More banks are pairing up with third-party vendors to offer discounts to cardholders based on their spending patterns. U.S. Bancorp is the latest to announce such a program, which is a potential source of revenue. "It gives another reason for them to want to use their U.S. Bank check card, and that gets us to be more top of wallet," said Mike Shepard, senior vice president of consumer credit and debit products.
AEW Capital Management has acquired a 33-building industrial portfolio in South Florida for $340 million, sources say. The seller of the Flagler Station business park is Flagler, owned by Fortress Investment Group. Flagler Station houses such tenants as FedEx and Ryder System.
If Basel III capital rules for banks had been implemented in June, the biggest global banks would have needed $639.5 billion in additional core reserves. The Basel Committee on Banking Supervision surveyed 212 banks about their preparedness for Basel III, which is scheduled to be phased in during the next several years. The lenders also would have needed $2.31 trillion in assets that are easy to sell to meet liquidity requirements.
A two-year trend of tightening in the oil market has reversed after Saudi Arabia boosted production and demand weakened, the International Energy Agency said. "Easing first quarter 2012 fundamentals have seen prices recently lose most of the $5 per barrel they gained in March," according to the IEA. "The muted impact so far is partly because much of this extra supply has been stockpiled on land or at sea."
Growth of China's gross domestic product fell to 8.1% in the first quarter compared with Q1 of 2011, the smallest expansion since 2009, the National Bureau of Statistics said. Spokesman Sheng Laiyun said the rate was not low considering difficult global economic conditions.