Find out how to watch the Michigan Wolverines face the Alabama Crimson Tide at the Rose Bowl today.
source
By David Shepardson
WASHINGTON (Reuters) – Many electric vehicles lost eligibility for tax credits of up to $7,500 after new battery sourcing rules took effect on Monday, including the Nissan Leaf, Tesla Cybertruck All-Wheel Drive and Chevrolet Blazer EV, the U.S. Treasury said.
The Treasury issued guidelines in December detailing new battery sourcing requirements aimed at weaning the U.S. electric vehicle supply chain away from China. They took effect on Monday.
The number of EV models qualifying for U.S. EV tax credits fell from 43 to 19. Those figures include different versions of the same vehicle type. Treasury said some manufacturers have yet to submit information on eligible vehicles, which could lead to changes in the list.
The new rules allow buyers to claim the tax credit of up to $7,500 at a participating dealership at the point of sale. The tax credit sets limits on vehicle price and buyer income to qualify.
The Volkswagen ID.4, Tesla Model 3 Rear Wheel Drive, BMW X5 xDrive50e, Audi Q5 PHEV 55, Cadillac Lyriq and Ford E-Transit are among the vehicles that fell off the list of vehicles eligible for tax credits.
Volkswagen said on Monday it “is in the process of confirming eligibility for a federal EV tax credit for vehicles” after Jan. 1.
“We are optimistic that MY2023 ID.4s and all MY2024 ID.4s will be eligible under the new rules,” VW added.
BMW, Nissan and Tesla did not immediately comment.
The Treasury said “automakers are adjusting their supply chains to ensure buyers continue to be eligible for the new clean vehicle credit, partnering with allies and bringing jobs and investment back to the United States.”
Ford Motor said last month its E-Transit would lose the $3,750 tax credit, as would the Mach-E and Lincoln Aviator Grand Touring plug-in hybrid, but its F-150 EV Lighting and the Lincoln Corsair Grand Touring retained credits.
General Motors noted all of its EVs would temporarily lose eligibility except the Chevrolet Bolt, adding the Lyriq and Blazer EV are losing the credit because of two minor components.
GM expects after a sourcing change the Lyriq and Blazer EV will regain eligibility in early 2024 and said its Chevrolet Equinox EV, Chevrolet Silverado EV, GMC Sierra EV and Cadillac OPTIQ produced “after the sourcing change will be eligible for the full incentive.”
The 2022 Inflation Reduction Act law reformed the EV tax credit, requiring vehicles to be assembled in North America to qualify for any tax credits, eliminating nearly 70% of eligible models at the time.
Tesla disclosed in December its Model 3 Rear-Wheel Drive and Long Range vehicles would lose federal tax credits starting Jan. 1. The Model 3 Performance retains the $7,500 credit.
(Reporting by David Shepardson; Editing by Marguerita Choy)
JERUSALEM (AP) — Israel’s Supreme Court on Monday struck down a key component of Prime Minister Benjamin Netanyahu’s contentious judicial overhaul, a decision that threatens to reopen the fissures in Israeli society that preceded the country’s ongoing war against Hamas.
Those divisions were largely put aside while the country focuses on the war in Gaza, which was triggered by a bloody cross-border attack by Hamas. Monday’s court decision could reignite those tensions, which sparked months of mass protests against the government and had rattled the cohesion of the powerful military.
There was no immediate reaction from Netanyahu.
In Monday’s decision, the court narrowly voted to overturn a law passed in July that prevents judges from striking down government decisions they deem “unreasonable.” Opponents had argued that Netanyahu’s efforts to remove the standard of reasonability opens the door to corruption and improper appointments of unqualified cronies to important positions.
The law was the first in a planned overhaul of the Israeli justice system. The overhaul was put on hold after Hamas militants carried out their Oct. 7 attack, killing some 1,200 people and kidnapping 240 others. Israel immediately declared war, and is pressing forward with an offensive that Palestinian health officials say has killed nearly 22,000 people in Gaza.
In an 8-7 decision, the Supreme Court justices struck down the law because of the “severe and unprecedented harm to the core character of the State of Israel as a democratic country.”
The justices also voted 12-3 that they had the authority to overturn so-called “Basic Laws,” major pieces of legislation that serve as a sort of constitution for Israel.
It was a significant blow to Netanyahu and his hard-line allies, who claimed the national legislature, not the high court, should have the final word over the legality of legislation and other key decisions. The justices said the Knesset, or parliament, does not have “omnipotent” power.
Netanyahu and his allies announced their sweeping overhaul plan shortly after taking office a year ago. It calls for curbing the power of the judges, from limiting the Supreme Court’s ability to review parliamentary decisions to changing the way judges are appointed.
Netanyahu and his allies said the changes aim to strengthen democracy by limiting the authority of unelected judges and turning over more powers to elected officials. But opponents see the overhaul as a power grab by Netanyahu, who is on trial for corruption charges, and an assault on a key watchdog.
Before the war, hundreds of thousands of Israelis took to the streets in weekly protests against the government. Among the demonstrators were military reservists, including fighter pilots and members of other elite units, who said they would stop reporting for duty if the overhaul was passed. The reservists make up the backbone of the military.
While the reservists quickly returned to duty after the Oct. 7 attacks in a show of unity, it remains unclear what will happen if the overhaul efforts are revived. A resumption of the protests could undermine national unity and affect the military’s readiness if soldiers refuse to report for duty.
Under the Israeli system, the prime minister governs through a majority coalition in parliament — in effect giving him control over the executive and legislative branches of government.
As a result, the Supreme Court plays a critical oversight role. Critics say that by seeking to weaken the judiciary, Netanyahu and his allies are trying to erode the country’s checks and balances and consolidate power over the third, independent branch of government.
Netanyahu’s allies include an array of ultranationalist and religious parties with a list of grievances against the court.
His allies have called for increased West Bank settlement construction, annexation of the occupied territory, perpetuating military draft exemptions for ultra-Orthodox men, and limiting the rights of LGBTQ+ people and Palestinians.
The U.S. had previously urged Netanyahu to put the plans on hold and seek a broad consensus across the political spectrum.
The court issued its decision because its outgoing president, Esther Hayut, is retiring and Monday was her last day on the job.
U.S. Navy helicopters sunk three Houthi militant boats Sunday after a container ship in the Red Sea, one of the world’s busiest shipping routes, said it was under attack by Houthi militants.
source
By Liangping Gao and Kevin Yao
BEIJING (Reuters) -China’s manufacturing activity shrank for a third straight month in December and weakened more than expected, clouding the outlook for the country’s economic recovery and raising the case for fresh stimulus measures in the new year.
The government has in recent months introduced a series of policies to shore up a feeble post-pandemic recovery, which is being held back by a severe property slump, local government debt risks and soft global demand. But the world’s second-largest economy is still struggling to gain traction.
The official purchasing managers’ index (PMI) fell to 49.0 in December from 49.4 the previous month, an official factory survey showed on Sunday, below the 50-mark separating growth from contraction and weaker than a median forecast of 49.5 in a Reuters poll.
“We must step up policy support, otherwise the trend of slowing growth will continue,” said Nie Wen, an economist at Hwabao Trust. Nie expects the central bank to cut interest rates and banks’ reserve requirement ratios (RRR) in the coming weeks.
“Falling prices have greatly affected companies’ profits and further affected people’s employment and incomes. We may see a vicious cycle,” he said.
China’s central bank said on Thursday it would step up policy adjustments to support the economy and promote a rebound in prices, amid signs of rising deflationary pressures.
Earlier this month, top Chinese leaders at a key meeting to chart the economic course for 2024 pledged to take more steps to support the recovery next year.
Five of China’s largest state banks lowered interest rates on some deposits on Dec. 22, the third round of such cuts this year, which could help the central bank move toward easing monetary policy.
The government, which in October unveiled plans to issue 1 trillion yuan ($140.89 billion) in sovereign bonds to fund investment projects, is likely to focus on more fiscal steps to support growth next year, analysts said.
WEAK DEMAND
China’s consumer prices fell the fastest in three years in November while factory-gate deflation deepened, weighed by weak domestic demand.
“The current external environment is increasingly complex, severe, and uncertain,” the statistical bureau said.
“Some companies in the survey reported that reduced overseas orders and insufficient domestic effective demand are the main difficulties faced by the companies.”
The new orders sub-index was at 48.7, contracting for the third month, according to the PMI survey released by the National Bureau of Statistics.
Weak external demand also remained a major drag on factory activity, with new export orders index registering 45.8 in December, contracting for the ninth straight month.
The sub-index of factory gate prices was at 47.7, contracting for a third straight month, adding to signs of deflation and pressure on business profits.
The official non-manufacturing purchasing managers’ index (PMI), which includes services and construction, rose to 50.4 from 50.2 in November, supported by a recovery in the vast services sector.
China’s economic growth is seen on track to hit the official target of around 5% this year and Beijing is expected to maintain the target next year.
($1 = 7.0978 Chinese yuan renminbi)
(Reporting by Liangping Gao and Kevin Yao; Editing by Sam Holmes and Kim Coghill)
SEOUL, South Korea (AP) — North Korean leader Kim Jong Un ordered his military to “thoroughly annihilate” the United States and South Korea if provoked, state media reported Monday, after he vowed to boost national defense to cope with what he called an unprecedented U.S.-led confrontation.
Kim is expected to ramp up weapons tests in 2024 ahead of the U.S. presidential election in November. Many experts say he likely believes his expanded nuclear arsenal would allow him to wrest U.S. concessions if former President Donald Trump is reelected.
In a five-day major ruling party meeting last week, Kim said he will launch three more military spy satellites, produce more nuclear materials and develop attack drones this year in what observers say is an attempt to increase his leverage in future diplomacy with the U.S.
In a meeting on Sunday with commanding army officers, Kim said it is urgent to sharpen “the treasured sword” to safeguard national security, an apparent reference to his country’s nuclear weapons program. He cited “the U.S. and other hostile forces’ military confrontation moves,” according to the official Korean Central News Agency.
Kim stressed that “our army should deal a deadly blow to thoroughly annihilate them by mobilizing all the toughest means and potentialities without moment’s hesitation” if they opt for military confrontation and provocations against North Korea, KCNA said.
In his New Year’s Day address Monday, South Korean President Yoon Suk Yeol said he will strengthen his military’s preemptive strike, missile defense and retaliatory capabilities in response to the North Korean nuclear threat.
“The Republic of Korea is building genuine, lasting peace through strength, not a submissive peace that is dependent on the goodwill of the adversary,” Yoon said, using South Korea’s official name.
At the party meeting, Kim called South Korea “a hemiplegic malformation and colonial subordinate state” whose society is “tainted by Yankee culture.” He said his military must use all available means including nuclear weapons to “suppress the whole territory of South Korea” in the event of a conflict.
South Korea’s Defense Ministry warned in response that if North Korea attempts to use nuclear weapons, South Korean and U.S. forces will punish it overwhelmingly, resulting in the end of the Kim government.
Experts say small-scale military clashes between North and South Korea could happen this year along their heavily armed border. They say North Korea is also expected to test-launch intercontinental ballistic missiles capable of reaching the mainland U.S. and other major new weapons.
In 2018-19, Kim met Trump in three rounds of talks on North Korea’s expanding nuclear arsenal. The diplomacy fell apart after the U.S. rejected Kim’s offer to dismantle his main nuclear complex, a limited step, in exchange for extensive reductions in U.S.-led sanctions.
Since 2022, North Korea has conducted more than 100 missile tests, prompting the U.S. and South Korea to expand their joint military drills. North Korea has also tried to strengthen its relationships with China and Russia, which blocked efforts by the U.S. and its partners in the U.N. Security Council to toughen U.N. sanctions on North Korea over its weapons tests.
KCNA said Kim and Chinese President Xi Jinping exchanged New Year’s Day messages on Monday on bolstering bilateral ties. North Korea faces suspicions that it has supplied conventional arms for Russia’s war in Ukraine in return for sophisticated Russian technologies to enhance the North’s military programs.
Estimates of the size of North Korea’s nuclear arsenal vary, ranging from about 20-30 bombs to more than 100. Many foreign experts say North Korea still has some technological hurdles to overcome to produce functioning nuclear-armed ICBMs, though its shorter-range nuclear-capable missiles can reach South Korea and Japan.
Russia launched a new wave of drone and missile attacks against Kharkiv and other cities in Ukraine on Sunday, in apparent retaliation for a deadly Ukrainian attack against Belgorod, Russia, the day before. At least 20 people in Ukraine were injured.
source
SYDNEY (Reuters) – New Zealand said on Monday all its dairy products were now able to enter China duty-free as safeguard duties on milk powder ended on Dec. 31, marking the removal of all remaining tariffs agreed upon in the free trade deal between the two countries.
New Zealand was the first developed country to sign a free trade agreement with China in 2008, with the imports of milk powder subjected to the longest phase-out. An upgraded trade deal was entered when former Prime Minister Jacinda Ardern met President Xi Jinping in 2022.
“This is good news for our dairy sector. The removal of these remaining tariffs is expected to deliver additional annual tariff savings of approximately NZ$350 million ($221 million),” Trade Minister Todd McClay said in a statement.
“The (free trade agreement) continues to deliver benefit to the New Zealand economy and to underpin the New Zealand-China trade relationship.”
China is New Zealand’s largest trading partner, with two-way trade exceeding NZ$37 billion ($23.40 billion) in 2021. Annual dairy exports to China have averaged 1.4 million tonnes, worth about NZ$8 billion each year over the past three years, around half of which was milk powder, official data showed.
Safeguard duties are emergency tariffs that countries use to shield domestic industries against intense competition from a sudden surge in imports of a particular product.
The so-called special agricultural safeguards mechanism in the free trade deal was designed as a temporary measure. The tariff preferences are applied up to a designated volume and China’s standard tariff applied to imports above the safeguard trigger.
Safeguards duties on milk and cream, butter, and cheese ended in 2021, while those on milk powders ended on Dec. 31, 2023.
($1 = 1.5815 New Zealand dollars)
(Reporting by Renju Jose in Sydney; Editing by Diane Craft)
The 39-year-old man encountered the shark in Maui’s Paia Bay Saturday morning and was rushed to shore by Ocean Safety officers.
source
Former Congresswoman Eddie Bernice Johnson died Sunday at age 88. As a Democrat from Texas, she represented parts of Dallas for 30 years before stepping down at the start of 2023.
source
