Judge Blocks $30B Credit Swipe Fee Deal & Rivian's $5B Lifeline From Volkswagen

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Jun 26, 2024

A judge blocked a major $30 billion credit card swipe fee deal, stirring up a heated debate among stakeholders. Volkswagen's $5 billion investment in Rivian could reshape the electric vehicle landscape. Meanwhile, a tragic lithium battery fire in South Korea raises safety concerns about our daily tech. Denmark's groundbreaking carbon tax on livestock marks a significant step in climate policy. Lastly, the 50th anniversary of the barcode celebrates its pivotal role in changing retail forever.

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ANECDOTE

First AI-Generated Commercial

Toys R Us released an AI-generated commercial using OpenAI's Sora.
The commercial features a young Charles Lazarus and Jeffrey the Giraffe.

INSIGHT

Swipe Fee Settlement Rejected

A judge rejected a $30 billion settlement between Visa, MasterCard, and US merchants over swipe fees.
Retailers argued the settlement was inadequate compared to the harm caused by high fees.

INSIGHT

Honor All Cards Rule

Visa and Mastercard's 'honor all cards' rule forces merchants to accept all cards under their umbrella.
Larger businesses particularly dislike this rule, hindering settlement negotiations.

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Episode 352: Neal and Toby recap the credit card swipe battle between credit card networks, merchants, and customers. The $30B meant to take a step forward in resolving high swipe fees was blocked by a judge. Then, Volkswagen invests $5 billion into Rivian, giving it new life that may pave the way for the top of the EV market. Next, the tragic lithium battery fire in South Korea highlights another problem with the batteries that are found in almost all of our daily devices. Also, Denmark will charge farmers for every cow, making it the first carbon tax in the world. Meanwhile, money-market funds reach all-time highs…and that might not be a good thing. Lastly, it’s been 50 years since the very first product was scanned by barcode. How did a simple design transform the economy?

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00:00 - Toys R Us AI commercial

2:50 - Swipe fee battle continues

7:10 - Rivian gets new life

11:45 - Lithium battery hazards

15:15 - World’s first carbon tax

19:00 - Avoid the cash trap

22:15 - 50th anni of the first barcode scan

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