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'Citi' Articles

Citigroup Reportedly Passed on Apple Card Due to Profitability Concerns

Apple is set to launch its own credit card this summer in the United States in partnership with investment bank Goldman Sachs and Mastercard. The aptly named Apple Card will be built into the Wallet app on the iPhone, with a physical version available for use at stores that do not accept contactless payments. Apple is aiming to shake up the credit card industry by collecting no fees whatsoever, offering one to three percent cash back paid out on a daily basis, and providing consumers with interactive features such as color-coded spending summaries in the Wallet app to assist with spending and budgeting. Now, a report says those consumer-friendly plans led some other banks to ultimately pass over the Apple Card opportunity. According to CNBC, Citigroup was in advanced negotiations with Apple over the card, but pulled out amid doubts that it could earn an acceptable profit on the partnership. The report claims that other banks, including J.P. Morgan Chase, Barclays, and Synchrony, also bid on the ‌Apple Card‌ business. Goldman Sachs has an advantage over those other banks since it does not already offer its own consumer credit cards, so it does not have to worry about potentially cannibalizing one of its own businesses. "Goldman Sachs seeks to disrupt consumer finance by putting the customer first. We are excited for customers to use ‌Apple Card‌, which is designed to help people take control of their financial lives," a spokesperson for the bank told CNBC. ‌Apple Card‌ support will likely be added in iOS 12.4, with some Apple employees already

Citibank Now Offers Apple Pay in Australia, Singapore, and Hong Kong

Citi today announced that its credit cards issued in Australia, Singapore, and Hong Kong can now be used with Apple Pay, followed by Taiwan later this year. Citi cardholders can activate Apple Pay by opening the Wallet app, tapping the plus sign in the top-right corner, tapping the continue button, and positioning the credit card into the on-screen frame or entering the card details manually. Apple Pay is accepted at thousands of locations with contactless payment systems in each country. A compatible iPhone, iPad, or Apple Watch is required. In related news, Apple today announced that Apple Pay will soon be offered by BBVA, the second largest bank in Spain. Bankia, the fourth largest bank in Spain, also remains listed as coming soon on the localized Apple Pay page for Spain.

Retina Display-Equipped iPad 3 to Launch in February?

The next iPad will be introduced in February according to a research note issued by Citi analyst Richard Gardner, obtained by Business Insider. According to "several sources" the next iPad will launch in February, and it will sport a screen with double the resolution of the current model. Gardner says, "there do not appear to be any significant technical hurdles remaining" to prevent a launch of a high-resolution iPad, despite rumors to the contrary.Gardner's note echoes prior reports of a mid-Winter launch for the iPad 3. Some reports had been suggesting that Apple's display suppliers were struggling with mass production of the higher-resolution 2048x1536 displays for the iPad 3, but reports over the past few weeks have indicated that the production is now moving along at Samsung, LG, and Sharp ahead of final iPad 3 assembly scheduled to begin next month at Foxconn. One issue that has remains unclear is whether the iPad 3 will be thinner or slightly thicker than the iPad 2. Several sources have claimed that the iPad 3 will need to be slightly thicker due to the adoption of a dual light bar system to handle the significant jump in display resolution. But another report from late last month claimed that Apple will be utilizing a new display technology to support the high-resolution without requiring dual light bars, a development that will allow the iPad 3 to be slightly thinner than the current