Author: Natalie Sherman

The United States government has filed a lawsuit against Visa, alleging that the financial giant has engaged in anticompetitive practices to maintain a monopoly over the debit card market. The Department of Justice claims that Visa has stifled innovation and imposed additional fees on American consumers and businesses by punishing companies that sought to use alternative payment networks. Visa has denied the allegations, stating that it operates in a competitive market with numerous entrants. This lawsuit reflects the Biden administration’s heightened focus on antitrust issues, with Visa facing similar scrutiny in other parts of the world. Attorney General Merrick Garland…

Boeing has agreed to plead guilty to a criminal fraud conspiracy charge after violating a deal following fatal crashes by its 737 Max planes that killed 346 people. The US Department of Justice stated that Boeing will pay a criminal fine of $243.6m. Families of the victims criticized the “sweetheart deal” for not fully holding Boeing accountable. Boeing’s guilty plea helps avoid a criminal trial but tarnishes its reputation. The company faced charges for deceiving regulators about its MCAS flight control system, which played a role in the crashes. The agreement must be approved by a US judge, while critics…

In a surprising turn of events, hiring in the US has defied expectations of a slowdown by surging unexpectedly last month. The US Labor Department reported that employers added 272,000 jobs in May, surpassing the projected 185,000 new roles. This robust job growth comes amidst the backdrop of the highest borrowing costs in over 20 years, which many analysts believed would hinder the economy. The Federal Reserve’s decision to raise interest rates to combat inflation has been met with skepticism, but the strong employment figures suggest that the current rates are sustainable. This data has prompted experts to believe that…