WORLD NEWS
EU approves ban on destruction of unsold clothing

In an effort to reduce waste and address the environmental impact of fast fashion, the EU has approved a ban to destroy unsold clothing.

While the ban will initially apply to large businesses after two years, there are exceptions for small companies, as well as a transitional period of six years for medium-sized companies.

The European Commission is also proposing changes to ecodesign rules to make products more durable and easier to reuse, repair, and recycle. The ban may be expanded to include other unsold products beyond clothing and footwear. Additionally, the Commission may issue requirements to make goods like furniture, tires, detergents, paints, and chemicals more environmentally friendly. Goods will also be required to have a "digital product passport" to help consumers make informed choices.

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FINANCE
Wall Street CEOs warn proposed banking rules will hurt small businesses and low-income Americans

CEOs of Wall Street banks are opposing proposed regulations that would require them to hold more capital against future risks. They claim that the new rules, known as the Basel 3 endgame, would have a negative impact on the economy, markets, businesses of all sizes, and American households.

The regulations would affect all US banks with at least $100 billion in assets and take until 2028 to be fully phased in.

While the major banks can comply with the rules as currently constructed, small business owners, mortgage customers, pensions and other investors, as well as rural and low-income customers could be unintentionally harmed by the regulations.

The CEOs also warned that regulators would push yet more financial activity to non-bank players, leaving regulators blind to those risks.

TECH
Amazon says bye to Venmo

Get ready to use an alternative payment method because starting from January 10, 2024. Venmo will no longer be accepted on Amazon.com

However, Venmo debit and credit cards will still be accepted.

PayPal, the owner of Venmo, confirmed the agreement with Amazon to disable Venmo as a payment option but expressed a desire to continue building their relationship. Since the announcement, PayPal's shares have dropped by approximately 2%. This decision by Amazon comes just over a year after they initially announced the integration of Venmo as a payment option on their website.

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