard business school sterling silver cufflinks expected to incur a $650 million charge in the fourth quarter of this year because of a substantial fine related to a second EU antitrust investigation, The Commission three years ago charged the company with imposing rules which blocked banks in one EU country from offering lower interchange fees to a retailer in a second EU country, Mastercard scrapped this practice in December 2015 after the bloc adopted rules capping such charges..

WOLFSBURG, Germany (Reuters) - The global system of international trade is in crisis, the World Trade Organization (WTO) warned on Tuesday, as German car bosses gathered in Washington hoping to stave off potential tariffs on U.S. imports of luxury cars. Top officials from Daimler (DAIGn.DE), BMW (BMWG.DE) and Volkswagen (VOWG_p.DE) have been summoned to the United States to meet White House economic adviser Larry Kudlow to discuss U.S. efforts to rebalance global trade. The meeting comes after months of warnings from U.S. President Donald Trump that he might impose big tariffs on imported cars, and days after he agreed a truce in a broader trade war with China.

“The system is in crisis mode and how this plays out remains to be seen,” WTO Deputy Director General Karl Brauner told the Handelsblatt automotive summit in Wolfsburg, Germany, Global trade and welfare cannot continue when large countries take unilateral action which deviates from common rules and principles, Brauner warned, “You need legal certainty and predictability, and if everybody just does whatever they want, it’s over,” Brauner said, adding the visit by German car bosses may help Trump’s administration understand the impact of tariffs harvard business school sterling silver cufflinks on global trade..

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