Three news to start your week: October 9
FCC fines Dish Network $150,000 for space debris, in the first penalty of its kind
(NowThis)
For the first time, a fee of $150,000 for space debris has been imposed on Dish Network for abandoning a defunct satellite in the incorrect location.
The Federal Communications Commission (FCC) declared on October 2 that it had achieved an agreement to conclude its inquiry against the satellite television provider for neglecting to deorbit its EchoStar-7 spacecraft appropriately. Dish must acknowledge responsibility, consent to a compliance plan, and pay a $150,000 fine as part of the settlement.
Dish disposed of its EchoStar-7 satellite at an orbit "well below the elevation required by the terms of its license," which could "pose orbital debris concerns," the FCC discovered during its probe.
Switzerland set to extend sharing of banking information
(Bloomberg)
As part of its international commitments to fight tax evasion, Switzerland has expanded the number of nations with whom it shares financial asset information.
According to the Federal Tax Administration, Kazakhstan, the Maldives, and Oman were added by Swiss authorities this year to the list of over 100 states for the automatic exchange of banking information. Additionally, the number of covered accounts increased to 3.6 million this year from 3.4 million in 2022. About half of the world's countries receive statistics from the Swiss.
The authority stated that no information was exchanged with Russia. Following the invasion of Ukraine and the enactment of European Union sanctions against the nation, Switzerland stopped exchanging information with that country last year.
Israel's central bank to sell $30bn of foreign reserves to support the shekel
(Financial Times)
Following the market reaction to Hamas's attacks on Israel, which caused the currency to drop to a seven-year low, the Bank of Israel announced that it intended to sell up to $30 billion in reserves to stabilize the shekel.
After the central bank's pronouncement, the shekel dropped more than 2% versus the dollar, its lowest point since 2016. It then somewhat recovered to trade 1.8% lower at Shk3.9155.
With approximately $200 billion in foreign exchange reserves, the central bank's goals were to "moderate volatility in the shekel exchange rate and to provide the necessary liquidity for the continued proper functioning of the markets."
In addition to the $30 billion scheme, the Bank of Israel said it will use swap agreements to supply the market with up to $15 billion in liquidity.
