CAFE Credit Trading Is Ending. For Tesla, the Money Left a Year Ago.
The U.S. will end CAFE credit trading for model year 2028. But Tesla’s credit money started drying up a year earlier, when the fine for missing the target fell to zero.
Markets
Markets
Desenrola 3.0: Brazil Will Buy $28 Billion of Bad Debt. The Banks Set the Price.
Brazil will buy up to $28 billion of old consumer debt through Desenrola 3.0. The twist: banks compete by offering discounts, and that sets how many people get relief.
Markets
Diesel Crack Spread: Crude Is Cheaper Than in 2022. So Why Is Diesel at a Record?
U.S. diesel is at a record even though crude is cheaper than in 2022. The diesel crack spread shows why: the shortage is in refining, not oil.
Markets
Treasury Auction Tail: America’s Debt Sale Can’t Fail. On Sept. 23, It Flinched.
US debt auctions can’t fail, so a Treasury auction tail is how you spot weak demand. On Sept. 23, the five-year sale posted one of its biggest tails in years.
Markets
Tunica-Biloxi Kalshi Deal: One Tribe Just Partnered With the Company Other Tribes Are Suing
A Louisiana tribe launched a prediction market app on Kalshi two days after other tribes beat Kalshi in court. Here’s why a small tribe did the math differently.
Markets
Yen Carry Trade Unwind (2): Japan Hit a 31-Year High Rate. Why Aren’t Its Insurers Selling?
Japan raised rates to a 31-year high, but the yen fell and nobody rushed for the exit. A new insurance rule explains why the big sellers are staying put.
Markets
Howard Buffett Is Berkshire’s New Chairman. His Real Job Is One He Hopes Never to Do.
Howard Buffett now chairs Berkshire Hathaway, but he won’t run it. His job is the one power a board hopes never to use: replacing the CEO.
Markets
Nike S&P 100 Exit: The Same Week It Lost Its Seat, It Lost Mbappé Too
Nike left the S&P 100 on September 21, three days after Mbappé signed with On. The two stories are connected, and the link is the store shelf Nike gave up.
Markets
NSE IPO: India’s Biggest Exchange Cut Its Own Valuation — The Reason Is Sitting in Its Revenue Line
Options were 60 percent of NSE’s revenue, and India’s regulator spent two years shrinking that market on purpose. The IPO priced about 20 percent below what the exchange had been asking for.
Markets
Alaska LNG Is the One Thing Korea Won’t Promise — And It Just Delayed a $350 Billion Deal
Korea agreed to $350 billion a year ago. What is being negotiated now is which projects it buys — and Alaska LNG is the one Korea will not write down as a promise.