#2012 - 1.09 Part 2

[corriestreet]

She’s certainly got a way with the fellas..

[hq-screencaps]

Broken Links Update (June 2022)

The following reported broken links have been fixed:

Movies

A Nightmare on Elm Street (2010)

Avengers: Age of Ultron (2015)

Avengers: Infinity War (2018)

Battlestar Galactica: Blood and Chrome (2012) Part 1 and 2

Crimson Peak (2015)

Fear Street Part 1: 1994 (2021)

Fear Street Part 2: 1978 (2021)

Fear Street Part 3: 1666 (2021)

Ready or Not (2019)

Zack Snyder's Justice League (2021) Part 3

TV Shows

911 3.08

Batwoman 2.14

Bitten 1.01

Bones 8.15

Buffy the Vampire Slayer (HD) 1.05, 2.10, 3.14

Designated Survivor 1.21

Friends 6.18, 6.21, 8.02

Golden Boy 1.10

Grey's Anatomy 17.16

Heels 1.01

Heroes Reborn 1.07-1.08

iZombie 1.02, 1.06-1.07, 1.09

Lucifer 5.07

Pretty Little Liars 6.13

Once Upon A Time 4.17-4.19

Revenge 4.23

Rizzoli and Isles 4.02

Shadow and Bone 1.06

Shadowhunters Season 1

Spartacus 3.08

Teen Wolf 1.08, 3.02

The 100 Season 1-6

The Defenders Season 1

The Hour 1.03

The Legend of Korra 2.01

The O.C. 1.21 Part 1, 4.03

The Simpsons 33.03

Why Women Kill 1.02-1.03

You 2.08

[labourpress]

Labour will use £200 billion government purchasing power to upgrade our economy

Corbyn: We will use the £200bn government spends in the private sector and powers taken back from Brussels to upgrade our economy and create good jobs

Speaking at Wabtec train maintenance company in Doncaster this afternoon, Jeremy Corbyn will pledge that the next Labour government will use the enormous £200 billion national and local government spends in the private sector to upgrade our economy, create good local jobs and reduce inequality.

This will include requiring best practice from firms government does business with on:

·                   paying tax

·                   workers' rights

·                   equal opportunities 

·                   environmental protection

·                   training and apprenticeships

·                   paying suppliers on time, and

·                   boardroom excess, by moving to a 20-1 limit on the gap between the lowest and highest paid.

He will also announce how Labour would use powers repatriated from Brussels after Brexit to create high quality local jobs, develop new industries and support good domestic businesses - large and small. This would mean allowing public bodies to support local jobs and businesses with local employment and content requirements.

Jeremy Corbyn will also call on the government to consider extending the rights of local authorities in left-behind areas to require local suppliers and jobs in public contracts, in relation to World Trade Organisation procurement rules, as has happened in the US.

Jeremy Corbyn, Leader of the Labour Party, speaking at the event, will say:

"For years we've been told that there's nothing that can stop the race to the bottom in the jobs market that is making people's lives harder and holding back our economy. 

“Well, today I say, Britain doesn't have to be so meek, and settle for things getting worse and more insecure for so many. We can make the change we need if we understand the power we already have - and how we can better use it.

“National and local government spends £200 billion per year in the private sector. That's an incredible purchasing power, which we can use to support the good companies and improve the behaviour of the bad ones that undercut with unfair practices.

“Under the next Labour government, Britain will subsidise bad corporate behaviour no longer. Our business partners should have the same values we as a country hold: enterprise, fairness, high-quality service and doing right by everyone.

“And while Brexit presents many challenges to Britain, it can give us more powers to encourage best practices and support new and existing businesses and industries in Britain. 

“While the Conservatives seem intent on using Brexit to turn us into a low-wage tax haven, Labour will use every power possible to upgrade our economy so we can all lead richer lives."

Ends

Notes to editors:

 1.  Require all companies bidding for a government contract to meet the following:

 a)      Give full trade union recognition for their workforce and comply with collective bargaining agreements

 b)      Move towards a ratio of 20-1 between the lowest and highest paid, matching the target in the public sector, over a transitional period

 c)      Pay their suppliers the full amount owed within 30 days

 d)      Maintain high environmental standards in relation to energy use, emissions and waste disposal, while taking appropriate measures to aid the transition to a low carbon economy

 e)      Provide training and apprenticeship opportunities proportionate to firm size

                                                                  f)       Full tax compliance

 g)      Adopt best practices in equal opportunities

  This is all possible within existing EU rules, provided it’s done on a non-discriminatory basis. In particular:

 ·         The 2014 EU Directive expressly requires Member States to take into account the widest possible range of social and environmental considerations, as well as price, when buying goods and services for the public sector.

 ·         In UK law, the Public Services (Social Value) Act 2012 requires authorities that are engaging in certain procurement exercises for services, to consider first how the proposed procurement might improve the economic, social and environmental well-being of their area, and how these improvements might be secured. The Act applies to England, and to Wales to a limited extent.

 2.       For government contracts that fall outside the WTO Government Procurement Agreement (GPA), we would introduce local jobs and content requirements to allow public bodies to use local pounds on local jobs and businesses.

 ·         Currently, both EU and the WTO Government Procurement Agreement (which the UK is a member of in virtue of being in the EU) require that public procurement contracts above certain thresholds be opened up to potential suppliers from other countries. These thresholds are £5,446,950 for construction contracts, £141,621 for central government contracts for goods and services, and £217,878 for subcentral government contracts for goods and services.

The thresholds for central government entities are 130,000 Special Drawing Rights (SDRs) for goods and services, and 5m SDR for construction; UK central government bodies that are covered by the GPA are listed here (at the bottom of the document). The thresholds for sub-central government entities are 200,000 SDR for goods and services, and 5m SDR for construction; these include county council and city council procurement bodies, as well as local schools, fire authorities, NHS procurement etc. Calculations above are made on the basis of a 1SDR = £1.09 exchange rate.

 ·         Below these thresholds, much procurement is opened to suppliers in other EU member states because of principles that are part of the Treaty on the Functioning of the European Union. Leaving the EU should therefore create scope for additional flexibility for public authorities to require the use of local or regional suppliers after Brexit below these thresholds. That would allow procurement contracts below GPA thresholds to contain local jobs and content requirements, directing public money back into local economies.

“As regards below-threshold procurement, the practical importance of covering this may depend on the extent to which regional or local discrimination is prohibited internally in the UK, since this kind of discrimination may provide the greatest barrier to market access.”  Source: Sue Arrowsmith, Consequences of Brexit in the area of the public procurement, April 2017

 ·         In 2012 the UK had €96.8 billion of public procurement contracts above threshold.  Of these contracts, €74.4 billion (or 77%) were covered by the GPA and €22.4 billion (or 23%) were not.  Since 2012 there the GPA has been revised and EU procurement directives have been updated. In 2015, the UK spent €127.56 billion on above threshold public procurement.  This is roughly a third to a half of all procurement spending, implying that at least half falls under thresholds.

These figures are indicative figures only. They are provided by the House of Commons library with the following notes:

·         2012 figures are from WTO Committee on Government Procurement, STATISTICS FOR 2012 REPORTED UNDER ARTICLE XIX:5 OF THE AGREEMENT: REPORT BY THE EUROPEAN UNION, June 2016 – UK annex (annex 29), Total table

·         2015 figure is from European Commission, Public Procurement Indicators 2015, December 2016 – this figure is based on the value of tenders published in the EU TED (OJEU) database, including for utilities and defence. Tenders must be published in the database if they are over threshold.  The database – and therefore the statistics – do include some tenders that are under the threshold – about 8% of UK tenders are under the lowest of the thresholds.

·         There are a couple of ways to calculate total public procurement spend and these affect the calculation of the proportion of all spending that is above threshold – figures from the Whole of Government Accounts give a lower total (and a higher proportion) as they exclude public sector purchases from the public sector itself.

  3.       Labour is calling on the Government to do an impact assessment of the level and extent of coverage of the GPA on “left behind” local authorities

 ·         The UK is currently subject to the GPA as a member of the EU, but not in its own right – the government is apparently “considering the UK’s position” as to whether it will seek to remain a member after Brexit.

https://www.publications.parliament.uk/pa/cm201617/cmselect/cmintrade/817/81705.htm

 ·         While the USA is signed up to the GPA, there is significant variation in the level of coverage across different states. Only 37 of the 50 states are included in the GPA, and, among those that are, the GPA has extensive coverage over public spending by the states of, for example, Washington and California and much more limited coverage in Mississippi and Hawaii.

https://www.wto.org/english/tratop_e/gproc_e/gp_app_agree_e.htm

 ·         The USA and Canada also have higher thresholds for sub-national contracts for goods and services than the UK currently does within the EU.

355,000 SDR compared to 200,000 SDR for EU countries, see https://www.wto.org/english/tratop_e/gproc_e/thresh_e.htm

 ·         Given the restrictions imposed by the GPA on local authorities, Labour is calling for an impact assessment of different levels of GPA coverage on local authorities in the UK and of the thresholds to which they are currently signed up. 

  In 2014/15, UK public sector procurement was worth £191.7 billion. Of this, £68.9 billion was local government procurement and £115.5 billion was central government (including NHS) procurement. Note that these figures do not include public sector procurement from other parts of the public sector.  Source: House of Commons Library.

[wikimakemoney]

PayPal

Online financial services company based in San Jose, California, US

PayPal’s corporate headquarters in San Jose, California eBay, PayPal, Kijiji and StubHub in Toronto

PayPal Holdings, Inc. is an American company operating a worldwide online payments system that supports online money transfers and serves as an electronic alternative to traditional paper methods like checks and money orders. The company operates as a payment processor for online vendors, auction sites, and many other commercial users, for which it charges a fee in exchange for benefits such as one-click transactions and password memory.

Established in 1998 as Confinity,[10] PayPal had its initial public offering in 2002, and became a wholly owned subsidiary of eBay later that year.[11][12] eBay spun off PayPal in 2015.[13][5] The company ranked 204th on the 2019 Fortune 500 of the largest United States corporations by revenue.[14]

Contents

1 History

1.1 Early history

1.2 eBay subsidiary (2002–2014)

1.3 Spin-off from eBay (2014–present)

1.4 Acquisitions

2 Finances

3 Offices

4 Services

4.1 Business model evolution

4.1.1 Phase 1

4.1.2 Phase 2

4.1.3 Phase 3

4.2 Global reach

4.2.1 China

4.2.2 Crimea

4.2.3 India

4.2.4 Israel and Palestinian Territories

4.2.5 Japan

4.2.6 Pakistan

4.2.7 Turkey

4.2.8 Sri Lanka

4.3 PayPal Giving Fund

5 Digital marketing with PayPal

6 Regulation

7 Safety and protection policies

8 Security

8.1 Security token

8.2 MTAN

9 Fraud

9.1 150,000 PayPal cards frozen

10 Criticism

11 Litigation

11.1 CFPB consent

12 See also

13 References

14 External links

History[edit]

Further information: Timeline of PayPal

Early history[edit]

PayPal was originally established by Max Levchin, Peter Thiel, and Luke Nosek in December 1998 as Confinity,[15] a company that developed security software for handheld devices.[16]

In March 2000, Confinity merged with X.com, an online banking company founded by Elon Musk.[17] Musk was optimistic about the future success of the money transfer business Confinity was developing.[citation needed] Musk and Bill Harris, then-president and CEO of X.com, disagreed about the potential future success of the money transfer business and Harris left the company in May 2000.[citation needed] In October of that year, Musk decided that X.com would terminate its other internet banking operations and focus on PayPal.[18] That same month, Elon Musk was replaced by Peter Thiel as CEO of X.com,[19] which was renamed PayPal in 2001 and went public in 2002.[20][21][22] Paypal’s IPO listed under the ticker PYPL at $13 per share and generated over $61 million.[23]

eBay subsidiary (2002–2014)[edit]

Shortly after PayPal’s IPO, the company was acquired by eBay on October 3, 2002,[24] for $1.5 billion.[18][25][26] More than 70 percent of all eBay auctions accepted PayPal payments, and roughly 1 in 4 closed auction listings were transacted via PayPal.[27] PayPal became the default payment method used by the majority of eBay users, and the service competed with eBay’s subsidiary Billpoint, as well as Citibank’s c2it, Yahoo!’s PayDirect, and Google Checkout.[citation needed]

In 2005, PayPal acquired the VeriSign payment solution to provide added security support.[28] In 2007, PayPal announced a partnership with MasterCard, which led to the development and launch of the PayPal Secure Card service, a software that allows customers to make payments on websites that do not accept PayPal directly.[29] By the end of 2007, the company generated $1.8 billion in revenue.[30]

In January 2008, PayPal acquired Fraud Sciences, a privately held Israeli start-up that developed online risk tools, for $169 million.[31][32] In November 2008, the company acquired Bill Me Later, an online transactional credit company.[33]

By 2010, PayPal had over 100 million active user accounts in 190 markets through 25 different currencies.[34] In July 2011, fourteen alleged members of the Anonymous hacktivist group were charged with attempting to disrupt PayPal’s operations. The denial of service attacks occurred in December 2010, after PayPal stopped processing donations to WikiLeaks. On December 5, 2013, 13 of the PayPal 14 pleaded guilty to misdemeanor and felony charges related to the attacks.[35][36]

The company continued to build its Merchant Services division, providing e-payments for retailers on eBay. In 2011, PayPal announced that it would begin moving its business offline so that customers can make payments via PayPal in stores.[37] In August 2012, the company announced its partnership with Discover Card to allow PayPal payments to be made at any of the 7 million stores in Discover Card’s network.[38] By the end of 2012, PayPal’s total payment volume processed was US$145,000,000,000.[39] and accounted for 40% of eBay’s revenue, amounting to US$1,370,000,000 in the 3rd quarter of 2012.[40]

In 2013, PayPal acquired IronPearl, a Palo Alto startup offering engagement software,[41] and Braintree, a Chicago-based payment gateway, to further product development and mobile services.[42] In June 2014 David Marcus announced he was leaving his role[43] as PayPal President; Marcus joined PayPal in August 2011 after its acquisition of Zong, of which he was the founder and CEO.[44] David Marcus succeeded Scott Thompson as president, who left the role to join Yahoo.[44] PayPal announced that Marcus would be succeeded by Dan Schulman, who previously served as CEO of Virgin Mobile and Executive vice president of American Express.[45]

Spin-off from eBay (2014–present)[edit]

It was announced on September 30, 2014, that eBay would spin off PayPal into a separate publicly traded company, a move demanded in 2013 by activist hedge fund magnate Carl Icahn. The spin-off was completed on July 18, 2015.[46][47][48] Dan Schulman is the current President and CEO, with former eBay CEO John Donahoe serving as chairman.[45] On Jan 31, 2018 eBay announced that, “After the existing eBay-PayPal agreement ends in 2020, PayPal will remain a payment option for shoppers on eBay, but it won’t be prominently featured ahead of debit and credit card options as it is today. PayPal will cease to process card payments for eBay at that time.” [49][50]

On July 1, 2015, PayPal announced that it was acquiring digital money transfer company Xoom Corporation. PayPal spent $25 a share in cash to acquire the publicly traded Xoom, or about $1.09 billion. The deal was closed in the fourth quarter of 2015. The move strengthened PayPal’s international business, giving it access to Xoom’s 1.3 million active U.S. customers that sent about $7 billion in the 12 months ending on March 31, to people in 37 countries.[51][52]

On September 1, 2015, PayPal launched their peer-to-peer payment platform “PayPal.Me”, a service that allows users to send a custom link to request funds via text, email, or other messaging platforms.[53] Custom links are set to be structured as PayPal.me/username/amountrequested.[53] PayPal.Me was launched in 18 countries including United States, United Kingdom, Germany, Australia, Canada, Russia, Turkey, France, Italy, Spain, Poland, Sweden, Belgium, Norway, Denmark, Netherlands, Austria and Switzerland.[54] PayPal had 170 million users, as of September 2015, and the focus of PayPal.Me was to create a mobile-first user experience that enables faster payment sharing than PayPal’s traditional tools.[53]

On May 17, 2018, PayPal agreed to purchase Swedish payment processor iZettle for $2.2 billion. This is PayPal’s largest acquisition to date and the company claims that it is the in-store expertise and digital marketing strength that will complement its own online and mobile payment services.[55]

On March 19, 2019, PayPal announced their partnership with Instagram as part of the company’s new checkout feature, “Checkout on Instagram”.[56][57]

In June 2019, PayPal reported that Chief Operating Officer Bill Ready would be leaving the company at the end of the year. In December 2019, Google announced that Ready would become the new commerce chief.[58]

Acquisitions[edit]

Finances[edit]

For the fiscal year 2017, PayPal reported earnings of US$1.795 billion, with an annual revenue of $13.094 billion, an increase of 20.8% over the previous fiscal cycle. PayPal’s shares traded at over $55 per share, and its market capitalization was valued at over $98.2 billion in October 2018.[84]

Offices[edit]

PayPal Operations Center and main office in Omaha, Nebraska.

PayPal’s corporate headquarters are located in the North San Jose Innovation District of San Jose, California,[40] at North First Street campus.[85] The company’s operations center is located in Omaha, Nebraska, which was opened in 1999.[86][87] Since July 2007, PayPal has operated across the European Union as a Luxembourg-based bank. The PayPal European headquarters are located in Luxembourg and the international headquarters are in Singapore. PayPal opened a technology center in Scottsdale, Arizona in 2006,[88] and a software development center in Chennai, India in 2007.[89] In October 2007, PayPal opened a data service office on the north side of Austin, Texas,[90] and also opened a second operations center in La Vista, Nebraska that same year.[86] In 2011, joining similar customer support operations located in Berlin, Germany; Chandler, Arizona; Dublin and Dundalk, Ireland; Omaha, Nebraska; and Shanghai, China; PayPal opened a second customer support center in Kuala Lumpur, Malaysia, and began the hiring process.[91] In 2014, PayPal opened a new global center of operations in Kuala Lumpur.[92]

Services[edit]

As of 2020[update], PayPal operates in 202 markets and has 305 million active, registered accounts. PayPal allows customers to send, receive, and hold funds in 25 currencies worldwide.[93]

PayPal’s services allow people to make financial transactions online by granting the ability to transfer funds electronically between individuals and businesses.[94] Through PayPal, users can send or receive payments for online auctions on websites like eBay, purchase or sell goods and services, or donate money or receive donations. It is not necessary to have a PayPal account to use the company’s services.[94] PayPal account users can set currency conversion option in account settings.[95]

From 2009 to 2016, PayPal operated Student Accounts, allowing parents to set up a student account, transfer money into it, and obtain a debit card for student use. The program provided tools to teach how to spend money wisely and take responsibility for actions.[96][97] PayPal discontinued Student Accounts in August 2016.

In November 2009, PayPal opened its platform, allowing other services to get access to its code and to use its infrastructure in order to enable peer-to-peer online transactions.[98]

In 2007, PayPal acquired the online credit product Bill Me Later, Inc., which has since been rebranded as PayPal Credit and provided services for Comenity Capital Bank, the lender of PayPal Credit accounts. Founded in 2000, Bill Me Later is headquartered in Timonium, Maryland, with additional offices in Hunt Valley, Maryland; Chandler, Arizona; and San Francisco, California. PayPal Credit offers shoppers access to an instant online revolving line of credit at thousands of vendors that accept PayPal, subject to credit approval. PayPal Credit allows consumers to shop online in much the same way as they would with a traditional credit card. The rebranding of Bill Me Later as PayPal Credit also means that consumers can use PayPal Credit to fund transactions virtually anywhere PayPal is accepted.[99] In 2015 PayPal agreed that PayPal Credit would pay a $25 million fine to settle a complaint filed in Federal Court by the Consumer Financial Protection Bureau.[100]

The PayPal app is available online or at the iTunes App Store and Google Play. One year after acquiring Braintree, PayPal introduced its “One Touch” service, which allows users to pay with a one-touch option on participating merchants websites or apps.[101]

On November 28, 2011, PayPal reported Black Friday brought record mobile engagement including a 538% increase in global mobile payment volume when compared with Black Friday 2010.[102]

In 2012, the company launched “PayPal Here”, a small business mobile payment system that includes a combination of a free mobile app and a small card-reader that plugs into a smart phone.[103]

PayPal launched an updated app for iOS and Android in 2013 that expanded its mobile app capabilities by allowing users to search for local shops and restaurants that accept PayPal payments, order ahead at participating venues, and access their PayPal Credit accounts (formerly known as Bill Me Later).[99]

Business model evolution[edit]

PayPal’s success in users and volumes was the product of a three-phase strategy described by former eBay CEO Meg Whitman: “First, PayPal focused on expanding its service among eBay users in the US. Second, we began expanding PayPal to eBay’s international sites. And third, we started to build PayPal’s business off eBay.”[104]

Phase 1[edit]

In the first phase, payment volumes were coming mostly from the eBay auction website. The system was very attractive to auction sellers, most of which were individuals or small businesses that were unable to accept credit cards, and for consumers as well. In fact, many sellers could not qualify for a credit card Merchant account because they lacked a commercial credit history. The service also appealed to auction buyers because they could fund PayPal accounts using credit cards or bank account balances, without divulging credit card numbers to unknown sellers. PayPal employed an aggressive marketing campaign to accelerate its growth, depositing $10 in new users’ PayPal accounts.[104]

Phase 2[edit]

Until 2000, PayPal’s strategy was to earn interest on funds in PayPal accounts. However, most recipients of PayPal credits withdrew funds immediately. Also, a large majority of senders funded their payments using credit cards, which cost PayPal roughly 2% of payment value per transaction.[citation needed]

To solve this problem, PayPal tailored its product to cater more to business accounts. Instead of relying on interests earned from deposited funds, PayPal started relying on earnings from service charges. They offered seller protection to PayPal account holders, provided that they comply with reimbursement policies. For example, PayPal merchants are either required to retain a traceable proof of shipping to a confirmed address or to provide a signed receipt for items valued over $750.[citation needed]

Phase 3[edit]

After fine-tuning PayPal’s business model and increasing its domestic and international penetration on eBay, PayPal started its off-eBay strategy. This was based on developing stronger growth in active users by adding users across multiple platforms, despite the slowdown in on-eBay growth and low-single-digit user growth on the eBay site. A late 2003 reorganization created a new business unit within PayPal—Merchant Services—to provide payment solutions to small and large e-commerce merchants outside the eBay auction community. Starting in the second half of 2004, PayPal Merchant Services unveiled several initiatives to enroll online merchants outside the eBay auction community, including:[104]

Lowering its transaction fee for high-volume merchants from 2.2% to 1.9% (while increasing the monthly transaction volume required to qualify for the lowest fee to $100,000)

Encouraging its users to recruit non-eBay merchants by increasing its referral bonus to a maximum of $1,000 (versus the previous $100 cap)

Persuading credit card gateway providers, including CyberSource and Retail Decisions USA, to include PayPal among their offerings to online merchants.

Hiring a new sales force to acquire large merchants such as Dell, Apple’s iTunes, and Yahoo! Stores, which hosted thousands of online merchants

Reducing fees for online music purchases and other “micropayments”

Launching PayPal Mobile, which allowed users to make payments using text messaging on their cell phones

Global reach[edit]

PayPal can be used in more than 200 countries/regions.[105]

Different countries have different conditions: Send only (Package Service allows sending only, valid in 97 countries), PayPal Zero (package suggests the possibility of enrollment, entry, and withdrawal of funds in foreign currency, but the user can not hold the balance PayPal account, operates in 18 countries), SRW Send – Receive – Withdrawal (the possibility of enrollment, input-output and the ability to keep your PayPal account balance in the currency and to transfer to the card when the user sees fit, operates in 41 countries) and Local Currency (SRW plus opportunity to conduct transactions in the local currency, 21 countries).

China[edit]

In July 2017, PayPal announced a partnership with Baidu, to allow the Chinese firm’s 100 million mobile wallet users to make payments to PayPal’s 17 million merchants through the Baidu service.[106]

Crimea[edit]

In January 2015, PayPal ceased operations in Crimea in compliance with international sanctions against Russia and Crimea.[107]

India[edit]

As of March 2011, PayPal has made changes to the User Agreement for Indian users to comply with Reserve Bank of India regulations.[108] The per transaction limit had been set to USD $3,000, since October 14, 2011. However, on July 29, 2013, PayPal increased the per transaction limit to USD $10,000.[109] This brings the per transaction limit for India in line with the restrictions imposed by PayPal in most other countries.

PayPal has disabled sending and receiving personal payments in India, thus forcing all recipients to pay a transaction fee.[110]

PayPal plans to make India an incubation center for the company’s employee engagement policies. In 2012, PayPal hired 120 people for its offices in Chennai and Bangaluru.[111]

On 8 November 2017, PayPal launched domestic operations under PayPal Payments Private Limited and now provides digital payment solutions for merchants and customers in India.[112] As of 2020, Paypal supports the domestic card system RuPay and is planning to further integrate Unified Payment Interface (UPI) in collaboration with National Payments Corporation of India (NPCI).[113] Paypal now has the largest global engineering team in India outside of US that is spread over Bengaluru, Chennai and Hyderabad.[114]

Israel and Palestinian Territories[edit]

PayPal is available in Israel[115] but is not available in the Palestinian territories. Nor can Palestinians working in the West Bank or Gaza access it but Israelis living in settlements in the West Bank can use PayPal. This discrepancy has prompted Palestinian tech companies to seek a policy change from PayPal.[116]

Japan[edit]

In late March 2010, new Japanese banking regulations forced PayPal Japan to suspend the ability of personal account holders registered in Japan from sending or receiving money between individuals and as a result are now subject to PayPal’s business fees on all transactions.[117][118]

Pakistan[edit]

In Pakistan, users can use Xoom, a money transfer service owned by PayPal.[119] In October 2018, Pakistan’s government used Xoom to help crowdsource funds for the purpose of building two dams.[120]

Turkey[edit]

Eight years after the company first started operating in the country, Paypal ceased operations in Turkey on 6 June 2016 when Turkish financial regulator BDDK denied it a payment license. The regulators had demanded that PayPal’s data centers be located inside Turkey to facilitate compliance with government and court orders to block content and to generate tax revenue. PayPal said that the closure will affect tens of thousands of businesses and hundreds of thousands of consumers in Turkey.[121][122]

Sri Lanka[edit]

In January 2017, PayPal team scheduled to visit Sri Lanka mid January to re-establish links.[123]

PayPal Giving Fund[edit]

PayPal Giving Fund is a registered charity supported by Paypal that streamlines donations to nonprofit organizations.[124][125][126]

Digital marketing with PayPal[edit]

PayPal launches different marketing activities in various channels and emphasizes that consumers can use it in different ways.[127] Paypal’s marketing includes the TV commercials, outdoor advertising, Facebook, and display advertisement.[127]

PayPal provides free analytics to traders about the ways that consumers utilise online payments.[128] By the free tracking service, PayPal assists traders to target the consumers. PayPal’s code gathers the consumer information which can be installed on the trader’s website.[128] Both PayPal and traders get benefit from the free service.

PayPal cooperates with “Synchrony Financial” and provides a financial service to PayPal Cashback Mastercard, which offers 2% return cash to customers who are shopping online or on the physical stores by using PayPal.[129] PayPal’s cashback financial service promotes the number of potential customers.

Apple allows PayPal as a mode of payment for App Store, Apple Music, iTunes, and Apple Books.[130] PayPal can increase usage by the platform of Apple. In addition, PayPal gets revenue from Apple services especially from App Store.[131] Customers can use PayPal to purchase by connecting their PayPal payment system to Apple ID accounts.[130]

Regulation[edit]

Thiel, a founder of PayPal, has stated that PayPal is not a bank because it does not engage in fractional-reserve banking.[132] Rather, PayPal’s funds that have not been disbursed are kept in commercial interest-bearing checking accounts.[133]

In the United States, PayPal is licensed as a money transmitter, on a state-by-state basis.[134][135] But state laws vary, as do their definitions of banks, narrow banks, money services businesses, and money transmitters. Although PayPal is not classified as a bank, the company is subject to some of the rules and regulations governing the financial industry including Regulation E consumer protections and the USA PATRIOT Act.[136] The most analogous regulatory source of law for PayPal transactions comes from peer-to-peer (P2P) payments using credit and debit cards. Ordinarily, a credit card transaction, specifically the relationship between the issuing bank and the cardholder, is governed by the Truth in Lending Act (TILA) 15 U.S.C. §§ 1601-1667f as implemented by Regulation Z, 12 C.F.R. 226, (TILA/Z). TILA/Z requires specific procedures for billing errors, dispute resolution, and limits cardholder liability for unauthorized charges.[137] Similarly, the legal relationship between a debit cardholder and the issuing bank is regulated by the Electronic Funds Transfer Act (EFTA) 15 U.S.C. §§ 1693-1693r, as implemented by Regulation E, 12 C.F.R. 205, (EFTA/E). EFTA/E is directed at consumer protection and provides strict error resolution procedures. However, because PayPal is a payment intermediary and not otherwise regulated directly, TILA/Z and EFTA/E do not operate exactly as written once the credit/debit card transaction occurs via PayPal. Basically, unless a PayPal transaction is funded with a credit card, the consumer has no recourse in the event of fraud by the seller.[137]

In 2008, PayPal Europe was granted a Luxembourg banking license, which, under European Union law, allows it to conduct banking business throughout the EU.[138] It is therefore regulated as a bank by Luxembourg’s banking supervisory authority, the Commission de Surveillance du Secteur Financier (CSSF).[139][140][141] All of the company’s European accounts were transferred to PayPal’s bank in Luxembourg in July 2007.[142] Prior to this move, PayPal had been registered in the United Kingdom as PayPal (Europe) Ltd, an entity which was licensed as an Electronic Money Issuer with the UK’s Financial Services Authority (FSA) from 2004. This ceased in 2007, when the company moved to Luxembourg.[143]

In India, as of January 2010, PayPal has no cross-border money transfer authorization. In The New York Times article “India’s Central Bank Stops Some PayPal Services”, Reserve Bank of India spokesman Alpana Killawalla stated: “Providers of cross-border money transfer service need prior authorization from the Reserve Bank under the Payment and Settlement Systems Act, PayPal does not have our authorization.”[144] PayPal is not listed in the “Certificates of Authorisation issued by the Reserve Bank of India under the Payment and Settlement Systems Act, 2007 for Setting up and Operating Payment System in India”.[145] PaisaPay is an Indian sister service to PayPal, and is also owned by eBay.[146] PaisaPay makes possible payments from abroad by PayPal account holders to Indian sellers on eBay.in.

In Australia, PayPal is licensed as an authorised deposit-taking institution (ADI) and is thus subject to Australian banking laws and regulations.[147]

In Singapore, PayPal is the holder of a stored value facility that does not require the approval of the Monetary Authority of Singapore.[148]

Safety and protection policies[edit]

The PayPal Buyer Protection Policy states that the customer may file a buyer complaint if he or she did not receive an item or if the item he or she purchased was significantly not as described. The customer can open a dispute within 180 days (for registered UK residents 180 days, changed 14 June 2014) from the date of payment and escalate it to a claim within 20 days from opening the dispute. If the buyer used a credit card, he or she might get a refund via chargeback from his or her credit-card company. However, in the UK, where such a purchaser is entitled to specific statutory protections (that the credit card company is a second party to the purchase and is therefore equally liable in law if the other party defaults or goes into liquidation) under Section 75 Consumer Credit Act 1979, the purchaser loses this legal protection if the card payment is processed via PayPal.[149]

Also, the Financial Ombudsman Service position is that section 75 protection does not apply where PayPal or any eMoney service becomes involved in the credit card transaction. This leaves consumers with no recourse to pursue their complaint with the Financial Ombudsman Service. They only have recourse with the courts. However, the key issues which determine the applicability of section 75 are identified very clearly in Office of Fair Trading v Lloyds TSB Bank Plc and others [2006] EWCA Civ 268 7 and the Bank of Scotland v Alfred Truman (a firm) [2005] [EWHC] 583 (QB). This is a legal authority that section 75 protection does exist where one has paid on a credit card for a product, via an eMoney service.[150]

According to PayPal, it protects sellers in a limited fashion via the Seller Protection Policy. In general, the Seller Protection Policy is intended to protect the seller from certain kinds of chargebacks or complaints if the seller meets certain conditions including proof of delivery to the buyer. PayPal states the Seller Protection Policy is “designed to protect sellers against claims by buyers of unauthorized payments and against claims of non-receipt of any merchandise”. The policy includes a list of “Exclusions” which itself includes “Intangible goods”, “Claims for receipt of goods ‘not as described'”, and “Total reversals over the annual limit”.[151] There are also other restrictions in terms of the sale itself, the payment method and the destination country the item is shipped to (simply having a tracking mechanism is not sufficient to guarantee the Seller Protection Policy is in effect). The PayPal Seller Protection Policy does not provide the additional consumer protection afforded by UK consumer legislation (e.g., Sale of Goods Act) and in addition, it cannot be enforced in the Courts because PayPal operates from Luxembourg, outside all three of the UK legal jurisdictions.[152]

Security[edit]

Security token[edit]

Main article: Security token

In early 2006, PayPal introduced an optional security key as an additional precaution against fraud.[153] A user account tied to a security key has a modified login process. Account-holders enter their login ID and password as normal but are then prompted to enter a six-digit code provided by a credit card sized hardware security key or a text message sent to the account holder’s mobile phone. For convenience, users may append the code generated by the hardware key to their password in the login screen. This way they are not prompted for it on another page. This method is required for some services, such as when using PayPal through the eBay application on iPhone.

This two-factor authentication is intended to make it difficult for an account to be compromised by a malicious third party without access to the physical security key, although it does not prevent the so-called Man in the Browser (MITB) attacks. However, the user (or malicious third party) can alternatively authenticate by providing the credit card or bank account number listed on their account. Thus the PayPal implementation does not offer the security of true two-factor authentication.[154]

MTAN[edit]

It is also possible to use a mobile phone to receive an mTAN (Mobile Transaction Authentication Number) via SMS.[155] Use of a security code that is sent to the account holder’s mobile phone is currently free.[156]

Fraud[edit]

As early as 2001, PayPal had substantial problems with online fraud, especially international hackers who were hacking into PayPal accounts and transferring small amounts of money out of multiple accounts. Standard solutions for merchant and banking fraud might use government criminal sanctions to pursue the fraudsters. But with PayPal losing millions of dollars each month to fraud while experiencing difficulties with using the FBI to pursue cases of international fraud, PayPal developed a private solution: a “fraud monitoring system that used artificial intelligence to detect potentially fraudulent transactions. … Rather than treating the problem of fraud as a legal problem, the company treated it as a risk management one.”[157][158]

150,000 PayPal cards frozen[edit]

In 2015, 150,000 Spanish card holders had their funds frozen in an apparent fraud case involving a PayPal service provider, Younique Money, which was the de facto administrator of the cards. Previously, PayPal had charged €15 to all its card users without authorization (150,000 users). As of March 2015 most funds had not been returned.[159][160][161]

Criticism[edit]

See also: Criticism of eBay

In 2003, PayPal voluntarily ceased serving as a payment intermediary between gambling websites and their online customers. At the time of this cessation, it was the largest payment processor for online gambling transactions. In 2010, PayPal resumed accepting such transactions, but only in those countries where online gambling is legal, and only for sites which are properly licensed to operate in said jurisdictions.[162]

If an account is subject to fraud or unauthorized use, PayPal puts the “Limited Access” designation on the account. PayPal has had several notable cases in which the company has frozen the account of users such as Richard Kyanka, owner of the website Something Awful, in September 2005,[163] Cryptome in March 2010,[164][165][166] or April Winchell, the owner of Regretsy, in December 2011. The account was reinstated, and PayPal apologized and donated to her cause.[167]

In September 2010, PayPal froze the account of a Minecraft developer, Markus Persson. Persson stated publicly that he had not received a clear explanation of why the account was frozen, and that PayPal was threatening to keep the money if they found anything wrong. His account contained around €600,000.[168]

PayPal’s partner MasterCard ceased taking donations to WikiLeaks in 2010, and PayPal also suspended, and later permanently restricted, payments to the website after the U.S. State Department deemed WikiLeaks activities as illegal. Online supporters and activists retaliated by subjecting PayPal and MasterCard, along with other companies, to coordinated cyber attacks.[169]

In February 2011 PayPal unbanned the account of a website that supports Iraq War resisters after it had enough information to fulfill its know your customer guidelines. The Chelsea Manning Support Network claimed the backdown was a reaction to a petition to the company to reinstate the account.[170]

In May 2013, PayPal declined to pay a reward offered in its Bug Bounty Program[171] to a 17-year-old German student who had reported a cross-site scripting flaw on its site.[172] The company wrote that the vulnerability had been previously reported, and chastised the youth for disclosing the issue to the public, but, uniquely, sent him a “Letter of recognition” for the discovery.[173]

In August 2013, entrepreneurs who had used PayPal to collect the funds they raised on crowdfunding platforms like Kickstarter and Indiegogo reported difficulty in being able to withdraw the money. Most notable victims are Ouya, GlassUp (a rival to Google Glass), and Mailpile.[174][175]

In May 2014 PayPal blocked the account of a Russian human rights organisation “RosUznik”, which supported political prisoners arrested at Bolotnaya Square case.[176][177]

As of January 2015, a class-action lawsuit against PayPal has been filed in Israel,[178] claiming that they arbitrarily freeze accounts and hold funds for up to 180 days without paying interest and thereby directly profit from it. The lawsuit requests that PayPal be declared a monopoly and thus regulated accordingly.

In April 2015 The Guardian reported PayPal blocking the account of London-based human rights group Justice for Iran.[179]

In May 2015 PayPal blocked an account intended to raise money for the distribution of Boris Nemtsov’s report “Putin. War”.[180][181] The explanation by PayPal was that “PayPal does not offer the opportunity to use its system for collecting funds to finance the activities of political parties or for political aims in Russia”, though PayPal’s Acceptable Use Policy does not mention financing for political goals.[182] Non-governmental organization Freedom House issued a statement that “PayPal should immediately lift this ban, to help, rather than hinder, press freedom in Russia.”[183]

By 2016, ConsumerAffairs had received over 1,200 consumer complaints relating to PayPal policies.[184][failed verification] Consumers have also launched numerous anti-PayPal Facebook sites and Twitter accounts to air their complaints.[185]

In February 2017, PayPal froze the account of News Media Canada, a Canadian trade association, in response to a payment from The Reminder, a Flin Flon, Manitoba community newspaper, intended to cover the fee for the Reminder’s submission of articles for consideration in a nationwide journalism contest run by News Media Canada, including one discussing Syrian refugees. PayPal cited United States regulations as a reason for flagging the transaction between Canadian entities.[186]

In September 2018, PayPal banned radio host Alex Jones and his website InfoWars, claiming that his site has content that was hateful and discriminatory against certain religious groups.[187]

PayPal discontinued payments to Pornhub models on November 14, 2019,[188] alleging that “Pornhub has made certain business payments through PayPal without seeking our permission”.[189] Pornhub criticized the decision as one that affected “over a hundred thousand performers who rely on them for their livelihoods”, and steered its payees toward other payment options.[189][190]

Litigation[edit]

In March 2002, two PayPal account holders separately sued the company for alleged violations of the Electronic Funds Transfer Act (EFTA) and California law. Most of the allegations concerned PayPal’s dispute resolution procedures. The two lawsuits were merged into one class-action lawsuit (In re: PayPal litigation). An informal settlement was reached in November 2003, and a formal settlement was signed on June 11, 2004. The settlement requires that PayPal change its business practices (including changing its dispute resolution procedures to make them EFTA-compliant), as well as making a US$9.25 million payment to members of the class. PayPal denied any wrongdoing.[191]

In June 2003, Stamps.com filed a lawsuit against PayPal and eBay claiming breach of contract, breach of the implied covenants of good faith and fair dealing, and interference with contract, among other claims. In a 2002 license agreement, Stamps.com and PayPal agreed that Stamps.com technology would be made available to allow PayPal users to buy and print postage online from their PayPal accounts. Stamps.com claimed that PayPal did not live up to its contractual obligations and accused eBay of interfering with PayPal and Stamps.com’s agreement, hence Stamp.com’s reasoning for including eBay in the suit.[192][193]

Craig Comb and two others filed a class action against PayPal in Craig Comb, et al. v. PayPal Inc.. They sued, alleging illegal misappropriation of customer accounts and detailed their customer service experiences, including freezing deposited funds for up to 180 days until disputes were resolved by PayPal. PayPal argued that the plaintiffs were required to arbitrate their disputes under the American Arbitration Association’s Commercial Arbitration Rules. The court ruled against PayPal, stating that “the User Agreement and arbitration clause are substantively unconscionable under California law.”[194]

In September 2002, Bank One Corporation sued PayPal for allegedly infringing its cardless payment system patents.[195] The following year, PayPal countersued, claiming that Bank One’s online bill-payment system was an infringement against PayPal’s online bill-payment patent, issued in 1998.[196] The two companies agreed on a settlement in October 2003.[197]

In November 2003, AT&T Corporation filed suit against eBay and PayPal claiming that their payment systems infringed an AT&T patent, filed in 1991 and granted in 1994.[198] The case was settled out of court the following month, with the terms of the settlement undisclosed.[199]

In June 2011, PayPal and Israel Credit Cards-Cal Ltd. were sued for NIS 16 million. The claimants accused PayPal of deliberately failing to notify its customers that ICC-Cal was illegally charging them for currency conversion fees.[200]

A class-action lawsuit filed in 2010 was settled in 2016, in which the plaintiffs contested PayPal’s “holds” on funds. PayPal has proposed a settlement in the amount of $3.2 million in Zepeda v. PayPal which has yet to be ratified. As part of the settlement, the company agreed to change some of its policies.[201]

CFPB consent[edit]

On 21 May 2015 PayPal agreed that PayPal Credit would pay a $25 million fine to settle a complaint filed in Federal Court by the Consumer Financial Protection Bureau.[100] The complaint alleged that consumers using PayPal were signed up for PayPal credit accounts without their knowledge nor consent. It alleged that PayPal had promised discounts and payment options the consumers never received, and that users trying to sign up for the regular, non-credit, PayPal accounts were signed up for credit accounts instead.[100][202] The complaint was filed in the United States District Court for the District of Maryland, which ordered PayPal Credit to refund $15 million to consumers and to pay a $10 million fine.[100]

See also[edit]

Billpoint

E-commerce payment system

Electronic money

Interchange fee

List of online payment service providers

Micropayment

Payment service provider

PayPal Mafia

Paytm

Stripe (company)

References[edit]

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^ “PayPal to Exit Turkey After Regulator Denies Payments License”.

^ “PayPal to halt operations in Turkey after losing license, impacts ‘hundreds of thousands'”.

^ “Doors open for PayPal in Sri Lanka, says CB”. Daily Mirror. Retrieved December 29, 2017.

^ “PayPal Giving Fund – FAQ”.

^ “Corporate Social Responsibility Tips from PayPal”. https://bit.ly/34Hcm7m. Retrieved January 30, 2019.

^ “PayPal Giving Fund Launches In Australia”. B&T. November 15, 2018. Retrieved January 30, 2019.

^ a b Jennifer, Faull. “PayPal set to launch multi-channel campaign”. The Drum. Retrieved March 15, 2018.

^ a b Amy, Gesenhues (October 24, 2017). “PayPal’s new Marketing Solutions tool sheds light on how shoppers use the online payment platform”. Marketing Land. Retrieved March 14, 2018.

^ Tyrone, Stewart. “Paypal launches first cashback credit card to target physical stores | Mobile Marketing Magazine”. MobileMarketing. Retrieved March 15, 2018.

^ a b Alex, Spencer. “Apple brings PayPal to App Store, Apple Music and iTunes for the first time | Mobile Marketing Magazine”. MobileMarketing. Retrieved March 15, 2018.

^ Ayoub, Aouad. “PayPal and Apple enter major partnership”. Business Insider. Retrieved March 15, 2018.

^ “Paypal is Not a Bank”. Entrepreneurial Thought Leader Speaker Series: ECorner. January 21, 2004. Retrieved November 24, 2014.

^ Chu, Lenora (February 26, 2008). “What PayPal does with your money”. CNNMoney. Retrieved March 16, 2014.

^ FDIC decides PayPal’s no bank. ZDNet (March 13, 2002). Retrieved on 2013-08-12.

^ “Bepress.com”. Retrieved January 20, 2011.

^ Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism (USA Patriot Act) Act of 2001, Pub. L. No. 107-56, 115 Stat. 272 (2001)

^ a b Margaret Jane Radin et al., Internet Commerce The Emerging Legal Framework 1174–1175 Foundation Press (2d ed. 2006)

^ Article 23 of the EU’s Banking Directive (Directive 2006/48/EC).

^ “PayPal Obtains Bank Charter for European Union”. Paymentsnews.com. Retrieved February 15, 2012.

^ Stevenson, Tom. “PayPal becomes a bank to fight off Google”. The Daily Telegraph. Retrieved September 24, 2012.

^ “PayPal becomes a Bank, no longer under FSA : TameBay : eBay & ecommerce made easy”. TameBay. May 15, 2007. Retrieved February 15, 2012.

^ Holahan, Catherine (June 15, 2007). “Businessweek.com”. Bloomberg BusinessWeek. Retrieved January 20, 2011.

^ “FSA.gov.uk”. FSA.gov.uk. Retrieved January 20, 2011.

^ NYtimes.com The New York Times, India’s Central Bank Stops Some PayPal Services, by Heather Timmons and Claire Cain Miller, February 10, 2010,

^ RBI.org.in Archived February 19, 2010, at the Wayback Machine Certificates of Authorisation issued by the Reserve Bank of India under the Payment and Settlement Systems Act, 2007 for Setting up and Operating Payment System in India

^ Ebay Helpfile on Paisapay. “Ebay.in help file on Paisapay”. Retrieved October 15, 2013.

^ “Authority to carry on banking business, Banking Act 1959” (PDF).

^ “PayPal”. paypal.com/sg. Retrieved August 10, 2019.

^ Kukiewicz, Julia (November 1, 2011). “Choose.net”. Choose.net. Retrieved November 1, 2011.

^ Miloseski-Reid, Paul (July 29, 2013). “Home Affairs Committee”. publications.parliament.uk. Retrieved June 13, 2015.

^ “Buyer Protection & Seller Protection”. PayPal. Retrieved November 24, 2014.

^ “PayPal User Agreement”. PayPal. October 8, 2014. Retrieved November 24, 2014.

^ Kate Vinton (June 25, 2014). “Researchers Discover Vulnerability in PayPal’s Two-Factor Authentication”. Forbes. Retrieved November 24, 2014.

^ Nick Mediati (October 29, 2013). “Keep your PayPal account safer with two-factor authentication”. TechHive. Retrieved November 24, 2014.

^ “PayPal Security Key – PayPal”. Retrieved August 18, 2009.

^ MoonlightCEO.com Moonlight CEO, PayPal Secrets, October 28, 2013

^ Stringham, Edward (March 4, 2013). “PayPal’s Private Governance”. The Freeman. Retrieved March 4, 2013.

^ Morisy, Michael (January 25, 2016). “How PayPal Boosts Security with Artificial Intelligence”. MIT Technology Review. Retrieved January 28, 2016.

^ “Paypal prepago deja de estar operativa”. Retrieved September 5, 2015.

^ Cadena Ser (March 6, 2015). “OCU denuncia a YoUnique Money ante el Banco de España”. Cadena Ser. Retrieved September 5, 2015.

^ “El Banco de España retira la licencia a Younique Money para emitir tarjetas Paypal”. LA VANGUARDIA. Retrieved September 5, 2015.

^ “Internet bingo guide to PayPal”. internet-bingo.co. October 30, 2011. Retrieved November 2, 2011.

^ “E-Commerce News: Security: Feds Investigating Fraudulent Katrina-Related Web Sites”. Ecommercetimes.com. Retrieved January 20, 2011.

^ Orlowski, Andrew (March 8, 2010). “Theregister.co.uk”. Theregister.co.uk. Retrieved January 20, 2011.

^ Orlowski, Andrew (March 10, 2010). “Theregister.co.uk”. Theregister.co.uk. Retrieved January 20, 2011.

^ Orlowski, Andrew (March 16, 2010). “Theregister.co.uk”. Theregister.co.uk. Retrieved January 20, 2011.

^ Morran, Chris (December 5, 2011). “PayPal Rains on Regretsy’s Secret Santa Campaign Over Use of Wrong Button”. The Consumerist. Retrieved November 6, 2011.

^ “PayPal Freezes Minecraft Dev’s 600k Euros”. Rock, Paper, Shotgun. Retrieved January 20, 2011.

^ Addley, Esther; Halliday, Josh (December 8, 2010). “Operation Payback cripples MasterCard site in revenge for WikiLeaks ban”. The Guardian. London. Retrieved December 28, 2014.

^ Lance Whitney (February 25, 2011). “PayPal reinstates Bradley Manning support group account”. CNET. Retrieved December 28, 2014.

^ “Security Researchers Bug Bounty Program”. PayPal. Retrieved May 27, 2013.

^ “PayPal denies teenager reward for finding website bug”. PCWorld. May 28, 2013. Retrieved May 29, 2013.

^ Fisher, Dennis (May 29, 2013). “PayPal to Fix XSS Flaw, But No Reward For Researcher”.

^ “GlassUp raised $100K on Indiegogo – but PayPal is refusing to pay up”. Venture Beat. August 14, 2013. Retrieved August 15, 2013.

^ “PayPal Freezes Campaign Funds”. Mailpile. September 5, 2013. Retrieved September 5, 2013.

^ “PayPal Blocks Donations for Printing Boris Nemtsov’s Ukraine War Report �� Global Voices”. Global Voices. Retrieved September 5, 2015.

^ “Russian campaigning website snared in internet controls”. Financial Times. Retrieved September 5, 2015.

^ “ייצוגית ב-154 מ’ ש’: פייפאל חוסמת חשבונות באופן שרירותי”. Globes. January 5, 2015. Retrieved January 5, 2015.

^ “PayPal blocks Iranian human rights group’s account over sanctions”. The Guardian. Retrieved April 22, 2017.

^ “Paypal Blocks Russian Account Linked to Nemtsov Report on Ukraine – News”. The Moscow Times. Retrieved September 5, 2015.

^ “Boris Nemtsov’s parting shot”. The Economist. Retrieved September 5, 2015.

^ “PayPal Blocks Donations for Printing Boris Nemtsov’s Ukraine War Report · Global Voices”. Global Voices. Retrieved September 5, 2015.

^ “PayPal Blocks Donations for Report on Russian Actions in Ukraine”. Retrieved September 5, 2015.

^ Consumer Complaints & Reviews

^ Stuck in A Dispute Between PayPal and Itself

^ PayPal freezes Canadian media company’s account over a story about Syrian family

^ https://fxn.ws/2z807oF

^ Sharma, Vibhuti (November 14, 2019). “PayPal halts payment support to PornHub models”. Reuters. Retrieved November 15, 2019.

^ a b Cole, Samantha (November 14, 2019). “PayPal Pulls Out of Pornhub, Hurting ‘Hundreds of Thousands’ of Performers”. Vice. Retrieved November 15, 2019.

^ Peters, Jay (November 14, 2019). “PayPal abruptly cuts off Pornhub’s payroll, leaving performers with few payment options”. The Verge. Retrieved November 15, 2019.

^ “Settlement Agreement” (PDF). June 11, 2004.

^ “Technology Briefing, Internet: Stamps.com Files Breach Of Contract Suit Against eBay”. The New York Times. June 26, 2003. Retrieved November 24, 2014.

^ “Stamps.com Asserts Breach of Contract Claim Against PayPal and eBay”. April 23, 2008.

^ “Comb v. PayPal Inc”. January 21, 2007.

^ PayPal Hit With Patent Infringement Lawsuit Archived January 7, 2012, at the Wayback Machine – PC World, September 10, 2002

^ “Internet: PayPal Sues Bank One Over Patent Infringement”. The New York Times. April 23, 2008.

^ eBay, Bank One Settle Patent Suit – Law360, October 20, 2003

^ Festa, Paul (April 23, 2008). “AT&T sues eBay, PayPal over patent”.

^ eBay, Tumbleweed settle patent suit – CNET, December 23, 2003

^ Katzovitch, Guy (June 22, 2011). “ICC-Cal, Paypal sued in Tel Aviv court for NIS 16m”. Globes. Retrieved June 23, 2011. A NIS 16 million lawsuit was filed yesterday with the Tel Aviv District Court against Israel Credit Cards-Cal Ltd. (ICC-Cal) (Visa) and PayPal Inc., and the claimants have asked the court to recognize it as a class-action suit.

^ PayPal Agrees to Change Business Practices in Lawsuit Settlement

^ Marte, Jonnelle (May 19, 2015). “CFPB seeks to fine PayPal $25 million over credit allegations”. The Washington Post. Retrieved January 21, 2016.

External links[edit]

Official website

Business data for PayPal:

Google Finance

Yahoo! Finance

SEC filings

source http://wikimakemoney.com/2020/04/16/paypal/

[vincentbuckles]

Weekend reading: Can we take back control from Brexit?

[A quick update on Brexit thoughts for those who want to reasonably discuss it. For those who don’t, please feel free to skip to the links.]

Imagine having anticipated something for 30 years, finally getting the freedom to do it, and then making a car crash out of it.

But enough about my life as a mid-life singleton. I’m thinking here of the Eurosceptic wing of the Conservative party.

You know – those 40-odd guys who can’t muster up enough votes to unseat the UK’s most ineffectual leader since Hugh Laurie’s Prince Regent in Blackadder the Third, and yet who’ve somehow managed to send 63 million of us towards an apparently imminent impoverished future.

You might think the World Class farce we’ve endured over the past 30 months would see me smiling.

After all a second referendum is looking ever more likely, if still not odds-on.

But unfortunately, I continue to read and hear abundant evidence that most of the Leave voting contingent still doesn’t get it.

And that means despite the demographic challenges of that faction (i.e. its original margin of victory is literally dying) it’s quite possible Leave could win again.

Especially if the Remain side sticks to the previous policy of dull facts over bus-splattering bullshit fabrications.

No wonder Leave voters seem almost as angry as Remainers:

I’ve seen a parade of #Brexit leaders on news programmes today. Their position boils down to this: We are absolutely sure voters knew exactly what they voted for and, as soon as we manage to agree among ourselves what that was, we will inform voters what it was they voted for.

— Alex Andreou (@sturdyAlex) December 6, 2018

A second referendum is a horrible solution to a stupid problem, with plenty of downsides.

However from my perspective it has the minor virtue of being less terrible than all the other alternatives.

Whose Brexit is it, anyway

Can we not stop this death march? Absolutely no one seems happy with the direction of travel.

Not even the Leave voters, that’s the most galling – if unsurprising – thing.

Blogger Ermine came close to capturing this contradiction at the heart of the Leave vote with a graphic this week. Leavers are represented here by the two Mickey Mouse ears on top of the smug metropolitan elite mug:

What @ermine’s Venn diagram is missing though is the set of people who voted either Leave or Remain to make us poorer.

Perhaps that’s because it doesn’t exist – despite even the Government admitting that’s what we face.

True, a tiny set of Brexiteers have belatedly conceded that a No Deal Brexit will hit us in the national nads.

That, they now say, is a price worth paying for sovereignty / blue passports / the right to negotiate trade deals with Madagascar and Kazakhstan.

But all the leading Leave-supporting players continue to lie to the electorate.

Theresa May herself rounded off her Deal Debate Dodge by harking back to the supposed ability of Brexit to reduce the inequalities and insecurities she spoke of in the aftermath of the vote – despite almost every single analysis of Brexit showing a net negative impact, economically-speaking.1

If you want sovereignty or fewer immigrants from Brexit, fair enough. Own that. Don’t claim the tooth fairy too.

But sadly, the very few Leavers I come across in real-life are still saying things like “The EU needs us more than we need them.”

The same EU that has run rings around us in negotiations.

The EU that has stuck firmly together, despite all forecasts to the contrary, and strangely believes more in its vision of togetherness than in the fantasies of Brexiteers.

The EU that takes 44% of our exports, while we take 8%2 of theirs.

The roughly 450 million of them versus the 63 million of us.

The UK vs the EU is a negotiating position that only looks attractive to Tories of a certain class raised to see greatness in the self-destruction of The Charge Of The Light Brigade.

“C’est magnifique, mais ce n’est pas la guerre; c’est de la folie”.3

Barry Barricades

What I missed when I created Barry Blimp – the archetypal Home Counties Leave voter of not inconsiderable means and more than a few years – was his zealotry.

Because I now see a big chunk of the Leave cohort want Brexit no matter what.

In fact I rather think some would enjoy it if we had ferries piled up outside Dover and food rationing at Tesco.

Obviously I feel vindicated when I think back to the insults hurled at me when I ventured my opinion on my own blog that many Leave voters didn’t know what they’d started, or that this would drag on for years.

But that’s about as satisfying as telling the person in the seat next to you that yes, you were right that the 747’s engine sounded a bit funny as the Captain shouts “Brace, brace!” over the tannoy.

There seems no good solution to this mess now. Revolutions have started over less.

(That may sound melodramatic if you don’t know your history. I suggest you Google the origins of the French Revolution, the English Civil War, or the American War of Independence before you jab your finger in my chest.)

To be clear I’m not predicting revolution – let alone hoping for it, from any perspective – but there’s got to be a non-zero chance.

Currently we are just living through a nationalist coup, and that’s bad enough.

The irony is for many on the right, Jeremy Corbyn is a revolutionary Marxist.

Politics has abandoned the center ground. As a result, lots of people are going to be very unhappy, however this turns out.

Our politicians need to get a grip, fast.

From Monevator

Money is power – Monevator

From the archive-ator: The characteristics of an entrepreneur – Monevator

News

Note: Some links are Google search results – in PC/desktop view you can click to read the piece without being a paid subscriber. Try privacy/incognito mode to avoid cookies. Consider subscribing if you read them a lot!4

UK economy slows as car sales fall – BBC

Property market at weakest since 2012 as Brexit takes toll, says RICS – Guardian

ECB ends €2.5tn eurozone QE stimulus programme – BBC

Luxury goods inflation running at nearly 6%, says Coutts – Guardian

Richest parts of London generate 30x cash of poorest parts of UK – ThisIsMoney

Scotland freezes threshold for higher-rate income tax – Guardian

Crowdcube investors threaten legal action after Emoov goes bust – ThisIsMoney

      Check out the collapse in the price of solar powered energy – Vox

Products and services

Are real or fake Christmas trees better for the planet? – Guardian

Small energy providers keep going bust. Is switching too risky? – ThisIsMoney

Investors flock to venture capital funds [Search result] – FT

Britain to force broadband providers to tell customers their best deals – Reuters

Ratesetter will pay you £100 [and me a cash bonus] if you invest £1,000 for a year – Ratesetter

Examining the risks and rewards of securities lending for funds – Morningstar

Investec’s new notice savings account allows 20% withdrawals – ThisIsMoney

Questioning the $1million retirement maths special

$1 million isn’t enough – Fat Tailed and Happy

The hardest problem in finance – The Irrelevant Investor

$1 million? Meh. [US but relevant] – The Belle Curve

Comment and opinion

Stellar take on the savings-versus-investment-returns debate – Get Rich Slowly

Situational spending – Seth Godin

Index-investing critic takes aim, fires, misses – Bloomberg

Rational versus reasonable – Morgan Housel

Financial planning – Indeedably

Three investing maths mistakes to drive you nuts – The IT Investor

The current danger for stocks: Fear itself – Morningstar

Why you need a money mentor – The Cut

The reason many billionaires aren’t satisfied with their wealth – The Atlantic

The wonderful Portfolio Charts has had a makeover – Portfolio Charts

How to measure a company’s growth rate – UK Value Investor

The best investing white papers of 2018 [For nerds/pros] – Savvy Investor

Crypto corner (December 2017 nostalgic edition)

Four days trapped at sea with crypto’s nouveau riche – Breaker Mag

Yes Bitcoin was a bubble. And it popped… – Bloomberg

…but is it time for believers to buy back into Ethereum? – AVC

Prices are down more than the ‘fundamentals’ [My quotes] – Chris Burniske

Brexit

The EU rebuffs Theresa May on Brexit — six takeaways [Search result] – FT

Lord Heseltine nails it on Brexit [Video] – via Facebook

“This was the second failed attempt to unseat May in three weeks, for a bunch of guys who’d be picked last for paintball and are led by rejected Paddington villain Jacob Rees-Mogg.” – Guardian

EU leaders scrap plans to help Theresa May pass deal after disastrous meeting in Brussels – Independent

Sir Ivan Rogers on Brexit [Full speech] – University of Liverpool

How Ireland outwitted Britain on Brexit – Bloomberg

Don’t know why people see a nasty, racist fringe to the Leave vote… – via Twitter

Kindle book bargains

The Barcelona Way: How to Create a High-performance Culture by Damian Hughes – £1.09 on Kindle

The 100-Year Life: Living and Working in an Age of Longevity by Lynda Gratton and Andrew Scott – £2.99 on Kindle

James Acaster’s Classic Scrapes by James Acaster – £0.99 on Kindle

Off our beat

Habits are the compound interest of self-improvement – Farnham Street

Population mountains [Striking 3D maps of global populations] – The Pudding

KFC debuts fried chicken-scented fire logs ahead of Christmas – Fox News

We need academic conferences about robots, love, and sex – Slate

And finally…

“For half a century the competition to produce the fastest stock price-printing machine was almost as frantic as the pursuit of the stocks and the shares. Indeed for many, the two were inseparable.” – Selwyn Parker, The Great Crash: How the Stock Market Crash of 1929 Plunged the World into Depression

Like these links? Subscribe to get them every Friday!

Yes, a couple of things might be made better for a tiny subset of the population. But as we’ve discussed before, almost every serious economist believes those benefits would be grossly outweighed by the economic negatives. They’d be far better addressed directly via redistribution or government investment.

Or 18%, in a certain light.

“It’s magnificent, but it’s not war; it’s madness” – General Pierre Bosquet.

Note some articles can only be accessed through the search results if you’re using PC/desktop view (from mobile/tablet view they bring up the firewall/subscription page). To circumvent, switch your mobile browser to use the desktop view. On Chrome for Android: press the menu button followed by “Request Desktop Site”.

Weekend reading: Can we take back control from Brexit? published first on https://justinbetreviews.weebly.com/

[cancersfakianakis1]

A historical cohort study on glycemic-control and cancer-risk among patients with diabetes

Publication date: December 2018

Source: Cancer Epidemiology, Volume 57

Author(s): R. Dankner, L. Keinan Boker, P. Boffetta, R.D. Balicer, H. Murad, A. Berlin, L. Olmer, N. Agai, LS Freedman

Abstract

Aims: This population-based historical cohort study examined whether poor glycemic-control (i.e., high glucose and HbA1c blood levels) in patients with diabetes is associated with cancer-risk.

Methods: From a large healthcare database, patients aged 21–89 years, diagnosed with diabetes before January 2002 (prevalent) or during 2002–2010 (incident), were followed for cancer during 2004–2012 (excluding cancers diagnosed within the first 2 years since diabetes diagnosis). Risks of selected cancers (all-sites, colon, breast, lung, prostate, pancreas and liver) were estimated according to glycemic-control in a Cox regression model with time-dependent covariates, adjusted for age, sex, ethnic origin, socioeconomic status, smoking and parity. Missing glucose or HbA1c values were imputed.

Results: Among 440,000 patients included in our analysis, cancer was detected more than 2 years after diabetes diagnosis in 26,887 patients (6%) during the follow-up period. Associations of poor glycemic-control with all-sites cancer and most specific cancers were either null or only weak (hazard ratios (HRs) for a 1% HbA1c or a 30 mg/dl glucose increase between 0.94 and 1.09). Exceptions were pancreatic cancer, for which there was a strong positive association (HRs: 1.26–1.51), and prostate cancer, for which there was a moderate negative association (HRs: 0.85–0.96).

Conclusion: Overall, poor glycemic-control appears to be only weakly associated with cancer-risk, if at all. A substantial part of the positive association with pancreatic cancer is attributable to reverse causation, with the cancer causing poorer glycemic-control prior to its diagnosis. The negative association with prostate cancer may be related to lower PSA levels in those with poor control.

https://ift.tt/2qjFBtb

[365footballorg-blog]

Warshaw: What's the plan in Colorado? Rapids struggling to find way forward

USA Today Sports Images

May 21, 20186:26PM EDT

English teachers profess that it’s more powerful to show than to tell. So here’s the rundown of an MLS team over the last eight years:

YEAR CONFERENCE RANK PPG PLAYOFFS? 2011 5th 1.44 Y 2012 7th 1.09 N 2013 5th 1.50 Y 2014 8th 0.94 N 2015 10th 1.09 N 2016 2nd 1.71 Y 2017 10th 0.97 N 2018 12th 0.80 ?

They’ve finished last or next to last in the conference in three of the last four years. This year, they are last. They’ve lost five in a row. Most recently, the Colorado Rapids dropped a 4-0 result to NYCFC.

Per American Soccer Analysis, they have the 10th-highest salary total, and the 9th-highest average salary. Their six highest-paid players are:

Player Base Salary Total Compensation Tim Howard $ 2,000,000 $ 2,475,000 Shkelzen Gashi $ 1,575,000 $ 1,668,750 Stefan Aigner $ 800,000 $ 845,000 Yannick Boli $ 774,999 $ 907,499 Joe Mason $ 650,000 $ 682,500 Tommy Smith $ 600,000 $ 639,999 Danny Wilson $ 500,000 $ 540,000

*All figures from MLS Players Association Salary Guide

That’s nearly $ 7 million on six players.

Gashi, Aigner, and Boli have a combined two starts this year, totaling fewer than 300 minutes played. Mason leads the line for an attack with the second-fewest goals scored. Howard, Smith and Wilson head a defense that ranks 11th in the league.

While acknowledging the MLS Players Association’s numbers aren’t a perfect measurement and more goes into signing players (transfer fees, etc.), Colorado’s weekend opponent, NYCFC, pay roughly $ 5 million for:

Player Base Salary Total Compensation Maxi Moralez $ 2,000,000 $ 2,000,000 Jo Inge Berget $ 600,000 $ 816,666 Alexander Callens $ 500,000 $ 564,000 Maxime Chanot $ 375,000 $ 408,000 Jesus Medina $ 650,000 $ 770,833 Anton Tinnerholm $ 350,000 $ 434,000 Alexander Ring $ 370,000 $ 411,000

The Rapids have four Homegrown Players on their roster. Those players have a total of zero MLS starts this year (although Kortne Ford probably would have, had he been available for selection); two have been loaned out.

The Rapids haven’t had a great run since winning MLS Cup in 2010, and the present isn’t looking particularly bright.

Last week, Ridge Mahoney interviewed Sporting Kansas City head coach and de facto President of all-things-soccer Peter Vermes for Soccer America. Vermes has won four trophies; SKC have made the playoffs seven years in a row. Discussing the state of the US national team, Vermes reflected: “What is their plan? … I want to see what the plan is going forward.” It’s perhaps the most important question when you evaluate any organization. Because without a plan – as Vermes explains in the interview – any success is simply luck.

Bringing it back to Colorado: What is the plan? Since winning Cup, the club has made a clear slide downward, with just three playoff appearances in the last seven years – bottom two in four of five seasons – and on-field aesthetics that have often been worse than the results.

It’s one thing to lose. It’s another to have a bad season. It’s yet another to have a bad couple years. And then there’s struggling for the better part of a decade. We’re past the realm of bad luck.

What was the plan?

In 2011, a year removed from that championship victory, the Rapids parted ways with head coach Gary Smith despite making the playoffs. They brought in Oscar Pareja, who turned over the roster, trading cornerstones Pablo Mastroeni and Jeff Larentowicz. Fair enough for a coach to want to bring in his own players, and the Rapids returned to the playoffs in Pareja’s second season. Yet Pareja then returned to FC Dallas, where he had spent more than a decade, to become the club’s head coach.

Rapids legend Pablo Mastroeni amassed a 46-58-41 record as Rapids head coach over almost four seasons | USA Today Sports Images

What was the plan?

Padraig Smith was brought in as the club’s sporting director in January 2015 after spending three years in UEFA’s Financial Analysis Group. He was promoted to EVP and general manager in January.

After Pareja, the Rapids turned to club legend Pablo Mastroeni. It took a couple years, but the Rapids re-entered the playoff picture in 2016, even fighting for the Supporters’ Shield. It came down the final day before they ultimately lost out to Pareja’s FCD squad.

Mastroeni’s team used a stout defense and gritty performances to surprise the league. Every time you watched that Rapids team, you knew what the game looked like. It wasn’t pretty but it got the job done. It looked like they had a plan!

… until, less than a month into the 2017 season, when Colorado traded their starting defensive midfielder, Sam Cronin, and starting left back, Marc Burch to Minnesota. Neither of the two players they received in return started 2018 on the Rapids roster. The Rapids went from conceding a league-low 32 goals in 2016 to conceding 51 goals in 2017. At the end of 2017 – again just a year removed from a Conference Championship appearance – the Rapids made a managerial change.

What was the plan?

The Rapids hired their fourth manager since 2011, bringing on Anthony Hudson from the New Zealand national team.

Hudson and the front office staff opted to go against MLS trends. Whereas most clubs had turned to South America to find players, Colorado went shopping in England. He signed Smith, Mason and midfielder Jack Price from the Championship, England’s second tier, and Wilson from the Scottish league. While most teams moved toward a more fluid possession-based approach, Hudson decided to play direct, opting for a defensive-minded 5-3-2. Again, fair enough. Ignoring conventional wisdom is a strategy, and new ideas always seem silly until someone proves they work.

Except, of course, they haven’t for Colorado so far.

Rapids now dead last in the West w/ 8 points through 10 games. Tied for 2nd-worst start in franchise history.

Worst start was 7 points in 10 games, all the way back in… 2017.

Might be time to start asking serious questions about the front office’s approach to roster building.

— Matthew Doyle (@MattDoyle76) May 19, 2018

There are caveats to Hudson’s belabored start. The current coaching staff isn’t responsible for a couple of the highest-profile acquisitions. Howard, Aigner and Gashi were all signed prior to their arrival. It also generally takes time for a new system to take hold and new players to acclimate. I like the way the Rapids play at times – it’s gritty and straight forward and unique. I’m willing to give Hudson time to establish himself.

But again, what’s the plan? Is it grizzled 20-something lower-tier British players? Is it defensive-first, counterattacking soccer?

Only Jack Price has provided a positive return from the former group and that defensive-first, counterattacking soccer is neither stopping goals or resulting in them.

Pick something. Execute it, or find a different approach. So fans can feel like the next five years might be better than the last eight.

Series: 

Topics: 

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Warshaw: What's the plan in Colorado? Rapids struggling to find way forward was originally published on 365 Football

[goldeagleprice]

Low premiums benefit metal buyers

With declines in demand for its bullion products during 2017, the U.S. Mint toward year end dropped the premiums charged to its Authorized Purchasers on gold American Eagles and Buffaloes. This decline in premiums may or may not continue.

Some of the drop in demand can be attributed to lower physical precious metals demand in the United States, unlike 2017 increases in demand in China, India, Germany and several other European nations.

The gold American Eagles are only 22 karat (.9167) purity, which makes them unpopular in China and India, the highest gold-consuming nations in the world. As a consequence, American Eagle demand is highly dependent on demand within the United States.

Another factor in possible decline in demand for gold American Eagles can be attributed to the Royal Canadian Mint having reduced the premiums it charged its primary distributors. This resulted in the one-ounce gold Maple Leaf being available in the United States at about a one percent discount to the one-ounce gold American Eagle.

During 2017, my company experienced a significant shift in customer demand away from gold Eagles to gold Maple Leaves. I have heard similar stores from other dealers.

There is a general trend with gold bullion coins and ingots that when premiums fall, they almost never go back up to prior levels. That occurred with the Austria/Hungary 100 coronas and Mexico 50 pesos in the 1970s, and the British sovereign, South Africa Krugerrand, and U.S. American Arts Medallions in the 1980s.

The risk of a slight loss of future premiums is one reason why my general recommendation is to purchase the low premium issues if they cost less per ounce than issues in current production.

Even today, buying physical gold in the form of Austria 100 coronas, Mexico 50 pesos, and U.S. American Arts Medallions costs you less per ounce of gold content than almost any other issues.

As for silver products, U.S. 90 percent silver coins also fell in premiums over the course of 2017. This week, I checked selling price formulas for companies that appeared in the first three pages of a Google search for “90 percent silver coins.” There were 18 companies that posted their premium levels online. I tried to do a comparison of prices for $1,000 face value bags (715 ounces of silver content), but one company only quoted a maximum quantity price for $100 face value. For $100 face value, this company quoted a price of $4.98 per ounce above the silver ask spot price.

The other 17 companies were far more competitive for $1,000 face value bags of U.S. 90 percent silver coins. Five firms quoted formulas from $1.09 to $1.61 per ounce above the silver ask spot price. Five others were charging ask spot plus 49 to 89 cents per ounce. The other seven dealers were pricing their junk silver bags at 39 cents or less per ounce over the silver ask spot price. These low-price sellers bring the retail premium down to around 2 percent above the metal value.

When retail premiums on 90 percent silver coins drop to around 2 percent, that indicates that these coins are trading wholesale far enough below melt value that the coins could be profitably melted by refiners into pure 1,000-ounce bars to supply to commodity futures exchanges. In this circumstance, that minimizes the prospect of a near term physical supply shortage. I do not expect such low premiums to persist throughout 2018.

More than a decade ago, I observed that the supplies and demand for platinum were averaging about in balance over the years. Because of this, I forecasted that the price of platinum would eventually drop below that of gold. This happened a few years later and has persisted ever since. There is some possibility that discount to gold’s price may end in 2018. With the strong rise in the price of palladium in 2017, industrial users of platinum group metals may increase their demand for platinum this year as a substitute for the palladium they previously used to make catalysts and other fabricated products. To the extent this occurs, that creates the potential for platinum to be the best performing precious metal for price rises in 2018.

For reasons I discussed in recent previous commentaries, I anticipate the precious metals prices in 2018 may be both volatile and likely to move upward. Should this come to pass, that means that today presents an excellent opportunity to acquire some bargain-priced physical gold, silver and even platinum. Stay tuned.

If you agree that it is best to buy the bullion coins with the lowest premiums, best get going on acquiring whatever 90 percent U.S. silver coins that you might need. You might also be doing future collectors a favor by keeping these coins out of the hands of the refineries. Patrick A. Heller was the American Numismatic Association 2017 Exemplary Service and 2012 Harry Forman Numismatic Dealer of the Year Award winner. He was also honored by the Numismatic Literary Guild in 2017 and 2016 for the Best Dealer-Published Magazine/Newspaper and for Best Radio Report. He is the communications officer of Liberty Coin Service in Lansing, Mich., and writes “Liberty’s Outlook,” a monthly newsletter on rare coins and precious metals subjects. Past newsletter issues can be viewed at http://www.libertycoinservice.com. Some of his radio commentaries titled “Things You ‘Know’ That Just Aren’t So, And Important News You Need To Know” can be heard at 8:45 a.m. Wednesday and Friday mornings on 1320-AM WILS in Lansing (which streams live and becomes part of the audio and text archives posted at http://www.1320wils.com).

  This article was originally printed in Numismatic News Express. >> Subscribe today

  More Collecting Resources

• Check out the newly-updated Standard Catalog of World Coins, 2001-Date that provides accurate identification, listing and pricing information for the latest coin releases.

• The Standard Catalog of United States Paper Money is the only annual guide that provides complete coverage of U.S. currency with today’s market prices.

The post Low premiums benefit metal buyers appeared first on Numismatic News.

[jodyedgarus]

What If College Football Hadn’t Wasted Decades On Polls And Just Used A Stinking Playoff?

The College Football Playoff has transformed the way teams and conferences build their schedules — and created plenty of controversy along the way — in the four seasons since it debuted. And even if the system could stand to make some improvements, it’s also been a relatively successful experiment in adding legitimacy to a championship that used to be determined through such opaque measures as media voting and computer ratings. For all the debate over “who’s in,” at least the eventual champion can say it won the title by beating two top-ranked opponents on the field.

The benefits of a four-team bracket got us thinking: What if the current playoff structure had been in place before 2014? Who would likely have won the championship each year? (Would it have been different from the consensus champs of old?) And which schools would have gained — and lost — the most titles under a playoff system?

Let’s answer those questions. (If you’re not interested in how we’re answering those questions, skip down to the first table.)

First, we’ll need a way to determine which teams would have made the playoff each year. Unfortunately, over the first four years of the actual playoff’s existence, neither the AP poll nor our Elo ratings (which are designed, in part, to predict the playoff selection committee’s tendencies) have completely nailed the playoff field with their four highest-ranked teams going into the bowls. But a combination of both1 has been a perfect 16 for 16 in terms of predicting the real-life playoff teams.

So we’ll use that Elo/AP combo to pick the four playoff teams in each historical season.2 (Our Elo ratings can be calculated going back to the 1988 season, so that’s when our hypothetical exercise will begin.) I also found that, once the playoff field is set, the pre-bowl AP rankings alone have done the best job of matching the committee’s seeding for the teams, so we’ll set the seeds that way in our mythical playoffs.

Next, we’ll need a way to play out the theoretical playoff games themselves. For that, we’ll use Elo, which provides a probabilistic forecast for any given game based on the two teams’ pregame ratings. In most cases, we’ll use each team’s pre-bowl Elo ratings to give us the chances of each team winning both its semifinal game and the championship game (conditional on making it that far). The only exception is when a slated matchup happened in a real-life bowl that season, in which case we’ll use the actual result for that semifinal or final matchup.

A great example of this came in 2003, when both of our hypothetical semifinal games — No. 1 USC vs. No. 4 Michigan and No. 2 LSU vs. No. 3 Oklahoma — actually played out in the Rose Bowl and Sugar Bowl, respectively. In that case, the Trojans and Tigers would automatically advance to the title game, where each would have almost exactly a 50-50 shot at winning the championship, according to Elo.3 At least one of these real-world matchups happened every year from 1988 to 2013 — except in 1989, when conference bowl tie-ins kept each of the four teams in our playoff field from actually playing one another.

After following all of the rules laid out above, here’s how each season since 1988 would look if a playoff had been in place instead of the system that was used at the time:

What 26 extra years of playoffs would have looked like

Hypothetical College Football Playoff fields for the 1988-2013 seasons based on Elo ratings and AP poll rankings

Playoff Teams w/ Championship Odds Year Team % Team % Team % Team % 1988 Notre Dame 44 Miami 33 Nebraska 12 W. Virginia 11 1989 Miami 31 Florida St. 26 Notre Dame 24 Michigan 20 1990 Colorado 37 Miami 26 Florida St. 25 Notre Dame 13 1991 Miami 34 Washington 32 Florida 25 Michigan 9 1992 Alabama 44 Florida St. 23 Miami 18 Notre Dame 15 1993 Florida St. 48 Notre Dame 23 W. Virginia 22 Nebraska 8 1994 Nebraska 38 Penn St. 27 Florida 25 Miami 10 1995 Nebraska 53 Florida 18 Tennessee 17 Northwestern 12 1996 Florida 50 Nebraska 17 Arizona St. 17 Florida St. 16 1997 Nebraska 50 Michigan 38 Florida St. 12 Tennessee 0 1998 Tennessee 62 Florida St. 14 Florida 13 Ohio St. 11 1999 Florida St. 40 Nebraska 30 Alabama 24 Va. Tech 6 2000 Oklahoma 51 Miami 23 Florida St. 16 Florida 10 2001 Miami 46 Oregon 39 Florida 16 Colorado 0 2002 Ohio St. 39 USC 22 Georgia 21 Miami 18 2003 LSU 50 USC 50 Oklahoma 0 Michigan 0 2004 USC 51 Auburn 26 California 13 Oklahoma 10 2005 Texas 61 USC 15 Ohio St. 14 Penn St. 10 2006 Florida 42 Ohio St. 20 Oklahoma 19 Michigan 19 2007 LSU 33 USC 29 Va. Tech 27 Ohio St. 11 2008 Florida 62 USC 15 Alabama 13 Oklahoma 11 2009 Alabama 57 Florida 24 Texas 10 Cincinnati 8 2010 Auburn 56 Arkansas 19 TCU 15 Oregon 11 2011 Alabama 55 LSU 24 Okla. St. 11 Oregon 10 2012 Alabama 50 Stanford 20 Florida 19 Notre Dame 11 2013 Florida St. 40 Alabama 22 Stanford 22 Auburn 16

Actual champions (or co-champs) are listed in bold. In 1990, Georgia Tech was co-champion but is not projected to have made the playoff that season.

Playoff selection is based on pre-bowl Elo ratings and AP polls. Playoff games are simulated using Elo, except in cases where a matchup actually took place during bowl season (in which case the actual result was used). Certain teams are listed with a 0 percent championship probability because they lost a real-life game against a fellow playoff team.

Source: Sports-Reference.com

The good news for the old system(s) is that each year’s real-world national champ — or at least the co-champ — would be the favorite to win the playoff as well. (The only time a historical national champ didn’t make our theoretical playoff was in 1990, when Georgia Tech4 claimed the national title in the coaches’ poll but missed the top four in our rankings after entering the bowls seventh in Elo.) But the fact that the real-world champ tended to be the favorite in our hypothetical playoffs is no guarantee those seasons would have played out the same way: Even after including real bowl results when they happened, the championship favorite in any given year had only a 47 percent chance of winning the title on average.

The most uncertain year of our hypothetical playoffs might have been the aforementioned 1989 campaign; without any real-life bowls to help guide us, our system gives all four teams at least a 20 percent chance of winning the national championship. And among years that featured at least one actual bowl result to work with, the wacky 2007 season — in which playoff favorite LSU would have only a 33 percent of replicating its real-world championship — probably would have kept providing us thrills well into January. But with a playoff in place, many seasons would likely have had different endings than the ones we’ve set to memory over the years.

How different? Here are all the schools that would have made at least one playoff appearance under our hypothetical system,5 along with their projected and actual national championships won:

How a playoff would have changed college football history

Most FBS college football championships by school under a hypothetical four-team playoff system, 1988-2013

Hypothetical Playoff Results Team Appearances Semifinal Wins Champs Actual Champs Net Diff. Florida 11 5.27 3.04 3.0 +0.04 Alabama 7 3.64 2.64 4.0 -1.36 Florida St. 10 5.38 2.59 3.0 -0.41 Miami 9 4.86 2.38 2.5 -0.12 Nebraska 7 4.03 2.08 2.5 -0.42 USC 6 3.60 1.80 1.5 +0.30 Notre Dame 6 2.87 1.28 1.0 +0.28 LSU 3 2.24 1.08 1.5 -0.42 Auburn 3 1.70 0.97 1.0 -0.03 Ohio St. 5 2.25 0.96 1.0 -0.04 Oklahoma 5 2.08 0.92 1.0 -0.08 Michigan 5 2.03 0.85 0.5 +0.35 Tennessee 3 1.09 0.79 1.0 -0.21 Texas 2 1.27 0.72 1.0 -0.28 Oregon 3 1.80 0.60 0.0 +0.60 Stanford 2 0.96 0.42 0.0 +0.42 Colorado 2 0.50 0.37 0.5 -0.13 Penn St. 2 0.84 0.36 0.0 +0.36 Virginia Tech 2 0.90 0.33 0.0 +0.33 West Virginia 2 1.05 0.33 0.0 +0.33 Washington 1 0.49 0.32 0.5 -0.18 Georgia 1 0.50 0.21 0.0 +0.21 Arkansas 1 0.36 0.19 0.0 +0.19 Arizona St. 1 0.40 0.17 0.0 +0.17 TCU 1 0.42 0.15 0.0 +0.15 California 1 0.34 0.13 0.0 +0.13 Northwestern 1 0.30 0.12 0.0 +0.12 Oklahoma St. 1 0.40 0.11 0.0 +0.11 Cincinnati 1 0.43 0.08 0.0 +0.08 Georgia Tech 0 0.00 0.00 0.5 -0.50 Total 104 52 26 26 +0.00

Playoff selection is based on pre-bowl Elo ratings and AP polls. Playoff games are simulated using Elo, except in cases where a matchup actually took place during bowl season (in which case the actual result was used).

In 1990, Georgia Tech was co-champion but is not projected to have made the playoff that season.

Source: Sports-Reference.com

Aside from Alabama, which won the most real-life championships (four) of the 1988-2013 era but would project to have about 1.4 fewer under a playoff system, every other school’s projected title tally is within about a half-championship of its actual count, playoff or not. The anti-Bama might be Oregon, who made only one BCS title game in the years we’re covering (losing to Cam Newton and Auburn in the culmination of the 2010 season) but would figure to make three playoff bids under our hypothetical system — and probably would have given Miami more of a fight than Nebraska did in 2001. All told, the Ducks would figure to have won 0.6 more championships with a playoff than under the actual system.

Over about 25 years, a handful of national titles is about the best you can do (see Bama’s four). So even a half-championship gain is a lot. And the more marginal differences further down the list matter, too. Imagine the effect on the fan bases at Oklahoma State, Cincinnati or Northwestern (!!!) if their teams had managed to get hot during the playoff and take home the championship. In general, you can see a pattern emerge in the table above: Under a four-team playoff, the long-term effect is to take titles away from many of the top programs and give extra chances to the next tier of teams. As counterintuitive as that sounds, given the way a program like Alabama has dominated the CFP since its inception, the addition of an extra semifinal game introduces more randomness to the system, which helps teams down the list.6

I once wrote that the BCS wasn’t any worse at picking champs than the College Football Playoff would be, and in a certain sense, that’s not wrong. (Again, the real-life champs each season above would have also been the favorites to win the playoff.) But the more we’ve seen teams get a chance to prove their championship merit on the field against top competition, the more appealing it is. Now I only wish college football had the current system in place for the past quarter-century instead of the confusing mismash of arrangements that preceded it.

from News About Sports https://fivethirtyeight.com/features/what-if-college-football-hadnt-wasted-decades-on-polls-and-just-used-a-stinking-playoff/

[type2diabetestreatments-blog]

Achieving Low HbA1c Levels Benefited Metformin Initiators

New Post has been published on https://type2diabetestreatment.net/diabetes-type-2/achieving-low-hba1c-levels-benefited-metformin-initiators/

Achieving Low HbA1c Levels Benefited Metformin Initiators

Brian Ellis April 30, 2017 Achieving Low HbA1c Levels Benefited Metformin Initiators Share this content:

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After controlling for baseline HbA1c and other confounders, researchers examined rates of MI, stroke, and death.

New results published in Diabetes Care suggest that a large, initial reduction in hemoglobin A1c (HbA1c) and achievement of low HbA1c levels 6 months after metformin initiation lowered the risk for cardiovascular events and death in patients with type 2 diabetes.

The population-based cohort study included 24,752 individuals (median age, 62.5; 55% men) with type 2 diabetes who initiated first-time ever metformin treatment. All metformin initiators had HbA1c tests in Northern Denmark between 2000 and 2012.

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Six months after initiation, the researchers classified patients according to achieved HbA1c level and magnitude of HbA1c change from pretreatment baseline.

After controlling for baseline HbA1c and other confounders, researchers examined rates of myocardial infarction, stroke, and death.

During follow-up (median 2.6 years), the risk for a combined outcome event increased as achieved HbA1c levels increased. Specifically, compared with a target HbA1c of <6.5%, the adjusted hazard ratio (HR) for an HbA1c of 6.5% to 6.99% was 1.18 (95% CI, 1.07-1.30); for 7% to 7.49% it was 1.23 (95% CI, 1.09-1.40); for 7.5% to 7.99% it was 1.34 (95% CI, 1.14-1.57); and for ≥8% it was 1.59 (95% CI, 1.37-1.84).

Results did not differ for individual outcome events and were robust by age group and other patient characteristics, according to the researchers.

In addition, the researchers analyzed the impact of absolute reductions of HbA1c compared with no HbA1c change, and reported the following:

-4 absolute reduction: HR, 0.80 (95% CI, 0.65-0.97)

-3 absolute reduction: HR, 0.98 (95% CI, 0.80-1.20)

-2 absolute reduction: HR, 0.92 (95% CI, 0.78-1.08)

-1 absolute reduction: HR, 0.99 (95% CI, 0.89-1.10)

“In conclusion,” the researchers wrote, “these real-world data provide evidence that not only achievement of early glycemic control but also the magnitude of HbA1c reduction predicts decreased risk of cardiovascular outcomes and mortality in metformin initiators, independent of baseline HbA1c levels at treatment initiation.”

Although the observational study design made causality difficult to prove, results provided an early prediction tool for identifying patient subgroups with type 2 diabetes that have increased risk for cardiovascular complications and death, the researchers wrote.

Disclosures

Two researchers report either being a current or former employee of Novo Nordisk, which partly funded the study in the form of a research grant. The other researchers report no relevant financial disclosures.

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Reference

Svensson E, Baggesen LM, Johnsen SP, et al. Early glycemic control and magnitude of HbA1c reduction predict cardiovascular events and mortality: Population-based cohort study of 24,752 metformin initiators. Diabetes Care. 2017. doi:10.2337/dc16-2271

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