January 2025 - Page 3 of 3

Congress approves plan to avoid government shutdown amid Republican divisions

Jan

Congress approves plan to avoid government shutdown amid Republican divisions

The US Congress narrowly avoided a partial government shutdown on Friday, after weeks of partisan wrangling over federal spending limits and debt ceiling extensions. The crisis came as Republicans, responding to pressure from former President Donald Trump, debated proposals to raise the debt limit while addressing broader fiscal concerns. President of the Chamber Mike Johnsona Republican, he managed to push a plan through his chamber, which is narrowly controlled by his party, while also securing enough bipartisan support to pass it in the Democratic-majority Senate. Speaking to reporters earlier in the day, Johnson expressed cautious optimism: “We have a plan.…

SpaceX pushes to transform Starbase into a new city in Texas

Jan

By Sophie Caldwell

Investments and Business

SpaceX pushes to transform Starbase into a new city in Texas

SpaceX, the aerospace company led by Elon Musk, has put forward an ambitious proposal to turn its Starbase facility in Boca Chica Beach, Texas, into an officially chartered city. The company has submitted a petition urging local authorities to approve the move, which it says would support the continued growth of its business and workforce in the region. Starbase, located in the southernmost part of Texas near the Mexican border, serves as the hub for SpaceX's development and launch of Starship, the massive spacecraft designed for missions to the Moon, Mars and beyond. The company said incorporating Starbase as a…

A US court upholds the law requiring ByteDance to sell TikTok or risk being banned

Jan

By Miles Spencer

International

A US court upholds the law requiring ByteDance to sell TikTok or risk being banned

A US federal court has upheld legislation requiring Chinese tech giant ByteDance to relinquish ownership of the popular social media platform TikTok in the US by early next year or face a nationwide ban. The ruling marks a significant victory for the Justice Department and TikTok critics, who have long expressed concern about the app's ties to China. However, the decision constitutes a major setback for ByteDance as it now faces the possibility of losing access to the app's 170 million US users. The ruling raises the likelihood of an unprecedented ban on a social networking app widely used in…

The Federal Reserve plans to cut rates despite persistent inflation and a strong economy

Jan

By Álvaro Sanz

Economy

The Federal Reserve plans to cut rates despite persistent inflation and a strong economy

Federal Reserve Chair Jerome Powell and the Federal Open Market Committee (FOMC) will announce their latest monetary policy decision on Wednesday, and market participants are preparing for a surprising move. Despite inflation remaining above the Fed's 2% target, robust economic growth of around 3% and a strong labor market, the central bank is expected to lower its benchmark interest rate by 25 points basis, bringing the target range to 4.25%-4.5. %. This potential cut comes as a surprise to many, as conventional wisdom would suggest that the Fed might maintain or even raise rates under such economic conditions. Futures market…

UK economy contracts in October, raising concerns about growth and inflation

Jan

By Sophie Caldwell

Investments and Business

UK economy contracts in October, raising concerns about growth and inflation

The UK economy unexpectedly contracted in October, exacerbating fears of a prolonged economic slowdown as businesses and households grapple with uncertainty. According to the Office for National Statistics (ONS), gross domestic product (GDP) fell by 0.1% month-on-month, defying economists' expectations of a modest 0.1% increase. This contraction follows a similar 0.1% decline in September, marking the second consecutive month of negative growth and raising concerns about the country's economic trajectory. The ONS attributed October's decline to reduced output across all key sectors. However, on a three-month rolling basis, GDP showed a slight increase of 0.1% for the period ending in…