Page 17 - ARUBA BANK

BUSINESS Friday 3 March 2017
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Federal agents raid Caterpillar offices in central Illinois

DON BABWIN ment but did not provide read IRS Special Agent and cies involved included the the Chicago area after de-
Associated Press any further details. Sharon Police — wheeling large Internal Revenue Service’s cades in Peoria. Caterpil-
CHICAGO (AP) — Federal Paul, a spokeswoman for boxes into a Caterpillar criminal investigation unit, lar also scrapped plans to
law enforcement officials the U.S. Attorney’s office building. Shares of Cater- the U.S. Department of build a new headquarters
executed a search warrant in Springfield, said “federal pillar, which have risen 35 Commerce Office of Ex- in downtown Peoria, which
Thursday at three central Il- law enforcement activity” percent over the past year, port Enforcement and the is located about 175 miles
linois facilities of Caterpillar, was being conducted at went into steep decline just Federal Deposit Insurance southwest of Chicago.
one of the largest construc- three Caterpillar locations, before noon as word of the Corp.’s office of inspec- Caterpillar has faced a
tion equipment manufac- including the corporate raid on company head- tor general. She declined number of investigations in
turers in the world. Cater- headquarters in Peoria quarters and other facili- to comment further.v In recent years focusing on
pillar spokeswoman Corrie and facilities in East Peoria ties began to spread, fall- January, the company an- its business practices, ac-
Heck Scott said in an email and Morton. News video ing almost 5 percent within nounced it plans to move cording to filings with the
that the company is coop- shows federal agents — an hour to a new low for its global headquarters Securities and Exchange
erating with law enforce- some wearing jackets that 2017. Paul said the agen- and about 300 top jobs to Commission.q

Facing new competition, AmEx polishes up the Platinum Card

KEN SWEET 10 years.
AP Business Writer American Express effec-
NEW YORK (AP) — Facing tively created the market
intense competition for its for high-end credit cards
higher-spending custom- more than 30 years ago
ers, American Express is when it introduced the
expanding the benefits it Gold and Platinum Cards.
offers its high-end Platinum The cards were designed
Card members, like a $200 for frequent travelers and
credit on Uber. But those well-to-do customers will-
benefits will come with a ing to pay substantial an-
higher annual fee. nual fees to get access
In addition to the Uber ben- to airport lounges, special
efit, Platinum Card holders events or dedicated cus-
will also now be able to tomer service. The banks
earn five points per dollar got customers with excel-
on hotels, American Ex- lent credit who typically
press said Thursday. That’ll spend tens of thousands
be as of March 30. Popu- of dollars a year on their
lar current benefits, like the cards.
$200 airline fee credit, air- But the market AmEx once
port lounge access or the dominated has become
five points per dollar spent increasingly competitive.
on airlines, are staying. The This image shows the company’s redesigned platinum credit card. American Express is announc- Citigroup took the first shot
annual fee, though, is rising ing a new set of features for its Platinum Card, the popular charge card aimed at well-off and in 2014, redesigning the
to $550 from $450. frequently traveling customers. Platinum Card customers will get a $200 credit on Uber and the Citi Prestige Card with help
The design of the Platinum ability to earn five points per dollar on hotels. (Courtesy of American Express via AP) from recently poached
Card is also getting a pol- AmEx executives — but
ish. plastic, similar to the Chase lates into a new Platinum appeal to millennials in par- Prestige never caught as
The account number and Sapphire Reserve Card and Card for a new generation ticular. “When we looked much consumer atten-
expiration date will move AmEx’s Centurion Card, of customer,” said Janey at who we should partner tion as the Platinum Card.
to the back and the “mem- the invitation-only card for Whiteside, who heads the with, Uber made a lot of Citi did take a significant
ber since” logo will be the extremely rich and ce- Platinum Card division at sense,” Whiteside said. She chunk of American Ex-
slightly larger. The Platinum lebrities. American Express. also noted that it was the press’ business last year
Card will now be issued in “It’s a suite of new and en- Whiteside sees the Uber first increase in the annual by taking over the Costco
in stainless steel instead of hanced benefits that trans- credit as a perk that will fee on the Platinum Card in credit card.q

Fed board member Powell says March rate hike possible

MARTIN CRUTSINGER ment and 2 percent infla- net Yellen is scheduled to Fed board member Lael ing in on full employment,
AP Economics Writer tion. speak on the economic Brainard, one of the lead- inflation is moving gradu-
WASHINGTON (AP) A Fed- “I think the case for a rate outlook on Friday and she ing voices arguing in the ally toward our target,
eral Reserve board mem- increase in March has could at that time decide past to delay hikes, said foreign growth is on more
ber on Thursday added his come together, and I do to send a strong signal that she believed the case for solid footing and risks to the
voice to a growing group think it is on the table for a rate hike was coming. another hike was strength- outlook are as close to bal-
of Fed officials who are discussion,” he said. On Tuesday, William Dud- ening. anced as they have been
indicating that they may Powell’s comments were ley, the president of the “Assuming continued prog- in some time.”
raise rates in March. the latest in a series of re- Fed’s New York regional ress, it will likely be appro- Powell made similar points
Fed board member Jerome marks from Fed officials bank and a close Yellen priate soon to remove ad- in his interview Thursday,
Powell said in a CNBC inter- this week that have raised ally, said that the case for ditional accommodation” saying, “I think we are as
view that he believed the the possibility the Fed will raising rates “has become by raising rates, Brainard close to our mandates as
Fed was close to achieving hike rates at its March 14- a lot more compelling.” said in a speech at Harvard we have been in a very
its targets on full employ- 15 meeting. Fed Chair Ja- And on Wednesday night, University. “We are clos- long time.” q