Gas prices are falling — Here’s why it’s happening and whether it can continue

A customer pumps gas at an Exxon gas station on July 29, 2022 in Houston, Texas. Brandon Bell | Getty Images Gas prices are below $4 for the first time since March, but the market remains precarious and experts said it’s too early to know if the move lower will hold. The national average for a gallon of gas has fallen for the last 58 straight sessions, according to AAA, and is now $3.99 per gallon. The fall from June, when prices topped out above $5, has been fast.   Here’s…

Read More

How the EV tax credits in Democrats’ climate bill could hurt electric vehicle sales

Tesla cars charge next to a traditional Texaco gas station on July 17, 2022 in Nephi, Utah. With more electric cars on the road, lack of charging infrastructure is becoming more of a problem for EV owners. George Frey | Getty Images Proposed tax credits of up to $7,500 for electric vehicles under the Inflation Reduction Act could be counterintuitive for sales of EVs, according to several companies and a group representing major automakers such as General Motors, Toyota Motor and Ford Motor. The new rules would raise a sales…

Read More

Stocks making the biggest moves premarket: Wendy’s, Coinbase, Buzzfeed and more

Check out the companies making headlines before the bell: Wendy’s (WEN) – Wendy’s shares fell 1% in premarket trading following a mixed quarter, which saw the restaurant chain report better-than-expected earnings while revenue fell short of Street forecasts. U.S. same-restaurant sales rose 2.3%, less than analysts had estimated, as consumers spent more cautiously. Coinbase (COIN) – The cryptocurrency exchange operator’s shares slid 5% in the premarket after the company reported a wider-than-expected quarterly loss, with business impacted by the slide in crypto prices during the spring months. Coinbase saw volumes…

Read More

Biden signs China competition bill to boost U.S. chipmakers

[ The stream is slated to start at 10 a.m. ET. Please refresh if you do not see a player above at that time.] President Joe Biden on Tuesday signed a bipartisan bill that aims to strengthen U.S. competitiveness with China by investing billions of dollars in domestic semiconductor manufacturing and science research. “Today is a day for builders. Today America is delivering,” Biden said at the signing ceremony outside the White House. He was joined by a crowd of hundreds, including tech executives, union presidents and political leaders from…

Read More

Micron to invest $40 billion in U.S. chip manufacturing

Sanjay Mehrota, CEO, Micron Scott Mlyn | CNBC Micron announced Tuesday it will invest $40 billion between now and 2030 to manufacture chips in the U.S. The investment is supported by grants and credits from the CHIPS and Science Act, which President Joe Biden will sign on Tuesday. Micron said it will create up to 40,000 jobs in the U.S., including 5,000 highly paid technical and operational roles. The company said the additional capacity will bring the U.S. market share of memory chip production from 2 percent to 10 percent.…

Read More

Tornado Cash crackdown by Treasury puts honest crypto investors at risk of criminal exposure

A tornado is seen on a field in D’arcy, Saskatchewan, Canada June 15, 2021. Neil Serfas | via Reuters The Treasury Department’s crackdown on Tornado Cash was meant to stop criminals. But a lot of ordinary crypto investors with honest intentions are now at risk. “Every U.S. person is going to have to be very careful about transacting with Tornado Cash,” said Ari Redbord, head of legal and government affairs at research firm TRM Labs, in an interview. “Remember, sanctions are strict liability. Intent does not matter.” Tornado Cash is…

Read More

US Chip And Carmaker CEOs Meet Ahead Of Biden Signing

The heads of chipmakers GlobalFoundries and Applied Materials and carmakers Ford Motor and General Motors Co were to meet at a closed-door summit with US government officials on Monday to discuss administration plans to invest in semiconductors. On Tuesday, President Joe Biden will sign legislation to subsidize the US semiconductor industry and boost efforts to make the United States more competitive with China. The bill provides USD 52 billion in subsidies for chip manufacturing and research. It also includes an investment tax credit for chip plants estimated to be worth…

Read More

Crypto mixing service Tornado Cash blacklisted by Treasury Department for alleged use in laundering

The U.S. Department of Treasury on Monday sanctioned the popular cryptocurrency mixer Tornado Cash, banning Americans from using a service that the government said, “launders the proceeds of cybercrimes.” “Despite public assurances otherwise, Tornado Cash has repeatedly failed to impose effective controls designed to stop it from laundering funds for malicious cyber actors on a regular basis and without basic measures to address its risks,” Under Secretary of the Treasury for Terrorism and Financial Intelligence Brian Nelson said in a statement. Crypto asset mixers are designed to obscure trails of…

Read More

As climate change threatens more homes, some properties are getting too costly to insure

Firefighters pull up to a burning house during the Kincade fire in Healdsburg, California, on Oct. 27, 2019. Josh Edelson | Afp | Getty Images As climate change threatens the U.S. with more natural disasters, it’s becoming increasingly costly for Americans to insure their homes ⁠— and it’s only expected to get worse, according to experts. “These things are occurring more often, and they’re causing more damage,” said Jeremy Porter, chief research officer at First Street Foundation, a non-profit focused on defining U.S. climate risk. Indeed, there were 20 separate…

Read More

SolarEdge is willing to sacrifice margins today to capture huge demand growth in Europe, CFO says

SolarEdge shares tumbled this week after the company’s second-quarter results showed a hit to margins from factory closures, higher transport costs and currency headwinds from the weakening Euro. But SolarEdge CFO Ronen Faier said lower margins now is the price to be paid for long-term growth in a market where demand is skyrocketing.  “We have demand that is far beyond anything that we could plan for, expect for, and even grow,” he told CNBC. SolarEdge reported record revenue of $727.8 million during the second quarter, slightly short of the $730.7…

Read More