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WASHINGTON: US manufacturing output increased more than expected in November, boosted by motor vehicle production, though momentum could slow as a fresh outbreak of COVID-19 infections keeps workers at home and temporarily shuts down factories. Other data on Tuesday suggested that a benign inflation environment could persist for a while, with import prices barely rising last month even as the dollar has weakened against the currencies of the United States' main trade partners. Strong production at factories is defying signs of a slowdown in the economy's recovery from the coronavirus recession, underscored by rising layoffs. Retail sales likely declined in November for the first time since April, according to a Reuters survey of economists. November's retail sales report is scheduled to be released on Wednesday. "COVID-19 containment measures are likely to exert a heavy economic toll over the next few months and the manufacturing sector won't be immune, but it is going to be … [Read more...] about US manufacturing production solid; imported inflation muted

WASHINGTON: A panel of outside advisers to the US Food and Drug Administration on Thursday (Dec 17) overwhelmingly endorsed emergency use of Moderna's coronavirus vaccine, virtually assuring a second option for protecting against COVID-19 for a pandemic ravaged nation. The committee voted 20-0 with one abstention that the benefits of the vaccine outweigh its risks in people aged 18 and older, one week after the same panel backed a similar vaccine from Pfizer  and German partner BioNTech, leading to an FDA emergency use authorisation (EUA) a day later. The FDA is expected to grant the EUA as early as late Thursday or Friday, providing another ray of hope to a nation that has lost more than 300,000 lives to COVID-19 - including a one-day high of 3,580 deaths on Wednesday - while record numbers of patients threaten to overwhelm US hospitals and healthcare workers. "To go from having a (genetic) sequence of a virus in January to having two vaccines available in December is a … [Read more...] about US FDA expert panel endorses Moderna COVID-19 vaccine

WASHINGTON — President Joe Biden headed to Texas Friday on his first trip to a major disaster site since he took office a little over a month ago. The president’s empathy will be on full display as he and his wife, Jill, survey damage caused by severe winter weather and encourage people to get their coronavirus shots. The brutal winter weather across the South over Valentine’s Day weekend battered multiple states, with Texas bearing the brunt of unseasonably frigid conditions that caused widespread power outages and frozen pipes that burst and flooded homes. Millions of residents lost heat and running water. At least 40 people in Texas died as a result of the storm and, although the weather has returned to more normal temperatures, more than 1 million residents were still under orders to boil water before drinking it. Biden plans to meet with local leaders to discuss the storm, relief efforts and progress toward recovery and visit a food bank and meet some volunteers. He is to be … [Read more...] about Biden heads to Texas to see storm damage, visit food bank

WILMINGTON, Delaware: Democratic presidential candidate Joe Biden on Tuesday (Jul 14) outlined an ambitious climate plan that would spend US$2 trillion over four years investing in clean-energy infrastructure while vowing to cut carbon emissions from electrical power to zero in 15 years. The plan signifies a more aggressive approach on climate policy than he adopted during the Democratic presidential primary – a nod to progressives within the party who have been clamoring for swift, bold action. "Let's not waste any more time," Biden said at a campaign event in Wilmington, Delaware. "Let's get to work now, now." Beyond the goal of reducing carbon emissions, Biden said his climate package would provide a badly needed jolt to a US economy battered by the coronavirus pandemic, ultimately creating millions of new jobs in the clean-energy sector. "When Donald Trump thinks about climate change, the only word he can muster is 'hoax.' When I think about climate change, the word I … [Read more...] about Biden climate plan would spend US$2 trillion in bid to boost economy

WASHINGTON: A major automotive trade association on Tuesday urged U.S. policymakers to back sweeping support for electric vehicles (EV), including new incentives for research and development and consumer purchases. President-elect Joe Biden has made boosting electric vehicles a top priority and pledged to build 550,000 new EV charging stations. He also supports new tax credits for consumer purchases and retrofitting factories for EV production. The Alliance for Automotive Innovation, the auto trade group representing General Motors Co, Volkswagen AG, Toyota Motor Corp, Ford Motor Co and nearly all major automakers, called in a report released Tuesday for a series of steps to boost the EV market and to revamp regulatory oversight of self-driving vehicles. John Bozzella, the group's chief executive, in an interview argued "the future of the industry" is at stake as it spends heavily on electric and self-driving vehicles. The technologies "will redefine motor vehicle … [Read more...] about Automakers urge US support for EV charging, R&D, incentives