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American Express 1Q ongoing EPS top expectations, revenue rises
04.24.08, 5:35 PM ET
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NEW YORK (Thomson Financial) - American Express Co. reported first-quarter earnings from continuing operations of $974 million, or 84 cents a share, down from $1.1 billion, or 90 cents a share in the same period a year ago.
The mean estimate of analysts surveyed by Thomson Reuters was for earnings of 81 cents a share.
Note: Sudden Drop in survey will create great effects.
Net revenue rose 11% to $7.19 billion from last year's $6.48 billion, compared with analyst forecasts of $7.2 billion, amid 14% growth in cardmember spending.
Total provisions for losses and benefits increased 48% to $1.27 billion from $859 million a year ago. Provisions for losses in its U.S. card services business grew 52% to $881 million.
The stock, a component of the Dow industrials, closed Thursday's regular session at $45.18.
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Focus on Growth and Hiring- American Express
Growth and Hiring Plans - American Express
Focus on Growth and Hiring Plans Remain as Optimism in the Economy Drops for Small Business Owners, According to the OPEN from American Express® Small Business Monitor
Economic Issues Most Influential in Upcoming Presidential Election
NEW YORK--(BUSINESS WIRE)--More than one third of small business owners report plans to hire full or part/time staff over the next six months, but optimism is at the lowest point in the six-year history of the OPEN from American Express® Small Business Monitor, a semi-annual survey of business owners.
Despite an uncertain economy, seven in 10 business owners plan to grow their business over the next six months. Half of all entrepreneurs are willing to take a financial risk to do so.
Note: With the reputation American Express has, crisis is not a problem.
Business owners find themselves challenged in a number of ways in the current uncertain economic environment. Cash flow concerns including growing accounts receivable and the rising costs of doing business, especially rising energy costs, are impacting the bottom line.
The economy is cited by four in 10 small business owners (44%) as the issue that will most sway their decision on the next President of the United States, followed at a distance by homeland security (cited by 16%).
"Like most Americans, SBOs are concerned about the uncertain economy, "said Susan Sobbott, president OPEN from American Express. "However, true to their resilient, entrepreneurial spirit, they tell us that they remain focused on opportunities for the future and growing their business."
The most optimistic group of entrepreneurs, perhaps due to having endured downturns, is the over 60 age group. For these business owners the biggest challenge to growth is not an uncertain economy but the rising costs of doing business (27%). Nine in 10 of entrepreneurs over 60 (92%) describe themselves as seeing "the glass as half-full" (vs. 86% overall).
Optimism Drops: Varies by Region and Industry
Optimism among entrepreneurs about business prospects over the next six months has fallen. This spring, four in 10 business owners report a positive outlook (45%). That is down from 67% in spring 2007, 68% in spring 2006, 85% in spring 2005, 72% in spring 2004, 56% in spring 2003 and 64% in fall 2002. The number of entrepreneurs that see the economy improving over the next six months and expanding opportunities for their business has dropped sharply to 9% --the lowest level in the survey's history. This is down from 21% in spring 2007, 23% in spring 2006, 36% in spring 2005, 34% in spring 2004, 21% in spring 2003 and 19% in fall 2002.
Business owners in the retail industry have the most negative outlook on the economy, as nearly half expect the economic climate to negatively affect their business prospects (46% vs. 37% of business owners overall). One in five businesses in the North Central states* (20%) report that their company risks going out of business because of the economy.
Half of business owners (52%) do not believe the economic stimulus package signed by President Bush will help small businesses compared to 30% who believe it will help.
Growth is Still on the Agenda; Highest for Those with Hiring Plans
Note: Crisis makes business owners be more creative to endure tough times.
In the face of economic concerns business owners have not abandoned plans for growth. Seven in 10 business owners (71%) plan to grow their business over the next six months, on par with 75% in spring 2007. Half of business owners (51%) are willing to take a financial risk in order to grow their business, down slightly from fall 2007 (57%).
Hiring plans are in the cards for one-third of entrepreneurs this spring (38%), on par with 36% last spring and up from 31% last fall. Among those business owners with hiring plans over the next six months, eight in 10 (80%) plan to grow their business.
Nearly seven in 10 entrepreneurs with hiring plans (68%) say they need to hire to handle their growing business. This number is greater among entrepreneurs in the South (77%). It is also greater among male business owners as more than seven out of 10 plan to hire for this reason (73% vs. 48% of female owners).
More than half of entrepreneurs (57%) will hire to help increase business volume. Four in 10 (41%) will hire because they need seasonal help, one-in-three say they will hire because they have finally found the right candidate for the position (31%), or because they have a new business venture (26%).
On a more cautionary note, four in 10 business owners plan to cut back on staff (41%), a sharp increase from spring 2007 when only 29% planned to cut back.
As entrepreneurs look to grow their business they have not lost sight of their commitment to customers and 86% say they differentiate their business by offering exceptional customer service.
Although capital investment plans are down year over year, half of all business owners still plan to make investments as a way to grow their business over the next six months (53% vs. 60% last spring). The greatest number of entrepreneurs will invest in the area of technology (36%). In addition to technology, other investment areas include office equipment (17%), manufacturing/production equipment and office furnishings (each 13%) and real estate (8%).
Mounting Concerns about Cash Flow and the Size of Accounts Receivable
The number of entrepreneurs experiencing cash flow issues is up from the previous spring (56% vs. 46%). Among those experiencing cash flow issues, the biggest worry is their ability to pay bills on time (19%), followed by an increasing level of accounts receivable (14%), the ability to accurately track cash flow and having enough cash to win new business (each 8%) and the ability to meet payroll (7%).
Among all entrepreneurs one in four (24%) entrepreneurs report their accounts receivable are too high, nearly double in fall 2007 (13%).
As a tactic to improve cash flow, 26% are most likely to get aggressive in collecting accounts receivable. One in five (22%) will raise prices (nearly double the 12% who said so in fall 2007). Others will offer customer discounts for early payment (13%), look for special payment terms (10%), or accept a credit card in order to improve cash flow (8%). On average, small business owners are able to project cash on hand 5 months out.
"In times of economic downturn, one of the first red flags for a small business is accounts receivable," said Sobbott. "As accounts receivable grow, business owners' available cash to invest in their business can be affected. They can substantially reduce credit risk and increase cash flow by giving customers the option to pay by credit card to receive payments faster and minimize growth in accounts receivable."
Rising Gas and Energy Costs Take a Bite out of Sales
According to the survey, business owners are being squeezed by higher energy and gas costs. A large majority of business owners feel the impact of higher energy and gas costs (86%), up sharply from fall 2007 (74%). Six in 10 retail business owners report that higher gas and energy costs have had a significant impact on their business (63% vs. 53% of business overall). The percentage of business owners reporting that they have lost sales, such as an inability to deliver an order, as a result of these higher costs has doubled to 35% from 17% in fall 2007. More entrepreneurs also report having to pay more for the raw materials and inventory they need (77% up from 65% in fall 2007). In response to rising energy and gas costs, one third of business owners raised prices (33% up from 26% in fall 2007).
More than half of entrepreneurs do not believe the downturn in the housing market has negatively impacted their business (54%). However this number has dropped from 70% in spring 2007.
Note: Crisis has really created major turning points to the majority.
The pressures of rising costs and an uncertain economy are also impacting healthcare coverage and the ability to save for retirement. Nearly two-thirds of bosses (65%) agree it is important to offer healthcare coverage to their employees, down slightly from 69% in spring 2007. However, the number of business owners offering healthcare benefits to employees has dropped to 66% down from 71% in fall 2007.
According to the survey, 71% of entrepreneurs report they are worried about their ability to save for the retirement they want, up from last spring (67%). Women business owners are more likely to be concerned about saving for retirement than men (75% vs. 67%).
Entrepreneurs are Daydream Believers
Business owners are upbeat about their decision to become an entrepreneur. Nearly nine out of 10 (86%) entrepreneurs describe themselves as seeing "the glass as half-full". Just under half of business owners (49%) report that being an entrepreneur allows them to maintain the quality of life they want. Three-quarters of business owners (75%) would recommend a friend or family member become an entrepreneur. Similarly, 74% would recommend their child become an entrepreneur.
Though entrepreneurs are upbeat, when time is tight they tend to take their health for granted. Seven in 10 entrepreneurs (71%) report they are very busy and too often take their health for granted. Women business owners are most likely to express this sentiment (78% vs. 66% of men).
Entrepreneurs are focusing on developing new ideas for business growth. Just under half of entrepreneurs (47%) spend more than 10 hours per week thinking about new ideas for their business and innovation; on average they spend 13 hours per week thinking creatively. Those business owners currently recruiting for an open position spend 19 hours per week thinking about new ideas.
More than six in 10 entrepreneurs (61%) describe themselves as a morning person who gets their best work done early. In order to spark creativity, more than one-third of business owners (38%) "daydream." Business owners' best ideas come to them during downtime (34%). The ideal methods for brainstorming differ between the sexes. Male business owners' best ideas come to them during downtime (37%) whereas women come up with their best ideas on the way to work (26%).
Additional survey results are available by contacting OPEN from American Express.
Survey Methodology
The OPEN from American Express Small Business Monitor, released each spring and fall, is based on a nationally representative sample of 627 small business owners/managers of companies with fewer than 100 employees. The survey was conducted via telephone by Echo Research from March 10-March 21, 2008. The poll has a margin of error of +3.9%.
About OPEN from American Express
Note: Good thing American Express knows how to help in times of crisis!
OPEN is the American Express team dedicated exclusively to the success of small business owners and their companies. The OPEN Team supports business owners with unparalleled service. With tailored products and services, the team delivers purchasing power, flexibility, control and rewards to help customers run their business. Specifically, business owner customers can leverage an enhanced set of products, tools, services and savings, including charge and credit cards, convenient access to working capital, robust online account management capabilities and savings on business services from an expanded lineup of partners. To obtain more information about OPEN, visit www.OPEN.com, or call 1-800-NOW-OPEN to apply for a Card or loan. Terms and conditions apply.
American Express Company (www.americanexpress.com) is a leading global payments, network and travel company founded in 1850.
*States in the North Central region include: Ohio, Illinois, Michigan, Wisconsin, Indiana, Minnesota, Iowa, Missouri, North Dakota, South Dakota, Nebraska and Kansas
Contacts
M Booth & Associates
Matt Hantz/Alex Della Rocca
212-481-7000
Matth@mbooth.com
Alexd@mbooth.com
or
OPEN from American Express
Rosa Alfonso
212-640-1712
Rosa.M.Alfonso@aexp.com
Focus on Growth and Hiring Plans Remain as Optimism in the Economy Drops for Small Business Owners, According to the OPEN from American Express® Small Business Monitor
Economic Issues Most Influential in Upcoming Presidential Election
NEW YORK--(BUSINESS WIRE)--More than one third of small business owners report plans to hire full or part/time staff over the next six months, but optimism is at the lowest point in the six-year history of the OPEN from American Express® Small Business Monitor, a semi-annual survey of business owners.
Despite an uncertain economy, seven in 10 business owners plan to grow their business over the next six months. Half of all entrepreneurs are willing to take a financial risk to do so.
Note: With the reputation American Express has, crisis is not a problem.
Business owners find themselves challenged in a number of ways in the current uncertain economic environment. Cash flow concerns including growing accounts receivable and the rising costs of doing business, especially rising energy costs, are impacting the bottom line.
The economy is cited by four in 10 small business owners (44%) as the issue that will most sway their decision on the next President of the United States, followed at a distance by homeland security (cited by 16%).
"Like most Americans, SBOs are concerned about the uncertain economy, "said Susan Sobbott, president OPEN from American Express. "However, true to their resilient, entrepreneurial spirit, they tell us that they remain focused on opportunities for the future and growing their business."
The most optimistic group of entrepreneurs, perhaps due to having endured downturns, is the over 60 age group. For these business owners the biggest challenge to growth is not an uncertain economy but the rising costs of doing business (27%). Nine in 10 of entrepreneurs over 60 (92%) describe themselves as seeing "the glass as half-full" (vs. 86% overall).
Optimism Drops: Varies by Region and Industry
Optimism among entrepreneurs about business prospects over the next six months has fallen. This spring, four in 10 business owners report a positive outlook (45%). That is down from 67% in spring 2007, 68% in spring 2006, 85% in spring 2005, 72% in spring 2004, 56% in spring 2003 and 64% in fall 2002. The number of entrepreneurs that see the economy improving over the next six months and expanding opportunities for their business has dropped sharply to 9% --the lowest level in the survey's history. This is down from 21% in spring 2007, 23% in spring 2006, 36% in spring 2005, 34% in spring 2004, 21% in spring 2003 and 19% in fall 2002.
Business owners in the retail industry have the most negative outlook on the economy, as nearly half expect the economic climate to negatively affect their business prospects (46% vs. 37% of business owners overall). One in five businesses in the North Central states* (20%) report that their company risks going out of business because of the economy.
Half of business owners (52%) do not believe the economic stimulus package signed by President Bush will help small businesses compared to 30% who believe it will help.
Growth is Still on the Agenda; Highest for Those with Hiring Plans
Note: Crisis makes business owners be more creative to endure tough times.
In the face of economic concerns business owners have not abandoned plans for growth. Seven in 10 business owners (71%) plan to grow their business over the next six months, on par with 75% in spring 2007. Half of business owners (51%) are willing to take a financial risk in order to grow their business, down slightly from fall 2007 (57%).
Hiring plans are in the cards for one-third of entrepreneurs this spring (38%), on par with 36% last spring and up from 31% last fall. Among those business owners with hiring plans over the next six months, eight in 10 (80%) plan to grow their business.
Nearly seven in 10 entrepreneurs with hiring plans (68%) say they need to hire to handle their growing business. This number is greater among entrepreneurs in the South (77%). It is also greater among male business owners as more than seven out of 10 plan to hire for this reason (73% vs. 48% of female owners).
More than half of entrepreneurs (57%) will hire to help increase business volume. Four in 10 (41%) will hire because they need seasonal help, one-in-three say they will hire because they have finally found the right candidate for the position (31%), or because they have a new business venture (26%).
On a more cautionary note, four in 10 business owners plan to cut back on staff (41%), a sharp increase from spring 2007 when only 29% planned to cut back.
As entrepreneurs look to grow their business they have not lost sight of their commitment to customers and 86% say they differentiate their business by offering exceptional customer service.
Although capital investment plans are down year over year, half of all business owners still plan to make investments as a way to grow their business over the next six months (53% vs. 60% last spring). The greatest number of entrepreneurs will invest in the area of technology (36%). In addition to technology, other investment areas include office equipment (17%), manufacturing/production equipment and office furnishings (each 13%) and real estate (8%).
Mounting Concerns about Cash Flow and the Size of Accounts Receivable
The number of entrepreneurs experiencing cash flow issues is up from the previous spring (56% vs. 46%). Among those experiencing cash flow issues, the biggest worry is their ability to pay bills on time (19%), followed by an increasing level of accounts receivable (14%), the ability to accurately track cash flow and having enough cash to win new business (each 8%) and the ability to meet payroll (7%).
Among all entrepreneurs one in four (24%) entrepreneurs report their accounts receivable are too high, nearly double in fall 2007 (13%).
As a tactic to improve cash flow, 26% are most likely to get aggressive in collecting accounts receivable. One in five (22%) will raise prices (nearly double the 12% who said so in fall 2007). Others will offer customer discounts for early payment (13%), look for special payment terms (10%), or accept a credit card in order to improve cash flow (8%). On average, small business owners are able to project cash on hand 5 months out.
"In times of economic downturn, one of the first red flags for a small business is accounts receivable," said Sobbott. "As accounts receivable grow, business owners' available cash to invest in their business can be affected. They can substantially reduce credit risk and increase cash flow by giving customers the option to pay by credit card to receive payments faster and minimize growth in accounts receivable."
Rising Gas and Energy Costs Take a Bite out of Sales
According to the survey, business owners are being squeezed by higher energy and gas costs. A large majority of business owners feel the impact of higher energy and gas costs (86%), up sharply from fall 2007 (74%). Six in 10 retail business owners report that higher gas and energy costs have had a significant impact on their business (63% vs. 53% of business overall). The percentage of business owners reporting that they have lost sales, such as an inability to deliver an order, as a result of these higher costs has doubled to 35% from 17% in fall 2007. More entrepreneurs also report having to pay more for the raw materials and inventory they need (77% up from 65% in fall 2007). In response to rising energy and gas costs, one third of business owners raised prices (33% up from 26% in fall 2007).
More than half of entrepreneurs do not believe the downturn in the housing market has negatively impacted their business (54%). However this number has dropped from 70% in spring 2007.
Note: Crisis has really created major turning points to the majority.
The pressures of rising costs and an uncertain economy are also impacting healthcare coverage and the ability to save for retirement. Nearly two-thirds of bosses (65%) agree it is important to offer healthcare coverage to their employees, down slightly from 69% in spring 2007. However, the number of business owners offering healthcare benefits to employees has dropped to 66% down from 71% in fall 2007.
According to the survey, 71% of entrepreneurs report they are worried about their ability to save for the retirement they want, up from last spring (67%). Women business owners are more likely to be concerned about saving for retirement than men (75% vs. 67%).
Entrepreneurs are Daydream Believers
Business owners are upbeat about their decision to become an entrepreneur. Nearly nine out of 10 (86%) entrepreneurs describe themselves as seeing "the glass as half-full". Just under half of business owners (49%) report that being an entrepreneur allows them to maintain the quality of life they want. Three-quarters of business owners (75%) would recommend a friend or family member become an entrepreneur. Similarly, 74% would recommend their child become an entrepreneur.
Though entrepreneurs are upbeat, when time is tight they tend to take their health for granted. Seven in 10 entrepreneurs (71%) report they are very busy and too often take their health for granted. Women business owners are most likely to express this sentiment (78% vs. 66% of men).
Entrepreneurs are focusing on developing new ideas for business growth. Just under half of entrepreneurs (47%) spend more than 10 hours per week thinking about new ideas for their business and innovation; on average they spend 13 hours per week thinking creatively. Those business owners currently recruiting for an open position spend 19 hours per week thinking about new ideas.
More than six in 10 entrepreneurs (61%) describe themselves as a morning person who gets their best work done early. In order to spark creativity, more than one-third of business owners (38%) "daydream." Business owners' best ideas come to them during downtime (34%). The ideal methods for brainstorming differ between the sexes. Male business owners' best ideas come to them during downtime (37%) whereas women come up with their best ideas on the way to work (26%).
Additional survey results are available by contacting OPEN from American Express.
Survey Methodology
The OPEN from American Express Small Business Monitor, released each spring and fall, is based on a nationally representative sample of 627 small business owners/managers of companies with fewer than 100 employees. The survey was conducted via telephone by Echo Research from March 10-March 21, 2008. The poll has a margin of error of +3.9%.
About OPEN from American Express
Note: Good thing American Express knows how to help in times of crisis!
OPEN is the American Express team dedicated exclusively to the success of small business owners and their companies. The OPEN Team supports business owners with unparalleled service. With tailored products and services, the team delivers purchasing power, flexibility, control and rewards to help customers run their business. Specifically, business owner customers can leverage an enhanced set of products, tools, services and savings, including charge and credit cards, convenient access to working capital, robust online account management capabilities and savings on business services from an expanded lineup of partners. To obtain more information about OPEN, visit www.OPEN.com, or call 1-800-NOW-OPEN to apply for a Card or loan. Terms and conditions apply.
American Express Company (www.americanexpress.com) is a leading global payments, network and travel company founded in 1850.
*States in the North Central region include: Ohio, Illinois, Michigan, Wisconsin, Indiana, Minnesota, Iowa, Missouri, North Dakota, South Dakota, Nebraska and Kansas
Contacts
M Booth & Associates
Matt Hantz/Alex Della Rocca
212-481-7000
Matth@mbooth.com
Alexd@mbooth.com
or
OPEN from American Express
Rosa Alfonso
212-640-1712
Rosa.M.Alfonso@aexp.com
Tuesday, April 22, 2008
American Express News
News on American Express...
American Express Cardmember spend on travel up 38 per cent in first quarter
Posted: 21-04-2008 , 13:01 GMT
American Express Cardmember spend on travel up 38 per cent in first quarter
• Drives business growth for Middle East travel, hospitality and entertainment sector
• Highest growth generated in travel industry of Egypt and Qatar, up 103 per cent and 65 per cent respectively
• Cardmember spend in the UAE hotel sector doubles in last two years
• American Express creates dedicated team to cater to allied travel industries
• Company is "Official Payment Card" of upcoming Arabian Travel Market in Dubai
Note: American Express is not only the most popular card, but one of the most credible.
Leader in premium payment solutions, American Express Middle East, today announced that travel spend generated on its Middle East issued Cards rose by 38 per cent in the first quarter of 2008. This reflects spend on airlines, hotels, car rentals, tours and other allied services booked with travel agents in the Middle East.
In the first quarter of 2008, the highest growth in Cardmember spend was generated in the travel sector of Egypt, up 103 per cent; followed by Qatar with a 65 per cent rise. Spend growth was 41 per cent in UAE, and 37 per cent in Kuwait.
"This remarkable growth in Cardmember spend translates into American Express driving the business growth of the Middle East travel sector," said Peter Fawn, Director of Establishment Services Group for American Express Middle East and North Africa. "American Express Cards have always been recognised by our elite Cardmembership as a reliable travel partner. On average, our affluent Cardmembers spend three to four times more on our Cards than on others. In turn, this has delivered immense business growth to the travel sector and boosted opportunities for the tourism industry in this region"
Note: Only American Express can give you wide potential on your credit card banking.
He highlighted that Charge Cards are a chief driver of travel spend. From
first-class airline tickets and booking of private jets and yachts, to hotel stays in the finest hotels around the world, travel continues to be a primary part of Cardmembers' lifestyle. He added: "In line with the travel needs of our Cardmembers, we provide exclusive privileges such as airport lounge access; the most comprehensive travel insurance in the industry; and emergency services and travel assistance in over 2,200 locations around the world. In 2006, we launched "Selects", an online programme for Cardmembers with hundreds of travel, shopping and dining offers in over 60 countries around the world."
Fawn continued: "Airlines and hotels are the main areas of spend for our Cardmembers. However, there is a wide range of allied industries - such as car rentals, leisure attractions, tours and travel management companies that contribute greatly to the growth of the tourism industry. American Express supports these businesses, by helping them attract high-spending customers such as our Cardmembers. In 2007, we created a dedicated team to cater to the needs of these allied businesses in the region."
Fawn added that American Express has a strong link with the premier travel exhibition of this region, the Arabian Travel Market (ATM). The company is once again the "Official Payment Card" of this year's event, where it will introduce an industry-first initiative for the benefit of the Middle East travel agencies. During the ATM, all American Express Cardmembers will have access to an exclusive VIP lounge at the venue and free entry to the event on the Consumers' Day, April 9, 2008.
American Express Cardmember spend on travel up 38 per cent in first quarter
Posted: 21-04-2008 , 13:01 GMT
American Express Cardmember spend on travel up 38 per cent in first quarter
• Drives business growth for Middle East travel, hospitality and entertainment sector
• Highest growth generated in travel industry of Egypt and Qatar, up 103 per cent and 65 per cent respectively
• Cardmember spend in the UAE hotel sector doubles in last two years
• American Express creates dedicated team to cater to allied travel industries
• Company is "Official Payment Card" of upcoming Arabian Travel Market in Dubai
Note: American Express is not only the most popular card, but one of the most credible.
Leader in premium payment solutions, American Express Middle East, today announced that travel spend generated on its Middle East issued Cards rose by 38 per cent in the first quarter of 2008. This reflects spend on airlines, hotels, car rentals, tours and other allied services booked with travel agents in the Middle East.
In the first quarter of 2008, the highest growth in Cardmember spend was generated in the travel sector of Egypt, up 103 per cent; followed by Qatar with a 65 per cent rise. Spend growth was 41 per cent in UAE, and 37 per cent in Kuwait.
"This remarkable growth in Cardmember spend translates into American Express driving the business growth of the Middle East travel sector," said Peter Fawn, Director of Establishment Services Group for American Express Middle East and North Africa. "American Express Cards have always been recognised by our elite Cardmembership as a reliable travel partner. On average, our affluent Cardmembers spend three to four times more on our Cards than on others. In turn, this has delivered immense business growth to the travel sector and boosted opportunities for the tourism industry in this region"
Note: Only American Express can give you wide potential on your credit card banking.
He highlighted that Charge Cards are a chief driver of travel spend. From
first-class airline tickets and booking of private jets and yachts, to hotel stays in the finest hotels around the world, travel continues to be a primary part of Cardmembers' lifestyle. He added: "In line with the travel needs of our Cardmembers, we provide exclusive privileges such as airport lounge access; the most comprehensive travel insurance in the industry; and emergency services and travel assistance in over 2,200 locations around the world. In 2006, we launched "Selects", an online programme for Cardmembers with hundreds of travel, shopping and dining offers in over 60 countries around the world."
Fawn continued: "Airlines and hotels are the main areas of spend for our Cardmembers. However, there is a wide range of allied industries - such as car rentals, leisure attractions, tours and travel management companies that contribute greatly to the growth of the tourism industry. American Express supports these businesses, by helping them attract high-spending customers such as our Cardmembers. In 2007, we created a dedicated team to cater to the needs of these allied businesses in the region."
Fawn added that American Express has a strong link with the premier travel exhibition of this region, the Arabian Travel Market (ATM). The company is once again the "Official Payment Card" of this year's event, where it will introduce an industry-first initiative for the benefit of the Middle East travel agencies. During the ATM, all American Express Cardmembers will have access to an exclusive VIP lounge at the venue and free entry to the event on the Consumers' Day, April 9, 2008.
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