Tag: Investments

Biden Admin to Impose Harsher Restrictions on Chinese Semiconductor Industry

Arizona Sun Times Staff

The Biden administration is planning to ban investments in some Chinese companies that are involved in the technology sector through an executive order on Wednesday, according to The Wall Street Journal.

The U.S. will restrict private-equity and venture capital firms from directly investing in some Chinese companies that operate in the semiconductor, quantum computing and artificial intelligence sectors, according to the WSJ. In October 2022, the Biden administration placed similar restrictions limiting Chinese access to American chip technology by blacklisting multiple Chinese semiconductor manufacturers from working with American companies.

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Flush with Cash, Big Oil Is Poised for a Huge Shopping Spree

Admin

While U.S. oil and gas deals slowed considerably in the first quarter of 2023, industry players are poised to make significant investments in shale over the next year, according to Axios.

Oil and gas mergers and acquisitions fell to $14.8 billion in the first quarter, down 47% from the fourth quarter of 2022, according to a report from accounting firm KPMG. However, after a record-breaking year left companies flush with cash, producers will be incentivized to “secure inventory, create operational efficiencies and put their capital to work,” Mike Harling, energy sector lead partner at KPMG, told Axios.

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Arizona Legislature Threatens Legal Action Against NAAG Regarding Use of Funds

Neil Jones

Arizona State Legislators, House Speaker Ben Toma (R-Peoria) and Senate President Warren Petersen (R-Mesa) sent a letter to the National Association of Attorney Generals (NAAG) Wednesday, threatening legal action because of the association’s utilization of funding.

“It is time that Arizona’s laws and regulations start applying to NAAG and that this unaccountable slush fund activity stop now,” the legislators wrote in the joint letter. “At this point, litigation is reasonably likely between us. Consider this letter a litigation hold notice.”

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ElectraMeccanica Begins Electric Vehicle Production in New Mesa Manufacturing Facility Projected to Bring 500 Jobs

Neil Jones

Electric vehicle manufacturer ElectraMeccanica (EM) began production in its new Mesa facility Monday, which is projected to create 500 new jobs in the state and produce upwards of 20,000 cars every year.

“We are thrilled to bring production of our vehicles onshore and introduce an enhanced, U.S.-built 2023 model year SOLO EV to market,” said Susan Docherty, CEO of ElectraMeccanica. “It takes a village to do what we are doing. Bringing our manufacturing facility and vision for our company to life only works if there is a true partnership between local and state government leaders who are committed to economic development, along with solid business partners who share a vision to create products that consumers crave.”

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Huge Investment Firm Leaves Climate Alliance After Republican Officials Call for Government Inquiry

Arizona Sun Times Staff

The world’s second-largest asset manager Vanguard announced Wednesday that it was leaving the Net-Zero Asset Managers initiative (NZAM), a collective of financial institutions that support investments aimed at reducing global carbon emissions. Vanguard’s move came after several Republican attorneys general called on the Federal Energy Regulatory Commission (FERC) to prevent the company from purchasing publicly traded utilities due to the firm’s previous climate commitments.

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Arizona AG Brnovich and 18 Other Attorneys General Investigate Large Banks’ Participation in UN’s Emissions Reduction Targets Program

Rachel Alexander

Arizona Attorney General Mark Brnovich and 18 other attorneys general served six of the largest American banks this past week with civil investigative demands, similar to a subpoena. The demands ask for documents related to the banks’ involvement with the United Nations’ Net-Zero Banking Alliance (NZBA), which requires member banks to set emissions reduction targets in their lending and investment portfolios to reach net zero by 2050. 

“American banks should never put political agendas ahead of the secure retirement of their clients,” Brnovich said in a statement. “These financial institutions are entrusted with protecting a different type of green.”

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BlackRock Stock Downgraded over Investments in ESG

Arizona Sun Times Staff

The asset management company BlackRock, which has been widely criticized for promoting multiple far-left concepts in the world of business, has seen its stock downgraded due to ongoing backlash.

According to The Daily Wire, UBS analyst Brennan Hawken downgraded the company last week due to its support for Environmental, Social, and Corporate Governance (ESG) policies. The target stock price was reduced from $700 to just $585, resulting in a one percent drop in BlackRock shares on Tuesday.

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Arizona Creates Task Force to Address Infrastructure, Utilize Federal Funding

Cooper Moran

Arizona Governor Doug Ducey on Thursday launched a new task force to address the state’s infrastructure needs and appropriate federal funding administered to the state through the Infrastructure Investment and Jobs Act.

The legislation, which was approved on a bipartisan basis, will allocate $1.2 trillion to states to repair and upgrade critical infrastructure needs, like roads and bridges.

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