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- Justice Department Takes on Visa in Lawsuit Over Alleged Debit Card Market Monopoly
Justice Department Takes on Visa in Lawsuit Over Alleged Debit Card Market Monopoly
5 articles I'm watching carefully
Tyler Dupont ![]() Good morning 👋 Here's the latest news I'm tracking today. |
📈 Stocks / Finance
KB Home Shares Decline Following Earnings Report Disappointment
KB Home's shares dropped after the company reported mixed results for the third quarter. Despite a "rocky start," sales improved towards the end of the quarter, and analysts noted that falling mortgage rates could help homebuilders in the future. However, the environment remains competitive, and rising land and development costs are challenges for builders. Overall, there are signs of strong buyer demand as affordability improves with lower mortgage rates.
Justice Department Takes on Visa in Lawsuit Over Alleged Debit Card Market Monopoly
The U.S. Justice Department has filed an antitrust lawsuit against Visa, accusing the company of dominating the debit card market and charging consumers and businesses high fees. Visa processes 60% of debit transactions in the U.S., earning over $7 billion yearly from these fees. Attorney General Merrick Garland stated that Visa's practices could lead to higher prices for everyday items. Visa argues that the lawsuit overlooks the growing number of competitors in the payment space and plans to defend itself vigorously.
Trump Media Stock Gains Amid Efforts to Recover from Sell-Off
Trump Media's stock rose 7% to over $13.70 on Wednesday, rebounding from a recent slump that saw shares drop 70% since mid-July. The company's market cap is more than $2.5 billion, but experts say the stock is overvalued, as it reported only $837,000 in revenue last quarter. The recent increase follows months of heavy losses after insiders were allowed to sell their shares. Many believe investors are betting on Donald Trump's political future rather than the company's actual performance.
🪙 Crypto
Golem Report Indicates Stability Following $337 Million ETH Transfers
Golem, a decentralized computing network, moved over 135,000 Ether (worth about $337 million) to centralized exchanges, causing worries of a sell-off among its community. In a report on September 18, Golem explained this transfer was part of a staking test and not a strategy to sell off funds. The initial lack of clear communication led to frustrations on social media, with community members questioning the team’s transparency. Golem highlighted that using centralized exchanges provided a safe environment for testing their operations.
🌎 Global Economy
Dollar hits 14-month low against euro, yuan dips
The Japanese yen weakened as the yuan hit its strongest point in over a year, following China's new economic support measures. The U.S. dollar rose by 0.78% to 144.34 yen while the euro also gained 0.06% to reach $1.1187, close to a 13-month high. China's stimulus has positively impacted Asian equities, encouraging investors to buy riskier assets. Meanwhile, Australia and New Zealand's currencies dipped after earlier peaks, with Australia's dollar trading at $0.68715 after hitting $0.6908.
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