Good Morning!
Happy Friday! We’ve got an exciting newsletter to jumpstart your day. Here’s what’s going on:
👉Apple conducts major phone update 🍎
👉 UK gov signals rate cuts ✂️
👉 Union approves GM’s offer 🚗
Let’s get into it!
APPLE: Texting Equality Leap
In a significant policy shift, Apple is gearing up to integrate a new technological standard next year to facilitate smoother text messaging interactions between iPhone and Android users.
After resisting for over a year, Apple is now moving towards embracing RCS (Rich Communication Services), a technology that Google's Alphabet and other entities have been urging Apple to adopt. RCS represents an evolution from the conventional SMS and MMS formats endorsed by the GSM Association.
Source: Marketplace
This move will introduce enhanced texting functionalities across different mobile platforms. It will enable iPhone users to send messages to Android devices using Wi-Fi, not just cellular connections. Additionally, it will allow for the transfer of larger files, streamline group messaging, and provide confirmation for message delivery and reading.
This change in Apple's approach is happening at a time when the company is under increased examination by regulatory bodies. Apple is now updating its iPhone and iPad software in the European Union to comply with the directives of the region's Digital Markets Act.
🎯 GRIT TAKE: Apple has closely guarded its… upgrade to VIP to read the full GRIT take. Click below!
UK BONDS: Surge Signals Rate Cut
Growing indications of an economic downturn are leading investors to increasingly expect interest rate reductions in the coming year.
UK government bonds saw a notable surge on Friday, with traders bolstering their expectations for a policy easing from the Bank of England. This change was triggered by an unexpected decline in retail sales, reverting to levels observed during the 2021 Covid lockdown. Moreover, the markets are now pricing in a reduction of one percentage point in interest rates by the European Central Bank in 2024.
Source: CNN
Despite official statements suggesting it's too soon to consider relaxing monetary policy, the financial markets are anticipating a reduction of 25 basis points in interest rates by the Bank of England, the European Central Bank, and the US Federal Reserve in June of the following year.
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GM: Historic Deal Approved
General Motors union workers have approved a historic agreement with the United Auto Workers, despite a turbulent final stretch of voting, as announced by the union.
The voting process mirrored the complex negotiations, not proceeding as smoothly as anticipated. Although the pact was turned down by the majority of GM's major assembly plants, this was counterbalanced by approval from smaller facilities and several other assembly sites.
Source: Yahoo
Uncertainty loomed over the deal's ratification on Wednesday morning following its rejection at seven of GM's 11 U.S. assembly plants. However, a pivotal shift in the voting, particularly at a Texas SUV plant, provided crucial support, securing the deal's acceptance.
Headlines You Need To Know: 🎙
Amazon says employees won’t get promoted if they don’t return
Alibaba sheds over $20 billion in market value
Oil collapses into bear market
Xi's big week ends with rare big wins
The share of Americans without mortgages is at an all-time high
What’s behind the market’s wild overreaction
Where are all the foreign buyers for US treasury debt?
You probably know 611 people. Here’s how we know
From Uber to Cloud Kitchens 👨🍳
This guy changed transportation forever and became a billionaire, but was later fired from his own company. Travis Kalnick is the ultimate Silicon Valley story. He raised tons of money, broke all the rules, and even was referred to as a bull in a China shop. However, Travis did not let the outside noise take away his ride-sharing vision. Unfortunately, Kalnick caused countless controversies that included sexual harassment allegations, and in 2017, Uber decided to force the founder and CEO out of his own company. Travis Kalnick has relaunched a new company called Cloud Kitchens.
Source: Axios
This innovative idea rents vacant warehouse spaces and turns them into kitchen spaces, acting as digital restaurants that deliver the food via delivery apps. The company was valued at $15 billion in 2021 and has even raised money from the Saudi Arabian investment fund. But they have faced a lot of drama recently due to poor kitchen conditions, and some have raised questions about this once revolutionary idea.
Chart of the Day
📊 Since 2021, it’s definitely been a sellers’ market!
Source: Yahoo Finance, Fannie Mae
GRIT Meme of the Day 😂
Tag GRIT Capital on social media for a chance to be featured in our meme or Tweet of the day in our GRIT daily newsletter! 👇
Source: @dividendhero
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