✈️ Who's Calling For Transparency In The Airline Industry?

Good morning. US stock futures fell in Friday morning trading as investors awaited the latest jobs report.

✈️ US airlines under scrutiny over rewards programs

📝 Our report: The U.S. Transportation Department is digging into the top four airlines' frequent flyer programs to make sure customers aren't getting taken for a ride by sneaky or unfair practices. Transportation Secretary Pete Buttigieg sent letters to American Airlines Delta Air Lines, Southwest Airlines, and United Airlines ordering them to provide records and submit reports answering detailed questions on their rewards programs.

 🔑 Key points:

• Consumers often complain that airlines raise the number of points needed to earn a free flight and limit the number of seats that can be purchased with points.

• Buttigieg said loyalty programs bring value to consumers, and people count on them to pay for vacations and trips to visit family.

• "Our goal is to ensure consumers are getting the value that was promised to them, which means validating that these programs are transparent and fair.” Buttigieg added.

💡 So what: The U.S. Department of Transportation’s investigation into airline rewards and loyalty programs could have significant implications for both consumers and airlines. If the investigation reveals deceptive or unfair practices, airlines may be required to make their frequent flyer programs more transparent and equitable, possibly changing how points are earned, redeemed, or lost. For consumers, this could lead to improved rewards systems with better protections, while airlines may face increased regulation, higher operational costs, or reputational damage.

 Friday - U.S Unemployment Rate, New York Fed President Williams Speaks

📈 Chris Sacca shares his best investing tips!

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👷🏽‍♂️ US Treasury Secretary: Labor market still strong

WHAT: U.S. Treasury Secretary Janet Yellen reassured that the U.S. still has a “good healthy labor market,” even if job creation is catching its breath a bit lately. Yellen told reporters in North Carolina that July's unemployment rate of 4.3%, a three-year high, is still very low by historical standards.

WHY: "Even though the pace of job creation has slowed, it is normal and adequate to absorb new entrants into the labor market," Yellen said, adding that growth continues at a rapid pace - 3% in the second quarter - with solid data on consumer spending and investment spending.

🦞 Seafood chain sale approved, to emerge from bankruptcy

WHAT: After months of “endless shrimp” drama and a wave of closures, Red Lobster is about to swim its way out of Chapter 11 bankruptcy protection. A U.S. bankruptcy judge approved the casual seafood chain's reorganization plan and sale to a lender group led by asset manager Fortress. The green light arrives under just four months after Red Lobster filed for bankruptcy protection.

WHY: Red Lobster said that it expects to operate about 544 locations across the U.S. and Canada upon emerging from bankruptcy. That's down from 578 disclosed as of May’s filing.

🖥️ YouTube to roll out AI detection tools

WHAT: YouTube just rolled out AI detection tools to prevent creators from becoming unwitting stars in deepfake videos—protecting faces, voices, and reputations of artists, athletes, and more from being cloned in the digital wild. The company is also moving forward with its promise from last year when it said it would come up with a way to compensate artists whose work was used to create AI music.

WHY: YouTube also stated that it is in the early stages of coming up with a solution to address the use of its content to train AI models. This has been an issue for some time, leading creators to complain that companies like Apple, Nvidia, Anthropic, OpenAI and Google, among others, have trained on their material without their consent or compensation.

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