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A key inflation gauge rose 5.8% in 2021, highest in 39 years
WASHINGTON: A measure of prices closely tracked by the Federal Reserve rose 5.8% last year, the sharpest increase since 1982, as sharp consumer spending hit supply chains to raise the cost of food, furniture, appliances and other goods. Gone. The Commerce Department’s Friday report also said consumer spending declined 0.6% in December. A wave of Omicron cases discouraged many Americans from traveling, eating out, or visiting theaters and other entertainment venues. At the same time, earnings increased 0.3% last month, providing fuel for future spending.
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Stocks ended a turbulent week with biggest gains of the year
NEW YORK: A turbulent week ended for the markets with a late burst of buying, breaking a three-week losing streak and giving major indices their biggest gains of the year. The S&P 500 gained 2.4% on Friday, almost all of it in the last hour of trading. This was followed by sudden ups and downs for several days throughout the week. Markets are nervous as investors try to predict how aggressively the Federal Reserve will move to roll back its economic stimulus and raise interest rates to fight inflation. Technology stocks led the rally. Apple took a hit after reporting strong holiday iPhone sales. Treasury yields fell.
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Court ruling gives Biden a chance for reset on climate policy
WASHINGTON: President Joe Biden has an opportunity for a reset on climate policy after a federal judge rejected an administrative plan to lease millions of acres of land in the Gulf of Mexico for offshore oil drilling. A judge dismissed the drilling plan late Thursday, saying the Interior Department had not sufficiently taken into account the proposed drilling impact on planet-warming greenhouse gas emissions. Environmentalists say the lease sale should not have happened in the first place and goes against the Bidens campaign’s promise to halt new oil and gas leases on federal land and water. The court’s decision was issued on the one-year anniversary of a federal leasing moratorium that Biden ordered as part of his efforts to tackle climate change. ,
FAA approves Verizon and AT&T to roll out more 5G cell towers
WASHINGTON: Concerns about new high-speed wireless service interfering with airplanes seem to be easing. Federal security regulators said Friday they have cleared the way for Verizon and AT&T to roll out more 5G towers. The Federal Aviation Administration says the move is possible because telecommunications companies are providing more information about the location of their wireless transmitters. Aviation groups and the FAA warned that 5G service could interfere with aircraft because it uses a portion of the radio spectrum that is close to that used by radio altimeters on planes. Altimeters measure the altitude of aircraft above the ground, and they are important for landing when visibility is low due to bad weather.
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Hewlett Packard Enterprise wins $5B fraud trial versus UK tycoon
LONDON: Tech giant Hewlett Packard Enterprise has won a billion-dollar lawsuit against a British businessman accused of fraud after buying its software company Autonomy a decade ago. The UK High Court’s decision also removes an obstacle to the possible extradition of British entrepreneur Michael Lynch, the founder of America’s Autonomy. Hewlett Packard bought Autonomy in 2011 for $11 billion, but was forced to write off most of its value the following year, in a corporate debacle that sparked a boardroom shakeup at the printer and computer maker. A high court judge summarizing his findings in court said that HP has largely won its claim.
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Ohio lures Intels chip plant with $2B stimulus package
Columbus, Ohio: Ohio’s price tag for landing in Intel’s new computer chipmaking factory is about $2 billion. The state’s director of development said Friday that the combination of tax breaks and incentives offered by Ohio is the largest ever. State officials say the deal is worth it. Intel announced last week that it would spend $20 billion to build a new technology hub in the Midwest. Intel’s CEO says total investment could reach $100 billion over the next decade and its new facility could become one of the world’s largest chipmaking sites.
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After huge pandemic losses, governments see rapid rebound
NEW YORK: State and local governments reported revenue losses of more than $117 billion in the first year of the coronavirus pandemic. According to an Associated Press analysis of newly available data. But those shortfalls proved to be less severe than originally feared. Many of those governments are now immersed in record amounts of money. In response to the dramatic change, governors, lawmakers and local officials have proposed a new wave of tax cuts, along with increased spending. The AP calculated projected revenue loss figures for 2020 by reviewing thousands of reports filed with the Treasury Department by states, counties and large cities.
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In a blow to telecommunications, California’s net neutrality law upheld
San Francisco: A federal appeals court has upheld California’s net neutrality law and rejected attempts by telecommunications groups to block it from taking effect. The 9th Circuit Court of Appeals upheld the previous ruling, which means the status quo remains and the state can continue to enforce the law. This means that California can impose its ban on Internet providers that can slow or block access to websites and applications that do not pay for premium service. On Friday, proponents of net neutrality hailed the decision but called for federal net neutrality laws. But with Congress split, such a law may not find enough support to be passed.
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The S&P 500 closed 105.34 points, or 2.4%, up at 4,431.85. The Dow Jones Industrial Average rose 564.69 points, or 1.7%, to 34,725.47. The Nasdaq closed up 417.79 points, or 3.1%, at 13,770.57. The Russell 2000 Index of Small Companies rose 37.22 points, or 1.9%, to 1,968.51.
Disclaimer: This post has been self-published from the agency feed without modification and has not been reviewed by an editor
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