Part 1 of an interview with Douglas Flint, group finance director of HSBC, about the merger with Household.

Denny Walsh reports on U.S. District Judge Frank C. Damrell Jr's decision yesterday permanently barring enforcement of a new California law forcing credit card companies to warn their customers how long it will take and how much more it will cost to pay their bills with minimum payments. The court ruled that federal laws governing the operation of financial institutions pre-empt state laws in this area.

The Legislature passed the law last year, and it was scheduled to take effect on July 1. Led by the American Bankers Association and the National Association of Federal Credit Unions, card issuers sued on May 24. In an order on June 28, Damrell temporarily put enforcement on hold. The statute required two messages be displayed on the first page of a cardholder's statement, unless the issuer required a minimum payment of at least 10 percent of the balance or did not impose finance charges. The first message would have warned that minimum payments increase interest and the time it takes to retire a debt. There were two options for a second message. One would have provided examples for three balance amounts at the interest rate and minimum payment applicable to the account. Additionally, a toll-free number would have been listed for cardholders wanting more personalized information. The second option was to provide the cardholder with written, "customized" information regarding interest and duration of debt. Along with that would have been a referral to a credit counseling service or the number for the National Foundation for Credit Counseling.

Beth Cox writes about the Clash of the Titans, Visa vs. MasterCard.

Florida and Florida State play out their rivalry on the football field. Ford and General Motors compete for buyers both online and in showrooms across the country. And MasterCard-Visa? Their B vs. B tussle is being played out on the cutting edge of high-tech.

Even in South Africa, merchants can become very dependent upon credit cards! When the systems don't work, people get very upset.

"The problem started a couple of weeks ago, but we've been suffering of late due to the increase in customer volumes," said a visibly annoyed Grant Murie who manages the Santa Ana Spur at the V&A Waterfront. "At peak trading times, the Standard Bank system can't process any transactions. Bank officials said a statement on the matter would be issued later on Tuesday.