Credit Card Fees To Increase?

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💸 61% of Americans Struggle with Paycheck-to-Paycheck Living Due to Inflation

Over 60% of Americans now live paycheck to paycheck due to persistent inflation, despite Federal Reserve interventions, a LendingClub study showed. Prices for essentials like food, clothing, and medicine have surged, with Mark Zandi of Moody’s Analytics emphasizing: “The high inflation of the past 2+ years has done lots of economic damage.” Rising global factors also foreshadow a further hike in gas prices.

💳 Visa and Mastercard to Increase Credit Card Fees

Visa and Mastercard are set to increase fees for merchants, particularly on online purchases, according to the Wall Street Journal. These hikes, slated for October and April, often result in higher costs for consumers. "An interchange fee is the charge a merchant pays to the card-issuing bank every time a consumer swipes their card." Concurrently, Mastercard and Visa shares rose by 1.3% and 1.1%.

📈 Fed's Key Inflation Gauge Surges to 3.3% in July Amid Ongoing High Prices

The PCE index, observed by the Federal Reserve, rose 0.2% in July with annual prices at 3.3%. Core prices, preferred by Fed's Chair Jerome Powell, surged 4.2% year-on-year. Quincy Krosby of LPL Financial noted, "Core inflation remains stickier than expected," hinting at another rate hike. Despite a 0.8% consumer spending increase in July, it's forecasted to slow down due to economic challenges. Powell signals more rate adjustments if necessary.

🐳 Iceland Takes 'Massive Step Backwards,' Resumes Whaling

Iceland has resumed commercial whaling despite backlash from environmentalists and animal rights activists. New regulations promise better equipment and monitoring, but critics argue they remain "pointless and irrelevant" as whaling remains cruel. Ruud Tombrock of Humane Society International stated, "There is no way to make harpooning whales at sea anything other than cruel... Iceland had a chance to do the right thing and it chose not to."

🗺️ China's New National Map Sparks Neighbor Outrage

The Philippines, India, Malaysia, Vietnam, and Taiwan in opposing China's new national map. Citing the 1982 UNCLOS, Philippines' spokesperson Ma. Teresita Daza stated the map's depiction lacks a legal basis. The map showcases the disputed "nine-dash line" claim over the South China Sea and contentious areas near India. This jeopardizes recent Sino-Indian peace efforts ahead of a G20 summit.

🌍 UN Chief Approves Russia's Attempt to Revitalize Black Sea Grain Agreement

UN Secretary-General António Guterres proposed reviving the Black Sea grain deal, which Russia left in July. Ahead of a Putin-Erdogan meeting on the topic, Guterres stressed, "We need to have something that works to the benefit of everyone." Russia seeks better export conditions and its Agricultural Bank's reconnection to SWIFT to reconsider the deal.

🎮 Sony's portable PlayStation Portal releases Nov 15th at $199.99!
Sony's new handheld, the PlayStation Portal, launching November 15th for $199.99, streams PS5 games over Wi-Fi on an 8-inch 1080p screen. Unlike PS5 cloud streaming, it taps directly into installed games. Sony's Hideaki Nishino stated, “PlayStation Portal will connect remotely to your PS5... you'll swiftly jump from your PS5 to your Portal. Instead of Bluetooth, the Portal features PlayStation Link for audio connectivity.

🔒 Meta Empowers Users to Easily Remove Their Data from AI Training Sets

Meta's Privacy Center now allows users to opt out of personal data use in AI model training. The update offers a feedback form to delete personal data from third-party AI training sources. With an overview explaining AI training processes, Meta emphasizes using various data, sometimes personal. This proactive step possibly aligns with upcoming EU DSA rules, advocating enhanced user data control on digital platforms.

🎤 Taylor Swift Takes Eras Tour to Cinemas

Taylor Swift's "most meaningful, electric experience" – the Eras Tour – is hitting movie theaters. Premiering Oct. 13 in the U.S., Canada, and Mexico, anticipating a surge in ticket demand, AMC Theatres has increased server capacity. This film stands out as it releases before the continuation of Swift's tour. Expected to gross over $1 billion, it might become the highest-earning tour ever.

📺 Spectrum Cable Users Might Miss ESPN's 'College GameDay' This Saturday

Due to a Big Ten media rights deal, Ohio State football won't be on ABC or ESPN this fall. Spectrum users might lose Disney channels, including ESPN after Disney demanded a significant rate hike. Spectrum aims to "hold the line on programming rates," while Disney seeks "fair, market-based rates." ESPN's "College GameDay" remains unaffected by these changes.

💰 Hurricane Idalia's Potential Cost: Up to $20 Billion, Says Moody's Analytics

Hurricane Idalia inflicted $12-$20 billion in damages, notably less than Hurricane Ian's $112.9 billion last year, states Moody’s Analytics. Its lesser losses resulted from hitting Florida's less populated Big Bend with lower property values. Adam Kamins of Moody’s noted, “Idalia may not...be especially costly, but...events like it will grow more common over time” due to climate change. Official loss estimates are pending.

🚫 Judge Rules Porn Age Verification Law Unconstitutional

Federal Judge David Ezra blocked a Texas law requiring age verification for porn sites, deeming it unconstitutional and vague. Ezra highlighted the risks of "asking people to identify themselves through potentially insecure verification systems" and infringing on First Amendment rights. The decision criticized Texas for not considering alternatives like "parent-implemented content filters" and opposing mandated controversial disclaimers on sites. An appeal is anticipated.

👤 Proud Boys Leader Joe Biggs Receives 17-Year Sentence in January 6 Case

Proud Boys leader Joe Biggs was sentenced to 17 years for his role in the January 6 Capitol attack, with member Zachary Rehl receiving 15 years. Judge Timothy Kelly stressed January 6 "broke our tradition of the peaceful transferring of power." Biggs admitted fault but said, "I am not a terrorist." These sentences are among the heaviest for Capitol attack convictions.

On 1st September 1972, Fischer made history as the first American-born world chess champion by triumphing over the Soviet Union's Spassky in Reykjavík, Iceland. The widely publicized tournament marked a significant milestone.

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