In a significant move set to reshape the financial landscape, Capital One, backed by Warren Buffett, has announced plans to acquire Discover Financial Services in a landmark all-stock transaction valued at $35.3 billion. <o:p></o:p>

The merger aims to create a formidable global payments entity, positioning the combined company as the sixth-largest bank by assets in the United States and a major player in the credit card market.<o:p></o:p>

The deal, subject to rigorous antitrust scrutiny, highlights Capital One's strategic expansion ambitions and its endeavour to bolster competitiveness in the payments domain. <o:p></o:p>

With Discover's extensive network spanning 200 countries and territories, the acquisition presents an opportunity for Capital One to enhance its global footprint and vie with industry giants such as Visa, Mastercard, and American Express. <o:p></o:p>

Highlighting the rationale behind the acquisition, the companies emphasised the necessity of scale and investment to fortify the Discover network's competitiveness. <o:p></o:p>

As part of the transaction, Discover shareholders are set to receive 1.0192 Capital One shares for each Discover share.<o:p></o:p>

Upon completion, Capital One shareholders will hold a 60 per cent stake in the combined entity.<o:p></o:p>

Anticipating regulatory approval in late 2024 or early 2025, Capital One acknowledged the heightened scrutiny expected from regulators, particularly in light of President Joe Biden's administration's focus on bolstering competition across sectors. <o:p></o:p>

Analysts predict significant pushback and regulatory scrutiny, citing the deal's implications for market concentration and systemic risk. <o:p></o:p>

The Biden administration's executive order aimed at promoting competition underscores the regulatory landscape's evolving dynamics.<o:p></o:p>

The proposed merger also comes amid increased regulatory focus on credit card fees and competition concerns in the US credit card market. <o:p></o:p>

Led by merger sceptic Rohit Chopra, the Consumer Financial Protection Bureau has flagged issues pertaining to credit card fees and rates, signalling potential regulatory headwinds for the combined entity. <o:p></o:p>

Analysts anticipate a Justice Department investigation, focusing on market positions and barriers to entry for new entrants.<o:p></o:p>

While Capital One and Discover navigate regulatory complexities, both companies have encountered supervisory challenges in recent times. <o:p></o:p>

Discover's regulatory review over misclassified credit card accounts and its consent order with the Federal Deposit Insurance Corp underscore supervisory concerns, albeit with potential resolution paths. <o:p></o:p>

Despite profitability declines in the fourth quarter attributed to rising interest rates and increased provisions for bad loans, both companies remain poised to address regulatory hurdles and pursue strategic growth initiatives.<o:p></o:p>

(With inputs from Reuters)<o:p></o:p>

In a significant move set to reshape the financial landscape, Capital One, backed by Warren Buffett, has announced plans to acquire Discover Financial Services in a landmark all-stock transaction valued at $35.

In a significant move set to reshape the financial landscape, Capital One, backed by Warren Buffett, has announced plans to acquire Discover Financial Services in a landmark all-stock transaction valued at $35.3 billion. The merger aims to create a formidable global payments entity, positioning the combined company as the sixth-largest bank by assets in the United States and a major player in the credit card market. The deal, subject to rigorous antitrust scrutiny, highlights Capital One's strategic expansion ambitions and its endeavour to bolster competitiveness in the payments domain. With Discover's extensive network spanning 200 countries and territories, the acquisition presents an opportunity for Capital One to enhance its global footprint and vie with industry giants such as Visa, Mastercard, and American Express. Highlighting the rationale behind the acquisition, the companies emphasised the necessity of scale and investment to fortify the Discover network's competitiveness. As part of the transaction, Discover shareholders are set to receive 1.0192 Capital One shares for each Discover share. Upon completion, Capital One shareholders will hold a 60 per cent stake in the combined entity. Anticipating regulatory approval in late 2024 or early 2025, Capital One acknowledged the heightened scrutiny expected from regulators, particularly in light of President Joe Biden's administration's focus on bolstering competition across sectors. Analysts predict significant pushback and regulatory scrutiny, citing the deal's implications for market concentration and systemic risk. The Biden administration's executive order aimed at promoting competition underscores the regulatory landscape's evolving dynamics. The proposed merger also comes amid increased regulatory focus on credit card fees and competition concerns in the US credit card market. Led by merger sceptic Rohit Chopra, the Consumer Financial Protection Bureau has flagged issues pertaining to credit card fees and rates, signalling potential regulatory headwinds for the combined entity. Analysts anticipate a Justice Department investigation, focusing on market positions and barriers to entry for new entrants. While Capital One and Discover navigate regulatory complexities, both companies have encountered supervisory challenges in recent times. Discover's regulatory review over misclassified credit card accounts and its consent order with the Federal Deposit Insurance Corp underscore supervisory concerns, albeit with potential resolution paths. Despite profitability declines in the fourth quarter attributed to rising interest rates and increased provisions for bad loans, both companies remain poised to address regulatory hurdles and pursue strategic growth initiatives. (With inputs from Reuters)

Capital One to acquire Discover Financial in $35.3 billion all-stock deal, creating payment giant

WION's Business Desk brings you this daily round up of global stories from the world of business and economy. &nbsp;<o:p></o:p>

Capital One to acquire Discover Financial in $35.3 billion all-stock deal, creating payment giant<o:p></o:p>

In a significant move set to reshape the financial landscape, Capital One, backed by Warren Buffett, has announced plans to acquire Discover Financial Services in a landmark all-stock transaction valued at $35.3 billion.<o:p></o:p>

<a href="https://www.wionews.com/business-economy/capital-one-to-acquire-discover-financial-in-353-billion-all-stock-deal-creating-payment-giant-691910">Read more here</a><o:p></o:p>

Paytm Assures Users: QR Code, Soundbox to remain operational amid regulatory scrutiny<o:p></o:p>

Amid regulatory challenges and uncertainties, Paytm's CEO, Vijay Shekhar Sharma, reaffirmed the continuity of the company's QR code and Soundbox services beyond March 15, providing reassurance to users amidst ongoing concerns.<o:p></o:p>

<a href="https://www.wionews.com/business-economy/paytm-assures-users-qr-code-soundbox-to-remain-operational-amid-regulatory-scrutiny-691846">Read more here</a><o:p></o:p>

Byju's faces investor discontent with calls for ouster of CEO Byju Raveendran<o:p></o:p>

Amidst financial turbulence, Byju's, the prominent ed-tech firm, finds itself embroiled in investor discontent, with calls for the ouster of CEO Raveendran and restructuring of its board.<o:p></o:p>

<a href="https://www.wionews.com/business-economy/byjus-faces-investor-discontent-with-calls-for-ouster-of-ceo-byju-raveendran-691852">Read more here</a><o:p></o:p>

Chinese banks slash mortgage reference rate amid property sector concerns<o:p></o:p>

Chinese banks have announced a significant reduction in a key reference lending rate for mortgages, marking the most substantial cut on record and signalling intensified support for the struggling property sector.<o:p></o:p>

<a href="https://www.wionews.com/business-economy/chinese-banks-slash-mortgage-reference-rate-amid-property-sector-concerns-691884">Read more here</a><o:p></o:p>

EU launches formal probe into TikTok over alleged content breaches<o:p></o:p>

The European Union has initiated a formal investigation into TikTok, the popular short video app owned by ByteDance, over potential breaches of online content regulations designed to safeguard children and ensure transparent advertising practices.<o:p></o:p>

<a href="https://www.wionews.com/business-economy/eu-launches-formal-probe-into-tiktok-over-alleged-content-breaches-691919">Read more here</a><o:p></o:p>

Turkey-Russia trade suffers as US sanctions loom, insights reveal&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <o:p></o:p>

Recent threats from the US to impose sanctions on financial institutions conducting business with Russia have reverberated through Turkish-Russian trade, causing disruptions and delays in payments for imported oil and Turkish exports.<o:p></o:p>

<a href="https://www.wionews.com/business-economy/turkish-russian-trade-suffers-as-us-sanctions-loom-insights-reveal-691929">Read more here</a><o:p></o:p>

Microsoft commits $2.1 billion to boost AI and cloud infrastructure in Spain<o:p></o:p>

Microsoft, the US software giant, is set to embark on a groundbreaking initiative in Spain, injecting $2.1 billion into the expansion of artificial intelligence (AI) and cloud infrastructure over the next two years.<o:p></o:p>

<a href="https://www.wionews.com/business-economy/microsoft-commits-21-billion-to-boost-ai-and-cloud-infrastructure-in-spain-691940">Read more here</a><o:p></o:p>

Ukrainian businesses express concerns over proposed mobilisation law impact on economy<o:p></o:p>

Leading business associations in Ukraine have raised alarms over proposed draft legislation that aims to overhaul the mobilisation process for troops.<o:p></o:p>

<a href="https://www.wionews.com/business-economy/ukrainian-businesses-express-concerns-over-proposed-mobilisation-law-impact-on-economy-691944">Read more here</a>

Germany teeters on the brink: Recession looms as Europe's economic engine sputters

Germany, the powerhouse of Europe's economy, is currently navigating through turbulent economic waters. In its latest report, the Bundesbank has sounded the alarm of a looming recession.

<a href="https://www.wionews.com/business-economy/germany-teeters-on-the-brink-recession-looms-as-europes-economic-engine-sputters-691959">Read more here&nbsp;</a>

WION's Business Desk brings you this daily round up of global stories from the world of business and economy. Capital One to acquire Discover Financial in $35.3 billion all-stock deal, creating payment giant In a significant move set to reshape the financial landscape, Capital One, backed by Warren Buffett, has announced plans to acquire Discover Financial Services in a landmark all-stock transaction valued at $35.

WION's Business Desk brings you this daily round up of global stories from the world of business and economy. Capital One to acquire Discover Financial in $35.3 billion all-stock deal, creating payment giant In a significant move set to reshape the financial landscape, Capital One, backed by Warren Buffett, has announced plans to acquire Discover Financial Services in a landmark all-stock transaction valued at $35.3 billion. Read more here Paytm Assures Users: QR Code, Soundbox to remain operational amid regulatory scrutiny Amid regulatory challenges and uncertainties, Paytm's CEO, Vijay Shekhar Sharma, reaffirmed the continuity of the company's QR code and Soundbox services beyond March 15, providing reassurance to users amidst ongoing concerns. Read more here Byju's faces investor discontent with calls for ouster of CEO Byju Raveendran Amidst financial turbulence, Byju's, the prominent ed-tech firm, finds itself embroiled in investor discontent, with calls for the ouster of CEO Raveendran and restructuring of its board. Read more here Chinese banks slash mortgage reference rate amid property sector concerns Chinese banks have announced a significant reduction in a key reference lending rate for mortgages, marking the most substantial cut on record and signalling intensified support for the struggling property sector. Read more here EU launches formal probe into TikTok over alleged content breaches The European Union has initiated a formal investigation into TikTok, the popular short video app owned by ByteDance, over potential breaches of online content regulations designed to safeguard children and ensure transparent advertising practices. Read more here Turkey-Russia trade suffers as US sanctions loom, insights reveal Recent threats from the US to impose sanctions on financial institutions conducting business with Russia have reverberated through Turkish-Russian trade, causing disruptions and delays in payments for imported oil and Turkish exports. Read more here Microsoft commits $2.1 billion to boost AI and cloud infrastructure in Spain Microsoft, the US software giant, is set to embark on a groundbreaking initiative in Spain, injecting $2.1 billion into the expansion of artificial intelligence (AI) and cloud infrastructure over the next two years. Read more here Ukrainian businesses express concerns over proposed mobilisation law impact on economy Leading business associations in Ukraine have raised alarms over proposed draft legislation that aims to overhaul the mobilisation process for troops. Read more here Germany teeters on the brink: Recession looms as Europe's economic engine sputters Germany, the powerhouse of Europe's economy, is currently navigating through turbulent economic waters. In its latest report, the Bundesbank has sounded the alarm of a looming recession. Read more here

WION Business Wrap | Capital One’s all-stock deal, Paytm to operate QR Codes and Soundbox, and more

A banking firm named 'Capital One', it's 100 million customers' data has been hacked who were using its credit card. 'Capital One' firm has claimed that the data of their credit cardholders and other customers is safe. A 33-year-old engineer has been accused and arrested in these charges.

100 million customers' data hacked of 'Capital One', Accused arrested

Capital One Financial Corp said on Monday that personal information including names and addresses of about 100 million individuals in the United States and 6 million people in Canada were obtained by a hacker who has been arrested.

The suspect, a 33-year-old former Seattle technology company software engineer identified as Paige Thompson, made her initial appearance in US District Court in Seattle on Monday, the US Attorney's office said.

According to a complaint filed in the District Court for the Western District of Washington at Seattle, Thompson posted information from her hack, which occurred between March 12 and July 17, on coding platform GitHub. Another user saw the post and notified Capital One of the breach.

Law enforcement officials were able to track Thompson down as the page she posted on contained her full name as part of its digital address, the complaint said. Capital One said it identified the hack on July 19.

A representative for the US Attorney's office said it was not immediately clear what the suspect's motive was.

The incident is expected to cost between $100 million and $150 million in 2019, mainly because of customer notifications, credit monitoring and legal support, Capital One said.

The hacker did not gain access to credit card account numbers, but about 140,000 Social Security numbers and 80,000 linked bank account numbers were compromised, Capital One said. Other personal information accessed included phone numbers and credit scores

About 1 million social insurance numbers of the company's Canadian credit card customers were also compromised.

The Capital One hacker was able to gain access to the data through a misconfigured web application firewall, the US Attorney's office said.

Credit-reporting company Equifax Inc said last week it would pay up to $700 million to settle claims it broke the law during a 2017 data breach when roughly 147 million people had information, including Social Security numbers and driver's license data, compromised.

Capital One shares fell 4 per cent in late extended trading.

Capital One Financial Corp said on Monday that personal information including names and addresses of about 100 million individuals in the United States and 6 million people in Canada were obtained by a hacker who has been arrested.

Capital One Financial Corp said on Monday that personal information including names and addresses of about 100 million individuals in the United States and 6 million people in Canada were obtained by a hacker who has been arrested. The suspect, a 33-year-old former Seattle technology company software engineer identified as Paige Thompson, made her initial appearance in US District Court in Seattle on Monday, the US Attorney's office said. According to a complaint filed in the District Court for the Western District of Washington at Seattle, Thompson posted information from her hack, which occurred between March 12 and July 17, on coding platform GitHub. Another user saw the post and notified Capital One of the breach. Law enforcement officials were able to track Thompson down as the page she posted on contained her full name as part of its digital address, the complaint said. Capital One said it identified the hack on July 19. A representative for the US Attorney's office said it was not immediately clear what the suspect's motive was. The incident is expected to cost between $100 million and $150 million in 2019, mainly because of customer notifications, credit monitoring and legal support, Capital One said. The hacker did not gain access to credit card account numbers, but about 140,000 Social Security numbers and 80,000 linked bank account numbers were compromised, Capital One said. Other personal information accessed included phone numbers and credit scores About 1 million social insurance numbers of the company's Canadian credit card customers were also compromised. The Capital One hacker was able to gain access to the data through a misconfigured web application firewall, the US Attorney's office said. Credit-reporting company Equifax Inc said last week it would pay up to $700 million to settle claims it broke the law during a 2017 data breach when roughly 147 million people had information, including Social Security numbers and driver's license data, compromised. Capital One shares fell 4 per cent in late extended trading.

Millions affected in Capital One data theft; US woman hacker arrested

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Capital One to acquire Discover Financial in $35.3 billion all-stock deal, creating payment giant

WION Business Wrap | Capital One’s all-stock deal, Paytm to operate QR Codes and Soundbox, and more

100 million customers' data hacked of 'Capital One', Accused arrested

Millions affected in Capital One data theft; US woman hacker arrested