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Intel building $20B Ohio chip facility amid global shortages
Columbus, Ohio: Chip maker Intel said it will invest $20 billion to build a new factory in Ohio, an effort to help address a global shortage of chips to provide everything from phones to cars to home appliances. as well as the commitment of the giant company to manufacturing. US Intel CEO Pat Gelsinger said the two new chip fabs will ease supply chain pressure, while also boosting US national security and bringing more tech jobs to the region. The new Intel site is expected to create 3,000 company jobs and 7,000 construction jobs and support thousands of additional jobs for suppliers and partners.
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Shares widened for the third week in losses; netflix sinks
NEW YORK: Wall Street shares extended their losses on Friday as major indices ended with another weekly loss. The S&P 500 fell 1.9%, recording its worst weekly performance since March 2020. The Dow Jones Industrial Average fell 1.3% and the Nasdaq fell 2.7%. Technology and communications stocks declined. Netflix fell more than 20% after the streaming service delivered another quarter of disappointing subscriber growth. Treasury yields fell. Inflation fears and concerns about the impact of higher interest rates have prompted a cautious turnaround in the broader market after a solid year of gains in 2021.
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GM to spend $6.5 billion, add 4,000 jobs to Michigan EV factories
Lansing, Mich.: General Motors is set to announce a big electric vehicle investment in Michigan next week. It plans to spend $6.5 billion and create 4,000 new jobs at two plants in the state. According to the agenda of a meeting, the Michigan Economic Development Board is expected to approve a stimulus package on Tuesday. The Associated Press previously reported that Detroit automakers are planning to partner in a joint venture to build a $2.5B electric vehicle battery factory in the Lansing area and add more than 1,700 workers. GM also plans to spend $4 billion and create up to 2,300 jobs by designating the existing plant in Orion Township as its third electric-vehicle factory.
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US halts flights of Chinese airlines in growing controversy
WASHINGTON: The United States is halting some flights by Chinese airlines, with China canceling more than a dozen flights by American carriers. The US Department of Transportation issued an order on Friday suspending 44 flights of four different Chinese airlines. The move is a response to China’s recent cancellation of flights by Delta, United and American after some passengers on earlier flights tested positive for COVID-19. The US says China’s action violates a treaty on access by other country’s airlines to each country.
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Think your home’s value is going up? talk to a farmer
Des Moines, Iowa: For all the talk about rising American home values in cities and suburbs, they have nothing to do with the skyrocketing price of farmland. While average current home prices in the US rose 15.8% last year, agricultural prices in places like Iowa nearly doubled that rate. Rising prices, especially in the Midwest, are due to paying higher prices for key commodity crops such as corn and soybeans, with plentiful harvests in recent years at low interest rates and optimism that the good times will continue. But it is a mixed blessing. Rising prices enrich farmers who already have lots of land, but it also makes it harder for young farmers to start unless they can inherit the land.
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Climate, COVID, China: Key points from the online Davos event
GENEVA: Government and business leaders have urged global cooperation on climate change, the coronavirus pandemic and economic recovery at a virtual gathering of the World Economic Forum this week. Speeches and discussions by the likes of Chinese President Xi Jinping and UN Secretary-General Antonio Guterres went online after COVID-19 concerns delayed the annual meeting of the groups in Davos, Switzerland. Big ideas were debated this week, but no concrete deal on how to act. Germany’s chancellor pushed for a new global climate club, with many leaders urging joint efforts to tackle the pandemic’s inequalities and inflation as a major issue for the global economy.
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New move by Senate panel to curb power of advanced tech giants
WASHINGTON: Congress has taken a new step towards reining in the market dominance of Big Tech. The bipartisan law advanced by a Senate panel would bar major online platforms from favoring rivals’ own goods and services on the platforms. For example, it could prevent Amazon from turning consumers away from its own brands and competing products on its massive e-commerce platform. The bill could also bring strictness to Google’s major search engine. The legislation won the Senate Judiciary Committee by a vote of 16-6 on Thursday and was sent to the full Senate.
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Mars gives M&Ms a makeover to promote inclusivity
NEW YORK: Candy maker Mars is giving six of its M&M characters a makeover as a way to promote inclusivity. The company said it would offer a modern take on the appearance of the characters called Mangal Dal and give them a more subtle personality. Lentils painted in red, green, orange, yellow, brown and blue will also come in different shapes and sizes. Mars, whose brands also include Twix and Snickers, said it would put extra emphasis on the ampersand in the M&M logo to demonstrate how the brand aims to bring people closer together.
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The S&P 500 fell 84.79 points, or 1.9%, to 4,397.94. The Dow Jones Industrial Average fell 450.02 points, or 1.3%, to 34,265.37. The Nasdaq closed down 385.10 points, or 2.7%, at 13,768.92. The Russell 2000 Index of Small Companies closed down 36.12 points, or 1.8%, at 1,987.92.
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