Victory for French far right could trigger Liz Truss-style debt crisis, warns finance minister

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BNY Mellon undergoes name change amid extensive rebrand

While the company’s legal parent name will remain ‘The Bank of New York Mellon Corporation’, the brand has been modernised to become simply ‘BNY’, with a new teal logo to mark the change. As part of the 240 year old bank’s refurbishment, its subsidiaries BNY Mellon Investment Management will also be shortened to BNY Investments; BNY Mellon Wealth Management will become BNY Wealth and BNY Mellon Pershing has been rebranded to BNY Pershing. BNY Mellon IM adds US direct lending strategy to platform amid private market demand “The updated brand conveys trust, resilience and innova…

CCLA’s James Corah: Going beyond the portfolio to address systemic issues

They will eventually affect all companies, regardless of what they do or where they are based and crucially, investors cannot stock pick their way around them.  Research from the Financial Conduct Authority and the regulator’s introduction of new sustainability labels tells us that consumers want returns but also for their money to do good, and that as investment managers, we need to be clear and transparent about how we deliver this. Future of Investment Festival in pictures So what can we do – as ‘sustainable investors’ – if we want to invest in companies that are operating in th…

Balanced Commercial Property Trust receives third party interest for sale amid strategic review

In a review update published on today (12 June), BCPT said there was “no certainty” that any deal could be reached that satisfied the board. However, it added that it continued to “pursue actively” such interest from third parties and that it was “pleased” to report the interest to clients. On 15 April, the BCPT board began a strategic review process, undertaking open consultations with shareholders to understand their priorities. Balanced Commercial Property Trust commences strategic review due to ‘material’ discount According to the latest announcement, BCPT shareholders have …

What Europe’s Rightward Shift Means for Investors

The EU has engaged in a flurry of sustainable lawmaking in the past five years, but right-wing groups’ growing influence in parliament may imperil the achievements of its Green Deal.

As the European parliamentary election results trickled in on Sunday evening, it quickly became clear that the polls were correct: Europe had lurched to the right. Greens and liberals lost seats. Climate-sceptic far-right parties gained them, most dramatically in France and Germany. And while across Europe the dominant alliance between…

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Powerful lobbies hobble moves to cut European disease burden

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Starling Bank flags rise in bad loans as earnings jump

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More than $1 billion in EV tax credits issued upfront to buyers, Treasury and IRS say

The federal government has issued more than $1 billion in tax credits for new and used electric vehicles as an upfront cash incentive to car buyers, the Treasury Department and IRS said. The advance payments kicked in Jan. 1, 2024. The credits for new and used cars, for a respective $7,500 and $4,000, were previously available only when EV buyers filed their annual tax returns. Halfpoint Images | Moment | Getty Images

The federal government has issued more than $1 billion in tax credits as an upfront cash incentive to buyers of electric vehicles, the U.S. Treasury Department and Internal Revenue Service said Wednesday.

The Inflation Reduction Act created a mechanism whereby tax credits for buyers of new and used EVs — worth up to $7,500 and $4,000, respectively — could be delivered by car dealers at the point of sale.

The provision kicked in on Jan. 1.

Previously, consumers had to wait until filing their annual tax return, perhaps months or more than a year after their vehicle purchase, to get the federal credit. Americans can now also get the EV tax credit upfront regardless of their federal tax liability, which wasn’t the case prior to 2024.

“This has never been done before,” Deputy Treasury Secretary Wally Adeyemo said during a press call.

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He called the $1 billion threshold a “major milestone” that was hit faster than expected.

“A lot of people would like to see the savings right now instead of waiting to file their taxes next year,” Adeyemo said.

Trying to help EVs compete on price

The transition to EVs is a big component of the Biden administration’s push to reduce U.S. greenhouse gas emissions and curb global warming.

The federal tax credit aims to make EVs more affordable for many households relative to their gasoline-powered counterparts.

The EV tax credits make the cars “very price competitive and in some cases cheaper than the combustion engine vehicles” available on car lots, Adeyemo said.

The average purchase price for electric cars was $55,242 in April 2024, versus $44,989 for traditional cars, according to Cox Automotive data. However, prices

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