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Real-time News
September 11th - SpaceX has grand plans for Starship. If all goes according to plan, this 407-foot-tall rocket will one day be used to build an orbital network of artificial intelligence data centers and send humans to the Moon and Mars. But first, the company plans to use Starship to launch a new and improved batch of Starlink satellites—its cash cow. SpaceX plans to launch its first V3 satellites into orbit in a key Starship test flight as early as next week. Getting Starship operational as envisioned is crucial for SpaceX and its shareholders. The company needs Starship not only to revitalize its own Starlink communications network—which contributed nearly 55% of the companys revenue in the second quarter—but also to launch satellites for a range of commercial purposes. Then, perhaps its most lucrative mission: launching a futuristic orbital data center into space, which SpaceX says could help tap into the $26.5 trillion artificial intelligence market.On September 11, White House National Economic Council Director Hassett downplayed concerns that President Trumps proposal to send $5,000 checks to every American adult would exacerbate concerns about the governments historically high borrowing levels. "We can do this in a fiscally responsible way. Its a serious proposal," Hassett said. He argued, "Because of all the growth and wealth created in America, the president believes we need to return more wealth to the American people. One way is through a reconciliation bill—a legislative mechanism that the House and Senate majority can use for fiscal packages, bypassing the need for an opposition vote." When pressed on what offsetting measures might be paired with these checks—which would add more than $1 trillion to the federal debt burden at a record high—Hassett said it would have to be "negotiated with Congress." Analysts are skeptical about the feasibility of the $5,000 payment, following a lukewarm response from top Republican members of the House and Senate to the idea.The Indian Ministry of External Affairs stated that during his meeting with Iranian President Pezechzian, Indian Prime Minister Modi emphasized the importance of ongoing efforts to ensure lasting peace and stability in the region.On September 11th, it was reported that the British government, led by Prime Minister Burnham, is considering scaling back its planned minimum wage increase for young people. The UK minimum wage is currently set to rise 4.1% to £12.71 ($17.19) this year, while wages for young adults will increase by 8.5% to £10.85. The increase for 16-17 year olds will be 6% to £8.00. However, according to sources, Downing Street and the Treasury are now reviewing these plans due to concerns that the policy could discourage employers from hiring young workers. Burnham has made addressing the issue of nearly one million unemployed, untrained, or uneducated people aged 16-24 a priority for his government, and officials are examining whether the wage increase for young workers will negatively impact recruitment. Sources say officials are interested in the Dutch model, which has multiple minimum wage tiers for different age groups. In the Netherlands, workers aged 21 and over earn €14.99 ($17.39) per hour. This drops to €7.50 for 18-year-olds and as low as €4.50 for 15-year-olds.On September 11, U.S. regulators released a statement on Friday announcing proposed guidance on third-party risk management for banks. The Federal Reserve, the Office of the Comptroller of the Currency, the Federal Deposit Insurance Corporation, and the National Credit Union Administration stated that the proposal aims to help banks and credit unions “better align and tailor their third-party risk management practices to match the risks of individual third-party relationships.” In a memo, Federal Reserve staff stated that the plan comes as banks increasingly outsource some functions and rely on third-party relationships to improve efficiency and reduce costs. The plan, open to public comment and non-binding, aims to focus regulatory attention on a principles-based approach to such risks. Federal Reserve Governor Barr opposed the proposal, citing concerns about the “significant financial risk” standard.
