Business Update – May 10, 2023
Welcome back to our Weekly Digest. Read on for the latest updates and some ideas to help us all move forward.
WHO: COVID-19 Pandemic is no longer a public health emergency of international concern
The World Health Organization has announced that COVID-19 is no longer a public health emergency of international concern, although it still poses a global threat. The agency has warned that people are still dying from COVID-19 and that new variants remain a threat.
US proposes rules requiring airlines to compensate passengers for flight delays
The US Department of Transportation is proposing new rules that would require airlines to compensate passengers for various cancellations or disruptions caused by the airlines. Proposed rules would require airlines to offer cash compensation and accommodation vouchers in addition to refunds.
Passport wait times long as US preps for travel season
The wait for a passport has increased significantly due to higher demand and staff shortages. Currently, processing times for passports sit at around 10-13 weeks, with expedited applications due in 7-9 weeks. That does not include the 2 weeks to receive the application or the passport in the mail.
The most important thing Warren Buffett said Saturday, and it isn’t good news for the economy
Warren Buffett has said that the period of excessive spending following the COVID-19 pandemic and stimulus is over and many businesses have too much inventory they’ll need to sell off. Managers, responding to increased demand, overestimated how much stock they would need and now sit with too much, the result of which could be an earnings decline.
Biden, McCarthy aim to break US debt-ceiling standoff as default crisis looms
The US government will have to find a solution to the $31.4 trillion US debt ceiling to avoid a default before the end of May. President Joe Biden has asked lawmakers to raise the federal government’s self-imposed borrowing limit without conditions, but the Republican House of Representatives Speaker Kevin McCarthy said they will not approve any deal that does not cut spending.
Will the US default on debt? A really simple guide to debt ceiling
A debt ceiling is a law that limits the amount of money the government can borrow to pay its bills. If the debt ceiling isn’t raised, the government may not be able to pay the salaries of federal and military employees, parks would be shut down, and weather services closed. Here’s more information on what the debt ceiling is and what it means for the economy.
Disney expands lawsuit against DeSantis after governor signs bill to void land deals
Disney expanded its federal lawsuit against Florida Gov. Ron DeSantis, accusing the governor of waging a “retribution campaign” against the company by voiding Disney’s development deals. Disney alleges the retaliation began after the company publicly criticized a controversial Florida bill that limits discussion of sexual orientation and gender identity in classrooms.
Buckingham Palace releases official coronation portraits
King Charles III and Queen Camilla released a message of thanks following the King’s coronation. Along with the message, the palace released four official photographs of the King, Queen, and members of the royal family taken at Buckingham Palace. King Charles III’s official coronation took place on May 6, at a ceremony at London’s Westminster Abbey.
No end in sight for the writers strike as talks break off and both sides brace for long standoff
The Writers Guild of America is on strike after failing to reach a deal with the Alliance of Motion Picture and Television Producers. So far, no new talks have been scheduled, with the WGA saying the work stoppage could last for months.
AI pioneer quits Google to warn about the technology’s ‘dangers’
Geoffrey Hinton, a pioneer of AI, has left his job at Google so he could speak freely about the dangers of AI. In interviews, Hinton expressed concerns that AI would eliminate jobs, and create a world where many people would not be able to know what is true any more. Hinton said he thought that world was 30 to 50 years away, which he no longer believes.
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