In other news, BlackRock's Larry Fink has outlined steps to fix the US retirement crisis, including automating investing for workers and helping retirees spend their savings more easily. Meanwhile, TikTok employees are concerned about the company's recent adjustment to its annual review process, fearing harsher reviews and smaller bonuses could drive more employees to leave. Lastly, the closure of the Port of Baltimore due to a bridge collapse could cost $15 million per day in lost economic activity.
Key takeaways:
- A new agreement between Visa and Mastercard and US merchants could change the way consumers pay for things. The settlement, which still needs approval, would lower and cap swipe fees for the next few years, potentially leading to almost $30 billion in savings.
- BlackRock's Larry Fink has outlined steps to fix the US retirement crisis in his annual letter to investors. His advice includes automating investing for workers and helping retirees spend their savings more easily.
- Mark Zuckerberg instructed Facebook executives to figure out how to track encrypted usage on rival apps like Snap, YouTube, and Amazon, according to newly unsealed emails.
- The Port of Baltimore has been closed indefinitely after the Francis Key Scott Bridge collapsed, which experts predict will halt $15 million worth of daily economic activity.