What do you call a company that sells jet engines, runs multiple television/cable networks, has a huge global financial services operation, and just reported a significant earnings miss this morning? That's GE. And the reason for what one columnist called GE's "gasp-inducing first-quarter results"? Financial services primarily - both commercial and consumer. Details in this press release and accompanying presentation. A webcast of this morning's earnings call is also available.

GE Money has announced an agreement to purchase the proprietary consumer credit card business from Chevron Corporation subsidiaries, Chevron U.S.A. Inc. and Chevron Credit Bank, N.A. GE Money Bank will own and operate the Chevron- and Texaco-branded consumer credit cards.

As anticipated earlier, GE Money has launched the Earth Rewards MasterCard - along with a new My Earth Rewards web site dedicated to this new "green" product. "Every time you use your Earth Rewards Card, a portion of your net purchases will go to offsetting the emissions created by your purchases and activities. For example, spending $25 contributes enough to offset the emissions associated with running a typical refrigerator for a month. Spending $500 offsets the emissions from driving almost 1,500 miles in an average car." The full press release is here.

Claudia Deutsch writes for the New York Times about GE Money's expected launch today of the GE Money Earth Rewards Platinum MasterCard - a card that "allows cardholders to forgo a 1 percent cash rebate on purchases and earmark that amount for projects that reduce greenhouse gases."

GE Money has announced the eBay MasterCard, calling it an expansion of its partnership with eBay. eBay MasterCard customers will benefit from a new rewards program, earning one Reward Point for every $1 spent in purchases. Reward Points are also earned with non-Internet, everyday purchases wherever MasterCard is accepted. Points are redeemable for shipping discounts and vouchers that can be used to shop on eBay or to pay eBay seller fees.

GE Money and Yahoo! Telemundo have announced the launch of ‘Soluciones Financieras’, an online financial education solution that features Spanish-language personal finance tools and information designed to empower Hispanics to succeed in their financial lives. According to the two companies, "U.S. Hispanics are projected to spend over $926 billion this year; however, research shows they have less understanding and experience managing personal financial matters compared to the average non-Hispanic consumer."

GE Money has announced that SBI Card, its joint venture with the State Bank of India (SBI), has reached the landmark milestone of 3 million cardholders. The 2nd largest Card issuer in India, SBI Card is unique as the only Non-Banking Finance Company (NBFC) issuing credit cards in India.

GE Money has announced that, "in an effort to educate consumers with need-to-know information about credit, budgeting, mortgages and protection against identity theft, Everyday Money (www.everydaymoney.org) launched today. Everyday Money is a consumer-friendly web site written in uncomplicated language. It contains dynamic, user-friendly interactive tools to help consumers learn about and improve their everyday interactions with money and finances."

GE Money (formerly GE Consumer Finance) is holding a security analysts' meeting today in New York City. Copies of presentations by Dave Nissen, President and CEO of GE Money, and other members of the senior management team are available online.

Reuters reports that GE Money, the consumer finance arm of General Electric, and Wal-Mart have launched a credit card in China this week

ShopNBC and GE Retail Consumer Finance have announced they have entered into an exclusive multi-year agreement to launch a new ShopNBC branded MasterCard as well as an improved ShopNBC private label credit card.

Kathryn Kranhold and Robin Sidel report for the Wall St. Journal on GE's expansion of its "road to credit" program that provides private label cards with low credit lines to consumers who otherwise might not qualify for traditional credit cards.

Jonathan Birchall and Franceso Guerrera report for FT.com that Wal-Mart, the world's largest retailer, is developing plans to launch its own credit card in China in partnership with GE Money and Shenzhen Development Bank. According to the article, "Wal-Mart declined to comment on its partnership with SDB, saying it had not announced any plans in China to launch a credit card."

As mentioned in an American Banker story last week, GE Consumer Finance has announced a relationship with eBay Inc. and PayPal Inc. to launch the new PayPal Plus MasterCard, a credit card offering both rewards and extended purchase protection for purchases made via the PayPal Web site.

General Electric Company Chairman and CEO Jeff Immelt has announced a US$250 million investment in infrastructure and healthcare projects in India and said that GE intends to dramatically expand its industrial and financial presence in the country.

Daniel Wolfe writes for the American Banker (subscription required) about PayPal's new PayPal Plus MasterCard issued by GE Consumer Finance.

Guardian Unlimited reports on PayPal's launch of a UK credit card that will be issued by GE Money.

Business Week looks at what's happening in Mexico as the middle class (those making between $7,200 and $50,000 a year) "have swelled to record levels of around 10 million families. That's equal to nearly 40% of all Mexican households."

Tony Munroe reports for Reuters on comments by David Nissen, chief executive of GE Consumer Finance, regarding opportunities in China that it's pursuing in partnership with Shenzhen Development Bank .

American Express and GE Consumer Finance have announced that GE Consumer Finance will issue American Express-branded credit cards in the United States. The first product to be offered under the new agreement will be a Dillard's American Express card.

Harold Davis reports for the Stamford, CT Advocate on GE Consumer FInance's new private label credit card for Carvin Music.

GE has announced the appointment of several new company officers including Margaret Keane, 46, named as President and CEO, Retail Consumer Finance, GE Consumer Finance-Americas.

Meijer Stores and GE Consumer Finance have announced that Meijer is the first super center chain in the US to accept MasterCard PayPass as a contactless payment option at its stores and gas pumps.

Meijer is also introducing a PayPass-enabled Platinum MasterCard issued by GE Consumer Finance. The card combines the features and benefits of the Meijer private label store card with the worldwide acceptance of a MasterCard card and the added functionality of PayPass contactless 'tap and go' payments. The card has all the privileges of an in-store card, including access to exclusive sales, promotions and loyalty rewards, plus all the benefits of a traditional bankcard -- worldwide acceptance, competitive APRs and rewards on out-of-store spending.

David Nissen, President and CEO, GE Consumer Finance, and his team hosted an investor meeting last week to provide an update on GE Consumer Finance. A webcast and a copy of the presentation (PDF) are available on the GE web site.

GE's Corporate Payment Services unit has announced it has secured an additional patent covering the account pooling aspects of its vPayment electronic settlement tool. Account pooling operates in a manner very similar to single use card numbers in that a unique card number is used for each payment transaction.

"vPayment is a supplier-friendly way to reduce your organization's dependence on the time-consuming check writing process. It offers the controls of a check, the float of a purchasing card, and the efficiency of electronic funds transfer," said Jeffery R. Dye, president and CEO of Corporate Payment Services, the commercial card unit of GE Consumer Finance.

"The account pool patent further strengthens vPayment's advantages for organizations looking for added control and efficiency."

Wal-Mart and GE Consumer Finance have announced they are launching two new Discover credit cards -- one for business members of Sam's Club and one for consumers.

ExxonMobil and GE Consumer Finance have announced the launch of new ExxonMobil Consumer and Business Credit Cards. The announced says the cards will incorporate new and enhanced fraud deterrent technology but provides no details.

PayPal's CEO Jeff Jordan reviewed the company's performance at today's eBay analyst meeting. He reported that PayPal's share of 2004 consumer ecommerce volume as 9 percent in the US and 5 percent globally.

He also reported on the deal announced last year with GE Consumer Finance to launch PayPal Buyer Credit with $28 MM of PayPal purchases using Buyer Credit in the fourth quarter of 2004.

Here's an interesting slide from today's presentation that how PayPal segments the off-eBay merchant opportunity.

Wal-Mart and GE Finance have announced plans to launch a new credit card on the Discover Network. The new card, Wal-Mart Discover, will be issued by GE Consumer Finance and will be available by March 2005.

First Data Corp. has announced that it has entered into an agreement for GE Consumer Finance to acquire FDC's First Data Loan Company Canada small business MasterCard portfolio in Canada. FDC will provide card processing services for the accounts.