New story in Business from Time: Your iPhone Will Soon Send Your Exact Location to First Responders When You Call 911

iPhones will soon automatically share your location with first responders when you call 911, thanks to a new partnership between Apple and startup RapidSOS.

Under the new system, iPhones will send their exact location to a RapidSOS dispatcher, which will then forward the coordinates to local emergency response centers. That should make it easier for ambulances and paramedics to reach callers and shave precious minutes off response times, potentially saving 10,000 lives per year, according to federal regulator estimates.

The new feature will be packaged as part of iOS 12, an iPhone software update due later this year.

The existing 911 system was designed for a time when everyone used landlines and call operators could easily pinpoint phones’ locations. Now, though, more than 80% of 911 calls are made on cell phones in many parts of the country, read more

New story in Business from Time: Audi CEO Arrested in Diesel Emissions Case

BERLIN — German authorities on Monday detained the chief executive of Volkswagen’s Audi division, Rupert Stadler, as part of a probe into manipulation of emissions controls.

The move follows a search last week of Stadler’s private residence, ordered by Munich prosecutors investigating the manager on suspicion of fraud and indirect improprieties with documents.

“Audi CEO Rupert Stadler was provisionally arrested this morning,” the company said in a statement. It said shortly afterward that a judge had ordered him kept in custody pending possible charges at prosecutors’ request.

The company said that it couldn’t comment further due to the ongoing investigation, but stressed that “the presumption of innocence remains in place for Mr. Stadler.”

German news agency dpa reported that prosecutors decided to seek Stadler’s arrest due to fears he might try to evade justice. A former head of Audi’s engine development unit is already read more

New story in Business from Time: Audi CEO Arrested in Diesel Emissions Case

BERLIN — German authorities on Monday detained the chief executive of Volkswagen’s Audi division, Rupert Stadler, as part of a probe into manipulation of emissions controls.

The move follows a search last week of Stadler’s private residence, ordered by Munich prosecutors investigating the manager on suspicion of fraud and indirect improprieties with documents.

“Audi CEO Rupert Stadler was provisionally arrested this morning,” the company said in a statement. It said shortly afterward that a judge had ordered him kept in custody pending possible charges at prosecutors’ request.

The company said that it couldn’t comment further due to the ongoing investigation, but stressed that “the presumption of innocence remains in place for Mr. Stadler.”

German news agency dpa reported that prosecutors decided to seek Stadler’s arrest due to fears he might try to evade justice. A former head of Audi’s engine development unit is already read more

New story in Business from Time: Federal Reserve Raises Key Interest Rate and Signals More Increases May Come

WASHINGTON (AP) — The Federal Reserve took note of a resilient U.S. economy Wednesday by raising its benchmark interest rate for the second time this year and signaling that it may step up its pace of rate increases.

The Fed now foresees four rate hikes this year, up from the three it had previously forecast. The action means consumers and businesses will face higher loan rates over time.

The central bank raised its key short-term rate by a modest quarter-point to a still-low range of 1.75 percent to 2 percent. With the economy now nine years into an expansion, the move reflects the steadiness of growth, the job market’s strength and inflation that’s finally reaching the Fed’s 2 percent target level.

Economists said the Fed left little doubt that it’s prepared to increase the pace of its credit tightening to guard against high inflation later on.

“The labor market is getting tighter, and price pressures are picking up,” said Greg McBride, chief financial read more

New story in Business from Time: Federal Reserve Raises Key Interest Rate and Signals More Increases May Come

WASHINGTON (AP) — The Federal Reserve took note of a resilient U.S. economy Wednesday by raising its benchmark interest rate for the second time this year and signaling that it may step up its pace of rate increases.

The Fed now foresees four rate hikes this year, up from the three it had previously forecast. The action means consumers and businesses will face higher loan rates over time.

The central bank raised its key short-term rate by a modest quarter-point to a still-low range of 1.75 percent to 2 percent. With the economy now nine years into an expansion, the move reflects the steadiness of growth, the job market’s strength and inflation that’s finally reaching the Fed’s 2 percent target level.

Economists said the Fed left little doubt that it’s prepared to increase the pace of its credit tightening to guard against high inflation later on.

“The labor market is getting tighter, and price pressures are picking up,” said Greg McBride, chief financial read more

New story in Business from Time: Comcast Offers $65 Billion for Fox in Bidding War With Disney

Comcast Corp. made a long-awaited offer to acquire much of 21st Century Fox Inc., topping a previous proposal by Walt Disney Co. and setting up a bidding war for Rupert Murdoch’s media empire.

Comcast, the largest U.S. cable-TV provider, said its cash offer reflects a $65 billion value for Fox’s entertainment assets. At $35 a share, the bid represents a 19 percent premium over the Disney offer, the company said on Wednesday.

The move follows AT&T Inc.’s victory over the Justice Department in its antitrust battle to take over Time Warner Inc. That outcome is expected to spur a wave of media consolidation, emboldening companies to make offers they might otherwise have skipped.

Disney and Comcast are locked in a high-stakes contest for the entertainment assets, which include the Fox movie and TV studios, television networks such as FX, and multichannel providers like Star India and Sky Plc. With Wednesday’s bid, Comcast Chief Executive Officer Brian Roberts is seeking read more

New story in Business from Time: Comcast Offers $65 Billion for Fox in Bidding War With Disney

Comcast Corp. made a long-awaited offer to acquire much of 21st Century Fox Inc., topping a previous proposal by Walt Disney Co. and setting up a bidding war for Rupert Murdoch’s media empire.

Comcast, the largest U.S. cable-TV provider, said its cash offer reflects a $65 billion value for Fox’s entertainment assets. At $35 a share, the bid represents a 19 percent premium over the Disney offer, the company said on Wednesday.

The move follows AT&T Inc.’s victory over the Justice Department in its antitrust battle to take over Time Warner Inc. That outcome is expected to spur a wave of media consolidation, emboldening companies to make offers they might otherwise have skipped.

Disney and Comcast are locked in a high-stakes contest for the entertainment assets, which include the Fox movie and TV studios, television networks such as FX, and multichannel providers like Star India and Sky Plc. With Wednesday’s bid, Comcast Chief Executive Officer Brian Roberts is seeking read more

New story in Business from Time: AT&T Just Got Cleared to Buy Time Warner in a Massive $85 Billion Media Merger

AT&T Inc. was cleared by a judge to take over Time Warner Inc. in an $85 billion deal that the mobile-phone giant says will fuel its evolution into a media powerhouse that can go head-to-head with Netflix Inc. and Amazon.com Inc.

U.S. District Judge Richard Leon on Tuesday rejected the Justice Department’s request for an order blocking the Time Warner acquisition, saying the government failed to make its case that the combination would lead to higher prices for pay-TV subscribers. The judge put no conditions on the deal.

AT&T slipped 1.6 percent to $33.80 in extended trading at 4:46 p.m. in New York. Time Warner jumped 4.7 percent.

After nearly two years, AT&T is on the cusp of completing its acquisition of Time Warner, a deal it struck in a bid to become an entertainment giant that can feed Time Warner programming like HBO and CNN to its 119 million mobile, internet and video customers.

“We think the evidence throughout the trial was quite clear and we’re very read more

New story in Business from Time: AT&T Just Got Cleared to Buy Time Warner in a Massive $85 Billion Media Merger

AT&T Inc. was cleared by a judge to take over Time Warner Inc. in an $85 billion deal that the mobile-phone giant says will fuel its evolution into a media powerhouse that can go head-to-head with Netflix Inc. and Amazon.com Inc.

U.S. District Judge Richard Leon on Tuesday rejected the Justice Department’s request for an order blocking the Time Warner acquisition, saying the government failed to make its case that the combination would lead to higher prices for pay-TV subscribers. The judge put no conditions on the deal.

AT&T slipped 1.6 percent to $33.80 in extended trading at 4:46 p.m. in New York. Time Warner jumped 4.7 percent.

After nearly two years, AT&T is on the cusp of completing its acquisition of Time Warner, a deal it struck in a bid to become an entertainment giant that can feed Time Warner programming like HBO and CNN to its 119 million mobile, internet and video customers.

“We think the evidence throughout the trial was quite clear and we’re very read more