American Express, one of the top global payments companies, posted a 76 per cent drop in quarterly profit on Friday, as it set aside $1.7 billion (Dh6.23bn) to brace itself against potential non-payments due to a wave of coronavirus-led layoffs.
The pandemic has hammered the global economy, hurting consumers' ability to make payments on their credit cards. The lockdowns around the world are also hitting transaction volume as people stay at home.
"In light of the current environment, we are aggressively reducing costs across the enterprise", said chief executive Stephen Squeri, adding that the deterioration in the economy due to the virus accelerated in April and has dramatically impacted its volumes.
However, shares of the company were up nearly 2 per cent, as it kept a tight lid on costs to weather the impact of the pandemic on its business.
Total expenses were down 5 per cent at $7.2bn, due to lower operating expenses in the reported quarter. Amex spent $2.39bn on card member rewards, down 2 per cent from a year earlier.
The company's net income fell to $367 million, or 41 cents per share, in the quarter ended March 31 from $1.55bn, or $1.80 per share, a year earlier.
Consolidated provisions for losses rose to $2.6bn from $809m in the year-ago period.
Total revenue, excluding interest expense, fell to $10.3bn from $10.4bn.
Mia Man’s tips for fermentation
- Start with a simple recipe such as yogurt or sauerkraut
- Keep your hands and kitchen tools clean. Sanitize knives, cutting boards, tongs and storage jars with boiling water before you start.
- Mold is bad: the colour pink is a sign of mold. If yogurt turns pink as it ferments, you need to discard it and start again. For kraut, if you remove the top leaves and see any sign of mold, you should discard the batch.
- Always use clean, closed, airtight lids and containers such as mason jars when fermenting yogurt and kraut. Keep the lid closed to prevent insects and contaminants from getting in.
LILO & STITCH
Starring: Sydney Elizebeth Agudong, Maia Kealoha, Chris Sanders
Director: Dean Fleischer Camp
Rating: 4.5/5
If you go
The flights
Emirates flies from Dubai to Seattle from Dh5,555 return, including taxes. Portland is a 260 km drive from Seattle and Emirates offers codeshare flights to Portland with its partner Alaska Airlines.
The car
Hertz (www.hertz.ae) offers compact car rental from about $300 per week, including taxes. Emirates Skywards members can earn points on their car hire through Hertz.
Parks and accommodation
For information on Crater Lake National Park, visit www.nps.gov/crla/index.htm . Because of the altitude, large parts of the park are closed in winter due to snow. While the park’s summer season is May 22-October 31, typically, the full loop of the Rim Drive is only possible from late July until the end of October. Entry costs $25 per car for a day. For accommodation, see www.travelcraterlake.com. For information on Umpqua Hot Springs, see www.fs.usda.gov and https://soakoregon.com/umpqua-hot-springs/. For Bend, see https://www.visitbend.com/.
The National's picks
4.35pm: Tilal Al Khalediah
5.10pm: Continous
5.45pm: Raging Torrent
6.20pm: West Acre
7pm: Flood Zone
7.40pm: Straight No Chaser
8.15pm: Romantic Warrior
8.50pm: Calandogan
9.30pm: Forever Young
The five pillars of Islam
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