US Business Newsletter

February 01 - February 28, 2023

Greetings from Consulate General of India,

New York!

Welcome to the February 2023 edition of our newsletter, bringing you important policy and high-impact news.

We hope you find it useful.

A Forum for Indian Businesses in North East USA



(Covering: Connecticut, Maine, Massachusetts, New Hampshire,

New Jersey, New York, Ohio, Pennsylvania, Rhode Island and Vermont)

What CEOs Are Saying: ‘Business Has Come Back Roaring’





  Senior executives at UPS, Starbucks, Amazon and other major companies weigh in on inflation, supply-chain issues and the pandemic. On their quarterly earnings calls this week, many of the world’s corporate leaders addressed inflation, supply-chain issues, consumer spending and the continuing Covid-19 pandemic. Here’s a sampling of what they said.



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Amazon Profit Shows Resilience Even as Labor, Supply Crunch Weigh on Results



  E-commerce giant sees big boost in quarter from investment in electric-vehicle maker Rivian. Amazon.com Inc. said profit nearly doubled in the critical holiday period, as the company managed to control labor and supply costs better than expected and saw gains in its cloud-computing and advertising businesses. The company saw a huge boost in the quarter from its investment in electric-vehicle maker Rivian Automotive Inc. That added nearly $12 billion in profits, accounting for the majority of its earnings for the quarter.



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California’s Green-Energy Subsidies Spur a Gold Rush in Cow Manure



  A lucrative state incentive to make natural gas from dairy waste is attracting companies from Amazon to Chevron. Clean Energy Fuels Corp., a major distributor of natural gas made from waste, found a way to boost its earnings by millions of dollars, virtually overnight. All it had to do was switch the main biofuel it supplies to power cars and trucks in California—currently a type of natural gas produced with methane emissions from garbage—to a chemically identical gas produced from the manure of cows.



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Wary of Being Left in the Dark, Americans Produce Their Own Power



  The market for backup generators, microgrids and solar-plus-battery-storage systems is booming as homeowners and businesses grapple with a less reliable electric grid. As the American electric grid becomes less dependable, a growing number of businesses and homeowners are buying their own power systems to protect themselves from being left in the dark. Twenty years ago, only 0.57% of U.S. homes worth $150,000 or more had installed backup generators, mainly along hurricane-prone coastlines, according to backup-power provider Generac Holdings Inc. Now the number is 5.75%, a 10-fold increase.

  



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SpaceX’s Elon Musk Expects Starship to Deliver Launches at Lower Costs



  Space company has been developing a launch site for its enormous rocket in southern Texas but still needs FAA approval for orbital tests. Elon Musk said his space company’s enormous rocket should soon be able to reach orbits at significantly lower costs. Starship should be able to reach orbits for less than $10 million a flight within two to three years, Mr. Musk said during a presentation Thursday at SpaceX’s southern Texas facility, where the company plans to launch the spacecraft. Starship is the biggest and most powerful rocket SpaceX has built to date. Mr. Musk said that Thursday’s presentation was the first company update on the rocket in almost two years.



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Disney, Sony, ViacomCBS View Indian Cricket as Streaming Prize



   Bidding is set to begin for rights to the Indian Premier League, a likely lure for India’s sizable base of potential streaming subscribers. Some of the world’s biggest media firms are preparing to do battle over a major prize in the global streaming wars: Indian cricket matches. The Board of Control for Cricket in India, the sport’s national governing body, plans this week to formally solicit bids for the next five years of broadcast and streaming rights for the Indian Premier League, the nation’s most popular cricket league.



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