TVA aids RiverLine recreation projects
The Tennessee Valley Authority will provide $1.2 million over the next three years to help fund the University of Tennessee's Tennessee RiverLine project, which is developing a continuous system of hiking, biking and on-water experiences along the Tennessee River from Knoxville to Paducah, Kentucky, including the Tennessee Riverwalk in Chattanooga.
Since 2016, the RiverLine has involved more than 60 UT students in trail system planning and design. The program is administrated by the Tennessee RiverLine Partnership, a diverse group that includes UT; TVA; the National Park Service's Rivers, Trails, and Conservation Assistance Program; and several other organizations and agencies.
Rachel Terrell, TVA's public outreach manager for natural resources, said the new grant "is part of TVA's commitment to making life better for the people of the Tennessee Valley, by boosting public health, economic investment and environmental stewardship all along the way." She said the new recreation system will serve as a catalyst for economic, social and environmental benefits for the dozens of cities, towns and rural communities along the river.
"With this announcement, we're forming a true 'power partnership,'" said David Bowling, vice president of TVA's River & Resources organization. "We expect the Tennessee RiverLine to become North America's next big regional trail system, and we'll be working together with UT and communities along the river to help make it happen."
Mortgage rates continue to drop
U.S. long-term mortgage rates slipped this week as the economy remains burdened by the coronavirus pandemic.
Mortgage buyer Freddie Mac reported Thursday that the average rate on the benchmark 30-year fixed-rate home loan eased to 2.73% from 2.77% last week. By contrast, the rate stood at 3.51% a year ago.
The average rate on 15-year fixed-rate loans, popular among homeowners seeking to refinance their mortgages, ticked down to 2.20% from 2.21%.
Comcast makes gains during fourth quarter
Comcast Corp. finished a challenging 2020 with $3.4 billion in fourth-quarter profits, an improvement of 6.9% from a year earlier despite headwinds from the pandemic.
The cable and media giant reported strong subscriber gains in its broadband business Thursday, signing up 538,000 internet customers during the quarter. But the coronavirus continued to crush its theme parks and harm film studios, dragging down revenues at NBCUniversal.
Comcast's overall revenue during the quarter was $27.7 billion, down 2.4% from the same period in 2019. The company ended the year with $103.6 billion in annual revenue, a 4.9% drop from the previous year. Comcast made $10.5 billion in profits in 2020, a decrease of 19.3% from 2019.
"With the vaccines rolling out throughout the world, we are optimistic that the parts of our business that had been most impacted will soon be back on a path towards growth," Comcast CEO and Chairman Brian Roberts said in a statement.
Facebook may sue Apple for antitrust
Facebook has considered filing an antitrust lawsuit against Apple, two people familiar with the deliberations said, a move that could escalate tensions between two of the world's most powerful technology companies.
Facebook executives discussed accusing Apple of anti-competitive actions in its App Store, said the people, who spoke on condition of anonymity because they were not authorized to speak publicly. The social network planned to say in a lawsuit that Apple gave preferential treatment to its own apps while forcing restrictive rules onto third-party app developers like itself, the people said.
Facebook discussed filing the suit as recently as December, the people said. It is unclear if the company will move forward with any legal action.
The social network declined to comment on a potential lawsuit. "We believe Apple is behaving anti-competitively by using their control of the App Store to benefit their bottom line at the expense of app developers and small businesses," a spokesperson said.
- Compiled by Dave Flessner