Crypto Week Cranks Up in Congress With Stablecoin Vote
For the last two weeks, my family and I have been running around Finland – saunas, midnight-sun hiking, eating too much of the lovely cinnamon bread called Korvapuusti – but at the same time, I've been preparing for what comes next now that the 'One Big Beautiful Bill' has passed.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
22 minutes ago
- Yahoo
Powell & Trump, top performers, market flows: Market takeaways
Yahoo Finance Markets and Data Editor Jared Blikre joins Asking for a Trend with Josh Lipton to review the major takeaways from the trading session: the confusion around whether or not President Trump plans to fire Federal Reserve chairman Jerome Powell, a review of all the market outperformers since Trump's "Liberation Day," and where the market has been flowing. To watch more expert insights and analysis on the latest market action, check out more Asking for a Trend here.
Yahoo
22 minutes ago
- Yahoo
Reform tells energy firms it would scrap their clean power subsidies
Reform UK has told Britain's biggest wind and solar developers it would end their access to a clean energy subsidy scheme if it won power. Deputy leader Richard Tice has written to firms giving them 'formal notice' that the party would axe deals aimed at offering sustainable generators protection against market volatility. The Contracts for Difference (CfD) scheme sees developers guaranteed a fixed price for electricity – independent of the wholesale price – in the hope of encouraging companies to invest in renewable projects. In a letter on Wednesday to companies including Octopus Energy and SSE Renewables , Mr Tice claimed 'there is no public mandate for the real-world consequences' of the clean power agenda. If Reform won an election, he said 'we will seek to strike down all contracts signed under AR7' – the upcoming allocation round for CfDs. 'Let me be clear: if you enter bids in AR7, you do so at your own risk. The political consensus that has sheltered your industry for nearly two decades is fracturing.' He added that participation in the upcoming CfD auction 'carries significant political, financial and regulatory risk' for company shareholders. Climate analysts said the move would drive away investment and put British jobs in jeopardy. The Energy and Climate Intelligence Unit (ECIU) said: 'Polling shows the public see clean energy as the number one growth sector for the UK. 'Arguing against British renewables is arguing for more foreign gas, which will increasingly come from abroad as the North Sea continues its inevitable decline – a geological fact. 'Ripping up long-term policies and changing agreed contracts is likely to destroy the UK's credibility as a solid place to invest and with it, leave us more reliant on gas from abroad whose price we have no significant control over.' Labour said the letter showed Reform was 'actively trying to discourage businesses from investing in clean energy in the UK – leaving bills higher for families, threatening hundreds of thousands of good jobs across the country and putting our energy security at risk.' 'They are disgracefully trying to undermine the UK's national interest,' a party spokesman said. Mr Tice's letter followed a Government decision to allow offshore wind farms to be able to apply for the energy contracts while they are still waiting for full planning consent in a bid to hasten development. Officials have said changes to the scheme will include increasing the length of contracts from 15 years to 20 years for offshore wind, onshore wind and solar projects. The letter also came shortly after Liberal Democrat leader Sir Ed Davey said greater use of CfDs would cut bills for households by breaking the link between electricity costs and the price of gas. He said: 'We're all paying that higher gas price in our bills, even though most of the energy we're using comes from much cheaper, renewable sources.' Sir Ed also accused Reform leader Nigel Farage of peddling 'myths' about net zero and vowing to challenge 'snake oil sales' with 'thought through' policy.
Yahoo
22 minutes ago
- Yahoo
Volvo Cars pauses sales of some cars in US as tariffs pinch profits
By Marie Mannes STOCKHOLM (Reuters) -Volvo Cars said it has scaled back its U.S. model lineup this year, among the first examples of a major automaker halting U.S. shipments as President Donald Trump's tariffs make it harder to sell a broad range of vehicles profitably. The Swedish carmaker, which is owned by China's Geely Holding, told Reuters this week that it has been pulling sedans and station wagons from its U.S. portfolio as interest has waned. Volvo, which releases quarterly results on Thursday, is one of the most exposed automakers to rising tariffs as the majority of its vehicles are produced in Europe or China. Import duties on vehicles made outside of the United States that were imposed on April 1 have made market conditions more challenging for foreign sellers to the U.S. market. U.S. tariffs of 27.5% on European-made cars and over 100% on Chinese imports have forced automakers to rethink their product strategies, with Aston Martin limiting U.S. exports and Nissan suspending U.S. production of Canadian-bound cars. Industry experts have warned that automakers that cannot absorb the cost of border taxes themselves or pass it on to consumers will simply stop selling those models in the U.S. market. Other industries, such as apparel and toys, are experiencing similar effects. "If you're going to reduce sales to the U.S., then you'd want to eke more value out of the sales that you do," said Andy Leyland, co-founder of supply chain specialists SC Insight. Volvo Cars will now only sell around half of its 13-model global lineup in the U.S. market. Other than its V60 station wagon, it will exclusively sell SUVs in the country. That means that sedans will no longer be sold in the U.S. Production of the S60 at Volvo's South Carolina plant stopped last year, sales of the China-made S90 have been halted and Volvo said on Monday the new ES90 sedan cannot be sold profitably in the country. Globally, it is also dropping one of its last remaining station wagons, the V90, as demand declines. Volvo Cars told Reuters its European-made electric EX40 had also been temporarily halted, but it would resume sales "shortly". The company did not provide a reason. Even Volvo's ambitions for its flagship budget SUV, the EX30 - meant to be a big U.S. seller - have been curtailed. Volvo only offers the pricier dual-motor version at $46,195 to U.S. buyers rather than the cheaper single-motor version, with a promised sticker price of $35,000, similar to Tesla's Model 3. When faced with tariffs, carmakers tend to focus on selling high-margin models, but Andy Palmer, former CEO of Aston Martin, said such a strategy could have mixed results. "Some (customers) will either go to a different company" or be forced to buy a model "they didn't necessarily want or need," Palmer said. Bill Wallace, owner of Wallace Automotive Group that sells Volvos in Florida confirmed shoppers are quick to pick other brands. "At the end of the day, even with a luxury model, they are going to compare their payment with a BMW, Lexus or a similar model ... and if it's a little bit higher ... you're just gonna lose the business," he said. Since 2022, Volvo has been hit by software bugs, supply chain snags, and tariff-related delays that slowed the rollout of its flagship electric EX30 and EX90. By the time deliveries began in 2024, EV demand had cooled, prices had spiked and new tariffs had kicked in. "Customers love them(Volvo), but they are just at the wrong place at the wrong time right now, Wallace said. Although it is produced at Volvo's U.S. factory in South Carolina, the high-end EX90 is hurt by tariffs because most of its components are European-made, which are now subject to 25% tariffs. The EX90 starts at $81,290 but struggled to gain traction with U.S. consumers, with less than 2,000 sold in the first half of 2025. Its South Carolina factory can make up to 150,000 of the cars annually. The company said on Wednesday it would add its popular SUV XC60 hybrid to the factory in 2026. ($1 = 9.7454 Swedish crowns) Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
