Archive

2023

Browsing

The Biden administration appears to have green-lit a project proposed by Chinese-controlled battery company Gotion to build a factory in the U.S. after a short review.

The Committee on Foreign Investment in the United States (CFIUS) — an interagency taskforce overseen by the Department of the Treasury and tasked with reviewing certain foreign investments that may pose a national security threat — determined a Gotion project in the southern U.S. was not subject to further review, according to the company’s top North America executive.

‘Gotion is pleased to share the news we received from the Department of Treasury yesterday regarding a voluntary Committee on Foreign Investment in the United States, CFIUS, filing that we submitted in March for a proposed plant in the southern United States,’ said Chuck Thelen, Gotion’s vice president of North American operations. 

‘Following an almost four-week review process by the committee, which is a nine panel committee using all the intelligence agencies within the United States, CFIUS determined that our proposed transaction was not subject to further review and we may proceed with the proposed transaction,’ he continued.

Thelen’s comments came during a hearing Thursday before state lawmakers in Michigan where Gotion, a subsidiary of the Hefei City, China-based Gotion High-Tech, has proposed a separate electric vehicle battery project. That factory, which Gotion is set to begin building in Big Rapids, Michigan, this year, has faced heavy scrutiny given the company’s ties to China.

Thelen mentioned the CFIUS review for Gotion’s southern U.S. plant, the exact location of which he didn’t disclose, in an effort to assuage lawmakers’ concerns about the Michigan project. He also mentioned a voluntary CFIUS review concerning the Michigan plant is ongoing.

‘Our voluntary filing for the Big Rapids area plant was submitted April 13 as I have indicated previously and we expect a similar review period and outcome,’ he said. ‘So, the CFIUS for the southern United States has already been passed.’

Later in the hearing, in a 10-9 vote, the Michigan state Senate Appropriations Committee gave the final stamp of approval for granting Gotion $175 million in direct taxpayer funding to help build the facility. The vote, which only received support from Democratic lawmakers on the panel, was immediately slammed by Republicans who argued it was a corporate handout benefiting an adversary.

Republican state Sen. Lana Theis, one of the committee members who voted against the funding, said Gotion has ‘deep ties to and is directly influenced by the Chinese Communist Party’ and added that it wasn’t inconceivable that China might weaponize the plant ‘causing untold damage and security risks.’

‘Gotion crafted, in secret, a sweetheart deal with eager government bureaucrats that threatens our state and national sovereignty and security, the environment, and public health and safety, while essentially costing the company nothing in return,’ she said in a statement.

According to its corporate bylaws, Gotion High-Tech is required to ‘carry out Party activities in accordance with the Constitution of the Communist Party of China.’

And Rep. John Moolenaar, R-Mich., who represents the district where the Big Rapids plant would be constructed, released communications between himself and the Treasury Department over a CFIUS review he requested in February. In an April 4 letter, Treasury Assistant Secretary Jonathan Davidson reiterated the importance of CFIUS, but didn’t address Moolenaar’s concerns.

‘Treasury’s response fails to provide information on CCP investment in Michigan and reflects how the federal review process is broken,’ Moolenaar said. ‘During the 46 days it took to craft this insufficient reply, CFIUS could have conducted a review of the CCP-affiliated Gotion project in Mecosta County.’ 

‘The lack of transparency in this process is concerning and people should be able to know that a company that is trying to come into their community is being reviewed for its ties,’ he added. ‘While it is welcome that Gotion recently requested a federal review on its own, the subsidiary of a parent company that pledges allegiance to the CCP should not pass a CFIUS review to build a facility in Michigan.’

The Michigan lawmaker later added that the Michigan legislature’s decision to give funding to Gotion was a ‘historic mistake.’

When asked about the status of the ongoing CFIUS reviews and the review Gotion touted on Thursday, the Treasury Department declined to directly comment.

‘CFIUS is committed to taking all necessary actions within its authority to safeguard U.S. national security,’ a Treasury Department spokesperson told Fox News Digital. ‘Consistent with law and practice, CFIUS does not publicly comment on transactions that it may or may not be reviewing.’

This post appeared first on FOX NEWS

Former President Donald Trump’s campaign on Friday launched multiple attacks on Florida Gov. Ron DeSantis, a potential rival in the race for the 2024 Republican presidential nomination, citing multiple progressive groups and far-left MSNBC host Joy Reid’s blog in doing so.

In a press release titled, ‘The Real Ron DeSantis Playbook,’ Trump’s campaign cited data from the National Low Income Housing Coalition (NLIHC) and the Florida Policy Institute to blast DeSantis for what it said was data showing the state continuing ‘to tumble into complete and total delinquency and destruction.’

Additionally, Trump later posted on Truth Social with a quote from Reid’s Wednesday blog, The ReidOut, which called DeSantis’ trip to Washington, D.C. to meet with lawmakers this week a ‘charm offensive,’ and ‘a massive failure.’

According to the data Trump’s campaign cited from the NLIHC, a group ‘dedicated to achieving racially and socially equitable public policy,’ Floridians making just $10 have to work 86 hours per week in order to afford a single bedroom home.

The data cited by Trump’s campaign from the Florida Policy Institute, a non-partisan, but liberal-leaning, non-profit focused on the state’s economic policies, listed Florida as one of the least affordable states in the country to live.

Each of these points, Trump’s campaign blamed on DeSantis and his leadership as Florida’s governor.

‘The real DeSantis record is one of misery and despair. He has left a wake of destruction all across Florida and people are hurting because he has spent more time playing public relations games instead of actually doing the hard-work needed to improve the lives of the people he represents,’ Trump spokesperson Stephen Cheung said in a statement.

It isn’t clear why Trump’s campaign would cite Reid’s blog in its attacks against DeSantis, as the liberal host has regularly railed against both men on her evening program. 

DeSantis has reportedly been mulling a run for the White House, but has yet to announce whether he will ultimately toss his hat into the ring and challenge Trump’s front-runner status for the GOP nomination.

Fox News Digital reached out to DeSantis’ campaign for comment but did not immediately receive a response.

This post appeared first on FOX NEWS

After delaying its decision earlier this week, the Supreme Court on Friday ruled that full access to the abortion pill mifepristone can continue as a lawsuit works its way through the lower federal courts.

Mifepristone was approved by the Food and Drug Administration (FDA) in 2000, and its use has been deregulated in recent years. Under President Biden, the FDA made abortion pills more widely available at retail pharmacies, including delivery by mail. 

The ruling by the Supreme Court gives a victory to the Biden administration and supporters of abortion rights, but the Supreme Court will likely be asked to revisit the issue later this year.

The case challenging the FDA’s approval of mifepristone, brought by pro-life doctors and medical groups, is the first abortion controversy to be heard by the Supreme Court since the Republican-appointed majority overturned Roe v. Wade 10 months ago and permitted more than a dozen states to effectively ban abortion outright.

In that decision, Justice Samuel A. Alito, Jr. said abortion policy should be a question for lawmakers to consider, not courts. 

‘It is time to heed the Constitution and return the issue of abortion to the people’s elected representatives,’ Alito wrote.

In this case, the issue is not abortion pills directly, but whether the FDA acted appropriately in approving the drug more than 20 years ago. The Alliance Defending Freedom, which represents the pro-life plaintiffs, alleges the FDA ‘chose politics over science’ in approving the drug and acted unlawfully by removing safeguards around mifepristone, including permitting the pill to be delivered by mail.

The Biden administration and Danco Laboratories, the drug’s manufacturer, counter that mifepristone has been repeatedly found to be safe and effective by FDA’s expert review process. In over two decades since it was first approved, the drug has been used by more than 5 million women to terminate pregnancies.  

The case reached the Supreme Court after Trump-appointed U.S. District Judge Matthew J. Kacsmaryk issued a highly controversial ruling siding with the pro-life groups and halting FDA approval for mifepristone. His order was partially overturned by the 5th U.S. Circuit Court of Appeals, but the appeals court preserved restrictions that made the drug available only to be dispensed up to seven weeks, not 10, and not by mail.

The Justice Department argued that allowing restrictions to mifepristone imposed by the lower courts to remain in place would cause chaos. Complicating the matter, a federal judge in Washington has ordered the FDA to preserve access to mifepristone under the current rules in response to a separate lawsuit brought by 17 Democratic-led states and the District of Columbia. 

The Biden administration has said the rulings conflict and create an untenable situation for the FDA. 

In a new development, the generic abortion pill maker GenBioPro Inc. filed a lawsuit against the FDA Wednesday to keep mifepristone available on the market amid the other ongoing legal challenges. 

Mifepristone is taken with misoprostol in a two-drug regimen that first blocks hormones needed to keep an unborn baby alive and then causes cramps and contractions to expel the dead fetus from the mother’s womb. 

The drug is 97% effective in terminating early pregnancy, though approximately 3% of women who take it will ‘require surgical intervention for ongoing pregnancy, heavy bleeding, incomplete expulsion or other reasons such as patient request,’ according to the manufacturer. 

The Associated Press contributed to this report. 

This post appeared first on FOX NEWS

Washington Gov. Jay Inslee, a Democrat, signed a bill this week officially abolishing the death penalty in the Pacific Northwest state nearly 10 years after he initiated a moratorium on capital punishment and five years after the state supreme court struck it down as ‘unconstitutional.’

‘It’s official,’ the governor wrote on Twitter Thursday. ‘The death penalty is no longer in state law. In 2014 I issued a moratorium. In 2018 the state Supreme Court deemed the death penalty unconstitutional. Now in 2023, passage of SB 5087 strikes it entirely from our statutes.’

Washington’s supreme court ruled the death penalty was arbitrary and racially-based in 2018 after a study at the University of Washington found that juries were four times as likely to sentence a Black defendant to death than a non-Black one. 

The court converted the sentences of the eight people on Washington’s death row to life in prison at the time. 

‘The death penalty is unequally applied — sometimes by where the crime took place, or the county of residence, or the available budgetary resources at any given point in time, or the race of the defendant,’ Chief Justice Mary Fairhurst wrote in the lead opinion.

FLORIDA GOV DESANTIS SIGNS BILL ALLOWING JURIES TO SENTENCE AN INMATE TO DEATH WITHOUT UNANIMOUS VOTE 

She added, ‘To the extent that race distinguishes the cases, it is clearly impermissible and unconstitutional.’ 

Defense lawyers had long challenged the death penalty on those grounds, noting the state’s worst mass murderers and serial killers, Green River killer Gary Ridgway among them, had received life terms, not death. In a 5-4 ruling in 2006, the justices rejected an argument from a death row inmate that he shouldn’t be executed because Ridgway hadn’t been executed.

Washington’s last execution took place in 2010 when Cal Brown was given a lethal injection for the brutal rape, torture and murder of 21-year-old Holly Washa in 1991.

Fox News Digital has reached out to Inslee’s office for comment. 

Neighboring Idaho is one of 27 states that still allows the death penalty and is the most recent to adopt the use of a firing squad execution amid a shortage of drugs used for lethal injections and controversy around the efficacy of lethal injections. 

Mississippi, Oklahoma, Utah and South Carolina also allow firing squads and have collectively executed three condemned prisoners by that method since 1976.

The Associated Press contributed to this report. 

This post appeared first on FOX NEWS

Democrat New York City Mayor Eric Adams said Friday the migrant crisis the country is facing under the Biden administration has ‘destroyed’ his city.

Adams made the comments during a panel discussion with the African American Mayors Association in Washington, D.C.

‘[The] city is being destroyed by the migrant crisis,’ Adams said during the discussion. 

Adams even appeared to take a hit at politicians from his own city, suggesting they aren’t doing much to fix the issue at hand.

‘None of my folks came to Washington, D.C., to fight for the resources, that’s going to undermine every agency in our city,’ Adams said.

Adams made similar comments Wednesday, when he said that the ‘national government has turned its back on New York City,’ adding that ‘every service in this city is going to be impacted by the asylum seeker crisis.’

In a memo from the New York City Office of Management, reported by the New York Post, the city will spend an estimated $4.2 billion on costs related to migrants and asylum seekers that would be spent through June 30, 2023, and the end of fiscal year 2024.

According to the internal city memo, Democratic New York Gov. Kathy Hochul’s plan would reimburse the city for up to $1 billion in migrant aid, which only covers 29% of expected shelter costs.

New York City officials have applied for a FEMA grant worth $654 million, with a decision expected May 31.

This post appeared first on FOX NEWS

North Dakota House lawmakers passed three bills Friday that would restrict transgender people’s access to bathrooms, remove sexually explicit materials from the children’s section of libraries, and expand child care assistance in the hopes of combating the state’s workforce shortage.

The trans bill and sexual materials bill passed the House and Senate with veto-proof majorities, so the bills could become law without Republican Gov. Doug Burgum’s approval.

The child care bill passed after heated debate in the House and without a veto-proof majority. It still requires approval from the Senate and governor to become law.

Transgender Bill

The legislation would limit access to bathrooms, locker rooms and shower rooms for transgender and gender-nonconforming people in several state facilities. That includes dorms and living facilities controlled by the state board of higher education, penitentiaries and correctional facilities for youths and adults.

Restrooms and shower rooms at these facilities would be designated for use exclusively for males or exclusively for females, according to the bill. Transgender or gender-nonconforming people would need to get approval from a staff member at the facility to use the restroom or shower room of their choice.

House lawmakers did not debate the bill. It passed with a 78-14 vote.

Three Republicans — Reps. Eric James Murphy of Grand Forks, David Richter of Williston, and Cynthia Schreiber-Beck of Wahpeton — defied their party and voted against the bill. In the other direction, Democratic Rep. Corey Mock, of Grand Forks, was the only person in his party to vote in support of the bill.

The American Civil Liberties Union has said that so far this year, more than 450 bills attacking the rights of transgender people have been introduced in state legislatures.

Sexual Materials Bill

Public libraries would be prohibited from keeping sexually explicit material — which is defined as being ‘patently offensive’ and lacking ‘serious literary, artistic, political or scientific value for minors’ — in the children’s section, under this bill.

A librarian or anyone else who knowingly violates the rule could be charged with a felony, said Republican Rep. Lawrence Klemin, of Bismarck, speaking on the House floor before voting in support of the bill. The felony comes with up to five years in prison and $10,000 in fines.

Following minimal discussion, the bill passed with a 70-22 vote. All 12 Democrats voted against it, along with 10 Republicans.

Attempted book bans and restrictions at school and public libraries have surged across the country, setting a record in 2022, according to the American Library Association last month.

Child Care Bill

Following heated debate, House lawmakers passed a bill that would expand child care assistance for parents in the state.

Supporters said the bill would help the state combat its workforce shortage, whereas opponents said it would cost too much without the guarantee of bringing in more workers.

The program would cost $65.6 million — which is ‘significantly less’ than the other child care proposals lawmakers heard — and it would help thousands of children, said Republican Rep. Emily O’Brien, of Grand Forks, while speaking in support of the bill on the House floor.

Democratic Rep. Alisa Mitskog, of Wahpeton, added that New Mexico — a competing oil-producing state — has already invested in child care assistance to attract workers.

But opponents said the program would be a waste of money from the state’s general fund. ‘It’s also a very leftist, socialist idea,’ Republican Rep. Jeff Hoverson, of Minot, said.

The bill passed with a 62-29 vote, with all 12 Democrats voting in support along with 50 Republicans.

Burgum, the second-term Republican governor and a staunch supporter of child care investments, said last year that the lack of affordable child care in North Dakota contributes to workforce shortages that have hurt the state’s economy. Adequate and affordable child care would help attract and retain companies in the state, he added.

This post appeared first on FOX NEWS

When a stock you don’t own keeps going higher and higher, you probably feel regret for not buying it when it was still affordable. It’s not unusual for traders to feel that way. But the reality is that no stock keeps moving up forever. Looking back at stock market history, you’ll see that stocks often go in and out of favor. So, if you miss an opportunity, you don’t have to be disheartened. There’ll be other opportunities.

TSLA’s Ride

Tesla (TSLA) is one example of such a stock. It was a Wall Street favorite from mid-2019 till early November 2021. Everyone was talking about the stock. Since then, its ride seems to have hit a few speed bumps (see the chart below). When a stock that was riding high sees its value drop, it’s only natural to want to buy it. But before you do, it’s a good idea to do your due diligence.

CHART 1: SIGNS OF TSLA STOCK BREAKING DOWN. Weakening trend strength, bearish force, and slowing momentum are hurdles that may be preventing TSLA stock from resuming a bullish run.Chart source: StockCharts.com. For illustrative purposes only.

Three Breakdown Signals

Here are a few reasons why TSLA stock could be slowing down.

Trend strength. When you see a trend form, it’s good to get some idea of the trend’s strength. Given that TSLA stock can be volatile, the Average Directional Index (ADX) is one indicator that can help get this info. If you look at the chart of TSLA, the ADX moved higher during the downward move from the end of September 2022 and crossed above the 25 level in early October. When the downtrend ended (early January 2023), ADX peaked. When the uptrend started in January 2023, the ADX started to decline. This would have been an indication that the uptrend wasn’t so strong. On March 8, 2023, ADX fell below the 25 level, which should have alerted you to the lack of strength in any upward move in TSLA. Some traders prefer to use a different threshold level for their analysis, which could give earlier or later signals. Yes, a lot of fundamental info, such as price wars, lower earnings, and potentially lower demand for new cars, dragged the stock price down. But even before that info was revealed to the public, the ADX indicated price movement in TSLA was decelerating, indicating that the stock might trend lower or stay within a trading range.Bullish or bearish force. When a security is in an upward trend, you want the force of the bulls behind it. If the bullish force weakens when a stock is trending higher, it indicates that the trend may not go on for too long. The Force Index can indicate whether bulls or bears have more power. In the daily chart of TSLA, there was a bearish divergence between price and the 13-period Force Index (middle sub-chart). There hasn’t been much of a pickup in the Force Index since then.Price momentum. “The trend is your friend until it ends” is a common adage among traders. If you look at the Percentage Price Oscillator (PPO) in the lower sub-chart of the TSLA chart, the downward price move from September 2022 to January 2023 had a lot of momentum behind it. And when the trend reversed, and TSLA’s stock price moved higher, PPO turned and moved higher pretty quickly, with the signal and center line crossovers. That happened until the trend reversed again, this time to the downside. Interestingly, the downside crossover in the PPO didn’t stall when the stock price pulled back and tried to move higher. The lower high on February 27, 2023 was an additional signal that the TSLA stock would probably go lower.

The Final Word

Were you tempted to buy TSLA stock when it started trending higher after hitting its January low? If you didn’t, you haven’t missed out. The downside crossover, together with the bearish divergences in the ADX and Force Index, should have been enough to convince you that the uptrend in TSLA stock from January 2023 to February 2023 would be short-lived. Now, TSLA could still have another chance at achieving its “glamor” status. But don’t be too quick to jump in. Now that you know which indicators to look at, make sure there’s enough strength, bullish force, and momentum to take the stock higher before you jump in for the ride. Well, before it hits its next speed bump.

Disclaimer: This blog is for educational purposes only and should not be construed as financial advice. The ideas and strategies should never be used without first assessing your own personal and financial situation, or without consulting a financial professional.

In this episode of StockCharts TV‘s The MEM Edge, Mary Ellen highlights what areas are outperforming the markets and why. She also reviews top gaining stocks for the week and the best way to capitalize on further upside potential.

This video was originally broadcast on April 21, 2023. Click on the above image to watch on our dedicated MEM Edge page on StockCharts TV, or click this link to watch on YouTube. You can also watch on our on-demand website, StockChartsTV.com, using this link.

New episodes of The MEM Edge air Fridays at 5:30pm PT on StockCharts TV. You can view all previously recorded episodes at this link. You can also receive a 4-week free trial of her MEM Edge Report by clicking the image below.

On this week’s edition of Moxie Indicator Minutes, TG explains how the Moxie trading room was well positioned for the drop of the market today. Having notified subscribers that there was likely to be a bounce and exactly where it would go, TG saw it work out perfectly, and we added to our short positions, which then paid out well by the end of the day. TG walks viewers through it and shows you what he was seeing.

This video was originally broadcast on April 21, 2023. Click this link to watch on YouTube. You can also view new episodes – and be notified as soon as they’re published – using the StockCharts on demand website, StockChartsTV.com, or its corresponding apps on Roku, Fire TV, iOS, Chromecast, Android, and more!

New episodes of Moxie Indicator Minutes air Fridays at 1:15pm ET on StockCharts TV. Archived episodes of the show are available at this link.

On this week’s edition of StockCharts TV‘s StockCharts in Focus, Grayson explores two crucial features on the site – ChartLists and ChartStyles – and shows you how to quickly apply different sets of indicators and chart settings to the same list of symbols without typing them one at a time. This helpful workflow booster will make it easier for you to review a watch list full of new trade targets or study the positions you own in your current portfolio.

This video was originally broadcast on April 21, 2023. Click on the above image to watch on our dedicated StockCharts in Focus page on StockCharts TV, or click this link to watch on YouTube. You can also watch on our on-demand website, StockChartsTV.com, using this link.

New episodes of StockCharts in Focus air Fridays at 3pm ET on StockCharts TV. You can view all previously recorded episodes at this link.