Category: 3. Business

The U.S. government can work to prevent Chinese telecommunications equipment manufacturers from dominating the global market by promoting Open Radio Access Networking (Open RAN) standards worldwide. Radio access networks are a component of mobile infrastructure that connects user devices to the broader network. Open RAN is a technological standard for building that infrastructure using open, compatible interfaces, allowing hardware and software from different vendors to work together. While China’s mercantilist policies boost its manufacturers, such as Huawei and ZTE, enabling them to take ever-greater global market share, a wider adoption of Open RAN standards would level the playing field and allow the United States to restore its telecommunications equipment industry as a global competitor.

Open RAN standards represent a set of open, non-proprietary technological specifications for the hardware and software used in radio access networks. The standards are set by the O-RAN Alliance, an international group of mobile network operators, vendors, and research institutions.

As a concept, Open RAN allows wireless networks to function as “Lego blocks,” with separate but interoperable components. This feature enables network operators to buy equipment from any vendor and integrate with the rest of an Internet Service Provider’s (ISP’s) existing network’s hardware and software. Thus, it comprises a system that allows competition at all levels of components, enabling innovation among companies. This architecture differs from the status quo, which does not permit third-party vendors to participate in the network buildout. In contrast, China’s strategy of promoting Huawei and ZTE leverages the current RAN equipment market to lock in ISPs to cheap but vulnerable systems.

Open RAN concepts have been around for almost a decade, but adoption has been slow and skewed toward the U.S. market. Open RAN made up 7 to 10 percent of global revenues in 2024, and is expected to reach 20–30 percent by 2028. Several factors are impeding the global adoption of Open RAN systems.

First, for countries that have already deployed wireless infrastructure, converting their networks to Open RAN equipment is costly and does not offer an immediate source of new revenue. However, promoting the use of Open RAN standards in greenfield wireless markets, such as developing countries, presents a profit opportunity for Open RAN hardware and software companies as well as a more economically viable and secure competitor to Chinese offerings.

Second, some critics have voiced concerns that a network comprised of multiple vendors’ components will be less secure, as bad actors would have a wider attack surface. However, this view misjudges the tradeoff. Open RAN allows companies to pick and choose trusted vendors if certain ones are unreliable, unlike the status quo, in which developing countries often incur the full security threats posed by companies such as Huawei and ZTE.

The primary benefit of wider adoption of Open RAN networks for the United States can be to help restore the position of U.S. equipment and software companies, which has been lost to China-backed competitors. But Open RAN also provides technological advantages in and of itself. Despite concerns about a wider threat landscape, competition from a marketplace with more vendors and adequate standards will compel vendors to make their products more secure and reduce costs. Open RAN can also deliver a better quality of service and experience, enable greater automation of network functions, and facilitate faster innovation through the disaggregated network architecture.

Broader adoption of Open RAN systems worldwide is strategically important for the United States, both in terms of “defense” and “offense” perspectives in the techno-economic competition with China. On the “defense” side, Open RAN is crucial for countering China’s highly subsidized and predatory approach in telecommunication networks. While Chinese companies such as Huawei and ZTE promote full-stack RAN equipment, especially in greenfield markets in the Global South, they do so at the expense of U.S. national security (since Chinese Intelligence Law requires all companies to share information with the Chinese government) and harm Western competitors. Even U.S. allies such as Germany and Spain maintain Huawei within their telecommunication networks, although they have shown signs of phasing out the presence of Chinese equipment.

The U.S. government can take the “offensive” by helping boost America’s technological leadership and increase U.S. companies’ global market share through the adoption of Open RAN standards as part of trade negotiations. U.S. companies are equipped to play a greater role in the global RAN market by driving innovation in the use of virtualized networking components. However, this requires the U.S. government to lead a collective, public-private effort to promote Open RAN standards since adoption from market forces alone has been slow and ineffective.

To create a coherent foreign and trade policy approach that reinforces the already existing efforts to promote Open RAN worldwide, the U.S. government should do the following:

The U.S. Trade Representative’s Office (USTR) should initiate a Section 301 investigation into unfair foreign policies that distort competition or impede the adoption of Open RAN standards. This investigation could include assessing countries that are phasing out Huawei or ZTE, such as Germany, Spain, and other countries that heavily rely on these companies, such as Brazil, Indonesia, Malaysia, or Serbia.

The U.S. government should fulfill its commitments under the Information Technology Agreement (ITA) by recommitting to a zero-for-zero tariff regime on telecommunication equipment and other goods listed in the ITA. The United States is an exporter of goods relevant to the global adoption of Open RAN, including processors and controllers (over $24 billion of exports in 2023) and power and distribution panels (over $7 billion). Maintaining a zero-for-zero regime for ITA goods means maintaining competitiveness. Fulfilling ITA commitments would enable U.S. manufacturers of telecommunication equipment to access components and intermediate goods at competitive prices and avoid potential retaliation.

The U.S. government should provide more “muscle” to the International Development Finance Corporation (DFC) so it can issue loans, equity, and other foreign direct investment (FDI) to ease the adoption of Open RAN-compatible equipment and standards.

The U.S. Department of State should reinforce its “tech-diplomacy” efforts at the multilateral level, such as at the OECD, ITU, and APEC, and at the bilateral level, particularly in Global South countries with low Internet connectivity rates, such as India. While the U.S. government has taken some steps to promote Open RAN, this doesn’t seem to be a priority. The State Department’s Bureau of Cyberspace and Digital Policy (CDP), intended to centralize America’s cyber diplomacy, was downsized and pulled apart into multiple offices. The Technology Gateway Program (TECHGATE) seems to be a continuation of USAID’s “Digital Connectivity and Cybersecurity Partnership,” a program to build cybersecurity capacity in the Global South. TECHGATE’s funding opportunity does not include explicit metrics to include Open RAN technologies’ adoption as an outcome.

Open RAN standards can be an effective tool for countering Chinese tech dominance, and the United States should leverage that tool to protect its economic and national security.

Royal Mail missed its targets by delivering nearly a quarter of first class mail late in the first update since its parent company was bought by a Czech billionaire, figures show.

The company said on Friday it had delivered 75.9% of first class mail within one working day of collection in the three months to 29 June, up from 74.2% the previous quarter but well behind the 93% target set by the regulator, Ofcom.

Its performance on second class was “broadly stable”, with 89.3% of mail delivered within three working days, lagging Ofcom’s target of 98.5%.

EP, the group controlled by Daniel Křetínský, completed a drawn-out £3.6bn takeover of International Distribution Services (IDS) in April after a UK government review under national security laws. Křetínský, known as the Czech Sphinx, owns a collection of businesses including energy assets, and stakes in Sainsbury’s and West Ham United.

In its quarterly update, Royal Mail also said it had managed to deliver 97% of first class mail within three days.

The company has long struggled to deliver mail on time. It has been fined more than £16m over the past two years for failing to meet targets, and Ofcom began an investigation this year after it missed annual targets.

Jamie Stephenson, interim chief operating officer at Royal Mail, said: “Timely letter deliveries really matter to our customers, and they matter to us too.

“We are taking targeted steps to improve reliability, and we remain focused on delivering a better service for all our customers, every day.”

Last month, Royal Mail was given the green light by Ofcom to drop Saturday deliveries of second-class letters, and to provide services on alternate weekdays from Monday to Friday rather than every day as it attempts to cut costs and make the service more reliable.

Ofcom also lowered targets for first class post to be delivered the next day from 93% to 90%, and for second class within three days from 98.5% to 95%. The changes take effect from next April.

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Tom MacInnes, director of policy at Citizens Advice, said: “It’s no surprise that paying consumers are still being let down by our country’s postal service. For more than half a decade, late deliveries have disrupted lives – causing people to miss medical appointments and benefit decisions – while stamp prices soared.

“Yet, Ofcom has responded by lowering Royal Mail’s delivery targets and slashing its second class delivery requirements in half. These changes don’t guarantee a more reliable or affordable service, but risk making things worse for consumers.”

He added: “Ofcom must ensure reduced deliveries are balanced with targets Royal Mail genuinely has to hit so people finally get the service they deserve.”

Emma Gilthorpe suddenly left after just over a year as Royal Mail’s chief executive in June, weeks after EP completed its IDS takeover.

Cook, who has been accused of mortgage fraud, says she will not be ‘bullied’ into resigning by the president.

United States President Donald Trump says he will fire Federal Reserve Governor Lisa Cook if she doesn’t quit, intensifying his effort to gain influence over the central bank.

“I’ll fire her if she doesn’t resign,” Trump told reporters on Friday during a visit to a Washington, DC, museum focused on the White House.

Cook, the first Black woman to serve on the Federal Reserve’s Board of Governors, said she had “no intention of being bullied to step down” after Trump on Wednesday called for her resignation on the basis of allegations about mortgages she holds in Michigan and Georgia.

Cook on Wednesday said she took any questions about her financial history seriously as a member of the Fed’s board and was gathering accurate information to answer any legitimate questions.

Asked about the matter on Friday as she attended the Fed’s annual research conference in Jackson Hole, Wyoming, Cook said she had no further comment beyond her earlier statement.

Cook is among three Fed governors appointed by former President Joe Biden whose terms extend beyond Trump’s time in office, complicating the president’s efforts to gain more control by appointing a majority of the seven-member Board of Governors. Two of the Fed’s board members were appointed by Trump – Governor Christopher Waller and Vice Chairwoman for Supervision Michelle Bowman.

Trump has repeatedly criticised Fed Chairman Jerome Powell, whose term ends in May, first over his failure to reduce benchmark interest rates and more recently over cost overruns on a renovation of a Federal Reserve building.

US Federal Housing Finance Agency Director William Pulte raised the allegations against Cook in a post on X on Wednesday, saying she had designated a condo in Atlanta, Georgia, as her primary residence after taking out a loan on her home in Michigan, which she also declared as a primary residence. Pulte told CNBC he is also investigating property Cook has in Massachusetts.

Loans for a primary residence can carry easier terms than those for second homes or investment properties. Pulte said the loans in question date to mid-2021 before Cook was appointed to the Fed and confirmed by the Senate in 2022. Cook, a native of Georgia, was an economics professor at Michigan State University at the time the mortgages were taken out.

Pulte asked US Attorney General Pam Bondi to investigate, and Trump quickly amplified the allegation. The Department of Justice is taking the matter very seriously, a department official told the Reuters news agency earlier this week.

Allegations ‘cobbled together’

Maxine Waters, the top Democrat on the US House of Representatives Committee on Financial Services, blasted Trump’s attack on Cook on Friday, saying in a statement that it was a clear continuation of his ongoing effort to “undermine the independence of the Federal Reserve” and deflect attention to signs of economic challenges caused by his policies.

“Their latest target is Dr. Lisa Cook, a highly qualified, trailblazing economist, and the first Black woman to serve on the Federal Reserve’s Board of Governors since Congress created it in 1913,” Waters said. “Let me be very clear, the allegations against Dr. Cook have been cobbled together as a pretext to try to replace her with someone who will be loyal first to Trump instead of the US Constitution or US law.”

Treasury Secretary Scott Bessent is heading the effort to find a replacement for Powell.

Trump is pushing for early Senate confirmation of loyalist Stephen Miran, head of the Council of Economic Advisers, whom he nominated for a temporary seat on the Fed board, replacing Adriana Kugler. Kugler, the first Latina on the board, resigned abruptly this month, months before her term was due to end on January 31.

Key takeaways:

• ETH surged 13% on Friday after Federal Reserve Chair Jerome Powell’s dovish Jackson Hole speech hinted at an interest rate cut in September.

• Onchain and technical indicators signal Ether’s potential to hit $6,000 in the short term.

Ether’s (ETH) price displayed strength at the Wall Street open on Friday, rising 13% to $4,788 following Federal Reserve Chair Jerome Powell’s Jackson Hole speech.

ETH price rallied from $4,200 within minutes, reclaiming $4,600, a level that has suppressed the price over the last seven days, per data from Cointelegraph Markets Pro and TradingView.

This performance follows Powell’s Jackson Hole speech, where he hinted at a potential interest rate cut in September, signaling a dovish stance that boosted market optimism. 

Interest rate cut odds for the Sept. 17 FOMC meeting have now jumped to 91.5% from 75% a day prior, according to the CME Group Fedwatch tool.

This adds to the encouraging bullish sentiment that could potentially drive ETH to new highs.

ETH crosses $4,600 with a “god candle,” said analyst Elisa in response to Ether’s reaction, adding:

Several bullish signs suggest that ETH is well-positioned to break out toward fresh all-time highs in the following days or weeks.

Continued spot ETF inflows back ETH price upside

One factor supporting Ether’s bull argument is persistent institutional demand, reflected by significant inflows into spot Ethereum exchange-traded funds (ETFs).

Spot Ether ETFs saw $287.6 million in inflows on Aug. 21, breaking a four-day outflow streak. These investment products have seen net inflows totaling $2.55 billion month-to-date as per data from Farside Investors.

As Cointelegraph reported, Ether continued dominating global exchange-traded products (ETPs) last week, with inflows totaling $2.9 billion, marking growing investor appetite for the altcoin ETPs.

Related: EU exploring Ethereum, Solana for digital euro launch: FT

Exchange supply plummets

ETH balances on exchanges have dropped to nine-year lows, falling to 14.9 million ETH for the first time since July 2016, Glassnode data shows.

The total balance between inflows and outflows in and out of all known exchange wallets shows a steep decline since October 2023, when withdrawals from the trading platforms began to surge. This drop accompanies a 180% rise in Ether’s price over the same time period.

Reducing Ether supply on exchanges may signal an incoming price rally fueled by a “supply shortage,” which occurs when strong buyer demand meets decreasing available ETH, according to crypto investor Crypto Virtuos.

“The amount of $ETH held on centralized exchanges has dropped to its lowest level in 9 years,” Crypto Virtuos said in a Monday post on X. 

This implies that more people are choosing to hold and stake ETH long-term, resulting in less ETH available for selling. 

“Chance of a supply shortage coming. Is ETH ready for its next big move?”

Bull flag breakout places ETH price target above $6,000 

From a technical perspective, Ether’s price action has validated a bull flag pattern on the daily chart.

The bull flag resolved when the price broke above the upper trendline at $4,300. ETH could then rise by as much as the previous uptrend’s height. This puts the upper target for the altcoin at $6,150 — up 43% from the current price.

Additionally, the daily relative strength index is positive at 66. This suggests that the market conditions still favor the upside, boosting Ether’s chances of reaching its bull flag target.

Popular trader Merlijn The Trader had a more ambitious target for Ether, saying that breaking out of a four-year downtrend coupled with a bullish cross from the MACD on the monthly chart sets ETH up for a rally toward $10,000.

THE $ETH BREAKOUT EVERYONE WAITED FOR.

Ethereum just shattered a 4-year downtrend.
Monthly MACD golden cross → confirmed.

This isn’t noise.
This is liftoff.

Next stop: $10,000 Ethereum pic.twitter.com/Mm83ZMvCAh

— Merlijn The Trader (@MerlijnTrader) August 19, 2025

Other analysts also predict that Ether could reach $10,000 and beyond in 2025, citing institutional demand through spot Ethereum ETFs and ETH treasury companies remains notably strong, suggesting bullish market sentiment.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.