T-Mobile ending DEI programs as it seeks US FCC approval for 2 deals
T-Mobile said in a letter to Federal Communications Commission Chair Brendan Carr made public on Wednesday that the wireless company is ending its DEI-related policies "not just in name, but in substance."
T-Mobile said it will no longer have any individual roles or teams focused on DEI, is removing any references to DEI on its websites and has removed references to DEI from its employee training materials.
Carr said in a text message he was pleased with the changes. "This is another good step forward for equal opportunity, nondiscrimination and the public interest."
T-Mobile is awaiting FCC approval to buy almost all of regional carrier United States Cellular's wireless operations including customers, stores and 30 per cent of its spectrum assets in a deal valued at $4.4 billion.
The FCC is also weighing a separate transaction in which T-Mobile would establish a joint venture with KKR to acquire internet service provider Metronet, which reaches more than 2 million homes and businesses in 17 states.
T-Mobile plans at closing to invest about $4.9 billion to acquire a 50 per cent equity stake in the joint venture and 100 per cent of Metronet's residential fiber retail operations and customers.
FCC Commissioner Anna Gomez, a Democrat, criticized T-Mobile's action saying "in yet another cynical bid to win FCC regulatory approval, T-Mobile is making a mockery of its professed commitment to eliminating discrimination, promoting fairness, and amplifying underrepresented voices."
The FCC in May approved Verizon Communications' $20 billion deal to acquire fiber-optic internet providers Frontier Communications after the largest U.S. telecom company agreed to end its DEI program and after the FCC opened an investigation.
Carr, a Republican designated by Trump in January as chair, told Comcast in February he was opening a probe into the NBC News-parent company's promotion of DEI programs.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
CNA
2 hours ago
- CNA
Nasdaq, S&P hit record levels as megacaps rise ahead of tech earnings
The S&P 500 and the Nasdaq reached new record highs on Monday, bolstered by gains in megacaps as investors geared up for the week's major tech earnings, while the prospects of fresh trade deals also boosted sentiment. At 11:21 a.m. ET, the S&P 500 gained 34.97 points, or 0.56 per cent, to 6,331.90 and the Nasdaq Composite gained 147.24 points, or 0.71 per cent, to 21,042.87. The Dow Jones Industrial Average rose 201.87 points, or 0.46 per cent, to 44,544.76, just 1.28 per cent shy of its all-time high. Verizon gained 4.1 per cent after boosting its annual profit forecast. The stock also drove up the communications sector, which emerged as the top gainer among other sectors. Most big-tech names moved higher, pushing the S&P's information technology sector up 0.6 per cent to hit an all-time high. The spotlight was on Google-parent Alphabet and electric-vehicle maker Tesla, whose results this week will kick off the "Magnificent Seven" earnings parade, and could set the tone for Wall Street. Shares of Alphabet rose 2.1 per cent, while Tesla dipped 0.2 per cent. Both stocks have lagged their peers so far this year, with Tesla down 18.5 per cent year to date and Alphabet slipping 0.2 per cent. "It is going to be interesting to see the Tesla and Google reports," because those two are kind of "underachievers in the Mag 7 this year," said Mike Dickson, head of research at Horizon Investments. "We're going to need these earnings reports to just really knock it out of the park if we want to see this little leg of the rally continue." Despite U.S. President Donald Trump's August 1 tariff deadline, the S&P 500 and the Nasdaq reached new heights recently as investors believed that the economic fallout from tariffs might not be as dire as once feared. Trump has threatened to slap 30 per cent tariffs on imports from Mexico and the EU, and sent letters to other trading partners, including Canada, Japan and Brazil, setting blanket tariff rates ranging from 20 per cent to 50 per cent. Investors were expecting some progress in trade talks after U.S. Commerce Secretary Howard Lutnick on Sunday expressed confidence over striking a trade deal with the European Union. However, EU diplomats said the 27-member bloc is exploring a broader set of possible counter-measures against the United States, as hopes for a breakthrough deal with Washington dwindled. On the economic data front, investors will keep a close eye on jobless claims figures and the July business activity report, expected on Thursday. They will also closely analyze Federal Reserve Chair Jerome Powell's remarks on Tuesday for any clues on the central bank's next move, especially after last week's mixed inflation signals. Traders have largely ruled out a July rate cut, and are now pegging the odds at about 56 per cent for a September reduction, according to CME Group's FedWatch tool. Advancing issues outnumbered decliners by a 3.02-to-1 ratio on the NYSE, and by a 2.58-to-1 ratio on the Nasdaq.
CNA
2 hours ago
- CNA
GE Vernova to buy France's Alteia for enhancing AI tools for utilities
Power equipment maker GE Vernova will buy France-based Alteia, which makes artificial intelligence-based tools that allow utility companies to review their grids, it said on Monday. GE Vernova already offers Alteia's software to customers through its GridOS Visual Intelligence. The tool helps utilities assess damage and inspect assets along thousands of miles of electrical lines. The acquisition will enhance this system through visual and operational data, allowing the companies to "see and sense" the grid, GE Vernova said. The company did not disclose the financial terms of the acquisition, which is expected to close on August 1. GE Vernova has highlighted that growth in its electrification software segment — which includes the GridOS system — could rapidly accelerate, RBC Capital Markets analyst Christopher Dendrinos said. The segment has been growing at mid-single digit percentage rates in the past couple of years, he said. Surging power demand from data centers used for AI and cryptocurrency technologies has boosted GE Vernova, which was spun off from General Electric last year. The power demand is expected to hit an all-time high this year. The company is expected to release its second-quarter earnings report on July 23 before the bell.
CNA
3 hours ago
- CNA
Yen advances broadly after Japanese election result; US dollar falls
LONDON/NEW YORK :The yen rose across the board on Monday after Japan's ruling coalition lost its majority in the upper house, suggesting the result was mostly priced in, while investors braced for market disquiet ahead of a deadline on U.S. tariff negotiations. Japanese markets were closed for a public holiday, leaving the yen as the main indicator of possible investor angst. In midmorning trading, the Japanese currency gained 0.9 per cent to 147.52 per dollar, although not far off from the 3-1/2-month low of 149.19 hit last week as investors fretted about Japan's political and fiscal outlook. It also nudged 0.5 per cent higher against the euro to 172.05 and against sterling to 198.60, up 0.4 per cent. Prime Minister Shigeru Ishiba's Liberal Democratic Party returned 47 seats, short of the 50 it needed to ensure a majority in Japan's 248-seat upper chamber, where half the seats were up for grabs. Ishiba vowed to stay on in his role even as some of his own party discussed his future and the opposition weighed a no-confidence motion. "Since Tokyo markets were closed for Marine day today, we have to see what happens tomorrow: how the markets respond," said Marc Chandler, chief market strategist, at Bannockburn Forex in New York. "I know some people are saying that with the LDP party losing its majority, this could mean a shift in policy, but I don't see it. I think people were just caught leading the wrong way on dollar/yen thinking that the election outcome was going to be a negative for the yen." The election result, while not entirely a shock to markets, also comes at a tricky time for a country trying to get a tariff deal with U.S. President Donald Trump before an August 1 deadline. "Japan's political picture has become more complicated, with investors also focusing on the U.S.-Japan tariff row," said Roberto Mialich, global FX strategist at UniCredit. The increased political fragility is likely to constrain the Bank of Japan's ability to tighten monetary policy in the near term, said David Chao, global market strategist for Asia Pacific at Invesco. "It may be reluctant to add further pressure to an already volatile landscape." TARIFF UNCERTAINTY Investor focus has also been firmly on Trump's global tariff salvos, with a Financial Times report last week indicating the U.S. president was pushing for steep new tariffs on European Union products. U.S. Commerce Secretary Howard Lutnick said on Sunday he was confident the United States can secure a trade deal with the EU, but said August 1 was a hard deadline for tariffs to kick in. EU diplomats said the bloc was exploring a broader set of counter measures against the U.S. as prospects for an acceptable trade agreement fade, even though a negotiated solution was still their preferred option. The euro was up 0.4 per cent at $1.1681, while sterling last fetched $1.3488, up 0.6 per cent. The dollar index, which measures the U.S. currency against six others, was down 0.5 per cent at 97.969. The European Central Bank is due to meet this week and is expected to hold rates steady after a string of cuts, while investor attention has been on whether the Federal Reserve succumbs to pressure from Trump to cut interest rates. "We doubt ECB President Christine Lagarde will shake things up too much ahead of the central bank's summer break, although there may be some continued concerns over recent euro strength and particularly the direction of tariffs," said Chris Turner, ING's global head of markets. In the United States, Trump appeared near the point of trying to dismiss Fed Chair Jerome Powell last week, but backed off with a nod to the market disruption that would likely follow. The U.S. central bank is widely expected to hold rates steady at its July meeting. Traders are fully pricing in a Fed rate cut by the October meeting with the odds of a second rate cut this year not fully priced in yet. In other currencies, the New Zealand dollar gained 0.2 per cent to US$0.5975, recovering after earlier easing following data showing consumer inflation accelerated in the second quarter but stayed below economists' forecasts. The data led markets to raise the chance of a rate cut next month given the broader economic weakness. Currency bid prices at 21 July 02:39 p.m. GMT Descript RIC Last U.S. Pct YTD High Low ion Close Chang Pct Bid Bid Previous e Session Dollar 97.861 98.402 -0.54 -9.80 per cent 98.507 97. index per cent 863 Euro/Dol 1.169 1.1631 0.51 per cent 12.92 per cent $1.169 $1. lar 2 161 5 Dollar/Y 147.32 148.74 -0.93 -6.35 per cent 148.51 147 en per cent .35 5 Euro/Yen 172.22 172.97 -0.43 5.51 per cent 172.83 171 per cent .93 Dollar/S 0.7981 0.8019 -0.48 -12.07 0.8021 0.7 wiss per cent per cent 98 Sterling 1.3495 1.341 0.64 per cent 7.91 per cent $1.349 $1. /Dollar 7 340 5 Dollar/C 1.3692 1.3726 -0.22 -4.76 per cent 1.3731 1.3 anadian per cent 695 Aussie/D 0.6529 0.6509 0.32 per cent 5.53 per cent $0.653 $0. ollar 65 Euro/Swi 0.9329 0.9317 0.13 per cent -0.68 per cent 0.9331 0.9 ss 314 Euro/Ste 0.866 0.8661 -0.01 4.68 per cent 0.8673 0.8 rling per cent 651 NZ 0.5977 0.5961 0.29 per cent 6.84 per cent $0.597 0.5 Dollar/D 8 939 ollar Dollar/N 10.1648 10.1576 0.07 per cent -10.57 10.212 10. orway per cent 9 155 5 Euro/Nor 11.8828 11.8169 0.56 per cent 0.97 per cent 11.892 11. way 5 818 Dollar/S 9.5857 9.6426 -0.59 -12.99 9.6812 9.5 weden per cent per cent 864 Euro/Swe 11.2062 11.2214 -0.14 -2.27 per cent 11.253 11. den per cent 9 204
