Fujifilm's X100 digital camera, once a niche product, has become an unexpected cash cow, driven by surging demand from young social media users. The retro-styled $1,599 camera has boosted Fujifilm's imaging division to its biggest profit contributor, accounting for 37% of operating profit in fiscal 2023, up from 27% the previous year.

Despite doubling production in China for the latest model, Fujifilm struggles to meet demand. The camera's popularity on platforms like TikTok has transformed it into a coveted accessory. The surge marks an unexpected reversal for Fujifilm, which had pivoted towards healthcare after the decline of traditional film photography.

A super PAC called Fairshake, funded primarily by top cryptocurrency companies, achieved several wins in congressional primaries and plans to spend over $100 million to support pro-crypto candidates in the general elections. CNBC reports: Fairshake and its two affiliated political action committees, one for Republicans, one for Democrats, quietly racked up half a dozen other wins Tuesday as the candidates they backed glided to victory, although none of the races were competitive. They included Rep. John Curtis, who won the Republican nomination for Utah's open Senate seat. Created last year as part of a joint effort between more than a dozen crypto firms, Fairshake PAC has emerged as one of the top-spending PACs in the 2024 election cycle. Fairshake and its two affiliated PACs have put more than $37 million so far into advertisements in primary races, according to AdImpact. Despite a broad mission to defend the entire $2.2 trillion crypto market, Fairshake is funded by a very small set of donors.

Of the $160 million in total contributions Fairshake has raised since it was founded, around $155 million -- or 94% -- can be traced back to just four companies: Ripple, Andreesen Horowitz, Coinbase and Jump Crypto. But it's not just money that the crypto industry plans to deploy this fall. The nonprofit Stand With Crypto says it has collected more than 1.1 million email addresses of crypto "advocates" it hopes to engage all the way to the ballot box. The strength of the crypto groups is getting noticed on Capitol Hill, especially among lawmakers who are facing tough elections in 2025, where a few thousand voters, or a hefty donation, could make a difference in not only a race but in which party controls each chamber. [...]

In the coming months, the group doesn't plan to spend on the presidential race, but rather the House and Senate, according to a Fairshake spokesperson. Both of those chambers are in play for 2025. Fairshake has yet to start spending in the general election cycle, but several officials in the industry said they are keeping an eye on states such as Ohio and Montana, where Democratic incumbents who are bearish on crypto face challengers who have embraced the technology. [...] Ads funded by Fairshake deliver messages that are typically less about a candidates' support for or opposition to crypto, and more about broader issues that resound with voters, such as fairness and integrity.

An anonymous reader quotes a report from Wired: In recent weeks, as so-called cheap fake video clips suggesting President Joe Biden is unfit for office have gone viral on social media, a Kremlin-affiliated disinformation network has been promoting a parody music video featuring Biden wearing a diaper and being pushed around in a wheelchair. The video is called "Bye, Bye Biden" and has been viewed more than 5 million times on X since it was first promoted in the middle of May. It depicts Biden as senile, wearing a hearing aid, and taking a lot of medication. It also shows him giving money to a character who seems to represent illegal migrants while denying money to US citizens until they change their costume to mimic the Ukrainian flag. Another scene shows Biden opening the front door of a family home that features a Confederate flag on the wall and allowing migrants to come in and take over. Finally, the video contains references to stolen election conspiracies pushed by former president Donald Trump.

The video was created by Little Bug, a group that mimics the style of Little Big, a real Russian band that fled the country in 2022 following Russia's invasion of Ukraine. The video features several Moscow-based actors -- who spoke with Russian media outlet Agency.Media -- but also appears to use artificial intelligence technology to make the actors resemble Biden and Trump, as well as Ilya Prusikin, the lead singer of Little Big. "Biden and Trump appear to be the same actor, with deepfake video-editing changing his facial features until he resembles Biden in one case and Trump in the other case," says Alex Fink, an AI and machine-vision expert who analyzed the video for WIRED. "The editing is inconsistent, so you can see that in some cases he resembles Biden more and in others less. The facial features keep changing." An analysis by True Media, a nonprofit that was founded to tackle the spread of election-related deepfakes, found with 100 percent confidence that there was AI-generated audio used in the video. It also assessed with 78 percent confidence that some AI technology was used to manipulate the faces of the actors.

Fink says the obvious nature of the deepfake technology on display here suggests that the video was created in a rush, using a small number of iterations of a generative adversarial network in order to create the characters of Biden and Trump. It is unclear who is behind the video, but "Bye, Bye Biden" has been promoted by the Kremlin-aligned network known as Doppelganger. The campaign posted tens of thousands of times on X and was uncovered by Antibot4Navalny, an anonymous collective of Russian researchers who have been tracking Doppelganger's activity for the past six months. The campaign first began on May 21, and there have been almost 4,000 posts on X promoting the video in 13 languages that were promoted by a network of almost 25,000 accounts. The Antibot4Navalny researchers concluded that the posts were written with the help of generative AI technology. The video has been shared 6.5 million times on X and has been viewed almost 5 million times.

National Australia Bank seems to think that monitoring the angle customers hold their phones will offer extra protection against scammers. "Speaking during the Australian Banking Association Conference in Melbourne Wednesday (June 26), CEO Andrew Irvine said the lender introduced more 'friction' to payments processes and new predictive protection tools to spot scammers," reports PYMNTS.com, citing a (paywalled) Bloomberg report. From the report: "We've added tooling that looks at biometrics and the way you actually interact with your devices and how you think about keystrokes," said Irvine, per the report. "If these things are different to how you've used your phone in the past, our intelligence will kick in." Irvine, who called fraudsters the "scourge of our times," also noted that Australia is one of the few countries where bank fraud has declined, the report said.

Still, he said that as scammers have embraced new technology like artificial intelligence, banks have had to shift from making payments fast and simple to adding more steps to protect against fraudulent transactions, per the report. "These threat actors go where the money is," Irvine said, according to the report. "You want to be the best alarm system in the street and right now Australia's leading the way."

The U.S. government last week announced an unprecedented ban on selling Russian cybersecurity firm Kaspersky's software, citing national security concerns. The move, effective July 20, has left American resellers confused and worried about its impact. Kaspersky can provide updates to existing customers until September 29, after which the software's effectiveness will diminish. From a report: Avi Fleischer, the founder of Technical Difficulties, told TechCrunch that not only does he sell Kaspersky to his customers, he also uses its products on his phone and personal computer. He added that the ban is "annoying, to say the least," because he will now have to find another antivirus company and migrate all his customers to the new product, which will cost him time and money. "It's just a lot of time lost for nothing. And I don't see how I can even really charge end users for this," Fleischer said in a phone call. "It was my suggestion that they use Kaspersky and now Kaspersky is being banned by the United States government. What am I supposed to do?"

Thomas Claburn reports via The Register: Mozilla Corporation was sued this month in the US, along with three of its executives, for alleged disability discrimination and retaliation against Chief Product Officer Steve Teixeira. Teixeira, according to a complaint filed in King County Superior Court in the State of Washington, had been tapped to become CEO when he was diagnosed with ocular melanoma on October 3, 2023. Teixeira then took medical leave for cancer treatment from October 30, 2023, through February 1, 2024. "Immediately, upon his return, Mozilla campaigned to demote or terminate Mr Teixeira citing groundless concerns and assumptions about his capabilities as an individual living with cancer," the complaint [PDF] says. "Interim Chief Executive Officer Laura Chambers and Chief People Officer Dani Chehak were clear with Mr Teixeira: He could not continue as Chief Product Officer -- and could not continue as a Mozilla employee in any capacity beyond 2024 -- because of his diagnosis."

Chambers and Chehak are both named in the complaint, along with Mitchell Baker, the former CEO of Mozilla who stepped down in February and announced Chambers as her successor. "Mr Teixeira was enthusiastic to resume his critical role after treatment, but Mozilla would not tolerate an executive with cancer," said Amy Kangas Alexander, an attorney with law firm Stokes Lawrence who is representing the plaintiff, in an email to The Register. "When Mr Teixeira refused to be marginalized because of his disability, Mozilla retaliated and placed him on leave against his will. Mozilla has sidelined Mr Teixeira at the very moment he needs to be preparing his family for the possibility of a future without him."

The complaint claims that Teixeira, appointed in August 2022, helped reverse the decade-long decline of Firefox, which generates about 90 percent of Mozilla's revenue and is the company's only profitable product. He's further credited with growing Mozilla's advertising business, and AI capabilities, and with reducing investment in the money-losing Pocket service. These and other successes, it's alleged, led to conversation in September 2023 when Baker outlined a plan for Teixeira to become CEO. Then he took medical leave and before he could return, the complaint says, Chambers was appointed interim CEO and Baker was removed, becoming Executive Chair of the Board of Directors. [...] A Mozilla spokesperson said in a statement: "We are aware of the lawsuit filed against Mozilla. We deny the allegations and intend to vigorously defend against this lawsuit. Mozilla has a 25-plus-year track record of maintaining the highest standards of integrity and compliance with all applicable laws. We look forward to presenting our defense in court and are confident that the facts will demonstrate that we have acted appropriately. As this is an ongoing legal matter, we will not be providing further comments at this time."

An anonymous reader quotes a report from The Guardian: A new law coming into effect in Colorado in July is banning everyday products that intentionally contain toxic "forever chemicals," including clothes, cookware, menstruation products, dental floss and ski wax -- unless they can be made safer. Under the legislation, which takes effect on 1 July, many products using per- and poly-fluoroalkyl substances -- or PFAS chemicals linked to cancer risk, lower fertility and developmental delays -- will be prohibited starting in 2026. By 2028, Colorado will also ban the sale of all PFAS-treated clothes, backpacks and waterproof outdoor apparel. The law will also require companies selling PFAS-coated clothing to attach disclosure labels.

The initial draft of state senate bill 81, introduced in 2022, included a full ban on PFAS beginning in 2032. But that measure was written out after facing opposition. Colorado has already passed a measure requiring companies to phase out PFAS in carpets, furniture, cosmetics, juvenile products, some food packaging and those used in oil and gas production. The incoming law's diluted version illustrates the challenges lawmakers have in regulating chemicals that are used to make products waterproof, nonstick or resistant to staining. Manufacturers say the products, at best, will take time to make with a safer replacement -- or at worst, are not yet possible to get made in such fashion. [...]

In Colorado, state senator Lisa Cutter, one of the sponsors of the new law there, has said she still wants a complete ban on PFAS but acknowledges the problems. "As much as I want PFAS to go away forever and forever, there are going to be some difficult pivots," she told the outlet. They include balancing the potential cost to consumers in making products PFAS-free. Cutter told CBS News that it was "really hard" challenging lobbying groups that "spent a lot of money ensuring that these chemicals can continue being put into our products and make profits." Cutter had been accused of stifling innovation and industry. She said she believed companies could be successful while also looking out for the communities they serve. "Certainly, there are cases where it's not plausible right away to gravitate away from them, but we need to be moving in that direction," Cutter said. "Our community shouldn't have to pay the price for their health."

Two prominent unions are teaming up to challenge Amazon, reports the New York Times — "after years of organizing Amazon workers and pressuring the company to bargain over wages and working conditions."

Members of the Amazon Labor Union "overwhelmingly chose to affiliate with the 1.3-million-member International Brotherhood of Teamsters" in a vote last Monday. While the Amazon Labor Union (or ALU) is the only union formally representing Amazon warehouse workers anywhere in America after an election in 2022, "it has yet to begin bargaining with Amazon, which continues to contest the election outcome." Leaders of both unions said the affiliation agreement would put them in a better position to challenge Amazon and would provide the Amazon Labor Union with more money and staff support...

The Teamsters are ramping up their efforts to organize Amazon workers nationwide. The union voted to create an Amazon division in 2021, and O'Brien was elected that year partly on a platform of making inroads at the company. The Teamsters told the ALU that they had allocated $8 million to support organizing at Amazon, according to ALU President Christian Smalls, and that the larger union was prepared to tap its more than $300 million strike and defense fund to aid in the effort...

The Teamsters also recently reached an affiliation agreement with workers organizing at Amazon's largest airplane hub in the United States, a Kentucky facility known as KCVG. Experts have said unionizing KCVG could give workers substantial leverage because Amazon relies heavily on the hub to meet its one- and two-day shipping goals.
Their agreement with the Teamsters says the Amazon Labor Union will also "lend its expertise to assist in organizing other Amazon facilities" across America, according to the article.

The artificial intelligence revolution will demand more electricity, warns the Washington Post. "Much more..."

They warn that the "voracious" electricity consumption of AI is driving an expansion of fossil fuel use in America — "including delaying the retirement of some coal-fired plants." As the tech giants compete in a global AI arms race, a frenzy of data center construction is sweeping the country. Some computing campuses require as much energy as a modest-sized city, turning tech firms that promised to lead the way into a clean energy future into some of the world's most insatiable guzzlers of power. Their projected energy needs are so huge, some worry whether there will be enough electricity to meet them from any source... A ChatGPT-powered search, according to the International Energy Agency, consumes almost 10 times the amount of electricity as a search on Google. One large data center complex in Iowa owned by Meta burns the annual equivalent amount of power as 7 million laptops running eight hours every day, based on data shared publicly by the company...

[Tech companies] argue advancing AI now could prove more beneficial to the environment than curbing electricity consumption. They say AI is already being harnessed to make the power grid smarter, speed up innovation of new nuclear technologies and track emissions.... "If we work together, we can unlock AI's game-changing abilities to help create the net zero, climate resilient and nature positive works that we so urgently need," Microsoft said in a statement.

The tech giants say they buy enough wind, solar or geothermal power every time a big data center comes online to cancel out its emissions. But critics see a shell game with these contracts: The companies are operating off the same power grid as everyone else, while claiming for themselves much of the finite amount of green energy. Utilities are then backfilling those purchases with fossil fuel expansions, regulatory filings show... heavily polluting fossil fuel plants that become necessary to stabilize the power grid overall because of these purchases, making sure everyone has enough electricity.
The article quotes a project director at the nonprofit Data & Society, which tracks the effect of AI and accuses the tech industry of using "fuzzy math" in its climate claims. "Coal plants are being reinvigorated because of the AI boom," they tell the Washington Post. "This should be alarming to anyone who cares about the environment."

The article also summarzies a recent Goldman Sachs analysis, which predicted data centers would use 8% of America's total electricity by 2030, with 60% of that usage coming "from a vast expansion in the burning of natural gas. The new emissions created would be comparable to that of putting 15.7 million additional gas-powered cars on the road." "We all want to be cleaner," Brian Bird, president of NorthWestern Energy, a utility serving Montana, South Dakota and Nebraska, told a recent gathering of data center executives in Washington, D.C. "But you guys aren't going to wait 10 years ... My only choice today, other than keeping coal plants open longer than all of us want, is natural gas. And so you're going see a lot of natural gas build out in this country."
Big Tech responded by "going all in on experimental clean-energy projects that have long odds of success anytime soon," the article concludes. "In addition to fusion, they are hoping to generate power through such futuristic schemes as small nuclear reactors hooked to individual computing centers and machinery that taps geothermal energy by boring 10,000 feet into the Earth's crust..." Some experts point to these developments in arguing the electricity needs of the tech companies will speed up the energy transition away from fossil fuels rather than undermine it. "Companies like this that make aggressive climate commitments have historically accelerated deployment of clean electricity," said Melissa Lott, a professor at the Climate School at Columbia University.

An anonymous reader quotes a report from Cord Cutters News: Earlier this week, Chicken Soup For The Soul, the parent company behind Redbox, Crackel, and the streaming service by the same name, announced that the entire board of directors and board of managers of each subsidiary of the Company other than William J. Rouhana, Jr., have been fired. This comes as a holder of more than 75% of the voting power of the company used his stock holdings to lay off the Company's board of directors. Now, it has come out that the company missed a $4 million payment to NBCUniversal as a part of its settlement over unpaid royalties. Now it faces a possible order to pay all of $16.7 million it owes NBCUniversal as questions about the future of the company grows. This comes after NBCUniversal sued saying Redbox had not been paying royalties. It agreed to a payment plan but now has missed the first payment of the plan.

Recently the company has been hit hard by the decline in ad revenue on its free streaming services and the drop in DVD rentals at its Redbox locations. This has led to the company seeing its revenues drop 75% in the 1st quarter of 2024 compared to the same period of 2023, according to a SEC filing first spotted by NextTV. Chicken Soup For The Soul is in a tough situation after acquiring Redbox in 2022 for $50 million in stock and an assumption of $325 million in debt. Add on top of that a shaky media environment with cratering ad revenue and quarterly losses, and the company's future is very much in the air. In August, CEO William J. Rouhana said that the company was holding a strategic review to evaluate its opportunities, which is business speak for putting itself up for sale. Chicken Soup for The Soul last year announced that it was in active discussions for a potential sale back in October of this year but so far nothing has come from these talks.

An anonymous reader quotes a report from Fortune: Ellen Bagley was delighted when she made her first sale on a popular second-hand clothing app, but just a few minutes later, the thrill turned to shock as the 20-year-old from Linkoping in Sweden discovered she'd been robbed. Everything seemed normal when Bagley received a direct message on the platform, which asked her to verify personal details to complete the deal. She clicked the link, which fired up BankID -- the ubiquitous digital authorization system used by nearly all Swedish adults.After receiving a couple of error messages, she started thinking something was wrong, but it was already too late. Over 10,000 Swedish kronor ($1,000) had been siphoned from her account and the thieves disappeared into the digital shadows. "The fraudsters are so skilled at making things look legitimate," said Bagley, who was born after BankID was created. "It's not easy" to identify scams. Although financial crime has garnered fewer headlines than a surge in gang-related gun violence, it's become a growing risk for the country. Beyond its borders, Sweden is an important test case on fighting cashless crime because it's gone further on ditching paper money than almost any other country in Europe.

Online fraud and digital crime in Sweden have surged, with criminals taking 1.2 billion kronor in 2023 through scams like the one Bagley fell for, doubling from 2021. Law-enforcement agencies estimate that the size of Sweden's criminal economy could amount to as high as 2.5% of the country's gross domestic product. To counter the digital crime spree, Swedish authorities have put pressure on banks to tighten security measures and make it harder on tech-savvy criminals, but it's a delicate balancing act. Going too far could slow down the economy, while doing too little erodes trust and damages legitimate businesses in the process.Using complex webs of fake companies and forging documents to gain access to Sweden's welfare system, sophisticated fraudsters have made Sweden a "Silicon Valley for criminal entrepreneurship," said Daniel Larson, a senior economic crime prosecutor. While the shock of armed violence has grabbed public attention -- the nation's gun-homicide rate tripled between 2012 and 2022 -- economic crime underlies gang activity and needs to be tackled as aggressively, he added. "That has been a strategic mistake," Larson said. "This profit-generating crime is what's fueling organized crime and, in some cases, leads to these conflicts."

Sweden's switch to electronic cash started after a surge of armed robberies in the 1990s, and by 2022, only 8% of Swedes said they had used cash for their latest purchase, according to a central bank survey. Along with neighboring Norway, Sweden has Europe's lowest number of ATMs per capita, according to the IMF. The prevalence of BankID play a role in Sweden's vulnerability. The system works like an online signature. If used, it's considered a done deal and the transaction gets executed immediately. It was designed by Sweden's banks to make electronic payments even quicker and easier than handing over a stack of bills. Since it's original rollout in 2001, it's become part of the everyday Swedish life. On average, the service -- which requires a six-digit code, a fingerprint or a face scan for authentication -- is used more than twice a day by every adult Swede and is involved in everything from filing tax returns to paying for bus tickets.Originally intended as a product by banks for their customers, its use exploded in 2005 after Sweden's tax agency adopted the technology as an identification for tax returns, giving it the government's official seal of approval. The launch of BankID on mobile phones in 2010 increased usage even further, along with public perception that associated cash with criminality.The country's central bank has acknowledged that some of those connotations may have gone too far. "We have to be very clear that there are still honest people using cash," Riksbank Governor Erik Thedeen told Bloomberg.

Amazon is planning a major revamp of its decade-old money-losing Alexa service to include a conversational generative AI with two tiers of service and has considered a monthly fee of around $5 to access the superior version, Reuters reported Friday, citing people with direct knowledge of the company's plans. From the report: Known internally as "Banyan," a reference to the sprawling ficus trees, the project would represent the first major overhaul of the voice assistant since it was introduced in 2014 along with the Echo line of speakers. Amazon has dubbed the new voice assistant "Remarkable Alexa," the people said. Amazon has also considered a roughly $10-per-month price, the report added.

Bipartisan agreement on government internet subsidies seems unlikely as Democrats and Republicans propose conflicting bills to reauthorize the FCC's spectrum auctions. The Democratic bill aims to fund the now-defunct Affordable Connectivity Program, while the Republican version does not. "While some Republicans supported earlier efforts to extend the subsidy program, those efforts did not go through in time to keep it from ending," notes The Verge. From the report: The Senate Commerce Committee canceled a Tuesday morning markup meeting in which it was set to consider the Spectrum and National Security Act, led by committee chair Maria Cantwell (D-WA). When she introduced it in April, Cantwell said the bill would provide $7 billion to continue funding the Affordable Connectivity Program (ACP), the pandemic-era internet subsidy for low-income Americans that officially ran out of money and ended at the end of May. The main purpose of the bill is to reauthorize the Federal Communications Commission's authority to run auctions for spectrum. The proceeds from spectrum auctions are often used to fund other programs. In addition to the ACP, Cantwell's bill would also fund programs including incentives for domestic chip manufacturing and a program that seeks to replace telecommunications systems that have been deemed national security concerns. The markup was already postponed several times before.

Cantwell blamed Sen. Ted Cruz (R-TX), the top Republican on the Senate Commerce Committee, for standing in the way of the legislation. "We had a chance to secure affordable broadband for millions of Americans, but Senator Cruz said 'no,'" Cantwell said in a statement late Monday. "He said 'no' to securing a lifeline for millions of Americans who rely on the Affordable Connectivity Program to speak to their doctors, do their homework, connect to their jobs, and stay in touch with loved ones -- including more than one million Texas families." In remarks on the Senate floor on Tuesday, Cantwell said her Republican colleagues on the committee offered amendments to limit the ACP funding in the bill. She said the ACP shouldn't be a partisan issue and stressed the wide range of Americans who've relied on the program for high-speed connections, including elderly people living on fixed incomes and many military families. "I hope my colleagues will stop with obstructing and get back to negotiating on important legislation that will deliver these national security priorities and help Americans continue to have access to something as essential as affordable broadband," she said.

Cruz has his own spectrum legislation with Sen. John Thune (R-SD) that would reauthorize the FCC's spectrum auction authority, with a focus on expanding commercial access to mid-band spectrum, commonly used for 5G. But it doesn't have the same ACP funding mechanism. Some large telecom industry players prefer Cruz's bill, in part because it allows for exclusive licensing. Wireless communications trade group CTIA's SVP of government affairs, Kelly Cole, told Fierce Network that the Cruz bill "is a better approach because it follows the historical precedent set by prior bipartisan legislation to extend the FCC's auction authority." But other tech groups like the Internet Technology Industry Council (ITI), which represents companies including Amazon, Apple, Google, and Meta, support Cantwell's bill, in part because of the programs it seeks to fund.

The Information: Apple has told at least one supplier that it has suspended work on its next high-end Vision headset, an employee at a manufacturer that makes key components for the Vision Pro said. The pullback comes as analysts and supply chain partners have flagged slowing sales of the $3,500 device. The company is still working on releasing a more affordable Vision product with fewer features before the end of 2025, the person involved in its supply chain and a person involved in the manufacturing of the headsets said.

Apple originally planned to divide its Vision line into two models, similar to the standard and Pro versions of the iPhone, according to people involved in its supply chain and former Apple employees who worked on the devices. Apple's decision to halt work on the next version of its high-end headset is the latest example of the company reshuffling priorities. Apple has ramped up work on AI-powered features while paring back money-losing projects like its self-driving car, which it canceled earlier this year after spending nearly a decade on development. Augmented reality is one of Apple's biggest bets. The company aims to eventually replace the iPhone with lightweight glasses, and the Vision Pro is the first step in building consumer and developer interest in that effort.

Wells Fargo's co-branded credit card partnership with fintech startup Bilt Technologies is causing the bank to lose up as much as $10 million monthly, according to a WSJ report. The bank agreed to a co-branded program with the fintech startup that most other big banks -- including JPMorgan Chase -- passed on, incorrectly modeled key assumptions and sees no path to profitability. The card, which allows users to pay rent without fees while earning rewards, has attracted many young customers. From the report: There is a reason why credit cards hadn't gained traction in the rent sector until Bilt came along. Most landlords didn't accept them because they refuse to pay card fees that get pocketed by the banks issuing them and often run between 2% and 3%.

Bilt structured the card so landlords won't incur the fees. Wells instead eats much of that. About six months after the credit card was launched, Wells began paying Bilt a fee of about 0.80% of each rent transaction, even though the bank isn't collecting interchange fees from landlords. It appears that the problem for Wells Fargo is that Bilt customers are savvy. They are making the rent payments, but not carrying balances or doing any other transactions through the card.

The Energy Information Administration (EIA) expects Americans' monthly electricity bills to average $173 between June through August, compared to $168 last summer. "The slight bump in costs comes from consumers cranking up their air conditioning more to cope with a warmer season than last year," writes The Verge's Justine Calma. "Bills would have jumped higher, if not for lower residential electricity prices helping to balance out some of the increased energy use from air conditioning." From the report: Some regions are likely to be harder hit by the weather than others. Because of heat and humidity along the Gulf Coast, residents in Southern states typically use the most electricity in the summer to cool their homes. The Pacific Coast, meanwhile, faces the biggest potential percentage increase in retail electricity prices in the nation -- a 7 percent jump since last year. Wholesale electricity costs there have risen since 2022, in part because of a heat and drought-induced shortfall in hydroelectricity generation. Households along the Pacific could see their electricity bills go up an average of $11 per month this summer, according to the EIA.

To be sure, the EIA says that weather is "the main source of uncertainty" in its forecasts for folks' utility bills. If this summer winds up being hotter than expected, households could wind up paying even more. Residential electricity use typically peaks in the summer for most of the US because of air conditioning. Extreme heat can even trigger power outages if demand suddenly rises too sharply. California, the Southwest, the Midwest, Texas, and New England are at "elevated risk" of electricity supply shortages during any extreme weather this summer, according to an assessment (PDF) by the North American Electric Reliability Corporation.

An anonymous reader quotes a report from Reuters: New York Attorney General Letitia James has recovered $50 million from the cryptocurrency platform Gemini Trust to repay investors defrauded in its Gemini Earn program, she said on Friday. Gemini, run by billionaire twin brothers Cameron and Tyler Winklevoss, will provide full recoveries to more than 230,000 Earn investors, including 29,000 in New York, and agreed to a ban on operating crypto lending programs in the state. The payout is in addition to James' related $2 billion settlement, opens new tab with crypto lender Genesis Global Capital, which she announced on May 20.

"Gemini marketed its Earn program as a way for investors to grow their money, but actually lied and locked investors out of their accounts," James said. "Today's settlement will make defrauded investors whole." The funds will be accessible within seven days, Gemini told investors on Friday. "With this final distribution, Earn users will have received 100% of the assets owed to them," it said. [...] Investors are expected to recover more than they invested because they are being paid in digital assets such as bitcoin , whose value has more than tripled since redemptions were suspended.

Visa's and Mastercard's proposed $30 billion antitrust settlement to limit credit and debit card fees for merchants is in peril, after a New York judge signaled she was preparing to reject the accord. From a report: U.S. District Judge Margo Brodie in Brooklyn told lawyers for the card networks and objectors at a hearing on Thursday that she will "likely not approve the settlement," according to court records.

She plans to write an opinion explaining her decision and reasoning. Both card networks said they were disappointed. Mastercard called the settlement a "fair resolution" that gave businesses more flexibility in managing card transactions, and Visa called it an "appropriate resolution" to the nearly 19-year-old case.

An anonymous reader quotes a report from TechCrunch: Amazon says that it will commit up to $230 million to startups building generative AI-powered applications. The investment, roughly $80 million of which will fund Amazon's second AWS Generative AI Accelerator program, aims to position AWS as an attractive cloud infrastructure choice for startups developing generative AI models to power their products, apps and services. Much of the new tranche -- including the entire portion set aside for the accelerator program -- comes in the form of compute credits for AWS infrastructure, meaning that it can't be transferred to other cloud service providers like Google Cloud and Microsoft Azure.

To sweeten the pot, Amazon is pledging that startups in this year's Generative AI Accelerator cohort will gain access to experts and tech from Nvidia, the program's presenting partner. They will also be invited to join the Nvidia Inception program, which provides companies opportunities to connect with potential investors and additional consulting resources. The Generative AI Accelerator program has also grown substantially. Last year's cohort, which had 21 startups, received only up to $300,000 in AWS compute credits, amounting to around a combined $6.3 million investment. "With this new effort, we will help startups launch and scale world-class businesses, providing the building blocks they need to unleash new AI applications that will impact all facets of how the world learns, connects, and does business," Matt Wood, VP of AI products at AWS, said in a statement. Further reading: How Amazon Blew Alexa's Shot To Dominate AI

According to The Verge, Best Buy conducted another round of layoffs and job restructurings to "right size" the business in response to declining sales post-pandemic. Further layoffs and changes are expected throughout the year. From the report: The layoffs appeared to have mostly targeted in-home sales roles called designers, who would go to customers' homes to help identify products that would work in their space. It's not clear how many were let go, but designers who weren't laid off have been moved into a different, largely in-store role. Also, pay scales for a similar, existing in-store "consultant" position were revamped. Best Buy confirmed the layoffs in an email to The Verge but declined to share how many people were let go or how pay was changing. "Many of our team members were moved to new areas or roles where our customers need it most," Best Buy spokesperson Ryan Furlong told The Verge. He said some employees in Best Buy's "Design and Consult workforce" -- the collection of roles with in-store workers (called consultants) and in-home field sales positions (called designers) -- will be transitioned into a new "Premium Designer role."

Best Buy has been drastically restructuring in recent months, responding to factors like falling sales after the pandemic spiked consumer electronics spending. Best Buy CEO Corie Barry told investors in February that they should expect layoffs this year, and two months ago, mass layoffs of Geek Squad employees were reported. Barry repeated similar things during the company's first quarter earnings call in May, saying that many of Best Buy's moves to "right size" its business "are being implemented throughout this year."