theguardian_business

The Ukrainian start-up taking the missile fight deep into Russia

📰 source: theguardian_business · 💼 business

ukraine's leading arms company fire point is now manufacturing about 100 long-range flamingo cruise missiles a month, plus hundreds of fp-1 and fp-2 fixed-wing drones daily. ceo iryna terekh says these are used in deep strikes inside russia, hitting targets like a military components factory in cheboksary 600 miles from kharkiv in june. the flamingo carries 1,150kg of explosive and costs under $600,000 each, far cheaper than a us tomahawk. the fp-1 drones, with a range over 1000 miles, have cut russian oil refinery production by 20%, causing long queues at petrol pumps.

fire point now operates 83 factories in ukraine plus one in denmark, employing 6000 people. the company is developing ukraine's first ballistic missiles and the freyja initiative — an alternative air defense system with nine european countries. terekh says the firm is an example of ukraine modernizing its industry in response to the war. currently, none of its weapons are exported due to wartime demands.

why it matters: ukraine's scaling of low-cost long-range missiles and drones is reshaping the war by threatening russian infrastructure deep inside its borders.

source: theguardian_business
sentiment: +0.10 · impact: 0.30

Surprise fall in US jobs last month as slow summer continues

📰 source: bbc_business · 💼 business us jobs fell by 23,000 last month, against forecasts for an 80,000 gain, with the bureau of labor statistics also revising down may and june payrolls by a combined 103,000. the unemployment rate still dipped to 4.1% from 4.2%, as labor

Homes are selling below asking in 38 of the 50 biggest U.S. cities—if you can afford one

📰 source: cnbc_topnews · 💼 business homes sold for less than their asking price in 38 of the 50 largest u.s. housing markets in june, per redfin. the biggest discounts hit florida and texas: miami and west palm beach averaged nearly 5% below asking, while houston, austin, tampa, dallas, san antonio,

China is gaining ground in AI. But the U.S. still has a major advantage

📰 source: cnbc_topnews · 💼 business hugging face ceo clément delangue told cnbc china is clearly dominating on open models and could start dominating at the frontier by end of this year or next. chinese models are closing the gap with u.s. frontier systems despite limited access to cutting-edge compute. beijing-based

US strikes $1.2bn deal to pay German firm to halt offshore wind projects

📰 source: bbc_business · 💼 business rwe will abandon its offshore wind projects in the us after accepting a $1.2bn payout from the department of the interior. the german energy firm said it will reinvest the money into gas projects, including $900m for an lng export terminal in louisiana. rwe will

Read more

Surprise fall in US jobs last month as slow summer continues

Homes are selling below asking in 38 of the 50 biggest U.S. cities—if you can afford one

China is gaining ground in AI. But the U.S. still has a major advantage

US strikes $1.2bn deal to pay German firm to halt offshore wind projects