The cellphone, a source of distracted driving, could also be a tool to fight it
Smartphone cameras could be used for forward-collision warning and even driver monitoring.
Tesla created secret team to suppress thousands of driving range complaints, report says
About a decade ago, Tesla rigged the dashboard readouts in its EVs to provide “rosy” projections of how far owners can drive before needing to recharge, a source told Reuters. The automaker became so inundated with driving-range complaints that it created a special team to cancel owners’ service appointments.
Tekion buys vehicle registration technology company Five64
The dealership management company wants to simplify interstate vehicle purchases for dealers. Five64 filed for Chapter 11 federal bankruptcy protection in April.
Federal Reserve raises rates for 11th time to fight inflation but gives no clear sign of next move
By CHRISTOPHER RUGABER (AP Economics Writer)
WASHINGTON (AP) — The Federal Reserve raised its key interest rate Wednesday for the 11th time in 17 months as part of its ongoing drive to curb inflation. But it provided little guidance about when — or whether — it might hike rates again.
Wednesday’s move raised the Fed’s benchmark short-term rate from roughly 5.1% to 5.3% — its highest level since 2001. Coming on top of its previous hikes, the Fed’s latest action could lead to further increases in the costs of mortgages,auto loans, credit cards and business borrowing.
Speaking at a news conference, Fed Chair Jerome Powell was noncommittal about any expectations for future rate hikes. Since it began raising rates in March 2022, the Fed has often telegraphed its upcoming action. This time, though, Powell said the Fed’s policymakers may or may not raise rates again at their next meeting in September.
“It is certainly possible that we will raise rates again at the September meeting,” he said. “And I would also say it’s possible that we would choose to hold steady at that meeting.”
Door opens for L3Harris to complete Aerojet Rocketdyne acquisition
The head of Melbourne-based defense contractor L3Harris Technologies announced the Federal Trade Commission would not stand in the way of its takeover of fellow aerospace giant Aerojet Rocketdyne.
“We were advised today that the FTC will not block our acquisition of Aerojet Rocketdyne; therefore, we are moving forward to close the transaction on or about July 28,” wrote L3Harris CEO and Chairman Christopher Kubasik in a note to investors ahead of the company’s second-quarter earning call.
In December, L3Harris announced it would pay $58 a share for a total cash acquisition of $4.7 billion, which includes net debt. Aerojet is headquartered in El Segundo, California, and employs 5,200 people across several manufacturing facilities, including West Palm Beach and Orlando. It makes propulsion systems for the Department of Defense, NASA and others.
The move followed an attempt earlier in 2022 by Lockheed Martin to acquire Aerojet that was ultimately blocked by the FTC.
L3Harris said it intended to complete the deal using existing cash and by taking on new debt.