The Western Union Co. (WU) said on Thursday that it renewed its agreement with the Postal Savings Bank of China (PSBC) to provide Western Union Money Transfer services in China.   The renewal will help Western Union to continue its Money Transfer services through more than 20,000 locations of Postal Savings Bank in China.   Postal Savings Bank is a leading bank in China and since 2001 it has been a Western Union Agent. The Western Union management expects the renewal to drive results for Western Union from Postal Savings Bank’s network across urban and rural China.   Along with its Vigo, Orlandi Valuta and Pago Facil branded payment services, Western Union provides consumers with fast, reliable and convenient ways to send and receive money around the world, as well as send payments and purchase money orders.   Western Union’s third-quarter earnings of 33 cents per share were ...

Western Union Co.’s (WU) third quarter earnings of 33 cents per share were just a shade above the Zacks Consensus Estimate of 32 cents. While the results were almost in line with our expectations, the company continued to experience the challenged economic environment. The company recorded a pre-tax accrual of $71 million during the quarter related to an anticipated agreement to resolve the company’s disputes with the State of Arizona and to fund a multi-state not-for-profit organization. Western Union earned 26 cents per share including the settlement accrual. Earnings excluding the settlement accrual were a penny per share lower on a constant currency basis. The company also completed the acquisition of Custom House, the international business-to-business payments provider. Western Union’s revenue for the quarter was $1.3 billion, down 5% year-over-year. On a constant currency basis, revenues were down 2%. The acquisition of Custom House aided revenue ...