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Wal-Mart Sues Visa For $5 Billion Over Credit Card Swipe Fees

Wal-Mart is suing Visa for $5 billion dollars for allegedly conspiring with banks to illegally inflate credit card processing fees. According to Wal-Mart, Visa’s credit card swipe fees violate antitrust regulations and have cost retailers and shoppers more than $350 billion. This isn’t the first time credit card companies have been taken to court over […]

Facebook To Use Drones And Satellites To Provide Internet Access

MENLO PARK, Calif., March 28 (UPI) — Facebook has set up a Connectivity Lab with an ambitious plan to provide net access to two-thirds of the world that lack such access, using drones and satellites. The plan will put Facebook in direct competition with Google, which is planning to increase access to the net using […]

Twitter Introduces Photo Tagging And Adding Multiple Photos To A Tweet

SAN FRANCISCO (UPI) — Twitter is attempting to make itself more photo-friendly by allowing users to tag friends in photos and include up to four photos in a tweet. Before Twitter allowed photo tagging, users would have to mention the people in the photo in the tweet itself. This meant that users’ precious 140 characters […]

U.S. Fourth-Quarter Economic Growth Revised To 2.6 Percent

WASHINGTON (UPI) — The Commerce Department revised its growth figures for the American economy, saying it grew by 2.6 percent, a modest uptick but still shy of growth seen in the third quarter. The revised figures for the last quarter of 2013 show that the economy grew a little faster than previously estimated but still […]

IMF To Provide Ukraine With $18 Billion Over Next Two Years

WASHINGTON (UPI) — Ukraine has reached an agreement with the International Monetary Fund to potentially access $27 billion, with the international lender agreeing to provide $18 billion in support over the next two years. The interim government in Kiev and the IMF have reached an agreement that will have the international lender providing the beleaguered […]

IRS: Bitcoin And Other Virtual Currencies Are Property, Not Currency

The IRS released a ruling Tuesday, announcing that Bitcoins and other “virtual currencies” are to be treated as property when filing taxes. The ruling represents the IRS’s first official stance on virtual currencies with regard to taxes. This news comes after the collapse of one of the Internet’s largest Bitcoin exchanges last month. The unexpected […]

MasterCard And Visa Resume Services At Two Russian Banks

WASHINGTON (UPI) — After shutting down services for banks and individuals named in U.S. economic sanctions, Visa and MasterCard have resumed services at two Russian banks. Card services are now working at both SMP Bank and InvestCapitalBank, according to the banks. Meanwhile, card services at two other Russian banks — Rossiya and a subsidiary, Sobinbank […]

Court Reverses Fed Rule Limiting Debit Card Fees

WASHINGTON (UPI) — A U.S. Appeals Court overturned a lower court ruling that asked the Federal Reserve to rewrite rules governing the fees banks charge for a credit card swipe. A U.S. District Court had ruled last July that the Fed had been too lenient and set the cap for such fees too high under […]

Mt. Gox Has Found 200,000 Bitcoins Worth Around $114 Million

TOKYO (UPI) — Mt. Gox, a Bitcoin exchange in Tokyo, has said that it has found 200,000 bitcoins in an old-format wallet, or digital storage file, of the nearly 850,000 bitcoins it lost last month. Last month, Mt. Gox said that it had lost 750,000 of its customers’ bitcoins and 100,000 of its own, worth, […]

Fitch Downgrades Russia’s Debt From Stable To Negative

MOSCOW (UPI) — Fitch Ratings lowered Russia’s debt rating Friday from stable to negative, citing possible impacts of sanctions imposed due to Russia’s reunification of Crimea. “Since U.S. and [European Union] banks and investors may well be reluctant to lend to Russia under the current circumstances, the economy may slow further and the private sector […]


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