Manchin rails against ‘revenge politics’ on permit plan
WASHINGTON (AP) — Sen. Joe Manchin on Tuesday railed against what he called “revenge politics″ being used against him, as liberals in the House and Senate team up with Republicans to oppose his plan to speed permits for natural gas pipelines and other energy projects. Manchin, a West Virginia Democrat, secured a commitment from President Joe Biden and Democratic leaders to include the permitting package in a...
Manchin rails against ‘revenge politics’ on permit plan
WASHINGTON (AP) — Sen. Joe Manchin on Tuesday railed against what he called “revenge politics″ being used against him, as liberals in the House and Senate team up with Republicans to oppose his plan to speed permits for natural gas pipelines and other energy projects. Manchin, a West Virginia Democrat, secured a commitment from President Joe Biden and Democratic leaders to include the permitting package in a stopgap government-funding bill in return for his support of a landmark law to curb climate change. But in recent weeks Democrats and environmental groups have lined up to oppose the permitting plan, calling it bad for the country and the climate.
Musk to seek exemption from Iran sanctions for Web access
WASHINGTON (AP) — Elon Musk’s hopes to operate his satellite internet firm in Iran require permission from the Treasury Department, which said Tuesday it welcomes applications to support internet freedom in the country, which is largely isolated from western economies. The Tesla CEO tweeted Monday that his satellite internet firm Starlink would seek permission to operate in Iran. National security adviser Jake Sullivan said it’s up to Treasury’s Office of Foreign Assets Control to decide on Starlink’s next steps. Starlink, a division of spacecraft manufacturer SpaceX, also owned by Musk, has been in operation since 2019. It disperses thousands of satellites orbiting the Earth to provide broadband access globally.
Alaskans pocket over $3,000 in annual oil-wealth payments
ANCHORAGE, Alaska (AP) — Nearly every single Alaskan got a financial windfall amounting to more than $3,000 Tuesday. That’s the day the state began distributing payments from Alaska’s investment fund that has been seeded with money from the state’s oil riches. The payments, officially called the Permanent Fund Dividend or the PFD locally, amounted to $2,622. That’s the highest amount ever. Alaska lawmakers added $662 as a one-time benefit to help residents with high energy costs. Residents use the money in various ways, from buying big-screen TVs, vehicles or other goods, using it for vacations or putting it in savings or college funds. In rural Alaska, the money can help offset the enormous food and fuel costs.
Asian lender ADB cuts forecasts to reflect weakening outlook
The Asian Development Bank has downgraded its forecasts for growth in the region, citing the war in Ukraine, rising interest rates to combat decades-high inflation, and China’s slowing economy. The Manila, Philippines-based development lending agency revised its estimate for growth in developing Asian economies to 4.3%, down from an earlier forecast of 5.2%. The forecast for growth in 2023 was cut to 4.9% from 5.3%. Economists said that for the first time in three decades, other Asian economies are growing faster than China’s. The ADB’s forecast for inflation in Asia remains less severe than in the U.S. and some other economies, at 4.5% in 2022 and 4.0% next year.
NEW YORK (AP) — Prime Minister Liz Truss has kicked off her first visit to the United States as Britain’s leader with an admission that a U.K-U.S. free trade deal is not going to happen for years. On her way to the United Nations General Assembly in New York, Truss said “there (aren’t) currently any negotiations taking place with the U.S., and I don’t have an expectation that those are going to start in the short to medium term.” That’s a sharp contrast with the stance of her immediate predecessors, Boris Johnson and Theresa May. Both dangled the promise of a deal with the world’s biggest economy as one of the main prizes of Britain’s exit from the European Union.
NTSB wants all new vehicles to check drivers for alcohol use
DETROIT (AP) — The National Transportation Safety Board is recommending that all new vehicles in the U.S. be equipped with blood alcohol monitoring systems that can stop an intoxicated person from driving. The recommendation, if enacted by the National Highway Traffic Safety Administration, could reduce the number of alcohol-related crashes, one of the biggest causes of highway deaths in the U.S. The new push to make roads safer was included in a report released Tuesday about a horrific crash last year in which a drunk driver’s SUV collided head-on with a pickup truck near Fresno, California, killing both adult drivers and seven children.
United Airlines grounds 25 planes after missed inspections
CHICAGO (AP) — United Airlines canceled some flights this week after failing to do mandatory inspections of the front edges of 25 jets’ wings. United said late Tuesday that is has finished inspections on 10 of the 25 planes, and expects to finish the others in the next two weeks. The airline says it canceled about 18 flights Monday night and Tuesday morning but doesn’t expect to cancel any others. The Federal Aviation Administration says United reported the missed inspections on the Boeing 777 jets. The FAA says it’s looking into how the inspections were missed in the first place.
Stocks close lower ahead of Fed decision on interest rates
Stocks closed lower on Wall Street ahead of a key decision on interest rates by the Federal Reserve. The S&P 500 fell 1.1% Tuesday. The Nasdaq composite and the Dow Jones Industrial Average also lost ground. Treasury yields were mostly higher. Traders are waiting to see how high the Fed will raise interest rates at its meeting that ends Wednesday. The Fed has been raising the cost of borrowing money in hopes of slowing down the hottest inflation in four decades. Traders worry the Fed may overshoot its goal and slow down the economy so much it causes a recession.
Germany close to deal on nationalizing gas company Uniper
BERLIN (AP) — Natural gas supplier Uniper says it’s in “final discussions” for Germany to nationalize the company. The move announced Tuesday ramps up the German government’s intervention in the gas and oil industry as Russia’s war in Ukraine provokes an energy crisis. Uniper says the expansion of its July rescue deal would feature a capital increase of 8 billion euros that the government would finance and involve Germany taking a majority stake now held by Finland-based Fortum. The Uniper rescue is one of several measures taken by the government to try to ensure sufficient energy supplies this winter as Russia has cut back natural gas supplies to Europe.
Sweden’s central bank hikes key interest rate by full point
COPENHAGEN, Denmark (AP) — Sweden’s central bank has raised its key interest rate by a huge full percentage point to combat the highest inflation in more than 30 years. The move Tuesday is the first of a series of large hikes expected from central banks worldwide this week. Riksbanken says inflation has risen rapidly to 9% in August, “undermining households’ purchasing power.” The bank has raised its policy rate to 1.75% and said it will keep tightening over the next six months as it tries to bring inflation back to its target of 2%. In making the big hike, it pointed to other central banks rapidly raising rates as consumer prices soar.