T-Mobile and SpaceX team up to end dead zones - August 26, 2022

Executive Leadership Briefing

Ukraine’s largest nuclear power plant was cut off from the rest of the country’s energy grid on Thursday, setting off a mass power outage in the surrounding region. The threat of a nuclear catastrophe in Ukraine – which relies on nuclear power more than almost any other country – is worsening the global energy crisis, forcing European countries into a paradox as they seek an alternative to Russia’s fossil fuel. Meanwhile, officials in the U.K. said that households should expect an 80% increase in their annual energy bills due to the soaring price of wholesale natural gas.

The state of California has approved a ban on the sale of new gasoline-powered cars by 2035, a step that advocates say will dramatically cut the state's climate-warming emissions and speed the transition to electric vehicles. The ban will not prevent people from using gas-powered vehicles or apply to the used car market. Major automakers were receptive to the move, following their own aggressive targets that match the state action, although experts say the mass production of affordable electric cars is a long road ahead.

Cybercriminals have stolen over $100 million in NFTs over the last year, underscoring their rising interest in blockchain-based assets. Platforms that use NFTs also face a growing threat of attack from sanctioned entities and state-sponsored groups, according to a new report. Researchers warn that the metaverse – the home of many NFTs as a means of defining digital property – could become a platform for cyber threats in an alternative Darkverse.

T-Mobile is teaming up with SpaceX in the hopes of ending cellphone dead zones. The wireless carrier will use Elon Musk-owned SpaceX's Starlink satellites to establish an entirely new network, which would eliminate the need for additional cell towers. The new service would cover remote areas of the U.S. where there currently is no coverage – a major need for firefighters and other emergency services.

Global traders canceled their happy hours and dinner plans in anticipation of Jerome Powell’s speech on Friday, underscoring how the Federal Reserve chairman’s comments could reshape views on the path of monetary tightening around the globe. From South Korea to Australia, market participants will be looking for clues about how the central bank will seek to bring down inflation down from a 40-year high.

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