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☆ Why the $7,500 EV tax credit may be tougher to get starting in March
▼ + stars: | 2023-01-25 | by ( Greg Iacurci | ) www.cnbc.com time to read: +6 min

The Inflation Reduction Act, a historic climate law President Biden signed in August, tweaked rules for an existing tax credit associated with the purchase of "clean" vehicles. The law, which extended the tax break through 2031, changed some requirements to get the full $7,500 value of the "clean vehicle credit." Some rules are on hold until the IRS issues guidanceSome of the tax credit rules took effect on Jan. 1. How the $7,500 clean vehicle tax credit worksWestend61 | Westend61 | Getty ImagesThe clean vehicle credit is a "nonrefundable" tax credit. The pending rules will tie the $7,500 credit amount to whether a new clean vehicle's battery meets a critical mineral and a battery component requirement.

☆ New technique from U.S. national lab promises to strip carbon dioxide emissions from power plants and factories at record-low cost
▼ + stars: | 2023-01-24 | by ( Catherine Clifford | In Catclifford | ) www.cnbc.com time to read: +12 min

Just as importantly, industrial processes such as making iron, steel, cement, fertilizer, pulp and paper, and bioenergy could all reduce their carbon dioxide emissions this new technique. "We have the technology to be able to capture carbon dioxide from those industrial point sources. PNNL's technique removes carbon dioxide at the source, rather than sucking it out of the air. The technique of vacuuming up existing CO2 out of the air is known as direct carbon capture, and is exemplified by the Swiss company Climeworks. Graphic courtesy Nathan Johnson at Pacific Northwest National LabWhat happens with the rest of the carbon dioxide?

☆ Brits are being paid to cut power use, as cold snap threatens supply
▼ + stars: | 2023-01-24 | by ( Jenni Reid | ) www.cnbc.com time to read: +1 min

Cold weather has returned in January, causing the U.K. power supplier to offer financial incentives for households to cut use at peak times. On Monday, three out of five back-up coal power stations were told to fire up to provide back-up supply, although the measure was reversed early Tuesday. National Grid ESO, which has overall responsibility for managing Britain's electricity supply, said the public should not worry about blackouts. The cold weather has combined with a drop in wind power — a key energy source for Britain — which frequently generates more than half of the country's electricity. Over the weekend and into this week, the wind power share has dropped below a quarter, with gas taking over as the primary source.

☆ Queen Máxima of the Netherlands on why financial inclusion is key
▼ + stars: | 2023-01-20 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailQueen Máxima of the Netherlands on why financial inclusion is keyHer Majesty Queen Máxima of the Netherlands is also United Nations Secretary-General's Special Advocate for Inclusive Finance for Development. In an exclusive interview, Tania Bryer talks to her about the role and why financial inclusion is so important to development.

☆ Canadian insurer Sun Life inks $193 mln deal with HK's Dah Sing
▼ + stars: | 2023-01-20 | by ( ) www.reuters.com time to read: +1 min

[1/2] FILE PHOTO: The Sun Life Financial logo is seen at their corporate headquarters of One York Street in Toronto, Ontario, Canada, February 11, 2019. REUTERS/Chris Helgren//File Photo/File PhotoJan 20 (Reuters) - A unit of Canadian insurer Sun Life Financial Inc (SLF.TO) has partnered with Hong Kong-based Dah Sing Bank (2356.HK) in a deal valued at nearly C$260 million ($193 million), the companies said on Friday. Under terms of the partnership, Sun Life would pay to become the exclusive life insurance provider for Dah Sing Bank's 570,000 retail customers, beginning July, the companies said. The deal will bring in new customers for Sun Life and help the insurer expand its customer base in Hong Kong. Sun Life-Asia President Ingrid Johnson added at the time that the market in Hong Kong "was very encouraging with the emergence of sales".

☆ IEA chief lauds U.S. Inflation Reduction Act as most important climate agreement since Paris accord
▼ + stars: | 2023-01-17 | by ( Sam Meredith | ) www.cnbc.com time to read: +2 min

The IEA's Birol said the world had "never, ever seen an energy crisis of this depth and complexity" following Russia's full-scale invasion of Ukraine in February. International Energy Agency Executive Director Fatih Birol on Tuesday hailed the U.S. Inflation Reduction Act as the most important climate agreement since the landmark Paris Agreement. "The Inflation Reduction Act, in my view, is the most important climate action after the Paris 2015 agreement," Birol said during a panel on energy security at the World Economic Forum in Davos, Switzerland. The act, which contains some giveaways to fossil fuel interests, was by far the biggest climate legislation in U.S. history. The world's governments agreed in the 2015 Paris climate accord to limit global heating to well below 2 degrees Celsius and pursue efforts to limit the temperature rise to 1.5 degrees Celsius.

☆ EU announces new green proposals to rival Biden's Inflation Reduction Act
▼ + stars: | 2023-01-17 | by ( Silvia Amaro | ) www.cnbc.com time to read: +3 min

The announcement comes just months after the U.S. launched its own Inflation Reduction Act. "The EU continues to seek similar, non-discriminatory treatment of EU clean vehicle producers under the Clean Vehicle Credits of the Inflation Reduction Act. This scheme remains of concern to the EU, as it contains discriminatory provisions," the European Commission said in a statement in late December. While discussions with the U.S. continue, von der Leyen wants to cut red tape in Europe and step up green investments. But as this will take some time, we will look at a bridging solution to provide fast and targeted support where it is most needed," von der Leyen said in Davos.

☆ Australian Open 2023 prize money: how much do winners of men's, women's and doubles finals win?
▼ + stars: | 2023-01-16 | by ( ) www.reuters.com time to read: +2 min

Here is what you need to know about the prize pot on offer at the Australian Open, the first Grand Slam of the year:WHEN IS THE AUSTRALIAN OPEN HAPPENING? * The 2023 Australian Open runs from Jan. 16-29. * The winners of the men's and women's singles in 2022, Rafael Nadal and Ash Barty, received A$2.875 million in prize money. * Last year's winners of the men's and women's singles at the U.S. Open, Carlos Alcaraz and Swiatek, received $2.6 million. WHAT IS THE PRIZE MONEY ON OFFER IN MEN'S AND WOMEN'S DOUBLES AT THE AUSTRALIAN OPEN IN 2023?

DAVOS, Switzerland — Spanish Prime Minister Pedro Sanchez told CNBC Monday that the European Union has something to learn from Washington and its new policies to fight inflation, saying he hopes that a trade war between the two sides can be avoided. "We need to learn," Sanchez told CNBC when asked the Inflation Reduction Act which the U.S. hopes will make it the go-to place for green investment. "We need to reform some internal aspects of our industrial policies such as state aid, reducing bureaucracy and trying to send a message for the industry worldwide that's it's Europe, and of course Spain, that is a good place to locate," he added. The sweeping U.S. legislation, which was approved by U.S. lawmakers in August and includes a record $369 billion in spending on climate and energy policies, has received a mixed response from the 27 EU nations. The European Commission, the executive arm of the EU, has previously said there are "serious concerns" about the design of the financial incentives in the package.

☆ BoE sceptical over digital pound as euro zone backs work on digital euro
▼ + stars: | 2023-01-16 | by ( Huw Jones | ) www.reuters.com time to read: +2 min

LONDON, Jan 16 (Reuters) - Bank of England Governor Andrew Bailey questioned the need for a digital pound on Monday just as euro zone finance ministers backed further preparatory work on a digital euro. Bailey told parliament's Treasury Select Committee on Monday that he was not sure if a digital pound was needed for now. "I think it's an open question whether a wholesale digital central bank currency is needed because we've got a wholesale central bank money settlement system with a major upgrade," Bailey said. Meanwhile, euro zone finance ministers on Monday said they backed continued preparatory work for a potential digital euro, now being studied by the European Central Bank. The EU is due to publish a draft law this year on how a digital euro would fit into the bloc's laws.

☆ ‘Sonic Logos’ Struggle to Get Heard at U.S. Checkouts
▼ + stars: | 2023-01-12 | by ( Katie Deighton | ) www.wsj.com time to read: +8 min

A spokeswoman for American Express said the company’s sonic logo plays on marketing channels such as brand videos, but not at any credit-card terminals. PREVIEWPayments firms say sonic logos at cash registers can also communicate to customers that they are transacting with a trusted merchant, making the sounds akin to the stickers of credit-card logos that often appear in store windows. Visa’s spokeswoman said the company doesn’t share figures on how many businesses play its sonic logo due to the complexity of tracking rollouts. To that suggestion, Mastercard said the value of sonic logos for merchants “comes in through consumer trust and reassurance.” Visa declined to comment. But some retailers want no part of sonic logos.

☆ Health care is in crisis. New York’s nurses strike is just the latest sign
▼ + stars: | 2023-01-11 | by ( Chris Isidore | ) edition.cnn.com time to read: +7 min

It is just the latest in a series of job actions across the nation by nurses’ unions and other health care workers who say they had to strike in order to provide patients with quality health care. Of the 20 major strikes tracked by the Labor Department over the first 11 months of 2022, seven of them, or 35%, were in health care. The surge in health care related strikes comes despite the fact that only 3% of union members nationwide work at private sector health care jobs. “Labor is the main expense in health care, so how do you make money? If someone is tired, overworked, sleep deprived, they’re going to make more mistakes.”A nurse’s strike won’t help patients in the short term, he said.

Tokyo CNN —Japan is offering to pay families to move out of its overcrowded capital, in an effort to revitalize countryside towns and boost the falling birth rate. But this migration pattern, combined with Japan’s rapidly aging population, has left rural towns with fewer and fewer residents, as well as millions of unoccupied homes. Tokyo is consistently one of the world’s most expensive cities to live in, ranking fifth globally in 2022. For example, Tokyo has the lowest fertility rate of all 47 prefectures in Japan. Some rural towns have even begun paying couples who live there to have children.

☆ Factbox: Tech firms leading job cuts in Corporate America
▼ + stars: | 2023-01-04 | by ( ) www.reuters.com time to read: +9 min

Jan 9 (Reuters) - Big Tech firms are leading a string of layoffs across corporate America as companies look to rein in costs to ride out the economic downturn. Microsoft Corp (MSFT.O):The software giant laid off under 1,000 employees across several divisions in October, Axios reported, citing a source. However, Bloomberg later reported Twitter was reaching out to dozens of employees who lost their jobs, asking them to return. HP Inc (HPQ.N):The computing devices maker said it expected to cut up to 6,000 jobs by the end of fiscal 2025. CNN:Warner Bros Discovery-owned (WBD.O) CNN's top boss Chris Licht informed employees in an all-staff memo that job cuts were underway.

☆ Chewy Looks to Open More Automated Fulfillment Centers in Drive to Control Costs
▼ + stars: | 2023-01-03 | by ( Nina Trentmann | ) www.wsj.com time to read: +5 min

Online pet retailer Chewy Inc. plans to open more automated fulfillment centers in 2023 to control costs and raise efficiency, which could help the company repurpose certain capital spending, its finance chief said. Photo: Chewy Inc.“When we think about the future of our fulfillment network, automation is at the center of that,” Mr. Marte said. The company, which had over 21,000 employees and 13 fulfillment centers in December, usually requires about 1,200 people for a manned distribution center. “Those are real dollars,” Mr. Marte said, adding that Chewy is working to grow profits and taking out costs. Over time, the company could defer or lower some of its capital expenditures, Mr. Marte said.

☆ A 44-year-old who moved from California to Indiana saves $3,210 a month and thinks more people should consider living in the Midwest: 'LA is the glitz and glamour, but when you take that aside, are yo
▼ + stars: | 2023-01-01 | by ( Alcynna Lloyd | ) www.businessinsider.com time to read: +6 min

Vanessa Hughes recently moved to West Lafayette, Indiana, a city of 45,000 and a major university. In West Lafayette, she's paying half the amount for a significantly bigger space with a yard for their two dogs. In 2023, the search for affordable housing could pull more homebuyers towards Midwestern spots like West Lafayette. Michael Hickey/Getty ImagesBy the end of November, they had made the move to West Lafayette. West Lafayette is just one place that offers people incentives to move there.

☆ New threats will corrode infrastructure M&A
▼ + stars: | 2022-12-30 | by ( Lisa Jucca | ) www.reuters.com time to read: +4 min

Private equity infrastructure funds attracted $121 billion globally in 2021, nearly 60% more than in 2017, according to data from PitchBook. The rising cost of insuring against cyberattacks will also dull the appeal of telecoms networks and power grids. The urge to make the world a cleaner place means building and upgrading power infrastructure in both developed and developing countries. Pressure to establish energy security at home also means governments will want to own key infrastructure assets, regardless of the financial incentives. If private investors conclude some infrastructure assets have lost their appeal, states will step in.

☆ The fintech reckoning is upon us. Here’s what to expect next year
▼ + stars: | 2022-12-28 | by ( Hugh Son | ) www.cnbc.com time to read: +9 min

Many fintech companies — particularly those dealing directly with retail borrowers — will be forced to shut down or sell themselves next year as startups run out of funding, according to investors, founders and investment bankers. Other private companies with a reasonable path to profitability will typically get funding from existing investors. The frenzy peaked in 2021, when fintech companies raised more than $130 billion and minted more than 100 new unicorns, or companies with at least $1 billion in valuation. "20% of all VC dollars went into fintech in 2021," said Stuart Sopp, founder and CEO of digital bank Current. "The competitive landscape shifts the most during periods of fear, uncertainty and doubt," said Kelly Rodriques, CEO of Forge, a trading venue for private company stock.

☆ Core Scientific files for bankruptcy as crypto winter bites
▼ + stars: | 2022-12-21 | by ( ) www.reuters.com time to read: +3 min

Core Scientific said in a statement the bankruptcy filing was necessitated by a decline in the company's operating performance and liquidity amid the prolonged decrease in the price of bitcoin. Core Scientific said its creditors have also agreed to provide up to $56 million in debtor-in-possession financing. One of the largest creditors of Core Scientific, B. Riley Financial Inc (RILY.O), had offered $72 million last week to avoid the bitcoin miner's bankruptcy. In its bankruptcy petition, Core Scientific said it has $1 billion to $10 billion in assets and liabilities, and creditors between 1,000 and 5,000. Core Scientific went public in 2021 through a merger with a blank-check company in a deal that at the time valued the miner at $4.3 billion.

☆ Bitcoin miner Core Scientific to file for Chapter 11 bankruptcy- CNBC
▼ + stars: | 2022-12-21 | by ( ) www.reuters.com time to read: +1 min

Dec 21 (Reuters) - Core Scientific Inc (CORZ.O), one of the biggest publicly traded crypto mining companies in the United States, will soon file for Chapter 11 bankruptcy protection, CNBC reported, citing one person familiar with the matter. The development comes after one of the largest creditors of Core Scientific B. Riley Financial Inc (RILY.O) had offered $72 million last week to avoid the bitcoin miner's bankruptcy. Core Scientific did not immediately respond to a Reuters' request for comment outside business hours. Bitcoin miners have been under severe pressure as their profitability dropped amid a slump in cryptocurrency prices and soaring energy rates. Core Scientific was also impacted by the litigation with Celsius Networks LLC and its affiliates.

☆ New home building retreated in November
▼ + stars: | 2022-12-20 | by ( Anna Bahney | ) edition.cnn.com time to read: +5 min

Washington CNN —Home building pulled back in November, as buyers faced spiking mortgage rates topping 7% that make homes increasingly unaffordable. Housing starts bounced back a bit in August while mortgage rates briefly retreated. But since that time, mortgage rates have been on the rise, hitting a 20-year high in October. One number that beat estimates was housing starts, he said, but those were weighted to apartments, not single-family homes. “Potential homebuyers should see some relief next year in the form of lower mortgage rates and possibly lower home prices,” said Frick.

☆ Biden releases plan to reduce homelessness as numbers match pre-pandemic
▼ + stars: | 2022-12-19 | by ( Associated Press | ) www.nbcnews.com time to read: +4 min

Homelessness among veterans, for example, has plummeted as a result of federal leadership, and the country has also made inroads among youth, she said. The federal plan highlights racial and other disparities that have led to inequity in homelessness. The administration also announced a program to have federal agencies work with local officials to reduce unsheltered homelessness in select cities that have not yet been named. Homelessness has become a major political issue, especially in the nation’s biggest cities and on the West Coast. The local reports compiled into the national data showed the numbers rose some places and fell in others.

☆ FTX flameout showed investors bought crypto for the wrong reasons. Why most are hoping that'll change in 2023
▼ + stars: | 2022-12-18 | by ( Tanaya Macheel | ) www.cnbc.com time to read: +6 min

In some ways, disgraced FTX CEO Sam Bankman-Fried helped bring more legitimacy to crypto, pushing it further into the mainstream. Decentralized finance has exploded in popularity, but there are other uses for digital assets that people are excited about. Now is a good time for investors to gain knowledge, and doing so would help them solidify their crypto investment thesis in 2023, he said. Specifically, Blumberg added, leaving funds on centralized exchanges is far more dangerous than keeping custody of funds yourself. "The smart investors are seeing this and remembering that what we have here is a fixed supply and, growing demand."

☆ Car repossessions are on the rise in warning sign for the economy
▼ + stars: | 2022-12-17 | by ( Https | Media-Cldnry.S-Nbcnews.Com Image Upload Newscms Shannon-Pettypiece-Circle-Byline-Template.Jpg | Shannon Pettypiece | ) www.nbcnews.com time to read: +8 min

WASHINGTON — A growing number of consumers are falling behind on their car payments, a trend financial analysts fear will continue, in a sign of the strain soaring car prices and prolonged inflation are having on household budgets. The percentage of auto loans that were 30 days delinquent was at 2.2% in the third quarter compared with 2.35% delinquent over the same period in 2019, according to data from Experian. By contrast, just over 4% of auto loans went into default in 2009. Another risk to car buyers’ finances is the growing length of auto loans, many of which now exceed seven years. It can also mean higher interest costs over the life of the loan on top of already inflated vehicle prices.

In 2019, Cambodia supplied 8,571 of the 33,818 research monkeys imported to the U.S., or 25%. In 2021, the number of monkeys from Cambodia more than doubled to 18,870, making up nearly 60% of the 31,844 research monkeys brought to America. Earlier this year, long-tailed macaques and pig-tailed macaques were listed as endangered species by the International Union for Conservation of Nature. The decades long effort by animal rights groups to derail the monkey trade has made some impact. The incident shined a rare spotlight on the monkey trade, which largely goes on outside the view of the public.

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