Volkswagen officials had said on Monday that they expected the ID.4 to qualify for the full federal tax credit of $7,500 but that the company was still awaiting the proper documentation from its battery supplier to submit to the Treasury Department.
Treasury confirmed the eligibility on Wednesday, and the ID.4 was officially added to the list of qualifying vehicles on the government’s fueleconomy.gov site.
The ID.4 is built in a factory in Chattanooga, Tenn. Production began in October — two months after President Joe Biden’s climate law, the Inflation Reduction Act, added new domestic sourcing requirements to the EV tax credit.
All of the other 14 available EV models that qualify for the tax credit are from Tesla or one of the Detroit Big Three — Ford, GM or Stellantis. Some of those U.S.-made EVs are eligible for the full $7,500 credit, while others qualify for a half-credit of $3,750.
The IRA’s changes to the tax credit have rankled U.S. allies, especially in Europe, where government officials have objected to their auto brands being excluded from the tax incentive.
The initial list from Treasury also omitted vehicles from U.S.-based Rivian, which exclusively manufactures electric pickup trucks and SUVs. That company announced Wednesday that its 2023 R1T and R1S models comply with the tax credit’s criteria for critical minerals sourcing — but that most configurations of the vehicles fail to meet the government’s requirement that SUVs, pickups or vans cost $80,000 or less. (The limit is $55,000 for cars.)
Rivian said the tax credit might still be available, pending inclusion on the Treasury website, for buyers who previously locked in pricing below $80,000 but haven’t yet taken delivery. But those buyers would still have to meet the law’s income threshold, which cuts off buyers with adjusted gross incomes exceeding $150,000 to $300,000.
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( With inputs from : www.politico.com )
BJP Telangana vice president NVSS Prabhakar. (ANI/Photo)
Hyderabad: Telangana Bharatiya Janata Party (BJP) vice-president NVSS Prabhakar on Tuesday said that Chief Minister K Chandrasekhar Rao-led government cannot take credit for the villages in Telangana receiving more national gram panchayat awards.
Talking to ANI, Prabhakar said, “The national awards for gram panchayats have been announced. Telangana, Kerala, Maharashtra, Gujarat and Madhya Pradesh are some states that bagged these awards. These awards have been given for the proper implementation of central government schemes in rural areas. This award is not given to the KCR government. This is not for the activities or schemes they (state government) have brought in.”
“It has been given for the work of the gram panchayats in regard to individual toilets, cleanliness, the Swatch Bharat project and others. This award is given for the proper implementation of these programs which helped the rural areas. We congratulate the sarpanches of these villages for this achievement”, Prabhakar added.
Earlier on Monday, CM KCR appreciated Telangana gram panchayats on receiving 13 out of the 46 national awards.
The awards were presented by President Droupadi Murmu in Delhi on Monday.
KCR congratulated the village administration and other officials for receiving the ‘National Conference on the Promotion of Panchayats – Awards ‘ held at the Vigyana Bhavan in Delhi on Monday.
The Chief Minister said that these awards are testimony to the rural development activities, implemented by the state government.
Under the tightened restrictions, electric and plug-in-hybrid vehicles can get the full tax credit only if the vehicles are made in North America, and only if most of their batteries and critical minerals come from the United States or its closest trading partners.
In the long run, the limits are intended to foster the creation of jobs and a vast new clean-energy industry inside the United States, as Congress was seeking when it enacted Democrats’ climate law last year. But for now, it will limit the choices of consumers hoping the tax breaks can make EVs more affordable — and it will further rile European governments whose automakers all failed to make the cut.
Treasury’s guidance was posted in Monday’s Federal Register and the list of qualifying vehicles went up on the IRS website as well as the Energy Department’s fueleconomy.gov page Monday morning. Though the list was released by Treasury, automakers submit which of their vehicles qualify based on federal guidance, under penalty of perjury.
An administration official called the new list a “clear and workable” interpretation of the domestic-sourcing requirements that Congress imposed when it passed the Inflation Reduction Act in August. The official — speaking on condition of anonymity under the administration’s ground rules — estimated that nearly 60 percent of electric vehicle sales from the first quarter of the year would have met the new requirements.
The restrictions are meant to prevent China, which dominates the global production of electric vehicle batteries and the minerals that go into them, from controlling the rising electric vehicle market.
The limits may ease in coming years as foreign automakers such as Hyundai and Nissan build factories in the U.S. to meet the Treasury Department’s new requirements. New, compliant models will come online in the coming months and years, and companies are racing to build battery and EV facilities in the United States to comply with the rules. The U.S. and the European Union are also holding trade talks in hopes of allowing minerals from EU countries to count toward the sourcing rules. But those rules will tighten each year, potentially shutting out some vehicles.
Even so, the dramatic shrinking of the tax credit’s availability from what it was mere days ago is a blow to automakers hoping for a solid return on their investment of more than $100 billion into EVs, even as their sticker prices generally remain much higher than those of traditional gasoline-powered vehicles. It also represents at least a temporary, self-imposed obstacle for President Joe Biden’s goal of pushing for a major shift from fossil fuels to electric.
Just last week, the Environmental Protection Agency proposed a new fuel economy mandate aimed at pushing a huge increase in electric vehicle production, with the aim of EVs accounting for two-thirds of new car and light truck sales by 2032. It’s unclear whether that goal is achievable with so few EVs qualifying for the incentives.
Under the new Treasury list, seven models will be eligible for the full, $7,500 tax credit and six will qualify for a $3,750 half-credit, depending on whether their battery minerals, their battery components, or both meet the domestic content rules. Tesla’s least expensive vehicle, the Model 3, falls in between the two categories — a rear-wheel-drive version starting at $41,990 gets only half the credit while its performance model gets the whole $7,500 credit.
Three more Chevrolet models from General Motors will qualify as well after they come onto the market later this year — electric models of the Blazer, Silverado and the Equinox. They are all expected to be eligible for the full, $7,500 tax credit, Treasury said.
Another wrinkle: Just two EVs now on the market will be available for less than $25,000 after the tax credit is deducted — the Bolt, whose cost could fall to $19,000 thanks to the tax break, and a utility vehicle version of the Bolt, which could drop to $20,300. That’s assuming buyers can actually find the vehicles at that price in today’s post-pandemic seller’s market.
Republicans have pointed to the high relative cost of electric vehicles as evidence that the Biden administration’s push to coax Americans to give up their fossil-fuel cars ignores ordinary people’s economic realities.
“The average price of an electric vehicle was roughly $65,000 last year, more than the household income of 46 percent of American families,” West Virginia Sen. Shelley Moore Capito, the top Republican on the Senate Environment and Public Works Committee, said in response to the proposed EPA rules last week.
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( With inputs from : www.politico.com )
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From the manufacturer
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Shredder dimension -33.5 x 32 x 17 cm. 22-cm-wide paper feed with 12-litre wastebasket and thermal protection Shreds paper into 0.65 cm strips at a rate of 3 meters per minute, 2 minute continuous shred time with 15 minutes cool down time. Auto start and manual reverse to clear paper jams, Please check power outlet for proper power supply. 1 Year Limited Warranty
Swiss prosecutors have opened an investigation into possible illegal activity in connection with government support for UBS’s rushed takeover of Credit Suisse.
The two banks agreed to merge in March as part of an emergency deal targeted at avoiding a national financial crisis that could have had a knock-on effect globally.
“The Federal Prosecutor’s office wants to proactively fulfill its mission and responsibility to contribute to a clean Swiss financial center and has set up monitoring in order to take immediate action in any situation that falls within its field of activity,” the authority said in a statement.
Last month, Zurich-based UBS was forced by Swiss authorities to take over its longtime domestic rival Credit Suisse in a deal that creates a new bank.
The prosecutor’s statement said that the intention of the probe was to “analyze and identify any criminal offenses” associated with the deal, adding that various bodies had been contacted to provide clarifications and information.
The deal has been unpopular locally and on Sunday, Swiss daily Tages-Anzeiger reported that the new entity could slash jobs by up to 30 percent.
“If we had done nothing, [Credit Suisse] shares would have been worthless on Monday and the shareholders would have gone home empty-handed,” Swiss Finance Minister Karin Keller-Sutter said last weekend in justifying the deal.
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( With inputs from : www.politico.eu )
Islamabad: Pakistan claimed that it received an indication from Saudi Arabia for additional loans that may help to break gridlock with the International Monetary Fund (IMF).
“We have received an indication from Saudi Arabia about getting something,” Dr Aisha Pasha, the Minister of State for Finance, said after attending a meeting of a parliamentary committee, without explaining the loan amount, The Express Tribune reported.
She also informed the Senate Standing Committee on Finance that some progress was made a day earlier on a friendly country deposit, saying, “we will soon reach the stage to sign the Staff-Level Agreement with the IMF”.
The IMF has asked Pakistan to arrange $6 billion in additional loans and at least half of those must be materialised before the board meeting.
The funds are needed to avoid sovereign default and also increasing the foreign exchange reserves to a level sufficient to back 1.7 months of imports, Express Tribune reported.
Pakistan had told the IMF that it would get $2 billion in additional loans from Saudi Arabia and $1 billion from the UAE to meet the additional financing requirements.
Hamad Obaid Ibrahim Salim Al-Zaabi, Ambassador of the UAE also called on Finance Minister Ishaq Dar.
Dar highlighted various avenues in which both countries could enhance their existing trade and investment relations.
Sources said the IMF wanted the $3 billion to be arranged from
Based on information requests from the committee, the bank identified 23 undeclared accounts belonging to ultra-wealthy U.S. citizens with more than $20 million at the bank. The Senate report noted that more concealed accounts could be uncovered as the bank’s review continues.
“At the center of this investigation are greedy Swiss bankers and catnapping government regulators, and the result appears to be a massive, ongoing conspiracy to help ultra-wealthy U.S. citizens to evade taxes and rip off their fellow Americans,” committee Chair Ron Wyden (D-Ore.) said.
The bank had paid $2.6 billion under the 2014 plea agreement with Justice.
“Credit Suisse got a discount on the penalty it faced in 2014 for enabling tax evasion because bank executives swore up and down they’d get out of the business of defrauding the United States,” he added. “This investigation shows Credit Suisse did not make good on that promise, and the bank’s pending acquisition does not wipe the slate clean.”
The revelations pose potentially significant problems for Credit Suisse, which reached an agreement on March 19 to be bought and have its legal liabilities assumed by domestic Swiss rival UBS.
The massive merger of the financial institutions was hastened by Swiss authorities and regulators, who feared that collapse of Credit Suisse, which sustained billions of dollars of losses in 2021 and faced several scandals, could send shockwaves through the global financial system.
As part of its investigation, the committee also found that Credit Suisse abetted U.S. businessman Dan Horsky, a dual citizen who admitted to concealing $220 million from the U.S. government in 2016 in one of the largest criminal tax evasion cases in American history.
Credit Suisse bankers were aware of Horsky’s American citizenship and worked with him to obscure the ownership of his accounts from the IRS, the report said.
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( With inputs from : www.politico.com )
London: The chair of the Saudi National Bank (SNB) has resigned for “personal reasons”, less than two weeks after his comments spurred investor panic over Credit Suisse that ended in an emergency takeover by its larger Swiss rival, UBS, according to a media report.
The Saudi National Bank (SNB), which was Credit Suisse’s largest shareholder, announced on Monday that it has “accepted” Ammar al-Khudairy’s resignation, and that he would be immediately replaced by its chief executive, The Guardian reported.
The bank gave little detail regarding the swift replacement, only saying that al-Khudairy was stepping down “due to personal reasons”, according to a statement released to the Saudi stock exchange.
Al-Khudairy’s exit came less than two weeks after he told journalists that SNB had ruled out providing any further funding for Credit Suisse because of additional regulations that would kick in if its stake in the Swiss lender then at 9.9 percent went above 10 percent, The Guardian reported.
Despite also assuring that the 166-year-old Swiss lender was “a very strong bank” and was unlikely to need more cash, the damage had been done.
Al-Khudairy’s comments spooked investors, who sent Credit Suisse shares plunging to record lows amid fears that SNB’s reluctance could limit emergency funding for the already-embattled lender, The Guardian reported.
The Swiss authorities were forced to step in, originally offering a 50 billion Swiss franc (45 billion pound) line of credit, and eventually orchestrating an emergency takeover of Credit Suisse by its larger domestic rival UBS that was confirmed only four days after al-Khudairy’s comments, The Guardian reported.
The swift action by Swiss regulators were part of efforts to curb further panic over the state of the global financial system, which started after US tech lender Silicon Valley Bank collapsed, and triggered government intervention earlier this month.
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Colombo: Sri Lanka has used the very first tranche of the IMF loan of $330 to repay part of Indian credit line.
State Minister for Finance Ranjith Siyambalapitiya told media that $120 million was used to settle the loan taken from India.
“Over the recent past India gave credit lines to import much-needed essentials, including medicine and fuel, and we were to settle part of it on Thursday which we did it on that day itself,” the State Minister said.
“It is important that we follow the debt repayment,” he added.
Following the economic crisis and Sri Lanka defaulted on its debt in April last year, India provided financial support of more than $4 billion, including credit lines.
India was also one of the first countries that helped Sri Lanka to get the IMF bailout by agreeing to restructure its debt with the troubled southern neighbour.
Following China, Sri Lanka’s biggest bilateral creditor, agreeing to restructure its loans, the IMF agreed to award the conditional loan which would be given within a period of 48 months.
Sri Lanka’s financial crisis with shortages of essential items such as food, fuel and medicine with long queues to purchase them, people took to street in March last year.
Street fights toppled Sri Lanka’s government forcing President Gotabaya Rajapaksa to flee the country, passing his presidency to Ranil Wickremesinghe.
