Here’s what we have for you today:
• Wall Street lowers profit
• Augmented reality hyping down
• New York’s bottleneck
Wall Street comes back down
The note: Wall Street bonuses are heavily dependent on the state of the economy and profits brought in by investment firms.
The tension: Amid the war in Ukraine and the Federal Reserve’s interest-rate hikes, Wall Street’s profits fell by 56% between 2021 and 2022.
Crossing the street: Dropping Wall Street profits was one factor in the lower payouts but the number is also a correction from record-high numbers seen in the two years following the outbreak of COVID-19.
The wave of augmented reality
Globally: Worldwide sales of virtual and augmented reality headset dropped 12% last year, and were off 2% year-over-year in the US to $1.1 billion.
Harsh reality: In 2021 and 2022, Reality Labs, the division housing metaverse projects, recorded a cumulative loss of nearly $24 billion, including $13.7 billion in 2022.
Currently: Behind Meta, Apple is reportedly having some second thoughts about its augmented reality/mixed reality headset.
New York flight restriction
Blue trend: JetBlue announced it will cut back on flights out of New York this summer of 2023, as federal regulators have urged airlines to reduce schedules by up to 10% at some of the nation’s busiest airports due to a lack of in air-traffic controllers.
In addition: Delta Air Lines are looking to cut back on available flights in some markets this summer to reduce congestion and delays too.
Downsize: The US Federal Aviation Administration has said there are still not enough air-traffic controllers at the facility that serves New York’s three major airports. The agency met with airlines, private-plane operators, and the air-traffic controllers’ union to discuss how to restrict flight congestion.
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