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BAMAKO, Mali (AP) — An unregulated gold mine collapsed late last week in Mali, killing more than 70 people, an official said Wednesday, and a search continued amid fears that the toll could rise. Artisanal miners — small-scale, informal ones — are often accused of ignoring safety measures, especially in remote areas. Political Cartoons View All 253 Images“The state must bring order to this artisanal mining sector to avoid these kinds of accidents in the future,” Berthé said. Artisanal gold mining is estimated to produce around 30 tons of gold a year, and represents 6% of Mali’s annual gold production. The country also has an estimated 2 million gold miners operating in around 300 artisanal mining sites, Pona said.

Persons: Karim Berthé, Abdoulaye Pona, ” Berthé, “, Pona Organizations: and Mining Directorate, Associated Press, Mali Chamber of Mines, Mines, International Trade Administration, U.S . Department of Commerce, of Mines Locations: BAMAKO, Mali, Kangaba district, Koulikoro, Africa’s, Bamako, “

☆ How chaos in the Red Sea is putting the U.S. Navy to the test
▼ + stars: | 2024-01-24 | by ( Brad Howard | In | ) www.cnbc.com time to read: +3 min

The U.S. Navy is encountering a tenacious threat in the Red Sea. "That's one of the things [that] the Red Sea sort of demonstrates ... we never know where the maritime threat might come up," said Bradley Martin, a senior policy researcher at Rand, in an interview with CNBC. As the U.S. encounters attacks by armed drones, cruise missiles, anti-ship ballistic missiles and other weapon systems in the Red Sea, the data gleaned from these encounters could prove invaluable in the Indo-Pacific region. China's rocket troops can potentially field thousands of missiles that can reach across wide swaths of the Pacific. That means the U.S. could be facing overwhelming odds in intercepting any mass missile attack against American ships and bases.

Persons: Bradley Martin, Rand, Steve Wills, Tom Shugart, Brad Bowman Organizations: U.S . Navy, CNBC, Navy, Aegis, Center for Maritime, Army Rocket Force, PLA, Center, New, New American Security, Military, Foundation for Defense of Democracies Locations: Red, Iran, U.S, New American, United States, China

☆ Is the U.S. Navy ready for the Red Sea threat?
▼ + stars: | 2024-01-24 | by ( Brad Howard | ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailIs the U.S. Navy ready for the Red Sea threat? In the Red Sea, drone and missile attacks by the Houthi rebels are hitting the flow of commerce in a critical part of the world. The U.S. Navy has deployed numerous ships to help defend against these attacks, but with the high cost of advanced missiles, and fleet that has shrunk considerably since the end of the Cold War, can the Navy keep pace with the threats in the Red Sea and beyond?

Organizations: U.S . Navy Locations: U.S

☆ Widening Mideast Crisis Israel Says 2 Dozen Soldiers Killed as Pressure Grows on Netanyahu
▼ + stars: | 2024-01-23 | by ( Adam Rasgon | Victoria Kim | ) www.nytimes.com time to read: +6 min

Those missiles were hit before they could be fired at ships in the Red Sea or the Gulf of Aden. That changed quickly after the Hamas attacks in Israel on Oct. 7, and the Houthi attacks on commercial ships a month later. U.S. analysts have been rushing to catalog more potential Houthi targets every day, the officials said. That effort yielded many of the targets hit on Jan. 11 and on Monday, officials said. Many Republicans in Congress and some former senior U.S. military officials say the approach is not working.

Persons: Biden, Poseidon Archer, Yahya Sarea, Mr, “, ”, Jon, ” Gen, Kenneth F, McKenzie Jr, ” Vivian Nereim Organizations: Houthi, British, American, Ocean Jazz, White House, Pentagon, U.S, ABC, Republicans, ”, military’s, Command Locations: United States, Britain, Yemen, Iran, Aden, East, Netherlands, Australia, Canada, Bahrain, U.S, Suez, Gaza, American, Gulf, Red, Israel, Riyadh, Saudi Arabia

☆ Shein and Temu use a loophole to ship millions of packages to the US tax-free. Here's why the tax rule faces increased scrutiny.
▼ + stars: | 2024-01-22 | by ( Madeline Stone | ) www.businessinsider.com time to read: +9 min

The other bill, from Sen. Bill Cassidy and Sen. Tammy Baldwin, would ban de minimis shipments from China. The provision is more likely to change — a prospect that both Shein and Temu have said they support. Jennifer Ortakales Dawkins/InsiderShipping consultancy ShipMatrix estimates that Shein and Temu each ship more than a million packages to the US daily. It added that almost 50% of all de minimis shipments to the US come from China. Related stories"Changes to the exemption could create a paradigm shift for retailers like Temu and Shein," Bank of America analysts wrote in the note.

Persons: minimis, Earl Blumenauer, Russia —, Bill Cassidy, Sen, Tammy Baldwin, Cassidy, Baldwin, Jay Sole, It's, Jennifer Ortakales Dawkins, Shein's, Temu, Shein, Donald Tang, SHEIN, de minimis, they've, Steve Story, Sole, Satish Jindel, ShipMatrix, Jindel Organizations: Business, Customs, Rep, Bank of America, US Chamber of Commerce, Express, UBS, Pinduoduo Holdings, Goods, Shipping, Chinese Communist Party, China . Shipping, Wired, Shein, American Apparel and Footwear Association, Apex Logistics International, Walmart Locations: Xinjiang, China, Russia, Sen, Singapore, Boston, minimis, United States, mstone@insider.com

☆ Fed’s Barkin: March rate cut isn’t out of the picture. ‘You make the call when you get to the meeting’
▼ + stars: | 2024-01-22 | by ( Elisabeth Buchwald | ) edition.cnn.com time to read: +5 min

The positive economic developments as well as Fed officials’ forecasts for at least three rate cuts this year had investors eying a March pivot. Meanwhile, Barkin — who will also be voting on Fed policy decisions at meetings this year — isn’t ruling March out entirely. For Barkin, “the breadth of inflation settling” and “the consistency of inflation settling” matter in his evaluation of whether the inflation rate is approaching the Fed’s target. Unlike many Fed officials, Barkin does not have a PhD in economics but has an MBA and a law degree. Investors will be paying close attention to any hints of the timing of rate cuts in the central bank’s latest statement and Fed Chair Jerome Powell’s press conference.

Persons: Tom Barkin, Barkin, eying, Christopher Waller, “, Loretta Mester, Barkin —, isn’t, ” Barkin, ”, ” ‘ There’s, John Williams, Jerome Powell, Williams, “ There’s, Jerome Powell’s Organizations: New, New York CNN, Richmond Federal, CNN, Fed, Cleveland Fed, FactSet, Richmond Fed, McKinsey, ” New York Fed, Raleigh Chamber of Commerce, That’s Locations: New York

☆ Bipartisan tax bill clears key congressional hurdle, teeing up potential House vote
▼ + stars: | 2024-01-19 | by ( Emily Wilkins | ) www.cnbc.com time to read: +3 min

The package released earlier this week was the result of a rare, bipartisan agreement between Republican House Ways and Means Chair Jason Smith (Mo.) To help win more Democratic support, the bill also expands the child tax credit by adjusting it for inflation and allowing Americans who don't have a tax bill to get the credit as a refund, among other changes. In addition to Friday's committee vote, the White House also came out in support of the legislation. In the end, Blumenauer said he would "reluctantly" vote for the bill, but wanted to see the child tax credit expanded further. House Speaker Mike Johnson had yet to confirm when, or even if, he would bring the bill to the House floor for a vote.

Persons: WASHINGTON, Jason Smith, Ron Wyden, Karine Jean, Pierre, Earl Blumenauer, Blumenauer, Mike Johnson, Smith, Wyden Organizations: Business, of Commerce, National Association of Manufacturers, Republican, Democratic, White, Oregon Democrat Locations: Taiwan, Mo, Oregon

☆ The US has moved from shooting Houthi threats out of the sky to blowing them up before they even get off the ground
▼ + stars: | 2024-01-18 | by ( Chris Panella | ) www.businessinsider.com time to read: +5 min

US Navy ships spent months intercepting the Houthi attacks and warning them to stop to no avail. CENTCOM said that it "conducted strikes on 14 Iran-backed Houthi missiles that were loaded to be fired in Houthi controlled areas in Yemen." In all of these cases, the US moved proactively, degrading Houthi forces, now redesignated as terrorists, by prioritizing striking first to neutralize missiles before they were launched. US Navy guided-missile destroyer USS Carney defeats a combination of Houthi missiles and drones in the Red Sea on October 19, 2023. The US, which had already been intercepting threats, took steps in mid-December to restore navigation in the area through coalition action, but Houthi attacks continued.

Persons: they're, Biden, —, Joe Biden, Ansar Allah, ” Biden, ”, Yashar Ali 🐘, ince, aron L, egan, arn Organizations: US Navy, Service, US, Houthis Locations: Yemen, United States, essels

☆ China could face more chip restrictions in 2024, analysts say
▼ + stars: | 2024-01-18 | by ( Sheila Chiang | ) www.cnbc.com time to read: +1 min

China could face more semiconductor export curbs from the likes of the U.S. and the Netherlands to contain the Asian powerhouse's chip tech, analysts told CNBC. Earlier this year, the Netherlands blocked Dutch semiconductor equipment maker ASML from exporting some of its deep ultraviolet lithography systems to China. It came after the U.S. tightened export controls on advanced semiconductors and chipmaking tools to China in October last year, building on previous rules. "I wouldn't be surprised if there's more [U.S. restrictions] coming just because we're still in the middle of this tit-for-tat. Beijing slammed the Dutch government's move, urging the Netherlands to "uphold an objective and fair position and market principles."

Persons: we're, Dan Hutcheson Organizations: CNBC, U.S, China's Ministry of Commerce Locations: China, Netherlands, Beijing, U.S, TechInsights

INDIANAPOLIS (AP) — In a state as solidly Republican as Indiana, the May primary is the real competition. Indiana’s primary is May 7. “In Indiana, we are not used to seeing competitive primaries,” said Gregory Shufeldt, a professor of political science at the University of Indianapolis. However, Hill ended the year millions of dollars behind the competition, reporting about $123,000 in cash on hand. Both have led the Indiana Economic Development Corporation, a quasi-governmental agency, and have focused their campaigning on Indiana’s economic future.

Persons: Eric Holcomb, ”, Gregory Shufeldt, Shufeldt, Sen, Mike Braun's, Jim Banks, Donald Trump, Braun, Gov, Suzanne Crouch, Holcomb, Crouch, “ It’s, Curtis Hill, Hill, Mitchell Daniels, Mike Pence, Brad Chambers, Eric Doden, Doden’s, Chambers, Doden, Laura Wilson, Jennifer McCormick, McCormick, Donald Rainwater, Jamie Reitenour, Wilson, ” Wilson Organizations: INDIANAPOLIS, Republican, GOP, University of Indianapolis, U.S, Trump, Indiana Supreme, Gov, Indiana Economic Development Corporation, Democratic, “ Locations: Indiana, “ In Indiana, University of Indianapolis . Indiana

☆ Here's why women's sweaters are more expensive than men's sweaters
▼ + stars: | 2024-01-17 | by ( Jennifer Ortakales Dawkins | Noah Sheidlower | ) www.businessinsider.com time to read: +8 min

Women's sweaters can be more expensive than men's sweaters. Brands often add synthetic fibers to women's sweaters to make them less expensive. For example, while browsing Nordstrom's site she noticed a women's sweater and a men's sweater from the same brand priced at $170. Business Insider spoke to experts to understand why women's sweaters can be more expensive than men's sweaters. For example, men's wool sweaters had an average tariff rate of 13.6%, while women's wool sweaters had an average tariff rate of 14.9%.

Persons: —, Emily Bello, Bello, doesn't, Sheng Lu, Lu, Jennifer Ortakales Dawkins, it's, Fran Kozen, Kozen, Crew Organizations: Brands, Service, Chicago, Business, University of Delaware, US Department of Commerce, US International Trade Commission, Abercrombie, Companies, Cornell University Locations: Mexico, Canada

☆ The Case for the Supreme Court to Overturn Chevron Deference
▼ + stars: | 2024-01-16 | by ( The Editorial Board | ) www.wsj.com time to read: 1 min

Journal Editorial Report: Paul Gigot interviews pollster Mark Penn. Images: AP/Zuma Press Composite: Mark KellyThe Supreme Court has been trying to restore the proper constitutional balance of power, and its next opportunity comes Wednesday when it hears two cases challenging its own landmark Chevron doctrine (Loper Bright Enterprises, Inc., v. Raimondo and Relentless, Inc. v. Dept. In 1984 in Chevron v. NRDC, the Justices ruled that courts should defer to administrative agencies’ interpretation of laws when the statutory text is silent or ambiguous. In practice this has become a license for Congress to write vague laws that delegate legislative power to administrative agencies. Over the last 40 years the federal register of regulations has grown by tens of thousands of pages.

Persons: Paul Gigot, pollster Mark Penn, Mark Kelly, Raimondo Organizations: Zuma, Bright Enterprises, Inc Locations: Chevron v

☆ The Houthi rebels likely hid their missiles and drones before the US-led air attacks and retain about 75% of their firepower, report says
▼ + stars: | 2024-01-14 | by ( Nathan Rennolds | ) www.businessinsider.com time to read: +3 min

Despite US attacks, the Houthi rebel group retains around 75% of its offensive strike power. The Houthi targeting of ships was a response to Israel's war in Gaza after Hamas' October 7 attacks. AdvertisementBut two unnamed US officials told The Times on Saturday that the operation had only destroyed or damaged about 20-30% of the group's offensive capabilities. "Our aim remains to de-escalate tensions and restore stability in the Red Sea," the statement added. The Houthi attacks began in response to Israel's major offensive against Gaza following Hamas' October 7 attacks.

Persons: —, Douglas Sims II, Sims, Nicholas Brumfield Organizations: Service, New York Times, Army, Joint Staff, Times, Red, US, Gaza, Foreign Policy Research Institute Locations: Iran, Gaza, Yemen, Gen, Red, Netherlands, Canada, Bahrain, Australia, East

☆ The biggest risks US businesses face in 2024
▼ + stars: | 2024-01-14 | by ( Bryan Mena | ) edition.cnn.com time to read: +11 min

But, while businesses have plenty to be grateful for and much to be optimistic about, the coast isn’t clear. Last week, surveys from the National Federation of Independent Business (NFIB) and The Conference Board detailed the biggest risks that businesses are currently worried about. Here are some of the biggest risks for American businesses in 2024. Those financial stresses can reduce the willingness of banks to lend to others businesses and also to consumers,” she said. Bank earnings look really bad this quarter.

Persons: there’s, “, John Maynard Keynes, ”, ” Dana Peterson, Bill Dunkelberg, ” Peterson, ” Suzanne Clark, We’re, Mike Johnson, Chuck Schumer, Fitch, Clark, JPMorgan Chase, Nicole Goodkind, Krystal Hur, FactSet, Martin Luther King Jr, Morgan Stanley, Goldman Sachs Organizations: CNN Business, Bell, DC CNN, Federal, National Federation of Independent Business, Board, US, of Commerce, of American, Conference Board, Conference, CNN, Fed, Corporate, US Chamber of Commerce, chamber’s State of American, AAA, Moody’s Investors Service, US Chamber, Commerce’s, Google, Citigroup, Bank, JPMorgan, FactSet, Revenue, Profit, Federal Deposit Insurance Corporation, Valley Bank, Signature Bank, Bank of America, FDIC, Citi, China’s National Bureau of Statistics, Alcoa, National Statistics, US Commerce Department, US Labor Department, Federal Reserve, University of Michigan, National Association of Realtors Locations: Washington, Wells, Corporate America, chamber’s State, BlackRock, Amazon, Argentina, Japan

☆ Opinion | The Necessary Risk of America’s Military Strikes in Yemen
▼ + stars: | 2024-01-13 | by ( Bilal Y. Saab | ) www.nytimes.com time to read: +1 min

By striking Houthi rebel targets in Yemen with Britain on Thursday, Washington sent a searing message to both the Houthis and its Iranian backers that the United States has ended its longstanding defense-only posture in the Red Sea and is determined to stop the group’s attacks against commercial ships in regional waters. It’s unclear whether that strategy will work, given the intransigence of the Houthis and the fact that they stand to benefit from a fight with the United States. Such a clash boosts their credentials with U.S. foes in the region and distracts from their atrocious governance of northwestern Yemen and the country’s capital. But because of the worsening threat the group poses to the freedom of commerce and navigation in the Red Sea — a major global shipping route and a core American interest in the region — the United States had to act. President Biden said he stands ready “to direct further measures to protect our people and the free flow of international commerce as necessary.” If he commits to this new assertive approach, provides American forces in the region with the authority and resources they need and pairs any further use of force with diplomatic efforts to end the disastrous Israel-Hamas war, his chances of checking the Houthis will improve.

Persons: Washington, Biden Organizations: American Locations: Yemen, Britain, United States, Israel

MEXICO CITY (AP) — The Mexican government sent 25,000 troops to Acapulco after the resort was hit by Hurricane Otis on Oct. 25, but apparently that hasn’t stopped the violence this week. The main Acapulco business chamber reported that gang threats and attacks have caused about 90% of the city’s passenger vans to stop running, affecting the resort’s main form of transport. The chamber said the violence was forcing businesses to close early on Thursday and Friday. The government has pledged to build about three dozen barracks for the quasi-military National Guard in Acapulco. But even with throngs of troops now on the streets, the drug gang violence that has beset Acapulco for almost two decades appears to have continued.

Persons: Hurricane Otis, hasn’t, “, ”, Alejandro Martínez Sidney, Sidney Organizations: MEXICO CITY, National Chamber of Commerce, Tourism Services, Local, National Guard Locations: MEXICO, Acapulco

Tensions in the Red Sea have been increasing for weeks, culminating in air strikes from the U.S. and its allies on Houthi-controlled areas in Yemen early Friday local time. What Has Been Happening in the Red Sea? As of Thursday, the Houthis have launched 27 attacks on ships in the Red Sea and the Gulf of Aden that they claim were linked to Israel. Reactions to the Air StrikesThe Houthis vowed to keep attacking ships in the Red Sea after the airstrikes. Container shipping company Maersk CEO Vincent Clerc told the Financial Times that re-establishing safe passage through the Red Sea could take months.

Persons: Lloyd Austin, “, Joe Biden, Biden, ”, –, Yahya Saree, Nasser Kanaani, Ro Khanna, Chip Roy, Sen, Rick Scott of, Vincent Clerc Organizations: Hamas, U.S, Central Command, Air Force, Houthis, Air, Political, ”, Democrat, Republican, California, Biden, Terrorists, Trade, Container, Maersk, Financial Times, Kiel Institute Locations: U.S, Yemen, Red Sea, Iran, Israel, Austin, United States, Australia, Bahrain, Canada, Denmark, Germany, Netherlands, New Zealand, Republic of Korea, United Kingdom, Red, Sanaa, Saudi Arabia, Middle, Lebanon, Hamas, Gaza, Aden, Gulf of Aden, Brig, British, Texas, Rick Scott of Florida, Europe, Asia, South Africa

☆ The US gave the Houthis a final warning. The Iran-backed rebels answered with their biggest-ever missile and drone attack.
▼ + stars: | 2024-01-11 | by ( Jake Epstein | ) www.businessinsider.com time to read: +7 min

download the appSign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. AdvertisementUS Navy guided-missile destroyer USS Carney defeats a combination of Houthi missiles and drones in the Red Sea on October 19, 2023. Advertisement"Ongoing Houthi attacks in the Red Sea are illegal, unacceptable, and profoundly destabilizing," the statement read. Retaliatory strikes against the Houthis would not be unprecedented — the Pentagon did so in 2016 following attacks by the rebels — but they would be escalatory. The Houthis, meanwhile, are not the only Iranian proxy group that has clashed with the US since the outbreak of the Israel-Hamas war.

Persons: —, I'm, Antony Blinken, Carney, MCS2 Aaron Lau, Houthi, Mohammed Hamoud, HMS, Grant Shapps, Barbara Woodward, We've, John Kirby, CENTCOM, Biden Organizations: Service, Business, US, Navy, US Navy, Pentagon, Getty, Biden, US Central Command, British, Royal Navy, United Nations, National Security Locations: Yemen, Iran, Washington, Bahrain, American, Israel, Amran, Anadolu, Red, Suez, Tehran, Iraq, Syria

☆ China says the U.S. has 'weaponized' chip export controls
▼ + stars: | 2024-01-11 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +1 min

Chinese and U.S. flags flutter near The Bund, before U.S. trade delegation meet their Chinese counterparts for talks in Shanghai, China July 30, 2019. BEIJING — China's Ministry of Commerce said Thursday the U.S. is weaponizing export controls and using them as a tool. "The United States has instrumentalized and weaponized export control issues," she said, calling for the Dutch side to "respect the spirit of the contract and support businesses in conducting compliant trade." She was responding to a question about ASML, the Netherlands-based company that makes lithography machines that are key to manufacturing advanced semiconductors. ASML said in a Jan. 1 statement the Dutch government restricted it from exporting some lithography products to China.

Persons: Shu Jueting, ASML Organizations: Bund, BEIJING — China's Ministry of Commerce, CNBC Locations: Shanghai, China, BEIJING, United States, Netherlands

☆ These Middle East flashpoints could trigger regional conflict that impacts oil prices
▼ + stars: | 2024-01-03 | by ( Spencer Kimball | ) www.cnbc.com time to read: +9 min

There are several key flashpoints where the Israel-Hamas war could escalate into a regional conflict that has a material impact on oil, according to the firm. Those flashpoints are the Red Sea, Lebanon and Iraq, analyst Helima Croft wrote in a note to clients this week. Crude prices fell Tuesday despite renewed attacks by Houthi militants in the Red Sea over the weekend. Maersk stopped shipping through the Red Sea again and is rerouting vessels around the Cape of Good Hope in South Africa. Some 12% of global trade and about 3 million barrels of crude oil pass through the Red Sea per day, according to RBC Capital Markets.

Persons: Helima Croft, Croft, Adi Imsirovic, Imsirovic, Steven Schoenfeld, Schoenfeld, Goldman Sachs, Tehran's Houthi, Donald Trump ratcheted, Biden, Benny Gantz, Israel, Saleh al, Joe Biden, Trump, Qasem Soleimani Organizations: RBC Capital Markets, Maersk, West Texas Intermediate, CNBC, Tuesday, Traders, Investors, Center for Strategic, International Studies, U.S, Prosperity, U.S . Navy, U.S . Central Command, JPMorgan, Israel Defense Forces, Three U.S, Washington Locations: Israel, Sea, Lebanon, Iraq, Red, Danish, Libya, Russia, Ukraine, Iran, U.S, Yemen, The U.S, Mandeb, Aden, Britain, Hangzhou, South Africa, Suez, Asia, Europe, Hormuz, Islamic Republic, Tehran, Beirut, Croft, Erbil, Three

☆ Oil prices rise more than 3% as U.S. warns Houthis against Red Sea attacks, OPEC pledges unity
▼ + stars: | 2024-01-03 | by ( Spencer Kimball | ) www.cnbc.com time to read: +3 min

Oil rose more than 3% on Wednesday as the U.S. warned Houthi militants against further attacks in the Red Sea and OPEC pledged to remain united in supporting prices. This comes a day after Danish shipping giant Maersk halted all shipping through the Red Sea until further notice due to repeated Houthi attacks on vessels. German shipping company Hapag-Lloyd confirmed Wednesday that it would continue to avoid the Red Sea. Oil prices have been volatile this week, with U.S. crude and the global benchmark settling more than 1% lower on Tuesday despite Maersk's decision to continue avoiding the Red Sea due to attacks by the Houthis. OPEC and its allies issued a statement Wednesday pledging to remain united in the group's "efforts to maintain oil market stability going forward."

Persons: Brent, Lloyd, John Kirby, Kirby, Amrita Sen, We've, we're, Sen Organizations: Houthi, Reuters, The West Texas Intermediate, CMA, CNBC, Maersk, Security, OPEC, Traders, CNBC PRO Locations: Sea, Libya, Yemen, Iran, The U.S, United States, U.S, China . U.S

☆ The Biden administration unveiled its hydrogen tax credit proposal, estimated to deliver $140 billion in revenue and 700,000 jobs by 2030
▼ + stars: | 2023-12-22 | by ( Associated Press | ) www.businessinsider.com time to read: +7 min

Officials estimate the hydrogen production credits can deliver $140 billion and 700,000 jobs by 2030. Administration officials estimate the hydrogen production credits will deliver $140 billion in revenue and 700,000 jobs by 2030 — and help the US produce 50 million metric tons of hydrogen by 2050. Firms that produce hydrogen using fossil fuels get less. The Fuel Cell & Hydrogen Energy Association includes more than 100 members involved in hydrogen production, distribution and use, including vehicle manufacturers, industrial gas companies, renewable developers and nuclear plant operators. Some of the money will flow to regional networks, or "hubs," of hydrogen producers, consumers and infrastructure that the Biden administration is also trying to kickstart with a $7 billion program.

Persons: —, Biden, Jesse Jenkins, David M, Turk, Joe Biden, Elizabeth Flores, Rachel Fakhry, Marty Durbin, Frank Wolak, Wolak, Chuck Schmitt, Jennifer M, Granholm Organizations: Biden, Service, Princeton University, Energy, Cummins, Generation, Star Tribune, Getty, Natural Resources Defense Council, US Chamber, Department of Energy, Fuel Cell, Hydrogen Energy Association, SSAB, AP Locations: Fridley , Minnesota, United States, SSAB Americas, American, Pennsylvania, California

☆ Billions are on the line for lenders as White House finalizes credit card late fee cap
▼ + stars: | 2023-12-20 | by ( Chelsey Cox | ) www.cnbc.com time to read: +2 min

Signage is seen at the Consumer Financial Protection Bureau headquarters in Washington, D.C., on Aug. 29, 2020. WASHINGTON — The Consumer Financial Protection Bureau's ambitious rule proposal to crack down on credit card late fees, a $14.5 billion income stream for credit card companies, will potentially roll out in January, nearly a year after it was released. Global corporations and small banks alike are pushing back against the impending rule finalization with some help from business-friendly lawmakers. Late fees, which can reach $41 under a legislative loophole allowing banks to charge unimpeded under a certain threshold, disproportionately affect poor Americans and those with low credit scores, the American Economic Liberties Project reported. "In contrast to the CFPB's unfounded statements, late fees are not impermissible, so-called 'junk fees' that fail to serve any purpose," the Chamber wrote, referencing the Biden administration's overall initiative to shrink excessive surcharges.

Persons: Andy Barr, Biden Organizations: Consumer Financial, Washington , D.C, WASHINGTON, Consumer, Global, Rep, Office, American Economic Liberties, U.S . Chamber, Commerce, Federal Reserve Locations: Washington ,, Ky

☆ White House announces new steps toward launching its climate corps for young people
▼ + stars: | 2023-12-19 | by ( Lucas Thompson | ) www.cnbc.com time to read: +5 min

US President Joe Biden speaks alongside Ritika Shah, award-winner of the first-ever National Climate Assessment Art x Climate competition, about his administrations actions to combat climate change in the Eisenhower Executive Office Building adjacent to the White House in Washington, DC, November 14, 2023. The highly anticipated first steps for the American Climate Corps, or ACC, were shared exclusively with NBC News on Tuesday, as the administration seeks to launch the first cohort by next summer. After facing setbacks in Congress, the Biden administration has unlocked funding to launch its American Climate Corps, a new federal program that looks to employ thousands of young Americans in the clean energy, conservation and climate resilience sectors. The White House now hopes to use funds for climate-minded programs across multiple agencies to carry out the vision of the American Climate Corps. Five states — California, Colorado, Maine, Michigan and Washington — have already launched climate corps programs, and the federal program will lean on them as implementing partners.

Persons: Joe Biden, Ritika Shah, Franklin, Alexandria Ocasio, Sen, Ed Markey, Biden, Bernie Sanders, Maggie Thomas, Washington —, hasn't, Thomas, Rosemary Enobakhare, Enobakhare Organizations: White, Civilian Conservation Corps, White House, ACC, Rep, Commerce, Agriculture, Labor, Energy, Environmental Protection Agency, AmeriCorps, American Climate Corps, NBC, U.S . Capitol, Washington, Corps, EPA Locations: Washington , DC, Puerto Rico, Alexandria, Cortez, Washington ,, — California, Colorado , Maine , Michigan

☆ U.S. launches Operation Prosperity Guardian to defend Red Sea shipping lanes from Houthi attacks
▼ + stars: | 2023-12-18 | by ( Rebecca Picciotto | ) www.cnbc.com time to read: +1 min

U.S. officials on Monday expanded a multinational maritime force in the Red Sea to defend against escalating attacks from the Iran-backed Houthi rebels, which have impeded international shipping routes. The new defense, named Operation Prosperity Guardian, builds on the power of the Combined Maritime Forces, a 39-member international coalition. A subdivision of the forces, called Task Force 153 is dedicated to the Red Sea. Oil giant BP announced Monday it would temporarily suspend its shipping in the Red Sea, joining companies like shipping firms Maersk, MSC and others. Operation Prosperity Guardian will aim to deter further Houthi attacks as the U.S. eyes potential flare-ups of regional conflict amid the Israel-Hamas war.

Persons: Lloyd Austin, hadn't, John Kirby Organizations: Prosperity, Combined Maritime Forces, U.S . Navy Fifth Fleet, Security, Task Force, BP, Maersk, MSC Locations: Sana'a, Yemen, U.S, Iran, Bahrain, Suez, Red, Israel

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