The U.S. Department of Energy (DOE) announced on Monday the closing of a $2.5 billion loan to Ultium Cells LLC, a joint venture between General Motors and South Korea’s LG Energy Solution, aimed at financing the construction of three new lithium-ion battery cell factories. In a statement, the DOE said the loan will reinforce the “Biden-Harris Administration’s commitment…
Biden Admin Grants $2.5 Billion Loan to GM, LG Energy Solution to Build EV Battery Cell Factories
US Finalizes $2.5 Billion Loan to GM, LG Battery Joint Venture
WASHINGTON—The U.S. Energy Department said on Monday it had finalized a $2.5 billion low-cost loan to a joint venture of General Motors Co. and LG Energy Solution to help pay for three new lithium-ion battery cell manufacturing facilities. Reuters first reported in July the planned loan to Ultium Cells LLC from the government’s Advanced Technology…
Musk Says Wise to Avoid Margin Loans During Macroeconomic Risks
Tesla Chief Executive Elon Musk said it was “generally wise” to avoid using margin loans on any company when there are macroeconomic risks involved, in response to a question on Twitter about the electric-vehicle maker’s stock performance. “When there are macroeconomic risks, it is generally wise to avoid using margin loans on any company, as…
End of Cheap Money for US Farmers Plows Trouble Into Food Production
November 24, 2022
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CHICAGO—Montana farmer Sarah Degn had big plans to invest the healthy profits she gleaned for her soybeans and wheat this year into upgrading her planter or buying a new storage bin. But those plans have gone by the wayside. Everything Degn needs to farm is more expensive—and for the first time in her five-year career,…
Biden Administration to Extend Student Loan Debt Repayment Freeze Amid Court Battles
The Biden administration on Tuesday announced it will extend its moratorium on student loan payments through June 30 as the program to cancel hundreds of billions of dollars in loans faces several court battles. Federal student loan bills were slated to resume on Jan. 1, 2023. Loan payments were placed on hold in early 2020 under…
US Provides Grants, Loans to Expand Meat Processing Capacity
CHICAGO—The U.S. Department of Agriculture will direct $73 million in grants to small- and medium-sized meat and poultry processors to expand their capacity and deliver more funds through lending programs, Secretary Tom Vilsack said on Wednesday. The money aims to increase competition and stability in the meat industry as part of a broader effort by…
Biden Administration Sued Over Student Loan Debt Plan
A Louisiana attorney filed a lawsuit against the Biden administration’s student loan debt forgiveness plan, representing yet another legal challenge against the program. Attorney Tommy Badeaux filed (pdf) the suit in the U.S. District Court for the Eastern District of Louisiana in New Orleans and accused the White House of infringing on the Constitution’s separation of powers…
6 Tips You Can Use to Help Improve Your Credit Score
Credit scores are complicated and because rating agencies consider many factors, the process of improving them can look different for everyone. When Willard Carpenter, 68, wanted a loan to open a new business, he realized that his credit score was not high enough to get approved. After checking his credit history, he found several issues…
How Is Your Credit Score Calculated and Why Is It Important?
You know credit scores exist. You might even know what yours is. But do you know how it’s calculated and why it’s important? Your credit score affects whether you can get a credit card, rent an apartment, buy a house, start a business, or even get a cell phone contract. A low credit score can…
Chinese Officials Profit From a ‘Gray Channel’ of Loan Sharking
News Analysis A large number of Chinese Communist Party (CCP) officials reportedly get low-interest loans and then lend the money at high interest rates, forming a “grey channel” and accumulate wealth. According to the website of the Central Commission for Discipline Inspection on August 5, in Jiangxi Province, seven officials reaped extraordinary benefits from high-interest…
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