Intel chip factory, GM EV factories

COLUMBUS, Ohio (AP) — Chipmaker Intel said it will invest $20 billion to build a new factory in Ohio, an attempt to help ease a global shortage of chips powering everything from phones to cars to household appliances, while signaling the giant company’s commitment. to the manufacturing of crucial tech products in the United States, Intel CEO Pat Gelsinger said two new chip “fabs” would reduce pressure on the supply chain while bolstering U.S. national security and bringing more tech jobs in the region. Intel’s new site is expected to create 3,000 company jobs and 7,000 construction jobs, and support tens of thousands of additional jobs for suppliers and partners.

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Stocks Extend Losses for Third Week; Netflix dives

NEW YORK (AP) — Stocks extended losses on Wall Street on Friday as major indexes ended with another weekly loss. The S&P 500 fell 1.9% and posted its worst weekly performance since March 2020. The Dow Jones Industrial Average fell 1.3% and the Nasdaq lost 2.7%. Technology and communications stocks fell. Netflix plunged more than 20% after the streaming service posted another quarter of disappointing subscriber growth. Treasury yields fell. Inflation fears and worries about the impact of rising interest rates have prompted a cautious shift in the broader market after a solid year of gains in 2021.

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GM to spend $6.5 billion and create 4,000 jobs at Michigan electric vehicle factories

LANSING, Mich. (AP) — General Motors is set to announce major electric vehicle investments in Michigan next week. It plans to spend $6.5 billion and create up to 4,000 new jobs at two factories in the state. According to a meeting agenda, the Michigan Economic Development Board is expected to approve an incentive package on Tuesday. The Associated Press previously reported the Detroit automaker’s plans to partner in a joint venture to build a $2.5 billion electric vehicle battery plant in the Lansing area and add up to 1,700 workers. . GM also plans to spend $4 billion and create up to 2,300 jobs by designating an existing plant in Orion Township as its third electric vehicle plant.

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US blocks Chinese airlines’ flights in escalating dispute

WASHINGTON (AP) — The United States is blocking some Chinese airline flights in retaliation for China’s cancellation of more than a dozen U.S. carrier flights. The US Department of Transportation issued an order on Friday to block 44 flights from four different Chinese airlines. The move is a response to China’s recent cancellation of Delta, United and American flights after some passengers on previous flights tested positive for COVID-19. The United States says China’s actions violate a treaty on access to each country by the other country’s airlines.

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Do you think the value of your home is skyrocketing? Talk to a farmer

DES MOINES, Iowa (AP) — Despite all the talk about rising US home values ​​in cities and suburbs, they have nothing on soaring farmland prices. While median existing home prices rose 15.8% in the United States last year, farmland values ​​rose about double in places like Iowa. The rise in values, particularly in the Midwest, is due to high prices paid for major staple crops of corn and soybeans, abundant harvests in recent years coupled with low interest rates and the optimism that the good times will continue. But it’s a mixed blessing. Soaring prices enrich farmers who already have lots of land, but make it harder for young farmers to get started unless they inherit land.

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Climate, COVID, China: takeaways from the Davos online event

GENEVA (AP) — Government and business leaders urged global cooperation on climate change, the coronavirus pandemic and economic recovery at the World Economic Forum’s virtual gathering this week. Speeches and discussions from the likes of Chinese President Xi Jinping and UN Secretary-General Antonio Guterres have been posted online after COVID-19 concerns delayed the group’s annual meeting in Davos, Switzerland. Big ideas were discussed this week, but no concrete agreement on how to act. The German Chancellor pushed for a new global ‘climate club’, many leaders called for joint efforts to tackle the inequalities of the pandemic and inflation was a big problem for the global economy.

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Another step to curb the power of tech giants advanced by Senate panel

WASHINGTON (AP) — Congress has taken another step toward reining in Big Tech’s market dominance. Bipartisan legislation advanced by a Senate panel would prevent dominant online platforms from favoring their own goods and services over those of their platform rivals. This could, for example, prevent Amazon from steering consumers towards its own brands and away from competitors’ products on its giant e-commerce platform. The bill could also bring restrictions to Google’s dominant search engine. The legislation won a 16-6 vote in the Senate Judiciary Committee on Thursday and was sent to the full Senate.

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Mars revamps M&M’s to promote inclusivity

NEW YORK (AP) — Candy maker Mars is revamping its six character M&M’s to promote inclusivity. The company said it will provide a modern take on how the characters look — which Mars calls “lenses” — and give them more nuanced personalities. The lenses, which come 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 will also emphasize the ampersand in the M&M’s logo to show how the brand aims to bring people 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 fell 385.10 points, or 2.7%, to 13,768.92. The Russell 2000 Small Business Index fell 36.12 points, or 1.8%, to 1,987.92.

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