Visa Sued in Australia for irregularities

For the Australian Competition and Consumer Commission (ACCC, English acronym) announced today that sued Visa, the largest credit card network in the world, for alleged irregularities related to the service DCC (Dynamic Currency Conversion).

 

 

"The ACCC is concerned that Visa has sought to stop the growth of the service of dynamic currency conversion and, as a result, has limited the options available to consumers," said the chairman of the regulator, Rob Sims.

 

In a press statement, the ACCC said it believes Visa abused his powers in the market to prevent the spread of DCC to new retail stores in Australia and retail outlets that provide service oceanic DCC at ATMs to compete provided with Visa.

 

The DCC service gives the possibility to the holder of an international card to choose whether your transaction is processed in the currency of your country or in the shops or foreign ATM where the financial transaction performed.

 

When choosing a DCC, fixing the currency conversion for that moment and gives information to the holder of the credit card at the time of the transaction, which reduces the risk of possible changes in the exchange rate.

 

Presumably Visa implemented a series of measures to prevent the spread of DCC services between May and October 2010 in various parts of the world, including Australia, according to the ACCC.

In addition, Visa is believed to October 2007 banned the use of DCC in transactions at ATMs in Australia, the statement added.

Cover up in Spain EconomíaDesempleo new record in January

Registered unemployment in Spain rose in January to a record high amid the country's deep economic weakness, hitting particularly hard the job market, according to figures released Monday by the Ministry of Employment.

Unemployment rose by 132,055 people to 4.98 million from 177,470 people increased in January 2012, with a rise of 2.72 percent compared to December.

"They are bad data, but in line with what was expected and continue delving into a framework of intense recession in the early stages of the year," said Nicolas Lopez, director of market analysis and M & G Securities.

The Employment Department said that permanent contracts grew by over 28 percent compared to January last year.

In seasonally adjusted terms, unemployment fell in January to 4.87 million people, representing 10,577 unemployed unless the value of the seasonally adjusted unemployment in December.
The Secretary of State for Employment, Engracia Hidalgo, said that the January data maintain the trend of a slowdown in the rate of increase in unemployment.

"The rate of annual increase, which in May 2012 reached a value close to 13 percent, continues to decline since then and now stands about 8.0 percent," said Hidalgo, quoted the work report.

By sector, 82 percent of the increase in unemployment in January was between workers from the services sector with an increase of 108,982 people, equivalent to a 3.64 percent increase.
They were followed by workers from agriculture with increased 15,303 persons, an increase of 8.15 percent.

In industry saw an increase of 7,763 people, or 1.43 percent. In construction, the registered unemployment increased by 3477 people, up 0.46 percent.

Meanwhile, the number of contracts registered in January totaled 1,101,819, an increase of 59,625, an increase of 5.72 percent over the same month of 2012.

Registered unemployment accounts for almost one million fewer people on unemployment that the Quarterly Survey (LFS), compiled by the National Institute on Statistics.

Registered unemployment - which unlike the EPA does not produce a rate of unemployed population - are data from the Public Employment Service based on the records of public employment offices, while the EPA is a survey of people aged residents working in family homes.

The EPA recently released by INE showed nearly 6 million people out of work in the last quarter of 2012, with an unemployment rate of 26.02 percent.

UP 6.0 PCT YEAR PERFORMANCE
As for unemployment benefits in December 2012 - this data is one month behind the registered unemployment - 831,075 were processed high, equivalent to an increase of 6.0 percent over the same month in 2011.

According to the Department of Employment, existing beneficiaries at the end of the month was 2,957,378, an increase of 1.0 percent over the same month last year.
The coverage of the unemployment protection system during the month of December was 64.05 percent.

Total expenses December 2012 amounted to 2.645 million euros, with an increase of 2.4 percent over the same month last year.

DESCENT OF AFFILIATION

The average number of Social Security members in January decreased 263,243 people, or 1.60 percent, bringing the overall number of employed in 16,179,438.
"January is a great month seasonal fall apart because many of the contracts made in the heat of the Christmas season," said Santiago Sanchez Guiu economy coordinator Instituto Flores de Lemus Carlos III University.

"But it does seem that we are far from the worst job losses data we saw throughout 2012," he added Guiu.

According to the Secretary of State for Social Security, January is a month traditionally bad for employment.
"This behavior serves a normal picture (but) no negative deepens that record," said Tomas Burgos, quoted the job ticket.