Stocks rebound…US ports to get $450M
BEIJING (AP) – Global stocks have rebounded from jitters over Western sanctions imposed on Russia in response to President Vladimir Putin’s authorization to send soldiers into eastern Ukraine. London and Frankfurt have opened in positive territory. Shanghai, Hong Kong and Seoul closed higher. Oil prices are higher on concern about possible disruption to Russian supplies. Global stock prices sank after Washington, Britain and the 27-nation European Union responded to Putin’s announcement by imposing sanctions on Russian banks, officials and business leaders.
WASHINGTON (AP) – Clogged U.S. ports are being given access to nearly $450 million in federal money from President Joe Biden’s infrastructure law. It’s part of the Biden administration’s recent stepped-up efforts aiming to ease supply chain congestion and lower prices for American consumers. Transportation Secretary Pete Buttigieg has announced the availability of a first batch of competitive grants for ports that will be double last year’s amount annually for five years.
PARIS (AP) – The International Energy Agency says emissions of planet-warming methane from oil, gas and coal production are significantly higher than governments claims. The Paris-based agency says its analysis shows emissions are 70% higher than the official figure provided by governments worldwide. It says that if all leaks were plugged, the methane captured would be enough to supply all of Europe’s power sector. The agency says the findings underline “the urgent need for enhanced monitoring efforts and stronger policy action to drive down emissions of the potent greenhouse gas.”
FRANKFURT, Germany (AP) – Automaker Stellantis says it made a solid 13.4 billion euros in its first year. That’s three times the profit from the two separate companies that combined to make Stellantis at the start of the 2021. The company says the merger of Fiat Chrysler and PSA Group paid off in cost efficiencies worth more than 3 billion euros. The company scaled up its production of battery cars, joining a global trend as it made almost 400,000 low-emission vehicles and starting production of a van powered by hydrogen under its Opel brand.
UNDATED (AP) – Auto dealerships in Massachusetts are selling Subaru’s line of 2022 vehicles without a key ingredient: in-car wireless technology that connects drivers to music, navigation, roadside assistance and crash-avoiding sensors. Subaru and Kia have disabled their “telematics” systems rather than run afoul of a voter-backed law to give independent mechanics more access to a car’s repair data. It mirrors a broader battle over who has the “right to repair” increasingly complex electronic products — from iPhones to tractors.