Paypal given the all clear

NEWS Paypal.com has been given the go ahead to operate by New York state regulators who had accused the e-payment company of acting illegally. The dispute centred on whether Paypal, an internet micro payment company, constituted a bank or not. In addition to the New York case, Paypal has also been battling a class action lawsuit taken out by aggrieved customers who claimed the company shut down accounts without authorisation. Meanwhile, Paypal said it expects to meet or surpass earnings expectations. The company said it now expects revenue of $53m to $54m compared with earlier guidance of $$52m to $53m. Paypal said it will announce revenue of up to $5.8m for the second quarter.