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☆ Don't but an EV — lease one instead. Here's why.
▼ + stars: | 2023-03-31 | by ( Alexa St. John | ) www.businessinsider.com time to read: +5 min

Why you might lease instead of ownMany buyers might opt to lease EVs as a way to drive electric but not fully commit to an expensive purchase — especially if they think battery technology will get better. While Teslas have always had a higher purchase rate, EV leasing overall took a tumble in 2022, according to Experian. Car buyers obviously wouldn't get the new EV purchase tax credit with a lease, but there is a sort of loophole. Lucid recently encouraged its customers to consider leasing in order to qualify for the commercial EV credit (for cars that are too expensive or don't otherwise qualify for the purchase credit). It's why companies like Tesla and Ford don't allow customers leasing their EVs to buy the vehicle once its lease contract is up.

☆ Biden Interior proposes leasing public lands for conservation
▼ + stars: | 2023-03-31 | by ( Emma Newburger | ) www.cnbc.com time to read: +3 min

The Biden administration this week proposed a new rule that would allow the Interior Department to lease public lands for conservation, a process similar to how the agency delivers leases for oil and gas development and mining projects. The Interior on Thursday said establishing conservation leases would help states and companies offset the environmental impact of their development plans. Issuing conservation leases would generate revenue and make landscapes more resilient to climate change, Interior officials said. Interior Secretary Deb Haaland in a statement said the country's public lands are under mounting pressure amid unprecedented climate-related disasters like wildfires and drought. "We appreciate the meaningful conservation measures in this new rule that have the promise to advance biodiversity, climate resilience and equity on our public lands," O'Shea said.

☆ Factbox: How U.S. electric vehicle subsidy rules impact Europe
▼ + stars: | 2023-03-30 | by ( ) www.reuters.com time to read: +5 min

MADE IN AMERICA CONDITIONSThe Treasury is not expected to specify vehicle models but merely lay out the subsidy criteria. EU AUTO SECTOR STRENGTHThe European Union exported some 36 billion euros ($39 billion) of cars to the United States in 2022, according to Eurostat, some 65% from Germany, with less than 9 billion euros worth of cars coming the other way. The EU also exported about 9 billion euros of car parts to the United States, compared with 2 billion euros of imports. For example, EU trade officials are wondering whether the local content requirement for battery components means just specific components or all components and how comprehensive final assembly must be. Some in the EU industry express concern that a change of U.S. president could see this lease car concession end.

☆ Office Doom Loop: Landlords Face a Reckoning As Companies Move to Fancy Offices
▼ + stars: | 2023-03-30 | by ( Daniel Geiger | ) www.businessinsider.com time to read: +14 min

The Gas Company Tower in downtown Los Angeles has a sterling pedigree, but even that can't save it from the doom loop facing many older office towers. A huge swath of America's office market is vulnerable to these twin threats of being under-equipped with amenities and underwater financially. This behavioral shift has deeply cut into demand for office space. The amount of sublease space nationally more than doubled from 118.5 million square feet at the end of 2019 to 242.8 million square feet at the end of 2022, Colliers stated. Lenders are often reluctant, he said, to seize office buildings because of the costs and expertise required to operate the properties.

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailHow old airline seats get refurbishedAirplane seats get used a lot. And replacing them can be expensive. Many airlines chose to refurbish or refresh the seats by stripping down the ones they already have in service or those they've acquired from another airline or leasing company. CNBC visited Latitude Aero, a refurbishment company in Greensboro, North Carolina, to see what goes into giving airplane seats a second life.

☆ Car companies stand to make billions charging monthly fees for features like heated seats. Electric vehicles make that even easier for them.
▼ + stars: | 2023-03-29 | by ( Alexa St. John | ) www.businessinsider.com time to read: +4 min

Electric cars are less profitable for automakers than gas-powered ones. There's a simple reason why: EVs aren't very profitable for automakers — and certainly nowhere near how profitable gas-powered cars. Subscriptions and additional offerings post-initial transactions are part of why automakers are especially interested in leasing their EVs. So major changes are in store as automakers navigate shifting consumer behaviors, industry headwinds, and especially, increasingly attractive competition. "This looming threat adds pressure on the traditional dealer model and threatens to impact the bottom line," the report says.

☆ How airplane seat refurbishing became a billion-dollar industry
▼ + stars: | 2023-03-29 | by ( Erin Black | ) www.cnbc.com time to read: +1 min

The aircraft-interiors market was a $6.5 billion business in 2022, according to AeroDynamic Advisory and Tronos Aviation Consulting. The total seat market was $2.9 billion, with new seats at $933 million, retrofitted seats at $1.39 billion and repairs and other interior items making up the rest of the market. An airline may choose to refurbish seats versus replacing seats based on a few factors which include age of aircraft, age of the actual seats and cost. CNBC visited Latitude Aero, a refurbishment company in Greensboro, North Carolina, to see what goes into giving airplane seats a second life. A small company compared to seat manufacturers like Collins Aerospace and Zodiac Aerospace, Latitude has nonetheless enjoyed some healthy growth recently.

☆ EV startup Lucid plans to lay off hundreds of workers at every level of the company, leaked memo says
▼ + stars: | 2023-03-28 | by ( Alexa St. John | ) www.businessinsider.com time to read: +3 min

Lucid is planning to lay off hundreds of workers, the company told staff Tuesday. The cuts will affect about 18% of the company, according to five sources and a copy of an internal memo seen by Insider. Lucid CEO Peter Rawlinson told employees the company will cut about 18% of its workforce, per the sources and the internal memo, which was sent after the short meeting. Given Lucid employed approximately 7,200 employees globally as of the end of 2022, according to regulatory filings, that would be about 1,290 employees. Lucid has also emailed customers about utilizing the commercial EV tax credit for leasing, given its EV does not currently qualify for the new EV purchase credit.

☆ JPMorgan says commercial real estate decline is intensifying. Beware these exposed stocks
▼ + stars: | 2023-03-27 | by ( Sarah Min | ) www.cnbc.com time to read: +4 min

As commercial real estate comes under even greater pressure, investors should steer clear of these stocks that are overexposed to the sector, JPMorgan said. Commercial real estate is already facing more challenges this year than other parts of real estate, such as retail or lodging. Last year, office real estate dropped 37.6%, also on a total return basis. Given this, JPMorgan screened for a basket of stocks with direct and indirect exposure to U.S. commercial real estate. JPMorgan also identified pharmacy store chains Walgreens Boots Alliance and CVS Health as having direct exposure to any slowdown in commercial real estate.

☆ See inside a few of the coolest offices in North America, where frozen yogurt is served out of Airstreams and conference rooms have holograms. Should your office be on the list? Let us know.
▼ + stars: | 2023-03-27 | by ( Jordan Pandy | ) www.businessinsider.com time to read: +2 min

Office use on average is around 50% of prepandemic levels in major cities like New York. Employers are responding with amped up perks and spaces that allow for hybrid work. From an Airstream trailer serving frozen yogurt to fort-like meeting rooms, see a few office perks. Take a peek at a few of the offices that are pulling ahead of the pack. If your office opened after 2020 and you think it should be on this list, email reporter Jordan Pandy at jpandy@insider.com.

☆ China travel rebound bets turn toward airports, away from airlines
▼ + stars: | 2023-03-23 | by ( Ankur Banerjee | ) www.reuters.com time to read: +4 min

"We are optimistic on a rebound in regional and international travel and continue to get exposure through airports and airplane leasing." Shares of Air China, China Eastern and China Southern have gained between 7% to 17% in the past four months, with Air China and China Southern trading above their 5-year average forward earnings, according to Refinitiv data. Airports under perform AirlinesIn the battle for Chinese travelers, local airlines are expected to fare better than regional airlines such as Qantas (QAN.AX), Singapore Airlines (SIAL.SI) and Cathay Pacific (0293.HK), mainly because Chinese airlines kept more widebody planes and staff ready. All three Chinese airlines are expected to swing to profit in 2023 after reporting big losses last year, according to Refinitiv data. Analysts expect Chinese airlines will see profits peak next year as international traffic makes a fuller rebound.

☆ Japan Airlines and Boeing reach deal for 21 737 MAX jets
▼ + stars: | 2023-03-23 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Issei KatoMarch 23 (Reuters) - Japan Airlines (9201.T) has placed its first-ever order for the Boeing 737 MAX, announcing a plan on Thursday to buy 21 jets to replenish its narrowbody fleet. The JAL order ensures a foothold for the MAX with Japan's flagship carrier as Boeing strives to undermine Airbus's lead in the narrowbody market. "One problem that has hobbled the (737 MAX) program is that despite good orders, there haven't been as many high profile users. ANA and Boeing concluded the MAX deal in July. The Boeing 737-800 currently makes up the largest portion of JAL's narrowbody fleet, with the carrier owning 47 jets and leasing another 17 737s, according to JAL.

☆ Bed Bath & Beyond is closing hundreds of stores. But they won’t be empty for long
▼ + stars: | 2023-03-21 | by ( Nathaniel Meyersohn | ) edition.cnn.com time to read: +5 min

New York CNN —Bed Bath & Beyond is stripping down its big blue signs, clearing out aisles of linens and closing 400 stores as it tries to stave off bankruptcy. Bed Bath & Beyond (BBBY)’s real estate is a precious, scarce resource for retailers, gyms and anyone else who needs ample space. “A lot of great real estate is going to come available into a market where there’s been no vacancies. “Bed Bath and Beyond sites are interesting to us, and we are exploring available opportunities with our franchisees,” a spokesperson told CNN. He also believes Bed Bath & Beyond may not be able to avoid bankruptcy or liquidation, which would lead to more vacancies.

☆ Gen Z Investing in Real Estate, Buying Homes Early, Learning From Millennials' Mistakes
▼ + stars: | 2023-03-21 | by ( James Rodriguez | ) www.businessinsider.com time to read: +14 min

Unlike millennials before them, Gen Zers have grown up during a boom in home prices. In a 2020 survey by Gen Z Planet, a research and advisory firm, 87% of Gen Z respondents said they wanted to own a home in the future, while just 63% of millennial respondents said the same. The survey suggested that 68% of Gen Zers viewed homeownership as a way to build wealth, compared with 60% of millennials. But the ranks of Gen Z homeowners will almost certainly grow in the coming years as they scale corporate ladders and amass savings. All this new technology and information is fueling the real-estate-mogul dreams of ambitious Gen Z investors.

Most carmakers said their battery packs are repairable, though few seem willing to share access to battery data. Lauterwasser said access to EV battery data is part of that fight. EV battery problems also expose a hole in the green "circular economy" touted by carmakers. Hill estimated at least 95% of the cells in the hundreds of EV battery packs - and thousands of hybrid battery packs - Synetiq has stored at Doncaster are undamaged and should be reused. 'PAIN POINTS'The British government is funding research into EV insurance "pain points" led by Thatcham, Synetiq and insurer LV=.

☆ Auto expert says Tesla's Model Y battery pack has 'zero repairability,' so a minor collision can junk the car
▼ + stars: | 2023-03-20 | by ( Alexa St. John | ) www.businessinsider.com time to read: +3 min

Its Model Y battery pack goes "straight to the grinder" after an accident, he said. "A Tesla structural battery pack is going straight to the grinder," Munro, a manufacturing expert known for his vehicle teardowns, told Reuters. Tesla's approach has been a structural battery pack, which has largely been hailed as revolutionary. Reuters cited experts that said Tesla and other automakers need to prioritize more easily repairable battery packs — and allow others access to battery cell data for repairs. That access to data, especially, has been debated as more EVs hit the roads.

☆ India to boost aviation infrastructure as demand booms
▼ + stars: | 2023-03-20 | by ( ) www.reuters.com time to read: +2 min

NEW DELHI, March 20 (Reuters) - India outlined plans on Monday to invest billions of dollars in airports, aircraft and recruitment as the world's fastest-growing economy seeks to meet booming air travel demand. Growth will include new airports, more regulators and air traffic controllers, and new flying schools, Civil Aviation Minister Jyotiraditya Scindia told an industry audience. "We need to put in place the civil aviation infrastructure and capabilities that by 2047 would be able to support a $20 trillion economy within India," Scindia told the CAPA India Aviation Summit in New Delhi. Where at one point we did not have passengers to fill our airplanes ... now we do not have enough airplanes to fly our passengers," Scindia said. Consultancy CAPA India expects at least 1,300 more orders from Indian airlines in the next 1-2 years, weeks after Air India announced a record order for 470 jets.

☆ Analysis: Chinese suppliers race to Vietnam as COVID let-up opens escape route from Sino-U.S. trade war
▼ + stars: | 2023-03-16 | by ( Francesco Guarascio | Thomson Reuters | Francesco Leads A Team Of Reporters In Vietnam That Covers Top Financial | ) www.reuters.com time to read: +6 min

Adding impetus to the move is the increasing cost of labour in China, expanding U.S. restrictions on high-tech-related trade with China, and tit-for-tat tariffs from a Sino-U.S. trade war that triggered a past wave of Chinese investment in Vietnam. "Enquiries from Chinese firms about manufacturing investment in Vietnam grew exponentially in the last quarter of last year," said Michael Chan, senior director of leasing at industrial real estate specialist BW Industrial Development. "Chinese investment has also increased remarkably," he said. Chinese firms also experience longer times to obtain staff visas and work permits, said Filippo Bortoletti, who heads the Vietnamese unit of investment consultancy Dezan Shira. "Chinese companies move here mostly to serve their clients who moved earlier," said BW Industrial Development's Chan.

☆ Buying a car won't ever go back to normal — so you might as well buy now
▼ + stars: | 2023-03-16 | by ( Alexa St. John | ) www.businessinsider.com time to read: +7 min

What makes it a good idea to buy a car right now? It's important to remember that car buying is probably never going back to "normal." Used prices are expected to go back up again, creating a short window of opportunity. As for interest rates: It's hard to say what will happen in the long run. A cash buyer ready to undertake sufficient due diligence can certainly get a solid deal in today's car market."

☆ Self-driving startup Gatik to double workforce, strikes Kroger deal
▼ + stars: | 2023-03-15 | by ( Abhirup Roy | ) www.reuters.com time to read: +3 min

SAN FRANCISCO, March 15 (Reuters) - Self-driving trucking startup Gatik will double its workforce by year end, a top executive said, after it announced a deal on Wednesday with grocer Kroger Co (KR.N) to transport goods within its Dallas, Texas network. Gatik, which operates traditional mid-sized trucks fitted with its autonomous technology, aimed to expand to 15 new U.S. states over five years, CEO Gautam Narang told Reuters. Many investors in the self-driving industry have grown sceptical as complicated technology and tough safety regulations have delayed large-scale commercialization. Autonomous truck company Embark Technology (EMBK.O) said this month it would lay off 70% of its employees and start evaluating options, including winding down the business. Microsoft (MSFT.O)plans to invest more than $10 million in Gatik at a valuation above $700 million, sources told Reuters in January.

☆ The Next Frontier in Farming? The Ocean.
▼ + stars: | 2023-03-15 | by ( Somini Sengupta | ) www.nytimes.com time to read: +10 min

For centuries, it’s been treasured in kitchens in Asia and neglected almost everywhere else: Those glistening ribbons of seaweed that bend and bloom in cold ocean waves. Far beyond South Korea, new farms have cropped up in Maine, the Faroe Islands, Australia, even the North Sea. But even as its champions see it as a miracle crop for a hotter planet, others worry that the zeal to farm the ocean could replicate some of the same damages of farming on land. “Seaweed is not going to replace all plastic, but seaweed combined with other things can tackle single use plastic,” he said. Seaweed farms are a far cry from the rows of corn and wheat that make up monoculture farming on land.

☆ A Detroit man paid just $3,300 for 2 abandoned homes and transformed them for his family to live in. See inside the impressive renovation.
▼ + stars: | 2023-03-14 | by ( Alcynna Lloyd | Libertina Brandt | ) www.businessinsider.com time to read: +2 min

In June 2017, Vincent Orr won an abandoned home from the Detroit Land Bank Authority for just $2,100. Orr transformed both homes into livable spaces with only $100,000. In 2017, Vincent Orr, 33, a native Detroiter, won a home for his mother through Auction for $2,100 — and that was just the beginning of his adventures in real estate. While Orr is currently leasing the home to a family member, he is still renovating the property. In an interview with Insider, Orr explained how he transformed both spaces with just $100,000.

☆ Biden promised 'no more drilling on federal lands, period.' He just broke that pledge to approve a massive oil project in Alaska.
▼ + stars: | 2023-03-13 | by ( Eliza Relman | ) www.businessinsider.com time to read: +5 min

On the campaign trail in 2020, Biden promised to ban all new oil drilling on federal land. But he just broke a key campaign pledge to stop all new oil drilling on federal land in a major way. A Biden administration official insisted that the government's hands were tied by leases granted to ConocoPhillips by prior administrations. Despite these protections, the Willow project is expected to come with significant environmental costs, aside from contributing to planet-warming emissions. March 13, 2023: This story has been updated with comment from a Biden administration official.

ConocoPhillips had sought to build up to five drill sites, dozens of miles of roads, seven bridges and pipelines. The Interior Department approved the project with three drill pads after saying last month that it was concerned about the greenhouse gas impacts of Willow. Its Bureau of Land Management last month recommended a "preferred alternative" that includes three drill sites and less surface infrastructure than originally proposed. The decision comes after the Biden administration on Sunday announced new protections for Alaskan land and water. Environmental groups criticized the Biden administration, saying it was trying to have it "both way" on climate change.

Alaska's elected officials say the project will create hundreds of jobs and bring billions of dollars in revenue to state and federal coffers. The state relies heavily on revenue from oil production, but output there has declined dramatically from its peak in the 1980s. "I feel the people of Alaska have been heard," U.S. Representative Mary Peltola, a Democrat from Alaska, said on a call with reporters. The Interior Department approved the project with three drill pads after saying last month it was concerned about the greenhouse gas impacts of Willow. "This was the right decision for Alaska and our nation," ConocoPhillips Chief Executive Ryan Lance said in a statement.

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