Saudi Arabia sets up new Aramco share sale that could raise $13.1 billion
Saudi Arabia’s government filed papers to sell a new stake in state oil giant Aramco that could raise as much as .1 billion.
electric vehicles
Americans must pay higher taxes if they want to keep a high standard of living
The U.S. government faces fiscal challenges that will require higher taxes, regardless of the presidential election outcome. The federal deficit is projected to grow to 6% of GDP by 2033, and debt held by the public will increase to 114% of GDP. The 2017 Tax Cut and Jobs Act simplified and cut individual income taxes and lowered business taxes, with most individual tax cuts expiring in 2025. President Biden’s proposed budget includes repealing benefits for high-income families and raising taxes on the wealthy. If former President Trump is reelected, the TCJA is likely to be extended, costing at least .3 trillion through 2033. Trump has proposed tariffs on imports from China and lowering the federal corporate tax rate. These proposals could lead to a financial “train wreck” for the nation.
Stellantis CEO: electric vehicle tariffs are a trap
Stellantis CEO Carlos Tavares expects a major battle with Chinese rivals in the European market for electric vehicles, warning of significant consequences for jobs and production. The European Commission will unveil an initial decision on potential tariffs on Chinese EV imports on June 5, and China has been threatening counter tariffs. Tavares believes that tariffs would fuel inflation, impact sales and production, and create overcapacity in the European auto sector. Stellantis is in discussions with labor unions about the risks they are facing and how to navigate the challenges ahead. The company will start selling EVs from its Chinese partner, Leapmotor, outside China starting in Europe in September. Tavares aims for Stellantis to be part of the Chinese offensive rather than purely defensive against Chinese competition.
California testing car tracking as possible gas tax replacement
States, like California, are exploring alternative ways to recoup lost gas tax revenue by piloting a “road charge” program that charges drivers based on the number of miles they drive rather than how much gas they purchase. The program is optional and participants can earn up to 0 in incentives for providing feedback on their experience. The state is considering this alternative revenue source due to the decrease in gas tax revenue collection and the shift towards electric vehicles. The program includes security protocols to protect personal information, and no action or changes are currently being proposed.
Here’s what the economy could look like with a Biden or Trump presidency
The text discusses the potential impact of a Biden or Trump presidency on the US economy. The analysis covers eight major economic categories, including domestic manufacturing, higher education, healthcare, housing, labor, taxes, tariffs, and trade. Biden and Trump have different plans and approaches to these economic categories based on their past records as president and their campaign promises. Biden focuses on issues like lowering prescription drug costs, investing in the future, supporting workers and small businesses, and ensuring fair taxation. Trump, on the other hand, has proposed plans such as protecting American car manufacturers, imposing tariffs on foreign-made cars, and focusing on fossil fuels. The text also highlights the differences in their views on student loan debt, healthcare, housing costs, labor unions, taxes, tariffs, and trade policies.
A new generation of batteries may bolster the EU, ’s green ambitions
– Sodium is being used to develop rechargeable batteries as an alternative to lithium-ion batteries.
– Sodium-ion batteries are based on more abundant and safer materials than lithium-ion batteries.
– Europe aims to increase its share of global battery-cell production to 25% by 2025.
– Sodium-ion batteries could be cheaper for storing energy in homes, power tools, and small vehicles.
– Sodium-ion batteries offer the prospect of cheaper and cleaner energy for households in Europe.
Trump again attacks New York prosecutor, floats economic plans at New Jersey rally
Donald Trump attacked the Manhattan judge and prosecutor in his New York criminal trial at a rally in New Jersey. He accused them of working for President Joe Biden and portrayed the charges as politically motivated. Trump also hinted at possible economic policies, including a 200% tariff on some imported cars and a new tax cut if he returns to office. He also suggested that North Dakota Governor Doug Burgum could play a major role in his administration.
Two new electric vehicle charging points opened in Nicosia
Two new electric vehicle charging points were opened in Nicosia. The city aims to minimize its carbon footprint by reducing pollution created by cars and facilitating access to environmentally friendly forms of transport. The government set a target of having 80,000 electric vehicles in Cyprus by 2030.
Gasoline demand growth to slow this year on EV growth
Global petrol demand growth is expected to halve in 2024 due to a shift to electric cars in China and the United States, as well as a return to normal consumption levels after the COVID-19 pandemic.
French carmakers target fourfold jump in EV sales by 2027
Fact: France aims to ramp up electric car sales fourfold by 2027 under a strategy agreement with the government.