Apple's Upcoming VR Headset Marks Significant New Product Debut In Almost 10 Years, Regulators Want Tighter Capital Requirements For Large US Banks: Today's Top Stories

Wall Street Journal

Megabanks Beware: Regulatory Big Brother Wants a Tighter Leash Amid Recent Bank Failures

  • U.S. regulators are reportedly gearing up to enforce stricter measures on large banks to enhance their financial stability following a series of failures among midsize banks earlier this year. 
  • People familiar with the plans have indicated that the proposed changes could result in an average increase of approximately 20% in overall capital requirements for larger banks. 
  • The specific amount will depend on each bank's business activities, with the most significant increases expected for U.S. megabanks with substantial trading operations.

Get Ready For Apple's WWDC: Software Updates and First New Significant Product In a Decade

  • Apple Inc AAPL prepares to showcase its VR headset, marking its first significant new product in nearly a decade, on Monday at its annual developer conference.
  • The rest of the conference focuses on software providers making applications in the Apple ecosystem.
  • Apple has been working on the headset for seven years, and its launch got delayed several times. The headset will likely cost $3,000 vs. Meta Platforms Inc's META most expensive Quest Pro headset at $1,000.


Financial Times

Software Configuration Error at Grail Causes Cancer Misdiagnosis Scare; Could It Impact Illumina's Acquisition Plans?

  • Illumina Inc's ILMN Grail Inc acquisition is reportedly in more hot water when Grail mistakenly sent form letters to 400 patients, suggesting they may have developed cancer.
  • Galleri, the company's primary blood test for cancer diagnosis, is designed to detect more than 50 malignancies even before symptoms appear.
  • Grail sells Galleri at about $950 per test and markets it to insurers and large employers. 

Sony to Leverage AI in its Quest for Cloud Gaming, but CEO Kenichiro Yoshida Expresses Concerns

  • Sony Group Corp SONY CEO Kenichiro Yoshida warned against the tricky prospects of cloud gaming.
  • The company proposes to explore streaming game options over the internet and leverage its artificial intelligence agent GT Sophy to enhance cloud gaming.
  • He cited latency, the fast response times gamers demand as the most significant issue.



Another NBCUniversal Executive Joins Elon Musk's Twitter — New CEO Linda Yaccarino Reacts

  • Amidst a wave of executive changes, Elon Musk's Twitter welcomes another former executive from Comcast Corporation's CMCSA NBCUniversal to its ranks. 
  • Former NBCUniversal executive Joe Benarroch has officially joined Twitter, marking a significant move for the social media platform's business operations. 
  • Benarroch, known for his expertise in communication strategy and partnerships during his tenure at NBCUniversal, expressed his excitement about working with the microblogging site's team to "build Twitter 2.0 together."

United Airlines Pilots Union Votes To Approve Strike

  • The United Airlines Pilots Union head reportedly announced in a letter that the union had unanimously approved a vote to authorize a strike.
  • "You'll receive more communication regarding this impending strike vote in the coming days," the letter stated. The Air Line Pilots Association has not yet set a date for the strike vote.
  • United Airlines Holdings UAL pilots demanded better pay than Delta Air Lines Inc DAL pilots.

Airbus In Talks With India's Indigo For 500-Jet Order

  • Airbus SE EADSY might bag an order for 500 narrow-body A320-family jets.
  • Airbus is nearing a potentially record contract to sell 500 narrow-body A320-family jets to India's largest carrier, IndiGo.
  • Airbus has emerged as the front-runner for an order surpassing Air India's provisional purchase of 470 jets in February.



JPMorgan Employs Blockchain to Expedite Interbank Dollar Transactions in India

  • J.P. Morgan Chase & Co JPM tapped six Indian banks to launch a blockchain-based platform to settle interbank dollar transactions in the nation's most contemporary international financial hub.
  • The real-time blockchain-backed system will help to cut down on transaction settlement time and make it available round-the-clock.
  • The investment bank proposes to run a pilot project using JPMorgan's blockchain platform Onyx to analyze banks' experience.



Supply Chain Problems May Disrupt Air Travel In Summer 2023

  • This year, "very frustrating" supply chain issues will disrupt air travel, according to the director general of the International Air Transport Association.
  • ″[It's] so frustrating because it is going to have an impact in summer 2023. And we're already seeing that," reported CNBC, citing Willie Walsh, director general of the International Air Transport Association.
  • According to Walsh, shortages of engine parts will be particularly visible and could delay the delivery of new aircraft from manufacturers.

Who Wants a Baby Brand? Buy Buy Baby Ignites Bidding Frenzy as Bed Bath & Beyond Wobbles

  • Bed Bath & Beyond Inc's BBBYQ baby gear unit, Buy Buy Baby, has attracted interest from at least two bidders amid expected business dissolution after the retailer declared bankruptcy.
  • BBBYQ has planned to auction off its assets and keep some of its business alive.  
  • An anonymous bidder expressed interest in buying Buy Buy Baby as a going concern and wants to keep about 75% of its stores open.
  • As per the report, the unnamed bidder sought an additional $50 million in capital alongside its current financial sponsor to support its bid. 



Musk's SpaceX Boosts Satellite Fleet In Low-Earth Orbit While Amazon's Prototype Launch Faces Delay

  • Elon Musk's SpaceX launched 22 Starlink satellites to low-Earth orbit (LEO) from Florida aboard a Falcon 9 rocket.
  • According to astronomer Jonathan McDowell's analysis, SpaceX has launched 4,543 Starlink satellites in 88 launches — 4,219 are in orbit.
  • Though SpaceX was also expected to launch NASA's CRS-28 mission to the ISS on Sunday, it was postponed to Monday due to unfavorable weather conditions.

UBS Plans To Close Credit Suisse Acquisition By Mid-June

  • UBS Group AG UBS disclosed that it expects to conclude the acquisition of Credit Suisse Group AG CS as early as June 12, 2023.
  • The deal closure is subject to the registration statement that covers shares to be delivered, being announced effective by the U.S. SEC, and other closure conditions.
  • Post completion, holders of Credit Suisse shares will get one UBS share for every 22.48 shares they own, or CHF 0.76 per share.

Affordable $80 Per Night Extended Stay Lodging - Marriott Plans New Offering In US & Canada

  • Marriott International Inc MAR plans to further expand in the affordable midscale lodging segment, following its recent entry into the segment with City Express by Marriott in Latin America.
  • Marriott is in the process of launching a new brand, yet to be named, but is currently being referred to as Project MidX Studios. 
  • Expected to be Marriott's most affordable cost-per-room product in the U.S. & Canada, the prototype model targets a build cost of $13 million to $14 million, requiring about 54,000 square feet of total building area for 124 studios.

Photo via Apple

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