Stay up-to-date with free briefings on topics that matter to all Californians. Subscribe to CalMatters today for nonprofit news in your inbox.In a surprising twist, California’s controversial new fuel standard — a key part of its effort to replace fossil fuels — has been rejected by the state agency that reviews the legality of state regulations.The fuel standard enacted by the Air Resources Board last year was the subject of a rancorous debate, largely because it will potentially increase the price of gasoline and diesel fuels by an unknown amount.The rules were rejected by the state Office of Administrative Law, a state…
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Municipal bonds are already beloved by high-income investors, but those seeking additional yield and beefier returns are reaching for a little more risk. The high-yield muni bond corner of the market includes issues with below-investment grade ratings – that is, rated below BBB by Standard & Poor’s. This also means that these issuers face a greater risk of default and missing their interest payments compared to their AAA-rated counterparts. But investors willing to take a little more risk are rewarded with heftier returns. The U.S. high-yield muni bond fund category posted an average 12-month return of 5.22% as of Jan.…
The average rate on a 30-year mortgage in the U.S. eased for the fifth week in a row to its lowest level since late December, a welcome boost for prospective homebuyers in what’s traditionally the busiest time of the year for home sales. The average rate fell to 6.85% from 6.87% last week, mortgage buyer Freddie Mac said Thursday. A year ago, it averaged 6.9%. Borrowing costs on 15-year fixed-rate mortgages, popular with homeowners seeking to refinance their home loan to a lower rate, also eased this week. The average rate fell to 6.04% from 6.09% last week. A year…
US President Donald Trump has signalled he could trade aid to Kyiv in its fight against Russia’s invasion for access to Ukraine’s “rare earth” metals, key elements used in electronics. Source link
Ukraine’s mineral wealth has been thrown into the spotlight as US President Donald Trump looks to seize control of its resources in return for military support. Yet very little is actually known about what’s up for grabs. Various reports have suggested that Ukraine has mineral deposits worth upwards of $10 trillion, and President Volodymyr Zelenskiy’s government has been keen to promote crucial materials that can be exploited as it seeks more military and economic support. Rare earth elements — which play a key role in defense and other high-tech industries — have become a particular focus for Trump as he…
Omar Marques | Lightrocket | Getty ImagesInvestors continued to dump Palantir shares on Thursday, escalating concerns that the latest hot pick among retail traders could be fizzling out.Shares of the mysterious technology and defense stock retreated close to 9% on Thursday. That builds on Wednesday’s slide of around 10%, which came after shares touched an all-time high earlier in the day and marked the stock’s worst day since May.Wednesday’s initial decline came as investors keyed in on the CEO’s new stock sale plan and comments from Defense Secretary Pete Hegseth reported by The Washington Post on plans to slash defense…
HSBC, Europe’s largest bank, has taken another step toward achieving its net zero goals. The bank set a new interim target to reduce emissions from its financed activities, aiming for net zero by 2050. That’s 20 years later than the bank’s first net zero goal. But is it making real progress—or just delaying action? Banking on Change: HSBC’s Net Zero Shift Originally, HSBC pledged in 2020 to achieve net-zero emissions in its operations by 2030. In its latest annual report, the bank said it was reducing emissions in its supply chain more slowly than expected. HSBC now expects only a 40%…
Ukraine has significant deposits of rare earths. In 2022, the Russian-language service of UN News reported that Ukraine’s deposits of 21 rare earth elements from the list of 30 substances the European Union defines as “critical raw materials“, accounted for approximately 5% of the world’s reserves. These materials are key in the production of devices for the development of “green” energy. These include lithium, cobalt, scandium, graphite, tantalum, and niobium. Critical reserves of strategic minerals in Ukraine “About five per cent of all the world’s ‘critical raw materials’ are located in Ukraine, which occupies only 0.4 per cent of the Earth’s surface,”…
Private equity (PE) buyouts introduce complex financial structures that can make it challenging to track portfolio company performance. The use of acquisition vehicles can obscure financial reporting, meaning investors and analysts can have a difficult time trying to understand a company’s true debt levels, profitability, and overall financial health. This post is the second in my three-part series. It explores the differences between operating entity accounts and consolidated group accounts, highlighting key financial discrepancies and what they mean for investment analysis. In my first post, I demonstrated how the creation of acquisition vehicles to facilitate PE buyouts creates challenges for…
(Bloomberg) — Federal Reserve Bank of Atlanta President Raphael Bostic said he expects the US central bank will lower interest rates twice in 2025, though uncertainty around that projection has risen. Most Read from Bloomberg “While that’s my baseline expectation, there’s a lot that is going to happen that could influence that really in both directions,” Bostic said Thursday on a call with reporters. In an essay also released Thursday, Bostic wrote that monetary policy was well positioned for the moment, but he cautioned that officials must remain vigilant amid heightened policy uncertainty that could affect the labor market and…