Ford Still Scrambling to Get Rare-Earth Magnets
Ford Motor still faces difficulties obtaining vital magnets made with rare-earth elements, despite a deal the U.S. struck with China to ease export controls, a company executive said Monday.
'It's hand to mouth—the normal supply-chain scrambling that you have to do,' said Lisa Drake, a vice president overseeing Ford's industrial planning for batteries and electric vehicles.
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Associated Press
42 minutes ago
- Associated Press
Texas governor calls for special session after vetoing a bill to ban THC-infused goods
AUSTIN, Texas (AP) — Texas Gov. Greg Abbott vetoed a bill that would have banned consumable hemp products containing THC ingredients in the state, but said he's open to lawmakers passing a new effort to regulate what has become a booming business. In fact, he's already summoned lawmakers to a special session in July to do just that. But the Republican's 11th-hour veto Sunday night, delivered just minutes before the bill would become law, drew sharp criticism from some of his top conservatives allies who want to eradicate a business they consider dangerous. The veto was a victory for thousands of retailers and hemp farmers in Texas who worried they could be put out of business, and for advocates who said a ban would harm people who use THC to treat PTSD and other serious conditions. At a press conference Monday, Republican Lt. Gov. Dan Patrick, who has led the effort to crack down on the THC market, said he was confused by the governor's actions and that the veto amounts to legalizing marijuana in Texas. Here's what else to know: What is THC and how is it regulated? Tetrahydrocannabinol, or THC, is the compound that gives marijuana its psychoactive properties. It can be derived from hemp, a plant that is related to but different from marijuana and is used to produce textiles, plastics and other goods. A 2018 federal law allowed states to regulate hemp, which must contain less than 0.3% THC, but variants of hemp can be modified to have more potent concentrations. This has opened up a lucrative market of hemp-derived THC goods that are available in many convenience stores across the country, including in states like Texas where marijuana is strictly prohibited. Critics of the Texas bill pointed to the thousands of jobs and millions in revenue the industry has brought into the state. Many retailers have also said that it allows people to access the medicinal benefits of marijuana without navigating the state's limited medical marijuana program. Supporters of the bill have expressed concerns about the dangers of THC consumables because there is little federal oversight into how they are manufactured. The fate of THC in other states Several other states have moved to regulate hemp-derived THC goods. States where marijuana is legal, such as Colorado, restrict THC consumables with age limits and caps on potency per serving. Alabama, Kentucky, Tennessee and other states where recreational marijuana is prohibited have also pushed for more regulation. Texas' bill would have been one of the more far-reaching because it did not allow any amount of THC, according to experts. Republican Gov. Ron DeSantis in Florida refused to sign similar legislation last year over concerns that it would hurt small businesses. The governor's veto On Sunday, the Texas governor called for a special session to take up the THC bill and other proposals this July. In his veto of the bill, Abbott encouraged lawmakers to consider age restrictions and regulation around the marketing and packaging of THC consumables rather than an outright ban to avoid hemp farmers, pharmacists and others from being prosecuted for owning small amounts. 'Legislators could consider a structure similar to the way alcohol is regulated, with strict enforcement by an agency like the Texas Alcoholic Beverage Commission,' Abbott said in his proclamation vetoing the bill. Lt. Gov. Dan Patrick, the president of the Senate, said Monday that regulation instead of prohibition would be the same as legalizing marijuana in the state. 'I'm not going to legalize marijuana in the state of Texas,' Patrick said. 'By this veto, he has now put us in a box.' Supporters of the veto Many industry groups and retailers applauded the governor's decision on Monday and thanked him for taking their concerns seriously. 'This is a victory for all Texans who have spoken loudly and clearly,' the Hemp Industry & Farmers of America said in a statement Sunday. 'This is what we have been asking for,' the Texas Hemp Coalition said in an Instagram post in response to the governor's proclamation. 'Thank you for trusting us!' ___ Lathan is a corps member for the Associated Press/Report for America Statehouse News Initiative. Report for America is a nonprofit national service program that places journalists in local newsrooms to report on undercovered issues.
Bloomberg
42 minutes ago
- Bloomberg
A $4 Billion Hong Kong Family Office Makes First Crypto Foray
A money manager to some of Hong Kong's richest individuals will start investing in crypto, as more favorable regulations attract a wider array of investors to the digital-asset sector. VMS Group, a multifamily office with just under $4 billion in assets under management, plans to allocate up to $10 million to strategies run by decentralized-finance hedge fund Re7 Capital, said VMS managing partner Elton Cheung in an interview. He added that the size of the allocation hasn't been finalized.
New York Times
42 minutes ago
- New York Times
Ad Giants, Seeking Merger, Agree to F.T.C.'s No-Boycott Deal
The Federal Trade Commission has paved the way for the advertising giants Omnicom Group and Interpublic Group to complete a long-awaited $13.5 billion merger, after the companies agreed that they would not boycott media platforms because of the platforms' political content. The agreement, detailed in a consent decree that the F.T.C. announced on Monday, is an unusual move by one of the nation's principal antitrust regulators. As part of the consent decree, Omnicom and Interpublic cannot band together with other ad companies to direct their clients to participate in such boycotts of social media sites, magazines, TV networks or other publishing platforms. 'Coordination among advertising agencies to suppress advertising spending on publications with disfavored political or ideological viewpoints threatens to distort not only competition between ad agencies, but also public discussion and debate,' Daniel Guarnera, director of the F.T.C.'s Bureau of Competition, said in a statement. The consent decree is part of an effort by the Trump administration to use federal agencies to stanch what it considers corporate America's political bias against conservatives. 'It's a clear effort to deliver on the promise of the Trump-Vance program to use antitrust law to challenge censorship in technical antitrust terms,' said Bill Kovacic, a former F.T.C. commissioner. Want all of The Times? Subscribe.
