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SAN FRANCISCO, Feb 15 (Reuters) - Tesla (TSLA.O) will open part of its U.S. charging network to electric vehicles (EVs) made by rivals as part of a $7.5 billion federal program to electrify the nation's highways to cut carbon emissions, the Biden administration said on Wednesday. There are also nearly 10,000 "destination" chargers with Tesla plugs that can recharge a vehicle overnight. Opening up access to Tesla's network would be a quick win for an ambitious federal program to build 500,000 EV chargers by 2030, up from 130,000 currently. Administration officials did not say whether a contract has been signed, but federal officials will control disbursement of about a third of the $7.5 billion federal program. Chris Harto, a senior policy analyst at Consumer Reports, said, "There is no doubt the $7.5 billion in federal charging investment threatens Tesla's competitive advantage.

☆ Biden taps Fed's Brainard, Bernstein for top economic jobs as part of White House reshuffle
▼ + stars: | 2023-02-14 | by ( Emma Kinery | ) www.cnbc.com time to read: +4 min

In recent weeks, Jeff Zients has replaced Ron Klain as White House chief of staff. Kate Bedingfield, White House communications director, said she plans to leave at the end of the month. The pair will have tremendous influence over economic policy at a tricky time for the United States. As NEC director, Brainard will be tasked with crafting the president's economic agenda and coordinating economic responses between various agencies. "He is an expert on worker empowerment and a worker-centric economic policy, which has long been the heart of my economic vision."

☆ Biden to name Fed's Lael Brainard as top economic advisor, source says
▼ + stars: | 2023-02-14 | by ( ) www.cnbc.com time to read: +1 min

Lael Brainard, vice chair of the US Federal Reserve, listens to a question during an interview in Washington, DC, US, on Monday, Nov. 14, 2022. U.S. President Joe Biden is expected to name Federal Reserve Vice Chair Lael Brainard to the White House's top economic policy position as early as Tuesday, a source familiar with the matter said on Monday. Brainard would replace White House National Economic Council (NEC) Director Brian Deese, who has announced his resignation. In addition, Biden confidant Jared Bernstein is expected to replace Cecilia Rouse as chair of the Council of Economic Advisers, the source said. "Under normal circumstances I would have thought that her advice to Biden would be very pro stimulus," he said.

☆ Natural gas prices fall to 25-month low as key Texas LNG facility looks to restart exports
▼ + stars: | 2023-02-13 | by ( Brian Evans | ) www.businessinsider.com time to read: +2 min

Natural gas prices declined to a 25-month low on Monday, falling as much as 5%. The fall came despite news that a key LNG export hub in Texas looks to restart operations. The Freeport liquefied natural gas plant first went offline in June of last year due to a fire. Meanwhile, forecasts for mild winter weather continued to weigh on natural gas prices as demand for the heating fuel lags. For now, natural gas is flowing to the Freeport plant even as exports have yet to resume.

☆ Here's why it's always a good time to start a business, despite inflation, layoffs, and a possible recession
▼ + stars: | 2023-02-09 | by ( Jennifer Ortakales Dawkins | ) www.businessinsider.com time to read: +4 min

That momentum is expected to continue in 2023, despite inflation, layoffs, and recession fears. Experts say that momentum could continue in 2023, despite inflation, layoffs, and fears of a possible recession. "We're in a period of a relatively strong economy," said Lawrence White, an economics professor at New York University. White expects to see a return of the service industries this year, from pent up demand during the pandemic. "It's usually easier to start a services business than to start a goods business," he said.

☆ CNBC Daily Open: The Fed made sure U.S. markets are listening: Interest rates will continue rising
▼ + stars: | 2023-02-09 | by ( Yeo Boon Ping | ) www.cnbc.com time to read: +2 min

Christopher Waller, governor of the US Federal Reserve, during a Fed Listens event in Washington, D.C., US, on Friday, Sept. 23, 2022. After weeks of defying the Federal Reserve, U.S. markets realized that interest rate hikes are probably here to stay. This report is from today's CNBC Daily Open, our new, international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. Subscribe here to get this report sent directly to your inbox each morning before markets open.

☆ CNBC Daily Open: U.S. markets got the Fed’s message: Interest rate hikes are probably here to stay
▼ + stars: | 2023-02-09 | by ( Yeo Boon Ping | ) www.cnbc.com time to read: +2 min

After weeks of defying the Federal Reserve, U.S. markets realized that interest rate hikes are probably here to stay. This report is from today's CNBC Daily Open, our new, international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. In a wave of downbeat news, investors may indeed need a telescope to find some good news in the near term. Subscribe here to get this report sent directly to your inbox each morning before markets open.

☆ UK competition regulator warns Microsoft’s Activision deal could harm millions of gamers
▼ + stars: | 2023-02-08 | by ( Brian Fung | ) edition.cnn.com time to read: +3 min

Washington CNN —Microsoft’s $69 billion purchase of Activision Blizzard could harm competition by letting Microsoft restrict Activision’s video games to proprietary platforms such as Xbox, UK officials said Wednesday, in the latest challenge to the tech giant’s blockbuster acquisition. The UK’s competition regulator said the proposed deal, which would make Microsoft (MSFT) the world’s third-largest video game publisher, could hurt tens of millions of gamers in the country by leading to higher prices or fewer choices. The provisional finding by the UK Competition and Markets Authority is another sign of growing opposition to the deal by antitrust regulators worldwide. In December, the US Federal Trade Commission sued to block the acquisition over similar claims, and the European Union is also evaluating the deal. Cloud gaming services grant players access to video games without the need for downloading the games to a local PC or console.

☆ George Santos once lied that he was a producer on 'Spider-Man: Turn Off the Dark,' one of the biggest Broadway debacles of all time
▼ + stars: | 2023-02-03 | by ( Azmi Haroun | Madison Hall | ) www.businessinsider.com time to read: +2 min

Rep. George Santos told campaign donors he produced the most expensive Broadway play of all time. But it turns out Santos was never a producer for "Spider-Man: Turn Off the Dark," per Bloomberg. The play cost $75 million to produce and at the time, Santos was a customer service rep in Queens. On Friday, Bloomberg reported that Santos told donors on the campaign trail that he was a producer on "Spider-Man: Turn Off the Dark," a Broadway adaptation of the superhero saga. Michael Cohl, who produced the play, told Bloomberg that Santos was not a producer and that his name was nowhere on the playbill.

☆ Hunter Biden demands criminal probe into Trump allies with access to his laptop and retractions from Fox News: reports
▼ + stars: | 2023-02-02 | by ( Lloyd Lee | ) www.businessinsider.com time to read: +3 min

Hunter Biden's lawyers sent letters singling out Trump allies and Fox News host Tucker Carlson. Among the recipients are the Justice Department and Deleware attorney general, WaPo reported. "This marks a new approach by Hunter Biden and his team," a person familiar with Biden's strategy told The Post. Also targeted by Biden's lawyers is Fox News and its host Tucker Carlson. The Justice Department and Delaware attorney general's office did not immediately respond to a request for comment.

☆ US wage growth is slowing and not keeping pace with inflation — but that doesn't mean the Fed will stop hiking rates
▼ + stars: | 2023-02-01 | by ( Huileng Tan | ) www.businessinsider.com time to read: +3 min

Growth in US wages and salaries slowed to 1% in the fourth quarter of 2022, down from 1.3% in the previous quarter. As inflation remains high, the Fed may continue hiking interest rates — meaning wage growth could continue to trend slower. Wages and salaries for civilians rose 1% in the fourth quarter from a quarter ago, the Bureau of Labor Statistics said in a Tuesday report. In real terms though, wages and salaries actually declined by 1.2% for the whole of 2022, thanks to high inflation rates. But it doesn't mean the Fed's going to walk away from hiking rates because inflation remains elevated.

The White House will likely appoint Federal Reserve Vice Chair Lael Brainard to run the National Economic Council and Jared Bernstein to lead the Council of Economic Advisers, sources familiar with the matter tell CNBC. The appointments are expected to be announced after incoming White House Chief of Staff Jeff Zients assumes his role, as soon as next week. Bernstein is a member of the board he is expected to head, the White House Council of Economic Advisers. The White House is holding a ceremony on Wednesday to thank outgoing White House Chief of Staff Ron Klain and welcome Zients to the position. Current White House NEC Director Brian Deese is expected to depart imminently, sources said.

☆ China's reopening could boost global growth — and worsen inflation
▼ + stars: | 2023-01-27 | by ( Anna Cooban | ) edition.cnn.com time to read: +7 min

London CNN —China’s swift reopening after nearly three years of strict coronavirus controls could provide a much-needed boost to global economic growth, but may also stoke inflation just as it has shown signs of falling back. The revival of the world’s second largest economy — and its biggest consumer of commodities — threatens to push up global prices for fuel, industrial metals and food this year. The speed of the reopening, as well as indications that infections may have already peaked, has been surprising, analysts told CNN. Yet, if global food and energy prices start rising again, that could feed through into higher consumer prices. China’s reopening could bump up demand for agricultural goods, while the world is still in the grips of the worst food crisis in modern history.

☆ Fed's Lael Brainard among leading contenders for top White House economic post
▼ + stars: | 2023-01-25 | by ( Jeff Cox | ) www.cnbc.com time to read: +3 min

Lael Brainard, vice chair of the US Federal Reserve, listens to a question during an interview in Washington, DC, US, on Monday, Nov. 14, 2022. Federal Reserve Vice Chair Lael Brainard is a top candidate to take the most important economic position in the White House. Biden named Brainard vice chair at the Fed in 2022; she also was considered as a possible successor to Fed Chair Jerome Powell, whom Biden reappointed last year. Brainard is one of multiple candidates being considered and interviews for the position are continuing, according to a White House spokesman familiar with the matter. For her part, Brainard could garner support from progressives who are in favor of strong bank regulation and easier monetary policy.

☆ How 'Cryptoqueen' Ruja Ignatova ended up as the only woman on the FBI's most-wanted list
▼ + stars: | 2023-01-22 | by ( Faith Karimi | ) edition.cnn.com time to read: +12 min

Ruja Ignatova is one of the FBI's 10 most-wanted fugitives -- the only woman currently on that list. FBIShe is now one of the FBI’s 10 most-wanted fugitives, alongside accused gang leaders and murderers, and is the only woman currently on that list. The bureau declined to provide additional details to CNN beyond court documents from the US Department of Justice, which did not list an attorney for Ignatova. “The cryptocurrency OneCoin was established for the sole purpose of defrauding investors,” IRS Special Agent John R. Tafur said in a statement. Less than two weeks later, on October 25, 2017, she boarded a commercial flight from Sofia, Bulgaria, to Athens, Greece, court documents said.

☆ Firms use Google ads to entice small businesses to pay for help the gov't provides free
▼ + stars: | 2023-01-20 | by ( Jesselyn Cook | Jesselyn Cook Is An Investigative Tech Reporter For Nbc News. | ) www.nbcnews.com time to read: +11 min

Several draw in unwitting customers like Talbot through Google ads that outrank the legitimate SAM.gov page, illustrating the ease of buying visibility on the world’s largest search engine. Google removed the ads for a number of these sites in response to an inquiry for this article but subsequently reversed its decision. “We have strict ads policies that govern the types of ads and advertisers we allow on our platforms,” Google spokesperson Davis Thompson said in a statement. But the Small Business Administration urges people not to spend their precious resources on these services when so many free alternatives exist. She expects new, prominently displayed Google ads to play a part in the problem.

☆ Interest rate hikes are 'yet to bite,' IMF head says
▼ + stars: | 2023-01-20 | by ( Anna Cooban | ) edition.cnn.com time to read: +2 min

Kristalina Georgieva, managing director of the IMF, said on Friday that conditions in the world economy were “less bad” than feared a few months ago, but further pain could be on the way. Addressing a panel at the World Economic Forum in Davos, Switzerland, Georgieva said interest rate hikes by the world’s major economies had “yet to bite,” and could increase unemployment — a situation that cash-strapped governments could find hard to respond to adequately. That could weigh on global growth, which the IMF forecast in October would slump to 2.7% this year, down from 3.2% in 2022. Even so, economists and business leaders have signaled in recent weeks that the world economy may be at a hopeful turning point. Lagarde said that economies are moving from “defense mode…to competition mode.”“So something must be getting better,” she added.

☆ Fed Governor Lael Brainard sees high rates ahead even with progress on inflation
▼ + stars: | 2023-01-19 | by ( Jeff Cox | ) www.cnbc.com time to read: +3 min

Federal Reserve Governor Lael Brainard said Thursday that interest rates need to remain high, even though there are signs inflation is starting to ease. Brainard pointed to a number of areas where she sees inflation starting to come down. Housing costs remain high, but Brainard and other Fed officials expect those to ease later in the year as apartment leases catch up with declines in commercial real estate. Instead, traders see the rate topping out about a quarter percentage point below that, and the Fed starting to reduce rates later this year. "Inflation is high, and it will take time and resolve to get it back down to 2%.

☆ TurboTax has lobbied against a free tax filing system for decades. Its head says the US' path toward one is 'unquestionably a conflict of interest.'
▼ + stars: | 2023-01-18 | by ( Jason Lalljee | ) www.businessinsider.com time to read: +5 min

The Inflation Reduction Act passed last summer allots funds to explore a free federal tax filing service. The head of TurboTax's parent company says that a government-run tax filing service would be unethical. Intuit, a global financial technology platform, owns TurboTax, one of the leading paid tax filing services. In the US, tax filing services like TurboTax and H&R Block spend millions of dollars lobbying against free tax filing services. Commercial providers such as TurboTax and Tax Act offer their own free services for those earning under a certain amount.

☆ Expect home prices to fall another 10% in the US and across the world as interest rates stay high, top economist Kenneth Rogoff says
▼ + stars: | 2023-01-18 | by ( Zahra Tayeb | ) www.businessinsider.com time to read: +3 min

Property prices in the US and around the world will fall another 10%, Kenneth Rogoff told Bloomberg. The Harvard professor said central banks' interest rate hikes are yet to have a full impact on the economy. "If — as I think — interest rates are going to stay high for some time to come, I think there's still a lot of downward adjustment in the market." The Fed, like its global counterparts, raised interest rates throughout much of 2022 to rein in inflation. "Interest rates aren't going to come down to the same level as they were before," Rogoff said.

☆ A 28-year-old who owns 42 cash-flowing properties explains how he’s growing his portfolio in the coming year. He shares his top 6 tips to get ahead, including the type of mortgage to secure.
▼ + stars: | 2023-01-15 | by ( Laila Maidan | ) www.businessinsider.com time to read: +6 min

In 2022, Harr had to quickly exit a few deals after rising mortgage rates slowed demand. He now can factor in higher interest rates, the bank's new requirements, and the expected correction in home prices. On the other end, he will keep multi-family homes because they provide higher cash flow under one roof. Additionally, since interest rates are higher, a pricier home means a bigger mortgage and more paid interest over principal, he noted. You can put down as little as 3.5% without getting hit with a higher interest rate.

☆ The FTC’s Breathtaking Power Grab Over Noncompete Agreements
▼ + stars: | 2023-01-13 | by ( Eugene Scalia | ) www.wsj.com time to read: 1 min

The Federal Trade Commission’s ban on noncompete agreements may be the most audacious federal rule ever proposed. If finalized, it would outlaw terms in 30 million contracts and pre-empt laws in virtually every state. It would also, by the FTC’s own account, reduce capital investment, worker training and possibly job growth, while increasing the wage gap. The commission says the rule would deliver a meager 2.3% wage increase for hourly workers, versus a 9.4% increase for CEOs. The good news is that the proposal is unlikely to become law.

☆ Biden says Republicans, Democrats should unite against Big Tech 'abuses' -WSJ
▼ + stars: | 2023-01-11 | by ( ) www.reuters.com time to read: +1 min

Jan 11 (Reuters) - U.S. President Joe Biden said in an opinion piece in the Wall Street Journal that Democrats and Republicans need to come together to pass strong bipartisan legislation in order to hold major tech companies accountable. Most importantly, Biden said he wanted to see "serious federal protections for Americans' privacy," including putting limits on how much data like location, biometrics and health information can be collected. "We must hold social-media companies accountable for the experiment they are running on our children for profit," he wrote, citing young people's struggles with bullying, violence, trauma and mental health. He also urged a reform of Section 230 of the Communications Decency Act to force tech companies to "take responsibility for the content they spread and the algorithms they use." Reporting by Rishabh Jaiswal in Bengaluru and Diane Bartz in Washington; Editing by Lisa Shumaker and Alexandra AlperOur Standards: The Thomson Reuters Trust Principles.

☆ Gold prices are surging as investors bet on slower Fed rate hikes
▼ + stars: | 2023-01-11 | by ( Anna Cooban | ) edition.cnn.com time to read: +2 min

London CNN —Gold is shining once again, as investors bet that cooling inflation in the United States will slow the pace of Fed rate hikes and make the precious metal more attractive. Gold prices slumped in April last year as the US Federal Reserve started to hike interest rates in a bid to tame runaway inflation. But the market is increasingly expecting the Fed to temper US rate hikes as consumer prices increases slow, boosting demand for gold. During the coronavirus pandemic in August 2020, gold prices hit an all-time high of £2,072. That could make gold more appealing now that yields and the dollar are less of a negative factor,” he told CNN.

☆ BlockFi's CEO cashed out $9 million from the crypto platform just after FTX gave it a multimilllion-dollar support loan
▼ + stars: | 2023-01-10 | by ( Zahra Tayeb | ) www.businessinsider.com time to read: +3 min

BlockFi CEO Zac Prince withdrew over $9 million from the company thanks to an FTX support loan, the Block reported. He cashed out the millions in order to pay US federal and state taxes, according to a company presentation. Collapsed exchange FTX loaned BlockFi $400 million last year in an effort to save the struggling firm. His assets with the company fell to $3.04 million in April 2022 from $13.15 million the previous month, the figures show. The firm told The Block: "Like many BlockFi clients, Zac deployed his own personal assets on BlockFi's platform.

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