China Sanctions U.S. Defense Industry Tycoons

China announced sanctions against CEOs of two major U.S. defense contractors Friday for their role in an arms package the State Department approved for Taiwan on Sept. 2.

Chinese foreign ministry spokesperson Mao Ning said the sanctions against Raytheon CEO Gregory J. Hayes and Boeing Defense CEO Ted Colbert will “defend China’s sovereignty and security interests” against U.S. “military contact” with Taiwan. The Biden administration notified Congress of its intent to transfer $1.1 billion worth of military equipment to Taiwan earlier this month, including 60 anti-ship missiles Boeing Defense agreed to produce and 100 air-to-air missilescontracted with Raytheon.

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Report: Transit Agencies May Turn to Taxpayers for More Money When COVID-19 Funds Dry Up

Transit agencies could turn to taxpayers for more money when federal COVID-19 money runs out.

With federal money dwindling, some mass transit agencies are preparing to seek more tax dollars at a time when fewer people are riding, according to a report from a credit rating agency.

Some workers never plan to return to the office, creating uncertainties for mass transit agencies and the taxpayers who fund them, especially those more dependent on riders for fare revenue. A new report from S&P Global Ratings said transit systems could seek additional tax dollars when federal COVID-19 money runs dry in 2025.

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