
After being at the receiving end of multiple court rulings that ranged from its alleged position of monopoly in the search engine space to its advertising technology policies, Google has now gone on the offensive following a order for oversight of its payments division. Last week, the Consumer Financial Protection Bureau (CFPB) in the US ordered federal supervision of Google Payment after determining that it meets the legal requirements for such oversight. The CFPB monitors banks, credit unions and other financial institutions, and recently finalised a rule to supervise digital payment apps. The regulatory body said it has “reasonable cause to determine that Google has engaged in conduct that poses risks to consumers.” The risks identified by the CFPB are linked to Google’s handling of erroneous transactions and fraud prevention. Based on customer complaints, the order said it appears that Google didn’t adequately investigate erroneous transfers, or adequately explain the findings of its investigations into these issues, according to Endgadget. However, the CFPB notes that its order “does not constitute a finding that the entity has engaged in wrongdoing,” nor does it “require the CFPB to conduct a supervisory examination.” In response, Google has now filed a lawsuit challenging the decision. “This is a clear case of government overreach involving Google Pay peer-to-peer payments, which never raised risks and is no longer provided in the US, and we are challenging it in court,” said Google spokesperson José Castañeda. In the lawsuit filed in a district court in Washington, Google said the CFPB’s supervision would be a “burdensome form of regulation” imposed based on a “small number of unsubstantiated user complaints.” It added that the CFPB committed a legal error by setting an “exceedingly low bar” for what it counts as sufficient risks to consumers.
Edmunds: Five dream-worthy vehicles you wish you got for the holidaysHow Caitlyn Jenner's Chances of Winning California Governor Have ChangedMr Carter, a former peanut farmer, served one term in the White House between 1977 and 1981, taking over in the wake of the Watergate scandal and the end of the Vietnam War. After his defeat by Ronald Reagan, he spent his post-presidency years as a global humanitarian, winning the Nobel Peace Prize in 2002. His death on Sunday was announced by his family and came more than a year after he decided to enter hospice care. He was the longest-lived US president. His son, Chip Carter, said: “My father was a hero, not only to me but to everyone who believes in peace, human rights and unselfish love. “My brothers, sister and I shared him with the rest of the world through these common beliefs. “The world is our family because of the way he brought people together, and we thank you for honouring his memory by continuing to live these shared beliefs.” World leaders have paid tribute to Mr Carter, including US President Joe Biden, who was one of the first politicians to endorse Mr Carter for president in 1976 and said the world had “lost an extraordinary leader, statesman and humanitarian”. He said: “Over six decades, we had the honour of calling Jimmy Carter a dear friend. But, what’s extraordinary about Jimmy Carter, though, is that millions of people throughout America and the world who never met him thought of him as a dear friend as well. Our founder, former U.S. President Jimmy Carter, passed away this afternoon in Plains, Georgia. pic.twitter.com/aqYmcE9tXi — The Carter Center (@CarterCenter) December 29, 2024 “With his compassion and moral clarity, he worked to eradicate disease, forge peace, advance civil rights and human rights, promote free and fair elections, house the homeless, and always advocate for the least among us. “He saved, lifted, and changed the lives of people all across the globe.” Irish President Michael D Higgins said Mr Carter was “a principled man who dedicated his life to seeking to advance the cause of peace across the world”. He added: “On behalf of the people of Ireland, may I express my sympathies to President Carter’s children and extended family, to President Joe Biden, to the people of the United States, and to his wide circle of colleagues and friends across the globe.” Mr Carter is expected to receive a state funeral featuring public observances in Atlanta and Washington DC before being buried in his home town of Plains, Georgia. A moderate democrat born in Plains in October 1924, Mr Carter’s political career took him from the Georgia state senate to the state governorship and finally, the White House, where he took office as the 39th president. His presidency saw economic disruption amid volatile oil prices, along with social tensions at home and challenges abroad including the Iranian revolution that sparked a 444-day hostage crisis at the US embassy in Tehran. But he also brokered the Camp David Accords between Egypt and Israel, which led to a peace treaty between the two countries in 1979. After his defeat in the 1980 presidential election, he worked for more than four decades leading the Carter Centre, which he and his late wife Rosalynn co-founded in 1982 to “wage peace, fight disease, and build hope”. Under his leadership, the Carter Center managed to virtually eliminate Guinea Worm disease, which has gone from affecting 3.5 million people in Africa and Asia in 1986 to just 14 in 2023. Mrs Carter, who died last year aged 96, had played a more active role in her husband’s presidency than previous first ladies, with Mr Carter saying she had been “my equal partner in everything I ever accomplished”. Earlier this year, on his 100th birthday, Mr Carter received a private congratulatory message from the King, expressing admiration for his life of public service.
The whiplash-inducing, “Hunger Games”-style race to become Donald Trump’s Treasury secretary made it easy for the media to ignore what has been going on with Janet Yellen — and the absolute mess she’s leaving for her successor. Yellen — who, it was revealed Friday, will be replaced as Treasury secretary in January by hedge fund mogul Scott Bessent — was Joe Biden’s pick to run the office that is essentially the country’s CFO. Indeed, it could be the most important cabinet position in the White House given the importance of the US economy. Americans put Trump in office largely over his handling of the economy during his first term — job growth and wages that kept place with a low inflation rate. Despite her gold-plated résumé, Ivy League degrees, and time served as Fed chair, Yellen gave the country just the opposite. Her boss paid the price politically as the American people paid the price economically. And according to my sources, the American people aren’t done paying the price for Yellen’s mismanagement even if most of the financial media is overlooking the fiscal time bomb she devised — one that could blow up once Trump takes office. Specifically, my sources who follow the bond market say Yellen has been setting a trap for the incoming Trump administration through the way she financed the massive $1.8 trillion federal budget deficit that exploded during the Biden years with the accumulation of $36 trillion in debt. Yellen has been moving away from long-term debt to finance the shortfalls to shorter-dated securities, essentially rolling over deficits with more and more Treasury bills instead of the normal way of debt issuance through 10- and 30-year debt. That’s according to an analysis by Robbert van Batenburg of the influential Bear Traps Report, who estimates that around 30% of all debt is the short-term variety — aka 2-year and shorter notes — compared to 15% in 2023. Didn’t lock in low rates In an era of low interest rates, Yellen & Co. could have locked in relatively cheap interest payments for years by issuing more 10- and 30-year debt. So why go there? Politics, according to Yellen’s Wall Street critics. Because the Biden administration has taken spending to new and some say unsustainable levels, Yellen needed to engage in a bit of financial chicanery to keep interest rates low and not spook the stock market during an election year, her critics say. If she had financed deficits with 10- and 30-year bonds, that would have caused a rise in interest rates that impact consumers, i.e. mortgages and credit cards. Follow the latest on President-elect Donald Trump’s cabinet selections: Yields on the 10-year bond have remained under 5%, a key level that has coincided with a run-up in stocks. If rates move to 5% and above, it would also probably cause a decline in the stock market because stocks would be competing with higher-yielding super-safe treasuries for investors’ money. She was playing with additional fire because rates on short-dated debt, while low, began to spike in recent years when the Fed raised its base rate to fight inflation. As van Batenburg puts it: “The Treasury now faces a substantial volume of short-term debt maturing annually, which must be refinanced at significantly higher interest rates. Current market rates for short-term debt, while slightly lower than recent peaks, remain elevated compared to historical levels. This mismatch between low-cost historical debt and high-cost replacement debt is driving a substantial increase in the government’s interest expense.” Scary stuff. Average Americans got screwed by inflation and then higher rates that made homeownership less affordable. Rich people luxuriated in gains from higher financial-asset prices. But yields on the 10-year have been inching up to that danger zone of 5%. It could set the stage for a stock market collapse or even worse if the bond market starts to factor in not just higher deficits given Biden’s spending spree, but also the need to issue more long-dated debt because short-term borrowing is more expensive. Thanks, Janet. Gensler’s SEC land mines Speaking of cleaning up messes, SEC Chairman Gary Gensler announced last week he doesn’t plan to stick around until his term ends in 2026. His replacement is still in question as this column goes to press, though sources say long-time securities lawyer and ex-SEC commissioner Paul Atkins has the inside track. While Wall Street’s top cop won’t face the same existential worries being faced by the new Treasury secretary, it won’t be a cakewalk, either. “Cleaning up after Gensler is like avoiding land mines left behind by the retreating Japanese soldiers,” an SEC insider told me. Gensler, during his three-plus years as Biden’s SEC chair, basically defied the agency’s congressional mandate. He turned what’s essentially an investor-protection agency into a climate-activist arm of the Biden administration by trying to impose costly and absurd disclosures on public companies about their carbon footprint, nearly impossible to accurately gauge. His enforcement arm became a de facto regulator of the $3.5 trillion crypto business; instead of setting clear rules for the industry, he brought cases, stifling innovation of all-important blockchain technology in the US and pushing it overseas. Staff morale is at an all-time low due to Gensler’s brusque management style. I can go on, but I don’t want to scare whoever’s taking Gary’s place.
AP Business SummaryBrief at 1:35 p.m. EST
U.S. Plans to Remove H-1B Visa Country Cap, Boosting Opportunities for Indian Workers U.S. President-elect Donald Trump appointed Indian-American venture capitalist Sriram Krishnan as Senior Policy Advisor for Artificial Intelligence at the White House Office of Science and Technology Policy. Krishnan, who will work alongside David Sacks, former PayPal COO and Trump’s choice to lead AI and Crypto policy, is expected to play a key role in shaping the future of technology and immigration reform in the United States. Among the reforms under consideration is the removal of the per-country cap on H-1B visas, a policy that could significantly impact Indian tech professionals seeking opportunities in the U.S. The proposal to remove the per-country cap on H-1B visas has sparked widespread discussion, especially in India, where a large number of highly skilled professionals seek to work in the US tech industry. If enacted, this reform could have profound implications for both India and the US, reshaping the global talent pool and the tech landscape. The H-1B Visa System and Country Caps The H-1B visa allows US companies to hire foreign workers for specialised jobs, particularly in fields such as technology, engineering, and healthcare. Currently, there is a per-country cap, meaning that no more than 7% of the total number of H-1B visas can be allocated to workers from any single country, regardless of demand. This system has caused significant delays for applicants from high-demand countries, especially India. India, with its large pool of highly skilled workers in the tech sector, has long been affected by this cap. Indian applicants often face long waiting times—sometimes over a decade—due to the high demand for H-1B visas. In contrast, applicants from countries with smaller populations of skilled workers may have little to no waiting period. This backlog has caused frustration among many potential immigrants, who are unable to fully contribute to the US economy due to visa restrictions. Krishnan’s Advocacy and Potential Impact Sriram Krishnan’s appointment brings renewed attention to the intersection of technology, immigration, and U.S. economic policy. Krishnan has long advocated for immigration reforms that would prioritise merit and streamline the green card process, particularly for skilled workers from countries like India. He has garnered support from influential figures such as David Sacks and Elon Musk, who argue that removing country-specific caps would enable the U.S. to attract and retain global talent more effectively. If the U.S. moves forward with the removal of the H-1B cap, it could have a transformative impact on Indian professionals seeking to work and settle in the U.S. It would mean faster processing times for highly skilled workers, allowing them to transition from temporary work status to permanent residency without the years-long wait currently imposed by the per-country cap. What Happens if the Country Cap is Removed? Removing the cap would eliminate the bottleneck faced by applicants from high-demand countries like India, enabling them to compete on a level playing field. Instead of being subject to country-specific quotas, applicants would be processed based on merit, allowing the most qualified candidates to secure visas more quickly. For India, which produces a significant proportion of global tech talent, this would drastically improve the prospects for professionals seeking U.S. employment. This reform would also address the long-standing issue of job uncertainty for foreign workers. Many Indian professionals in the U.S. face difficulties in securing green cards due to the lengthy backlogs, which often affect their families as well. The change could lead to greater job security and increased contributions to the U.S. economy from skilled immigrants. Economic and Technological Implications From an economic perspective, the U.S. tech industry has long relied on skilled foreign workers to maintain its global competitiveness. Removing the country cap could accelerate the flow of talent into the U.S., particularly in the high-demand areas of artificial intelligence and machine learning, fields where Krishnan is deeply involved. This influx of global talent would help sustain U.S. innovation and ensure that the country remains at the forefront of technological advancements. For India, this reform could mean a greater outflow of highly skilled workers, but it also underscores India’s growing role as a hub for global tech talent. The positive implications of this reform would also extend to U.S.-India relations , fostering deeper cooperation in technology, entrepreneurship, and trade. Challenges and Concerns Despite the clear advantages, critics remain concerned about the potential for increased competition in the U.S. job market. Some argue that the reform could disadvantage American workers by making it easier for foreign professionals to secure positions. Others point to potential abuses within the H-1B system, where companies might favour foreign workers over U.S. citizens for cost reasons. A Turning Point for U.S.-India Relations and Global Talent Mobility The potential removal of the H-1B visa country cap, particularly under the guidance of figures like Sriram Krishnan, reflects a broader shift in U.S. immigration and technology policy. For Indian tech professionals, this change could mean faster visa processing and greater opportunities to contribute to the U.S. economy. However, the proposal will undoubtedly spark a broader debate about balancing global talent attraction with domestic job protection. As the U.S. continues to refine its policies, the evolving relationship between the U.S. and India will be key in shaping the future of the global workforce. Stay updated with the latest education news on Times of India . Explore the CBSE date sheet for Class 10 and 12 across Arts , Science , and Commerce streams.Adele has said she will miss her residency shows “terribly” but needs to “move on” after playing her 100th and final show in Las Vegas on Saturday night. The British singer-songwriter, 36, launched Weekends With Adele, located at The Colosseum theatre in Caesars Palace in November 2022. In July, she announced she would be taking a “big break” from music after her run of of sell-out shows at the venue, which seats around 4,000 people. In a social media post on Monday, she said: “Well what an adventure! Las Vegas you’ve been so good to me. A post shared by Adele (@adele) “This residency went on to mirror what 30 was about, lost and broken to healed and thriving! “Seems so fitting in the end. The only thing left to do in this case is move on.” The Easy On Me star made a return to the spotlight in 2021 when she released her fourth album, 30. Adele said: “These 100 shows have been so easy to love. “They were all completely different because I got to really be with every single person in the room every night. “I’ve loved every single second of it and I am so proud of it! I will miss it terribly, and I will miss you all terribly too. Thank you! Thank you! Thank you! See you next time.” Videos posted online from her concert on Saturday show the singer getting tearful as she bid farewell to Vegas. “It’s been wonderful and I will miss it terribly and I will miss you terribly,” she said. “I don’t know when I next want to perform again.” The singer, full name Adele Adkins, shared an emotional embrace with Celine Dion after she spotted the music artist in the audience during her Las Vegas show last month. In August, Adele played shows in a purpose-built outdoor arena in Munich, with capacity for 80,000 people per night, and told fans on the last night that they would not be seeing her for a “long time”.