Ticker: Shoplifting ring stole $2M in cosmetics and clothes; Biden administration to loan $6.6B to EV maker Rivian to build Georgia factory

A shoplifting ring that stole nearly $2 million in clothes and beauty products from Macy’s and other well-known stores in the U.S. and then resold them in New York City and the Dominican Republic has been busted, law enforcement officials announced Tuesday.

Five New Yorkers have been charged with felony possession of stolen property, conspiracy and other related crimes, Queens District Attorney Melinda Katz said.

The bust served as a reminder to shoppers as the holiday shopping season kicks off in earnest with Black Friday this week to make sure they are supporting legitimate establishments, she said.

Biden administration to loan $6.6B to EV maker Rivian to build Georgia factory

President Joe Biden’s administration announced Tuesday that the U.S. Department of Energy will make a $6.6 billion loan to Rivian Automotive to build a factory in Georgia that had stalled as the startup electric vehicle maker struggled to become profitable.

It’s unclear whether the administration can complete the loan before Donald Trump becomes president again in less than two months, or whether the Trump administration might try to claw the money back.

Trump previously vowed to end federal electric vehicle tax credits, which are worth up to $7,500 for new zero-emission vehicles and $4,000 for used ones.

Rivian made a splash when it went public and began producing large electric R1 SUVs, pickup trucks and delivery vans at a former Mitsubishi factory in Normal, Illinois, in 2021.

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