APPLE HALTS EFFORT TO BUILD IPHONE HARDWARE SUBSCRIPTION SERVICE

Summary from the TLDR newsletter

Apple has halted work on a project to build an iPhone hardware subscription service. The service would have allowed customers to pay a monthly fee and receive a new phone each year. It would have competed with Apple's wireless carrier partners, who rely on installment programs to sell devices and retain customers. Apple may have canceled the program due to stricter rules by the Consumer Financial Protection Bureau.