Gun Sales Will Be Tracked With Credit Cards

www.ozy.com [OZY]( [OZY]() Your World. Bold & Bright [Daily Dose]( Sponsored by [Cariuma]( The newsletter to fuel — and thrill — your mind. Read for deep dives into the unmissable ideas and topics shaping our world. Sep 16, 2022 Business Round-up American Express, Mastercard and Visa will add a new merchant code to track firearm sales. Meanwhile, Kenya’s new president, who took office this week, gained a following with promises to fund fledgling entrepreneurs with a “[hustler fund](” — but can his vision withstand reality? – with reporting by Tatira Zwinoira from Harare, Zimbabwe [Autumn Breeze & Sneakers Please]( [Cariuma]( Every season is sneaker season if you ask us. Summer is winding down and beach days are slowly turning into skatepark nights. And if you’re searching for some classic, comfy, and transitional footwear to guide you through this next season, [Cariuma]( has got you covered. The Oca Low Canvas sneaks are a signature staple – featuring organic cotton, a perfectly weighted rubber sole, and a classic cap-toe design for a crazy-comfy, go-to look. No wonder it’s a staple in OZY’s wardrobe, not just for autumn, but for every season. Grab yourself a pair with our exclusive code, [OZYSEPT](, which scores you 15% off on any sneaker of your choice. [Shop Now]( Africa New Kenyan president: ‘Every hustle matters’ President William Ruto was inaugurated in Nairobi on Tuesday — and won’t enjoy much of a honeymoon. An underdog candidate whose electoral victory survived a challenge in Kenya’s Supreme Court, Ruto now faces a steep national debt and rising inflation. According to research by IC Intelligence, a U.K.-based strategic advisory firm, these pressures may force him to raise taxes and reduce public spending, despite his promise of a “[bottom-up](” economic program that would support small and even micro-sized businesses. Ruto is an unusual figure in Kenyan politics. He did not attend elite schools but grew up barefoot, and [sold chickens]( on the side of the road as a young adult. Today, he’s a wealthy businessman who owns a poultry processing plant and has spent decades in Kenya’s government. On the campaign trail, Ruto [pledged]( not only to support entrepreneurs but to promote domestic agriculture by cutting imports while also prioritizing housing, healthcare and the environment. “His pledges — especially those related to universal health, education and social security — will boost productivity over time if effectively implemented, but they will be expensive,” said an [analysis]( by IC Intelligence. The firm noted that tax increases to pay debts and fund new programs would run counter to Ruto’s goals and would “antagonize” his supporters. This puts the new president in a delicate position. Kenyan economist Aly-Khan Satchu said President Ruto could look to the international community for assistance. “Kenya is a key pivot state in an increasingly unstable and volatile region,” Satchu told OZY by email. “In that context, I expect the new administration to be able to call on international and bilateral support.” [Falling for Neutrals]( [Cariuma]( There’s a crisp breeze in the air, you have your PSL in hand and you’ve finally pulled out your favorite fall sweater. Just one thing’s missing – a neutral pair of sneaks to cozy up your tootsies as the weather drops. [Cariuma’s]( OCA Low Canvas and Suede sneakers come in various colors such as off-white, rose, sand, and grey. And with their all-natural, crazy comfy, already broken-in feel, you won’t have to worry about those pesky blisters. They’re the perfect transitional sneaker to dress up or down and will go with every cool-weather outfit in your closet…we promise! For a limited time, OZY readers (like yourself), can grab 15% OFF your next purchase. Shop now with code [OZYSEPT](. [LET’S GO]( Americas AmEx, Mastercard and Visa to track gun purchases Amid pressure from anti-gun violence activists to enlist financial firms in the prevention of mass shootings, the three largest credit card companies are set to add a new merchant category code (MCC) for firearms vendors. American Express, Mastercard and Visa are the leading card payment firms in the U.S. and worldwide, and The Wall Street Journal has reported that they will implement a newly approved MCC for retailers specializing in firearms; such retailers were previously categorized as “specialty” or “durable goods” vendors. (Firearms purchases from general retailers, such as Walmart, will not be tracked under the new MCC.) Democratic lawmakers say credit cards were used to purchase firearms that were later discharged in recent mass shootings. However, it’s not yet clear how the new MCC will assist law enforcement. (Source: [The Wall Street Journal]() Canadians rush to retire More than one in 10 Canadians are planning to leave their jobs within the next year, according to Canada’s national statistics department, which [reported]( last week that employment had declined by 40,000 workers in August. The age group driving the retirement push is the 55-to-64 demographic — those who are somewhat younger than Canada’s current [median]( retirement age. Workers are retiring in response to the current economic conditions as well as for personal reasons, such as spending more time with family and traveling amid the easing of COVID-19 restrictions. (Source: [Reuters]() Asia Indonesia may be Russia’s newest customer Indonesian President Joko Widodo has revealed that his government may join India and China in importing Russian oil to mitigate high energy costs. Facing the pressures of inflation, the leader of Southeast Asia’s biggest economy said government officials have a responsibility “to find various sources to meet the energy needs of their people.” By purchasing fuel from Russia, though, Indonesia could be subject to U.S. sanctions. (Source: [Financial Times]() Biden to restrict sale of semiconductors to China U.S. President Joe Biden is setting export restrictions on sales to China involving parts and materials used in supercomputers and artificial intelligence. “Control over semiconductors will not only shape the future of the world economy, from cloud computing to autonomous driving, they are also fundamental to military power,” said Chris Miller, author of the book, “Chip War: The Fight for the World’s Most Critical Technology.” (Sources: [Reuters](, [Al Jazeera]() WATCH EGYPT SHERROD + MIKE JACKSON on [The Carlos Watson Show](! Europe Europe’s top economy faces deindustrialization Germany’s $4.22-trillion economy is under threat of deindustrialization due to surging energy costs making it harder for manufacturing firms to operate. The war in Ukraine will translate into a 15-fold increase in electricity costs and a 10-fold increase in the price of gas by next year for German manufacturers. The think tank Kiel Institute for the World Economy estimates that German GDP will grow by 1.4% this year and then contract next year. “The substance of our industry is under threat,” said Siegfried Russwurm, president of the Federation of German Industries. (Source: [The Economist]() Community Corner What role, if any, should credit card companies have in tracking gun sales? [SHARE YOUR THOUGHTS]( ABOUT OZY OZY is a diverse, global and forward-looking media and entertainment company focused on “the New and the Next.” OZY creates space for fresh perspectives, and offers new takes on everything from news and culture to technology, business, learning and entertainment. [www.ozy.com]( / #OZY Curiosity. Enthusiasm. Action. That’s OZY! [TV]( | [PODCASTS]( | [NEWS]( | [FESTIVALS]( A Modern Media Company OZY Media, 800 West El Camino Mountain View, California 94040 This email was sent to {EMAIL} [Manage Subscriptions]( | [Privacy Policy]( | [Read Online](