Afternoon Coffee: Apple Drops Qualcomm Components from Products, Likely Fed Successor Emerges

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A legal fight between Apple and Qualcomm has led the maker of iPhones and iPads to design products for next year that no longer include the chipmaker’s components, the Wall Street Journal reports. Instead Apple is considering devices be made with modem chips from Intel or MediaTek.

Fed Chairman

With Janet Yellen’s term ending early next year, President Trump is expected to nominate Jerome H. Powell as the next chairman of the Federal Reserve, according to the New York Times. Powell, a Fed governor since 2012, is a Republican with deep roots in the party’s establishment and in the financial industry. He would be expected to broadly maintain the current course for the central bank set by his predecessor.

Foil Duties

The Commerce Department announced Friday it would begin collecting anti-dumping duties on aluminum foil imports from China, American Shipper reports. The group of companies known collectively as “Zhongji” were assessed a dumping margin rate of 96.81%; fourteen other companies will receive a dumping margin rate of 138.16%, while all other Chinese exporters of aluminum foil to the US will be subject to a dumping margin rate of 162.24%.

Consumer Spending 

And finally, an economic update: US consumer spending jumped 1.0% in September after just a 0.1% gain in August, Reuters reports. Consumers also dipped into their savings more to fund purchases, however, which suggested the increased pace of spending is probably unsustainable.

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