GM to invest billions in Michigan plants, converts another plant to EV
DETROIT — General Motors said Tuesday it is investing $2 billion in six U.S. assembly plants and will be converting its Spring Hill, Tenn., assembly plant to become the company’s third factory to build electric vehicles.As part of that, GM said it will build the Cadillac Lyriq all-electric SUV at Spring Hill Assembly. GM presently builds the Cadillac XT5, XT6 SUVs and the GMC Acadia SUV at Spring Hill. It also makes a variety of engines used across GM’s lineup.GM said the plant will continue to make the XT5 and XT6 plus the electric Lyriq, which goes on sale first in China and then in the Unit...
Detroit Free Press
Cash in billions for COVID-hit biz | Daily FT
Over 40,000 get Rs. 133b out of 178 b approved for 62,000 applicants from Saubagya COVID-19 Renaissance facilityBank of Ceylon leads in approvals and disbursementsLeading private sector banks follow suitGiven high demand, CB approves beyond original limit of Rs. 150 b Thousands of COVID-hit businesses have been supported so far with billions in cash combined under the concessionary working capital support scheme, the Central Bank announced on Friday.It revealed that as of 15 October, 61,907 loan- approved applications were received from COVID-19 affected businesses. These applications were for...
Daily Financial Times
NMC Health chases colluders in lost billions
Dubai: The investigations into NMC’s lost billions - upwards of $4 billion - have “identified a number of financiers” who colluded with the previous management in diverting bank funds. Detailed reports have been collected of evidence against all these bankers.These financiers’ actions are to be “reviewed in detail” in a update on the investigations put by Alvarez and Marsal, the consultancy overseeing NMC’s administration as per a directive from ADGM (Abu Dhabi Global Market).By end March, the administrators expect to complete all the process that would then set in motion the funds recovery an...
U.S. invests billions in Latin America
The U.S. government and private sector continue to invest in Latin America, spurring economic growth across many countries.The U.S. private and public sectors remain the leading business partner in the Western Hemisphere, particularly in Central and South America. Through its América Crece initiative, the U.S. government is partnering with governments to attract private-sector investment in several areas of infrastructure, including energy, transportation and telecommunications across the region.Trade between the United States and the Western Hemisphere totals nearly $2 trillion annually, acco...
Netanyahu: Peace accords with UAE, Bahrain worth billions to Israel
Abu Dhabi: Israeli Prime Minister Benjamin Netanyahu said Sunday night (early Monday UAE) that the agreements to normalise relations with the UAE and Bahrain would pump “billions” into the Israeli economy.Netanyahu’s statements came through his Twitter account, before he travelled to the US to participate in the signing ceremony of the peace agreements between the UAE, Bahrain and Israel.“I travel to achieve peace in exchange for peace, and we reached two peace agreements in just one month,” he wrote.UAE reached an agreement with Israel to establish official relations on August 13, and a simil...
Bytedance to invest billions into Singapore: report
Tiktok parent Bytedance is planning to invest several billion dollars in Singapore over the next three years and make the city-state its beachhead for the rest of Asia, Bloomberg reported Friday.Details: The investment plans are part of Bytedance’s global expansion. They include the establishment of a data center and are expected to add hundreds of jobs in the country, according to the report.Bytedance currently has 400 employees working on technology, sales, and marketing. It has more than 200 job openings in the country.The company has applied for a license to operate a digital bank in Singa...
Conglomerates lose billions in market value
Conglomerates lose billions in market valueMANILA, Philippines — Some of the country’s biggest conglomerates have lost billions in market capitalization in the first semester compared to a year ago as the COVID-19 pandemic devastated the economy and eroded investor confidence.The STAR looked into the market cap – the total value of a company’s outstanding shares of stock – of six of the country’s conglomerates listed on the Philippine Stock Exchange (PSE) and saw the same downtrend, which was most prevalent after the lockdown was imposed in March.Ayala Corp., the country’s oldest conglomerate,...
Why California spends billions but can't control its wildfires. 'No simple or cheap solution'
SACRAMENTO, Calif. — Gavin Newsom had been governor for just one day when he appeared at a Cal Fire station in the Sierra foothills and outlined his plan for protecting California from major wildfires.More advanced helicopters. Better alert systems. Additional firefighters. Infrared cameras for early detection. In the months that followed, the administration sent out crews with chainsaws and wood chippers to cut brush and trees at dozens of projects near fire-prone communities.Nineteen months later, wildfire risks seem as bad as ever in California. A series of lightning strikes touched off hun...
The Sacramento Bee
How parastatals can help fulfil devolution promise
The debate on the third formula for sharing revenue among counties is glossing over the real problem. The counties shoulder the burden of development needs at the grassroots while commensurate budget allocation has not been forthcoming from the national government.Ministries still control and get allocated billions of shillings that should be devolved to counties. These anomalies get revealed when there are scandals. A case in point was the Health ministry scandal involving container clinics that were procured by the national government but meant to be taken to counties for primary health care...
Libya sovereign fund to ask UN for freedom to invest billions
Libya’s sovereign wealth fund head plans to ask the United Nations to allow it to invest billions of dollars sitting idle in its accounts, after missing out on some $4.1 billion in potential equity returns during nearly a decade of sanctions, Reuters reports.The Libyan Investment Authority (LIA) was blacklisted in March 2011 because it was then controlled by the family of toppled ruler Muammar Gaddafi. Its assets were valued at $67 billion in 2012, but LIA plans to update that in October after a review by its financial adviser Deloitte.Sanctions have had a heavy toll on the LIA, with investmen...
The Middle East Monitor