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☆ Electric car-makers have found a legal loophole to get their customers an extra $7,500 tax credit
▼ + stars: | 2023-01-25 | by ( Alexa St. John | ) www.businessinsider.com time to read: +5 min

The commercial EV credit comes with way fewer requirements that are far less difficult to achieve — and it could be a clever workaround for the passenger vehicle space. Finding a workaroundThe commercial credit was designed to incentivize commercial fleets to electrify. Lucid vehicles don't qualify for the new EV credit given they are priced at higher than the MSRP cap requirements. If an EV is eligible for the new tax credit through a vehicle purchase, it cannot take the credit if leased. If an EV is only eligible for the commercial tax credit through a lease, it cannot take a credit if purchased.

☆ Italy's Intesa convinces investors on payouts
▼ + stars: | 2023-01-23 | by ( Valentina Za | ) www.reuters.com time to read: +3 min

Investors fretted about the impact on earnings and the bank's ability to stick to generous capital distribution plans, starting with a pending 1.7 billion euro share buyback. Intesa has put the buyback on hold, despite receiving European Central Bank clearance, until approval of 2022 results on Feb. 3. In the fourth quarter, Intesa shed risks on 10.3 billion euros in loans through two so-called synthetic securitisation deals, including a jumbo 8 billion euro transaction. Market calculations put the cost of similar transaction at around 25 million-30 million euros a year for 2 billion euros in assets. Intesa also sold 4 billion euros in leasing contracts.

REUTERS/Adrees Latif/File PhotoWASHINGTON, Jan 23 (Reuters) - President Joe Biden will veto a bill by U.S. House of Representatives Republicans on the Strategic Petroleum Reserve (SPR) if it passes Congress, Energy Secretary Jennifer Granholm said on Monday. In a letter last week, Granholm warned Republicans that limiting the Democratic president's authority to tap the nation's oil reserves would undermine national security, cause crude oil shortages, and raise gasoline prices. "He will not allow the American people to suffer because of the backwards agenda that House Republicans are advancing" Granholm, speaking to reporters at a White House briefing, said of Biden. The House, which Republicans control by a narrow margin, is expected to vote on the bill as soon as this week. She said the administration would soon announce how it will buy back some initial replenishment oil for the reserve.

WASHINGTON — Renters are on track to get some relief in 2023 as a growing number of indicators suggest the red-hot rental market has started to cool, a shift that could also help bring down decades-high inflation that has been pushing interest rates higher. That shift is good news not only for renters, but for the economy as a whole. “The balance of power in the rental market has really shifted very rapidly to renters,” said Jay Parsons, chief economist for real estate technology firm RealPage. The market has really changed materially.”In the last several months of 2022, online real estate firms Zillow, Redfin and Apartment List recorded significant drops in rental asking prices. “We saw the year-over-year growth in our rent index peak last February, and it’s been decelerating ever since then,” Tucker said.

☆ Prologis Says Warehouse Demand Remains Strong in Slowing Economy
▼ + stars: | 2023-01-20 | by ( Paul Berger | ) www.wsj.com time to read: +3 min

Prologis Inc., the world’s largest developer of logistics properties, is bullish about warehouse demand this year despite signs of an economic slowdown. Executives at San Francisco-based Prologis said Wednesday they remain cautious about building new facilities as the economy wavers. But they said vacancy rates remain near record lows and that much of the leasing activity for this year is already secured or underway. Warehouse demand peaked last year, as average national vacancy rates plummeted to near 3% and reached close to 1% in Southern California. Average occupancy in Prologis’s owned and managed portfolio ticked up to 98% in the fourth quarter from 97.7% in the prior quarter.

☆ Unions press Biden administration to not change EV tax credit rules
▼ + stars: | 2023-01-20 | by ( David Shepardson | ) www.reuters.com time to read: +2 min

WASHINGTON, Jan 20 (Reuters) - Major unions and public interest and environmental groups are urging President Joe Biden to reject efforts by the European Union and other foreign governments to revise U.S. electric vehicle tax incentives. Foreign governments have been pressing the Biden administration to do more to expand credit eligibility. The letter rejected the suggestion from foreign governments that the EV tax incentives violate World Trade Organization and free trade rules. The EU in December praised the U.S. Treasury Department decision to allow EVs leased by consumers to qualify for up to $7,500 in commercial clean vehicle tax credits. South Korea, Europe and some automakers in December had sought approval from Treasury to use the commercial electric vehicle tax credit to boost consumer EV access.

The lessors took a hit of almost $10 billion when Russia barred airlines from returning planes hit by Western sanctions to their owners in the West. This has turned the spotlight on other risky markets, most prominently China and Taiwan, where some fear future conflict could cause a similar seizure on a much larger scale. When discussing the Russia losses, most executives speaking at the conference, also touched on China risks. Several executives said the loss of aircraft to Russia would simply feed into risk management models and encourage lessors to be careful about spreading their exposure rather than withdrawing from markets altogether. "Lessors aren't going to be able to abandon higher risk areas because that is what they do," he added.

☆ 5 questions to ask before buying your first electric car
▼ + stars: | 2023-01-20 | by ( Alexa St. John | ) www.businessinsider.com time to read: +7 min

Today's electric car buyers have a lot of questions. Potential EV drivers have plenty of questions, and there's plenty you need to know before buying an electric car. Regardless, here are some tips on what to ask your dealer or sales advisor if you're considering buying an EV. It's important for car-buyers considering an EV to ask about how it fits into an average driver's lifestyle. But given how much this market depends on improvements in battery tech, dealers should still be ready to talk about what separates their EV's battery from competitors.

☆ People aren't leasing cars anymore — and it means higher prices and worse choices for used car-buyers
▼ + stars: | 2023-01-19 | by ( Alexa St. John | ) www.businessinsider.com time to read: +3 min

Vehicle leasing was down almost 50% last July, compared to January 2020. That means less supply going to the used vehicle market, keeping prices up and inventory low. What that means for used car pricesThat all means there will be fewer, low-mileage yet newer vehicles headed to the used market. Fewer used vehicles in the market, but with the same amount of demand, will keep used vehicle inventory low and their prices relatively high. Used vehicle prices have been up for several months now, and are just starting to creep downward, with the average cost at $27,143 in December, per Cox.

DUBLIN, Jan 18 (Reuters) - A battle for compensation is brewing over delays in the delivery of commercial jets, with a Dublin aviation summit descending into a blame game over the worst industrial disruption in years. Aircraft contracts contain dense descriptions of adverse factors which excuse manufacturers for multiple types of delay, meaning they can avoid paying penalties or "liquidated damages". Excusable delays include "acts of God", natural disasters, fire, flood, earthquakes and epidemics, among other examples, according to extracts of past contracts filed with regulators. Non-excusable delays include anything that falls outside this catalogue, but are rare, experts say. 'OVER-OPTIMISTIC'"They are not excusable at all," Aengus Kelly, chief executive of lease giant AerCap (AER.N) told the Airfinance Journal conference when asked about the delays.

☆ The fallout of the pandemic will keep inflating used car prices for years
▼ + stars: | 2023-01-18 | by ( Alexa St. John | ) www.businessinsider.com time to read: +4 min

For more than two years, car-buyers faced low vehicle inventory and high new and used car prices. "All of this really means that the normal supply feeds into the used vehicle market are down substantially," he said. "This is going to have huge ramifications for the used vehicle market over the next couple years." Car-buyers face challenges in the used vehicle spaceUsed vehicle prices have been through the roof for some time. Leasing changes aren't the only impact on the used car marketThis decrease in recently turned-in leases as used inventory isn't the only shift.

☆ Many office buildings are 'obsolete' and need to be converted or die, CEOs of some of real estate's biggest players told world leaders
▼ + stars: | 2023-01-18 | by ( Alex Nicoll | ) www.businessinsider.com time to read: +4 min

It's time to face a harsher reality, real estate executives told financial and world leaders at the World Economic Forum's annual meeting in Davos, Switzerland, on Wednesday. The results of flexible work programs have hit the values of older office buildings in cities across the world as office tenants downsize. Sajwani, Palladitcheff, Ulbrich and Cantor Fitzgerald CEO Howard Lutnick all agreed that many office buildings will need to be repurposed or torn down. It's those less attractive places that face multiple challenges of crime and homelessness where the value of office buildings will deteriorate "quite quickly." Office buildings "will become eyesores and they will need to be fixed," Lutnick said.

☆ Boeing, Airbus hit back over criticism of delivery delays
▼ + stars: | 2023-01-17 | by ( Padraic Halpin | ) www.reuters.com time to read: +2 min

[1/3] A woman walks past a Boeing logo at the China International Aviation and Aerospace Exhibition, or Airshow China, in Zhuhai, Guangdong province, China September 28, 2021. REUTERS/Aly SongDUBLIN, Jan 17 (Reuters) - The world's two largest planemakers defended themselves on Tuesday following criticism over delivery delays, with a Boeing (BA.N) executive saying increasing production after COVID-19 lockdowns was "not as easy as an on/off switch." Aircraft leasing firms have used a major industry conference to hammer manufacturers over delays. Air Lease (AL.N) executive chairman Steven Udvar-Hazy said they had "grossly misjudged" output, while one of Airbus' largest customers, AerCap (AER.N), called the European firm's production targets "very ambitious". To help remove the bottlenecks, Airbus has placed over 100 procurement specialists into its indirect suppliers to help them achieve the rates in the supply chain that the jetmaker requires to ramp up production, Pearman-Wright added.

☆ See 32 pitch decks that some of the hottest proptech startups used to raise millions from top VCs like SoftBank and a16z
▼ + stars: | 2023-01-17 | by ( Alex Nicoll | James Rodriguez | ) www.businessinsider.com time to read: +5 min

VC investment fell by 38% in 2022, but the technological transformation of real estate continues. investment fell by 38% in 2022, but the technological transformation real estate continues. Early innovators like Zillow showed that there was a place for real estate on the internet, while investments from firms like SoftBank showed that big money was paying attention. Insider has collected 32 pitch decks that successful firms have used to raise funding from VCs and private-equity firms. Clockwork AnalyticsThe pandemic laid bare the necessity of a technological transformation of commercial real estate.

☆ Global air traffic may return to pre-Covid levels in June, with China leading the way
▼ + stars: | 2023-01-16 | by ( Michelle Toh | ) edition.cnn.com time to read: +2 min

Hong Kong CNN —Global air traffic will boom this year, returning to pre-pandemic levels in June, according to a new report. On Monday, international aircraft leasing company Avolon said it expected a full recovery in passenger traffic over the coming months, led by the reopening of markets in Asia, especially China. The news has further brightened the outlook for the aviation sector, which already experienced “a 70% recovery in passenger traffic last year led by recovery in Europe and North America,” Avolon noted. Currently, global air traffic has resumed to approximately 75% of November 2019 levels, IATA said last week. “Demand for travel is no longer the constraint to recovery, but airlines’ capacity to put planes in the air,” Avolon said in its statement.

The International Air Transport Association, which represents global airlines, is predicting full recovery in 2024. The crippling impact of COVID-19 saw dozens of airlines go out of business and wiped billions of dollars off balance sheets. In public, airlines and leasing firms have deplored delivery delays and are seen likely to press aircraft makers for compensation. Inflation is driving up aircraft parts and prices, while raising questions over the resilience of travel demand. Overall, more than half of the world's airline fleet is controlled by global leasing companies rather than owned directly by airlines.

Twitter staff have spotted cockroaches in changing rooms and showers, sources told Insider. A representative for the company that owns the office building declined to comment. Staff at the office in Chelsea have seen cockroaches in the showers and a changing room at the facility, sources said. Twitter is the only direct leasee at the office building which is listed as a "Class B" building on CoStar, a commercial real estate database. Some staff at Twitter's headquarters in San Francisco have been sleeping in the office after Musk issued an ultimatum for staff to work "extremely hardcore."

☆ The first NY cannabis licenses have been approved – but these are the 3 obstacles dispensaries are still facing
▼ + stars: | 2023-01-14 | by ( Jordan Hart | ) www.businessinsider.com time to read: +3 min

A real estate expert says license holders now face challenges with finding the right property for their businesses. Business owners are up against strict regulations and uneducated landlords in their search for a storefront. The next hurdle, real estate exec Gregory Tannor of Lee & Associates NYC told Insider, is finding the right real estate for stores. There are "buffer zones" that cannabis business owners must abide by while shopping for real estate. Despite the uphill battle to open legal dispensaries in New York, Tannor told Insider to expect more places to purchase weed opening up in the next few weeks.

☆ Wells Fargo's solid 4Q and planned share buybacks support our thesis for the stock, as shares climb
▼ + stars: | 2023-01-13 | by ( Zev Fima | ) www.cnbc.com time to read: +10 min

Sequentially, the biggest driver was higher interest rates, as well as a benefit from higher loan balances and lower mortgage-backed securities premium amortization. Key company metrics Net interest income: $13.43 billion, up 11% quarter-over-quarter and 45% year-over-year, outpacing analysts' forecasts of $12.99 billion. Net interest margin: 3.14%, compared with 2.11% during the same period a year prior, and above the consensus estimate of 3.02%. Within consumer lending, home lending was down 57% from last year, while credit card revenue increased 6% over last year. Noninterest expenses increased 4% year-over-year but were down 3% sequentially, with the annual increase resulting from higher operating costs and salary expenses.

☆ Floridians can blame vacation homes and 'oppressive' homeowners associations for their high rents, economist says
▼ + stars: | 2023-01-13 | by ( Robert Davis | ) www.businessinsider.com time to read: +5 min

Too many vacation rentals and strict homeowners associations are pushing up housing costs, a study said. According to Johnson, there are too many vacation rentals in the Sunshine State. It's this particular combination of strict HOA rules and the sheer number of vacation rentals is a mixture that is affecting housing affordability negatively, he said. According to Johnson's study, Florida is now home to 9 of the 21 most overpriced rental markets in the US. The number of vacation rentals in the state is only making it harder for people to find affordable places to rent, the study suggests.

☆ Russia's Aeroflot bought 10 Boeing 777 from Russian bank VEB, sources say
▼ + stars: | 2023-01-11 | by ( ) www.reuters.com time to read: +2 min

Jan 11 (Reuters) - An Irish lessor that sold 10 Boeing 777-300ER aircraft to Russia's flagship carrier Aeroflot (AFLT.MM) last year was a local subsidiary of state controlled Russian development bank VEB, two sources familiar with the matter told Reuters. State-controlled Aeroflot announced on Dec. 30 that it had bought 10 Boeing 777-300ER long-haul planes it previously leased from an Irish company, which it refused to name. Aeroflot and VEB-Leasing, a part of VEB Group, did not immediately respond to requests for comments. To protect domestic flights, Moscow re-registered the aircraft in Russia and refused to allow some of them to leave, stranding almost $10 billion worth of aircraft in Russia. Russian airlines continue to operate many of the jets, but some have struggled to secure replacement parts.

☆ Only 2 customers have abandoned Tesla since Elon Musk bought Twitter, says EV leasing firm CEO
▼ + stars: | 2023-01-08 | by ( Stephanie Stacey | ) www.businessinsider.com time to read: +2 min

Elon Musk's Twitter troubles have had minimal impact on Tesla sales at Octopus EV, its CEO said. Just two of Octopus EV's Tesla customers — out of "well over 1,000" — switched to another make last year over Musk's decisions at Twitter, its CEO Fiona Howarth told the Financial Times. While small, she said the dip was still worth noting, given how loyal Tesla customers have usually been. Three longtime Tesla owners recently told Insider that they're ditching their cars over Musk's actions at Twitter. Octopus EV, Tesla, and Musk did not immediately respond to requests for comment from Insider.

☆ Fed-up Tesla owners say they're so sick of Elon Musk's antics that they're ditching their cars
▼ + stars: | 2023-01-07 | by ( Tim Levin | ) www.businessinsider.com time to read: +5 min

Some Tesla owners are done with the electric-car brand over Elon Musk's antics. We spoke to three Tesla owners who say Musk has made them rethink their relationship with the brand. Perkowitz is one of many Tesla owners rethinking their allegiance to the brand as Elon Musk becomes an increasingly erratic and polarizing figure online. "Elon was a really good reason to buy the car," Perkowitz told Insider. "I've been kind of stalling waiting for Elon to come to his senses and say something that makes sense," Perkowitz said.

☆ Warehouse Leasing Tumbled at the End of 2022
▼ + stars: | 2023-01-05 | by ( Liz Young | ) www.wsj.com time to read: +3 min

Newsletter Sign-up The Logistics Report Top news and in-depth analysis on the world of logistics, from supply chain to transport and technology. PREVIEWFor the full year, companies leased a net total of 756.8 million square feet of industrial space in 2022, down 18% from the year before. The leasing slowdown raises the potential for a glut of new warehouse space in the coming months, with 682.6 million square feet of new development in the construction pipeline, Ms. Salzer said. Developers are paring back their plans for new projects as financing becomes increasingly difficult to secure, Ms. Salzer said. The amount of new space under construction was down 4.3% compared with the previous quarter, according to the report.

☆ In a leaked memo, CEO of electric vehicle leasing startup Autonomy warns the company is in dire financial condition but says he will do whatever it takes to save the business
▼ + stars: | 2023-01-03 | by ( Ben Bergman | ) www.businessinsider.com time to read: +4 min

But the market changed at the end of the year as Autonomy suddenly faced a perfect storm. CEO Scott Painter says he will do whatever it takes to save the business, including selling his own assets. It was not the New Years greeting employees of Autonomy, a Santa Monica-based startup offering electric vehicle subscriptions, were hoping to receive in their inboxes. Autonomy announced in August it was moving away from selling Teslas exclusively. Painter said the company would prioritize making payroll and keeping the business operational and added he would do whatever it takes to keep Autonomy operational.

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