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US watchdog issues final rule to supervise Big Tech payments, digital wallets

Silicon Valley tech giants and others who together process more than 13 billion financial transactions annually through digital wallets and payment apps will be subject to government supervision, the U.S. Consumer Financial Protection Bureau said. The new rule finalized on Thursday will bring a burgeoning consumer service under the same scrutiny faced by banks while helping protect the privacy of vast amounts of consumer data and preventing fraud and the illegal closure of their accounts, the agency said. The regulations, first proposed a year ago to govern digital services such as Apple Wallet, Google Pay and Venmo, come as President-elect Donald Trump prepares to make far-reaching changes to federal regulators' conduct when he takes office next year, which could cast doubt on the rule's future.

Reuters 5 minutes ago

Factbox-Who are the defendants charged in US indictment of Gautam Adani?

U.S. prosecutors have charged Indian billionaire Gautam Adani, founder of a conglomerate named after him, and seven others in an alleged bribery and fraud scheme related to a renewable energy project in India. The authorities said Adani and the other defendants agreed to pay about $265 million in bribes to Indian officials to obtain contracts. The Adani Group denied the charges as baseless and that it would seek "all possible legal recourse".

Nvidia to build AI school in Indonesia, VP says

U.S. chipmaker Nvidia plans to invest in several cities in Indonesia, including building a school focusing on artificial intelligence in Central Java province, the country's vice president said on Thursday. Gibran Rakabuming Raka said the planned investments were conveyed by Nvidia's CEO who visited Indonesia last week. Gibran did not provide further detail on the plans.

$344 for a coffee? Scottish farm is selling UK's most expensive cup

It's an enormous price to pay for a little cup of coffee, but the man behind the pitch promises it won't leave a bitter taste behind as it comes with the sweetner of a share of a dairy farm. A Scottish dairy is offering what it bills as the U.K.'s most expensive cup o' joe: 272 British pounds ($344) for a flat white — a double shot of espresso topped with a layer of steamed milk and a fleeting work of foam art. The costly cup is actually a perk for purchasing shares in Mossgiel Organic Dairy's crowdfunding campaign to enlarge its sustainable operation and produce more milk.

Indian opposition calls for Adani probe, Modi's BJP questions timing of US indictment

Indian opposition parties demanded a probe on Thursday into allegations of wrongdoing by the Adani Group and said they would raise the issue in parliament after its chair Gautam Adani was charged in the U.S. over an alleged bribery scheme. Billionaire Adani was indicted by U.S. prosecutors for his alleged role in a $265 million bribery and fraud scheme and arrest warrants were issued for him and his nephew, plunging his conglomerate deep into crisis for the second time in two years. The Adani Group rejected the allegations as baseless and said it complied fully with all laws.

Chinese AI Pioneer Baidu Posts Biggest Sales Fall Since 2022

(Bloomberg) -- Baidu Inc. recorded its biggest revenue drop in more than two years after China’s economic malaise undermined its push into generative AI.Most Read from BloombergTrump Promises Could Have Seismic Impact on Washington EconomyParis to Replace Parking Spaces With TreesTokyo’s Scorching Summers Focus Public Anger Against Tree CuttingNew York’s Transit Agency Approves $9 Congestion TollNYC Mayor Adams Names Jessica Tisch to Lead Police Head Amid ProbesRevenue for the three months ended

Citadel Securities to Hire Country Head, Traders to Boost India Push

(Bloomberg) -- Citadel Securities LLC plans to hire a head for its India operations and add more traders, according to people familiar with the matter, as the market-making giant expands its presence in one of the largest equity markets globally. Most Read from BloombergTrump Promises Could Have Seismic Impact on Washington EconomyParis to Replace Parking Spaces With TreesTokyo’s Scorching Summers Focus Public Anger Against Tree CuttingNew York’s Transit Agency Approves $9 Congestion TollNYC May

COP29 Divided on Finance Deal as Climate Talks Reach Endgame

(Bloomberg) -- A draft COP29 deal to scale up international climate finance to at least $1 trillion angered delegates on all sides over a lack of detail about where the money would come from.Most Read from BloombergTrump Promises Could Have Seismic Impact on Washington EconomyParis to Replace Parking Spaces With TreesTokyo’s Scorching Summers Focus Public Anger Against Tree CuttingNew York’s Transit Agency Approves $9 Congestion TollNYC Mayor Adams Names Jessica Tisch to Lead Police Head Amid Pr

Commerzbank names new CFO amid UniCredit approach

Commerzbank on Thursday named Carsten Schmitt as its new chief financial officer, a crucial role at Germany's No. 2 lender as it seeks to fend off an approach by Italy's UniCredit for a tie-up. The job became vacant after the previous CFO, Bettina Orlopp, assumed the role of chief executive officer, a promotion that came as the bank's board deemed her better placed to negotiate with UniCredit. Schmitt previously served as Executive Vice President of Group Strategy and M&A at Danske Bank.

RBI Defends FX Policy as India’s Attempt to Avert Global Risks

(Bloomberg) -- Sign up for the India Edition newsletter by Menaka Doshi – an insider's guide to the emerging economic powerhouse, and the billionaires and businesses behind its rise, delivered weekly.Most Read from BloombergTrump Promises Could Have Seismic Impact on Washington EconomyParis to Replace Parking Spaces With TreesTokyo’s Scorching Summers Focus Public Anger Against Tree CuttingNew York’s Transit Agency Approves $9 Congestion TollNYC Mayor Adams Names Jessica Tisch to Lead Police Hea

Nvidia Says New Chip on Track After Forecast Disappoints

(Bloomberg) -- Nvidia Corp. assured investors that its new product lineup can maintain the company’s artificial intelligence-fueled growth run, though the rush to get the chips out the door is proving more costly than expected. Most Read from BloombergTrump Promises Could Have Seismic Impact on Washington EconomyParis to Replace Parking Spaces With TreesTokyo’s Scorching Summers Focus Public Anger Against Tree CuttingNew York’s Transit Agency Approves $9 Congestion TollNYC Mayor Adams Names Jess