MasterCard beats expectations

MasterCard reported higher-than-expected quarterly earnings yesterday as the world's second-largest credit card network raised fees to banks and cut expenses, while consumers used their debit cards more. "I believe the worst is behind us and there are certainly some encouraging signs in the recent economic data," chief executive Robert Selander said. MasterCard's third-quarter net income was $452m (£275m), or $3.45 per share, compared with a loss of $194m, or $1.48 per share, a year earlier.