House Majority Leader Eric Cantor was upset in his district's Republican primary, a defeat that has sent shock waves through the GOP, from the party's leadership down through the rank and file.
The militant advance in Iraq continued south as hundreds of thousands flee Mosul, a northern city which recently fell. NPR's Alice Fordham reports from northern Iraq on what the refugees and leaders are saying about the fast-moving extremist storm.
For more on House Majority Leader Eric Cantor's surprising primary loss, Audie Cornish speaks with former Republican Rep. Tom Davis.
A Beijing policy paper makes it clear that autonomy in the former British colony only goes so far, saying "many wrong views" are held by Hong Kong residents.
After the Target breach, banks gave millions of customers new credit cards. That's a big problem for businesses that rely on subscriptions and monthly memberships. Some are losing significant revenue while scrambling to update customer information.
Rocky Arbitell hates the sound of his gym's scanner rejecting a membership card. Unfortunately, it's what greets about 30 percent of people coming to work out at his Orlando, Florida business, The Gym Downtown. Many just haven't updated their credit card numbers on file.
In his office, Arbitell points to a computer screen. "That is the decline list," he says. "That's all the credit cards that were dishonored, declined and invalid since January, and it's $57,000 worth of cards."
Arbitell's income hit is double that for the past year. He says if his business hadn't been stable before this, it might not have survived.
A solution already exists
At an eCommerce expo across town, payment experts focus on what made customers change credit cards in the first place: fraud. They discuss preventing it – and dealing with it when it happens.
Dan Burkhart is CEO of Recurly, a subscription processor. He says when customers get new credit cards, they can sign up to automatically give those numbers to any businesses they use. Banks and credit card companies just put the information in a database, and merchants check it.
"And, for any match that occurs, this service will provide the replacement card and then transaction is processed with the new replacement card," Burkhart says. "The end customer isn't bothered. They don't know nor care that their card has been updated."
Here's the catch: To use the database, businesses have to pay to work with specific credit card processors. Some big companies don't do that, let alone the corner gym.
Steven Casco says limiting access slows innovation for everybody. He's CEO of Cardnotpresent.com, the company that set up the e-commerce expo. His solution to the subscription problem is competitive cooperation.
"We, in America, invented the very idea of e-commerce," says Casco. "So, I would say, do we have problems with what's going on right now? Absolutely. Are we best suited to solve it and have the rest of the world look to us as the model? You better believe it."
Beyond Credit Cards
Casco says it's even time to look beyond credit cards themselves. He flips through the expo schedule – and points to a name of someone doing just that. Shaunt Sarkissian is the founder and CEO of Cortex MCP, a company that offers a "mobile wallet."
Here's how it works: people put a specific amount of money on their phones. From there, Sarkissian demonstrates on his own mobile: "When I'm ready to make a payment, I just go in. I select the one I want to use, click 'use now,' enter my pin, hit 'pay,' and I can either show that QR code. Boop, merchant scans it, and that's it. Or, I can activate NFC, and I just tap my phone."
A thief can steal only that amount – not drain an entire account.
Other ideas include Bitcoin, biometric identification, and chip and pin machines. In the end, Casco says, merchants from the cable company to the corner gym will have to try something.
After all, he says, "Actually getting paid is the core of that business. So, there's no way around it, you have to become educated."
And, this subscription problem isn't over yet. The largest banks have replaced about 21.8 million cards since the Target security breach. That's only about half the cards affected.
From the Marketplace Datebook, here's a look at what's coming up Thursday, June 12:
In Washington, the Commerce Department reports on retail sales for May.
The House Veterans' Affairs Committee discusses bureaucratic barriers to care for veterans.
The Senate Agriculture, Nutrition and Forestry Committee holds a hearing titled, "A National Priority: The Importance of Child Nutrition Programs to our Nation's Health, Economy and National Security."
The 41st President of the U.S., George H.W. Bush, will be 90.
It's a bird...It's a plane...It's the 36th annual Superman Celebration getting underway in Metropolis, Illinois.
Eric Cantor's surprise loss to fellow Republican David Brat in the Virginia primary elections Tuesday will reshape the leadership in the House, and it will have effects that reverberate into upcoming legislative fights. Here are three takeaways:
Money is something in politics, but it isn't the only thing. Cantor raised more than $5 million, compared to about $200,000 for Brat. Consider this idea: having so little money may have helped Brat. He didn't have the money to do major televsion advertising, so he didn't get the scrutiny that comes with that.
The coming fight over the debt limit has taken on a new element. The U.S. has the borrowing authority to keep paying its bills, but only until March 2015. Cantor's loss may make some Republicans less willing to support an increase in the debt ceiling. As lobbyist Steve Ryan put it, "It unsettles the firmament. There is a ripple in The Force, as we would say. And it's just totally unpredictable now what's going to happen out of that."
It's a new environment for businesses and lobbyists. One of the things that made Cantor so effective in the House was that Tea Party Republicans trusted him, and so did Wall Street. He was accessible to lobbyists, and he was seen as a good fundraiser for his party.
Graphic by Shea Huffman/Marketplace
Authorities say Jared Michael Padgett stole an "AR-15-type" rifle that was locked up in his home, as well as a semi-automatic handgun and nine magazines of ammunition.
Pro athletes and duffers alike are trying injections of platelet-rich plasma to treat chronic injuries like tennis elbow. But despite thousands of studies, it's not clear that the treatment works.
The Pentagon's lawyer said the deal to swap the Army sergeant for Taliban prisoners wasn't a first, citing the release of an Army pilot in Somalia. But the man who engineered that release disagrees.
Cabbies from London to Berlin are protesting the smartphone-based, on-demand car service Uber. They say Uber should be subject to the same rules as taxis; many fear they'll be driven out of business.