Investments and Business

The Biden administration on Monday announced a $1.5 billion award to the New York-based chipmaker GlobalFoundries, one of the first sizable grants from a government program aimed at revitalizing semiconductor manufacturing in the United States.As part of the plan to bolster GlobalFoundries, the administration will also make available another $1.6 billion in federal loans. The grants are expected to triple the company’s production capacity in the state of New York over ten years.The funding represents an effort by the Biden administration and lawmakers of both parties to try to revitalize American semiconductor manufacturing. Currently, just 12 percent of chips are…

Conventional wisdom dictates that retiring with debt — especially a debt as large and significant as a mortgage — is financially dicey at best and potentially ruinous at worst.That’s not how Brian Lindmeier sees it. “It just doesn’t make any sense at all to pay off the house,” he said.Mr. Lindmeier, 80, a retired purchasing and inventory manager, and his wife, Cindy, who retired from the local public school system, refinanced their home in Orange, Calif., at the end of 2020. They rolled over their balance into a new 30-year loan and slashed their interest rate in half to a…

Lawyers representing victims of Jeffrey Epstein sued two of the disgraced financier’s closest advisers on Friday, accusing them of “aiding, abetting and facilitating” his sex trafficking of young women and teenage girls.The civil suit, filed in federal court in Manhattan, seeks class action status on behalf of Mr. Epstein’s many victims. It comes just a few months after two big banks agreed to pay hundreds of millions dollars to Mr. Epstein’s victims to settle lawsuits that claimed the banks had enabled his activities.The newest lawsuit seeks money damages from Mr. Epstein’s longtime personal lawyer, Darren Indyke, and his longtime accountant,…

Airbus said Thursday that it would ramp up deliveries this year of some of the world’s most sought-after aircraft, bolstering its position as the largest plane maker and pulling further ahead of Boeing as its U.S. rival focuses on the fallout from a major safety crisis involving its 737 Max line of airliners.Airbus, the European aerospace giant, plans to deliver around 800 jets to customers this year, including the popular single-aisle A320neo, its main competitor to the 737 Max. It delivered 735 planes last year, more than it had originally targeted. This year’s push is intended to meet what Guillaume…