Hawaii’s first-of-its-kind per-mile fee for vehicles marks the latest and most extensive effort yet among states seeking to offset the fading fuel tax. Signed into law by Gov. Josh Green last July, the law requires EVs to pay a per-mile charge or an annual fee by 2025 and will require all vehicles to pay a
Stay informed with free updates Simply sign up to the Equities myFT Digest — delivered directly to your inbox. It was a dire January for Chinese stocks. After falling almost 10 per cent, Hong Kong’s Hang Seng stock index now trades around the same levels it did in 1997, when Tencent and Alibaba, two of
Illinois’ Commission on Government Forecasting and Accountability on Thursday released its Special Pension Briefing on the state-funded retirement systems’ fiscal 2023 actuarial reports. The report said the five pension systems’ unfunded liability climbed to a market value of $142.2 billion at the end of fiscal 2023 on June 30 from $139.8 billion in 2022, with
Unlock the Editor’s Digest for free Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter. In Reddit’s r/stocks forum, the social media network’s own users take a dim view of the company’s upcoming initial public offering. “RIP Reddit, it all goes downhill from here”, is the general view. Users expect
Pennsylvania Gov. Josh Shapiro announced a new economic development plan that he says will guide the priorities when he releases his budget this week. The 10-year program is Pennsylvania’s first economic development plan in nearly two decades and targets areas including site readiness, workforce development and housing and community development. “For too long, Pennsylvania’s neighboring
This photo taken on Aug. 22, 2023 shows an advertisement in front of a real estate for sales in Millbrae, California, the United States. The sales of previously owned homes in the United States dropped 2.2 percent in July from June to a seasonally adjusted, annualized rate of 4.07 million units, the National Association of
Unlock the Editor’s Digest for free Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter. The Federal Reserve’s rate-setters still expect to make around three quarter-point rate cuts this year, its chair Jay Powell said in an interview that aired on Sunday. Powell told CBS’s 60 Minutes show that “almost
Iran used two of the UK’s biggest banks to covertly move money around the world as part of a vast sanctions-evasion scheme backed by Tehran’s intelligence services. Lloyds and Santander UK provided accounts to British front companies secretly owned by a sanctioned Iranian petrochemicals company based near Buckingham Palace, according to documents seen by the
Stay informed with free updates Simply sign up to the Oil & Gas industry myFT Digest — delivered directly to your inbox. Top oil industry executives have hit out at US President Joe Biden’s decision to pause approvals for new liquefied natural gas export terminals, with Shell’s CEO warning it will “erode confidence” in an
In this article NYCB Follow your favorite stocksCREATE FREE ACCOUNT The Aozora Bank Ltd. headquarters in Tokyo Japan, on Thursday, Feb. 1, 2024. Japan’s Aozora Bank became the second lender in a span of hours to surprise investors with losses tied to US commercial property, sending shares down by the limit and heightening concern over
Unlock the Editor’s Digest for free Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter. Turkey has increased interest rates to 45 per cent as policymakers signalled that a eight-month campaign of big rises in borrowing costs was over, with the country’s prolonged inflation crisis expected to ease this year.
The Biden administration will not be appealing to the Supreme Court an Eleventh Circuit ruling in favor of states, who’ve challenged the American Rescue Plan Offset Provision that bars states from using federal aid dollars to fund tax cuts, in what may be an end to those state challenges. That decision was communicated in a
Pictured here is a real estate project under construction in Huai’an, China, on Jan. 21, 2024. Nurphoto | Nurphoto | Getty Images BEIJING — Demand for new housing in China is set to drop by around 50% over the next decade, making it harder for Beijing to quickly bolster the country’s overall growth. That’s according
Unlock the Editor’s Digest for free Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter. Turkey’s central bank governor Hafize Gaye Erkan has resigned just months after the country embarked on a major overhaul of economic policy that has featured huge rises in interest rates. Erkan, who was appointed in June
Proposed changes to California’s mental health system and a $6.4 billion bond measure proposed in Proposition 1 continue to garner more support as the March 5 election draws near. The proposition, which will be the only one on the March ballot, would use funds from California’s so-called millionaire’s tax to create more slots for people
Unlock the Editor’s Digest for free Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter. The cost of UK carbon emissions permits has fallen to an all-time low, raising fears it will weaken the incentive to build cleaner renewable energy sources. Futures contracts tracking the UK carbon price to December
On Wednesday the House passed new legislation that seeks adjustments to Low-Income Housing Tax Credits issued by the Treasury that lowers the volume requirements of state-issued private activity bonds. The Tax Relief for American Families and Workers Act passed via a 357 -70 vote featuring strong bipartisan support. It stands on two legs of expanding
Stay informed with free updates Simply sign up to the Chinese economy myFT Digest — delivered directly to your inbox. Twenty-five years ago, I heard a clutch of top American financial officials, including Timothy Geithner and Lawrence Summers, offer advice to their Japanese counterparts about how to tackle a property crisis. The essence of their
Unlock the Editor’s Digest for free Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter. Elon Musk has said Tesla will hold an investor vote on whether to move its corporate registration to Texas, in the wake of a court judgment in Delaware that voided his $56bn pay package. Tesla
Unlock the Editor’s Digest for free Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter. Joe Jamail might be smiling somewhere. Jamail was a successful Texas lawyer starting in the 1950s who specialised mostly in personal injury disputes. But in the mid-1980s, through happenstance, Jamail starred as a central figure
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