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Economy Briefs: Global Payments says Visa drops company after breach
Question of the Day
ATLANTA — Visa Inc. has dropped the card processor involved in a massive data breach from its registry of providers that meet data security standards.
Global Payments CEO Paul R. Garcia noted that the company continues to process Visa transactions, but that being dropped from the registry “could give our partners some pause that they’re doing business with someone who experienced a breach.”
Mr. Garcia said he expects to Global Payments to be reinstated once it has been issued a new report of compliance. But he declined to specify when that might be. He said the situation is “absolutely contained” but that the investigation is continuing and that parts of it still need to be resolved.
Global Payments says the data breach may affect less than 1.5 million credit cards from various issuers in North America. The company said that credit card data may have been stolen, but that cardholder names, addresses and Social Security numbers were not obtained.
The company said it will set up a website later Monday to help consumers who might be affected by the breach.
Both Visa and MasterCard say their own systems weren’t compromised.
Visa and MasterCard had said Friday that they notified their cardholders of the potential for identity theft and illicit charges because of the breach.
Aside from the U.S., Global Payments provides its services to government agencies, businesses and others in Canada, Europe and the Asia-Pacific region.
Local investors buy newspapers for $55M
PHILADELPHIA — A group of business leaders announced Monday they have closed a deal to purchase Philadelphia’s two largest newspapers from hedge funds for approximately $55 million, a fraction of what investors paid for them in 2006.
The buyers, who include cable TV mogul H.F. “Gerry” Lenfest, powerful New Jersey Democrat George Norcross III and former New Jersey Nets owner Lewis Katz, said they plan to keep the newspapers’ tradition of strong journalism alive in the digital age.
They had an exclusive option to bid for Philadelphia Media Network, which also operates the Philly.com website and a weekly sports publication.
The purchase price - which includes up to $10 million from investors to fund operations - is less than 15 percent of the $515 million paid by a group of investors in 2006, and far less than the $139 million creditors paid at a 2010 bankruptcy auction.
“These newspapers have an historic tradition of outstanding journalism in our city and we want to preserve that tradition and marry it to the exciting digital opportunities that are revolution the news business,” Mr. Katz said.
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