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☆ Nissan to make electric versions of Qashqai, Juke in Britain -Sky News
▼ + stars: | 2023-11-22 | by ( ) www.reuters.com time to read: 1 min

[1/2] A badge is seen on the new Juke car at Nissan's car plant in Sunderland Britain, October 10, 2019. REUTERS/Phil Noble/ File Photo Acquire Licensing RightsCompanies Nissan Motor Co Ltd FollowLONDON, Nov 22 (Reuters) - Japanese carmaker Nissan Motor Co (7201.T) will announce on Friday that it will build the electric versions of its Qashqai and Juke models at its plant in Sunderland, northern England, Sky News reported on Wednesday. Citing automotive industry sources, Sky reported Nissan would commit hundreds of millions of pounds to the project. While no upfront taxpayer money will be involved, the British government is expected to provide guarantees, the report added. Nissan representatives could not immediately be reached for comment.

Persons: Phil Noble, Kylie MacLellan, Nick Carey Organizations: REUTERS, Nissan Motor, Nissan, Sky News, Thomson Locations: Sunderland Britain, Sunderland, England

☆ UBS CEO says private buyer preferred outcome in case of rescue
▼ + stars: | 2023-11-22 | by ( ) www.reuters.com time to read: +1 min

ZURICH, Nov 22 (Reuters) - UBS is one of the world’s safest large institutions, the Swiss bank's CEO said while speaking at a Swiss Risk Association event on Wednesday. "Even in the unlikely event of something going wrong at UBS, we have enough cushion before even speaking about a resolution of the bank and its very unlikely risk of a loss for the taxpayer," Sergio Ermotti said. Would UBS need to be rescued, Ermotti said a private buyer would continue to be preferable. The head of Switzerland's largest bank also advocated for certain regulatory improvements including strengthening the tools for early intervention by supervisors. Reporting by Noele Illien; editing by Jonathan OatisOur Standards: The Thomson Reuters Trust Principles.

Persons: Sergio Ermotti, Ermotti, Noele, Jonathan Oatis Organizations: UBS, Swiss, Swiss Risk, Thomson Locations: ZURICH, Switzerland

☆ IRS postpones rule change on digital payment reporting for small businesses and side hustles
▼ + stars: | 2023-11-21 | by ( Jeanne Sahadi | ) edition.cnn.com time to read: +4 min

The change might have resulted in 44 million more 1099-K forms being sent in January to such filers, including small business owners, freelancers, those with side hustles and gig workers. Regardless of delay or rule change, your tax obligations remain the sameNeither the delay of the rule change nor the eventual implementation of it will change your tax burden in any way. That’s because you have always been obligated as a taxpayer to report the money you make from your business activities to the IRS. The difference once the rule change goes into effect is that the IRS will be learning about your business income from a third party payment platform. And the change will effectively pull back the curtain on just how much business income is being generated on third-party payment platforms.

Persons: “, ”, Danny Werfel, –, Sherrod Brown of, Bill Cassidy, Biden, Arshi Siddiqui, Akin Gump, they’re Organizations: New, New York CNN, IRS, American, The Coalition, Electronic Transactions, Airbnb, PayPal, Democratic, Ks Locations: New York, Poshmark, Sherrod Brown of Ohio, Louisiana

☆ Autonomous Cars Beat EVs
▼ + stars: | 2023-11-19 | by ( Andy Kessler | ) www.wsj.com time to read: +1 min

Journal Editorial Report: The week’s best and worst from Bill McGurn, Kate Bachelder Odell, Mene Ukueberuwa, and Kim Strassel. And given high prices for EVs, subsidies are mainly a giveaway to the already well-off. If you add up carbon emissions from manufacturing, daily use and end of life, EVs have total life-cycle emissions 30% lower than gasoline-powered autos. In Silicon Valley, something is considered truly transformational if it’s 10 times better, not a third. Instead of throwing taxpayer money at EVs, President Biden could have been a hero and helped bring autonomous vehicles to the market faster.

Persons: Bill McGurn, Kate Bachelder Odell, Mene Ukueberuwa, Kim Strassel, Mark Kelly, Ford, Biden Organizations: Getty, Honda, General Motors Locations: Silicon, EVs

The cities say they buy tickets only for migrants who want to travel and they do not coerce people to leave. The vast majority were bus tickets, but Denver also purchased about 340 tickets for flights and 200 for train rides. Ewing gave a similar message regarding El Paso’s busing of migrants to Denver, saying the two cities have been in communication. New York City and Chicago also are limiting migrants' shelter stays. “We have other Democratic cities, Denver, California, L.A., sending their people to Chicago, New York.

Persons: Mario Russell, ” Russell, Staff Mary Krinock, we’re, ” Jon Ewing, ”, Yoli Casas, “ There’s, We’re, Russell, Jared Polis, Lori Lightfoot, Eric Adams, Polis, “, Joe Biden, Chicago Mayor Brandon Johnson, Ewing, El, ” Ewing, ” El, Greg Abbott, Abbott, Andrew Mahaleris, Ron DeSantis, Maura Healey, ’ ” Alderman Anthony Beale, Sophia Tareen, ___ Organizations: DENVER, Democratic, Center for Migration Studies of New, Catholic Charities, Archdiocese of, Staff, Denver Human Service, Vive Wellness, Denver, Center for Migration Studies, Colorado Democratic Gov, Chicago, New York City, Washington , D.C, Chicago Mayor, Democrat, Texas Gov, Democratic Gov, Chicago City, Associated Press, America Statehouse News Initiative, America Locations: Denver, U.S, Mexico, El Paso , Texas, New York, Illinois, Texas, Florida, Center for Migration Studies of New York, Chicago, Venezuela, Archdiocese of Chicago, . Texas, New, Cities, Denver , New York, Houston, Los Angeles, Washington ,, ” El Paso's, Philadelphia, San Antonio, Massachusetts, New York City, Denver , California, L.A, Chicago , New York

☆ The public sector funded a lot of technological innovation. Economist Mariana Mazzucato says that should be factored into the price consumers pay
▼ + stars: | 2023-11-16 | by ( Mark Licea | ) www.cnbc.com time to read: +2 min

Mazzucato spoke with CNBC about how the public, private and third sector can work together to co-create value and share both risks and rewards. "The whole notion of stakeholder value should have become a real kind of call to arms of how do we create value differently," Mazzucato said. "We need to bring communities, workers, public and private institutions together to create value in a more collective, better way." It created growth, it created profits. Mazzucato said success in the private sector often begins with significant contributions from the public, and wealth distribution should reflect those contributions.

Persons: Mariana Mazzucato, Mazzucato, Siri, you've Organizations: University College London, CNBC, GPS, Consulting Industry

Opponents of the aid say U.S. taxpayer money should be spent at home, but majority of Republicans and Democrats in Congress still support aid to President Volodymyr Zelenskiy's government. Assistance for Israel, which already receives $3.8 billion per year in U.S. security assistance, typically passes Congress with strong bipartisan support. "I know both sides genuinely care about approving aid to Israel and Ukraine and helping innocent civilians in Gaza. 'DANGEROUSLY BROKEN'Republicans said a security bill without border money was a non-starter. Congress has approved $113 billion for Ukraine since the invasion began in February 2022.

Persons: Joe Biden, Volodymyr Zelenskiy's, Chuck Schumer, Lindsey Graham, Biden, Hakeem Jeffries, Patricia Zengerle, Richard Cowan, Doina Chiacu, Simon Lewis, Don Durfee, David Gregorio Our Organizations: U.S, Congress, Russia, Republican, Democratic, Democrats, Reuters, Hamas, Assistance, Israel, Republicans, Senate, MSNBC, Biden, State Department, Thomson Locations: Israel, Ukraine, Kyiv, Congress, Mexico, Gaza, United States

☆ Germany puts up $8 billion to rescue huge green energy company
▼ + stars: | 2023-11-14 | by ( Anna Cooban | ) edition.cnn.com time to read: +3 min

London CNN —The German government is putting €7.5 billion ($8 billion) of taxpayer cash on the table to secure the rescue of troubled wind turbine-maker Siemens Energy, a company of vital importance to the country’s energy transition. The deal to “secure the company” has been in the works for several weeks, the ministry said, noting that the federal government had been “in intensive contact” with Siemens Energy, Siemens and private lenders. The firm, which had revenue of about €29 billion ($32 billion) in its last fiscal year, also makes gas-powered turbines and electrolyzers for hydrogen energy production, among a raft of other products. It needs the financial guarantees to deliver on its €110 billion ($119 billion) pipeline of orders, according to the ministry. “We are pleased with the German government’s clear support for Siemens Energy and the commitment to the rapid implementation of projects to make the energy transition a success,” a spokesperson for Siemens Energy told CNN.

Persons: ” Organizations: London CNN, Siemens Energy, Siemens, CNN, Reuters Locations: Berlin, ” Germany, Europe’s, Russia, Moscow, Ukraine

☆ Chevron takeover of Hess resurrects multi-billion dollar tax shield
▼ + stars: | 2023-11-14 | by ( Tim Mclaughlin | ) www.reuters.com time to read: +5 min

“The tax benefits were definitely factored into how Chevron valued Hess,” said Donald Williamson, an accounting professor at American University’s Kogod School of Business. “When you combine the companies, we have the greater U.S. income, and we can use those net operating losses,” he said. The bottom line effect, when that loss limit is multiplied by the U.S. federal tax rate of 21%, is extra cash flow that could top $400 million a year. “There’s a strong and appropriate case to increase the corporate income tax rate.”Last year, corporate tax revenue totaled a record $425 billion, according to the Congressional Budget Office. Over the past decade, Chevron's current U.S. federal tax expense has averaged $40 million a year.

Persons: Dado Ruvic, Hess, ”, Donald Williamson, “, Pierre Breber, Williamson, Jim Seida, Jean Ross, Exxon, Darren Woods, ” Woods, Tim McLaughlin, Marguerita Choy Organizations: Chevron, Hess, REUTERS, Kogod School of Business, Internal Revenue Service, U.S, University of Notre Dame, Center for American Progress, Congressional, Graphics, Exxon Mobil, Pioneer Resources, Exxon, Reuters, Boston College, Thomson Locations: U.S, Chevron

TALLAHASSEE, Fla. (AP) — Florida Gov. Ron DeSantis signed legislation Monday that puts sanctions on Iran and protects Jewish institutions. Lawmakers were in Tallahassee earlier this month for a special session, just two months before the Legislature's regular annual session is set to begin. DeSantis also signed measures on Monday to provide hurricane recovery money and expand a program to allow developmentally disabled students attend private school with taxpayer money. The Legislature passed the measures Wednesday just hours before DeSantis participated in a GOP presidential debate in Miami.

Persons: Ron DeSantis, DeSantis Organizations: —, — Florida Gov, Lawmakers, Republican, Associated Press Locations: TALLAHASSEE, Fla, — Florida, Iran, Tallahassee, Israel, Gaza, Miami

☆ House speaker's plan to avoid shutdown meets resistance from both parties
▼ + stars: | 2023-11-12 | by ( David Morgan | ) www.reuters.com time to read: +5 min

"This two-step continuing resolution is a necessary bill to place House Republicans in the best position to fight for conservative victories," Johnson said in a statement after announcing the plan to House Republicans in a conference call. The House Republican stopgap contained no supplemental funding such as aid for Israel or Ukraine. She said "House Republicans are wasting precious time with an unserious proposal that has been panned by members of both parties." A stopgap measure would give lawmakers more time to implement full-scale appropriations bills to fund the government through Sept. 30. McCarthy opted for the bipartisan route after hardliners blocked a Republican stopgap measure with features intended to appease them.

Persons: Mike Johnson, Johnson, Republican stopgap, Joe Biden, Karine Jean, Pierre, centrists, Sarah Silbiger, Chip Roy, Roy, Brian Schatz, Schatz, Biden, Johnson's, Kevin McCarthy, McCarthy, David Morgan, Timothy Gardner, Scott Malone, Daniel Wallis, David Gregorio Our Organizations: . House, Republican, Republicans, Democratic, White, AAA, ., Louisiana Republican, Food and Drug Administration, U.S, Capitol, REUTERS, Caucus, Social Security, Thomson Locations: Israel, Ukraine, Louisiana, Washington , U.S

☆ US House Speaker Johnson Floats Two-Step Measure to Avert Gov't Shutdown
▼ + stars: | 2023-11-11 | by ( Nov. | At A.M. | ) www.usnews.com time to read: +5 min

Persons: David Morgan WASHINGTON, Mike Johnson, Johnson, Republican stopgap, Joe Biden, Karine Jean, Pierre, centrists, Chip Roy, Roy, Brian Schatz, Schatz, Biden, Johnson's, Kevin McCarthy, McCarthy, David Morgan, Timothy Gardner, Scott Malone, Daniel Wallis, David Gregorio Organizations: . House, Republican, Republicans, Democratic, White, AAA, ., Louisiana Republican, Food and Drug Administration, Caucus, Social Security Locations: Israel, Ukraine, Louisiana

☆ Biden's opaque new weapons deal with Israel violates his own directive on arms transfers, critics say
▼ + stars: | 2023-11-10 | by ( Tom Porter | ) www.businessinsider.com time to read: +4 min

The Biden administration is transferring weapons to Israel. The Biden administration last week approved a $320 million arms transfer deal for Israel, according to multiple news organizations. Critics say that Biden is violating an order he signed in February tightening rules prohibiting weapons transfers to governments or regimes that violate human rights. The White House has previously insisted that its arms transfers comply with human rights rules. AdvertisementAdvertisement"All of our arms transfers, including arms transfers to Israel, are rooted in the basic proposition that they will be used consistent with law of armed conflict," US National Security Adviser Jake Sullivan said on October 20.

Persons: Biden, —, Joe Biden, Critics, Seth Binder, Lever, Leahy, Andre Carson of Indiana, Israel, Jake Sullivan Organizations: Progressives, Service, The Washington, Gaza's Ministry of Health, West Bank, East Democracy, Democrats, Guardian, CNN, National Locations: Israel, Gaza

MINNEAPOLIS (AP) — A $242 million overhaul will modernize the main terminal concourses and gate areas at Minneapolis-St. Paul International Airport, officials said. The project announced Thursday by the Metropolitan Airports Commission an Delta Airlines, the airport's dominant carrier, is expected to be completed by late 2025, the Minneapolis Star Tribune reported. Metropolitan Airports Commission CEO Brian Ryks said the goal is to create “an exceptional airport experience for the millions of passengers who travel through” the airport annually. The MAC is investing $182.5 million in the project, with Delta contributing $60 million. Political Cartoons View All 1240 ImagesMost of the work will occur at night so little disruption is expected for flight activity, officials said.

Persons: Brian Ryks Organizations: Paul International Airport, Metropolitan Airports, Delta Airlines, Minneapolis Star Tribune, MAC, Delta Locations: MINNEAPOLIS, Minneapolis, St, ”, Delta

WASHINGTON (AP) — A project to build a first-of-a-kind small modular nuclear reactor power plant was terminated Wednesday, another blow to the Biden administration's clean energy agenda following cancellations last week of two major offshore wind projects. Oregon-based NuScale Power has the only small modular nuclear reactor design certified for use in the United States. “We absolutely need advanced nuclear energy technology to meet (the Biden administration’s) ambitious clean energy goals,'' spokeswoman Charisma Troiano said. In 2020, the Trump administration approved up to $1.4 billion for the project, known as the Carbon Free Power Project. Most prospective subscribers were unwilling to take on the risks associated with developing a first-of-a-kind nuclear project, the Utah group said.

Persons: Joe Biden's, Biden, Charisma Troiano, “, Timothy Fox, Fox, Trump, Obama, John Hopkins, NuScale, Ken Cook, ” Cook, ___ McDermott Organizations: WASHINGTON, Biden, Idaho National Laboratory, Energy Department, DOE, ClearView Energy Partners, The Energy Department, Energy Department's, Energy Department's Idaho National Laboratory, Carbon, Power, Congress, Utah Associated Municipal Power Systems, Nuclear Energy Institute, Environmental, U.S . Nuclear Regulatory Commission, AP Locations: Oregon, United States, Utah, Idaho, New Jersey, U.S, Washington, Idaho Falls , Idaho, Energy Department's Idaho, California, Providence , Rhode Island

☆ Biden would veto bid to reverse 'Buy America' EV charging waiver
▼ + stars: | 2023-11-08 | by ( David Shepardson | ) www.reuters.com time to read: +3 min

ET (1030 GMT), would have the effect of eliminating entirely the domestic manufacturing requirement for government-funded electric vehicle (EV) chargers "thereby harming domestic manufacturing and American jobs." The White House said the Republican bill to rescind that waiver would also overturn the FHWA decision to impose Buy America rules on EV chargers. As a result, the 1983 Reagan administration decision to exempt manufactured products from Buy America requirements would again apply, meaning EV chargers would not be covered by any Buy America requirements, the White House said. Republican Senator Marco Rubio challenged the White House argument, arguing they would separately rescind the 1983 waiver at any time. "The Biden administration is waiving the law’s ‘Buy America, Build America’ provision, which means they are directing taxpayer dollars toward foreign-made EV chargers," Rubio said.

Persons: Joe Biden, Leah Millis, Reagan, Marco Rubio, Biden, Rubio, David Shepardson, Marguerita Choy Organizations: Amtrak, REUTERS, Rights, Republican, Federal Highway Administration, EV, Thomson Locations: Bear , Delaware, U.S, America, United States

☆ Delays in Acela Upgrade Have Cost Amtrak $140 Million…and Counting
▼ + stars: | 2023-11-08 | by ( Ted Mann | ) www.wsj.com time to read: 1 min

The three-year wait for Amtrak ’s overdue new Acela train fleet has cost the railroad $140 million and counting, documents show, a setback for a company that has vowed to improve its stewardship of taxpayer money. As France-based trainmaker Alstom struggles with testing requirements and production defects on the $2.3 billion program to replace the Acela trains, Amtrak has had to spend millions of dollars in maintenance costs to keep its aging, existing fleet in operation.

Organizations: Amtrak, Alstom Locations: France

☆ Student-loan forgiveness and cheaper monthly payments are on the line as the GOP's plan to slash Education Department funding moves forward
▼ + stars: | 2023-11-08 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +4 min

House Republicans proposed a bill to cut funding for the Education Department. AdvertisementAdvertisementFunding cuts could be coming for the Education Department, and key programs for student-loan borrowers are at risk. These funding cuts would come just over a month into federal student-loan borrowers' return to repayment after an over three-year pause. The GOP appropriations lawmakers, however, wrote that the "Department diverted taxpayer resources for its partisan, costly student loan policies, when it needed to be preparing for an orderly resumption of Federal student loan payments." "The Department repeatedly delayed the return to loan repayment, which generated uncertainty and undermined a timely and orderly restart of loan payments," they wrote.

Persons: —, Biden, Virginia Foxx, Ben Miller Organizations: Republicans, Education Department, Service, Labor, Health, Human Services, Education, Federal Student Aid, GOP

☆ House subpoenas James and Hunter Biden in GOP-led probe of the president's family
▼ + stars: | 2023-11-08 | by ( Ryan Nobles | Summer Concepcion | ) www.cnbc.com time to read: +7 min

House Republicans on Wednesday issued subpoenas to Hunter and James Biden — President Joe Biden's son and brother, respectively — as well as a Biden family associate, Rob Walker, in an escalation of Republicans' impeachment inquiry into the president. A representative and attorney for Hunter Biden and James Biden did not immediately respond to a request for comment. The subpoenas and interview requests come a day after the special counsel overseeing the probe into Hunter Biden testified before the House Judiciary Committee behind closed doors. The panel further alleges that the Biden family, their business associates and their companies received more than $24 million from foreign nations over approximately five years. "These records reveal how the Bidens sold Joe Biden around to the world to benefit the Biden family, including Joe Biden himself, to the detriment of U.S. interests," Comer said in the statement.

Persons: Jason Smith, Joe Biden, Hunter, James Biden, Joe Biden's, —, Biden, Rob Walker, James Comer, Walker, Sara Biden, James, Hallie Biden, Beau ), Elizabeth Secundy, Melissa Cohen, Hunter's, Tony Bobulinski, Hunter Biden, Ian Sams, Sams, Comer, should've, David Weiss, Weiss, " Weiss, Daniel Goldman, Mary Gay Scanlon, Ted Lieu, Ted Lieu of California —, Scanlon, Matt Gaetz, Jim Jordan, Jordan, — Tom Winter Organizations: House Republicans, Biden, Republicans, Judiciary, Justice Department, Committee, United, United States Attorneys, Department of Justice, NBC News, Trump, Democratic, Florida Republican Locations: Longworth, Ky, United States, New York, Ted Lieu of California, Ohio

That includes Ohio, where voters Tuesday enshrined abortion access in the state constitution. Opponents want to ban abortion throughout pregnancy. The state Supreme Court in 2019 upheld a lower court decision that there is a right to abortion in the state constitution. ___NEBRASKAAbortion rights advocates have submitted language to Nebraska' secretary of state for a ballot question that would expand abortion access. In the third trimester, the state could ban abortion — except when it's needed to save the woman's life.

Persons: Roe, Wade, Ron DeSantis, General Ashley Moody, State Jay Ashcroft, Ashcroft, ___, it's, Jay Inslee Organizations: Ohio, U.S, Supreme, Democratic, ___, Republican Gov, Republican, Republicans, ___ MARYLAND Lawmakers, State, ___ NEVADA Voters, ___ SOUTH DAKOTA Voters, WASHINGTON Democratic Gov, Associated Press Locations: Ohio, Maryland, New York, ARIZONA, ___ COLORADO Colorado, Colorado, ___ FLORIDA, Florida, IOWA, Iowa, MISSOURI, Missouri, ___ NEBRASKA, Nebraska, PENNSYLVANIA, ___, South Dakota

☆ Yellen: Republicans' IRS funding cut would hurt customer service goals
▼ + stars: | 2023-11-07 | by ( Kate Dore | Cfp | ) www.cnbc.com time to read: +2 min

U.S. Treasury Secretary Janet Yellen outlines the improvements the IRS will deliver to taxpayers in 2024, during remarks at IRS Headquarters in Washington on Nov. 7, 2023. Expanded taxpayer serviceYellen said the agency made a "tremendous leap forward" during the 2023 tax filing season by significantly reducing phone wait times. "This filing season, we will build on this foundation and continue expanding services for taxpayers: by phone, online and in person," she said. By the start of the filing season, taxpayers will be able to digitally file 20 more forms, including certain business forms, she said. Limited free Direct File pilotThe IRS will also prioritize a limited Direct File pilot, available to certain taxpayers in 13 states to file federal returns for free, Yellen said.

Persons: Janet Yellen, Kevin Lamarque, Yellen Organizations: Treasury, IRS, Reuters, Assistance Centers Locations: Washington

☆ 3,500 student-loan borrowers got $109 million in debt wiped out after being 'cheated' by their schools. Top Democrats want relief for taxpayers, too.
▼ + stars: | 2023-11-07 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +5 min

Some Democrats want the Education Department to recoup funds from Ashford and University of Phoenix. The department previously accused those schools of fraud, granting thousands of borrowers debt relief. The lawmakers want the schools to pay up so taxpayers don't foot the bill for the relief. The Democrats referenced two recent actions to provide relief for borrowers who went to for-profit schools accused of predatory behavior: $72 million in relief for 2,300 borrowers "cheated" by Ashford University, and $37 million in relief for 1,200 borrowers "deceived" by the University of Phoenix, according to the Education Department. AdvertisementAdvertisement"This would send a strong warning signal to other predatory for-profit colleges that there are substantial financial consequences for defrauding students," the Democrats wrote.

Persons: —, Joe Biden, Sen, Dick Durbin, Rosa DeLauro, — Sen, Elizabeth Warren —, Secretary Miguel Cardona, ike, hoenix, J ames Organizations: Education Department, Ashford and University of Phoenix, Service, Secretary, Ashford University, University of Phoenix Locations: Ashford, Phoenix

WASHINGTON (AP) — Taxpayers will be able to submit all sorts of tax documents and other communications to the IRS digitally months earlier than originally planned under a new timetable for paperless taxpayer communications announced Tuesday by Treasury Secretary Janet Yellen. Under the initiative, most people will be able to submit everything but their tax returns digitally in 2024. As the IRS pilots its new electronic free file tax return system starting in 2024, the agency will be able to process everything, including tax returns, digitally by 2025. The federal tax administrator receives more than 200 million paper tax returns, forms and pieces of mail and non-tax forms annually, according to the IRS. The IRS cutback would cost taxpayers billions of dollars, not save money, according to independent budget analysts.

Persons: Janet Yellen, ” Yellen, Yellen, Joe Biden, Israel Organizations: WASHINGTON, —, IRS, “, Democratic, CNN Locations: Washington, Israel

☆ The US is quietly arming Taiwan against a Chinese invasion — but it could backfire
▼ + stars: | 2023-11-07 | by ( Tom Porter | ) www.businessinsider.com time to read: +8 min

AdvertisementAdvertisementIn late August, the US approved an $80 million military grant to arm Taiwan against a potential Chinese invasion. It's part of a plan to wrong-step China's leaders and make them uncertain about how exactly the US would respond to Chinese attacks on Taiwan. "Those military packages are the Biden administration's efforts to build Taiwan's defense capabilities at a faster pace to match PLA [Chinese military] modernization efforts," said Kuo. Provoking ChinaSince the 1970s, the US has had a delicate diplomatic relationship with China, acknowledging the "One China" policy under which China claims ownership of Taiwan, yet also backing Taiwanese autonomy. "That could easily provoke exactly the Chinese attack on Taiwan that US policy aims to deter," he wrote.

Persons: Xi, —, Biden, Xi Jinping, HECTOR RETAMAL, Joe Biden, Graeme Thomson, Naiyu Kuo, Kuo, Thompson, Hugh White, Beijing's, Kavanagh Organizations: Taiwan, Service, Bloomberg, BBC, Communists, CNN, Getty Images, White, Eurasia Group, PLA, China, Strategic Studies, Australian National University, US Locations: China, Taiwan, Taiwan's, Taiwan Strait, China's, Fujian province, AFP, Washington ,, Beijing, Washington

☆ Biden is pouring $16 billion into making Amtrak trains faster, easier to get to, and more accessible
▼ + stars: | 2023-11-06 | by ( Juliana Kaplan | Eliza Relman | ) www.businessinsider.com time to read: +5 min

Biden is pouring $16.4 billion into passenger rail in the Northeast Regional corridor. AdvertisementAdvertisementPresident Joe Biden — a known proponent of Amtrak — wants trains to run faster and better. His administration is pouring $16.4 billion from the 2021 bipartisan infrastructure law into the Northeast Regional corridor to do just that. Meanwhile, 80% of Amtrak trains were on time in 2020 — and that fell to 74% by 2022. "We're all on our way to creating world-class passenger rail that benefits communities nationwide by making our rail systems safer, more efficient, and more convenient," Landrieu said.

Persons: Biden, —, Joe Biden —, Mitch Landrieu, Transportation Pete Buttigieg, Bill Flynn, Marc Molinaro, Landrieu Organizations: Service, Amtrak —, White, Penn, Transportation, Federal Railroad Administration, Amtrak, European Union, Northeast Corridor Commission, NEC, Infrastructure Investment, Jobs Act, Republicans, New, New York Republican, Republican Locations: Boston, Washington, Baltimore, New York's, Connecticut, Metro, New York, Bronx, Manhattan, —, Northeast, West, Hudson

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