Good morning readers. I've decided to honor our presidents this long weekend by exercising my right...to do absolutely nothing. Let's face it, George Washington couldn't tell a lie, and neither can I when I say I've made zero plans. Crossing the Delaware? More like crossing my living room to the fridge.

Happy President’s Day everyone.

Let’s jump into today’s storylines.

In today’s digest:

• You might never need your passport again

• Headline Hustle: Alexei Navalny dies in Russian prison, Apple gets fined by EU regulators $500 million, Harvard gets subpoenaed by House of Committee over antisemitism case

• Cutting costs is the name of the game for companies in 2024

• The Week Ahead: What to Expect

• Pulse Points: What’s Trending

TRAVEL

Flying the friendly skies just got a tech upgrade

In the same way that smartphones revolutionized communication, facial recognition technology is on the cusp of transforming airport experiences across the globe.

Imagine breezing through security checkpoints with nothing but your smile as your boarding pass. Thanks to partnerships between major air lines and the Transportation Security Administration (TSA), this scenario is becoming our reality, promising to slash wait times and streamline the boarding process.

The new face of air travel

Delta Air Lines and the TSA are leading the charge, introducing facial recognition to fast-track select travelers past the traditional ID and boarding pass checks. It's a glimpse into a future where your face is your passport, reducing wait times and making air travel more efficient than ever. From bag drops to security screenings, biometric systems are being touted as the next big leap in travel technology.

Supporters are touting the perks.

• Traveller’s hail facial recognition as the holy grail of air travel, touting its ability to slash wait times and streamline security procedures.

• Early adopters rave about the efficiency gains, reporting significant time savings at every stage of their journey, from check-in to boarding. It's the stuff of frequent flyers' dreams: less time queuing, more time enjoying that pre-flight drink at the lounge.

But for every minute saved, a question arises: at what cost to our privacy? Critics, including experts and organizations like the ACLU, are sounding the alarm on the ethical dilemmas posed by biometric surveillance. Concerns range from data privacy to the accuracy of these systems, not to mention the chilling potential for creating a surveillance state under the guise of convenience.

Internationally, the narrative changes, with countries like Singapore and Germany pioneering comprehensive biometric integrations, showcasing what's possible when technology and regulatory harmony converge. The U.S., in contrast, navigates a more complex regulatory and logistical maze, with only a fraction of its airports dipping into biometric waters.

Big picture: While the promise of a seamless travel experience is enticing, it begs the question: are we ready to face the future, or are we on the brink of sacrificing more than just time at the altar of convenience?

Headline Hustle

🇷🇺 Putin critic Alexei Navalny dies in Russian prison. Russian opposition figure Alexei Navalny, known for his anti-corruption activism, has died in prison, per Russian authorities. Navalny's life was dedicated to challenging authoritarianism under President Putin. While the cause of death is under investigation, Navalny's supporters allege fabricated charges led to his imprisonment. His passing eliminates a key opposition voice in Russia, amid concerns over Putin's tightening grip on power. Navalny's death has sparked international condemnation, with President Biden blaming Putin. Protests erupted both in and outside Russia, highlighting Navalny's impact on political activism.

🤑 Apple to get fined $500 million in antitrust probe. European regulators are poised to penalize Apple Inc. with a fine exceeding $500 million, alleging unfair practices that disadvantaged music-streaming competitors. Reports from the Financial Times and Bloomberg News reveal that the European Commission found Apple guilty of creating an anti-competitive environment by withholding information from iPhone users about cheaper alternatives outside its App Store. The investigation, triggered by a 2019 complaint from Spotify, marks the first antitrust fine against Apple by the EU. Apple has yet to respond to the reports, reiterating past statements defending its practices.

📜 House Committee subpoenaed Harvard over antisemitism response. The House Committee on Education and the Workforce has escalated its inquiry into Harvard University, issuing subpoenas for a range of records amidst accusations of obstructing an investigation into the school's response to antisemitism. Chair Virginia Foxx emphasized the urgency, condemning Harvard's purported delays and defiances. Harvard maintains it has cooperated in good faith, though Foxx criticized the completeness of their responses. This unprecedented move by the committee reflects growing tensions over allegations of antisemitism on college campuses. Harvard has until March 4 to comply with the committee's demands.

RETAIL

Companies embrace 2024 as the year of cost cutting

The corporate world is sending Wall Street a firm message: cost-cutting is the name of the game this year. Across various sectors, from toy manufacturers to tech giants, executives are tightening their belts and slashing expenses, even in companies that are turning profits.

Cuts across the board

Major players like Mattel, PayPal, and Cisco are among those implementing workforce reductions, while retail giants such as Macy’s are shuttering stores and slashing jobs. Airlines like JetBlue Airways and United Airlines are offering buyouts and trimming amenities to streamline their operations.

This belt-tightening approach stems from pressures to align with consumer spending habits and investor expectations amidst rising costs. Despite a historical tendency to pass increased expenses onto consumers, businesses now face weakened pricing power, prompting a shift towards internal cost management strategies.

The exception…

Walmart. The company is investing billions in modernizing their stores, indicating a nuanced response to prevailing economic conditions. The banking sector, having already undergone substantial workforce reductions, awaits interest rate cuts to fuel potential mergers and acquisitions.

This concerted effort has resulted in tens of thousands of job cuts and significant financial savings across industries. While the economic landscape remains uncertain, companies remain focused on bolstering profits through efficiency enhancements, rather than relying solely on revenue growth.

Looking ahead…as Corporate America navigates these challenges, the emphasis on cost-cutting highlights a pragmatic approach towards sustaining profitability amidst evolving market dynamics.

WEEK AHEAD

What to expect

• Earnings season continues on Wall Street with upcoming reports from nearly 50 S&P 500 companies, including Nvidia, Walmart, Home Depot, and Warner Bros. Discovery. 76% of S&P 500 companies have beaten earnings expectations so far.

• Nikki Haley faces challenges in securing the Republican party nomination for the presidential election, with polls indicating a significant lead for Donald Trump in her home state of South Carolina.

• Trump could potentially secure the nomination before Super Tuesday on March 5 if Haley withdraws, as he leads by as much as 37 points.

• The NBA’s regular season continues this Thursday after taking a break for All-Star weekend.

SNIPPETS

Pulse Points

• Former President Donald Trump entered the upcoming presidential race with a unique approach by launching his own line of tennis shoes on Saturday.

• Nike announced late Thursday that it is reducing its workforce by 2%, equating to over 1,500 jobs, as part of a comprehensive restructuring effort.

• Starbucks launched its first cafe tailored to offer customers with disabilities a more accessible store experience, as announced in a Friday news release.

• A Manhattan judge ruled that former President Donald Trump and his business committed fraud by inflating his wealth, ordering them to pay $355 million and banning him from top roles in any New York company for three years.

• Two juveniles were charged in Jackson County, encompassing most of Kansas City, for a shooting at a Chiefs' Super Bowl rally that resulted in one death and 22 injuries.

• Google is developing a feature named "Talk to a Live Rep" that calls businesses for users, waits on hold, and then connects them once a live representative is available, aiming to eliminate lengthy hold times for customer service.

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