VW Will Build a $2 Billion Electric Truck and SUV Plant in South Carolina
Scout Motors Inc., an electric truck and SUV brand backed by Volkswagen AG, plans to build a $2 billion factory in South Carolina, its first production facility.
Bloomberg Business
New Jersey’s Murphy Defends $10 Billion Rainy Day Fund as State’s Economy Slows
Governor Phil Murphy said New Jersey’s economy will be caught in a global downturn that could force the state to tap the record $10 billion rainy day fund he is proposing.
Work Phones Make a Comeback as Offices Ban WhatsApp, TikTok
There may be a new ringtone in your life — the urgent chime of a company-issued cell phone.
Tesla Mexico Plant Means $10 Billion Investment, Garcia Says
Tesla Inc.’s Mexican plant will probably require $10 billion in investments in several phases, a game changer for the Nuevo Leon state where it will be based, as global companies rush to relocate to the country’s north, Governor Samuel Garcia said.
Larry Summers Urges Fed’s Powell to Open Door to 50 Basis Points in March
Former Treasury Secretary Lawrence Summers said Federal Reserve policymakers should highlight that a re-acceleration in interest-rate hikes is possible this month in the wake of a slew of robust economic data.
Biden’s Green Subsidies Kill Planned Canadian Biofuel Refinery
President Joe Biden’s landmark climate bill has prompted one of Canada’s largest gas-station owners to scrap a planned renewable-diesel plant near Vancouver, illustrating how countries are struggling to counter the US’s green subsidies.
UAE Officials Deny Report They’re Considering Quitting OPEC
The United Arab Emirates has no plans to leave the OPEC alliance, officials said on condition of anonymity, denying a report that sent oil prices tumbling.
Sorry, Fed, Most US Mortgage Rates Were Locked in During Pandemic Lows
More than 40% of all US mortgages were originated in 2020 or 2021, when the pandemic drove borrowing costs to historic lows and triggered a refinancing boom, according to data from Black Knight.
Trump Says Rushed NY Fraud Trial Deprives Him of Defense
Donald Trump asked a judge to delay the trial in the New York attorney general’s $250 million civil fraud suit, saying the current Oct. 2 date doesn’t give him enough time to craft a defense.
California Weighs $360,000 in Reparations to Eligible Black Residents. Will Others Follow?
California is moving closer to determining what eligible Black residents are owed for generations of discriminatory practices, a key step toward potentially becoming the largest US jurisdiction to pay out billions of dollars in reparations.
