In a meeting with his Cabinet secretaries on Jan. 6, President Joe Biden encouraged the leaders within his administration to quickly implement important pieces of legislation passed in 2021. Americans need to see the impact of these laws, Biden said, which include acts designed to decrease the cost of insulin and impose penalties on pharmaceutical…
Biden Holds Rare Cabinet Meeting, Urges Secretaries to Speedily Implement New Laws
Biden Flies Omnibus Bill to St. Croix For Signing, Faces Backlash
While Buffalo residents continue to dig out of a blizzard that has reportedly killed at least 40 in western New York, President Joe Biden on Dec. 29 signed the $1.7 billion omnibus spending package in St. Croix, where he is vacationing with family at a beachfront villa owned by a billionaire couple who donated to…
Investors Worldwide Further Reduce Stakes in Chinese Tech Firms, Some Shift Investment to Taiwan
December 26, 2022
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AlibabaBerkshire HathawayBusiness & MarketsBYDChinaChina Business & EconomyCompaniesFoxconnInflation Reduction ActInvestmentSoftbankTaiwantariff evasionTencentTsinghua UnigroupTSMCWarren Buffet
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New Analysis Amid a grim outlook of the Chinese economy, particularly its technology sector, foreign investors have been cashing out their gains on Chinese stocks, fearing their values might plummet further. Meanwhile, some investors have turned their attention to Taiwanese tech firms. Berkshire Hathaway, Warren Buffett’s investment firm, has reduced its holdings of BYD, a…
Inflation Reduction Act Funds Power Postal Service’s Investment to Electrify Its Fleet by 2026
December 21, 2022
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Electric VehiclesInflation Reduction ActPolicies & Impactspresident joe bidenUnited States Postal Service (USPS)USUS News
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The United States Postal Service will spend $9.6 billion to electrify its entire fleet by 2026, the agency announced on Dec. 20. The plan was unveiled almost two years after controversy erupted when Postmaster General Louis DeJoy said that 90 percent of the next-generation fleet would be gas-powered instead of electric, a move that would…
Electric Vehicle Battery Recycling Plant Joins ‘Battery Belt’ in South Carolina
A Nevada-based electric vehicle (EV) battery startup company has announced its plans for a $3.5 billion recycling, refining, and remanufacturing battery plant in Berkeley County near Charleston, South Carolina. Redwood Materials, started by Tesla co-founder JB Straubel, was referenced among key players in mineral production in President Joe Biden’s Feb. 22 Fact Sheet on Securing…
US Solar Installations to Fall 23 Percent This Year Due to Ban on Chinese Goods: Report
December 13, 2022
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Business & MarketsChinaeconomic policieseconomyenergyInflation Reduction ActInvestmentPolicies & ImpactsSolar powerUS
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New solar power installations in the United States are expected to fall by nearly a quarter this year due to a ban on parts from China. Solar equipment imports have been curbed by a ban on goods from the Xinjiang region of China over allegations over the forced labor of Uighur conscripts, according to a…
Biden Administration Will Address Europe’s Worries About Inflation Reduction Act: White House
The Biden administration is looking to address concerns about the Inflation Reduction Act (IRA) raised by European nations worried about its impact on investment in their region. In a Dec. 5 press briefing, a reporter asked White House press secretary Karine Jean-Pierre about her earlier comments about the administration having no plans of approaching Congress…
South Carolina Incentivizes Electric Vehicle and Battery Production
December 6, 2022
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Business & MarketscobaltCompanieseconomyElectric VehiclesenergyInflation Reduction ActInvestmentSouth CarolinaUSUS News
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South Carolina has joined the growing list of states that are incentivizing the production of electric vehicles and their batteries. On Dec. 6, Republican Gov. Henry McMaster and Envision Automotive Energy Supply Company—a Japanese electric vehicle battery technology company—announced an $810 million investment in Florence County to build a battery cell plant that McMaster said…
Canada ‘Watching Closely’ as US Pressed to Fix Inflation Reduction Act ‘Glitches’
Prime Minister Justin Trudeau says Canada is “watching closely” as Europe presses for changes to the U.S. Inflation Reduction Act. President Joe Biden last week acknowledged “glitches” in the law — the very components that brought Canada’s auto sector under its protectionist umbrella. The bill, signed into law in August, expressly made electric vehicles built…
America’s EV Boom Continues With Hyundai and SK On Battery Deal
November 30, 2022
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Business & MarketsCompanieselectric vehicleelectric vehicle batteriesenergyHyundaiInflation Reduction ActJoe BidenKiaMarketsSK GroupSK InnovationTech
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A South Korean battery maker will supply electric vehicle (EV) batteries to Hyundai Motor Group’s manufacturing plants in the United States, as government incentives and the auto industry’s move to electrify its car fleets continue to fuel EV-related investment. SK On, part of Seoul-based SK Group, and Hyundai announced the partnership on Nov. 30, saying…
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