đŸ€ Bank on it

Digital payment apps could start acting a lot more like your community bank.

Friday | November 22nd, 2024
Early Chirp
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Happy Friday, chirpers! If you want to make a decision between two equal options, your first move might be to grab the nearest quarter. But even though it might seem that the outcome would be a 50/50 chance for either heads or tails, a coin flip isn’t entirely random. If you want to tilt the odds ever so slightly in your favor, one study showed that in almost 51% of cases, the coin landed on the same side it started on.

-Chris Agee

Markets
NASDAQ
IXIC
$19,022.48
$56.34 (0.30%)
Dow Jones
DJI
$43,962.68
$554.21 (1.28%)
S&P 500
GSPC
$5,962.32
$45.21 (0.76%)
EUR-USD
EURUSD
$1.05
-$0.01 (-0.58%)
Bitcoin
BTC-USD
$98,602.27
$4,262.78 (4.52%)
Peloton
PTON
$9.14
$0.78 (9.33%)
*Market data for this issue is from November 21st, 2024 at 3:29pm EST

Markets: All three major stock indexes finished higher on Thursday, led by the Dow Jones Industrial Average’s increase of more than a full percent. Utilities, industrials, and financials proved attractive to investors as Big Tech tried to drag the market down. Google’s parent company, Alphabet, registered big losses following the latest ruling in an ongoing antitrust case. We’ll have more on that matter in today’s Breakdown.

World

The Breakdown

A quick look around the world.

The Breakdown Giphy

Making commitments: In the wake of next season’s early signing period, a handful of women’s college basketball programs are now among the favorites to dominate their respective conferences. Among the schools that seemed to come out on top were Stanford, which scored a commitment with Lara Somfai, Tennessee’s work securing commitments from both Jaida Civil and Lauren Hurst, and Kansas, which was able to attract a pair of top-30 commitments. All but two of the 100 prospects had made commitments by the signing deadline.

Stepping down: Jessica Rosenworcel, the current chair of the Federal Communications Commission and the first woman to hold that position in a permanent capacity, announced this week that she plans to resign upon the inauguration of President-elect Donald Trump. During her tenure at the agency, Rosenworcel has prioritized programs including expanded internet access for students and the development of space-based communications systems. Trump has named FCC commissioner Brendan Carr as his pick to lead the commission.

Selling it off: The antitrust case against Google is coming to an end, but not in the way the search engine titan might have hoped. A federal judge handed down an order requiring Google to sell its ubiquitous Chrome web browser. The company could still be forced to sell off its Android operating system too. This ruling comes after Google faced complaints at the state and federal level that its domination of online search and ads amounted to a monopoly. A company statement said that selling Chrome “would break a range of Google products.”

Hacking supermarkets: Customers across much of the Northeastern U.S. have been met with empty shelves when browsing the aisles of Stop & Shop and Hannaford grocery stores over the past couple of weeks. The chains’ parent company Ahold Delhaize confirmed that a cybersecurity breach was responsible for the shortages and service interruptions. Several common items, including chicken and milk, were reportedly missing from stores and some locations were unable to process payments. Online services were also negatively impacted.

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finance

The Federal Government Just Imposed Some New Rules For Digital Payment Apps

They'll soon be acting a lot more like banks.

The Federal Government Just Imposed Some New Rules For Digital Payment Apps Giphy

Anyone who grew up before the smartphone era likely remembers what it was like to actually travel to a physical bank branch to handle personal financial matters. But these days, not only do most banks have their own digital apps, but a host of other platforms like Cash App and PayPal are offering many of the same features.

And now U.S. regulators want to make sure that they are all playing by the same rules.

Addressing the issues

Although digital financial services are arguably more convenient and customizable than brick-and-mortar banks or credit unions, there are some deficiencies that have left many customers frustrated.

Among the most commonly cited issues are a lack of protection against accounts being closed down and the difficulty associated with trying to report unauthorized transactions.

For its part, the U.S. Consumer Financial Protection Bureau is using its authority to implement a new rule that requires major services to abide by the requirements set for banks on matters including:

  • Transaction disputes
  • Data privacy
  • Fraudulent activity

While this could prove to be a positive step in the right direction, it’s worth noting that the new regulation won’t solve every problem.

Certain limitations apply

The CFPB’s latest rule is clearly designed to address the business practices of large platforms, as evidenced by the stipulation that only apps handling 50 million transactions or more per year will be affected.

In addition to Cash App and PayPal, that means platforms like Apple Pay, Venmo, and Google Play are also bound by the rules 
 but not many of their much smaller competitors.

Furthermore, only transactions conducted in U.S. dollars fall under the purview of the agency’s authority.

Critics worry that this loophole will allow global scams, particularly those involving cryptocurrency, to continue unabated.

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video games

‘Star Wars Outlaws’ Is Working Hard To Make Up For A Disappointing Debut

The highly anticipated title just received a pretty thorough update.

‘Star Wars Outlaws’ Is Working Hard To Make Up For A Disappointing Debut Giphy

As any avid gamer knows, sometimes a long-awaited new title doesn’t live up to the hype. And when news surfaced about the release of the latest game to take place in the “Star Wars” universe, there was plenty of hype to go around.

But many eager fans felt let down by the gameplay, prompting developers to look for ways to improve.

The Wild Card

Although the game’s initial 75% OpenCritic rating isn’t necessarily bad, it’s certainly not where the folks behind such a high-profile game hoped it would land. But the introduction of some new features might help revive the public’s interest.

On Thursday, a new batch of downloadable content, known collectively as “Wild Card,” was released, bringing with it an all-new expanded narrative and some added perks for Season Pass holders.

“Kay is hired to infiltrate a high-stakes Sabacc tournament,” the Wild Card description states. “But, as she crosses paths with the notorious gambler Lando Calrissian, she soon learns that another game is being played.”

Glitches and bugs

Of course, the story itself wasn’t the only thing some players found disappointing. But a new update seeks to address some of those perceived deficiencies.

According to developers, Title Update 1.4.0 tackles problems such as:

  • Gameplay issues: Complaints include players becoming trapped within missions, problems identifying enemies, and unusual actions by peripheral characters.
  • Audio-visual components: Dialogue and facial expressions are among the update’s notable improvements.
  • Stealth and combat: Revised weaponry, additional enemy weaknesses, and an emphasis on strategy are intended to improve gameplay.

There are dozens of other fixes and improvements included in this extensive update, which apparently reflects the fact that developers took the criticism seriously. If underwhelmed players give the game another shot, many of them might just change their minds.

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energy

A Better EV Battery Might Be Coming To A Honda Dealership Near You

It could be the breakthrough that makes EVs more affordable and efficient.

A Better EV Battery Might Be Coming To A Honda Dealership Near You Honda

As other automakers pursued electric vehicles with varying rates of success, Honda is among the companies that bided their time. The famously reliable, if somewhat bland, Japanese automaker only recently debuted the Prologue, its first mass-produced all-electric vehicle.

But a recent unveiling suggests Honda could soon be a true EV innovator.

The solid-state search

EVs are heavier and more expensive than gas-powered automobiles due in large part to the bulky batteries required to power them. That’s why any company capable of producing a cheaper and more efficient EV battery stands to make a fortune while revolutionizing an entire industry.

Honda seems to think it could be that company. At a recent event, the company demonstrated its newest initiative to create so-called solid-state batteries on the widest scale and for the lowest price anyone’s ever seen.

Essentially, solid-state batteries extend the life and range of batteries by replacing liquid electrolytes, which are found in standard lithium-ion batteries, with specialized conductive materials. The concept is effective on paper, but the process required to create them has perplexed even some of the brightest minds in the field.

Several other companies, including some backed by automakers like Volkswagen and Nissan, are also in pursuit of an elusive method for mass-producing solid-state batteries.

The plan of action

Honda offered some details about its program at the recent event, noting that researchers are working harder than ever to reduce time and complexity. Three separate facilities set up at one massive complex in Sakura City are each addressing specific aspects of the process — and production is set to begin early next year.

CEO Toshihiro Mibe has previously described solid-state batteries as a potential game-changer and the company says its method for creating them will be “three times faster” than standard cell battery production methods.

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Early Chirp

Written by Chris Agee

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