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USPS, an independent agency within the federal government, reported operating revenue of $70.6 billion for fiscal year 2018, which ended on Sept. 30, as sales at its shipping and packages business rose 10 percent. However, its net loss widened to $3.9 billion from a loss of $2.7 billion in 2017, hurt by rising pay and benefits and higher transport costs, such as gas prices. Package delivery, especially for major customer Amazon, has become a key part of USPS’s business, but has not been enough to offset the sharp decline in first-class letters caused by the internet and email.

The president does not have the power to determine postal rates, They are set by the Postal Regulatory Commission, an independent government agency with commissioners from both political parties who are selected by the president, That panel raised prices on packages by almost 2 percent in November, Amazon is run by founder Jeff Bezos, who also owns the Washington Post, a silver elephant cufflinks | uk newspaper Trump has repeatedly railed against, It has shown interest in delivering its own packages, and has tested drones for doing so..

ZURICH (Reuters) - Switzerland’s competition watchdog has raided the offices of financial companies, including Credit Suisse (CSGN.S) and UBS (UBSG.S), to investigate a suspected boycott of mobile payment solutions such as Apple Pay (AAPL.O) and Samsung Pay (005930.KS). The competition authority said it was investigating whether the banks, including state-owned PostFinance, colluded with local payments providers not to use the mobile payment systems of the big tech companies. “There is the suspicion that the companies agreed not to make their credit cards available for use with Apple Pay and Samsung Pay, in order to favor the Swiss solution TWINT,” Competition Commission WEKO said in a statement on Thursday.

Some of the companies targeted in the probe said the regulator’s accusations were without merit, “We are surprised about this investigation and are convinced that the allegations will prove to be unfounded,” Credit Suisse said in a statement, Credit Suisse said it offers Swiss consumers access to Apple Pay and Samsung Pay through its 50 percent subsidiary Swisscard and has also been in talks with Apple, Samsung and Google (GOOGL.O) over how their silver elephant cufflinks | uk solutions can be used, UBS acknowledged the investigation and said it had tried to reach an agreement with Apple Pay over use of the Swiss bank’s credit cards as early as 2016, but had not managed to come to an understanding with the company..

“Although we offered a number of alternative solutions, unfortunately we weren’t able to reach an agreement with Apple Pay to cooperate,” a UBS spokeswoman said. Postfinance, part of Switzerland’s postal service and one of the country’s largest banks, also said it did not breach Swiss cartel law and said it was cooperating with the WEKO probe. TWINT AG, a joint venture between Switzerland’s biggest banks to create a digital payments system, said it was “astonished” by the competition commission’s approach.

TWINT said its offices were raided by the watchdog even though it is not under investigation, TWINT also said it had previously submitted a complaint against Apple over unfair competitive practices, “TWINT itself asked the (Competition Commission) some time ago to investigate discriminatory behavior by Apple toward TWINT, because Apple prevents the trouble-free silver elephant cufflinks | uk use of the TWINT app on IOS devices,” it said, “A decision of the WEKO in this matter is expected shortly.”, An Apple spokesman in Switzerland could not immediately be reached for comment on the TWINT allegations..

Disputes between mobile payment systems and banks have cropped up elsewhere too. Last year, a decision by Australia's competition watchdog stopped the country's banks from collectively trying to introduce their own mobile applications for contactless payments on Apple's phones and watches. [reut.rs/2TcUGdn]. Apple Pay entered Switzerland in 2016 as the first major rival to TWINT, which was launched in the same year but has not yet made big inroads into Switzerland’s payments market. TWINT in April said mobile payments in Switzerland had yet to gain traction the way they had in other countries, with just an estimated 0.2 percent of all payments occurring over smartphone in the country.

(Reuters) - J.C, Penney Co Inc (JCP.N) predicted a fall in same-store sales this year as it prepared for the holiday shopping season, reporting worse than expected quarterly results on Thursday due to heavy discounting aimed at righting the company, Shares in the troubled department store chain dived 14 percent in early trade before recovering to gain just over 2 percent, as new Chief Executive Jill Soltau gave the first indications of her plans to turn a profit and avoid becoming the silver elephant cufflinks | uk next big U.S, retail casualty..

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