DETROIT (AP) — A tax credit of up to $7,500 could be used to defray the cost of an electric vehicle under the Inflation Reduction Act now moving toward final approval in Congress. But the auto industry is warning that the vast majority of EV purchases won’t qualify for a tax credit that large. That’s…
By Karen Freifeld WASHINGTON (Reuters) -The U.S. Commerce Department on Tuesday accused Far East Cable, China’s largest wire and cable manufacturer, of violating U.S. export controls related to shipments of telecommunications equipment to Iran. Far East Cable entered into an agreement in 2013 to buy equipment from Chinese telecommunications equipment maker ZTE Corp. and then…
FLINT, Mich. (AP) — Isaiah Oliver carefully parks his car in the crumbling parking lot of North Flint’s Greater Holy Temple Church. The lot at the church was meant for parishioners coming to worship, not 18-wheelers carrying pallets of bottled water. But as the city grapples with its water crisis, the church has been one…
(Reuters) – Ralph Lauren Corp and Michael Kors-owner Capri Holdings beat quarterly revenue estimates on Tuesday, underscoring the unwavering demand for luxury goods from high-income consumers amid decades-high inflation, sending their shares up 2%. Rising prices have had little impact on middle- and high-income households who have been happily spending on designer labels, having built…
By Alex Lawler LONDON (Reuters) – Oil rose over $1 a barrel on Tuesday, reversing an earlier decline, after Russia said oil exports to Europe via the southern leg of the Druzhba pipeline had been suspended since early August, reviving concern about tight supply. Russian pipeline monopoly Transneft said Ukraine had suspended oil flows via…
By Sam Nussey TOKYO (Reuters) – SoftBank Group Corp is accelerating asset sales after its flagship Vision Fund unit booked nearly $50 billion in losses in just six months, but Chief Executive Masayoshi Son faces narrowing options and slumping valuations, analysts said. Son said on Monday that he is in discussions to sell asset manager…
COPENHAGEN, Denmark (AP) — The leaders of Estonia and Finland want fellow European countries to stop issuing tourist visas to Russian citizens, saying they should not be able to take vacations in Europe while the Russian government carries out a war in Ukraine. Estonian Prime Minister Kaja Kallas wrote Tuesday on Twitter that “visiting Europe…
PARIS (Reuters) – Wine production in France is expected to rebound this year from frost-hit output in 2021, although deepening drought may curb volumes, the country’s farm ministry said on Tuesday. Wine production is expected to rise by 13-21% to between 42.6 million and 45.6 million hectolitres, the ministry projected in its first outlook for…
MOSCOW (AP) — A Russian rocket on Tuesday successfully launched an Iranian satellite into orbit. The Soyuz rocket lifted off as scheduled at 8:52 a.m. Moscow time (0552 GMT) Tuesday from the Russia-leased Baikonur launch facility in Kazakhstan. About nine minutes after the launch, it placed the Iranian satellite called Khayyam into orbit. It’s named…
NAIROBI, Kenya (AP) — Kenyans voted Tuesday in an unusual presidential election where a longtime opposition leader who is backed by the outgoing president faces the brash deputy president who styles himself as the outsider. Turnout appeared lower than usual as some voters cited little hope of real change. The election was considered close but…
