Business News

T-Mobile to buy almost all of U.S Cellular in deal worth $4.4 billion with debt

T-Mobile is buying U.S. Cellular’s wireless operations and certain spectrum assets in a deal valued at $4.4 billion, and further consolidating the industry. T-Mobile will get U.S. Cellular’s wireless operations and about 30% of spectrum assets across several spectrum bands. T-Mobile will also enter into a new master license agreement on more than 2,000 towers and extend the lease term for the approximately 600 towers where T-Mobile is already a tenant.

More people make ‘no-buy year’ pledges as overspending or climate worries catch up with them

NEW YORK (AP) — The self-imposed rules of a no-buy challenge are simple: participants pledge to stop buying non-essential items, be they unneeded shoes, additional beauty products or other impulse buys for a set amount of time, usually 12 months. What started several years ago as a blogged-about experiment in budgeting and mindful spending has become a popular trend on social media. A Reddit group where people share their experiences has 51,000 members. On TikTok, some users post videos to hold themselves accountable that get hundreds of thousands of views. Not everyone electing to join the no-buy trend has debt. Some participants say they want to do their part to reduce waste and protect the environment.

Tempted to try a no-buy year? Here are tips from people doing it

NEW YORK (AP) — Many people start no-buy challenges at the beginning of the year and commit to keep going until the end of it. But making a list of the non-essential items you won’t spend money on for a set period of time and sticking to it is easier said than done. Some challenge participants begin with a no-spend month to test the waters. Either way, they advise identifying vulnerabilities and ways to avoid them ahead of time. Whether it’s makeup, ordering takeout food or buying unnecessary trinkets in the $1 section at Target, knowing the items that bring on the urge to spend and writing about temptations you encounter can help people stay on track.

Melinda French Gates to donate $1 billion over next 2 years in support of women’s power

Melinda French Gates says she will be donating $1 billion over the next two years to individuals and organizations working on behalf of women and families globally, including on reproductive rights in the United States. French Gates is one of the biggest philanthropic supporters of gender equity in the U.S. In a guest essay for The New York Times on Tuesday, she wrote that she’s been frustrated over the years by people who say it’s not the right time to talk about gender equality. She said over the past weeks, she’s started directing new grants through her organization Pivotal Ventures.

US consumer confidence rises in May after three months of declines

WASHINGTON (AP) — Consumer confidence in the U.S. rose in May following three straight months of declines, but Americans remain anxious about elevated inflation and interest rates. The Conference Board, a business research group, said Tuesday that its consumer confidence index rose in May to 102 from 97.5 in April. Analysts were expecting the index to decline again. The measure of Americans’ short-term expectations for income, business and the job market climbed to 74.6 from a dismal 68.8 in April. A reading under 80 can signal a potential recession in the near future. Consumers’ view of current conditions rose to 143.1 in May from 140.6 in April.

Ryan Salame, part of the ‘inner circle’ at collapsed crypto exchange FTX, sentenced to prison

NEW YORK (AP) — A federal judge has sentenced former FTX executive Ryan Salame to more than seven years in prison. He is the first of the lieutenants of failed cryptocurrency mogul Sam Bankman-Fried to receive jail time for their roles in the 2022 collapse of the cryptocurrency exchange. The 30-year-old Salame was a high-ranking executive at FTX for most of the exchange’s existence and, up until its collapse, he was the co-CEO of FTX Digital Markets. Last year, he pleaded guilty to illegally making unlawful U.S. campaign contributions and to operating an unlicensed money transmitting business last year.

OpenAI forms safety committee as it starts training latest artificial intelligence model

OpenAI says it’s setting up a new safety and security committee and has begun training a new artificial intelligence model to supplant the GPT-4 system that underpins its ChatGPT chatbot. The San Francisco startup said in a blog post Tuesday that the committee will advise the full board on “critical safety and security decisions” for its projects and operations. The safety committee is being unveiled as debate swirls around AI safety at the company, after a researcher resigned and then leveled high-profile criticism at OpenAI for letting safety “take a backseat to shiny products.”

US opens up banking to private Cuban businesses as it aims to boost private sector

WASHINGTON (AP) — The U.S. is lifting some financial restrictions on Cuba in a move designed to boost private businesses on the island. One of the key changes announced Tuesday would allow Cuban private business owners to open bank accounts in the United States and then access them online from Cuba. The U.S. also is again allowing something called U-turn transactions, where money is transferred from one country to another but is routed through the United States. The changes come as Cuba is struggling with one of the worst economic and energy crises in its history. Hundreds of thousands of people have migrated, many of them headed to the United States.

Target’s chief food, essentials and beauty officer on innovation in the grocery aisle

NEW YORK (AP) — Target has revamped its grocery aisles since the COVID-19 pandemic with items ranging from Korean foods and mocktails to barbecue-flavored trail mix as the discount retailer caters to shoppers who want to experiment while sticking to a budget. Under Rick Gomez, Target’s chief food, essentials and beauty officer, the Minneapolis-based retailer plans to introduce up to 2,000 new food and beverage items this year. The need to innovate coexists with a focus on affordability. Target announced last week that it was cutting prices on 5,000 food, drink and essential household products. The Associated Press recently interviewed Gomez about food trends, the effect of inflation and social media on shopper behavior, and other topics.

Major retailers are offering summer deals to entice inflation-weary shoppers

NEW YORK (AP) — Americans who spend Memorial Day scouting sales online and in stores may find more reasons to celebrate the return of warmer weather. Major retailers are stepping up discounts heading into the summer months, hoping to entice inflation-weary shoppers into opening their wallets. Target, Walmart and other chains have rolled out price cuts — some permanent, others temporary — with the stated aim of giving their customers some relief. The reductions, which mostly involve groceries, are getting introduced as inflation showed its first sign of easing this year but not enough for consumers who are struggling to pay for basic necessities as well as rent and car insurance.