Asia shares, bonds count on Fed to be accommodative – Investing.com

© Reuters. FILE PHOTO : A man looks at an electronic stock quotation board showing Japan's Nikkei average outside a brokerage in Tokyo© Reuters. FILE PHOTO : A man looks at an electronic stock quotation board showing Japan’s Nikkei average outside a brokerage in Tokyo

By Wayne Cole

SYDNEY (Reuters) – Asian shares pulled ahead on Monday while bonds were in demand globally on mounting speculation the U.S. Federal Reserve will sound decidedly dovish at its policy meeting this week.

Japan’s Nikkei () advanced 0.59 percent, and MSCI’s broadest index of Asia-Pacific shares outside Japan () rose 0.6 percent.

Shanghai blue chips () climbed 1.6 percent and spread betters pointed to modest opening gains for the major European bourses. One focus will be shares in Deutsche Bank (DE:) and Commerzbank (DE:) after the banks confirmed they were in merger talks.

E-Mini futures for the () dithered either side of flat. The S&P 500 boasted its best weekly gain since the end of November last week, while the Nasdaq had its best week so far this year. ()

There is much talk Fed policymakers will lower their interest rate forecasts, or “dot plots”, to show little or no further tightening this year.

Also expected is more detail on a plan to stop cutting the Fed’s holdings of nearly $3.8 trillion in bonds. The two-day meeting ends with a news conference on Wednesday.

As a result, yields on three and five-year Treasuries are dead in line with the effective Fed funds rate, while futures imply a better-than-even chance of a rate cut by year end.

“Long-term bond yields remain noticeably lower across a wide range of countries,” said Alan Oster, group chief economist at National Australia Bank.

“Markets are pricing in little or no chance of a rate hike by the major central banks this year, outside of the Bank of England. The Fed is indicating that it will be patient and we don’t expect any rate hikes this year.”

MORE BREXIT DRAMA

Data on Friday showed U.S. manufacturing output fell for a second straight month in February and factory activity in New York state hit nearly a two-year low this month, further evidence of a sharp slowdown in economic growth early in the first quarter.

A marked decline in Treasury yields has dragged on the dollar, leaving it at 111.53 yen from a top of 111.89 on Friday. Against a basket of currencies, the dollar was pinned at 96.498 () having shed 0.7 percent last week.

The euro was holding at $1.1333 (), well up from the recent trough of $1.1174 which was hit when the European Central Bank took a dovish turn of its own.

Sterling was steady at $1.3289 as markets await some clarity on where the Brexit drama was heading.

British Prime Minister Theresa May’s government is scrambling to get support in parliament for her Brexit deal.

May has only three days to win approval for her deal to leave the European Union if she wants to go to a summit with the bloc’s leaders on Thursday with something to offer them in return for more time.

“Most Brexit permutations look moderately GBP positive for the week but long-term challenges were underscored by the BCC forecasting a cut to business investment by the most in 10 years,” said from Sue Trinh, RBC Capital Markets’ head of Asia FX strategy.

The British Chambers of Commerce (BCC) forecast a 1 percent drop in investment over 2019.

In commodity markets, eased slightly to $1,298.81 per ounce .

Oil prices were just off their highest for the year so far. U.S. crude () was last down 26 cents at $58.26 a barrel, while Brent crude () futures lost 16 cents to $67.00. [O/R]

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Tesla Model 3 vs. US Incumbents — Gun In A Knife Fight Or Fair Fight? – CleanTechnica

Cars

Published on March 18th, 2019 |
by Vijay Govindan

March 18th, 2019 by  



I recently ran a Twitter poll to decide what to write about next. The top article the voters asked me to write was an article on how the Tesla Model Standard Range (SR) competes against models from incumbent auto manufacturers. The wonderful thing is that Tesla is now price competitive, without incentives. It is very competitive on a total cost of ownership basis, even with cars far below its class. With incentives and TCO factored in, the Model 3 is tough to beat.

Let’s take a look.


Tesla Model 3 Standard Range has a price of $35,000, before incentives, gas savings, or maintenance savings. Based on a Green Car Reports poll, the Standard Range or Standard Range Plus are what 44% of Tesla Model 3 buyers would buy.


#1 Best Selling Car in USA (2018) — Toyota Camry

From toyota.com, this is the most expensive inventory Camry I could find in the zip code 90210. (Not my zip code — I just thought it was funny. I used the same zip code for all cars and found the highest class vehicle for each of these models.) Some of these high-margin buyers will cross-reference against the SR or higher trims.

Despite being a more expensive vehicle, the Camry has a metal roof instead of glass, is slower, and is less safe.

This is the most expensive inventory Camry Hybrid I found. Hybrids still suffer from the disadvantages of gas engines (like higher maintenance) as well as higher cash prices than their gasoline versions for the hybrid batteries. It is just a compromise that no longer makes sense. I expect niche hybrid buyers to favor Teslas or other fully electric cars going forward.


#4 Best Selling Car in USA (2018) — Honda Accord

Again, the most expensive Accord (a hybrid in this case) is right below the SR price. Further, with California and federal incentives, the SR is well below $30,000.


#6 Best Selling Car in USA (2018) — Nissan Altima

Ditto for the Altima. Dealer prices will vary. Tesla online prices will not.


Nissan Maxima

The Maxima aims for the higher end of the midsize sedan market. It’s squarely in the sights of the Model 3 trims. Et tu, Long Range edition?

What does the Maxima actually offer that would have someone choose it over a Model 3 Long Range?


Nissan LEAF

I would expect new LEAF sales to do well, particularly in Europe. The 60 kWh version is expected to be $5,500 more than the base 40 kWh version. This car is eligible for the full $7,500 federal tax credit and state incentives. The lower price plus the large Nissan dealership network may persuade some buyers to go this route. Some of the CleanTechnica staff have the Leaf. But the Model 3 clearly has quicker acceleration, more advanced navigation, Easter eggs, a glass roof, Supercharging, and more cachet.


#8 Best Selling Car in USA (2018) — Ford Fusion

The Ford Fusion was the 8th best selling car in the USA in 2018, according to CleanTechnica. This car is now discounted $4,000 from MSRP, probably because it is being discontinued. As such, this one is close to the Model 3 SR. The model above is the plug-in hybrid version of the Fusion Energi.


#9 Best Selling Car in USA (2018) — Chevy Malibu

The Model 3 SR is competitive with the top end of the Chevrolet Malibu. Which would you buy?


#12 Best Selling Car in USA (2018) — Hyundai Sonata

The Hyundai Sonata was #12 on the 2018 best selling car list. The Model 3 Mid Range / Long Range was #11. The Standard Range is now price competitive with the Sonata.

Here is one of the failings of the dealership model. If I wanted this Sonata Hybrid, it would be almost 35 miles from my zip. The closest I could see was 17 miles away for a similar vehicle. Tesla’s online sales model and home delivery sounds better to me.

I continue to believe the plug-in hybrid market will fall to fully electrics (BEVs) faster than the pure hybrid market. My hope is that as manufacturers see the demand for BEVs, they rapidly increase the supply of their own BEVs. That’s better for all of us.


You may argue, and I would disagree, that the Model 3 has luxury car prices and should be compared to luxury competition. The reason I disagree is Tesla’s Q4 2018 Shareholder Letter shows prior owners coming to the Model 3 from a wide range of sources, such as midsize cars, hybrids, and the luxury market. Cannibalization of Tesla S and X vehicles was very minimal. This was when the car had average selling prices close to $55,000! Now, the car is 36% cheaper, with a starting price of $35,000. Demand will significantly increase, and may lead to even cheaper vehicles being traded in for the Model 3.

To show the SR is competitive with luxury cars, let’s show the cheapest luxury price point for the following vehicles.


#20 Best Selling Car in USA (2018), #2 Small or Midsize Luxury Car in USA (2018) — Mercedes-Benz C/CLA-Class

The Mercedes C/CLA-Class was #20 on our list of best selling cars for 2018 and #2 on our small + midsize luxury cars list. It was the only luxury car, other than the Model 3, to make the 2018 Best Selling Cars list. The SR is spot on in price with the CLA 250 Coupe. The C300, meanwhile, is much more expensive.


#3 Small or Midsize Luxury Car in USA (2018) — Mercedes-Benz E-Class

The Mercedes E-Class was #3 on our luxury cars list. This is significantly more expensive than the SR. A buyer in this range could compare the E-Class with the Model 3 Long Range or Performance variants.


#4 Small or Midsize Luxury Car in USA (2018) — Lexus ES

The Lexus ES is #4 on our 2018 luxury cars list. The lowest I could find was around $41,000 to $43,000. Lexus is known for its quiet ride and high reliability. The Model 3, due to its electric nature, is super quiet. It also beats the fuel economy of the Lexus, by far. I’m sure some will prefer Lexus for its luxury finishes. Others may venture out and buy their first high-tech luxury Tesla.


#5 Small or Midsize Luxury Car in USA (2018) — BMW 3 Series

Finally, the iconic BMW 3 Series tops out at #5 on our luxury car list. Remember that #1 was the Model 3 Long Range and Mid Range. Since the end of 2018, the Long Range has undergone a significant price decrease.

The BMW 3 Series was the benchmark Tesla set out to beat. For decades, the BMW 3 Series was the car with the best driving characteristics. Many now praise the Model 3 for being unmatched in drive quality.

The lowest priced 330i I could find was close to $43,000. That would be the equivalent of the Model 3 LR. If the LR was beating the 3 Series at a higher price, we can imagine the carnage now that the LR is the same price.


I leave you with these two charts of all contenders in the small + midsize luxury sedan market. The first shows each luxury midsize car as a percentage of the Model 3 SR cost. We can see the Model 3 SR is very close to or below all top contenders.

In the next chart, we see each car adding its market share to the previous car. We can see the sudden jump with the Model 3. Keep in mind this was with a more expensive model last year. At $35,000, the Model 3 SR has another 71% potential market available for cars that are priced much higher (yet have worse performance). This is extraordinary and points to the continued success of the Model 3 in the luxury midsize segment.

For those concerned trolls, clueless financial analysts, and hostile journalists worried about Model 3 demand in the US, Europe, China, and beyond, heed my words: Model 3 sales will continue to surprise and embarrass the current auto incumbents. Demand for all Model 3 trims will flow steadily higher. Each factory Tesla builds will be more efficient than the last. Each new vehicle Tesla introduces will target large, fat, existing profit centers. Are you ready to rumble?

Tesla is bringing a gun to a knife fight. It won’t be pretty. 
 







 

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About the Author

Vijay Govindan is interested in sustainable living, financial education, and the intersection of astrophysics and climate change. Rick and Morty fan. Follow him on twitter @vgovindan17



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Robot brain teaches machines to pick up objects they haven’t seen before – Engadget

CSAIL says kPAM or Keypoint Affordance Manipulation is more accurate than other similar technologies. After it detects all the coordinates on an object, it determines what it can do with it. For instance, if it sees a mug with a handle, it can hang it on a hook by its handle. If it determines that it’s looking at a pair of shoes, it can place the shoes on a rack. “Understanding just a little bit more about the object — the location of a few keypoints — is enough to enable a wide range of useful manipulation tasks. And this particular representation works magically well with today’s state-of-the-art machine learning perception and planning algorithms,” the study’s senior author, MIT professor Russ Tedrake, said.

The researchers are hoping to develop the system further until machines powered by kPAM can do bigger tasks, such as unloading the dishwasher and wiping down kitchens. They’re also hoping that the system can power factory robots part of a bigger manipulation machine in the future.

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GM to Trump: ‘To be clear,’ the company and UAW will decide fate of Lordstown plant – CNN

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Buggy concept car aims to capture nostalgia for the 1960s with what it refers to as an “emotional product.””,”descriptionText”:”Volkswagen’s ID. Buggy concept car aims to capture nostalgia for the 1960s with what it refers to as an “emotional product.””},{“title”:”Believe it or not, dollar stores are thriving”,”duration”:”01:34″,”sourceName”:”CNN Business”,”sourceLink”:”http://www.cnn.com/business”,”videoCMSUrl”:”/video/data/3.0/video/business/2019/03/07/dollar-stores-thriving-orig.cnn-business/index.xml”,”videoId”:”business/2019/03/07/dollar-stores-thriving-orig.cnn-business”,”videoImage”:”//cdn.cnn.com/cnnnext/dam/assets/190307110400-dollar-general-store-opens-large-169.jpg”,”videoUrl”:”/videos/business/2019/03/07/dollar-stores-thriving-orig.cnn-business/video/playlists/business-news/”,”description”:”While many retailers close stores, dollar stores are opening up new locations. 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Lyft to Seek Valuation of Up to $23 Billion in Its IPO – The Wall Street Journal

Lyft Inc. plans to peg its valuation at between $21 billion and $23 billion when the ride-hailing service kicks off the roadshow to market its initial public offering Monday, according to people familiar with the matter.

The range, equating to between $62 and $68 a share, is preliminary and could change by the time the shares start trading around the end of next week, the people said. The overall valuation includes the roughly $2 billion Lyft is expected to raise in the offering. The company and its underwriters will set a…

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Southwest Airlines launches Hawaii service from Oakland to Honolulu with new snacks, in-flight hula dancing – USA TODAY



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Southwest Airlines held a celebration for their inaugural Hawaiian flight from Oakland, California to Honolulu. The airline will add daily flights between Oakland and Maui and will soon begin inter-island flights.
Sandy Hooper, USA TODAY

Southwest Airlines’ Hawaii service debuted Sunday, finally giving the nation’s largest domestic carrier a footprint in the vacation hot spot.

Southwest Flight 6808, a 5 1/2-hour nonstop flight from Oakland, California, to Honolulu, landed at 2 p.m. local time. It was met by Hawaii Governor David Ige and Southwest Airlines President Tom Nealon.

Passengers on the inaugural flight were treated to leis and in-flight hula dancing and were the first to sample the expanded snack pack that will be served on the no-frills airline’s Hawaii flights. In addition to the airline’s standard red bag of pretzels, passengers got Wheat Thins, Welch’s fruit snacks, Tic Tacs and a white-cheddar cheese spread. New drinks include Longboard Island Lager from Kona Brewing Company, Minute Maid pineapple orange juice and Blue Chair Bay coconut spiced rum.

Southwest has talked about adding Hawaii to its route map for years and made it a priority in late 2017 when it applied for Federal Aviation Administration certification for long over-water flights with its Boeing 737s. A slew of competitors, including United, Alaska, Delta, American and Hawaiian Airlines, have long had flights to the bucket-list destination.

Southwest’s approval from the FAA arrived in late February, and the airline started selling tickets to Hawaii on March 4, with fares as low as $49 each way. The cheapest seats sold out within hours, and some flights sold out completely.

More: These are all of the routes U.S. airlines fly to Hawaii

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The airline is starting small, with one flight each way daily between Oakland and Honolulu.

Southwest will add a second daily flight between Oakland and Honolulu on March 24.

Related: Why can’t Midwest and East Coast travelers find Southwest Airlines return flights from Hawaii?

In April, the airline will add daily flights between Oakland and Maui and begin inter-island flights.

In May, the airline begins flights between San Jose and Honolulu and Maui.

These are the starting dates for those routes:

  • Oakland-Maui: April 7
  • Oakland-Kona May 12
  • San Jose-Honolulu: May 5
  • San Jose-Kona: May 12
  • San Jose-Maui: May 26

Southwest plans to fly nonstop from San Diego and Sacramento to Hawaii and also plans to serve the island of Kauai, but it has not announced when those flights will begin.

Travelers pepper the airline daily with questions about when those routes will begin and when tickets will go on sale.

Southwest CEO Gary Kelly has repeatedly called Hawaii a big opportunity for the airline, especially given its strong presence in California. 

The airline’s initial Hawaii flights are on the Boeing 737-800, but Southwest has long said it plans to use the newer, more-fuel-efficient Boeing 737 Max 8 on flights to Hawaii.

But that’s the plane that was grounded by the FAA last week in the wake of two fatal crashes in less than five months.

More: You don’t have to be on a 737 Max to be affected by the grounding

More: Boeing 737 Max: How many of these planes fly for Southwest, American, United, and where?

The grounding won’t impact Southwest’s Hawaii plans in the near term because the airline hasn’t even had the plane certified for long over-water flights. Spokesman Brian Parrish said last week that Southwest has no timetable for seeking ETOPS certification for the Max 8. ETOPS stands for extended range twin engine operational performance standards.

ETOPs certification, a lengthy process involving new flight manuals and procedures, training and exercises and test flights with FAA officials, is required for twin-engine planes on routes where alternate airports aren’t in close range should flight troubles arise.

The grounding did impact some Hawaii flights, on competitor United Airlines. The carrier uses the Boeing 737 Max 9 on some flights between Los Angeles and Hawaii.

More: Why can’t Midwest and East Coast travelers find return flights from Hawaii on Southwest 

More: Southwest flights to Hawaii: 12 things you need to know

More: Here are 10 things to do on Oahu when you get there

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Powerball winning numbers: 30, 34, 39, 53 and 67 and Powerball 11 – CBS News

There was no Powerball winner Saturday, upping the next jackpot Wednesday to $550 million. The winnng numbers selected Saturday night for the $495 million jackpot were 30, 34, 39, 53 and 67 and the Powerball is 11. 

Powerball winning numbers

  • 30, 34, 39, 53 and 67 
  • Powerball: 11

How late can you play Powerball?

Sales cut off at least 59 minutes before the drawing, according to the Multi-State Lottery Commission. But cut-off times can be earlier depending on the state, so it’s best to check your state’s lottery commission.

Odds of winning

The odds of winning a jackpot remain abysmal at 1 in 302 million for Mega Millions and 1 in 292.2 million for Powerball. You are 25,000 times more likely to hit a hole-in-one than you are of winning a Powerball jackpot.

Who buys lotto tickets?

About two-thirds of Americans gamble. Last year, they spent $72.97 billion on traditional lottery tickets, according to Gallup.

On average, that’s $206.69 per person. “Our obsession with lotteries, with gambling, is that unicorn feeling of, like, ‘maybe it’ll be me,'” CBS News business analyst Jill Schlesinger said. She points out that some people don’t necessarily play to win.

“They just want to take a moment out of their day to consider how to dream big,” Schlesinger said.

The average American spends about $223 per year on lottery tickets, according to a survey from LENDedu. Massachusetts residents have the biggest taste for playing the odds, spending almost $763 per year on lottery tickets, the study found. North Dakotans are on the opposite end of the spectrum, spending about $44 per year on the lottery, or the lowest average figure among residents of all 50 states.

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PBOT offers taxi, Uber and Lyft discounts for safe rides home St. Patrick’s Day weekend – KATU

FILE- In this Jan. 31, 2018, file photo, a Lyft logo is installed on a Lyft driver’s car next to an Uber sticker in Pittsburgh. (AP Photo/Gene J. Puskar, File)

PORTLAND, Ore. – Portland Bureau of Transportation is helping ensure everyone has a safe ride home during the St. Patrick’s Day weekend by offering discounts from local cab companies and on ride hailing app services.

PBOT says local cab companies will discount rides up to $20 and Lyft and Uber will take $5 off rides citywide. The discounts are valid from 8 p.m. Saturday until 4 a.m. Sunday.

PBOT’s Safe Ride Home is a partnership to prevent impaired driving. PBOT works with taxis, transportation network companies, and bar owners to offer reduced-cost rides home on certain holidays.

Discount coupons are available at the following locations:

  • Ascendant Beer Company
  • The Barlow Tavern
  • Barrio
  • Belmont Station
  • Bluehour
  • Bithouse Saloon
  • Blackbird Pizza
  • BUNK Sandwiches
  • Can Font
  • Capitol Bar
  • Carlita’s
  • Cascade Brewing Barrel House
  • Catfish Lou’s
  • Cat’s Paw Saloon
  • CC Slaughter’s Nightclub
  • Clamity Jae’s
  • Crush Bar
  • Cruzroom
  • Da Hui
  • Darcelle XV Showplace
  • Dixie Tavern
  • Double Mountain Taproom
  • Either/Or
  • Ex Novo Brewing
  • Gigantic Brewing Company
  • Gil’s Speakeasy
  • Grand Army Tavern
  • Grixsen Brewing Company
  • Ground Kontrol Classic Arcade
  • Güero No. 1 Tortas
  • Henry’s Tavern
  • Home, A Bar
  • Hop Haven
  • Hopworks Urban Brewery
  • Horse Brass Pub
  • Hyatt Place Portland Airport/Cascade Station
  • Kells Irish Restaurant & Pub
  • Kelly’s Olympian
  • La Moule
  • Cascade Brewing
  • Lucky Labrador Brewing
  • My Brother’s Crawfish
  • Montavilla Station
  • Noraneko
  • Paddy’s
  • Paydirt
  • Pepino’s on Hawthorne
  • Pepinos’s on 23rd
  • PSU Student Union
  • PSU Bookstore
  • Radio Room
  • Red Apple Bar and Grill
  • River Pig Saloon
  • Roadside Attraction
  • Rock Bottom Restaurant & Brewery
  • Sam’s Hollywood Billiards
  • Santa Fe Taqueria
  • Saraveza
  • Sellwood Public House
  • Slingshot Lounge
  • Star Bar
  • Swift Lounge
  • The Starday Tavern
  • Taqueria Nueve
  • Teote Mezcalería
  • The Big
  • The Fields Bar & Grill
  • The Fireside
  • Goodfoot Pub & Lounge
  • The High Dive
  • The Lombard Pub
  • The Lost & Found
  • The Observatory.
  • The Old Gold
  • The Rambler
  • The Solo Club
  • The Stone
  • The Trap Restaurant and Lounge
  • There Be Monsters
  • Turn Turn Turn
  • Vendeta
  • Victory Bar
  • Wayfinder Beer
  • Wooden Chicken Bar and Grill
  • Zoiglhaus Brewing Company
  • 108 Bar N Grill

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Fire contained at Exxon’s Baytown facility – Chron

A fire that broke out Saturday afternoon at Exxon Mobil’s Baytown refinery has been contained by emergency officials.

No injuries were reported, according to a statement from company spokesperson Sarah Nordin.

The company was monitoring air quality but said they did not yet see evidence of “adverse impact.”

The blaze broke out around 12:30 p.m., affecting a unit that the company said processes motor gasoline. It sent a thick cloud of dark smoke into the sky, captured in videos posted to social media.

Exxon and La Porte Office of Emergency Management officials both said that there was no need to find shelter-in-place locations.

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“Pollution Control is still monitoring the air south of the plant around La Porte and Clear Lake with no reading at this time,” Harris County Judge Lina Hidalgo said.


The smoke had spread across much of the Houston skyline and could be seen from miles away. By 4 p.m., it was no longer visible at the site.

Exxon Mobil in its statement said the cause of the fire would be investigated.

“We deeply regret any disruption or inconvenience that this incident may have caused the community,” the statement said.

Other safety issues have surfaced at the plant at 5000 Bayway Drive in Baytown.

In 2016, a pipeline leak of a highly flammable chemical outside the plant prompted evacuations. It came two months after a shelter-in-place was called due to another release.

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Amazon’s second headquarters clears blocks in Virginia funding vote – Reuters

WASHINGTON (Reuters) – Amazon.com Inc’s planned second headquarters in northern Virginia cleared a key test on Saturday when local officials approved a proposed financial package worth an estimated $51 million amid a small but vocal opposition.

People move about in front of the rostrum before a news conference about the announcement that Crystal City has been selected as home to Amazon’s new headquarters in Arlington, Virginia, U.S., November 13, 2018. REUTERS/Kevin Lamarque

Amazon in November picked National Landing, a site jointly owned by Arlington County and the city of Alexandria, just outside Washington, along with New York City for its so-called HQ2 or second headquarters. That followed a year-long search in which hundreds of municipalities, ranging from Newark, New Jersey, to Indianapolis, competed for the coveted tax-dollars and high-wage jobs the project promises.

Amazon in February abruptly scrapped plans to build part of its second headquarters in the New York borough of Queens after opposition from local leaders angered by incentives promised by state and city politicians.

The five-member Arlington County Board voted 5-0 in favor of Amazon receiving the financial package after a seven-hour meeting held in a room filled with up to about 150 citizens and representatives from local unions and minority advocacy groups.

There was strong opposition from some residents and labor groups, many of whom chanted “shame” and waved signs with slogans including “Don’t be the opposite of Robinhood,” “Amazon overworks and underpays,” and “Advocate for us and not Amazon.” One protester was escorted out of the meeting by police.

A few dozen protesters outside the county office chanted, “The people united will never be defeated.”

Danny Candejas, an organizer for the coalition “For Us, Not Amazon,” which opposes the company’s move into the area, said: “We are fighting to make sure people who live here are not priced out by wealthy people.”

Some supporters in the meeting held up signs saying ‘vote yes’ and ‘Amazon is prime for Arlington’.

One hundred and twelve people were registered to speak, an unusually high number for a local county meeting, forcing board chair Christian Dorsey to cut the talking minutes to two minutes, from three, for every regular speaker, and to four minutes, from five, for representatives of organizations.

Many speakers who were opposed to the Amazon headquarters especially opposed direct incentives, citing rising housing costs, the likely displacement of low-income families, accelerated wage theft for construction workers, and lack of investment guarantees in affordable housing funds.

“Speculators are already driving up home prices, landlords are raising rents and general contractors are raising their quotes for home improvement projects,” said one resident, Hunter Tamarro.

Unions including the AFL-CIO objected to Amazon not signing a project labor agreement with wage and benefit safeguards for workers hired to construct the new buildings.

But supporters such as resident June O’Connell said Amazon’s presence would ensure Arlington is allocated state funds for investments in transportation and higher education. “I want that money from the state,” O’Connell said. “Without Amazon, we wouldn’t get a penny of it.”

Holly Sullivan, Amazon’s worldwide head of economic development, spoke briefly and said the company will invest approximately $2.5 billion, create more than 25,000 jobs with an average wage of over $150,000, which will generate more than $3.2 billion in tax revenue.

“Regarding incentives, Amazon is only eligible for the financial incentive after we make our investments and occupy office space in the community,” she said.

Dorsey, the board chair, had said before the vote that he expected the measure to pass. He said that rejecting Amazon would not solve the community’s problems and concerns, and that this was the first deal the county has struck where new revenue growth will be used to fund it.

To be sure, the vote approved an estimated $51 million, a fraction of the $481 million promised by the county. Only 5 percent of the incentives are direct. Also, Amazon has been offered a $750 million package by the state that the Virginia General Assembly approved with little opposition.

The $51 million includes a controversial direct financial incentive or cash grant of $23 million to Amazon over 15 years, which will be collected from taxes on Arlington hotel rooms. The grant is contingent upon Amazon occupying six million square feet of office space over the first 16 years.

Arlington has also offered to invest about $28 million over 10 years of future property tax revenue in onsite infrastructure and open space at the headquarters site.

A filing on the county board’s website says the $23 million grant and the $28 million in strategic public infrastructure investments were “instrumental in Amazon choosing Arlington for its headquarters.”

Reporting by Nandita Bose in Washington; Editing by Richard Chang and Daniel Wallis

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