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| 1 | | Apple's Worldwide Developers Conference (WWDC 23) took place on Monday, and the announcement of Apple's mixed VR headset, the Apple Vision Pro, was the biggest highlight. The Apple Vision Pro will cost $3,499 and be available in 2024. More: - This headset allows the wearer to see the physical world, unlike others that envelop the wearer's face and limit visibility. It runs on an Apple M2 chip and the new R1 chip, specific for mixed reality.
- Apple touted its new technology, called Eyesight, which will show you a person if they walk in front of you, even if you're in an immersive virtual reality mode.
- There were also updates for the Apple Watch, Apple TV, AirPods, iPhones, macOS, iOS17, and iPadOS17.
- A journaling app, Stand-by mode, NameDrop, and more were some features added in iOS17.
- Ahead of WWDC 23, Apple's shares were up 1% and hit a record high, above $182.
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What the numbers say: The amount of U.S. bank failures has dropped significantly over the past 10 years, but there have been three bank failures this year after zero the past two years. In 2013, there were 24 bank failures in the United States, which was the most over the past 10 years. But overall, the numbers started trending downward after 2010, when there were 157 bank failures. Relevance: U.S. regulators are preparing to force large banks to have more of a financial footing to help alleviate problems of bank failures. The proposed changes could raise the overall capital requirement to roughly 20% on average for larger banks. No bank will have the same amount, as the number would depend on the firm's business activities. This all comes after Silicon Valley Bank and two others failed earlier this year. However, with higher capital requirements, it could cause banks to raise fees for consumers and be more stringent about offering loans. Historical data: From 2001 to 2007, there were minimal bank failures. But the stock market crash of 2008 caused a load of closures, with 140 in 2009, leading to the high mark in 2010. 2011 saw 92, which started a downward trend, and the numbers have been nowhere near since. | | | |
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| 3 | | CNN CEO Chris Licht apologized to CNN staffers on Monday morning after a profile piece published in The Atlantic on Friday. The profile, titled "Inside the Meltdown at CNN," documented his views on coverage and how he tried to win over staffers in his first year on the job. More: - Some staffers had a problem with the profile because it shined a poor light on the network amidst falling ratings.
- Other staffers have openly rebelled against his decision to air a town hall with former President Donald Trump last month.
- Warner Bros. Discovery CEO David Zaslav is reportedly not happy with the piece and believes it was mishandled.
- Licht told staffers he didn't recognize himself in the piece and that he understood employees' frustrations. He also vowed to work to earn their trust.
Zoom Out: - On Thursday, CNN announced the hiring of David Leavy as the chief operating officer. Leavy will be in charge of marketing, public relations, and advertising sales.
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| 4 | | While the WGA writers' strike still rages on, the Directors Guild of America came to an agreement with Hollywood studios overnight to improve wages and streaming residuals. The three-year contract ensures labor peace with one guild and avoids a possible strike by three guilds at once, as the Alliance of Motion Picture and Television Producers, which bargains on behalf of the studios, will begin negotiations for a new contract with SAG-AFTRA, the guild that represents actors, on Wednesday. More: - Writers and directors shared many of the same concerns regarding wages, residuals, and the use of artificial intelligence in the industry.
- The writers' demands are seen as more complex, as they seek greater job security and staffing minimums in writing rooms.
- The DGA's agreement will be heavily watched by SAG-AFTRA and the WGA to see what kind of barometer the stakes set.
- "We have concluded a truly historic deal," Jon Avnet, the chair of the D.G.A.'s negotiating committee, said in the statement. "It provides significant improvements for every director, assistant director, unit production manager, associate director, and stage manager in our guild."
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| 5 | | Spotify, the streaming giant, announced that it would lay off 200 employees, or 2% of its workforce, to refocus its podcasting unit. The company announced that it would reconfigure how it handles its partnerships with "leading podcasters from across the globe." More: - Spotify has heavily invested in the podcasting unit over the past three years, with four different acquisitions.
- Sahar Elhabashi, vice president at Spotify, announced the cuts this morning to employees via memo.
- Those impacted will receive a "generous severance package," according to the memo.
- Spotify is making this move, and the pivot from a "more uniform proposition will allow us to support the creator community better."
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| 6 | | The Swedish streaming service Viaplay has ousted its chief executive Anders Jensen while warning of a loss this quarter and scrapping its forecasts. The company, which has modeled itself as a competitor to Netflix in Europe, shocked investors with the news of downward projections. More: - Viaplay withdrew its long-term projections for multiple facets of its business, including sales and subscriber and profit growth.
- Viaplay shares plunged more than 60 cents in early trading.
- While it has been profitable in the Nordics, it has failed to gain any kind of traction outside its home market. It has expanded into the Netherlands, Poland, the U.K., the U.S., and the Baltics.
- One of the main differences between Viaplay and Netflix and Max is that it has purchased rights to sports in order to spark international growth.
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- The SEC is suing Binance, the world's largest cryptocurrency exchange, alleging it ran an illegal exchange in the U.S.
- Allstate is no longer offering new homeowner's insurance policies in California.
- Hundreds of journalists from Gannett, the U.S.'s largest newspaper chain, walked out on Monday and urged a vote of no-confidence in the company's executive.
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INSIDE BUSINESS LEADERBOARD (7 DAYS) |
 | Freelance Editor | | Christopher Hachey is a freelance writer and editor based in the New York City area. He has spent most of the past 15 years in newsrooms covering all kinds of topics like sports, tech, business, finance, and commerce. He's now returning to his broadcast journalism roots by diving into podcasting news. Reach out to him at chris@inside.com | | This newsletter was edited by Aaron Crutchfield | |
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