Amex Q2 Corporate Travel Growth Strong Despite General Economic Weakness

American Express shored up reserves and withdrew its 2008 forecast as economic indicators "weakened significantly ... particularly during the month of June," but its global commercial services unit reported second-quarter net income of $227 million, up 40 percent from a year earlier. Gains in the business-to-business and global network services units only partially offset losses reported in United States and international card services.

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