Robin Sidel reports for the Wall St. Journal on MasterCard's plan for an initial public offering early next year.

Analysts and consultants were scrambling yesterday to calculate a potential valuation for MasterCard. Craig Maurer, an analyst at Fulcrum Global Partners in New York, estimated MasterCard in its entirety could be valued at $7 billion, or just under 2.5 times projected revenue for 2005.

Carrick Mollenkamp reports for the Wall St. Journal on a lawsuit recently filed in federal court in New York City alleging credit card companies held secret meetings where they colluded to promote arbitration.

MasterCard today announced plans for a "new corporate governance and open ownership structure that will include the appointment of a new board of directors comprised of a majority of independent directors, the establishment of a charitable foundation and a transition to being a publicly traded company."

The Smart Card Alliance has announced the formation of a Contactless Payments Council to facilitate the adoption of contactless payments in the U.S. through education programs for consumers, merchants and issuers.

Chase has announced it has entered into an agreement to purchase the credit card operation of Sears Canada including both its private-label Sears credit card accounts and its co-branded Sears MasterCard® accounts. The credit card operation includes approximately 10 million accounts and CAD$2.5 billion in outstandings.

"This purchase offers many opportunities for Chase, including partnering with another of the world's leading brands, expanding our private-label business and entering a new and exciting market in Canada," said William I. Campbell, Chairman, Chase Card Services. "We look forward to working closely with Sears Canada and its employees to offer great products and services that consumers find valuable."

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