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OTTAWA, July 6 (Reuters) - Canada is willing to dole out up to C$15 billion ($11.3 billion) in production incentives for a Stellantis-LG Energy Solution (LGES) (STLAM.MI), electric vehicle battery plant, trumping a record deal with Volkswagen as Ottawa competes with Washington to woo major clean-tech projects. The subsidies deal has resulted in construction resuming at the Stellantis-LGES plant after the companies halted the project in May demanding Canada match support available in the United States under the Inflation Reduction Act (IRA). Canada has said that projects like the Stellantis and Volkswagen battery plants would be "anchors" for a pivot to clean tech. The funding for the battery plant will be provided by Canada's federal government and the Ontario province in a pact structured similarly to the C$13 billion deal for Volkswagen's plant. ($1 = 1.3320 Canadian dollars)Reporting by Ismail Shakil in Ottawa; Editing by David HolmesOur Standards: The Thomson Reuters Trust Principles.
Persons: trumping, Stellantis, Ismail Shakil, David Holmes Organizations: OTTAWA, LG Energy, Volkswagen, Ottawa, U.S ., Thomson Locations: Canada, Washington, United States, Ontario, Detroit, Ottawa
But recent data shows strong growth in demand for green skills exacerbating an already tight market where demand outstrips supply. The online professional network defines green skills as those that make economic activities more environmentally sustainable, such as carbon accounting, hydrogen engineering and battery manufacturing. It considers green jobs to be ones which include climate action objectives such as removing pollution and preserving natural resources. Likewise, more than 114,000 U.S. clean energy jobs were created in 2022, according to last week’s annual employment report from the U.S. Department of Energy. As of 2023, nearly 11% of U.S. transport workers, such as employees of carmakers, have green skills, according to LinkedIn.
Persons: , Sue Duke, Kenneth Gillingham, ” Gillingham, Tim Gruber, Gillingham, Sara Smiley Smith, Steven Cohen, Cohen, Todd Anderson, Rochelle Toplensky, Dieter Holger Organizations: U.S, LinkedIn, Wall Street, U.S . Department of Energy, Political Economy Research, University of Massachusetts Amherst, American Clean Power Association, Sustainable Business, Yale School of, Workers, Nobles, Environment, Yale, Columbia, Science, Sustainability Management, The Wall, dieter.holger Locations: U.S, Reading, Minn, Woodbine , Georgia
July 5 (Reuters) - Stellantis-LG Energy Solution (LGES) (STLAM.MI) will resume construction of an electric-vehicle battery plant in Canada after the federal government and province of Ontario increased subsidies for the C$5 billion ($3.7 billion) project. The companies said on Wednesday battery production at the plant in the city of Windsor in Ontario was now set to begin in 2024, creating some 2,500 new jobs and targeting annual production capacity over 45 gigawatt hours. Stellantis and LGES first announced their battery plant investment in March last year, but tensions emerged a few months later in August when the U.S. passed the IRA, which includes a massive package of clean-tech incentives for companies. In April, Canada agreed to provide up to C$13 billion in manufacturing tax credits and a C$700 million grant to lure German automaker Volkswagen AG to build its North American battery plant in the country. It was the biggest single investment ever in Canada's EV supply chain.
Persons: Stellantis, LGES, North America Mark Stewart, Francois, Philippe Champagne, Chrystia Freeland, Steve Scherer, Ismail Shakil, Costas Pitas, Caitlin Webber, Eric Beech, Sonali Paul Organizations: LG Energy, Canada, IRA, Federal, Provincial, North America, Industry, Volkswagen AG, Thomson Locations: Canada, Ontario, Windsor, Detroit, United States, U.S, Ottawa
The best CD rate right now is an impressive 6.167% APY, but make sure you have emergency funds before parking money in a CD. Right now, the best CD rate is 6.167% APY on a 6-month share certificate from Credit Union One of Oklahoma. View offers and saving today >CDs are a great way to generate passive income because they require almost no oversight after the initial deposit. Here are three questions to ask yourself before signing up for a CD:1. $1,000 minimum opening deposit Highlights Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options.
Persons: it's, you'll, You’re, Jennifer, Read Organizations: Credit Union, NASA Federal Credit Union, NASA, Credit, Chevron, National Space Society, NASA Headquarters, National Academy of Science, NASA Center, Bank of Indiana, First Internet Bank of Indiana's, FDIC, Reading Chevron, Crescent, Crescent Bank, Business, Black Enterprise Magazine, CNBC, Forbes, Twitter Locations: of Oklahoma, Louisiana
Pros Check mark icon A check mark. Accounts pay high interest rates Check mark icon A check mark. No fees Check mark icon A check mark. Open accounts you might not be able access outside of Raisin Check mark icon A check mark. Only way to deposit or withdraw money is by connecting to an external account Dash icon A dash.
Persons: , I've, It's, it's Organizations: Service, Mint, FDIC, Chevron
The comments by Shoichiro Watanabe of Panasonic Energy are the Tesla (TSLA.O) supplier's first clear indication of the number of additional factories it will need. "We will need to build around another four factories," Watanabe, the company's chief technology officer, said in an interview at its headquarters in Osaka on Friday. He signalled an openness to potential joint ventures for EV battery production, with automaker Mazda Motor (7261.T) among others, citing the changing nature of such projects in which investment is no longer shouldered by battery makers alone. Panasonic will not rule out the possibility of a joint battery venture with Mazda as part of a supply partnership the companies are working out, Watanabe said. They aim to sign off on it this year, and expect to supply batteries after 2025.
Persons: Shoichiro Watanabe, Miho Uranaka, Watanabe, Elon Musk, Miho Uranka, Daniel Leussink, David Dolan Organizations: Panasonic Energy Co, REUTERS, Panasonic, Reuters, Panasonic Energy, EV, Mazda, NORTH AMERICA Panasonic, U.S, Thomson Locations: Moriguchi, Osaka prefecture, Japan, Miho Uranaka OSAKA, United States, Nevada, Kansas, Osaka, North America, Oklahoma
This story is part of CNBC Make It's Millennial Money series, which details how people around the world earn, spend and save their money. While growing up in a suburb of Washington, D.C., Brunotts always expected to go to college. But after reviewing the potential costs of attending music school in NYC, she ultimately decided against pursuing higher education. She brought in around $48,000 last year and says she's on track to make more this year. When she has earned more than her weekly goal doing work for clients, Kate spends time working on personal music projects.
Persons: Kate Brunotts, Brunotts, I've, Kate, Matt, hadn't, Lauren Shamo, Maherzad Todiwala, she's, she'll, Roth, It's Organizations: CNBC, New York City, Washington , D.C, Center, Citi, Google Fi Locations: New York, Washington ,, NYC, Upwork, Venmo, Brunotts
The company’s weighting in the S&P 500 has swelled to 7.6%, the biggest of any one stock in the history of the benchmark index, according to S&P Dow Jones Indices. If shares of Apple keep rallying, that could hurt the results of active fund managers, who strive to beat indexes such as the S&P 500 or Russell 1000. The cost of limiting Apple shares may be particularly high for fund managers this year, given the stock's swelling weight in indexes. “Fund managers at their own peril don’t hold Apple and a handful of stocks just like it at index weight or about index weight,” Morris said. The stock is still his firm's fourth-largest holding, even though at 4% of the portfolio, it puts it underweight Apple versus the S&P 500.
Persons: Dow, Russell, Todd Sohn, Robby Greengold, Walter Todd, Todd, Alex Morris, ” Morris, Refinitiv Datastream, Peter Tuz, ” Tuz, Lewis Krauskopf, Ira Iosebashvili, Anna Driver Organizations: YORK, Dow Jones, Apple, Microsoft, Nvidia, Morningstar, Greenwood Capital, Research, , Chase Investment, Thomson Locations: Apple’s, South Carolina, United Kingdom, Russell
The Best Debit Cards for Kids and Teens
  + stars: | 2023-07-02 | by ( Kerri Anne Renzulli | ) www.wsj.com   time to read: +15 min
Banks, credit unions, financial technology companies and even investment firms all offer debit cards geared toward under 18-year-olds. With Greenlight, children receive a physical debit card with their name on it. In addition to its abundance of customizable features, Greenlight also rises above other kids debit cards thanks to the educational tools and games included in its app. This is possible because the Step Visa Card is not technically a debit card, though it functions very similarly. How we pickedTo pick Buy Side from WSJ’s Best Debit Cards for Kids and Teens, we looked at card options available to those under the age of 18, including prepaid debit cards, checking account-linked debit cards, secured credit cards and brokerage account-linked debit cards.
Persons: Kerri Anne Renzulli, they’ve, Banks, we’ve, Greenlight, Chase, it’s, Side’s, , Equifax, Roth Organizations: Community Federal Savings Bank, Capital, Teens, Chase, Teen, Fidelity, Learning, Kids
For example, if a stock's price is below the VWAP, it may lure many traders into shorting it, he said. Since Sykes trades penny stocks with less trading volume, he uses indicators that help him determine whether his theses will play out. However, its importance is inferior to the above criteria because the catalyst could move a stock's price in either direction. On the morning of December 1, 2022, the stock's price plunged, creating a pattern he calls a morning panic. This trade fit Sykes' criteria because it had attention on it as a catalyst and created a pattern he trades.
Persons: Timothy Sykes, Sykes, Norman Zadeh, It's, they're, CLOW Organizations: Bollinger, United States, Nasdaq Locations: shorting
The S&P 500 defied recession fears and a U.S. banking crisis to notch a 15.9% gain in the first half. The S&P 500 (.SPX) has posted a positive return in eight consecutive Julys, and the tech-heavy Nasdaq 100 index (.NDX) has climbed in July for 15 straight years. S&P 500 companies are expected to post an overall drop in earnings of 5.7% from the year-earlier period, according to Refinitiv IBES. The S&P 500 is trading at 19.1 times forward earnings estimates, well above its historic average P/E of 15.6 times, according to Refinitiv Datastream. "At some point, this move in interest rates has got to have some consequences for the markets," Matt Maley, chief market strategist at Miller Tabak, said in a note on Friday.
Persons: Brendan McDermid, , Mona Mahajan, Edward Jones, Omar Aguilar, Refinitiv IBES, , John Lynch, Refinitiv, Matt Maley, Miller Tabak, Lewis Krauskopf, Ira Iosebashvili, David Gregorio Our Organizations: New York Stock Exchange, REUTERS, Federal, Nasdaq, ” Reuters, American Association of, Fed, Schwab Asset Management, Apple, Microsoft, Nvidia, Comerica Wealth Management, Treasury, Deutsche Bank, UBS Global Wealth Management, UBS, Thomson Locations: New York City, U.S
June 30 (Reuters) - The U.S. government on Friday revised its guidance for its Medicare drug price negotiation process, allowing drug companies to publicly discuss the talks, but did not make major changes likely to convince drugmakers to end their suits seeking to halt the program. In September, the U.S. Centers for Medicare and Medicaid Services (CMS) will select 10 of the Medicare program's costliest prescription medicines and negotiate price cuts to go into effect for 2026. That guidance precluded drug makers from talking about the negotiations and required them to eventually destroy data received from CMS. Industry group the Pharmaceutical Research and Manufacturers of America (PhRMA) made an additional claim that the price negotiation program violates the U.S. Constitution's Eight Amendment, which protects against excessive fines. The Biden administration's drug pricing reform aims to save $25 billion annually by 2031 through price negotiations for the drugs most costly to Medicare.
Persons: drugmakers, Joe Biden, Chiquita Brooks, LaSure, Bristol Myers, Merck, PhRMA, Tahir Amin, Amin, Michael Erman, Mark Potter, Nick Zieminski Organizations: U.S, U.S . Centers, Medicare, Medicaid Services, Merck & Co, Bristol Myers Squibb, U.S . Chamber of Commerce, CMS, Merck, Bristol, Industry, Pharmaceutical Research, Manufacturers of America, Reuters, Initiative for Medicines, Biden, Thomson Locations: U.S
Jefferies upgrades Carnival to buy from hold Jefferies said it sees a "confluence of positive dynamics" for Carnival. Citi initiates Apple as buy Citi said it sees further upside for the tech giant, slapping a Street-high $240 price target. Citi initiates Dell as buy Citi said the computer maker is gaining share. Goldman Sachs reiterates Nike as buy Goldman Sachs said it's standing by shares of Nike after the company's earnings report Thursday. " Bank of America reiterates T-Mobile as buy Bank of America said the stock is "undervalued."
Persons: TD Cowen, Cowen, Goldman Sachs, Goldman, Jefferies, Snowflake, Virgin, Daiwa, NKE, Stephens, SolarEdge, Riley, Stifel, Davidson Organizations: Citi, Pacific Biosciences, Pacific Bioscience, Jefferies, Deutsche Bank, Apple, Dell, Bank of America, Virgin Galactic, underperform Bank of America, Virgin Galactic's, Italian Air Force, AMD, Intel, Nike, BMO, FirstService Brands, Occidental Petroleum, Mobile, Southwestern Energy Locations: 3Q23, China, Occidental, midstream
The yield curve's inversions deepened in June after Fed Chair Jerome Powell indicated that the central bank would likely raise rates two more times this year. Stronger-than-expected economic data on Thursday backed expectations that the Fed will keep interest rates higher for longer. Treasury yields- which move inversely to prices - moved up, with 10-year and two-year yields hitting their highest since March 10 and 9, respectively, while some curve inversions intensified. The spread between one- and 30-year Treasury yields was as wide as 153 basis points on Wednesday, its biggest gap since 1981. Key areas of the U.S. economy, including housing and labor, have proven resilient despite higher rates.
Persons: Jerome Powell, Powell, Janet Rilling, Huw Roberts, Davide Barbuscia, Chuck Mikolajczak, Ira Iosebashvili, Sam Holmes, Aurora Ellis, Nick Zieminski Organizations: YORK, U.S, Treasury, Federal, Allspring Global Investments, Quant, Thomson Locations: U.S
With two days left in the first half, the S&P 500 (.SPX) is up 14% in 2023 - a rebound that surprised many analysts after equities’ brutal 2022 decline. If history is a guide, stocks’ strong start may give them a tailwind in the second half. Here are six key questions investors are posing as they assess the market's prospects:WHERE’S THAT RECESSION? While the S&P 500 has gained 14% this year, the equal-weight version of the index -- a proxy for the average stock -- has gained just 4.2%. The S&P 500 tech sector (.SPLRCT) now trades at 27 times forward earnings, according to Refinitiv Datastream.
Persons: Sam Stovall, Refinitiv, Lewis Krauskopf, Ira Iosebashvili, David Gregorio Our Organizations: YORK, Nasdaq, New York Federal Reserve, Treasury, UBS, CAN, Apple Inc, Nvidia Corp, HSBC, Reuters Graphics, Advisory Services, Reuters, Thomson Locations: U.S, Silicon
An inverted yield curve occurs when yields on shorter-dated Treasuries rise above those for longer-term ones, reflecting bets that the central bank will need to cut rates to buoy an economy hurt by higher borrowing costs. The yield curve's inversions deepened in June, after Fed Chair Jerome Powell indicated that the central bank would likely raise rates two more times this year. "Keeping rates higher for longer increases the chance that we move into a downturn," said Janet Rilling, a senior portfolio manager and the head of the Plus Fixed Income team at Allspring Global Investments. The curve between five- and 30-year Treasuries , meanwhile, touched a low of -20.7 on Wednesday - the most inverted since March. Key areas of the U.S. economy, including housing and labor, have proven resilient despite higher rates.
Persons: Jerome Powell, Powell, Janet Rilling, Davide Barbuscia, Ira Iosebashvili, Sam Holmes Organizations: YORK, U.S, Treasury, Federal, Allspring Global Investments, Thomson Locations: U.S
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailNorwegian battery company Freyr to open US manufacturing facility with stimulus from IRAFreyr CEO Tom Jensen joins 'The Exchange' to discuss Freyr's plans to develop a battery production facility in Georgia, the stimulus provided by the Inflation Reduction Act, and investor sentiment about the battery industry.
Persons: Tom Jensen Locations: Georgia
That has hurt shares of energy companies: after soaring in 2022, the S&P 500 energy sector (.SPNY) has lost nearly 10% this year, making it the index’s worst performing sector. Most investors believe central bank interest rate hikes to fight inflation should keep a lid on global growth for the time being. Yet some are positioning for a rebound in energy shares, drawn by attractive valuations and signs the U.S. will continue to stave off an economic downturn. Stan Majcher, a portfolio manager at Hotchkis & Wiley, is among those counting on oil prices rebounding due to tight supply. “If you don’t get it, the path of least resistance is for oil prices to move much higher," he said.
Persons: Brent, David Lefkowitz, Baker Hughes, Stan Majcher, Refinitiv, Charles Lemonides, Sam Peters, David Randall, Lewis Krauskopf, Ira Iosebashvili, David Gregorio Our Organizations: YORK, UBS Wealth Management, UBS, Federal Reserve, TD Securities, . West Texas, Brent, U.S, drillers, Hotchkis, Wiley, Kosmos Energy Ltd, Bank of America Survey, Hess Corp, Occidental Petroleum Corp, ClearBridge Investments, Thomson Locations: U.S, China, Saudi Arabia
Giant Food, a mid-Atlantic grocery chain, could close stores due to theft, President Ira Kress said. He told WTOP that Giant is also limiting the number of items that customers can buy at self-checkout. This time, it's Giant Food, which operates about 170 stores in Delaware, Maryland, Virginia, and Washington, DC. Giant President Ira Kress told Washington DC radio station WTOP on Monday that thieves are stealing "everything," from shrimp to deodorant, at Giant's stores. Last year, Walmart CEO Doug McMillon said that the retailer could close stores or raise prices if theft continued.
Persons: Ira Kress, WTOP, , Kress, he's, Doug McMillon Organizations: Service, Giant, Washington DC, Walmart, Foods, New York Times, Walgreens Locations: Delaware , Maryland, Virginia, Washington, Maryland, San Francisco, Amazon
NEW YORK, June 26 (Reuters) - Investors are watching a large hedged-equity fund's quarterly refresh of its options positions and quarter-end rebalancing by portfolio managers to potentially influence U.S. stock moves as the first half of the year winds down this week. The nearly $16 billion JPMorgan Hedged Equity Fund , which holds a basket of S&P 500 (.SPX) stocks along with options on the benchmark index, is expected to roll its options positions on Friday. While the trade is anticipated by many market participants, it can exacerbate or suppress daily stock market moves, especially during times of poor market liquidity, analysts said. For now, the trade may be helping suppress volatility in stocks. That may help curb market volatility, analysts said.
Persons: Brent Kochuba, Michael Purves, Saqib Iqbal Ahmed, Ira Iosebashvili, Matthew Lewis Organizations: YORK, JPMorgan Hedged Equity Fund, Bloomberg, JPMorgan, Tallbacken Capital Advisors, Thomson Locations: U.S, New York
Mindy Yu was raised in Queens, New York, in a working-class family who lived paycheck to paycheck. Pros Check mark icon A check mark. Accounts pay high interest rates Check mark icon A check mark. No fees Check mark icon A check mark. Open accounts you might not be able access outside of Raisin Check mark icon A check mark.
Persons: Mindy Yu, Yu, , didn't, Roth, It's Organizations: Service, Social Security, Roth IRA, Mint, FDIC, Chevron Locations: Queens , New York, Manhattan's Chinatown
For young professionals new to the workforce — particularly recent college graduates — here are four common money myths that have been passed down through generations, debunked. The idea has likely inhibited women and people of color in particular from being confident about investing, Ransom-Cooper says. The gap has begun to close, though, with 58% of Black Americans investing in 2022, compared with 63% of white Americans. What's more, young professionals do not have to wait until their student loans or other outstanding debt is completely paid off to begin. Investing early and growing your retirement savings, for example, are valuable ways to build wealth outside of the real estate market.
Persons: you've, Chelsea Ransom, Cooper, Ransom, Schwab, Roth, it's Organizations: Zenith Wealth Partners, CNBC, Investor Survey, Roth IRA
Trump must set aside $5.55 million dollars for E. Jean Carroll while he appeals her successful defamation verdict. On Friday, he made the unusual move of asking the court to hold the money as cash, rather than as a bond. Surety experts say the move saves Trump the price of a bond premium: just $55,000. Trump attorney Joe Tacopina filed the request Friday with US District Court Judge Lewis Kaplan, who presided over the defamation and sexual assault trial. That amount could be nothing if Trump wins an outright reversal of the judgment, or less than $5 million if an appeals court reduces the judgment.
Persons: Trump, Jean Carroll, , Donald Trump, E, It's, Mike Lapre, Lapre, Joe Tacopina, Lewis Kaplan, Tacopina, Carroll, Roberta Kaplan, Trump's, Ira Judelson, Judelson, Dominique Strauss, Kahn, Plaxico Burress, Conor McGregor, nix, he's Organizations: Trump, Service, NFP, NFL Locations: Manhattan, York City
Russia turmoil to fuel market volatility, flight to safety
  + stars: | 2023-06-24 | by ( ) www.reuters.com   time to read: +5 min
The question is how much and how lasting the reaction will be, much of which depends upon unknowable developments." It is reasonable to expect oil and other key commodity prices to rise. If oil prices rise sharply, that will indeed weigh upon equities and reignite stagflation fears. In theory it should benefit from a flight to safety, but in practice a strong dollar can impede it." “Probably bearish Indian stocks too as the dividend they’ve received from cheap Russian oil likely disappears.
Persons: Wagner, Stringer, STEVE SOSNICK, stagflation, MICHAEL PURVES, DAVID KOTOK, Putin, Orban, , GEORGE BOUBOURAS, JAMIE HALSE, , Tom Westbrook, Megan Davies, Carolina Mandl, Ira Iosebashvili, Lananh Nguyen, Daniel Wallis Organizations: Southern Military District, REUTERS, Moscow, Defense, CUMBERLAND, NATO, MELBOURNE, WHO, SYDNEY, Thomson, & & Locations: Rostov, Don, Russia, Russian, China, SARASOTA , FLORIDA, Belarus, Soviet, EU, Hungary, Turkey, JAPAN, Ukraine, Eastern Europe, Singapore, New York
The New York Times Audio app is home to journalism and storytelling, and provides news, depth and serendipity. If you haven’t already, download it here — available to Times news subscribers on iOS — and sign up for our weekly newsletter. Our new audio app is home to “This American Life,” hosted by Ira Glass. New episodes debut in our app a day earlier than the regular podcast feed, and we’ve also got an archive of the award-winning program. The app includes a “Best of This American Life” section with different acts from the show, broken down into bite-size clips, so you can enjoy the show even if you don’t have a lot of time.
Persons: , Ira Glass, we’ve Organizations: New York Times
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