Author: Jamie Carpenter

President-elect Donald Trump’s transition team has recommended dramatic policy changes to cut support for electric vehicles (EVs) and charging infrastructure, while imposing stricter measures against cars, components, and battery materials from China, according to a document obtained by Reuters. The recommendations reflect a sharp pivot from President Joe Biden’s EV policies and emphasize boosting U.S. battery production, protecting national security, and imposing global tariffs on battery materials. Focus on National Defense Over EV Expansion The proposed policies redirect funding earmarked for EV charging stations and affordability programs toward national-defense priorities. This includes securing a supply chain free of Chinese materials…

Elon Musk revealed via a social media post on Thursday that the U.S. Securities and Exchange Commission (SEC) has issued a “settlement demand” related to its ongoing investigation into his purchase, sale, and disclosures of Twitter shares in 2022. Musk’s post included a letter from his attorney, Alex Spiro, addressed to SEC Chair Gary Gensler. The letter claimed the SEC pressured Musk to agree to a settlement with a fine within 48 hours or face charges. The SEC has been probing whether Musk or his associates engaged in securities fraud during his leveraged buyout of Twitter (now X), including sales…

Argentina’s monthly inflation rate slowed to 2.4% in November, marking the lowest level in over four years, according to the INDEC statistics agency. This figure beat forecasts of 2.8% and was down from 2.7% in October, offering hope that the worst of the country’s economic crisis might be over. Annual inflation also eased to 166%, a significant drop from 193% the previous month. Optimism Among Argentines Textile merchant Aram Boyaciyan expressed cautious optimism, noting that the economy seemed to have hit bottom two months ago. “It seems to me the economy hit bottom two months ago,” he said. “Six months…

Experts at CNBC’s Financial Advisor Summit explained that President-elect Donald Trump’s proposed tariffs could lead to price increases for U.S. consumers. Tariffs, a tax on imported goods, are paid by U.S. companies that may pass these costs onto consumers or absorb them, potentially reducing profits, shareholder returns, and employment opportunities. Trump’s Tariff Agenda Trump has pledged a sweeping tariff policy during his second term, including universal tariffs of up to 20% on all trade partners and at least 60% on Chinese goods. A Tax Policy Center analysis estimates such measures would raise the average U.S. household’s costs by $3,000 in…

Mondelez, the global snack giant behind Oreo and Cadbury, is reportedly in preliminary talks to acquire Hershey Company, a move that could create one of the world’s largest candy companies. Shares of Hershey (HSY) surged nearly 15% in midday trading Monday after Bloomberg reported Mondelez’s approach. While both companies declined to comment on “market rumors and speculation,” the discussions have fueled anticipation of a potential blockbuster deal. A Sweet Union of Global Brands A merger would combine two of the most iconic confectionery players. Mondelez owns beloved brands like Oreo, Cadbury, Ritz Crackers, and Sour Patch Kids, while Hershey’s portfolio…

Wall Street’s major indexes closed lower on Monday, with losses led by a drop in Nvidia shares that weighed on the technology sector. Investors were cautious ahead of key inflation data, including the Consumer Price Index (CPI) report set for release on Wednesday. Market Performance Nine of the 11 S&P 500 sectors declined, with financials and communication services among the hardest hit. Sector Highlights Inflation Data in Focus Investors are awaiting CPI data on Wednesday and the Producer Price Index (PPI) on Thursday ahead of the Federal Reserve’s Dec. 17-18 meeting. The odds of a 25-basis-point rate cut surged to…

France is facing political turmoil once again after Prime Minister Michel Barnier was removed from office in a no-confidence vote on Wednesday. The move leaves the country’s leadership in disarray as it grapples with economic challenges and political divisions. Barnier, who was appointed by President Emmanuel Macron in September, saw his government fall after 331 out of 577 lawmakers in the National Assembly voted against him. This marks the shortest tenure of any French prime minister in modern history. Why Did Barnier’s Government Collapse? Barnier’s appointment followed a snap parliamentary election in July that ended in a deadlock, with Macron’s…

French President Emmanuel Macron’s government suffered a historic defeat on Wednesday, as opposition lawmakers from both the left and far-right joined forces to topple his administration in a no-confidence vote. The collapse of Prime Minister Michel Barnier’s government, just nine weeks into its tenure, marks the first such loss in France since 1962 and leaves the country in political turmoil. What’s Next for France? The immediate question facing Macron is who will replace Barnier as prime minister. Barnier, a veteran negotiator and former EU Brexit envoy, was seen as a compromise figure intended to bridge the increasingly polarized French parliament,…

In a stunning turn of events, South Korean President Yoon Suk Yeol attempted to seize dictatorial power this week through an amateurish coup, only to be thwarted within hours by a determined public and legislature. Less than 18 months after being lauded by U.S. President Joe Biden for “shared democratic values,” Yoon’s authoritarian bent has thrown South Korea’s political future—and its global alliances—into turmoil. Martial Law and a Failed Coup The crisis began Tuesday night when Yoon declared emergency martial law, citing legislative gridlock and alleged subversive activities by the opposition. Tanks rolled into Seoul, and troops were sent to…

The Bureau of Labor Statistics reported Tuesday that job openings in October rose to 7.74 million, up from a revised 7.37 million in September, which was the lowest level since January 2021. Economists had forecast 7.51 million openings, according to Bloomberg. This increase in job openings comes as investors evaluate the labor market’s pace of adjustment and the implications for Federal Reserve policy on interest rates in 2024. Raymond James chief economist Eugenio Aleman remarked, “Today’s report is yet another indication that labor demand is softening but not collapsing.” Key JOLTS Report Highlights Labor Market Confidence Grows The increase in…