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Hyundai to Break Ground on $5.5 Billion Georgia Plant This Month

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Hyundai to break ground on $5.5 billion Georgia plant this month By Reuters

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Stock Markets 11 minutes ago (Oct 14, 2022 07:45PM ET)

(C) Reuters. FILE PHOTO: The logo of Hyundai Motors is seen at the company’s headquarters in Seoul, South Korea, March 22, 2019. REUTERS/Kim Hong-Ji/File Photo

By David Shepardson

WASHINGTON (Reuters) – South Korea’s Hyundai Motor Co said Friday it will break ground this month on a $5.5 billion electric vehicle and battery plant in the United States.

Hyundai plans to begin commercial production in the first half of 2025 with an annual capacity of 300,000 units. The Oct. 25 groundbreaking for the Hyundai Group “metaplant” in Savannah, Georgia is part of the Hyundai Group’s “commitment of $10 billion by 2025 to foster future mobility in the U.S., including production of EVs,” the company said.

The groundbreaking comes amid anger from Korea and the European Union over U.S. electric vehicle tax policy.

The Inflation Reduction Act, signed by Biden in August, requires EVs assembled in North America to qualify for tax credits in the United States, but excluded Hyundai and its affiliate Kia Corp from EV subsidies, as they do not yet make the vehicles there, along with major European automakers.

The law made about 70% of EVs immediately ineligible for the tax credits of up to $7,500 per vehicle.

Biden has expressed willingness to continue talks with South Korea over recent U.S. legislation that denies subsidies to most foreign makers of electric vehicles (EVs), South Korea said earlier this month.

Biden has also repeatedly praised investments by major foreign automakers to build electric vehicles and battery plants in the United States, including an announcement on Tuesday by Honda Motor and LG Energy that they would locate a $4.4 billion battery plant in Ohio.

Biden gave the assurance in a letter to South Korean President Yoon Suk-yeol, who had asked the U.S. president last month for help to allay Seoul’s concerns that the new U.S. rules would hurt South Korea’s automakers, Reuters reported.

As a result of the August law, only about 20 EVs qualify for subsidies under the new rules, among them models from Ford Motor (NYSE:F) Co and BMW.

Hyundai to break ground on $5.5 billion Georgia plant this month

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Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.

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U.S. May Extend Humanitarian Migrant Access Beyond Venezuelans, Mexico Says

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U.S. may extend humanitarian migrant access beyond Venezuelans, Mexico says By Reuters

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Sports & General 28 minutes ago (Oct 14, 2022 06:16PM ET)

(C) Reuters. FILE PHOTO: Mexico’s Foreign Secretary Marcelo Ebrard speaks during the opening of the U.S.-Mexico High-Level Security Dialogue at the State Department in Washington, U.S., October 13, 2022. REUTERS/Michael A. McCoy

MEXICO CITY (Reuters) -The United States has told Mexico it will consider granting humanitarian access for migrants of other nationalities following an accord this week for Venezuelans, Mexican Foreign Minister Marcelo Ebrard said on Friday.

Under a plan announced Wednesday, Washington will grant up to 24,000 Venezuelans humanitarian access to the United States by air, while enabling U.S. officials to expel to Mexico those caught trying to cross illegally by land.

The two countries launched the plan in a bid to contain record numbers of illegal crossings at the U.S.-Mexico border of Venezuelans and people from other countries, which have put U.S. President Joe Biden under pressure from political adversaries.

Speaking at a news conference, Ebrard described the 24,000 places for Venezuelans as a first step, and said U.S. officials had indicated the plan could be broadened.

“For now it’s Venezuelans, but they told us they would consider other nationalities in due course,” Ebrard told reporters. “We view this positively.”

He added Mexico had in recent months also seen a jump in migrant arrivals from Colombia, Brazil and Ecuador.

The Biden administration also considered including Cubans and Nicaraguans in the latest border management plan, two U.S. officials told Reuters this week.

U.S. may extend humanitarian migrant access beyond Venezuelans, Mexico says

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Amid historic drought, California approves $140 million desalination plantBy Reuters – Oct 13, 2022

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Trump created new company, possibly to offload assets, New York AG saysBy Reuters – Oct 13, 2022

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(C) 2007-2022 Fusion Media Limited. All Rights Reserved.

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.

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Biden Takes Aim at Big Pharma, Republicans in California

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Biden takes aim at Big Pharma, Republicans in California By Reuters

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Economy 13 minutes ago (Oct 14, 2022 07:00PM ET)

(C) Reuters. FILE PHOTO: U.S. President Joe Biden delivers remarks on the Build Back Better Act and its impact on the cost of prescription drugs during a speech in the East Room at the White House in Washington, U.S., December 6, 2021. REUTERS/Leah Millis

By Jeff Mason and Trevor Hunnicutt

IRVINE, Calif. (Reuters) -U.S. President Joe Biden criticized Republicans and drug companies during a stop at a California community college, as he campaigned for fellow Democrats in November’s midterm elections as his party tries to retain thin margins in Congress.

The trip includes stops in California on Friday and Oregon on Saturday as Biden positions his party as a champion of consumers and lower healthcare costs at a time that inflation ranks among voters’ top concerns. The midterm elections are on Nov. 8.

“We took on Big Pharma and we beat them, finally,” Biden said, referring to the recently passed Inflation Reduction Act’s provisions allowing Medicare to negotiate lower drug prices; caps the costs senior citizens will pay for prescriptions; and brings insulin prescriptions down to $35 for Medicare beneficiaries.

Biden promised to cap the insulin price at $35 for all Americans if Democrats keep the House and Senate. Most forecasts show Democrats with a slight advantage in the Senate and Republicans with a larger advantage in the House.

Biden alleged that Republicans will repeal the prescription drug price caps and take away Medicare’s ability to negotiate drug prices if they take control.

Biden was introduced by Representative Katie Porter, who has grilled bank and drug company executives on their profits in widely viewed Congressional hearings.

“Here’s the stone cold truth. Corporate greed worsens health outcomes, rips off taxpayers and threatens our capitalist economy,” Porter said, alleging the pharmaceutical industry was crushing competition and price transparency.

Biden signed an order Friday requiring the U.S. Department of Health & Human Services (HHS) to outline within 90 days how it will use new models of care and payment to cut drug costs.

Data on Thursday showed U.S. consumer prices jumped 8.2% in the 12 months through September, after peaking above 9% in the summer and growing at their fastest pace since 1981. Healthcare costs were partly to blame in the most recent month, along with food and rent.

“Americans are squeezed by the cost of living – that’s been true for years and is a key reason the president ran,” the White House said in a fact sheet blaming pharmaceutical companies for raising prices. “Health care costs in particular are driving inflation.”

HHS was given the power to promote new approaches to lowering costs and widening care through an Innovation Center, created by a 2010 healthcare reform law known as Obamacare and housed at the Centers for Medicare and Medicaid Services.

In August, Biden signed the $430 billion Inflation Reduction Act.

Some 65 million Americans are enrolled in Medicare programs, which have repeatedly come under fire for its cost to taxpayers.

Biden takes aim at Big Pharma, Republicans in California

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(C) 2007-2022 Fusion Media Limited. All Rights Reserved.

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.

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Original Source: investing.com

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Oil Extends Losses As Recession Fears Mount

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(C) Reuters. FILE PHOTO: Sticker reads crude oil on the side of a storage tank in the Permian Basin in Mentone, Loving County, Texas, U.S. November 22, 2019. REUTERS/Angus Mordant/

By Yuka Obayashi

TOKYO (Reuters) – Oil prices fell 2% in early trade on Thursday, extending losses from the previous day, as investors worried that aggressive U.S. interest rate hikes could trigger a recession and dent fuel demand.

U.S. West Texas Intermediate (WTI) crude futures fell $2.39, or 2.3%, to $103.80 a barrel by 0031 GMT. Brent crude futures dropped $2.24, or 2.0%, to $109.50 a barrel.

Both benchmarks tumbled around 3% on Wednesday to hit their lowest levels since mid-May.

Investors are continuing to assess how worried they need to be about central banks potentially pushing the world economy into recession as they attempt to curb inflation with interest rate increases.

“Oil markets remained under pressure as investors were concerned that U.S. rate hikes would stall an economic recovery and dampen fuel demand,” said Kazuhiko Saito, chief analyst at Fujitomi Securities Co Ltd.

“The U.S. and European hedge funds have been selling off their positions ahead of the end of the second quarter, which is also cooling investor sentiment,” he said, predicting the WTI could fall below $100 a barrel before the July 4 holiday in the United States.

The Federal Reserve is not trying to engineer a recession to stop inflation but is fully committed to bringing prices under control even if doing so risks an economic downturn, U.S. central bank chief Jerome Powell said on Wednesday.

U.S. President Joe Biden, meanwhile, called on Congress to pass a three-month suspension of the federal gasoline tax to help combat record pump prices and provide temporary relief for American families this summer.

“The news temporarily boosted the oil product prices, but it was later viewed that even if the gasoline tax was suspended, retail prices would remain high, making it difficult to stimulate demand,” Fujitomi’s Saito said.

The U.S. Energy Information Administration said its weekly oil data, which was scheduled for release on Thursday, will be delayed due to systems issues until at least next week.

Oil extends losses as recession fears mount

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