Investors largely expected the FOMC to cut rates by a quarter point.The Fedread more
This is a comparison of Wednesday's FOMC statement with the one issued on July 31 after the Fed's previous policymaking meeting.The Fedread more
Ahead of the Fed's 2 p.m. announcement, many economists were forecasting one further cut in 2019, but some investors were hoping for two more this year.The Fedread more
The interest on excess reserves now stands at 1.8%, a 30 basis point cut compared to the 25 basis point reduction for the benchmark funds rate.The Fedread more
Stocks traded lower on Wednesday after the Federal Reserve announced it lowered interest rates by a quarter point, as was expected.US Marketsread more
Activists with Black Lives Matter, who met privately with Buttigieg in the weeks after police shot and killed Eric Logan, say the 37-year-old mayor brushed off their concerns...2020 Electionsread more
The report, published by Rep. Carolyn Maloney, used data from the Giffords Law Center to Prevent Gun Violence and the Centers for Disease Control to estimate the cost of gun...Politicsread more
Russia slammed Trump's decision to tighten sanctions on Iran following strikes at a crude-processing plant and oil field in Saudi Arabia.Politicsread more
According to a report in the Wall Street Journal, WeWork co-founder Adam Neumann has floated the idea of becoming Israel's prime minister or leader of the world.Technologyread more
Federal prosecutors and commodity regulators have broadened their investigation into spoofing activity after receiving information from traders questioned for spoofing-related...Marketsread more
General Motors announced on Wednesday that it plans to temporarily lay off 1,300 workers at its final assembly plant in Oshawa, Canada due to a slowdown at U.S. plants during...Autosread more
Launching satellites into space could get even cheaper very soon.
Rocket Lab, whose technology aims to propel small satellites into orbit at a fraction of the current industry prices, has nearly completed construction of the world's first private launch site.
Located on New Zealand's Mahia Peninsula, the site was designed to "enable the highest frequency of space launches in history," according to Rocket Lab, a U.S. company with a New Zealand subsidiary. Once ready, the site will be home to the company's first set of trials, scheduled for the coming months.
Ten-year old Rocket Lab will be charging $4.9 million per launch, a significant discount to SpaceX's $62 million price tag, and hopes to conduct weekly operations.
Its launch vehicle, called the Electron, boasts a battery-powered rocket engine printed on 3D parts that enables the firm to offer such low pricing and frequent trips, Rocket Lab said.
CEO Peter Beck hopes the service will resolve two of the biggest complaints he hears from players in the space industry: frequency and availability of launches.
"This program is about enabling the small satellite industry," Beck told CNBC's 'Squawk Box' on Monday.
"The Electron is now capable of carrying of over 60 percent of all the satellites that were launched in 2015," he said, noting that the shrinking size of modern satellites allows for the Electron's high capacity.
The model appears to be environmentally friendly too. One launch on the Electron is expected to consume the same amount of fuel as a 737 jet aircraft going from Los Angeles to San Francisco, Beck said.
The Mahia Peninsula offered the ideal conditions for trial space launches, he noted.
"We needed an island-nation that was in the middle of the Pacific to reach all the launch angles we needed, somewhere where we could build our own private range."
Because most U.S. launch sites are federally-owned, it would have been too expensive to conduct regular trials there, Beck added.
A platform weighing around 50 tons was installed on the Mahia site and will be used to erect the Electron from a horizontal to a vertical position and service the vehicle from fueling to launch.
Rocket Lab boasts contracts with both NASA and the U.S. Defense Department but Beck said the vast majority of customers were commercial entities, such as Planet Labs, Moon Express and other small satellite companies.
Rocket Lab and its key suppliers could contribute around $30 to $80 million per year in value-add terms to the New Zealand economy if it manages 52 to 120 weekly launches per year, according to a report by consulting firm Sapere Research released in June.