Credit card late fees should be no more than $8, says the Biden administration.

I'm Nova Safo with a marketplace minute.

The average credit card late fee today is $32 that will come down dramatically under a new rule imposed by the Consumer Financial Protection Bureau.

It takes effect in about two months.

Sales at Target fell during the holiday season, but its profit margins margins improved as it had to cut prices

less than it did a year ago. The retailer reported a 58% increase in fourth quarter profit.

It expects sales to improve later this year.

Yemen's Huti rebels are continuing attacks on cargo ships heading to and from the Red Sea.

Over the weekend one ship sank.

Three underwater telecommunications cables were also cut, but the Hutis denied responsibility.

The Federal Aviation Administration has completed its audit of Boeing's 737 Max manufacturing line. It found multiple failures to maintain quality and safety standards.

The FAA is expecting Boeing and Supplier Spirit Aerosystems to make corrections.

I'm Novisafo with the marketplace