Tag: economic policies

US Treasury Secretary Announces No Federal Bailout for Silicon Valley Bank

March 12, 2023
Business & MarketsCompanieseconomic policieseconomyJanet YellenSVBUS
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Treasury Secretary Janet Yellen announced Sunday that the federal government wouldn’t bail out the now-collapsed Silicon Valley Bank (SVB) but said it will work to aid depositors who are worried about their money. During a Sunday interview with CBS News’ “Face the Nation,” Yellen did not provide many concrete details about what her agency or…

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Biden Admin Makes Major Announcement After Silicon Valley Bank Collapse

March 12, 2023
Business & MarketsCompanieseconomic policieseconomyJanet YellenSVBUS
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Treasury Secretary Janet Yellen announced Sunday that the federal government wouldn’t bail out the now-collapsed Silicon Valley Bank (SVB) but said it will work to aid depositors who are worried about their money. During a Sunday interview with CBS News’ “Face the Nation,” Yellen did not provide many concrete details about what her agency or…

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Biden May Give European Automakers US Tax Credit for Battery, Critical Mineral Production

March 11, 2023
Business & MarketsChinaCompanieseconomic policieseconomyenergyEuropeExecutive BranchInflation Reduction Act of 2022Policies & ImpactsPoliticsSpecial TopicsTech CompetitionUrsula von der LeyenUSUS NewsUS President Joe BidenWorld
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The United States and the European Union will negotiate a revised trade agreement that could allow European manufacturers to receive U.S. tax credits for producing critical minerals such as lithium and nickel for electric car batteries. Following a March 10 meeting at the White House between President Joe Biden and European Commission President Ursula von…

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Michigan State Legislators Reject Tax Benefits to Ford’s New Battery Plant

March 11, 2023
Business & MarketsCATLChinaClimate Policieseconomic policieseconomyenergyFordInfiltrating the WestMichiganNational SecurityPolicies & ImpactsPoliticsRegional & State NewsSpecial TopicsState NewsTech CompetitionUSUS NewsUS-China relations
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MARSHALL, Mich.—Michigan House Freedom Caucus held a press conference on Saturday to object to using taxpayer dollars to fund the new Ford electric vehicle battery plant. Two days ago, the state appropriated $630 million for the project that sees Ford partnered with a Chinese EV battery maker with ties to the Chinese Communist Party (CCP)….

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Manchin Calls Out Podesta’s Remarks About China Being ‘Big Players’ in US EV Battery Production

March 11, 2023
Business & MarketsChinacongressDemocratseconomic policiesenergyExecutive BranchInflations Reduction ActJoe ManchinJohn PodestaPolicies & ImpactsPoliticsUSUS NewsUS-China relations
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Sen. Joe Manchin (D-W.V.), the centrist Democrat who has been highly critical of Biden administration energy policy, released a statement on March 10 in which he called “beyond irresponsible” clean energy czar John Podesta’s remarks that day that Chinese companies will be “big players” in U.S. domestic production of EV batteries. Podesta made the comments at…

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Dutch Government Blocks China From Access to Key Semiconductor Technology

March 11, 2023
ASMLBusiness & MarketsChinachip manufacturingCompanieseconomic policieseconomyEuropeMedia & Big TechNational SecuritytechnologyUSWorld
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The Dutch government agreed to block China from having access to chip manufacturing technology, heating up a longstanding conflict over semiconductors with Beijing. Chinese Communist Party (CCP) authorities slammed The Hague and accused the European Union state of siding with the United States in an ongoing chip war. The Minister for Foreign Trade and Development…

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‘Pantomime’: Opposition Leader Vows to Fight Back Labor’s Sheep Live Export Shutdown

March 10, 2023
AustraliaBusiness & Marketseconomic policieseconomyMurray WattPeter Duttonsheep exportWorld
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The Australian Opposition Leader has vowed to stand up for the live sheep export sector as he warned the A$92 million (US$60 million) industry is at risk of being phased out for political expediency. Speaking at a press conference in Western Australia (WA) on March 10, Peter Dutton promised to “fight against Labor’s attempts to…

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Jobs Prints at 311,000, but Economy Still on Track for Recession in Third Quarter 2023

March 10, 2023
bank ratesBusiness & MarketsBusiness Columnistseconomic policieseconomyFederal Reserve PolicyjobsJobs Datajobs reportrecessionUSUS News
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Commentary New jobs created printed at 311,000 on Mar. 10, according to the Establishment Survey, far exceeding market expectations of 205,000 jobs. The Household Survey printed lower at 150,000. Net revisions were down 34,000 from December and January. The overwhelming majority of jobs were in the lower-wage sector, and job losses occurred in some of…

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Biden Budget Proposes $17 Trillion in Deficits Over Next Decade

March 10, 2023
Business & Marketsdeficiteconomic policieseconomyExecutive BranchJanet YellenJoe BidenPolicies & ImpactsPoliticsUS
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President Joe Biden revealed the third budget of his presidency, proposing to spend $6.8 trillion and raise taxes by approximately $5 trillion. Despite being promoted as a deficit-reducing plan, the White House forecasts trillions in budget shortfalls over the next decade. According to the administration’s projections (pdf), the U.S. government would record $17.055 trillion in…

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Silicon Valley Bank Fails, FDIC Steps in to Protect Depositors From Losing All Their Money

March 10, 2023
Bank RunBusiness & MarketsCompaniesdepositseconomic policieseconomyFDICInvestmentpersonal financeSVBUS
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The Federal Deposit Insurance Corporation (FCIC) has assumed control of Silicon Valley Bank (SVB) to protect depositors from losing all of their money after it was closed by the California Department of Financial Protection and Innovation. Federal banking regulators on March 10 took custody of the country’s 16th largest bank, which was a top lender for American…

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