Business News: New PayPal App could replace credit cards

Business News

(CBS) - In Business News, your face may soon become a new form of currency.

PayPal is trying out a smartphone system that allows stores to link to a customers PayPal account. If they recognize the customer's face they then withdraw the funds. PayPal is trying to create an alternative to debit and credit cards.

The company is testing the technology in Britain and hopes to expand to other countries. 

(CBS) - A Swiss retailer is doing damage control after Oprah Winfrey says an employee made a racist comment to her.

The TV icon was in Zurich looking for high end handbags at a shop called Trois Pomme. Oprah says when she asked to see a $38,000 dollar bag, the shop assistant told her she couldn't afford it and directed her to a cheaper item.

The owner of the luxury shop claims the assistant never meant to offend the billionaire and blames the incident on a language barrier. 

(CBS) - The ancient pearl business is making a comeback in the Persian gulf.

For thousands of years fisherman dove for oysters hoping to find a pearl. Today companies use the modern process of putting tiny pearl beads into oysters and then wait for them to grow.

The United Arab Emirates has an oyster farm that contains about 40,000 oysters. 


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