Stocks wobble, indexes head for weekly losses again
NEW YORK (AP) — Stocks have been wobbling between gains and losses on Wall Street as major indexes head for another weekly loss. The S&P 500 fell 0.9% in afternoon trading and the Dow Jones Industrial Average fell 0.5%. The Nasdaq fell 1.4%, slipping further into a correction, or more than 10% below its peak. Technology and communications stocks fell. Netflix plunged over 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 shift in the broader market after a solid year of gains in 2021.
Intel building $20B Ohio chip facility amid global shortage
COLUMBUS, Ohio (AP) — Intel will invest $20 billion in a new computer chip facility in Ohio amid a global shortage of microprocessors used in everything from phones and cars to video games. The U.S. share of the worldwide chip manufacturing market has declined from 37% in 1990 to 12% today and shortages have become a potential risk. Two chip factories on the 1,000-acre site just east of Columbus are expected to create 3,000 company jobs and 7,000 construction jobs, and to support tens of thousands of additional jobs for suppliers and partners. Construction is expected to begin in late next year, with production coming online at the end of 2025.
GM renovating NY factory so it can make electric motor parts
LOCKPORT, N.Y. (AP) — General Motors says it will spend about $154 million to revamp an old factory near Buffalo, New York, so it can make a key part for electric vehicle motors. The automaker says it will add about 230 jobs in Lockport, about 30 miles (48 kilometers) northeast of Buffalo. The plant will build stator modules, which create a magnetic field to turn motors in new electric trucks and SUVs. The company also will buy and install new equipment. Currently the Lockport plant has about 1,500 workers who make radiators, condensers, heater cores and other parts for internal combustion engines. The new positions would be filled between 2023 and 2026. Renovation will begin immediately. The plant built in 1910 will continue to build combustion engine parts.
New step to curb tech giants’ power advanced by Senate panel
WASHINGTON (AP) — Congress has taken a new step toward reining in the market dominance of Big Tech. Bipartisan legislation advanced by a Senate panel would bar the dominant online platforms from favoring their own goods and services over those of rivals on the platforms. It could, for example, prevent Amazon from steering consumers to its own brands and away from competitors’ products on its giant e-commerce platform. The bill also could bring strictures for Google’s dominant search engine. The legislation won a 16-6 vote in the Senate Judiciary Committee on Thursday and was sent on to the full Senate.
Biden admin unveils changes to attract foreign STEM students
WASHINGTON (AP) — The Biden administration has announced policy changes to attract international students specializing in science, technology, engineering and math. It’s part of the broader effort to make the U.S. economy more competitive. Senior Biden administration officials say the State Department will let eligible visiting students in those fields complete up to 36 months of academic training. There will also be a new initiative to connect these students with U.S. businesses. Homeland Security will add 22 new fields of study to a program that lets international graduates get up to three years of job training with U.S. employers.
LOS ANGELES-OIL WELLS
Los Angeles weighs phasing out oil and gas drilling
LOS ANGELES (AP) — Los Angeles, the second most populous U.S. city, is weighing whether to ban new oil and gas drilling and phase out hundreds of existing wells. The city council is expected to vote on a measure that would shut down oil and gas fields in the city after a decade of complaints from residents. Residents began lobbying local, state and federal politicians to more closely regulate drilling after years of negative health impacts they blamed on air pollution from the sites.
Farm land prices soar
DES MOINES, Iowa (AP) — For all the talk about rising U.S. home values in cities and suburbs, they have nothing on the skyrocketing price of farmland. While median existing-home prices rose by 15.8% in the U.S. last year, farmland values went up about double that rate in places like Iowa. The rising values, especially in the Midwest, are due to high prices being paid for the key commodity crops of corn and soybeans, plentiful harvests in recent years coupled with low interest rates and optimism the good times will continue. But it’s a mixed blessing. The soaring prices enrich farmers who already have a lot of land, but it makes it harder for young farmers to get started unless they happen to inherit land.
Mars gives M&M’s a makeover to promote inclusivity
UNDATED (AP) — Candy maker Mars is giving a makeover to its six M&M’s characters as a way to promote inclusivity. The company said that it will provide a modern take on the appearances of the characters — which Mars calls “lentils” — and give them more nuanced personalities. The lentils, which are featured 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 that it will also put added emphasis on the ampersand in the M&M’s logo to demonstrate how the brand aims to bring people together.
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