A federal judge today rejected the swipe fee antitrust settlement agreed to by Visa and Mastercard, which some merchants felt didn't go far enough to loosen the companies' grip on card transactions.
Why it matters: The credit card giants may now be forced back to the negotiating table — or even headed to court over the fate of their fees.
Merchants say the companies have too much power, charging an average of 1.5%–3% in fees per credit card transaction, according to BankRate.com.
Driving the news: U.S. Judge Margo Brodie today issued an order saying she is "not likely to grant final approval" of the deal, which Visa and Mastercard had said would save U.S. businesses $29.8 billion over five years.
The aura of inevitability surrounding Nvidia's stock ascent took a hit over the last few days.
Why it matters: NVDA's meteoric rise is tied to a broader explosion of interest in the emerging AI economy, raising questions of how high it could go, or if it already got there too fast.
Nvidia stock, which has gained 760% since the start of 2023, is down about $14 from last week's all-time high, when it briefly topped $140.
Perkins says its old-fashioned vibe is out of date.
State of play: The restaurant chain is changing its name (sort of), modernizing its look and introducing smaller locations as it seeks a turnaround, CNN reports.
The brand — owned by Ascent Hospitality Management — will go from Perkins Restaurant and Bakery to Perkins American Food Co.
It's introducing digital menu boards, new colors and refreshed ingredients.
Threat level: Sales have been shrinking and the chain closed nearly half of its locations in recent years, according to the report.
Cruise today named Marc Whitten, a veteran of Xbox, Amazon and Sonos, as CEO of the General Motors-owned robotaxi startup.
Why it matters: Whitten's job, aside from helping to get Cruise back on track after suspending driverless operations last fall amid safety concerns, will be to raise money for future growth.
Volkswagen Group has agreed to invest $5 billion in EV startup Rivian in a deal that also involves the creation of a joint venture allowing VW to use Rivian's technology to accelerate its own EVs.
Why it matters: The deal represents a significant validation of Rivian's EVs and an acknowledgment by VW that it is playing catchup in the global race to electrify.
The format for this Thursday's historic debatebetween former President Trump and President Biden has been kept "absolutely the same right from the start," Thompson told me in the same interview.
"The format is our format, and the invitation was to take part in that format, in that studio, on that day, with those moderators."
"There's been no variation in the format from first to last," he added.
Why it matters: His comments refute any suggestions that CNN has changed its debate format or fact-checking strategy to appease either campaign.
CNN released details about the debate rules earlier this month, which both campaigns have agreed to.
Around 15,000 people across the media, marketing and advertising industries attend the Cannes Lions Creativity Festival in southern France each year. Here's what you need to know if you missed last week's event:
Barbell economics: Advertising is moving faster into two buckets: hyper efficient vs. high impact. Anything in the middle, mostly cookie-based targeting against banner ads, is being leveled out. Publishers' share of the ad market is shrinking as a result.
After her first year as CEO of X, Linda Yaccarino said her job is "becoming a much more positive experience."
"It has been quite the stunning journey," she said.
Yaccarino returned to the annual Cannes Lions advertising festival last week, her first time back since 2022 and since leaving NBCUniversal as its ad sales chief last May.
CNN CEO Mark Thompson said he hopes that by the end of this year, "There are meaningful things out in the market that you can see which represent change," to the company's subscription product strategy.
By the numbers: Of the roughly 170 million digital CNN monthly users, there are around 17 million–20 million who are "really engaged," he said.
A federal judge on Tuesday denied a request from Visa and Mastercard to green-light a settlement that some merchants felt did not go far enough to provide them relief from credit card fees.
Why it matters: Merchants say credit card companies have too much power over transactions, charging an average of 1.5% to 3% in fees per credit card transaction, according to BankRate.com.
Amazon's upcoming Prime Day sale will take place on July 16 and 17 this year, the tech giant announced early Tuesday.
Why it matters: This is Amazon's 10th Prime Day promotion — an annual event designed to boost sales during the summer, when vacations compete for consumer attention and dollars.
U.K. private equity and venture capital investors are girding themselves for a dour July 4th, when British voters are expected to barbecue the Conservative Party for the first time in 14 years.
The big picture: Labour Party leaders have pledged to eliminate the favorable tax treatment of carried interest, thus raising the figure to 45% from 28%.
The Associated Press is launching an independent sister organization to raise at least $100 million to expand state and local news, its CEO Daisy Veerasingham told Axios.
Why it matters: The new group, a 501(c)3 charitable organization, allows the AP to raise philanthropic funds to support its local news efforts, which it can't do as a not-for-profit organization.
A startup called Created by Humans is launching to help book authors license their work to AI companies.
Why it matters: Many large language models train on books and other types of creative content, even though there aren't universal permissioning or monetization systems in place.
Activist investor Elliott Management has several levers it can pull in its quest to oust Southwest Airline executives and directors, including the option to call a special shareholder meeting.
Why it matters: Elliott is known for being the most aggressive of all activists, and Southwest's bylaws grant the investor one more weapon in its already heavy arsenal.
Business leaders who support Donald Trump for president might be doing so because they think he'd be better for business — or they might be supporting him because they want favorable treatment from any future Trump administration.
Why it matters: A key question in any presidential election is which candidate would be better for the economy. One problem with asking CEOs is that they have an incentive to support Trump even if they think Biden is the better candidate.
U.S. Treasury Secretary Janet Yellen announced Monday a new Biden administration effort to increase the supply of affordable housing that includes a $100 million fund to address the matter.
Why it matters: Housing costs remain stubbornly high — and the Consumer Price Index shows shelter costs are still rising at a rapid rate, helping keep overall inflation elevated.
