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The federal government has issued more than $1 billion in tax credits as an upfront cash incentive to buyers of electric vehicles, the U.S. Treasury Department and Internal Revenue Service said Wednesday. The Inflation Reduction Act created a mechanism whereby tax credits for buyers of new and used EVs — worth up to $7,500 and $4,000, respectively — could be delivered by car dealers at the point of sale. Previously, consumers had to wait until filing their annual tax return, perhaps months or more than a year after their vehicle purchase, to get the federal credit. Americans can now also get the EV tax credit upfront regardless of their federal tax liability, which wasn't the case prior to 2024. "This has never been done before," Deputy Treasury Secretary Wally Adeyemo said during a press call.
Persons: , Wally Adeyemo, expats, Biden, Adeyemo Organizations: U.S . Treasury Department, Internal Revenue Service, Finance, Trump
Sony Pictures is buying Alamo Drafthouse
  + stars: | 2024-06-12 | by ( Ramishah Maruf | ) edition.cnn.com   time to read: +1 min
New York CNN —Sony Pictures Entertainment has bought dine-in movie theater chain Alamo Drafthouse, the companies announced Wednesday. Sony said in a press release that the movie theater chain will be managed under a new division, Sony Pictures Experiences. While other Hollywood studios have jumped into streaming, Sony Pictures CEO and chairman Tom Rothman has expressed his commitment to movie theaters, according to various trade publications including The Hollywood Reporter. Sony Pictures touted its other spaces in the press release, such as Wonderverse, an immersive entertainment space, in Chicago and a Wheel of Fortune LIVE! Sony acquired Alamo from owners Altamont Capital Partners, Fortress Investment Group and founder Tim League.
Persons: Michael Kustermann, Ravi Ahuja, Tom Rothman, , Tim League Organizations: New, New York CNN, Sony Pictures Entertainment, Alamo, Business, Sony, Sony Pictures, SPE, Hollywood, Hollywood Reporter, Altamont Capital Partners, Fortress Investment Group, Fest Locations: New York, Austin , Texas, Chicago
Read previewElon Musk might have withdrawn his lawsuit against OpenAI and its cofounders on Tuesday, but he certainly isn't giving up on winning the AI race just yet. Musk cofounded OpenAI with its current CEO, Sam Altman, but left its board in 2018. Shortly after the announcement, Musk threatened to prohibit Apple devices at his companies. "If Apple integrates OpenAI at the OS level, then Apple devices will be banned at my companies," Musk wrote in an X post. Related storiesRepresentatives for Musk and OpenAI did not immediately respond to requests for comment from BI sent outside regular business hours.
Persons: , Elon, OpenAI, Musk, Sam Altman, Altman, David Hoffman, BI's Grace Kay, Tesla, it's Organizations: Service, OpenAI, Microsoft, Business, Apple, Musk, BI, University of Pennsylvania, Tesla Locations: Altman's court
The nation's central bank is once again leaving interest rates unchanged as it works to lower inflation. On Wednesday, the Federal Open Market Committee announced that it's holding its key interest rate benchmark steady in a range of 5.25% to 5.5%, continuing the pause that first began in September last year. The Summary of Economic Projections, released alongside the FOMC's interest rate decision, penciled in just one rate cut for 2024. "This housing-related inflation is directly driven by high interest rates: reducing rates will reduce the costs of renting, buying, and building housing, lowering Americans' single highest monthly expense," they wrote. "Lowering interest rates will likely also decrease the cost of auto insurance as well, which has risen due to factors completely unrelated to the cost of lending."
Persons: it's, Jerome Powell, We've, Powell, Elizabeth Warren, John Hickenlooper, Jacky Rosen, Brendan Boyle, Sen, Sheldon Whitehouse Organizations: Service, Federal, Market Committee, Business, Fed, European Central Bank Locations: Sens
“Hamas could have answered with a single word – yes,” he said. “It’s time for the haggling to stop and a ceasefire to start. Hamas submitted its reply to the multi-phased ceasefire and hostage release proposal to mediators on Tuesday. According to a senior State Department official, Blinken, who was in Amman at the time, dispatched two of the senior staff traveling with him to retrieve Hamas’ response from Egyptian Intelligence Chief Abbas Kamel, who was also in the Jordanian capital. Izzat al-Rishq, a member of the Hamas political bureau, described their response as “responsible, serious and positive.”CNN’s Becky Anderson, Hamdi Alkhshali and Benjamin Brown contributed to this report.
Persons: Antony Blinken, ” Blinken, , “ Israel, Benjamin Netanyahu, , Jake Sullivan, , Israel, Blinken, Abbas Kamel, ” CNN’s Becky Anderson, Hamdi Alkhshali, Benjamin Brown Organizations: CNN, US National, UN, State Department, Egyptian Locations: Gaza, Doha, Israel, , Egypt, Jordan, Qatar, Amman, Jordanian, Izzat
Stock futures oscillated near the flatline Tuesday night as investors awaited the Federal Reserve's interest rate decision and May's consumer inflation data. S&P 500 futures inched lower by 0.01%, while Nasdaq 100 futures were little changed. During Tuesday's trading, investors' rotation into Apple helped lift the S&P 500 and the Nasdaq Composite to fresh closing highs. Investors are looking to Wednesday's conclusion of the Fed's two-day policy meeting, which will feature an rate policy decision and a subsequent press conference with Fed Chair Jerome Powell. Investors have grown increasingly concerned that the recent strong jobs report and sticky inflation support a higher-for-longer interest rate environment.
Persons: Dow, Jerome Powell, Quincy Krosby Organizations: New York Stock Exchange, Stock, Dow Jones, Nasdaq, Oracle, Google, Apple, LPL
The rescue was complex and, as is often the case, did not go all that smoothly. The numbers are unclear – the Gazan Health Ministry, which is controlled by Hamas, says 274 Palestinians were killed; the Israeli military said it was fewer than 100. In the past several months, Israel has refused ceasefire agreements that would have released many hostages, to the great outrage of the hostages’ families. They, too, are not simply “casualties” or “civilians” or “collateral damage,” but people whose safety and futures have been snatched away. Brutal wars like the one between Israel and Hamas can test our humanity.
Persons: Jill Filipovic, it’s, Khalil Al Tirawi, Noa Argamani, Almog Meir Jan, Andrey Kozlov, Shlomi Ziv, Yahya Sinwar, evince, they’ve, It’s, Israel, Meir, Kan, Orit, Liat Ariel, Ziv’s, , Liora, , ” Argamani, Noa, Yaakov, Argamani’s, Avinatan, we’ll Organizations: Twitter, CNN, Nova, Gazan Health Ministry, Israel, Kan News, Jerusalem Post, Al Locations: New York, Israel, Jerusalem, Gaza, Russia, Jazeera, of Israel
The 2024 bumper election year presents a unique opportunity to make progress in closing the global gender gap, according to the World Economic Forum. It is now estimated to take 134 years — or five generations — to close the global gender gap, up from 131 years in 2023, WEF said. This year's sweeping election cycle could narrow that gap, however, by boosting women's representation in the political sphere, the non-governmental organization said. WEF's Global Gender Gap Report, now in its 18th year, is an annual index designed to measure gender equality. "With over 60 national elections in 2024 and the largest global population in history set to vote, women's political representation and the overall gender gap could be set to improve," the report said.
Persons: WEF, Saadia Zahidi, Claudia Sheinbaum, Halla Tomasdottir Organizations: Economic Locations: Saroi, Bhadohi, India's Uttar Pradesh, Mexico, Iceland
Pa Images | Getty ImagesLONDON — British technology executives and entrepreneurs want the next government to focus on promoting skills around the development and use of artificial intelligence and growth-oriented fiscal measures. Upskilling in an AI ageOne thing U.K. tech executives are pushing for is fostering innovation in artificial intelligence and cultivating citizens' grasp on AI-centric skills — across multiple generations. Last month, dozens of business executives, entrepreneurs, and investors signed an open letter stating their support for Labour in the upcoming election. Leon Neal | Getty Images News | Getty ImagesSignatories included several influential names in the world of U.K. tech: Wikipedia founder Jimmy Wales, Founders Forum co-founder Jonathan Goodwin, and Atom Bank CEO Mark Mullen. Tech bosses CNBC spoke with found themselves unable to point to specific policies and plans from either of the main political parties.
Persons: Rishi Sunak, Sir Keir Starmer, Keir Starmer, Zahra, Salesforce, Einstein, Astro, Matthew Houlihan, Rachel Reeves, Angela Rayner, Leon Neal, Jimmy Wales, Jonathan Goodwin, Mark Mullen, Sunak, Liz Truss, Jeremy Hunt, Danny Lawson, Rishi Khosla, Khosla Organizations: Conservatives, Labour Party, LONDON, it's, Labour, CNBC, Innovation, Cisco, coy, Centre, Getty, Founders Forum, Atom Bank, BAE Systems, Tech Locations: Downing, Salesforce's, Europe, Purfleet, United Kingdom, Ukraine, British, Barrow, Furness, England
CAIRO — The sinking of a boat carrying migrants off the coast of Yemen has left at least 49 people dead and 140 missing, the United Nations’ International Organization for Migration said on Tuesday. It said search efforts were continuing and so far 71 had been rescued. The statement counted 31 women and six children among the dead. Yemen is a major route for migrants from the East Africa and the Horn of Africa trying to reach Gulf countries for work. Despite a nearly decadelong civil war in Yemen, the number of migrants arriving annually tripled from 2021 to 2023, soaring to over 90,000 from about 27,000, the International Organization for Migration said last month.
Organizations: United Nations ’ International Organization for Migration, International Organization for Migration Locations: CAIRO, Yemen, Somalia, Aden, East Africa, Africa
I told locals I was staying at the JW Marriott, but to them, the building is better known as the Trump Ocean Club. The exterior of the JW Marriott Panama, a five-star hotel in Panama City's Punta Pacifica neighborhood. Monica Humphries/Business InsiderBefore the building was called The Ocean Club, it was the Trump Ocean Club International Hotel and Tower. In 2018, Marriott International took over management and renamed it The Ocean Club, the AP reported . Everyone I spoke with during my Panama trip knew it as the Trump building or Trump tower.
Persons: Monica Humphries, Roger Khafif, Trump Organizations: JW, Trump Ocean Club, JW Marriott, Ocean, Trump Ocean Club International, Punta Pacifica, Trump, Associated Press, NBC, Reuters, Marriott International, AP Locations: JW Marriott Panama, Panama, Punta Pacifica
The Biden administration is moving to ban medical debt from credit reports. Medical debt, she said, "makes it more difficult to get by, much less get ahead. A recent study estimated that one in five U.S. households live with medical debt, including people with health insurance; and that on average, a typical American household owes about $4,600 in medical debts. "Medical bills on credit reports too often are inaccurate and have little to no predictive value when it comes to repaying other loans." The association said it had also extended the time before medical collections debt appears on credit reports and deleted resolved debts and medical collection debts below $500.
Persons: Joe Biden, Kamala Harris, North Carolina Governor Roy Cooper, Biden, Harris, Rohit Chopra Organizations: U.S, North Carolina Governor, Chavis Community Center, Consumer Financial Protection Bureau, Consumer Data Industry Association Locations: Chavis, Raleigh , North Carolina, U.S
Broadly speaking, market observers expect that investors have already priced in how the Fed may proceed with interest rates. So long as this week's Fed meeting sticks to the consensus view, many observers expect stocks will breathe a sigh of relief. "This is one of the busiest of the days on Wednesday," said Art Hogan, chief market strategist at B.Riley Financial. Possibility for surprise Of course, the Fed meeting still has the potential to surprise investors. ET Wednesday while the Fed meeting wraps up at 2:00 p.m. and Powell's press conference starts a half hour later.
Persons: shrugging, Hogan, Dave Sekera, it's, Riley's Hogan, ChairJerome Powell, Powell, hasn't, Brian Nick, Nick, , I'd, Jeff Klingelhofer, Klingelhofer, Joshua Roberts Organizations: Federal Reserve, B.Riley, Morningstar, Fed, Macro, Bureau of Labor Statistics, Nvidia, Thornburg Investment Management, Federal Locations: U.S, Washington ,
CNN —Black shades and a red towel were all Blackpink’s Jennie Kim needed to look chic ahead of the Jacquemus show in Capri, Italy. And just as Bardot was to Godard, Jennie was designer Simon Porte Jacquemus’s star on the runway on Monday. In her surprise runway debut, the 28-year-old closed the show of minimalist form and colorful threads in a backless halter dress, paired with a turquoise shoulder bag and zebra-print heels. Fans waiting outside venues have become a fixture as they look to get a glimpse of the K-pop celebrities attending fashion shows. Of course, fans would have had a difficult time getting to this runway location.
Persons: Jennie Kim, Brigitte Bardot, Jean Luc Godard’s, Mépris, Bardot, Godard, Jennie, Simon Porte Jacquemus’s, Curzio Malaparte, Godard’s, Mépris ”, , Stephane Cardinale, Corbis, Jacquemus, , , Luc Godard, Princess Diana, Jacques Demy’s Organizations: CNN, Casa Malaparte, Chanel Locations: Capri , Italy, Casa, of Salerno, Dua Lipa, Jean, Versailles
More than two months after deputies were sentenced for torturing two Black men in central Mississippi, federal prosecutors have widened their investigation and may sue the Rankin County sheriff’s department for civil rights violations, a serious escalation that could lead to federal monitoring. Todd Gee, the U.S. attorney for the Southern District of Mississippi, talked about the possibility at a meeting last month, where he urged local residents who attended to come forward if they had experienced violence or discrimination at the hands of deputies. More than 50 people, including defense attorneys and civil rights advocates, packed into a library outside Jackson, Miss. Some shared stories of being harassed or falsely accused of crimes by deputies, according to several people who attended the meeting, which was closed to the press. “Information from people like you can make a difference,” Mr. Gee told the crowd, according to video of the meeting obtained by reporters.
Persons: Todd Gee, Mr, Gee Organizations: Southern, Southern District of Locations: Mississippi, Rankin County, U.S, Southern District, Southern District of Mississippi, Jackson, Miss
The U.N. Security Council on Monday endorsed a cease-fire plan for the Gaza Strip that is backed by the United States, adding weight to an international effort to end the eight-month war. Neither Israel nor Hamas has publicly accepted the plan, but Secretary of State Antony J. Blinken on Tuesday held talks in the region to press for its adoption. Here’s a look at how the cease-fire would work, and at some of the areas of dispute between the warring parties. Israeli forces would withdraw from populated areas of Gaza, and more humanitarian aid would be distributed in the enclave. Civilians, most of whom have been displaced, would be free to return to their homes, including in northern Gaza, an area devastated by Israeli airstrikes and fighting.
Persons: Antony J, Blinken Organizations: . Security, Gaza, Hamas Locations: United States, Israel, Gaza
Voters in North Dakota approved a ballot measure that sets a maximum age for representing the state in Congress, The Associated Press said on Tuesday. Experts said they believed North Dakota was the first state to impose such a requirement on members of Congress, though they said the measure is likely to be challenged in court. The ballot measure, to amend the North Dakota Constitution, bars congressional candidates who would turn 81 or older by the end of the year before their term ends from being eligible for office. The measure provided a rare glimpse into how one state’s voters think about age at a time when questions over the effectiveness of older political leaders have been part of the national conversation. The campaign in North Dakota to pass an age limit on the state’s members of Congress began as many Americans have debated whether age ought to be a factor in this year’s presidential contest.
Persons: Biden, Donald J, Trump Organizations: Associated Press, Dakota Constitution Locations: North Dakota, Congress, Dakota
Warner Bros. The deal is set to make Warner Bros. Warner Bros. Discovery-owned Eurosport has been broadcasting the French Open to 55 countries outside the U.S. since 1989, according to a press release. Meanwhile, Warner Bros. With the hangover from the Hollywood writers' strike and cost-cutting measures across the industry, including at Warner Bros.
Persons: Spain's Rafael Nadal, Germany's Alexander Zverev, Philippe, Chatrier, Roland Garros, Roland, Garros, Luis Silberwasser, Comcast's, Venu, Disney's, NBCUniversal, — CNBC's Alex Sherman Organizations: Roland, Warner Bros, TNT Sports, Garros, French Tennis Federation, Discovery, Grand, Warner Bros ., Eurosport, TNT, TBS, Comcast's NBC, Tennis, Disney's ESPN, Fox, TruTV, National Hockey League, NASCAR, U.S, Soccer, College Football, ESPN, NBA, CNBC, Hollywood, Comcast Locations: Paris, U.S, NBCUniversal
Representative Kelly Armstrong won the Republican nomination for governor of North Dakota, The Associated Press said on Tuesday, defeating the state’s lieutenant governor, Tammy Miller, and positioning himself as the strong favorite in the general election. The primary featured two Republicans who are well known in the state and whose platforms shared many similarities. Mr. Armstrong, a lawyer and a former state Republican Party chairman, was elected to Congress in 2018 from North Dakota’s lone House district. Ms. Miller, an accountant and businesswoman, was appointed as lieutenant governor last year after working as Gov. After failing to gain traction in the Republican presidential primary, he announced in January that he would not seek another four years as governor.
Persons: Kelly Armstrong, Tammy Miller, Armstrong, Miller, Doug Burgum’s, Donald J, Trump, Mr, Burgum Organizations: Republican, The Associated Press, Republican Party Locations: North Dakota, North Dakota’s
Even last month, less than an hour after Biden unveiled his proposal, Netanyahu insisted Israel would not end the war until Hamas is defeated. But detailed negotiations to implement its provisions are yet to yield agreement from both Israel and Hamas. The ambassador also said the deal “rejects any geographical changes” in Gaza and reiterates the commitment for a two-state solution. Blinken arrived in Israel on Monday, following the resignation of Benny Gantz from the Israeli war cabinet on Sunday. More than 37,000 people have been killed in Gaza since the war began, according to the Ministry of Health in Gaza.
Persons: Reut Shapir Ben, Naftaly, , , Joe Biden, Israel, Benjamin Netanyahu, Biden, Netanyahu, Linda Thomas, Greenfield, , Riyad Mansour, West Bank –, Antony Blinken, Blinken, Yoav Gallant, Benny Gantz Organizations: CNN, Israel, Hamas, United Nations Security, UN, UNSC, Monday’s, Russia, United, Palestinian UN, Palestinian Authority, West Bank, Department, Israeli, Ministry of Health Locations: Gaza, Israel, Hamas, Palestinian, United States, Egypt, Qatar, Greenfield, Jerusalem
Speaking at an Everytown for Gun Safety event under a banner that read “Gun Sense University” in large block letters, the president did not reference his son’s conviction. Hunter Biden was pronounced guilty earlier in the day of three felony charges after a jury found he lied on a form by saying he was not abusing drugs when he purchased a firearm in 2018. Nothing will ever change that.”The painful moment for the Biden family comes a day before President Biden is expected to leave for a three-day trip to Italy for the G7 summit. As the trial was underway last week, Biden was in France commemorating D-Day. He also frequently touts signing the Bipartisan Safer Communities Act, which was the first significant gun safety legislation in a quarter-century when it was passed.
Persons: Joe Biden, Hunter Biden, Biden, Jill, ” Biden, Hunter, Jill Biden, , we’ve, Donald Trump, Trump, , CNN’s Kevin Liptak Organizations: Washington CNN, White House, Safer Communities, NRA Locations: Wilmington, Italy, France, Delaware, Texas, New York
Americans shouldn't expect interest rate cuts to head their way anytime soon. Related stories"It may be bad, partly, because it is driven in part by uncertainty and fear and high interest rates holding back activity," Pollak added. "And if I had to bet, I bet that we will get two rate cuts, one in September and one in December." Some Democratic lawmakers have been pushing the Fed to cut rates and give Americans some breathing room, especially after the European Central Bank cut rates earlier in June for the first time in five years. "The Fed's decision to keep interest rates highs continues to widen the rate gap between Europe and the U.S, as the lower interest rates could push the dollar higher, tightening financial conditions," they wrote, adding: "You have kept interest rates too high for too long: it is time to cut rates."
Persons: there's, Jerome Powell, Powell, Julia Pollak, ZipRecruiter, It's, Pollak, Nick Bunker, Joseph Briggs, Goldman Sachs, we're, David Kelly, Kelly, Elizabeth Warren, Jacky Rosen, John Hickenlooper Organizations: Service, Reserve, Business, North America, Morgan Asset Management, Democratic, European Central Bank Locations: United States, Amsterdam, Sens, Europe
CNN —Former President Donald Trump has once again asked a judge to throw out the classified documents case, arguing this time that investigators destroyed exculpatory evidence by rifling through boxes for classified documents gathered in the FBI’s 2022 search of Mar-a-Lago. Special counsel Jack Smith’s team has already acknowledged in court that some of the documents may be out of order. But, according to Trump, those boxes have been tampered with because investigators failed to maintain the order of their contents. The judge has yet to decide several additional motions to dismiss the case from Trump and his two co-defendants. However, the judge gave them a small victory by removing from an indictment prosecutors’ account of Trump allegedly showing a classified map to a political adviser, as the map was not one of the documents Trump is charged with mishandling.
Persons: Donald Trump, Trump’s codefendants, Aileen Cannon, Jack Smith’s, , Trump’s, , Cannon, Trump, Organizations: CNN, Justice Department, FBI, Government, Trump, Congress
In New York, probation officers talk to the defendant and the prosecutor in separate pre-sentencing interviews in preparation for what's known as a pre-sentencing report. AdvertisementTrump is not getting preferential treatment by being allowed to do his interview via video and with his lawyer, a city spokeswoman told Business Insider. It is true that defendants who are locked up while awaiting sentencing typically do pre-sentencing interviews via video, defense lawyers told Business Insider. But defendants like Trump, who are at liberty, are almost always required to appear alone and in person for their probation interviews, lawyers told BI. "I've never been present at a probation interview," said veteran Legal Aid attorney Sam Roberts.
Persons: , Donald Trump, Todd Blanche, Trump, it's, Ivette Davila, Richards, it's President Trump, Justice Manhattan Juan Merchan, Blanche, I've, Sam Roberts, he's, Thomas Eddy, there's, Eddy, Blanche wasn't Organizations: Service, of, Business, Associated Press, Legal Aid Society, The Bronx Defenders, Defender Services, Neighborhood, Service of Harlem, it's, New, Justice Manhattan Locations: New York City, Mar, New York, Manhattan, York City, Rochester , New York
Former President Donald Trump has spent years attacking Hunter Biden, President Joe Biden's only surviving son, and raising campaign cash on his unfounded claims that the Biden family is corrupt and above the law. Long before Hunter Biden was found guilty Tuesday of three federal gun crimes, Trump made the 54-year-old lawyer and recovering drug addict the centerpiece of his bare-knuckle campaign against Joe Biden during the 2020 presidential election. The latest Trump ads on Google and YouTube are also devoid of any mention of Hunter Biden. "Trump and Republicans have accused Hunter Biden of being at the center of a massive web of corruption involving his father as vice president. The Trump campaign announced May 31 that in the 24-hour period after the former president's conviction it raised over $50 million.
Persons: Donald Trump, Hunter Biden, Joe Biden's, Biden, Long, Trump, Joe Biden, Trump's, Hunter, Hunter Biden's, doesn't, Evan Siegfried, Rudy Giuliani's, Siegfried, Karoline Leavitt, corruptly, Lara Trump, Organizations: CNBC, Facebook, Trump, Google, YouTube, Biden White, Justice Department, Republican, NBC News, New, Republican National Committee Locations: Las Vegas , Nevada, U.S, China, Russia, Ukraine, New York
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