The daily business briefing: February 10, 2022
Canada truck blockade disrupts auto industry, the Biden administration details plan for EV charging stations along highways, and more
1. Canada truck blockade threatens auto industry
Canada's "Freedom Convoy" protests by truckers against coronavirus mandates could hurt the auto industry now that the demonstrations have spread and blocked key U.S.-Canada border crossings, the White House said Wednesday. The horn-blaring protesters have clogged Canada's capital, Ottawa, with idling trucks and other vehicles since late January, but this week truckers started obstructing border crossings, including one linking Windsor, Canada, with Detroit — a key supply route for automakers that carries 25 percent of all trade between the United States and Canada. Ford and Toyota said they were pausing or reducing production at several factories in Canada. General Motors canceled a Wednesday shift at a Lansing, Michigan, plant.
2. Biden administration unveils plan for EV-charging network
The Biden administration on Thursday outlined its plan to distribute $5 billion to states to roll out electric-vehicle charging stations along highways. The money was allocated by Congress in its $1 trillion infrastructure bill, which President Biden signed in November. The Biden administration is asking states to submit proposals on setting up the charging network for EVs, which are becoming increasingly popular and accounted for nearly 9 percent of global new-car sales last year. The U.S. lags Europe in charging infrastructure. The administration's plan won't be enough to catch up, but officials say it could encourage utilities and businesses to add their own chargers.
Subscribe to The Week
Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.
Sign up for The Week's Free Newsletters
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
The New York Times Yahoo Money
3. Pelosi says Democrats considering stock-trading ban for lawmakers
House Speaker Nancy Pelosi (D-Calif.) said Wednesday that House Democrats were considering proposals to ban lawmakers from trading stocks while in office. Support for new rules has gained momentum since reports that some senators traded health care stocks just before the coronavirus crisis hit the United States, after they got private briefings on COVID-19. Pelosi initially opposed restricting lawmakers' stock trading, and said any new limits would have to be "government-wide," noting that the judiciary branch, including the Supreme Court, "has no reporting of stock transactions, and it makes important decisions every day." Pelosi in January asked the House Administration Committee to look into raising fines for lawmakers and staff who break existing stock-trading laws.
Fox Business The New York Times
4. Stock futures mixed ahead of inflation data
U.S. stock index futures were mixed early Thursday ahead of key inflation data. Futures tied to the Dow Jones Industrial Average were up by 0.1 percent at 7 a.m. ET thanks to a boost from Disney shares, which jumped by 8 percent in pre-market trading after the entertainment giant reported strong earnings. Futures for the S&P 500 and the tech-heavy Nasdaq were down by 0.2 percent and 0.3 percent, respectively, ahead of Thursday's Consumer Price Index report, which is expected to show the key inflation measure hit a 40-year high in January. The Dow and the S&P 500 gained 0.9 percent and 1.5 percent, respectively, on Wednesday. The Nasdaq surged by 2.1 percent as technology shares rebounded from a January sell-off.
5. California lawsuit accuses Tesla of discrimination
California on Wednesday filed a lawsuit against Tesla accusing the electric-vehicle maker of discrimination and harassment against Black employees at its San Francisco Bay area factory. The suit came after hundreds of worker complaints, said Kevin Kish, head of the state's Department of Fair Employment and Housing. The department said it "found evidence that Tesla's Fremont factory is a racially segregated workplace where Black workers are subjected to racial slurs and discriminated against in job assignments, discipline, pay, and promotion creating a hostile work environment," Kish said. Tesla did not release an immediate response, although it said in a Securities and Exchange Commission annual filing several days ago that the suit was coming.
Create an account with the same email registered to your subscription to unlock access.
Sign up for Today's Best Articles in your inbox
A free daily email with the biggest news stories of the day – and the best features from TheWeek.com
Harold Maass is a contributing editor at The Week. He has been writing for The Week since the 2001 debut of the U.S. print edition and served as editor of TheWeek.com when it launched in 2008. Harold started his career as a newspaper reporter in South Florida and Haiti. He has previously worked for a variety of news outlets, including The Miami Herald, ABC News and Fox News, and for several years wrote a daily roundup of financial news for The Week and Yahoo Finance.
-
Why is Tesla stumbling?
In the Spotlight More competition, confusion about the future and a giant pay package for Elon Musk
By Joel Mathis, The Week US Published
-
The wine industry is getting pressed as young people drink less
Under the Radar The once-dominating drink is not aging well
By Anya Jaremko-Greenwold, The Week US Published
-
The largest insurance company payouts
In The Spotlight Fights over insurance have been in the spotlight following the collapse of the Francis Scott Key Bridge in Baltimore
By Justin Klawans, The Week US Published
-
Disney board fends off Peltz infiltration bid
Speed Read Disney CEO Bob Iger has defeated activist investor Nelson Peltz in a contentious proxy battle
By Rafi Schwartz, The Week US Published
-
Visa and Mastercard agree to lower swipe fees
Speed Read The companies will cap the fees they charge businesses when customers use their credit cards
By Peter Weber, The Week US Published
-
Reddit IPO values social media site at $6.4 billion
Speed Read The company makes its public debut on the New York Stock Exchange
By Peter Weber, The Week US Published
-
Disney is engaged in a proxy battle against activist investors
Under the Radar Members of the Disney family are backing the company's leadership in the fight
By Justin Klawans, The Week US Published
-
Chinese electric cars may be coming to spy on you
Talking Points The Biden administration investigates Chinese electric cars as a potential economic and national security threat
By Harold Maass, The Week US Published