BOK's Rhee Says Tariff Hit to Growth Remains Problem for Policy
With South Korea unlikely to retaliate strongly to US levies, Chinese export costs falling and domestic growth below potential, policymakers in Seoul are determining their next easing move, he signaled during a panel discussion at the European Central Bank's annual forum in Sintra, Portugal.
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5 hours ago
- Yahoo
Trump news at a glance: megabill hangs in balance as House Republicans struggle to convince holdouts
The House of Representatives was at a standstill on Wednesday as Republican leaders continued to try to rally holdouts against Donald Trump's megabill, with speaker Mike Johnson saying 'very positive' progress had been made toward passing it. The House stalled for hours on a procedural vote while Johnson and the White House worked to pressure a handful of Republicans to ensure they would vote to approve the sweeping tax-and-spending bill amid a razor-thin Republican majority and get it to Trump to sign in time for his self-imposed 4 July deadline. CBS parent company Paramount, meanwhile, agreed to pay $16m to settle a lawsuit filed by Trump over a broadcast interview, in what is likely to be seen as a further example of capitulation by media companies hoping to smooth relations with the president. Here are the day's key US politics stories at a glance: Donald Trump's signature tax-and-spending bill was hanging in the balance as Republicans struggled to muster sufficient votes in the US House of Representatives. A five-minute procedural vote remained open and tied on Wednesday, as Republican leaders told members they could leave the floor, suggesting they still did not have the numbers they needed. If passed, the bill would vastly expand the federal government's immigration enforcement machinery and supercharge the president's plan to carry out what he has vowed will be the largest deportation campaign in US history. Trump, vice-president JD Vance and speaker Mike Johnson spent much of the day trying to pressure conservatives to support the bill in the face of changes made by the Senate. Read the full story CBS parent company Paramount settled a lawsuit filed by Trump over a pre-election interview with Kamala Harris last October, in the latest concession by a media company to the US president, who has targeted outlets over what he describes as false or misleading coverage. Paramount said it would pay $16m to settle the suit, with the money allocated to Trump's future presidential library and not paid to Trump 'directly or indirectly'. Read the full story The ill-fated bromance between the US president and the world's richest man, which once raised questions about American oligarchy, is now being pored over by social media users in China, many of whom are Team Elon Musk. On Wednesday, the hashtag #MuskWantsToBuildAnAmericaParty went viral on Weibo, a Chinese social media platform similar to Musk's X, receiving more than 37m views. Read the full story The US government has tried for the second time to deport a stateless Palestinian woman – according to court documents – despite a judge's order barring her removal. Ward Sakeik, a 22-year-old newlywed, was detained in February on her way home from her honeymoon in the US Virgin Islands. Last month, the government attempted to deport her without informing her where she was being sent, according to her husband, Taahir Shaikh. An officer eventually told her she would be sent to the Israel border – just hours before Israel launched airstrikes on Iran. Read the full story The Pentagon has collected intelligence material that suggests Iran's nuclear program was set back roughly one to two years as a result of the US strikes on three key facilities last month, the chief spokesperson at the defence department said at a news conference on Wednesday. Read the full story Planned Parenthood stands to lose roughly $700m in federal funding if the US House passes the Republicans' massive spending-and-tax bill, the organisation's CEO said on Wednesday, amounting to what abortion rights supporters and opponents alike have called a 'backdoor abortion ban'. Read the full story New Trump administration rules that give millions of people a shorter timeframe to sign up for the Affordable Care Act's healthcare coverage are facing a legal challenge from Democratic mayors around the country. The US and Vietnam struck a trade agreement that sets 20% tariffs on many of the south-east Asian country's exports after last-minute negotiations, Trump and Vietnamese state media said on Wednesday. Catching up? Here's what happened on .
Yahoo
5 hours ago
- Yahoo
Why AppLovin Stock Slumped in June
Outside development put the hurt on the specialty tech company's shares. One, a highly critical report published by a short-seller, was especially hurtful. 10 stocks we like better than AppLovin › Last month, AppLovin (NASDAQ: APP) was punished by investors more for what it didn't do than for what it actually did. A hoped-for graduation to a top stock index was one of the non-occurrences, while a short-seller felt compelled to write a scathing report on the company. In some respects, AppLovin was fortunate that its stock didn't decline more deeply than the sub-11% dip it experienced across June. The index let-down, such as it was, occurred near the top of the month. Every quarter, S&P Dow Jones Indices, the operator of the closely followed S&P 500 index (among many others), likes to "rebalance" the index, replacing component stocks deemed no longer suitable with new ones. Several days ahead of the current rebalancing, speculation grew about which companies would land on the hallowed index. AppLovin was mentioned as one of those candidates, at least by a team of analysts at heavyweight lender Bank of America. The leading prospect, in their take, was online securities brokerage Robinhood Markets, but it also mentioned six other prospects. Among these was AppLovin. Alas, S&P Dow Jones Indices performed what felt like a head fake, electing not to change the composition of the S&P 500 index at all this time. The market can usually shrug off a non-event like this, disappointing as it may be initially. It's tougher to ignore a highly critical and detailed analysis of a stock, such as the ones typically published by institutional short-sellers. Unfortunately for AppLovin, that's exactly what happened when such a firm trained its sights on the company. In mid-June, the firm, Culper Research, unveiled a rather sprawling 30-page screed criticizing AppLovin's business practices. Many of its accusations pertained to AppLovin's goal of acquiring the non-Chinese operations of controversial social media video app TikTok, a service that has fallen afoul of the U.S. government. In the report, Culper intimated that a significant AppLovin shareholder, Hao Tang, is an individual with a shady past and "extensive direct and indirect ties" to certain dark corners of the Chinese government. It decried this "covert Chinese ownership," and warned of the danger posed to U.S. national security. AppLovin hasn't made any official statement on the Culper Research allegations. Perhaps, management feels they'll blow over with investors before long. Personally, I'd view that as a mistake since troubling allegations like the ones the short-seller raises have a way of lingering and, in turn, negatively affecting investor morale. We'll see whether the company can deliver news encouraging enough to dislodge the numerous accusations from the collective investor memory. Before you buy stock in AppLovin, consider this: The Motley Fool Stock Advisor analyst team just identified what they believe are the for investors to buy now… and AppLovin wasn't one of them. The 10 stocks that made the cut could produce monster returns in the coming years. Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you'd have $699,558!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you'd have $976,677!* Now, it's worth noting Stock Advisor's total average return is 1,060% — a market-crushing outperformance compared to 180% for the S&P 500. Don't miss out on the latest top 10 list, available when you join . See the 10 stocks » *Stock Advisor returns as of June 30, 2025 Bank of America is an advertising partner of Motley Fool Money. Eric Volkman has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends AppLovin and Bank of America. The Motley Fool has a disclosure policy. Why AppLovin Stock Slumped in June was originally published by The Motley Fool 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
Yahoo
7 hours ago
- Yahoo
Senate version of Trump bill would hit renewable energy industry with new tax
Update: This tax provision was removed from the final version of the Senate bill that passed on Tuesday, July 1. Read more here. Our earlier story is below. The latest version of the bill containing President Trump's second term agenda would hobble the renewable energy industry with a new excise tax, in addition to speeding up the sunsetting of tax credits and other benefits. The additional tax on wind and solar projects, which appeared on page 558 in the version of the bill released over the weekend, is estimated to increase consumer energy prices 8% to 10% and would tax clean energy businesses an additional $4-$7 billion by 2036, according to an analysis by the American Clean Power Association. The tax would apply to all projects that go into construction after June 16 through 2036, and it would also apply to projects that are placed into service after 2027, even if they already are under construction. Alaska Republican Sen. Lisa Murkowski told Politico Monday that she planned to introduce an amendment that would tie eligibility for the wind and solar tax credits to a project's construction start date, rather than its service date. The Senate is currently holding a marathon vote series on proposed amendments to the bill. These wind and solar projects would have to pay the tax if a certain percentage of the value of their materials are sourced from prohibited foreign countries, like China. The provision is ostensibly designed to boost domestic manufacturing, but developing these projects by working around Chinese components would be cost prohibitive, and some data and AI companies — which require prodigious amounts of energy — could turn to China or other countries for reliable and affordable power sources, according to clean power experts. The Senate bill also scales back or eliminates renewable energy tax breaks that have been in place since 2005 and revised and expanded a few times since then, including in the 2022 Inflation Reduction Act. The most recent expansion contained tax breaks for individuals for electric vehicles, wind and solar development, and energy efficient appliances and provided tax credits for clean electricity-generating projects that went into service from 2023 through the end of 2032. Both the Senate and the House would end the renewable energy tax credits, but the Senate would accelerate the timeline in the House version, which would end the tax credits for renewable energy projects placed in service after 2028, a year later than the Senate would. Eliminating the existing tax credits would likely kill up to 72% of the new wind and solar installations that were to be completed in the U.S. over the next decade, according to analysis from Rhodium Group, a research firm. Tesla CEO Elon Musk, who until Saturday was silent on the bill after his social media spat with President Trump over the House version, said of the Senate bill that it was "Utterly insane and destructive." "It gives handouts to industries of the past while severely damaging industries of the future," he said in a post on X. And he predicted it would "destroy millions of jobs in America and cause immense strategic harm to our country!" Musk also said, "A massive strategic error is being made right now to damage solar/battery that will leave America extremely vulnerable in the future." According to Politico, President Trump asked Senate Majority Leader John Thune to further "crack down" on wind and solar energy by phasing out clean energy credits faster, rather than sunsetting the tax incentives more slowly, which moderate senators favored. Some asked for help easing the hit their states would take as a result of cancelled projects, job losses and higher energy prices. The renewable energy industry, manufacturing unions and even some conservatives also criticized the new tax. Conservative energy expert Alex Epstein, advocates ending the green tax credits, but he appeared to be taken by surprise by the excise tax, saying in a post on X, "I just learned about the excise tax and it's definitely not something I would support." The U.S. Chamber of Commerce also quickly condemned the tax. Neil Bradly, the Chamber's executive vice president, said on social media, "taxing energy production is never good policy, whether oil & gas or, in this case, renewables. Electricity demand is set to see enormous growth & this tax will increase prices. It should be removed." The North American Building Trades Union, in a statement, called the bill potentially "the biggest job-killing bill in the history of this country." "Simply put, it is the equivalent of terminating more than 1,000 Keystone XL pipeline projects," the statement continued. "In some cases, it worsens the already harmful trajectory of the House-passed language, threatening an estimated 1.75 million construction jobs and over 3 billion work hours, which translates to $148 billion in lost annual wages and benefits." Robots on verge of outnumbering humans at Amazon warehouses, Wall Street Journal reports Next steps in Sean "Diddy" Combs trial after partial verdict Reporter's Notebook: When politicians cry wolf on fiscal restraint
