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- Apple Halts Pay Later
Good Morning!
Happy Tuesday! Let’s see what is moving markets:
👉Apple ends Pay Later
👉 Boeing mishandled parts
👉McDonald’s shakes things up
NOTE: The Stock Market Will Be Closed On Wednesday
APPLE: See You Later
Apple announced it has stopped issuing loans through its Apple Pay Later program, which started last year. Instead, Apple will offer installment loans through Apple Pay with partners like Affirm and Citigroup later this year. d
Source: 9To5Mac
Apple Pay Later let customers buy products online and pay in four interest-free installments up to $1,000. Apple's main goal for Apple Pay is to ensure secure and private transactions. Existing Apple Pay Later users can still manage and repay their loans. Previously, users applied for Apple Pay Later loans via the iPhone Wallet app and saw a "Pay Later" option during checkout. Apple handled credit checks and loan decisions through a subsidiary.
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BOEING: Mishandled Faulty Parts
A Boeing quality inspector, Sam Mohawk, has alleged that the company mishandled and lost track of hundreds of faulty parts, some of which might have been installed on new 737 Max planes. These claims were detailed in a complaint to the Occupational Safety and Health Administration and made public by a US Senate subcommittee.
Source: NBC
According to Mohawk, Boeing lost as many as 400 defective 737 Max parts and deleted their records from an internal system. He also claimed that Boeing hid improperly stored parts from the Federal Aviation Administration (FAA) before an inspection. The FAA noted a significant increase in whistleblower reports from Boeing employees this year. These allegations add to ongoing federal investigations into Boeing's practices and raise concerns about the company's focus on cost-cutting over safety.
McDonald’s: Ends AI Experiment
McDonald’s is ending its AI drive-through partnership with IBM, shutting down the Automated Order Taker in over 100 restaurants by July 26, according to a memo obtained by CNBC. Launched in 2021, this partnership aimed to simplify operations with voice-activated ordering. However, issues with interpreting different accents affected order accuracy.
Source: CNBC
Despite ending the IBM partnership, McDonald’s remains open to future AI drive-through projects. IBM will continue working with McDonald’s on other initiatives. While McDonald’s future AI plans are unclear, the company announced a new partnership with Google Cloud in December, though details are yet to be revealed.
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📊Tech Sector
Source: Tavi Costa
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