ALL THE MONEY NEWS YOU NEED TO KNOW | | | | | | Daniel de Visé | Personal Finance Reporter
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Good morning! It's Daniel de Visé with your Daily Money. |
The Justice Department has filed an antitrust lawsuit against Visa, Bailey Schulz reports, accusing the company of running a debit card monopoly that imposed "billions of dollars" in additional fees on American consumers and businesses. |
The lawsuit, filed Tuesday, accuses Visa of stifling competition and tacking on fees that exceed what it could charge in a competitive market. More than 60% of U.S. debit transactions are processed on Visa's debit network, allowing the company to charge over $7 billion in fees each year, according to the complaint. |
A record holiday season for online shopping |
Online shoppers are expected to spend a record amount this holiday season, and a larger chunk of sales will be on mobile devices, Betty Lin-Fisher reports. |
In its forecast for the 2024 holiday season, from Nov. 1 through Dec. 31, Adobe predicts U.S. online sales will hit a record $240.8 billion. That is an 8.4% increase over last year. |
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Coca-Cola said Tuesday it would be pulling a product in less time than it takes for a soda to go flat. |
The Atlanta-based beverage giant said in a statement to USA TODAY that Coca-Cola Spiced will be discontinued, James Powel reports. |
The product, previously introduced as a part of the company's permanent offerings, will be pulled from shelves just seven months after it hit them. |
Each weekday, The Daily Money delivers the best consumer and financial news from USA TODAY, breaking down complex events, providing the TLDR version, and explaining how everything from Fed rate changes to bankruptcies impacts you. |
Daniel de Visé covers personal finance for USA Today. | | | | The Justice Department is accusing Visa of running a debit card monopoly that has hiked fees for American consumers and businesses. | | | | Adobe is forecasting online sales to hit records this year, especially on mobile devices. | | | | Coca-Cola was reported to be pulling Coca-Cola Spiced, a drink aimed at younger drinkers from the market seven months after it was released. | | | | Civil servants often feel cheated when their Social Security's cut to account for their pension. A bill going to a House vote could change that. | | | | Halloween has become big business with shoppers spending billions on decorations, costumes and candy. The average shopper spends $100+ on the holiday. | | | | Novo Nordisk CEO grilled over company's pricing for the diabetes drug Ozempic and the weight-loss drug Wegovy. | | | | An AI chatbot that got its start in New York helping parents apply for paid family leave is expanding to eight more states and Washington, DC. | | | | The former chief executive of FTX's sister firm has described herself as a remorseful participant in the fraud. | | | | Students and their families fret about the rising costs of college tuition, but housing costs are rising faster. | | | | Our app gives you award-winning coverage, crosswords, audio storytelling, eNewspaper and more. | | | | | | | Sign up for the news you want | Exclusive newsletters are part of your subscription, don't miss out! We're always working to add benefits for subscribers like you. | | | | | | |
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