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MasterCard Approves $1 Billion Share Buyback After Stock Drop

MasterCard Inc., the payments network that fell 22 percent in New York trading this year, said its board approved a share buyback of up to $1 billion.

“The stock repurchase program is the result of a periodic review of our capital structure, and is enabled by MasterCard’s strong and consistent cash flow,” Chief Executive Officer Ajay Banga said today in a statement. “It is an important way of returning cash to our shareholders while allowing us the flexibility to pursue our business strategy.”