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Volvo wins case-by-case U.S. clearance to sell China-linked connected cars
technology8 hours ago

Volvo wins case-by-case U.S. clearance to sell China-linked connected cars

Volvo Cars has received a specific authorization from the U.S. Department of Commerce to import and sell connected cars in the United States despite a broader 2027+ ban on software linked to China, with approvals granted on a case-by-case basis under the Securing the Information and Communications Technology and Services Supply Chain rule. The move, tied to Volvo’s governance and data-security commitments and involving a partial stake by Geely, could influence whether other Chinese-owned electric vehicles can enter the U.S. market in coming years.

via Ars Technica|
#china#commerce-department#connected-vehicles
US to Put Google, Microsoft, and xAI AI Models Through Safety Vetting
technology22 days ago

US to Put Google, Microsoft, and xAI AI Models Through Safety Vetting

Under a voluntary expansion of Biden-era accords, the US Department of Commerce will test AI models from Google (Gemini via DeepMind), Microsoft (Copilot), and xAI (Grok) through the Center for AI Standards and Innovation to evaluate capabilities and security, with CAISI noting it has run about 40 prior evaluations and emphasizing collaborative research and best-practice development for commercial AI systems.

via BBC|
#ai-safety#caisi#commerce-department
Gas-price surge powers March US retail sales to over-three-year high
economy1 month ago

Gas-price surge powers March US retail sales to over-three-year high

US retail sales rose 1.7% in March, the fastest monthly pace since January 2023, driven by a record spike in gas prices that boosted gasoline-station spending by 15.5% month over month. Excluding gas, retail sales were up 0.6%, with gains across categories like furniture and home furnishings (up 2.2%) and electronics/building materials, while apparel was flat and restaurants rose just 0.1%. Economists had expected about a 1.6% increase. The gas-price spike came amid geopolitical tensions in the Middle East, including the war with Iran and the closure of the Strait of Hormuz, though tax refunds helped households weather the oil shock.

via CNN|
#commerce-department#economy#gas-prices
US retail spending stalls in December as inflation and gloom weigh in
business3 months ago

US retail spending stalls in December as inflation and gloom weigh in

U.S. retail sales were unchanged in December, missing economists’ expectations of about 0.4% growth and reversing November’s gain. The flat month came as furniture and miscellaneous stores fell (-0.9% each) while home improvement rose 1.2%, and the control group slipped 0.1%. The report, seasonally adjusted but not inflation-adjusted, was delayed by last year’s government shutdown. Despite slower hiring and stubborn inflation, Americans haven’t slashed spending, but December’s stagnation suggests consumer activity may be nearing a spending ceiling.

via cnn.com|
#business#commerce-department#consumer-spending
Geely’s US car push hits cybersecurity gate
transportation3 months ago

Geely’s US car push hits cybersecurity gate

Geely, which controls Volvo, plans to build cars in the U.S. via Volvo’s South Carolina plant, but a new Commerce Department rule requires that all software and connectivity tech be free of Chinese control. Software for model years 2027+ must be certified, with per-model/year authorizations, and hardware bans begin for 2030; no waivers have been issued yet. Volvo may help navigate approvals, but Geely would need to prove software origin and data governance for every model/year before selling in America.

via theverge.com|
#autonomous-driving#commerce-department#cybersecurity
Trump Bets Big on U.S. Rare-Earths With $1.6B Investment
business4 months ago

Trump Bets Big on U.S. Rare-Earths With $1.6B Investment

The Trump administration announced up to $277 million in direct funding and up to $1.3 billion in loans to USA Rare Earth to bolster domestic supply chains for rare earth minerals and magnets, taking about 16 million shares plus a warrant for 17.6 million more as part of broader government equity stakes in private firms. The effort, aiming to reduce China’s dominance in critical materials, includes a Texas mine slated for 2028 and an Oklahoma magnetics project, and comes amid scrutiny over Cantor Fitzgerald’s ties to Commerce Secretary Lutnick.

via The New York Times|
#business#cantor-fitzgerald#commerce-department
US Government Takes Equity Stake in USA Rare Earth to Back Western Supply Chain
business4 months ago

US Government Takes Equity Stake in USA Rare Earth to Back Western Supply Chain

The Commerce Department plans a $1.3 billion loan and $277 million in federal funding to USA Rare Earth, in exchange for 16.1 million shares and 17.6 million warrants that would give the government an 8%–16% stake once warrants are exercised. The deal, part of a push to build a Western rare earth supply chain, funds the company’s magnet plant in Stillwater, Oklahoma, and the Round Top mine in Texas, with total project costs around $4.1 billion and about $3.5 billion already secured from cash, private funding, and the government package. Disbursement is 2026–2028 based on milestones, and the agreement is subject to final approvals; the company has already raised $1.5 billion from private investors. Shares rose more than 20% on the news.

via CNBC|
#business#commerce-department#equity-stake
Raimondo Aims to Deplete Trump's Campaign Funds
politics1 year ago

Raimondo Aims to Deplete Trump's Campaign Funds

Commerce Secretary Gina Raimondo is working to allocate nearly all of the $50 billion from the CHIPS Act before Donald Trump assumes office, aiming to solidify the Biden administration's tech legacy. This effort is part of a broader strategy to secure bipartisan-supported programs against potential rollbacks by a Republican administration. Raimondo is confident that the bipartisan nature of the CHIPS Act, focused on national security, will protect it from significant changes under Trump. The Commerce Department has shifted towards high-tech and national security under her leadership.

via POLITICO|
#biden-administration#chips-act#commerce-department