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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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Over 60 Injured in Drone Strike on Northern Israel

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Over 60 Injured in Drone Strike on Northern Israel

More than 60 people have been injured following a drone strike in northern Israel’s Binyamina region, according to emergency response organization United Hatzalah. The attack, claimed by Hezbollah, targeted a training camp of the Israeli Defence Forces (IDF) Golani Brigade, located between Tel Aviv and Haifa.

The victims, whose conditions range from critical to mild, were evacuated to five regional hospitals via ambulances and helicopters. Israeli media reported that 67 people were injured in total, with four in critical condition and five others seriously wounded.

Hezbollah’s media office said the strike was in retaliation for Israeli airstrikes in southern Lebanon and Beirut earlier this week. The group used a “swarm of drones” in the attack, and reports suggest the low-level drones launched from Lebanon did not trigger Israel’s early warning alarms.

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Footage showed wounded individuals being rushed into emergency vehicles, including helicopters, as medical teams worked swiftly to provide care. The injured were taken to hospitals in Hadera, Tel Hashomer, Haifa, Afula, and Netanya, where medical teams are working to stabilize those in critical condition.

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Officials Urge Caution in Aftermath of Hurricane Milton: ‘Don’t Go Sightseeing’

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Officials Urge Caution in Aftermath of Hurricane Milton: 'Don't Go Sightseeing'

Although Hurricane Milton has passed, officials are warning residents across Florida to remain cautious as the storm’s lingering effects, including severe flooding, continue to pose risks. In Hillsborough County, where Tampa is located, rescue teams have been hard at work after the river overflowed, causing over 6 feet (1.8 meters) of flooding. The Hillsborough County Sheriff’s Office, traveling by boat, has been ensuring the safety of residents in the flood-affected areas.

While multiple Florida ports have reopened, including Key West, Port Everglades, and Miami, several remain closed, such as those in St. Petersburg, Fort Myers, and Jacksonville. Georgia and South Carolina have also seen some port reopenings, but many areas still face closures and flooding risks.

President Biden provided an update on the storm’s damage, estimating the total cost to be around $50 billion. He emphasized that more financial aid would be necessary and called on Congress to approve additional funds as the true extent of the damage is assessed.

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Officials are also urging people to stay off the roads and avoid “sightseeing” in affected areas to prevent further accidents or fatalities. “We’re going to need a lot of help,” Biden said, stressing the long recovery ahead after Milton and Hurricane Helene, which struck the region just weeks earlier.

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Florida Reels as Hurricane Milton Leaves Six Dead and Destruction in its Wake

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Florida Reels as Hurricane Milton Leaves Six Dead and Destruction in its Wake

At least six people have died after Hurricane Milton tore through Florida, leaving behind a trail of destruction. As emergency responders navigate floodwaters and clear debris from fallen trees and power lines, the full extent of the storm’s toll remains unclear.

In St. Lucie County, four people lost their lives after multiple tornadoes struck the region. In central Florida’s St. Petersburg, police chief Anthony Halloway confirmed two more deaths.

President Joe Biden addressed the nation, acknowledging the uncertain scope of the damage and the dangers that remain. He emphasized that while the storm has passed, the aftermath can often bring additional fatalities. “There’s still very dangerous conditions in the state,” Biden warned.

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He also stressed the need for substantial financial aid to support the state’s recovery. Biden called on Congress, currently in recess, to return and address the urgent emergency funding needs, underscoring that Florida’s recovery will be a “long haul” requiring billions of dollars in aid.

The president assured that immediate relief efforts are underway, ensuring that residents affected by the storm receive the support they need.

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