Tech News

Boeing sees progress on 787 but warns on supply chain

Boeing said Wednesday it is close to receiving regulatory approval to resume 787 jet deliveries, a move that could help reverse lackluster profits, but warned that its production ramp-up for the 737 MAX would be slowed by supply chain problems.. "While we expect 737 MAX deliveries to our customers in China to resume in 2022, subject to final regulatory approvals, risk remains around the timing and rate of those deliveries," Boeing said in a securities filing Wednesday.

Wed, Jul 27, 2022 3 mins read

Tech News

In US, even the definition of 'recession' is controversial

In Washington circles, saying the "R" word comes with a bit of risk.. For Gourinchas, "the general assessment as to whether the economy is in a recession overall is a little bit more complex."

Wed, Jul 27, 2022 3 mins read

Tech News

US regulators move to block Meta virtual reality app deal

US market regulators on Wednesday went to court in an effort to stop Facebook-owner Meta from buying virtual reality fitness app maker Within, a potential blow to the tech giant's metaverse ambitions.. In a complaint filed in federal court, the Federal Trade Commission argued Meta is trying to illegally expand its virtual reality empire with the purchase of Within Unlimited, maker of fitness app "Supernatural."

Wed, Jul 27, 2022 2 mins read

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US Senate passes bill to boost domestic semiconductor manufacturing

The US Senate passed a bill on Wednesday to boost domestic production of semiconductors amid shortages of the microchips that power everything from smartphones to cars to weapons.. The version of the CHIPS Act passed Wednesday provides $39 billion to finance semiconductor manufacturing plants in the United States and another $13 billion for research.

Wed, Jul 27, 2022 1 mins read

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Fresh nationwide rail strikes hit UK

Around 40,000 British railway workers staged a walkout on Wednesday, a month after the largest strike in 30 years as the UK battles its worst cost-of-living crisis in decades.. Wednesday's 24-hour strike came after RMT staged a three-day walkout last month, also virtually paralysing the rail network.

Wed, Jul 27, 2022 1 mins read

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McDonald's beefs up UK price for 99p cheeseburger

Stung by an across-the-board surge in inflation, McDonald's said Wednesday it was raising the UK price of its cheeseburger -- set at a lowly 99 pence ($1.19) for 14 years.. Last month, UK inflation hit a 40-year high of 9.4 percent and is forecast to rise into double digits, with energy prices set to rocket further on the back of Russia's war in Ukraine.

Wed, Jul 27, 2022 1 mins read

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Lufthansa strike causes travel turmoil in Germany

Lufthansa passengers faced massive travel disruption Wednesday as a strike led the German airline group to cancel almost all its flights from its domestic hubs in Frankfurt and Munich.. Lufthansa had already cancelled thousands of flights over the summer as the airline industry contends with ground-side disruptions.

Wed, Jul 27, 2022 1 mins read

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Spotify losses widen as costs and subscribers increase

The world's most popular streaming service Spotify on Wednesday recorded wider losses on rising costs even though subscriber numbers beat expectations in the second quarter. . Analysts had expected a loss of 127 million euros ($128 million) and a rise in paying subscribers to 187 million, Bloomberg reported.

Wed, Jul 27, 2022 1 mins read

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Fed poised to attack inflation with another interest rate hike

The Federal Reserve opened on Wednesday the second day of its policy meeting where it is set to announce another big interest rate increase, the fourth this year, in its ongoing battle to tamp down price pressures squeezing American families.. The policy-setting Federal Open Market Committee is widely expected to announce another three-quarter-point increase in the benchmark borrowing rate at the conclusion of its two-day policy meeting at 1800 GMT. From zero at the start of the year, the Fed has raised the policy lending rate to a range of 1.5 to 1.75 percent, which has pushed mortgage rates higher and slowed housing sales for five straight months.

Wed, Jul 27, 2022 3 mins read

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Military aircraft drive US goods orders higher in June

An eye-popping surge in new orders for US military aircraft in June drove a surprise increase in demand for big-ticket manufactured goods, according to government data released Wednesday.. Gregory Daco, chief economist at EY Parthenon, called it "very encouraging news from the business side," saying "orders were still growing strongly" for goods outside the defense aircraft sector.

Wed, Jul 27, 2022 1 mins read