Home American fashion company Company Highlights: Economic Grants Finalists, Spending Rising

Company Highlights: Economic Grants Finalists, Spending Rising

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Harris unveils electric vehicle charging network plan

WASHINGTON (AP) – The Biden administration has released a federal strategy to build 500,000 electric vehicle charging stations across the country and ultimately transform the US auto industry. Vice President Kamala Harris announced the strategy Monday at an event in suburban Maryland. The $ 1 trillion infrastructure law signed last month by President Joe Biden allows charging stations and sets aside $ 5 billion for states to build them. The law also provides an additional $ 2.5 billion in local grants to support charging stations in rural areas and disadvantaged communities. Harris said the administration wanted to “make electric vehicles accessible to everyone.”

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Biden administrator reveals 60 finalists for $ 1 billion in economic grants

WASHINGTON (AP) – Commerce Secretary Gina Raimondo has announced 60 finalists for $ 1 billion in economic development grants tied to the Biden administration’s coronavirus relief program. The grants aim to improve vocational training and regional industrial partnerships. There were 529 applicants for the grants. The government will ultimately choose 20 to 30 regional coalitions for up to $ 100 million in grants that could shape manufacturing, clean energy and life science hubs across the country. Twelve of the finalists announced on Monday come from places linked to the coal industry. The finalists are often coalitions made up of government, academic and economic partnerships.

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The AP Interview: Japanese Tourist Says Space Travel “Amazing”

MOSCOW (AP) – A Japanese space tourist has rebuffed criticism from those who questioned his decision to pay a fortune for a trip to the International Space Station, saying the “incredible” experience was worth it. Speaking to The Associated Press in a live interview Monday from the Space Outpost, billionaire fashion mogul Yusaku Maezawa said, “Once you are in space you realize how much it is in worth living this incredible experience “. Maezawa, 46, and his producer Yozo Hirano, 36, are the first paying tourists to visit the space station since 2009. Asked about reports he paid $ 80 million for the 12-day mission, Maezawa said that he could not disclose the amount of the contract, but added that he had paid “roughly” this amount.

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AP seeks responses from US government on journalist tracking

WASHINGTON (AP) – The Associated Press is seeking answers from the Department of Homeland Security over its use of sensitive government databases to track down international terrorists to investigate up to 20 U.S. journalists, including a acclaimed reporter from the AP. In a letter to DHS Secretary Alejandro Mayorkas, AP Editor-in-Chief Julie Pace urged the agency on Monday to explain why the name of Pulitzer-Prize-winning investigative journalist Martha Mendoza was reviewed databases and identified as a potential confidential informant during the Trump administration, as detailed in a report by the Inspector General of Homeland Security.

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Germany’s new government revamps incentives for electric cars

BERLIN (AP) – Germany’s new government has announced that it is extending the country’s current incentive payments for buyers of electric and hybrid cars by one year. But the country’s economy and climate ministry said on Monday that the government has more stringent requirements for vehicles to qualify for the aid. The ministry said it would not make payments until 2023 for “electric vehicles which clearly have a positive effect on climate protection.” Compliance with this requirement will be based, in part, on a minimum distance that cars can travel on electricity. Until then, electric-only car buyers will remain eligible for incentives of up to about $ 10,200 and eligible buyers of plug-in hybrids up to $ 7,605 in incentives.

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BofA CEO: Consumers are spending at the fastest pace he has ever seen

NEW YORK (AP) – The chief executive of the nation’s second largest bank said consumers were spending “at a faster rate” than he had ever seen, but he remains concerned about how inflation and Supply chain issues will influence the economy as winter approaches. In an interview this month with The Associated Press, Bank of America Chairman and CEO Brian Moynihan said the bank’s debit and credit card spending had increased as the economy recovered. of the recession. But Moynihan also said that a recent drop in consumer confidence – from one measure to the lowest in a decade – may indicate higher costs are adding to Americans’ frustration with the ongoing pandemic.

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Medicare urged to relax power, cut premium hikes

WASHINGTON (AP) – The leader of a Senate group that oversees Medicare has said the Biden administration is expected to cut a steep rise in premiums soon to hit millions of enrollees. Almost half of the increase in Medicare Part “B” premiums is due to Medicare’s need for a contingency fund to cover a new $ 56,000 Alzheimer’s drug whose benefits have been cut. widely questioned. The increase in monthly premiums would absorb a significant portion of the 5.9% increase in the cost of living for seniors. Finance President Ron Wyden joins a growing number of Democratic lawmakers calling for action on concerns over rising inflation. Wyden says Medicare has the legal power to reverse part of the $ 21.60 premium increase, which is expected to take effect in January.

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California proposes to reduce incentives for solar power on rooftops

SACRAMENTO, Calif. (AP) – Californians who decide to install solar home panels and storage systems would get lower discounts on their energy bills under a proposal released by state regulators that would extend to a decade the time needed to recover installation costs. The proposal unveiled Monday would change California’s current net energy metering program. It allows residential solar customers to resell energy that they do not use to utilities at retail rates. This usually results in a significant reduction on their energy bills. State regulators and major utilities say this means solar home customers are not paying their share of the costs of running the energy grid.

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Stocks set back records, weighed down by technology and energy

Shares slipped back below their recent record highs on Wall Street on Monday as market momentum slows after its best week since February. The S&P 500 fell 0.9%, the Dow Jones Industrial Average also fell 0.9%, and the tech-rich Nasdaq dropped 1.4% to travel recorded some of the biggest losses. Nvidia, General Motors and Devon Energy were among the biggest declines in the S&P 500. Pfizer rose after announcing a deal to acquire Arena Pharmaceuticals, and Harley-Davidson rose after announcing it would go public with its electric motorcycle division by through a blank check company. Treasury yields have fallen.

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Virgin Atlantic receives another cash injection during pandemic

LONDON (AP) – Virgin Atlantic has received £ 400million ($ 530million) in new funding from its shareholders to help the airline weather the coronavirus pandemic. In a statement on Monday, he said his shareholders, Richard Branson’s Virgin Group and Atlanta-based Delta Air Lines, would provide the money based on their holdings. Virgin Group owns 51% of the airline, while Delta owns the rest. Like the entire industry, the pandemic has hit the airline hard, which has had to raise funds on several occasions. Growing hopes that the rollout of vaccines and the lifting of travel restrictions and bans would help the recovery have been shaken recently by the emergence of the more transmissible omicron variant.

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The S&P 500 lost 43.05 points, or 0.9%, to 4,668.97. The Dow Jones Industrial Average lost 320.04 points, or 0.9%, to 35,650.95. The Nasdaq lost 217.32 points, or 1.4%, to 15,413.28. The Russell 2000 Small Business Index fell 31.31 points, or 1.4%, to 2,180.50.