WASHINGTON — The U.S. economy shrank from April through June for a second straight quarter, contracting at a 0.9% annual pace and raising fears that the nation may be approaching a recession.
July 28, 2022Government, Business, Logistics
US Economy Shrank 0.9% Last Quarter, Its 2nd Straight Drop
Government, Business
Fed Unleashes Another Big Rate Hike in Bid to Curb Inflation
WASHINGTON — The Federal Reserve on July 27 raised its benchmark interest rate by a hefty three-quarters of a point for a second straight time in its most aggressive drive in three decades to tame high inflation.
July 27, 2022Government, Business, Technology, Logistics
Chipmakers Get $52 Billion in Senate Bill to Boost Domestic Output
The Senate on July 27 passed legislation that includes $52 billion in grants and incentives for U.S. semiconductor manufacturing, an industry that has steadily lost ground to foreign competitors in recent years.
July 27, 2022Government
Stakeholders Praise Bhatt’s Nomination to Lead FHWA
Key transportation stakeholders expressed support for President Joe Biden’s nomination of Shailen Bhatt to lead the Federal Highway Administration.
July 27, 2022Government, Business, Logistics
Port of Oakland AB 5 Protests Wind Down
Operations at the Port of Oakland have resumed after being paused in the wake of protests from independent truck drivers unhappy with a state law that would reclassify them as employees of motor carriers.
July 27, 2022Government, Business, Technology, Safety
New Rule to Thwart Railroad Efforts to Cut Train Crews
OMAHA, Neb. — Railroads will be required to maintain two-person crews under a new rule announced July 27 that will thwart industry efforts to cut crews down to one person.
July 27, 2022Government, Business, Fuel
Senators Call for Sanctions on Russian Oil Sales to China
Sen. Marco Rubio (R-Fla.) wants the U.S. to sanction China’s purchases of oil and other energy supplies from Russia in an effort to cut off funding for that country’s war against Ukraine.
July 27, 2022Government, Business, Safety
FMCSA Accepting Carrier Applications for Apprenticeship Driver Pilot
The Federal Motor Carrier Safety Administration as of July 26 is accepting applications from motor carriers interested in participating in the agency’s Safe Driver Apprenticeship Pilot Program for 18- to 20-year-old truck drivers to operate interstate.
July 26, 2022Government, Business, Fuel
DOE Lends $2.5 Billion to GM Venture for EV Batteries
WASHINGTON — A joint venture between General Motors and South Korean battery company LG Energy Solution is set to receive a $2.5 billion loan from the Energy Department to build battery cell factories for electric vehicles in three states.
July 26, 2022Government, Business, Technology
Senate Sets Up $52 Billion Semiconductor Vote
A $52 billion boost to the U.S. domestic semiconductor industry moved one step closer to reality July 26 when the Senate advanced legislation providing grants, incentives and tax breaks to the sector and set it up for final passage this week.
July 26, 2022