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Business Highlights – San Francisco Chronicle

NEW YORK (AP) — President Joe Biden is aiming for a massive transformation of the energy sector in the coming decades, and released a $2

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NEW YORK (AP) — President Joe Biden is aiming for a massive transformation of the energy sector in the coming decades, and released a $2 trillion plan to invest in major infrastructure projects including renewable energy, electric vehicles and upgrades to the electric grid. His plans call for 100% renewable energy in the power sector by 2035. To thousands of people working in the fossil fuel industry, those plans may sound like the end of job security. But Biden has proposed to employ out-of-work oil workers plugging uncapped oil wells and to create thousands more jobs stringing power lines and building electric vehicles.

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IMF upgrades forecast for 2021 global growth to a record 6%

WASHINGTON (AP) — The rollout of COVID-19 vaccines and vast sums of government aid will accelerate global economic growth to a record high this year in a powerful rebound from the pandemic recession, the International Monetary Fund says in its latest forecasts. The 190-country lending agency said Tuesday that it expects the world economy to expand 6% for 2021, up from the 5.5% it had forecast in January. It would be the fastest expansion for the global economy in IMF records dating to 1980. In 2022, the IMF predicts that international economic growth will decelerate to a still strong 4.4%, up from its January forecast of 4.2%.

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Businesses and philanthropy unite to fight racial wealth gap

NEW YORK (AP) — The CEOs of Starbucks and Goldman Sachs will join leaders from philanthropy and academia in a new initiative to address the racial wealth gap in the United States. NinetyToZero, named for the 90% wealth gap between white and Black Americans, plans to provide a roadmap for organizations to “counteract centuries of discrimination, segregation, and financial exploitation,” the group announced Tuesday. Those organizations who join NinetyToZero agree to establish internal goals for hiring and promoting Black talent, as well as measuring how much money is spent with Black-owned businesses and placing more money with Black-owned banks and other financial institutions.

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Electric Chevy pickup to get estimated 400 miles per charge

DETROIT (AP) — General Motors says an electric version of the Chevrolet Silverado pickup truck will get an estimated 400 miles of range per charge. The company announced the range on Tuesday and said the truck would be built at a factory straddling the border of Detroit and the enclave of Hamtramck. It also announced that the plant would build the new 2024 GMC Hummer SUV. The pickup announcement raises the level of competition for future buyers in the hot truck market. Ford already has announced plans to build an electric F-150 starting next year in Dearborn, Michigan, while Fiat Chrysler (now Stellantis) has said it plans to have an all-electric Ram pickup. GM didn’t say when the electric Silverado would arrive in dealerships.

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US job openings in February reached highest rate on record

WASHINGTON (AP) — The pace of job openings reached the highest level on record in February, a harbinger of healthy hiring and a hopeful sign for those looking for work. The Labor Department said Tuesday that the job openings rate — which is the number of available jobs as a percentage of the employed and the open jobs, combined — rose to 4.9%, the highest since the data was first tracked in December 2000.

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Lawmakers call YouTube Kids a ‘wasteland of vapid’ content

WASHINGTON (AP) — A House subcommittee is investigating YouTube Kids. The panel says the Google-owned video service feeds children inappropriate material in “a wasteland of vapid, consumerist content” so it can serve them ads. In a letter sent Tuesday to YouTube CEO Susan Wojcicki, the House Oversight and Reform subcommittee on economic and consumer policy says YouTube isn’t doing enough to protect kids from material that could harm them. It says YouTube relies on artificial intelligence and creators’ self-regulation to decide what videos make it on to the platform.

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Stocks slip on Wall Street as market eases back from records

NEW YORK (AP) — Stocks edged lower on Wall Street, pulling major indexes slighlty below the record highs they reached a day earlier. The S&P 500 fell 0.1% Tuesday after wavering between gains and losses throughtout the afternoon. Technology and health care stocks led the way lower. The churn that has been occurring within the market lately comes as Wa ll Street assesses the health and speed of the economic recovery. Investors have been weighing concerns about higher inflation as the economy grows, along with expectations that retailers and other service sector stocks will make solid gains as the world moves past the pandemic.

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Facebook removes accounts tied to Iranian exile group

SAN FRANCISCO (AP) — Facebook has removed hundreds of accounts linked to an Iranian exile group and a troll farm in Albania. The company said Tuesday that the accounts used fake profiles and sometimes computer generated profile pictures to post information criticizing Iran’s government and supporting Mujahedeen-e-Khalq, a dissident group known as MEK. Facebook traced the accounts to Albania, where it believes a team of people were posting the information for the organization. MEK was once labeled a terrorist organization by the State Department. Nevertheless, some U.S. politicians including Rudy Giuliani have given paid speeches to the group in the past.

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The S&P 500 lost 3.97 points, or 0.1%, to 4,073.94. The Dow Jones Industrial Average fell 96.95 points, or 0.3%, to 33,430.24. The tech-heavy Nasdaq composite slipped 7.21 points, or 0.1%, to 13,698.38. The Russell 2000 index of smaller companies gave up 5.73 points, or 0.3%, to 2,259.15.

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