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Visa and Mastercard have announced a settlement with their merchant clients over litigation related to swipe fees when people pay with cards. The deal is the card groups' latest attempt to settle a 20-year dispute with merchants over credit card interchange fees. Under the terms of the proposed settlement, the card companies will cut so-called interchange fees levied to merchants by an average of 0.1 percentage points over five years, and merchants will have the right to decline some higher-cost Visa and Mastercard-branded credit cards and will gain new rights to add surcharges for accepting some cards.

 

Bloomberg

Financial Times

Payments Dive

EU Cyber Rules: NIS2 + CRA Explained

Two major EU regulations—the NIS2 Directive and the Cyber Resilience Act (CRA)—are poised to reshape how organizations approach cybersecurity, product resilience, and regulatory accountability. While both aim to reduce systemic cyber risk across Europe, they do so from different angles, creating confusion among security and engineering teams. Hyperproof’s new guide breaks down how these two frameworks relate, where they overlap, and what they mean for builders and defenders working in or selling to the EU market.

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President Donald Trump's policies favoring fossil fuels over green energy could lead to a 1% increase in U.S. GDP by 2050, according to Bloomberg Economics. The report, co-authored by Eleonora Mavroeidi and Maeva Cousin, states that “If Trump alone backs out on the transition, the U.S. wins.” However, if other nations also abandon renewable energy, the global economy could shrink by 0.2%. The analysis highlights the potential long-term costs of climate inaction, particularly for vulnerable countries like India and Vietnam. While the U.S. may gain economically in the short term, the report warns that “doing nothing is a costly strategy,” as the impacts of climate change will escalate over time. The COP30 climate conference will showcase the U.S.'s shift away from climate commitments, complicating global efforts to address climate change.

 

Los Angeles Times

The U.S. Senate has voted 60–40 to advance a House-passed spending bill, marking a major step toward ending the nation’s longest government shutdown. Eight moderate Democrats joined Republicans to move the measure forward, which includes provisions to restore jobs lost during the shutdown, prevent new firings until January 31, and guarantee back pay for federal workers. The shutdown, now over a month long, stemmed from a dispute over funding for Affordable Care Act (ACA) subsidies worth about $30bn annually. While Democrats pushed to extend enhanced ACA tax credits to prevent insurance premium hikes for 20 million Americans, Republicans, led by Sen. Bill Cassidy, proposed directing funds to individuals through flexible-spending or health savings accounts instead of insurance companies - an idea later supported by President Trump.

 

CNN

CBS News

Reuters

Wall Street Journal

U.S. household debt has hit a record $18.6tn, according to the Federal Reserve Bank of New York, with student loans reaching $1.65tn and younger borrowers struggling most with repayments. Serious delinquencies rose to 3% overall in the third quarter - the highest since 2014 - and to 5% for borrowers aged 18 to 29. While most categories remain stable, the data highlights a growing divide: lower-income Americans face rising financial stress, while higher-income groups continue to spend and build wealth. Average credit card debt has risen to $6,523 per borrower, and subprime lending is at its highest level since 2019.

 

The Hill

Bloomberg

As hack attacks on crypto companies and individuals hit a record, investors are boosting demand for so-called cold storage wallets: secure devices that keep customers’ tokens safely offline.

 

Financial Times

CPA Canada is urging the Canadian government to establish a framework for independent assurance over artificial intelligence systems. In a letter from Melissa Robertson, CPA Canada's principal of AI research, to Evan Solomon, the minister of artificial intelligence, the organization emphasized the need for collaboration across industries and incentives for small and medium enterprises (SMEs) to adopt AI responsibly. Robertson wrote: "Canada's ability to attract AI investment and scale innovation depends on transparent governance." While acknowledging some progress, CPA Canada believes the regulatory environment remains underdeveloped and calls for a formal framework that prioritizes trust and accountability. The organization aims to foster a competitive AI ecosystem that enhances productivity and economic growth.

 

Accounting Today

Donald Trump has urged air traffic controllers to return to work amid escalating flight cancellations, as staffing shortages during the government shutdown have led to 20% to 40% of controllers absent at major airports. In a social media post, Trump threatened to penalize those who do not comply while promising $10,000 bonuses for dedicated workers, although details on how these bonuses would be funded remain unclear. The situation has resulted in significant disruptions, with over 2,380 flights cancelled and 8,900 delayed on Monday alone.

 

Reuters

The Federal Aviation Administration (FAA) has suspended flights of MD-11 aircraft following a crash of a UPS cargo jet that resulted in at least 14 fatalities in Kentucky. Both UPS and FedEx have grounded their fleets of MD-11s based on a recommendation from Boeing, as investigations focus on the cause of the incident, where the left engine detached during takeoff. The FAA’s directive will likely mandate comprehensive inspections before these planes are allowed to fly again.

 

Reuters

The U.S. Consumer Financial Protection Bureau said yesterday that, although it is legally prohibited from drawing cash from the Federal Reserve to support continuing operations, its current funding should last through the end of this year "at least". In a statement, the agency said an administration legal opinion held that because the Federal Reserve System was not currently reporting "combined earnings" under the 2010 statute which created the CFPB, the agency could not lawfully draw funding from the central bank.

 

Reuters

KKR executives expressed optimism about investment returns and deal-making, despite rising concerns over credit defaults and slower private equity fundraising. Chief Financial Officer Rob Lewin described the current environment for asset monetisation as "constructive," indicating confidence through 2026. Co-Chief Executive Scott Nuttall acknowledged market anxieties but noted, "there's nothing alarming going on," and highlighted that KKR has managed to avoid problematic exposures linked to the recent economic downturn.

 

Reuters

The International Association of Insurance Supervisors (IAIS) has released a report highlighting the financial stability risks posed by natural catastrophe (Nat CAT) insurance protection gaps. The Global Insurance Market Report (GIMAR) outlines how uninsured economic losses, particularly in emerging markets, could jeopardize financial systems. IAIS Executive Committee Chair Shigeru Ariizumi said: "Natural catastrophe events are becoming more frequent and severe, with significant portions of economic losses remaining uninsured." The report calls for coordinated global action to address these gaps and enhance resilience against future risks.

 

Asia Insurance Review

Barrick Mining's interim chief executive Mark Hill has vowed to reset talks with Mali’s government to secure the release of employees still detained in the west African country. Meanwhile, Hill told Reuters that the Canadian miner's focus in the future will be "firmly on North America . . . because it is our next growth area and it is the next growth in gold as well, so that is what we are focused on going forward."

 

Financial Times

Reuters

The Globe and Mail

Donald Trump has threatened to target the BBC with a $1bn lawsuit after the U.K. public broadcaster doctored a speech he made. A documentary, part of the broadcaster's “Panorama” series, included an edited version of Trump's Jan. 6, 2021, speech. Critics argue that the edit misleadingly combined separate passages to suggest Trump was inciting violence, omitting his call for a peaceful protest. Trump's legal team has demanded a retraction, an apology, and compensation by 5pm on Friday. His lawyer, Alejandro Brito, said that the BBC's actions caused significant financial and reputational harm to the President. The controversy over the editing of the speech precipitated the resignation of BBC Director-General Tim Davie and Deborah Turness, the chief executive of BBC News.

 

The Baltimore Sun

BBC News

Daily Mail

A group of 26 U.S. senators and 82 House representatives have written to Starbucks chief executive Brian Niccol, calling for the company to resume negotiations with Starbucks Workers United, which said last week that its members are prepared to strike if a contract is not finalized by November 13th, the chain's "Red Cup Day." “We have heard of a troubling return to union busting,” stated the letter from the group of senators led by Senator Bernie Sanders, adding that Starbucks must “bargain a fair contract in good faith with these employees.” House representatives, led by the House Labor Caucus and Representative Pramila Jayapal, penned a similar missive. The letters also said Starbucks “has the money to reach a fair agreement,” noting that in 2024 Starbucks spent several billion dollars on dividends and stock buybacks. Starbucks said in a statement the union represents only 4% of its workforce and that the company already offers “the best job in retail.” 

 

Reuters

La Molisana and 12 other Italian pasta producers face combined U.S. import and antidumping tariffs of 107%, prompting plans to withdraw from the American market as early as January. The U.S. Commerce Department imposed a preliminary 92% antidumping duty following accusations from American competitors, citing non-cooperation from La Molisana and Garofalo, while Italy and the EU contest the decision amid allegations of political bias and protectionism.

 

Wall Street Journal