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PayPal, MasterCard Reach Deal for Store Payment

PayPal's partnership follows a similar deal with MasterCard's larger rival Visa Inc in July as the company looks to expand its payments network.
•    As part of the deal, MasterCard will allow PayPal users to withdraw cash from their accounts using a debit card and also waive the digital wallet fee it currently charges PayPal.
•    The two companies have an existing partnership for co-branded consumer credit cards in the United States and Puerto Rico.
•    PayPal, spun off from e-commerce company eBay Inc last year, has focused on aggressive growth.
•    The company's revenue in the second quarter rose more than 15 percent to $2.65 billion from a year earlier and the volume of payments it processes jumped 28 percent to $86.21 billion.
•    PayPal is also in discussions with banks that issue cards, to explore new products and partnerships, the Journal report said, citing people familiar with the matter.

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China Starts Cargo Train Service to Russia

A cargo train left south China's Guangzhou City for Vorsino, Kaluga Region (113 miles south-west from Moscow) on Aug. 28 , China’s Xinhua reported.
•    It is the latest freight train route China has launched to boost trade ties along the ancient Silk Road. 
•    The train will travel 11,500 km over 14 days before reaching its destination. 
•    Its cargo includes garments, shoes, hats, cloth, lamps and lanterns, electrical appliances, and electronics. 
•    According to Xinhua, Guangzhou, capital of Guangdong Province, has traditionally depended more on maritime freight services. 
•    The new cargo train service saves 30 days compared with shipping services, and it costs just a fifth of the price for air transportation.
•    Russia’s Kaluga Region has set up a major logistics center in the Vorsino industrial park to handle 150,000 to 350,000 containers a year, the Russian media report.
 

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