Thursday☕️

Jun 1, 2023 • 4 min read

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U.S. Debt Ceiling:

The U.S. House of Representatives passed a bill that suspends the federal debt ceiling until January 2025, paired with spending cuts. This move averts a potential government default.
The debt-ceiling deal was brokered by President Biden and Republican Speaker Kevin McCarthy, receiving support from both parties with a 314-117 vote. The bill now moves to the Senate for approval.
The legislation does not touch significant budget components like Social Security and Medicare but trims discretionary spending and imposes a spending cap for fiscal 2025. It also includes provisions for speeding up energy projects and new requirements for food assistance. The bill is expected to reduce government deficits by about $1.5 trillion over the next decade.

Apple App Store:

Apple announced that its App Store handled $1.1 trillion transactions in 2022, a 29% increase from 2021. A study showed that annual sales and billings on the App Store, encompassing money from apps, subscriptions, in-app advertising, and physical goods or services, rose over 80% since 2019.
Apple, facing criticism for its control over the App Store and high commission rates, stressed that 90% of the $1.1 trillion went directly to businesses. Apple is expected to launch a new mixed-reality headset with its own App Store at the upcoming Worldwide Developers Conference.
A report highlighted retail as the main driver of App Store commerce, followed by travel. Food delivery and pickup apps made $77 billion, ride-sharing services $48 billion, and in-app advertising jumped to $109 billion in 2022.

Air New Zealand:

In a bid to enhance fuel efficiency, Air New Zealand is launching a trial where passengers will be requested to weigh themselves prior to boarding international flights.
The airline announced on Monday that it plans to invite over 10,000 customers from its international routes to participate in its passenger weight survey before departure.
Air New Zealand emphasized the importance of pilots having accurate information about the aircraft's loaded weight and balance prior to every takeoff. The airline stated, "As international travel resumes, it's time for global travelers to contribute their part," in a recent press release.

Statistic: