Plus, Texas judge cancels Obamacare coverage for preventive care for cancer, diabetes, HIV, etc.
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The Treasury Department proposed new rules for determining which EVs will be eligible for tax credits under the Inflation Reduction Act. The rules aim to make the U.S. less dependent on batteries and critical minerals imported from China. The new requirements are expected to reduce the number of eligible EV models. More: - For EV owners to be eligible to claim the full $7,500 tax credit, the car battery must have a certain amount of components made in North America.
- Also, other critical minerals for the vehicle must be sourced in the U.S. or from certain friendly countries.
- The new requirements go into effect on April 18.
- The EV tax credit program aims to make electric vehicles more affordable and accelerate the shift to clean energy.
- The program has income caps of $300,000 for married couples, $225,000 for heads of households, and $150,000 for others.
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Japan announced export restrictions for 23 types of semiconductor manufacturing equipment. The move comes as the U.S. has been pushing for countries to curb China’s ability to make advanced chips. Japan did not specify China as the target for the restrictions, saying manufacturers would need to seek export permission for all regions. More: - Japan’s Minister for Economy, Trade and Industry, Yasutoshi Nishimura, said the new rules are meant to prevent countries that pose a military threat from getting access to advanced Japanese technology.
- The announcement comes as Japanese Foreign Minister Yoshimasa Hayashi is expected to visit Beijing on Saturday to meet with his Chinese counterpart.
- His visit is the first by a Japanese foreign minister to China since December 2019.
- Earlier this month, Chinese authorities arrested an employee of Japanese drugmaker Astellas Pharma over allegations of espionage.
- Japan has called for the release of the detained man.
- In January, Japan and the Netherlands agreed with the U.S. to ban the export of advanced chip-manufacturing equipment to China.
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According to sources, Elon Musk plans to visit China as early as April to meet with Premier Li Qiang. The exact date of the Tesla CEO’s visit will be subject to the premier’s availability. More: - Musk is the CEO of Tesla, SpaceX, and more recently, Twitter.
- China is Tesla’s second-largest market after the U.S., and its Shanghai plant is the EV maker’s largest production site outside the U.S.
- The visit would mark Musk’s first trip to China since the start of the COVID-19 pandemic in 2020.
- Before Li became premier in March, he served as Shanghai’s party secretary, where he oversaw the construction and opening of the Tesla factory.
- Li was present at the opening of Tesla’s Shanghai plant in 2019 along with Musk.
- Earlier this week at the annual China Development Forum, Li referred to China as an anchor for world peace while expressing optimism about the country’s economic recovery following the COVID-19 pandemic.
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Inflation in the Eurozone rose 6.9% in March compared to last year, down from 8.5% reported in February. The increase in consumer prices was lower than expected thanks to a drop in energy prices. Core inflation, which excludes food and energy prices, rose to a new high of 5.7% in March, up from 5.6% reported in February. More: - Analysts expect the European Central Bank to continue increasing rates in the near term as it seeks to bring down inflation to its 2% target.
- Food prices rose 15.4% in March, compared to last year, and up from 15% reported in the prior month.
- Service prices rose 5%, up from 4.8% reported the prior month.
- Energy prices fell 0.9% in March, down from an increase of 13.7% reported in February.
- Economists expect energy prices to continue falling compared to last year.
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The Chinese government called the remarks of U.S. Treasury Secretary Janet Yellen “irresponsible” and “unreasonable” after Yellen said Beijing’s lending activities leave developing countries “trapped in debt.” Yellen made the remarks while testifying before a Senate Appropriations Financial Services and General Government Subcommittee on Wednesday. More: - Yellen said she was concerned by some of China’s activities globally, particularly lending to developing countries.
- Yellen said the U.S. government was working hard to counter China’s influence in international institutions and lending to developing nations.
- In a news briefing on Thursday, Chinese Foreign Ministry spokesperson Mao Ning said, “the U.S. should take practical actions to help developing countries instead of pointing fingers at other countries and making irresponsible remarks.”
- According to a study by the World Bank, Harvard Kennedy School, AidData, and the Kiel Institute for the World Economy, China spent $240B bailing out 22 developing countries between 2008 and 2021 as part of its “Belt and Road” initiative.
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Italy’s data protection authority has issued a temporary ban on OpenAI’s ChatGPT over data privacy concerns. The privacy regulator said the chatbot has improperly collected and stored information and ordered OpenAI to suspend processing the data of Italian users. More: - The move comes days after several tech leaders, including Elon Musk, called for a six-month pause on all training of artificial intelligence systems more powerful than OpenAI’s GPT-4.
- The signed open letter stressed that AI systems with human-competitive intelligence could pose profound risks to society and humanity.
- Italy’s privacy regulator said OpenAI had no legal basis for using the data it had amassed to train the algorithms that power its ChatGPT platform.
- The regulator said it had opened an inquiry into OpenAI.
- The company has 20 days to show what steps it is taking to comply with European Union privacy rules or risk fines.
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- The personal consumption expenditures price index, a critical Fed inflation gauge, rose less than expected in February. The index rose 0.3% last month, less than the 0.4% Dow Jones estimate and lower than the 0.5% January increase.
- Meta Platforms will allow users in Europe to opt out of some targeted ads after EU privacy regulators said Instagram and Facebook parent company could not require users to agree to personalized ads based on their online activity.
- A federal judge in Texas struck down an Obamacare mandate that required most private health insurance plans to provide free preventive care like cancer screenings and drugs that prevent diabetes and HIV infection.
- The Justice Department has sued Norfolk Southern for Clean Water Act violations in the railway company’s Ohio derailment last month. The lawsuit was filed on behalf of the EPA.
- According to sources, the FDIC is considering getting the nation’s largest banks to cover a significant part of the $23B costs from the recent bank failures.
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 |  | Vanessa Omeokachie writes the daily Inside Business newsletter. Her interests include finance, technology, and entrepreneurship. In her free time, she enjoys reading, hiking, attending concerts and music festivals, traveling, and exploring. Connect with her on Twitter @VanessaOmeo or on LinkedIn. |   | | Editor | Aaron Crutchfield is based in the high desert of California. Over the last two decades, he has spent time writing and editing at various local newspapers and defense contractors in California. When he's not working, he can often be found looking at the latest memes with his kids or working on his 1962 and 1972 Fords. | |
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