Here’s what we have for you today:
• US FAA modernization
• Charles Schwab feeling the pain
• Apple and UK
FAA teams up with Verizon
The contactor: The US Federal Aviation Administration has awarded Verizon a contract worth possibly $2.4 billion to upgrade the agency’s technology systems.
The details: The FAA spokesperson said Verizon will build a network that includes secure communications and administrative services. If the FAA exercises all options in the deal, the contract would last for 15 years and reach the full value.
Replacing the old: FAA officials have said they need to modernize the alert system and many other programs.
Charles Schwab lost $47 billion market value
The risk: Charles Schwab like Silicon Valley Bank and other banks, bet on interest rates by buying bonds with long maturities. Therefore, the company has accumulated unrealized losses on these assets.
Looking down: Some experts estimate that Charles Schwab has $22 billion of unrealized losses.
Current outlook: The firm’s customers are moving cash out of sweep accounts into money market funds at a $20 billion per month rate.
Apple wins appeal in UK
The investigation: During November 2022, The UK opened a full market probe which included determining if Apple was restricting the cloud gaming market through its App Store rules.
For the win: On 3/31/23, Apple won an appeal against the UK’s Competition and Markets Authority to regulate the tech giant.
Supercharged: Apple successfully argued the regulator had “no power” to investigate its position in the mobile browser market.
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