Biden administration races to shell out billions for clean energy as election nears

WORLD NEWS IN BRIEF

WASHINGTON

The Biden administration is shelling out billions of dollars for clean energy and approving major offshore wind projects as officials race to secure major climate initiatives before President Joe Biden's term comes to an end. Biden wants to establish a legacy for climate action that includes locking in a trajectory for reducing the nation's planet-warming greenhouse gas emissions. Former President Donald Trump has pledged to rescind unspent funds in Biden's landmark climate and health care bill and stop offshore wind development if he returns to the White House. Vice President Kamala Harris has said she will pursue a climate agenda similar to Biden's. Announcements of major environmental grants and project approvals have speeded up in recent months.

DETROIT

US to probe Tesla's 'Full Self-Driving' system after pedestrian killed

The U.S. government's road safety agency is investigating Tesla's "Full Self-Driving" system after getting reports of crashes in low-visibility conditions, including one that killed a pedestrian. The National Highway Traffic Safety Administration says in documents that it opened the probe on Thursday with the company reporting four crashes after Teslas entered areas of low visibility including sun glare, fog and airborne dust. The agency said that in addition to the pedestrian's death, another crash involved an injury.

NICOSIA, CYPRUS

Banks: Russian and Ukrainian business dealings with Cypriot banks dwindled due to sanctions

Cyprus' banks say their exposure to risky Russian and Ukrainian businesses shrunk by more than 13,000 clients and 35,000 accounts, amounting to $2.17 billion, in the year after Moscow's 2022 invasion of its neighbor as they adhered to sanctions that the U.N., the European Union, the U.S. and Britain have imposed on Russia. According to official figures seen by The Associated Press Friday, the proportion of Russian clients in Cypriot banks almost halved in the same period to 0.35%, while Russian deposits fell from 2.21% to 1.53% of the banks' total. Cypriot banks are keen to showcase a continued, decade-long turnaround from lax supervisory practices that attracted shady depositors, including wealthy Russian oligarchs.

ROME

Italian autoworkers strike, as troubled Stellantis faces pressure over production plans

Workers in Italy's troubled automotive sector are holding a national strike for the first time in 20 years, with a massive demonstration crossing the center of Rome. The sector's three main unions in Italy are asking the government to defend employment in the sector and relaunch the future of the carmaking industry in Italy, beginning with global automaker Stellantis. Italy's far-right government accuses the giant of relocating assembly plants to low-cost countries. Tens of thousands automotive workers marched through the capital's streets, waving the unions' red flags and holding banners asking for better work conditions.

Next week: IMF global economic outlook, General Motors earnings, US existing home sales On Tuesday, the International Monetary Fund issues its semi-annual World Economic Outlook and General Motors reports its third-quarter financial results. On Wednesday, the National Association of Realtors reports on sales of existing homes in September.

WOONSOCKET, R.I.

CVS Health CEO Lynch steps down as national chain struggles to right its path

CVS Health CEO Karen Lynch has stepped down with company shares sinking 19 percent this year and the health care giant struggling on several fronts. Company shares tumbled again Friday after CVS Health also warned of disappointing third-quarter earnings and said investors should not rely on guidance it laid out in August. Lynch will be replaced by veteran CVS Health executive David Joyner, who will attempt to steer the company through rising costs to its health insurance business, slumping drugstore sales and growing investor pressure. The company has already cut its forecast several times this year.

- The Associated Press