Business

Nevada board to vote on $330M in additional Tesla tax breaks

RENO, Nev. (AP) — Tesla may receive over $300 million in tax abatements over the next two decades for a massive new expansion of its northern Nevada facility, the product of a 2014 deal for when the company first came to the area on the promise of new jobs and major investments in the area. The long-awaited sum — kept quiet for a month due to a nondisclosure agreement with state officials — will be voted on Thursday by the Nevada Governor’s Office of Economic Development. Tesla projects it will bring in 3,000 jobs at an average rate of $33.49 per hour and invest $3.6 billion ...

Cutting Ceremony

Reality bites as Wall Street’s rate cut dream disappears

NEW YORK (AP) — After a long staring contest between Wall Street and the Federal Reserve, investors blinked first. For months, Wall Street doubled down on bets that the Federal Reserve was bluffing about how far it would hike rates. Traders were even forecasting the Fed could begin cutting rates by the second half of this year, which can act like steroids for markets. Through it all, Fed officials kept saying that they would ultimately raise rates past levels investors were anticipating and leave them there until the fight against inflation was definitely over. They said no rate ...

German court rejects farmer’s climate suit vs Volkswagen

BERLIN (AP) — A German court on Friday rejected a farmer’s bid to force automaker Volkswagen to end the sale of vehicles with combustion engines by 2030. In the case at the state court in the western town of Detmold, farmer Ulf Allhoff-Cramer said that drier soil and heavier rains because of climate change are harming his fields, cattle and commercial forests. He argued that Volkswagen is partly to blame for that, as the mass production of vehicles running on gasoline contributes significantly to greenhouse gas emissions in the atmosphere. The court ruled that the suit was ...

Joy amid sorrow: 1st birthdays muted for Ukrainian parents

KYIV, Ukraine (AP) — Anastasiia Morhun knew having a baby would change her life. She prepared rigorously, read up about newborns and daydreamed about the kind of parents she and her husband would be. But there was no way to be ready for the war that Russia unleashed against her country Feb. 24, 2022 — the day she gave birth to Roman. “In one moment, everything was ruined,” Morhun said. Instead of quiet first moments between mother and newborn, Morhun and Roman spent their early time together in the maternity hospital bomb shelter, as air raid sirens howled and missiles struck ...

Japan to propose new Russia sanctions at online G-7 summit

TOKYO (AP) — Japanese Prime Minister Fumio Kishida said Friday he plans to present to other Group of Seven countries a set of “new ideas” for sanctions against Russia over its war on Ukraine when he hosts an online G-7 summit later in the day to mark the one-year anniversary of the start of the invasion. Kishida, as this year’s G-7 president, told a news conference he also planned to call on other countries to stop providing military support to Russia. “In order to absolutely not allow one-sided changes to the status quo, we must firmly carry out support for Ukraine and ...