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☆ In EU car data tussle, insurers and others brace for delays, disappointment
▼ + stars: | 2023-02-16 | by ( Nick Carey | ) www.reuters.com time to read: +4 min

Companies in Europe and beyond are vying for control of the crown jewels of the connected car era, namely car manufacturers' data covering everything from driving habits, to fuel consumption and tyre wear which can be used to target cash-generating services. Although the EU is currently haggling over the Data Act, a draft law governing the use of consumer and corporate data, insurers and others are pushing for auto sector-specific regulation. A proposal is expected soon after the European Commission launched a consultation last year. Ten industry groups also wrote to European Commission President Ursula von der Leyen in January urging an end to "repeated delays". A spokesperson for the European Automobile Manufacturers Association (ACEA) said the Data Act would guarantee fair access to car data, so "additional legislation on access to in-vehicle data is unlikely to achieve more".

After the retirement of Boeing Capital Corp (BCC) President Tim Myers this spring, Boeing said it would "realign" the financing arm within the commercial airplane unit while maintaining "strong coordination" with Boeing's treasury arm. Boeing Capital, a subsidiary of Boeing, provides asset-based financing and leasing to airlines. The closing of Boeing Capital continues a trend for Boeing to consolidate its operational structure and ends a significant chapter in the fast-expanding air finance industry. A Boeing spokesperson said the shift will provide airlines "with more consistent support" for arranging aircraft financing. Rob Martin, finance chief for the commercial airline business, and Boeing Treasurer David Whitehouse will be responsible for the transition, West said in the memo.

For airlines, sale-and-leasebacks have been a popular way to generate liquidity and ease balance sheets. They then aim to sell them at a profit to lessors at the expense of agreeing to pay a rent. "It's a cheap and often tax-efficient way for the airline to raise finance," said an aircraft finance source. "Lessors are already queuing up to do business with Air India. Some lessors say it is not worth it after new money poured into aviation looking for returns when interest rates were low.

☆ Betterment is laying off 28 employees as inflation and market volatility hit the digital wealth firm
▼ + stars: | 2023-02-15 | by ( Rebecca Ungarino | ) www.businessinsider.com time to read: +3 min

The robo-advisor Betterment is laying off 28 employees and shutting its Philadelphia office. Betterment told employees that rising operating costs and market volatility impacted the firm. The digital wealth management firm Betterment is laying off 28 employees, according to an email its chief executive officer sent to the company on Wednesday. A Betterment spokesperson declined to specify how many employees the company has now and which roles were impacted. "Building something durable and sustainable ultimately takes a long time," Levy told Insider an interview last year.

☆ Microsoft and Google promised to invest in these communities. Now they’re backtracking
▼ + stars: | 2023-02-14 | by ( Catherine Thorbecke | ) edition.cnn.com time to read: +11 min

Hyosub Shin/The Atlanta Journal-Constitution/ZUMA Press WireFacebook-parent Meta, Microsoft, Salesforce and Snap have each shuttered offices or announced plans to cut back on real estate, according to recent corporate announcements, filings and local news reports. But residents also had cautious optimism about the benefits Microsoft promised to the community, according to Hope. Hope’s community isn’t alone in confronting the whiplash of Silicon Valley’s real estate pullback. An office sits vacant on October 27, 2022 in San Francisco, California. The US Census Bureau reports an estimated 35% of employees in San Francisco and San Jose continue to work from home.

☆ Apple, Nvidia and Disney are in the news. Here's a recap, along with the Club take on each
▼ + stars: | 2023-02-13 | by ( Kevin Stankiewicz | ) www.cnbc.com time to read: +5 min

Club holdings Apple (AAPL), Nvidia (NVDA) and Walt Disney (DIS) all made headlines Monday. The news: Apple's push into financial services, including an iPhone subscription plan , has hit snags, Bloomberg reported Sunday. However, Apple has yet to officially unveil its hardware subscription plan for iPhones. We've tried to emphasize the quality companies in the AI arena whose technology lays the groundwork for this innovation — including Nvidia . As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade.

☆ Hyundai launches 'no commitment' electric vehicle monthly subscription – here's why it's different from leasing
▼ + stars: | 2023-02-12 | by ( Jordan Hart | ) www.businessinsider.com time to read: +3 min

The subscription program will allow users to rent an electric car for as low as $699 per month. The South Korean car manufacturer announced the start of its Evolve+ electric vehicle subscription service at the 2023 Chicago Auto Show on Thursday. The Evolve+ app is available on the Google Play store and the Apple App Store. It's also advertised as a way to test out an electric vehicle with no long-term commitment. "Evolve+ gives our customers the opportunity to try an electric vehicle and see if it is right for their lifestyle.

☆ Hyundai starts EV subscriptions for those who only need a car sometimes
▼ + stars: | 2023-02-10 | by ( Peter Valdes-Dapena | ) edition.cnn.com time to read: +3 min

Users can reserve Hyundai electric vehicles using a smartphone app. Porsche also has a car subscription program available in 14 cities, according to Porsche’s web site. However, the Hyundai Evolve+ program doesn’t include any support for charging such as help installing a home charger or included access to public chargers. “We’re currently exploring ways to include the charging with the subscription,” Hyundai spokesman Miles Johnson said in an email. “It also could be a way to help drive the adoption of electric vehicles, providing EV intenders a platform to test electric vehicles without the long-term commitment.”

☆ Manhattan rents hit an all-time high in January
▼ + stars: | 2023-02-09 | by ( Robert Frank | ) www.cnbc.com time to read: +2 min

Median rents in Manhattan hit a new record in January as a strong job market and limited supply of apartments lifted prices. But despite a cooling economy and high-profile layoffs in finance and tech, rental demand in Manhattan remains strong. Analysts say the main driver for Manhattan's rental market is a strong job market. Analysts say rents aren't likely to come down much, if at all, in the coming months, unless the economy and job market loses steam. "I believe 2023 will be just as strong as 2022 as far as the rental market [goes]," Young said.

One of Amazon 's key air cargo operators said Monday that the e-commerce giant is scaling back on flights this year, citing lower demand and slower economic growth. Air cargo rates, which surged in recent years due to port congestion and high demand for fast deliveries, have slumped. The International Air Transport Association said last month that air cargo demand in November was down nearly 14% from the year-ago period, while capacity fell 1.9%. Through Amazon Air, the company has built up a burgeoning air network to control more aspects of the delivery process and ensure faster delivery. WATCH: How the pandemic shifted how Boeing and airlines think about air cargo

☆ UPS and the Teamsters prepare for high-stakes talks with union contract set to expire
▼ + stars: | 2023-02-03 | by ( Rebecca Picciotto | ) www.cnbc.com time to read: +6 min

But Tomé's optimism comes as the Teamsters union, which represents more than 340,000 UPS workers, amps up pressure on the delivery giant. "Whether there is a strike of UPS workers is up to UPS," said Kara Deniz, a spokesperson for the Teamsters. The talks start in April, with the current national contract set to expire on July 31. In the fourth quarter of 2022, UPS workers delivered a global average of 28 million packages per day, according to the company's website. For the first time, Teamsters Union President Sean O'Brien and the union's secretary of the treasury will have seats at the bargaining table and be directly involved in negotiating the terms of the new contract.

☆ A virtual assistant coach shares the exact budget that helps her reach $17,000 in monthly sales
▼ + stars: | 2023-02-03 | by ( Alexandra York | ) www.businessinsider.com time to read: +6 min

In this story, a virtual assistant and mentor shares her $5,000 monthly budget. But less than two years since launching her virtual-assistant business, she's ready to teach others what she's learned. She'd have to hire a virtual assistant of her own, build online courses, and hire experts in other fields to speak with mentees. Along with the accountant, Mathis has also hired a virtual assistant, whom she pays $1,545 monthly. When Mathis shifted from full-time virtual assistant to full-time mentor, she needed to reshoot her brand images.

☆ Slowing Warehouse Construction Could Extend Squeeze on Space, Experts Say
▼ + stars: | 2023-02-02 | by ( Liz Young | ) www.wsj.com time to read: +4 min

Construction of new warehouses is slowing as developers grapple with rising interest rates and declining leasing activity, potentially prolonging an ongoing shortfall in logistics space. Developers began building about 137 million square feet of new warehouse space, the lowest amount of new space to start construction in a quarter since the beginning of the Covid-19 pandemic. The company is planning development starts for the year to range between $2.5 billion and $3 billion, down from $4.7 billion in construction starts last year. Even with construction starts slowing, the pipeline of industrial projects being built remained elevated at 682.6 million square feet as of the fourth quarter, according to Cushman & Wakefield. Developers completed 143.6 million square feet of new space to finish the year, the company said, down from the record-high 148.2 million square feet delivered in the third quarter.

☆ UPS revenue falls short of expectations despite growth in U.S. business
▼ + stars: | 2023-01-31 | by ( Rebecca Picciotto | ) www.cnbc.com time to read: +2 min

Total revenue: $27.03 billion vs $28.09 billion. It is projecting revenue between $97 billion and $99.4 billion, versus analyst's estimates of $99.98 billion. In the fourth quarter, revenue for UPS's domestic segment, which makes up about two-thirds of the company's revenue and most of its business-to-consumer transactions, grew 3%. Last quarter, UPS also announced it would cut $500 million in capital expenditures by, for example, leasing rather than buying certain locations. The shipping company's shares fell over 10% in 2022 as consumer spending adjusted to inflation and came down from pandemic highs.

☆ Austria's Raiffeisen says Ukrainian sanctions target its leasing unit
▼ + stars: | 2023-01-29 | by ( ) www.reuters.com time to read: +1 min

VIENNA, Jan 29 (Reuters) - A Russian leasing unit of Austrian lender Raiffeisen Bank International (RBIV.VI) is among the companies targeted by sanctions that Ukraine announced overnight, RBI said on Sunday. Ukrainian President Volodymyr Zelenskiy announced a wave of sanctions overnight targeting 182 Russian and Belarusian companies along with three individuals. Ukraine often calls on companies including RBI to leave Russia, though its latest sanctions are unlikely to have a significant impact on RBI's Russian business. "The political decision of the Ukrainian government to put around 30 Russian leasing companies, including Raiffeisen Leasing Russia, on a sanctions list means that leased goods of Raiffeisen Leasing Russia's customers can be confiscated on Ukrainian territory," an RBI spokesperson said. "Raiffeisen Leasing Russia is a wholly owned subsidiary of Raiffeisenbank Russia.

☆ Ukraine imposes sanctions on 182 Russian, Belarusian firms, 3 people
▼ + stars: | 2023-01-29 | by ( ) www.reuters.com time to read: +1 min

Jan 29 (Reuters) - Ukraine imposed sanctions against 182 Russian and Belarusian companies, and three individuals, in the latest of a series of steps by President Volodymyr Zelenskiy to block Moscow's and Minsk's connections to his country. "Their assets in Ukraine are blocked, their properties will be used for our defence," Zelenskiy said in a video address. The sanctioned companies chiefly engage in the transportation of goods, vehicle leasing and chemical production, according to the list published by the National Security and Defense Council of Ukraine. The list includes Russian potash fertiliser producer and exporter Uralkali, Belarus state-owned potash producer Belaruskali, Belarusian Railways, as well as Russia's VTB-Leasing and Gazprombank Leasing both dealing with transport leasing. Ukraine has sanctioned hundreds of Russian and Belarusian individuals and firms since the start of the Russian invasion of Ukraine in February last year.

☆ Car Leasing Plummeted During Pandemic, Could Take Years to Recover
▼ + stars: | 2023-01-28 | by ( Ryan Felton | ) www.wsj.com time to read: 1 min

Vehicle leasing—once a path for nearly one-third of American buyers to get behind the wheel of a new car—has faded since the pandemic. Now it is likely to be years before the U.S. lease market returns to normal, executives and analysts say. The leasing falloff is largely tied to the vehicle shortage that has plagued the car business for more than two years. Auto makers generally make more money selling cars outright, rather than leasing them, which typically involves a heavier subsidy from the manufacturer. With inventory constrained, car companies have significantly dialed back attractive lease deals that had been a staple of auto retailing.

☆ U.S. House backs bill limiting drawdowns from oil reserve
▼ + stars: | 2023-01-27 | by ( ) www.reuters.com time to read: +2 min

WASHINGTON, Jan 27 (Reuters) - The U.S. House of Representatives passed a bill on Friday limiting the ability of the energy secretary to tap the strategic oil reserve without developing plans to increase the amount of public lands available for oil and gas drilling. The bill is expected to face an uphill battle in the Senate, which unlike the House, is controlled by Biden's fellow Democrats. "The SPR should be used as a tool of ‘last resort,'" said Representative Cathy McMorris Rodgers, the chair of the House Energy and Commerce Committee and co-sponsor of the bill. The Biden administration has said it sold the oil to counter gasoline prices that had risen to $5.00 a gallon that helped fuel inflation to the highest in decades. U.S. Energy Secretary Jennifer Granholm told reporters at the White House this week that Biden "will not allow the American people to suffer because of the backwards agenda that House Republicans are advancing."

☆ U.S. House passes bill limiting drawdowns from strategic oil reserve
▼ + stars: | 2023-01-27 | by ( Timothy Gardner | ) www.reuters.com time to read: +2 min

WASHINGTON, Jan 27 (Reuters) - The U.S. House of Representatives passed a bill on Friday limiting the ability of the energy secretary to tap the strategic oil reserve without developing plans to increase the amount of public lands available for oil and gas drilling. President Joe Biden would veto the legislation should it pass Congress, the White House said this week. The bill is expected to face an uphill battle in the Senate, which unlike the House, is controlled by Biden's fellow Democrats. The SPR should be used only to address true emergencies, said Representative Cathy McMorris Rodgers, a Republican and chair of the House Energy and Commerce Committee. U.S. Energy Secretary Jennifer Granholm told reporters at the White House this week that Biden "will not allow the American people to suffer because of the backwards agenda that House Republicans are advancing."

☆ Artificial intelligence and machine learning are helping companies provide even better service for customers
▼ + stars: | 2023-01-27 | by ( Sponsor Post | Created Hitachi With Insider Studios | ) www.businessinsider.com time to read: +7 min

By harnessing Hitachi's advanced expertise in artificial intelligence (AI) and machine learning (ML), the partners took their existing model and expanded it into a predictive model they called Proactive Diagnostics. The Guided Repair solution is now being used by more than 9,700 Penske fleet maintenance technicians in more than 880 locations. Using machine learning, the Proactive Diagnostics solution monitors fleet vehicles and tracks anomalies that indicate future potential failures." The Proactive Diagnostics solution provides data archived over days and weeks to give Penske that predictive power so it can act on its knowledge. With its enhanced capacity for analysis, Proactive Diagnostics enables Penske to compare fault codes and search for patterns that signal a potential failure.

☆ A Smart House GOP Oil and Gas Play
▼ + stars: | 2023-01-26 | by ( The Editorial Board | ) www.wsj.com time to read: 1 min

The Biden Administration has repeatedly said it isn’t restricting oil and gas development. But then why is it threatening to veto a House Republican bill that would tie oil releases from the Strategic Petroleum Reserve (SPR) to oil and gas leasing on federal land? House Majority Leader Steve Scalise has teed up a vote this week on a bill that would forbid the Energy Department from tapping the SPR unless it develops a plan to increase oil and gas leasing commensurately. If the White House wants to draw down the reserve by 5%, it has to lay out a plan to increase the share of federal land leased for oil and gas production by 5%.

☆ Bank of America announced a new class of managing directors — here are all 87 names in corporate and investment banking
▼ + stars: | 2023-01-26 | by ( Alex Morrell | ) www.businessinsider.com time to read: +3 min

Bank of America has announced a new class of 360 managing directors. Insider has the list of the 87 new MDs for the firm's Global Corporate and Investment Bank. It's managing director promotion day at Bank of America. On Thursday, the class of 360 managing directors across the firm were announced internally, up 15% from the 314 promoted in 2022.Insider has the list of the 87 employees who were promoted in the firm's Global Corporate and Investment Bank — the division responsible for dealmaking. That's down 17% from 105 new MDs last year in the division, likely a reflection of a difficult year in investment banking across Wall Street that saw revenues drop in excess of 50%.

☆ Want to cash in on China's reopening? Bank of America and UBS have some less obvious stock picks
▼ + stars: | 2023-01-26 | by ( Zavier Ong | ) www.cnbc.com time to read: +4 min

China's unwinding of its strict Covid-19 controls has got analysts scrambling to identify reopening beneficiaries in the stock market. But there could be another way to play the reopening, with Bank of America and UBS having identified a raft of less obvious beneficiaries outside of China. UBS' stock picks Thai hospitality group Minor International is one of UBS' top picks. Within Thailand, UBS also named rail transit operator BTS Group, expressway and metro operator Bangkok Expressway & Metro, as well as Bangkok Bank as reopening beneficiaries. Student placement provider IDP Education, as well as property groups Lendlease Group and Mirvac Group also made the UBS list.

PREVIEWDave Edwards, the chief executive at Greenville-Spartanburg, said just over a decade ago his airport had no international air cargo operations. BMW today accounts for about a quarter of Greenville-Spartanburg’s roughly 15 international cargo flights a week. Air cargo volumes fell through most of last year as manufacturers and retailers pulled back on orders because of slowing consumer spending. Rockford, about 70 miles from Chicago O’Hare International Airport, has become one of the most successful regional airports for cargo. It is a hub for United Parcel Service Inc. and has attracted air operations for companies including Amazon.com Inc., DSV and A.P.

☆ 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.

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