Elon Musk’s SpaceX and T-Mobile are teaming up in an attempt to connect mobile devices through a network of satellites, providing coverage to even the most isolated places. Under the plan, T-Mobile’s wireless network would be routed through SpaceX Starlink satellites that are in low Earth orbit. T-Mobile said that the vast majority of smartphones…
WASHINGTON (Reuters) – U.S. consumer spending barely rose in July, but inflation eased considerably, which could give the Federal Reserve room to scale back its aggressive interest rate increases. Consumer spending, which accounts for more than two-thirds of U.S. economic activity, edged up 0.1% last month, the Commerce Department said on Friday. Data for June…
WASHINGTON (AP) — Inflation eased last month as energy prices tumbled, raising hopes that the surging costs of everything from gasoline to food may have peaked. According to a Commerce Department report Friday that is closely watched by the Federal Reserve, consumer prices rose 6.3% in July from a year earlier after posting an annual…
MADRID (Reuters) – Former chief executive of textile giant Inditex, Pablo Isla, has started his own film production company, saying in a statement on Friday that he hoped to use his “deep passion for film” and business experience to advance Spain’s movie industry. Isla stepped down from the owner of the global fashion brand Zara…
COPENHAGEN, Denmark (AP) — Germany’s foreign minister said Friday that estimates show the Baltic Sea can produce wind power that is “more than twice the installed capacity of all German coal-fired power stations” as the country works to meet climate change targets and wean itself off of Russian energy. In a video message ahead of…
JACKSON HOLE, Wyoming (AP) — Federal Reserve Chair Jerome Powell delivered a stark message Friday: The Fed will likely impose more large interest rate hikes in coming months and is resolutely focused on taming the highest inflation in four decades. Powell also warned more explicitly than he has in the past that the Fed’s continued…
SHANGHAI (Reuters) – Chinese chip foundry Semiconductor Manufacturing International Corp (SMIC) on Friday said it signed a framework agreement for a 12-inch foundry production line in Tianjin with registered capital of $5 billion and planned investment of $7.5 billion. (Reporting by Josh Horwitz; Editing by David Goodman)
By Lisa Baertlein LAS VEGAS (Reuters) – Package carrier FedEx Corp is facing a threat from an unusual source – one of its biggest delivery contractors. Tennessee businessman Spencer Patton has ratcheted up pressure on FedEx to boost compensation for contractors after company actions made it even harder for them to wring out profit in…
By Nupur Anand and Aditya Kalra MUMBAI (Reuters) – India’s stricter digital lending rules have disrupted card services of foreign-backed fin-tech firms and jeopardised loan offerings of Amazon, prompting companies to chart a lobbying pushback, according to industry sources and a document seen by Reuters. Citing concerns over high rates and unfair practices, the Reserve…
NEW YORK (AP) — The Dow Jones Industrial Average sank more than 1,000 points Friday after the head of the Federal Reserve dashed Wall Street’s hopes that it may soon ease up on high interest rates in its effort to tame inflation. The S&P 500 lost 3.4%, its biggest drop since mid-June, after Jerome Powell…
