(Bloomberg) — President Joe Biden will announce a $60 million investment from Enphase Energy Inc., a manufacturer of solar-energy equipment, when he travels Thursday to South Carolina, the latest effort to underscore his administration’s economic agenda as he seeks reelection.
Investment
Biden to Announce $60 Million Enphase Energy Investment
He has been highlighting his efforts to create manufacturing jobs in the US as a centerpiece of his efforts, boosted in part by legislation he signed into law including the $370 billion Inflation Reduction Act and the $52 billion CHIPS and Science Act.
Read More: The US Middle Class’s Economic Anxiety Will Decide the 2024 Election
Voters are worried about the threat of a potential recession and still struggling with unusually high inflation. The president has been weighed down by low polling numbers and has sought to combat perceptions that he has accomplished little in office.
Biden will announce the investment at a Flex facility in West Columbia, South Carolina. Flex will make products for Enphase at the plant. Enphase sells microinverters and batteries for solar arrays but its products are manufactured at factories in China, Mexico and India. Thursday’s announcement will mark Enphase’s first US-based contract manufacturing facility.
Biden is slated to be joined at the event by Flex Chief Executive Officer Revathi Advaithi and Badri Kothandaraman, president and CEO of Enphase.
The president has touted the Inflation Reduction Act’s subsidies and tax credits for green investments as a centerpiece of his climate agenda, even as some green groups have criticized the administration’s support for other energy projects. The White House agreed to expedite the Mountain Valley Pipeline, a $6.6 billion project, that would carry natural gas across West Virginia, the home state of influential Democratic Senator Joe Manchin, as part of the debt-ceiling deal.
Last month, Biden defended his climate record as he received the endorsement of top environmental groups, including the Sierra Club, National Resources Defense Council’s Action Fund, the League of Conservation Voters and the NextGen political action committee.
—With assistance from David R. Baker.
Economy
S&P/TSX composite down more than 200 points, U.S. stock markets also fall
TORONTO – Canada’s main stock index was down more than 200 points in late-morning trading, weighed down by losses in the technology, base metal and energy sectors, while U.S. stock markets also fell.
The S&P/TSX composite index was down 239.24 points at 22,749.04.
In New York, the Dow Jones industrial average was down 312.36 points at 40,443.39. The S&P 500 index was down 80.94 points at 5,422.47, while the Nasdaq composite was down 380.17 points at 16,747.49.
The Canadian dollar traded for 73.80 cents US compared with 74.00 cents US on Thursday.
The October crude oil contract was down US$1.07 at US$68.08 per barrel and the October natural gas contract was up less than a penny at US$2.26 per mmBTU.
The December gold contract was down US$2.10 at US$2,541.00 an ounce and the December copper contract was down four cents at US$4.10 a pound.
This report by The Canadian Press was first published Sept. 6, 2024.
Companies in this story: (TSX:GSPTSE, TSX:CADUSD)
The Canadian Press. All rights reserved.
Economy
S&P/TSX composite up more than 150 points, U.S. stock markets also higher
TORONTO – Canada’s main stock index was up more than 150 points in late-morning trading, helped by strength in technology, financial and energy stocks, while U.S. stock markets also pushed higher.
The S&P/TSX composite index was up 171.41 points at 23,298.39.
In New York, the Dow Jones industrial average was up 278.37 points at 41,369.79. The S&P 500 index was up 38.17 points at 5,630.35, while the Nasdaq composite was up 177.15 points at 17,733.18.
The Canadian dollar traded for 74.19 cents US compared with 74.23 cents US on Wednesday.
The October crude oil contract was up US$1.75 at US$76.27 per barrel and the October natural gas contract was up less than a penny at US$2.10 per mmBTU.
The December gold contract was up US$18.70 at US$2,556.50 an ounce and the December copper contract was down less than a penny at US$4.22 a pound.
This report by The Canadian Press was first published Aug. 29, 2024.
Companies in this story: (TSX:GSPTSE, TSX:CADUSD)
The Canadian Press. All rights reserved.
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