Good morning. US stock futures rose in Thursday morning trading as investors looked ahead to the latest interest rate announcement from the Federal Reserve.

"Investing isn't about beating others at the game, it's about controlling yourself at your own game"

Arnold Van Den Berg

Top News

Biden goes after credit card fees

• US President Joe Biden announced plans to reduce billions in credit card fees late fees while also calling for increased competition in mobile app stores, accusing Apple and Alphabet of hurting consumer with inflated prices.

• The Consumer Financial Protection Bureau will formally proposal a rule to cap late payment credit card fees at $8 - from an average now of roughly $30 - estimating the move will save consumers a total of $9 billion a year.

US tussles with Canada over dairy imports

• The US announced its intent to request a second trade dispute settlement panel with Canada as it alleges that Canada has not fulfilled its obligation to open up its dairy market to American producers.

• Canada's Trade Minister Mary Ng expressed disappointment in the US' actions, vowing to defend the government's system, and reaffirming Canada's stance on supply management that supports farmers through tariffs and quotas on imports.

US investors pump billions into Chinese AI tech

• US investors, including Intel and Qualcomm's investment arms, made up 20% of investments in Chinese AI firms from 2015-2021 according to a report from CSET, a tech policy group from Georgetown University.

• The reported noted that the investments totaled roughly $40 billion, or 37% of the total raised by Chinese AI companies in the six year period.

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In Other News

EU asks: Who's cost is this really?

• The European Union said it plans to consult with the technology and telecoms industries on the issue of whether tech giants like Google, Meta and Amazon should provide subsidies for network costs.

• EU telecoms providers say the six largest content providers account for more than half of data internet traffic and should contribute their fair share.

What's borrowed must be repaid...

• Twitter has reportedly made the first interest payment on a loan used to finance Elon Musk's acquisition of the social media platform.

• According to Bloomberg, Twitter paid $300 million last week to a syndicate of banks that includes Barclays, Morgan Stanley and Bank of America.

You can't buy that just yet!

• The US Federal Trade Commission (FTC) has asked a judge to temporarily halt Meta Platforms planned acquisition of virtual reality maker Within as the two sides await a decision from the court on concerns raised by the FTC on the impact of the acquisition.

• The FTC sued Meta in July 2022 to stop the Within deal, alleging that Meta was on a "campaign to conquer VR" beginning with its 2014 acquisition of Oculus, a VR headset maker.

Key Economic Events

• Thursday - Bank of England Rate Decision, ECB President Lagarde Speaks

• Friday - US Unemployment Rate

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