It's the holiday shopping season, which likely means more use of your credit card. And with each swipe, a transaction fee follows. The fee is often paid by the retailer and may be passed onto the customer. A group of lawmakers are taking aim at lowering the rate of those transaction fees. Retailers currently pay around 2-3% on every transaction, totaling $224 billion in 2023, according to industry analysts CMSPI . Visa and Mastercard, two payment networks that dominate the market, argue the fees pay for a valued service for quick and secure transactions. Senate Judiciary Committee Chairman Dick Durbin, a Democrat from Illinois, says it's a problem that permeates every business accepting cards. "Visa and Mastercard don't bargain their charge on every single bill. They dictate how much they're going to charge," Durbin said. Durbin, who is pushing the Credit Card Competition Act, is advocating for more competition in the credit card market to help businesses play a hand in negotiating fees. "When you reduce the cost for retailers, whether they're restaurants or shops, they end up passing it along, and reduce prices for customers," Durbin said. But payment groups argue that there are already many payment options available that drive competition. "There's cash, check, Venmo, Zelle, credit card, debit card, the list goes on and on," Richard Hunt of the Electronic Payment Coalition said. "Millions of Americans use their credit card many times throughout the day. It is safe and it is secure and is very valuable to make ends meet." Hunt says the costs pay for services, protecting businesses and customers alike from fraud and stolen information. He says taking away the service could jeopardize not only private information but also take away benefits that customers rely on, like reward points or cash back. "[Customers] use that money to pay for groceries and gasoline prices and to buy gifts during the holidays. This move by Congress would jeopardize those reward points," Hunt said. But Sen. Durbin believes that increased competition will not harm rewards programs, which he says are a key factor in attracting customers to apply for credit cards in the first place. Earlier this year, Visa and Mastercard settled a lawsuit over the fees, resulting in lower costs over the next few years and allowing smaller merchants to collectively bargain for better rates. During a Senate Judiciary Committee hearing last week, both Republicans and Democrats questioned Visa and Mastercard's profit margins, which hover around 50 percent and are fueled in part by fees. Lawmakers argued that such high profit margins should not exist amid record-high credit card debt. Representatives for Visa and Mastercard defended the fees, stating they provide security from fraud, drive innovative payment technologies, and offer lifelines for customers, especially those who are low-income, relying on points and benefits. Sen. Durbin admits the bill is unlikely to pass in the current lame-duck session of Congress but notes there has been bipartisan interest in the proposal.In response to the confusion and backlash, the Education Bureau issued a statement clarifying that there is no official requirement for students to provide details about their ancestral family background on such forms. The Bureau emphasized that this was a misunderstanding on the part of the school registrar, who inadvertently included this field on the form.Zhou Qi's struggles on the court did not go unnoticed by the fans and media alike. Social media platforms were abuzz with criticism of the once highly-touted center, with many questioning his place in the starting lineup. The pressure was mounting on Zhou Qi to deliver, but his performance only seemed to deteriorate further as the game wore on.
Trump introduces a line of guitars and announces that he will sell them for $10,000## Week 3:With China continuously increasing its military presence in the region, Taiwan has remained vigilant and ready to respond to any potential threats to its security and sovereignty. The deployment of PLA aircraft carriers, warships, and fighter jets in the vicinity of Taiwan has raised alarm bells in Taipei, prompting the Taiwan authorities to heighten their surveillance and defense measures.
The size of a country's foreign exchange reserves is often viewed as a key indicator of its economic strength and stability. With the increase in its reserves, China is sending a message to the global financial community that it is well-prepared to weather any economic storms and navigate through turbulent waters. The rise in foreign exchange reserves also provides the country with more firepower to intervene in the currency market if needed to stabilize the exchange rate.Eagles' Darius Slay ruled out vs. Rams with concussionThe Charlotte Hornets will likely be without a key contributor this season. Forward Grant Williams is expected to miss significant time after suffering an injury late in the fourth quarter of Saturday’s game in Milwaukee, which the Bucks won 125-119 . Williams shot 43.9% from the field this season, while averaging 10.4 points, 5.1 rebounds and 2.3 assists in 29.9 minutes of play through the first 16 games. The 10.4 points per game is a career high for the sixth-year player, who was a first-round pick for the Boston Celtics in the 2019 NBA draft. Here's the latest on Williams’ injury: NBA True or False: Answering early season NBA Eastern Conference trends | For the Hoops All things Hornets: Latest Charlotte Hornets news, schedule, roster, stats, injury updates and more. Grant Williams’ injury update The Hornets announced that Williams' MRI results revealed that he tore his anterior cruciate ligament (ACL) tear in his right knee. He is expected to undergo further evaluation of his knee. Williams will be listed as out indefinitely until additional information on his status is provided, according to the team. ESPN reported that Williams also sustained damage to his meniscus and other knee ligaments that would keep him out for the remainder of the season, but the Hornets have yet to confirm this. Grant Williams' responses after injury "Appreciate all the love and support from those who have reached out," Williams said in a post on X. "Time to goto work it’s all we can do." Grant Williams’ career stats Through 5-plus seasons, Williams averages 7.2 points, 3.7 rebounds and 1.5 assists, while shooting 45.2% from the field and 37.7% from 3-point range. Williams played his first four seasons with the Celtics before being traded to the Dallas Mavericks following the 2022-23 season. He was then traded to the Hornets on Feb. 8, 2024.
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President-elect Donald Trump is reportedly preparing to nominate Scott Bessent, and campaign ally, for Treasury secretary, one of the biggest prizes. Multiple news organizations reported the plans Friday evening. Trump's spokesperson did not immediately return Business Insider's request for comment. Bessent, 62, founded and runs the macro hedge fund Key Square Group and emerged as a to Trump on the campaign trail. His journey to the top tier of the GOP financial world hasn't been entirely linear, though — it includes years working for the liberal philanthropist George Soros and hosting a fundraiser for Al Gore, a former Democratic vice president. The billionaire investor spent his childhood in South Carolina. His father went bankrupt investing in real estate, which Bessent later said led him to get his first summer job when he was 9 years old, . Bessent attended Yale and broke onto the investing scene after working for Soros' first partner, James Rogers. He joined Soros Fund Management in 1991. By 2011, Bessent was Soros' chief investment officer, and he was instrumental in the fund's hugely successful bets against the British pound and Japanese yen. In 2015, Bessent broke off to start Key Square. He hasn't talked to Soros in years, The Wall Street Journal said. In 2011, Bessent married his husband, John Freeman, a former New York City prosecutor. They primarily live in Charleston, South Carolina, with their two children. They spend their spare time preserving historic mansions and used to own an . Despite his nomination that would put him at the center of Trumpworld, Bessent has a somewhat checkered political history. He disagreed with much of the work Soros did through his nonprofit and has primarily donated to Republican candidates, though he's helped Democrats on occasion. In 2000, Bessent held a fundraiser at his home for Gore's presidential bid. By 2016, Bessent was inching toward Trump, telling people they weren't taking Trump seriously enough as a candidate. After Trump won, Bessent donated $1 million to his inaugural committee. Though Bessent has known Trump's family for decades, the 2024 election brought him closer to the former and future president — Trump has called Bessent " " and "a nice-looking guy." Rather than slam Bessent for his previous connections to Soros, a favorite right-wing punching bag, Trump appears impressed by how successful he was at Soros' firm. Bessent donated $3 million to Trump-aligned PACs and Republican committees this election cycle. His support extended beyond his pocketbook, as he frequently conferred with campaign officials on . Known for his interest in niche economic data, Bessent helped draft speeches and write policy proposals for Trump's economic ideas. By the end of the race, Bessent was fully woven into Trump's orbit; he attended the last two rallies and watched from as election results rolled in. As treasury secretary, Bessent would face a . While unemployment is low and the economy is growing at a healthy clip, Americans remain frustrated by and what they see as . Dubbed a "Trump whisperer" by , Bessent has signaled support for some of Trump's key proposals. Among Bessent's top priorities is shrinking the country's significant debt, primarily through increasing growth and, in turn, boosting tax revenues. He has also supported Trump's , telling CNBC that they should be "layered in gradually" to spread out any inflationary impact. At one point, Bessent floated the idea of a — under his theory, Trump would nominate a replacement to lead the central bank before Jerome Powell's term ends in 2026. After facing , Bessent walked back the idea. Bessent has advised Trump on a "3-3-3 policy," which "cutting the budget deficit to 3% of gross domestic product by 2028, spurring GDP growth of 3% through deregulation, and producing an additional 3 million barrels of oil or its equivalent a day." On November 10, the published an opinion piece by Bessent that praised Trump's economic vision. The , he wrote, were evidently giddy about the former president's return to the White House. Beyond lavishing praise on Trump, he said that the US should slash bank regulations, overhaul the Inflation Reduction Act, and reinvigorate American energy investment. "Mr. Trump has turned around the economy before, and he is ready to do so again," Bessent said. Read the original article onBUFFALO, N.Y. -- The day after this month's election, more than 115,000 X users deactivated their accounts, according to social media analytics websites Similar Web. At the same time, the site reported daily usage on Bluesky, a platform modeled on Twitter and started by its former CEO, saw a 500% surge. James Madison University professor of communications Jason Mollica believes some users have become increasingly frustrated with the content on X and its owner, Elon Musk. "The election was sort of, I think, the last straw for many. I don't think it was the absolute thing that drove people," Mollica said. Politicians, mostly Democrats so far, have followed the trend, including a number of New York state legislators. State Sen. Rachel May, D-Syracuse, said she stopped using her personal account on X when Musk took over and last week announced she would no longer use her public account while directing people to find her on other social media, including Bluesky. "I think when they stopped doing any kind of monitoring for the real hate speech, that was what pushed me off. I just felt like it was getting flooded with comments and language that I just didn't want to be associated with," May said. Mollica said politicians should consider Bluesky if they believe they have an audience there. However, he said pulling away from X altogether doesn't make sense from a strategic communications standpoint. "You should still at least keep your Twitter account and then keep the engagement. You don't have to be every day, but keep it enough where it keeps people informed that hey, you're still here and to understand that you should be following me at Bluesky as well," he said. May said it's important to communicate with people who may not agree with her political views. However, she said even before X began to tilt more conservatively, she used the platform primarily to make statements for the media, not direct communication with constituents. "I think we need to find ways that we can communicate with each other. I've been talking to my staff about really making sure that in the coming session we're getting out and directly interacting more with people," May said.Jaipur, Dec 28 (PTI) The state units of the ruling BJP and opposition Congress sparred over the dissolution of nine districts and three divisions by the Rajasthan government on Saturday. While the Congress has criticised the decision and called it anti-people and undemocratic, the BJP alleged that the previous Congress government had created these districts for political gain. The state cabinet on Saturday decided to dissolve nine new districts and three divisions that were formed by the previous Ashok Gehlot government. However, eight new districts have been retained. The previous Congress government had formed 17 new districts and three new divisions. It had also issued a notification for three new districts, which is also being cancelled by the Bhajan Lal Sharma government. Congress state president Govind Singh Dotasra and Leader of Opposition Tika Ram Jully also slammed the decision. “We strongly condemn this decision and the Congress party and the common people of Rajasthan will protest against this decision. There are winter holidays in the court. Such a decision was taken hastily so that no one could go to the court and could not even file a PIL. If required, we will also approach the court,” Dotasra told reporters at a press conference. Jully said that the Congress will start a mass movement to get the government to revert the decision. “We will raise voices against the decision in the assembly. From the road to the assembly, we will not let BJP sit in peace. This decision is anti-people. They have killed the rights of the people.” Cabinet ministers Avinash Gehlot and Sumit Godara called the opposition’s comments “childish and absurd”. Avinash Gehlot said that the Congress had created these districts for political gains just ahead of elections. Godara said the BJP government has dissolved the districts in public interest. The of the government is to carry out welfare works that help the entire state. The Bhajanlal Sharma government has fulfilled 50 per cent of its election promises in the first year itself, he added. PTI AG SKY SKY This report is auto-generated from PTI news service. ThePrint holds no responsibility for its content. var ytflag = 0;var myListener = function() {document.removeEventListener('mousemove', myListener, false);lazyloadmyframes();};document.addEventListener('mousemove', myListener, false);window.addEventListener('scroll', function() {if (ytflag == 0) {lazyloadmyframes();ytflag = 1;}});function lazyloadmyframes() {var ytv = document.getElementsByClassName("klazyiframe");for (var i = 0; i < ytv.length; i++) {ytv[i].src = ytv[i].getAttribute('data-src');}} Save my name, email, and website in this browser for the next time I comment. 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In conclusion, Guang Zhiou's appointment as the new Secretary of the Party Group of the Ministry of Natural Resources is a momentous occasion that signals a new chapter in environmental governance in China. His leadership will undoubtedly inspire positive change and pave the way for a more sustainable and environmentally conscious future. Let us embrace this new era of environmental stewardship and work together to protect our natural resources for generations to come.
4. Do not run vehicles, generators, or other gas-powered equipment in enclosed spaces.As the investigation unfolds and more details emerge, the true extent of the suspect's involvement and the reasons behind the attack will hopefully come to light. In the meantime, the city remains on edge, with residents and authorities alike on high alert for any signs of further violence or instability in the wake of this unprecedented event.
