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US Sues Visa, Alleging Monopoly Over Debit Card Market

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US Sues Visa, Alleging Monopoly Over Debit Card Market

The U.S. Department of Justice has filed a lawsuit against Visa, accusing the financial giant of illegally maintaining its dominance in the debit card market through anti-competitive practices. The suit claims Visa punished companies seeking alternative payment networks and paid off potential competitors to preserve its hold on the market, resulting in higher fees and stifling innovation.

Visa processes over 60% of debit transactions in the U.S., generating $7 billion in fees annually. The DOJ began investigating Visa in 2021, and now alleges that the company used exclusive contracts to keep businesses tied to its network, charging higher fees to those who sought alternatives.

Attorney General Merrick Garland emphasized that Visa’s practices led to inflated prices for consumers across a wide range of goods and services, with merchants and banks passing the costs down the line.

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Visa has denied the allegations, calling the lawsuit “meritless.” Julie Rottenberg, the company’s general counsel, stated that Visa operates in a competitive and growing debit market, and the lawsuit overlooks this reality.

The case is part of a broader push by the Biden administration to challenge monopolistic behavior in various industries. The outcome could reshape the debit card market, potentially opening more space for competition in the payment processing sector.

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Tragedy Strikes Hindu Festival in India: Nearly 40 Children Drown During Ritual Bathing

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Tragedy Strikes Hindu Festival in India: Nearly 40 Children Drown During Ritual Bathing

In a devastating incident in eastern India, at least 46 people, including 37 children and seven women, have drowned while celebrating the Hindu Jivitputrika festival. The fatalities, which occurred across 15 districts within the past 24 hours, resulted from victims ritually bathing in rivers and ponds swollen by recent flooding.

The three-day festival, which honors children’s wellbeing, is traditionally marked by mothers fasting and families participating in ritual baths. This year, the swollen water bodies, exacerbated by recent floods, have turned the celebratory ritual into a deadly disaster.

Local disaster management officials have expressed fears that the death toll could rise further. State authorities have promised compensation for the families and relatives of the victims.

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Fatal accidents during religious festivals are not uncommon in India, where large gatherings often take place with insufficient safety measures. This tragic incident serves as a stark reminder of the dangers posed by such gatherings, especially during adverse weather conditions.

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Israeli Airstrikes Hit Beirut, Hezbollah Leader Targeted Amid Escalating Conflict

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Israeli Airstrikes Hit Beirut, Hezbollah Leader Targeted Amid Escalating Conflict

The Israel Defense Forces (IDF) have conducted airstrikes in Beirut, reportedly killing Mohammad Hussein Surur, a senior Hezbollah air unit leader. The Lebanese health ministry confirmed two deaths and 15 injuries from the attack. The strikes come amid escalating violence between Israel and Hezbollah, with both sides exchanging fire throughout the night and into the morning.

Israeli Prime Minister Benjamin Netanyahu stated that the IDF would continue to fight “with full force” against Hezbollah, aiming to dismantle the Iran-backed militant group. This marks a significant intensification of hostilities between the two sides, which have been exchanging rockets and airstrikes for days. The Lebanese health ministry also reported that 28 people were killed today by Israeli airstrikes.

In retaliation, Hezbollah launched 80 missiles targeting northern Israeli cities, including Safed. Israeli authorities have reported no casualties but noted significant property damage in Safed and Rosh Pina.

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Amid the intensifying conflict, U.S. Defense Secretary Lloyd Austin renewed calls for a diplomatic solution. The U.S., along with 11 other allied nations, has urged both Israel and Hezbollah to agree to a ceasefire to prevent further escalation and civilian casualties.

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Strong Winds Cause Further Ferry Cancellations Between Isle of Man and Lancashire

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Strong Winds Cause Further Ferry Cancellations Between Isle of Man and Lancashire

Ferry travel between the Isle of Man and Lancashire continues to face disruption due to strong winds over the Irish Sea. The Isle of Man Steam Packet Company has cancelled Thursday’s 08:45 BST sailing of the Manxman to Heysham and its scheduled 14:15 return journey. This follows the cancellation of the vessel’s return trip from the Lancashire port on Wednesday evening.

The disruptions have affected postal services, with the Isle of Man Post Office reporting delays in deliveries from the UK. While local deliveries within the island remain unaffected, items posted on Wednesday for UK delivery may not reach Royal Mail’s network in time for Friday delivery.

Additionally, the ferry cancellations have caused a delay in newspaper deliveries, with no papers available on the island on Thursday, as confirmed by the island’s wholesale distributor.

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