Good morning! I’m Daniel de Visé, bringing you your Daily Money update.

The Department of Justice has initiated an antitrust lawsuit against Visa, as reported by Bailey Schulz, claiming that the company has maintained a debit card monopoly that leads to “billions of dollars” in extra fees for American consumers and businesses.

This lawsuit, presented on Tuesday, accuses Visa of obstructing competition and adding fees that are higher than what would be seen in a competitive marketplace. With over 60% of debit transactions in the U.S. processed through Visa’s debit network, the firm is able to charge more than $7 billion in fees annually, according to the lawsuit.

Here’s the significance of this legal action for consumers.

A record-breaking holiday shopping season

This holiday season, online purchasing is predicted to reach new heights, with a significant portion of purchases being made through mobile devices, according to Betty Lin-Fisher.

In its forecast for the 2024 holiday season spanning from November 1 to December 31, Adobe anticipates U.S. online sales will soar to $240.8 billion, marking an 8.4% increase compared to last year.

Here’s what’s expected to be on everyone’s shopping list.

🍔 What’s on today’s agenda 🍔

Coca-Cola announced on Tuesday that it would be discontinuing a product faster than a soda can goes flat.

The Atlanta-based beverage company stated to YSL News that Coca-Cola Spiced will no longer be available, as reported by James Powel.

This product, which was originally launched as a permanent offering, will be removed from supermarkets merely seven months after its debut.

Could it be that consumers feel they have enough spice in their lives?

About The Daily Money

Every weekday, The Daily Money provides the latest in consumer and financial news from YSL News, breaking down complex topics, giving a concise summary, and clarifying how events like Federal Reserve rate changes and bankruptcies impact your life.