✈️ Flying Just Got Friendlier Thanks To...?

Good morning. US stock futures dipped in Thursday morning trading as Wall Street continues to parse big tech corporate earnings.

✈️ US sets new rules for airline fees, refunds

📝 Our report: Hold onto your tray tables! The U.S. Transportation Department is putting the finishing touches on new rules that'll make airlines spill the beans upfront about all those pesky fees and even dish out refunds for delayed baggage or wonky Wi-Fi. The rules, which were nearly three years in the works, will require airlines and ticket agents to tell consumers upfront about baggage or change and cancellation fees. The department said consumers are expected to save $543 million annually in excess airline fees.

 🔑 Key points:

• The new rules require airlines and ticket agents to disclose extra service fees alongside the full fare, the first time fare and schedule information is displayed online.

• "Airlines should compete with one another to secure passengers’ business—not to see who can charge the most in surprise fees," said U.S. Transportation Secretary Pete Buttigieg.

• Last month, a U.S. Senate Committee said it was stepping up its investigation into billions of dollars in yearly airline fees, noting between 2018 and 2022, total revenue across major U.S. airlines from baggage fees increased from $4.9 billion to $6.8 billion.

💡 So what: The US government's new rules for airline fees and refunds aim to increase transparency and accountability, benefiting passengers with clearer pricing and improved service standards. However, airlines may face challenges in compliance and operational adjustments, potentially impacting their profitability and competitiveness in the industry.

Thursday - U.S. GDP

Friday - Consumer Sentiment

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🎵 Biden signs bill to potentially ban TikTok

WHAT: US President Joe Biden just gave TikTok an ultimatum: either break up with ByteDance or risk getting banned nationwide. The new bill requires ByteDance to sell TikTok within nine months — or a year, if Biden invokes a 90-day extension — or else face a nationwide ban in the U.S.

WHY: TikTok CEO Shou Zi Chew posted a video response to the enactment of the TikTok bill, calling it a “disappointing moment” and reiterating the company’s commitment to challenge it.

🤖 UK probes big tech firms over AI partnerships

WHAT: Looks like the U.K.'s Competition and Markets Authority (CMA) is snooping around to see if Microsoft, Amazon, and a trio of AI startups are playing a little too cozy. The announcement comes amid growing scrutiny of Big Tech's approach to M&A in the world of AI, where critics argue that the so-called "quasi-merger" has emerged as the flavor of the day as a means of bypassing regulatory scrutiny

WHY: Earlier this year, the Federal Trade Commission (FTC) launched its own enquiries into Alphabet, Amazon and Microsoft's various investments in emerging AI companies to establish whether the "partnerships pursued by dominant companies risk distorting innovation and undermining fair competition."

🔍 Investigation launched into weight loss drug prices

WHAT: The U.S. Senate is on the case, investigating why Novo Nordisk's weight loss and diabetes drugs, Ozempic and Wegovy, are causing sticker shock in the States compared to elsewhere. Senator Bernie Sanders asked Novo Nordisk’s CEO in a letter how the price of the drugs is determined and the amount the pharmaceutical company spends on research and development.

WHY: Before insurance, Novo Nordisk charges about $1,000 per month for Ozempic and roughly $1,350 for Wegovy. A study last month said that Ozempic could be manufactured for less than $5 a month.

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