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A new US law will ban imports from China's Xinjiang region

The legislation, set to pass the Senate and head to Biden's desk, sends a message to Beijing over Uyghurs.

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Here’s what you need to know

A new US law will ban imports from China’s Xinjiang region. The legislation, set to pass the Senate today and head to president Joe Biden’s desk, sends a message to Beijing over Uyghurs.

China’s economy shows signs of slowing down. Residential property sales fell 20%, while retail sales growth weakened to 3.9% in November.

Congress narrowly voted to raise the US government’s debt limit. The $2.5 trillion extension removes the threat of an imminent credit default.

Netflix is slashing its prices in India. The 60% discount for its basic monthly subscription follows the rollout of a free plan in Kenya.

Chanel announced Leena Nair as its new CEO. She joins an expanding tribe of global company bosses with Indian roots.

The UK scrapped its “red list” of restricted travelers from Africa. The government said the travel ban is now less effective because the omicron variant “has spread so widely across the world.”

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*Source: IEA

What to watch for

Executives from some of the US’s largest airlines appear before the Senate today to answer potentially awkward questions about how they spent the $54 billion in taxpayer money they were given as part of the larger covid-19 rescue packages.

Specifically, they might be asked why travelers had to endure thousands of flight delays and cancellations this summer if the airlines were provided money to make sure no one lost their job. Even when flights were canceled by weather, customers spent hours trying to reach agents to rebook flights.

With the peak holiday travel season looming, lawmakers might have reasonable concerns about a repeat. As a refresher, here’s what the last year looked like:

June 26-27: Southwest Airlines cancels 500 flights and delays 2,500 more.

Aug. 3: American Airlines cancels 300 flights.

July 30-Aug. 6: Spirit Airlines cancels 2,826 flights.

Oct. 29-Nov. 1: American cancels 2,300 flights over one weekend.

Apple’s road to $3 trillion

Apple is eye-to-eye with a $3 trillion market capitalization, a marker no publicly traded company has ever touched before.

A few factors have helped Apple weather pandemic uncertainties, including a wave of new products and consistent cash flow. Even as fears around the omicron variant shook the market in late November, Apple was able to—and investors bet it will continue to—hold strong.

200%: Percentage Apple shares are up from the start of the pandemic

22,000%: Percentage Apple shares have returned since 1990

28%: Percentage that return is equivalent to per year

Apple’s competitors aren’t far behind the $3 trillion mark, though. Microsoft currently trails the company in market capitalization, and even surpassed Apple for a time this October.

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Correction: Yesterday’s Daily Brief mistakenly referred to a tornado-hit Amazon warehouse in Kentucky. The facility is in Illinois. 

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