Energy Dept backs 2.5B loan to GM LG venture
The Energy Department commits a 2.5 billion loan to Ultium Cells LLC, a GM LG Energy Solution joint venture, to finance three lithium ion battery plants in Michigan Ohio and Tennessee. The project aims to expand domestic battery production for electric vehicles and create thousands of jobs while advancing U.S. energy independence.
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LG Energy Solution
Energy Department
Ultium Cells LLC
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Tennessee
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China
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Jennifer Granholm
Altium Cells
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Lansing
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Mary Barra
Advanced Technology Vehicles
Jigar Shah
Energy
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Biden touts SK Groups 22B US investment drive
South Korea's SK Group plans a 22 billion dollar investment in the United States across semiconductors green energy and bioscience. The White House says the plan will create tens of thousands of American jobs ease supply chain bottlenecks and bolster U.S. competitiveness. Biden praised the move as historic and urgent for climate and innovation.
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South Korea
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Chey Tae-won
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China
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Kentucky
Ford Motor Co
Congress
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Walmart profit warning spurs broad market slide
Stocks fell on Tuesday led by Walmart after it cut its profit outlook citing inflation pressure on shoppers. The S&P 500, Dow, and Nasdaq retreat as investors await the Federal Reserve policy decision with tech names and retailers among the hardest hit and earnings season under way.
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Trading & Derivatives
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EU agrees to cut gas use amid Russian supply fears
EU energy ministers approve a draft law to cut natural gas demand by 15 percent from August to March. The plan relies on voluntary steps and can trigger mandatory actions if savings fall short. Gazprom cuts Nord Stream 1 flow to 20 percent, prices spike, and multiple EU members have faced supply disruptions since Russia’s invasion.
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Russia
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Jozef Sikela
European Commission
Ursula von der Leyen
Vladimir Putin
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