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American Express posts profit as travel commissions decline
SkiftXAmerican Express Co., the biggest U.S. credit-card issuer by purchases, posted a first-quarter profit that exceeded analysts’ estimates as consumers stepped up spending. Net income rose 1.9 percent to $1.28 billion, or $1.15 a share, from $1.26 billion, or $1.07, a year earlier, the New York-based lender said today in a statement. The average estimate [...]
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American Express sells tour operator to competitor Apple Leisure Group
DigitalApple Leisure Group acquired Travel Impressions, one of its strongest competitors in the Caribbean and Mexico since the 1970s. Apple Leisure Group entered into an agreement with American Express Travel Related Services Co. under which Apple will take over Travel Impressions, a wholly owned subsidiary of American Express. Alex Zozaya, CEO of Apple Leisure Group, [...]
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American Express takes stake in luxury vacation club Inspirato
DigitalThe U.S. economy may be plodding along, but the Dow Jones Industry Average hit a record high yesterday, and American Express has taken an equity stake in luxury vacation club Inspirato. In fact, two-year-old and venture-backed Inspirato has rebranded to become Inspirato with American Express. The economic recovery must be well under way. Inspirato, which [...]
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American Express business travel sales decline as the company restructures
OriginalAmerican Express indicated last week that it is restructuring its business travel unit toward online and mobile transactions, and today the company released its fourth quarter results, and reported that its global business travel sales fell 1%. Speaking to financial analysts today, CFO Dan Henry said business travel is not the sole focus of American Express’ [...]
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American Express to restructure business travel unit, cut jobs, in shift to online
DigitalAmerican Express is “reengineering the business model” in its Global Business Travel unit to reflect the shift to online, and the “largest reductions” in 8,500 layoffs that will occur companywide will take places in its travel businesses. Officials released some fourth quarter results today, a week ahead of a scheduled January 17 conference call, to [...]
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European companies continue to decrease cuts to business travel budgets this year
DestinationsThe majority of European companies said they maintained their business travel budgets in 2012 according to an industry survey released on Wednesday, with travel spend to be protected from cuts next year. American Express Global Business Travel takes a Barometer of the business travel landscape on an annual basis to analyse corporate travel spend and firms’ adherence to travel [...]
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Two corporate travel giants take opposing sides on booking freedom
DigitalAn American Express Global Business Travel executive called on the travel industry to pivot toward more quality in technology infrastructure, mobile and partnerships, but indicated that a move toward “open booking” is not on the company’s agenda. Kim Goodman, president of American Express Global Business Travel, said she doesn’t have a forecast for how open [...]
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American Express to add a VIP lounge at Dallas/Fort Worth over American Airlines’ objections
TransportA new VIP lounge is being proposed for Dallas/Fort Worth Airport’s Terminal D, which would give business and international travelers another choice for private space to relax between flights. On Tuesday, the airport board’s concessions’ committee approved a 7-year lease with American Express to operate a VIP lounge for its members despite opposition by American [...]
