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Today’s Big Stories

No more hidden fees

Ticket sellers Live Nation and Seatgeek made a promise to stop adding on surprise fees - AKA “junk fees” - at the end of checkout, during a meeting at the White House on Thursday.

Why it matters: Junk fees - or additional charges that jack up the price of hotel bookings, bank services, and ticket purchases - have drawn increased criticism from consumers and performers alike.

Details: Starting in September, Live Nation will show upfront ticket prices for shows at the 200+ venues and festivals it owns across the U.S.

• It will also give consumers the option to see full prices upfront on all other shows on the Ticketmaster website.

• AirBnB and DICE have made similar commitments.

By the numbers: Fees increase ticket prices by 27% on the primary market and 31% when resold on secondary markets.

Are the fees here to stay? Unfortunately, consumers will continue to pay service fees, but they will know the full price going into the purchase. However, junk fees in some industries have been done away with.

• Increased oversight by Consumer Financial Protection Bureau has forced 15 of the 20 biggest banks in the U.S. to end bounced check fees entirely.

Looking ahead: Biden has promised to push legislation that mandates upfront pricing across all industries. He also hopes to ban resort fees and early termination fees charged by telecommunication companies.

Russian hackers breach Energy Department

A Russian cybercrime gang hacked several U.S. federal agencies including the Department of Energy (DOE) yesterday as part of a weeks-long global cyberattack.

Why it matters: The successful breach shows how vulnerable the U.S. government is to cyberattacks even after years of investments to improve security.

Details: The hackers took advantage of a security flaw in a program called MOVEit, which allows users to transfer sensitive data securely.

• The company had warned users of severe security flaws in the software for weeks and had rolled out patches to fix the issue.

• The U.S. Department of Energy confirmed that two departments were compromised using the MOVEit bug.

Big Picture: U.S. agencies were just the newest victims the weeks-long hacking effort using the MOVEit security flaw.

• Shell, the British oil and gas company, confirmed it was addressing a ransomware attack originating from the file transfer tool.

• John Hopkins University and University System of Georgia were both responding to similar incidents.

Bottom Line: The attack appears to be purely opportunistic in nature, and doesn’t threaten U.S. national security or networks, according to the Cybersecurity and Infrastructure Security Agency. Nonetheless, the DOE is responsible for maintaining the U.S. nuclear stockpile and a breach in its security is alarming.

Quick Bites

Business & Economy

U.S. stock markets closed higher on Monday (S&P +1.22%, Nasdaq +1.15%, Dow +1.26%) ~ The S&P has had 6 straight winning days, the longest streak since November 2021.

Disney CFO Christine McCarthy stepped down Thursday, after 23 years with the company.

The Pacific Maritime Association and the International Longshore and Warehouse Union reached a tentative labor agreement on Wednesday, ending 14 days of work stoppages that crippled West Coast port productivity.

World

Authorities busted a drug syndicate that was transporting meth from Canada to New Zealand and Australia in maple syrup containers. The illegal scheme was worth billions of dollars.

A boat carrying wedding guests capsized in Nigeria, killing at least 106 people with dozens more still missing.

A semi trailer hit a small bus in Manitoba, Canada on Thursday, killing at least 15 people.

US News, Politics, & Government

A jury awarded a former Starbucks regional manager $25.6 million in a wrongful firing suit.

Miami mayor Francis Suarez joined the Republican field for president on Thursday, becoming the first Hispanic in the race.

A U.S. grand jury indicted Pentagon leak suspect Jack Teixeira on Thursday. He could face up to 60 years in prison.

Sports & Entertainment

The United States men’s national soccer team defeated Mexico 3-0 in the Concacaf Nations League Semi-final last night. They will face Canada in the final on Sunday.

Nevada Gov. Joe Lombardo signed a bill pledging $380 in taxpayer money to fund new Athletics baseball stadium in Vegas.

Nine women filed claims of sexual assault against Bill Cosby in Nevada on Wednesday.

Science, Health, & Tech

A new study found that “smart” drugs like Ritalin can decrease productivity in people who don’t have ADHD.

Scientists discover all the ingredients needed for life on Saturn’s moon.

Virgin Galactic will start commercial space flights in two weeks.

Extras

A Colombian police officer was hospitalized after he tried to destroy money he extorted by swallowing it.

Cannibal “Mormon crickets” invade Nevada.

Watch this guy break the world record by solving a Rubik’s Cube in 3.13 seconds.