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Report: US merchants paid record $198.25 billion in card processing fees in 2025

A Nilson Report analysis cited by the Merchants Payments Coalition shows US merchants paid $198.25 billion in credit and debit card processing fees in 2025, up from $62.1 billion in 2009. A former payments executive argues that card network interchange rates have barely risen over that period, meaning processor markups and add-on fees account for most of the increase. The piece lists five questions merchants should ask processors in writing before signing a contract.

Cambridge mathematicians flag mismatch in OpenAI's Navier-Stokes proof versions

OpenAI's September 8 announcement of a solution to the Navier-Stokes problem included two versions of its proof: one in natural language with mathematical symbols, and one formalised in the Lean programming language for automated verification. A team led by Anders Hansen and Fabian Circelli at the University of Cambridge says these two versions do not actually match, meaning the Lean code may not faithfully represent the natural-language argument.

NHTSA Moves to Update Federal Headlight Glare Standards

NHTSA announced it will revise Federal Motor Vehicle Safety Standard No. 108, which governs vehicle lighting rules last updated 25 years ago. Administrator Jonathan Morrison said the agency will bring together up to 18 industry stakeholders, safety advocates and technical experts, appointed by Transportation Secretary Sean Duffy, to review LED headlights, dusk sensors, automatic high beams and adaptive driving beam systems.

USGS documents 2023 Kilauea fountain eruptions with dense sensor network

Researchers at the US Geological Survey report detailed observations of lava fountaining episodes at Hawaii's Kilauea volcano, gathered using 35 monitoring stations tracking seismic activity, gas emissions, and thermal imagery. The study notes that since a 2018 eruption drained a reservoir, inflation rates accelerated from 22 cm a year starting in 2019 to 57 cm a year by 2023, spreading to a nearby caldera.

ASOS breach traced to single stolen employee login, hackers accessed app notification system

A group calling itself Xuanye Group said it breached ASOS after impersonating a trusted contact to obtain one employee's login credentials, then used that access to reach multiple internal systems, including the platform used to send push notifications to ASOS's mobile app users. ASOS has around 17 million customers and 2,800 employees; the company says this incident is separate from a July breach at ASOS US that affected nearly 140,000 people via credential stuffing.

Databento, founded by ex-hedge fund trader Christina Qi, raises $97M Series B

Christina Qi, who built and later shut down MIT-founded hedge fund Domeyard after a losing 2020, now runs market data startup Databento as CEO. The company, which serves 70,000 customers including Nvidia and OpenAI, raised a $97 million Series B round in July, bringing total disclosed funding to about $127 million, and reports eight-figure annual recurring revenue.

YouGov survey: AI holiday shopping use doubles to 34% but trust in autonomous buying stays low

A YouGov survey found that the share of US Black Friday and Cyber Monday shoppers planning to use AI tools this season has risen to 34%, up from 16% a year earlier. Despite that growth, 40% of US adults say they won't consider AI for holiday shopping, and most of those who do use it rely on it for product research rather than letting it complete purchases.

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