McConnell calls Ukraine aid a ‘direct investment’ for US against Putin’s ‘war machine’ | Canada News Media
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McConnell calls Ukraine aid a ‘direct investment’ for US against Putin’s ‘war machine’

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Greg NashMinority Leader Mitch McConnell (R-Ky.) addresses reporters after the weekly policy luncheon on Tuesday, February 14, 2023.

Senate Minority Leader Mitch McConnell (R-Ky.) affirmed that U.S. aid to Ukraine is a “direct investment” in the country’s interests and against Russian President Vladimir Putin’s “war machine” on the first anniversary of Russia’s full-scale invasion.

The senate minority leader said in a statement on Friday that U.S. national security is tied to stability and security in Europe and preventing Russian forces from advancing in the continent.

“As my fellow leading Republicans and I have explained, it is not an act of charity for the United States and our NATO allies to help supply the Ukrainian people’s self-defense,” he said. “It is a direct investment in our own core national interests.”

McConnell added that the United States has largely been sending older weapons from its stockpile, allowing the U.S. to replenish its inventory with more modern versions of what’s being sent abroad.

“If Putin were given a green light to destabilize Europe, invading and killing at will, the long-term cost to the United States in both dollars and security risks would be astronomically higher than the miniscule fraction of our GDP that we have invested in Ukraine’s defense thus far,” he said.

He called on the Biden administration and U.S. allies to act more decisively in ensuring that their combined assistance to Ukraine and investments in their own militaries happen at the “speed of relevance.” He said experience has shown that weakness and hesitation are what provokes Putin to act.

“The road to peace lies in speedily surging Ukraine the tools they need to achieve victory as they define it,” McConnell said.

The Kentucky Republican said that he has spent the past week traveling with some other GOP senators to meet with leaders of U.S. allies to assure them that the country will continue to invest in its military in order to keep the NATO alliance strong and push them to make greater investments in their defenses to reduce the burden on the U.S.

The country has shown strong bipartisan support for helping Ukraine throughout much of the war over the past year, but some GOP members of Congress — such as Rep. Marjorie Taylor Greene (R-Ga.) — have called for ending U.S. aid to Ukraine.

“We don’t pay taxes to fund foreign country’s wars who aren’t even NATO ally’s,” Greene tweeted Monday.

But other Republican leaders, like McConnell, have been steadfast in maintaining support for Ukraine, telling participants of the Munich Security Conference last week that “Reports about the death of Republican support for strong American leadership in the world have been greatly exaggerated.”

 

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Tesla shares soar more than 14% as Trump win is seen boosting Elon Musk’s electric vehicle company

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NEW YORK (AP) — Shares of Tesla soared Wednesday as investors bet that the electric vehicle maker and its CEO Elon Musk will benefit from Donald Trump’s return to the White House.

Tesla stands to make significant gains under a Trump administration with the threat of diminished subsidies for alternative energy and electric vehicles doing the most harm to smaller competitors. Trump’s plans for extensive tariffs on Chinese imports make it less likely that Chinese EVs will be sold in bulk in the U.S. anytime soon.

“Tesla has the scale and scope that is unmatched,” said Wedbush analyst Dan Ives, in a note to investors. “This dynamic could give Musk and Tesla a clear competitive advantage in a non-EV subsidy environment, coupled by likely higher China tariffs that would continue to push away cheaper Chinese EV players.”

Tesla shares jumped 14.8% Wednesday while shares of rival electric vehicle makers tumbled. Nio, based in Shanghai, fell 5.3%. Shares of electric truck maker Rivian dropped 8.3% and Lucid Group fell 5.3%.

Tesla dominates sales of electric vehicles in the U.S, with 48.9% in market share through the middle of 2024, according to the U.S. Energy Information Administration.

Subsidies for clean energy are part of the Inflation Reduction Act, signed into law by President Joe Biden in 2022. It included tax credits for manufacturing, along with tax credits for consumers of electric vehicles.

Musk was one of Trump’s biggest donors, spending at least $119 million mobilizing Trump’s supporters to back the Republican nominee. He also pledged to give away $1 million a day to voters signing a petition for his political action committee.

In some ways, it has been a rocky year for Tesla, with sales and profit declining through the first half of the year. Profit did rise 17.3% in the third quarter.

The U.S. opened an investigation into the company’s “Full Self-Driving” system after reports of crashes in low-visibility conditions, including one that killed a pedestrian. The investigation covers roughly 2.4 million Teslas from the 2016 through 2024 model years.

And investors sent company shares tumbling last month after Tesla unveiled its long-awaited robotaxi at a Hollywood studio Thursday night, seeing not much progress at Tesla on autonomous vehicles while other companies have been making notable progress.

Tesla began selling the software, which is called “Full Self-Driving,” nine years ago. But there are doubts about its reliability.

The stock is now showing a 16.1% gain for the year after rising the past two days.

The Canadian Press. All rights reserved.

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S&P/TSX composite up more than 100 points, U.S. stock markets mixed

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TORONTO – Canada’s main stock index was up more than 100 points in late-morning trading, helped by strength in base metal and utility stocks, while U.S. stock markets were mixed.

The S&P/TSX composite index was up 103.40 points at 24,542.48.

In New York, the Dow Jones industrial average was up 192.31 points at 42,932.73. The S&P 500 index was up 7.14 points at 5,822.40, while the Nasdaq composite was down 9.03 points at 18,306.56.

The Canadian dollar traded for 72.61 cents US compared with 72.44 cents US on Tuesday.

The November crude oil contract was down 71 cents at US$69.87 per barrel and the November natural gas contract was down eight cents at US$2.42 per mmBTU.

The December gold contract was up US$7.20 at US$2,686.10 an ounce and the December copper contract was up a penny at US$4.35 a pound.

This report by The Canadian Press was first published Oct. 16, 2024.

Companies in this story: (TSX:GSPTSE, TSX:CADUSD)

The Canadian Press. All rights reserved.

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S&P/TSX up more than 200 points, U.S. markets also higher

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TORONTO – Canada’s main stock index was up more than 200 points in late-morning trading, while U.S. stock markets were also headed higher.

The S&P/TSX composite index was up 205.86 points at 24,508.12.

In New York, the Dow Jones industrial average was up 336.62 points at 42,790.74. The S&P 500 index was up 34.19 points at 5,814.24, while the Nasdaq composite was up 60.27 points at 18.342.32.

The Canadian dollar traded for 72.61 cents US compared with 72.71 cents US on Thursday.

The November crude oil contract was down 15 cents at US$75.70 per barrel and the November natural gas contract was down two cents at US$2.65 per mmBTU.

The December gold contract was down US$29.60 at US$2,668.90 an ounce and the December copper contract was up four cents at US$4.47 a pound.

This report by The Canadian Press was first published Oct. 11, 2024.

Companies in this story: (TSX:GSPTSE, TSX:CADUSD)

The Canadian Press. All rights reserved.

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