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Ford-backed electric battery venture approved for $9.2bn US loan

A Ford joint venture to build three new electric vehicle battery plants is set to receive up to $9.2 billion in US federal loans under a program backed by President Joe Biden, officials announced Thursday.. The US Department of Energy announced a "conditional commitment for a loan" to BlueOval SK, a joint venture between Ford Motor and SK On, a South Korean battery manufacturer, to build the new plants in the southern states of Tennessee and Kentucky.

Thu, Jun 22, 2023 1 mins read
Tech News
Church of England dumps all oil and gas investments

Campaigners on Thursday hailed a move by the Church of England to exclude all oil and gas majors from its investment portfolio because of climate concerns.. "With the 2021 exclusions and those announced today, the Church Commissioners (for England) will have excluded all oil and gas majors," it said. 

Thu, Jun 22, 2023 3 mins read
Tech News
US home sales tick up in May but activity muted

Sales of existing homes in the United States edged up in May but activity remained muted on tighter supply and with interest rates still elevated, according to industry data released Thursday.. Another factor, however, is available inventory and "existing-home sales activity is down sizably due to the current supply being roughly half the level of 2019," Yun said in a statement.

Thu, Jun 22, 2023 1 mins read
Tech News
Cash-strapped Pakistan to lease part of Karachi port to UAE for $220 million

AD Ports Group of the United Arab Emirates (UAE) signed an agreement Thursday to take over the running of part of Pakistan's main Karachi docking facility in a deal worth an immediate $220 million, the company said.. AD Ports Group has formed a joint venture with another UAE company, Kaheel Terminals, to take over berths from Karachi Port Trust (KPT), the state-owned handling agency.

Thu, Jun 22, 2023 1 mins read
Tech News
US Fed official says more rate hikes necessary

A senior US Federal Reserve official said Thursday that additional interest rate hikes are needed to tackle historically high inflation.. "Nearly all FOMC participants expect that it will be appropriate to raise interest rates somewhat further by the end of the year," he said, adding that "a big majority" believe two additional hikes will be needed this year. 

Thu, Jun 22, 2023 1 mins read
Tech News
Climate goals depend on fixing global finance: top economist

If world leaders and the heads of multilateral development banks gathered at a Paris summit recognise that climate goals depend on revamping the architecture of global finance, it would be a "historic" development, a top development economist said Thursday. . The specific actions called for at this summit, such as scaling up the financing of the multilateral development banks, are an important step forward.

Thu, Jun 22, 2023 3 mins read
Tech News
European airlines hit by 'greenwashing' complaint

European airlines have been hit by a consumer complaint filed with the EU's executive arm accusing the 17 companies of greenwashing, the practice of making misleading climate-related claims.. The European Consumer Organisation, or BEUC, said Thursday the claims made by the airlines breach EU rules on unfair commercial practices.

Thu, Jun 22, 2023 1 mins read
Tech News
Musk and Zuckerberg call out each other for cage fight

Tech titans Mark Zuckerberg and Elon Musk are in a fierce business rivalry that has spilt over into a playground spat, with the two men offering to fight each other in a cage.. "The best Musk-Zuckerberg cage match is one in which two men enter and no men leave," wrote podcaster Bennett Tomlin.

Thu, Jun 22, 2023 1 mins read
Tech News
First Olympic Esports Week kicks off

The first-ever Olympic-organised Esports Week kicked off in Singapore on Thursday, but an IOC official said there is currently no plan to include video games in the Olympic program.. But he said there is currently "no discussion about integrating real traditional eSports and video games into the Olympic program".

Thu, Jun 22, 2023 2 mins read
Tech News
Netflix CEO says $2.5 bn investment an 'opportunity' for S.Korea

Netflix's $2.5 billion investment in South Korea is an "opportunity" for local business, the streaming giant's CEO said Thursday, as he played down a dispute with local internet companies over network usage.. South Korea is one of Netflix's biggest suppliers of television series and films, and boss Ted Sarandos said it was "investing for the long term" in the country, which has given the company global hits Squid Game and The Glory.

Thu, Jun 22, 2023 2 mins read
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