Thursday, 14 June 2018 09:36

Oil prices, interest rates both rising

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STATEWIDE - Rising oil costs and interest rates were among the topics dominating Thursday's business news.

Interest rates are on the rise and the Fed expects more hikes before the year's end. After boosting a key rate by a quarter point -- the second this year -- the federal reserve now says it expects two more increases. Fed Chairman Jerome Powell said the economy is in great shape.

 

Oil prices are up and President Trump is blaming OPEC. The group of oil-producing countries has been limiting production since last year trying to shore up prices. Experts say rising demand and turmoil in Venezuela is also driving oil up.

 

Apple is cutting off a loophole that allowed law enforcement agencies to pull information off iPhones even when they were locked. The new feature in IOS 12 will block data transfers through the lightning port. Law enforcement had been using a plug-in device to grab the data.

 

Finally, Sprint is shocked to find that people actually like inexpensive plans. Citing heavy demand the company now says it will end its $15 a month deal for unlimited talk, text and data tomorrow.