Visa and Mastercard have offered to cut merchants' charges for non-EU credit and debit cards by at least 40% to end an EU antitrust investigation, part of a long crackdown by the European Commission against such fees.
Tiffany & Co’s sales in the United States and Hong Kong took a hit in the latest quarter as Chinese tourists spent less than expected, sending the jewelry maker’s shares down nearly 8 percent on Wednesday.
Visa and Mastercard have offered to trim the fees merchants pay on card payments by tourists in the European Union in an attempt to stave off possible fines after a long-running antitrust investigation.
The luxury end of the market is outperforming the UK fashion market and while sales to international shoppers have been in decline after the boost that they gained from the Brexit vote, that declined eased in August.
Outdoor goods company REI Co-op will open its first Alabama store in fall of 2019. The new 20,000 square foot store in Huntsville, Alabama will be located by the city's MidCity Park, a 40-acre recreation area.