Business

Here we bring you business news affecting both our economy and our daily lives. ___________________________________________________________________________________________

Vance labels surge in gas prices a ‘temporary blow,’ acknowledges people are ‘hurting’ during Iran war

Louis Casiano / FOXBusiness

The Trump administration is working to lower gas prices as motorists continue to pay more at the pump since the outbreak of the Iran war, Vice President JD Vance said Wednesday, noting that the increase is temporary. 

Vance was at the Engineering Design Services, Inc. manufacturing plant in Auburn Hills, Michigan, where he was asked about rising gas prices.

“Gas prices are up, and we know they’re up,” Vance said. “We know that people are hurting because of it, and we’re doing everything that we can to ensure that they stay lower.”

Vance said prices will eventually start to decline. 

“The president said this, and I certainly agree with it. This is a temporary blow,” he said. “What happened under the Biden administration is that gas prices were high for four years. Gas prices are higher right now, and frankly, they’re not even as high as they were during certain parts of the Biden administration.”

Prices have steadily risen following U.S. and Israeli attacks against Iran in…Read more, and see videos here.

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Billionaire Uber co-founder Travis Kalanick admits strategically moving to Texas before California wealth tax

Kristen Altus – FOXBusiness

Billionaire and Uber co-founder Travis Kalanick officially joined the exodus from California, revealing he moved to Austin, Texas, just weeks before a proposed wealth tax could have targeted his estimated $3.6 billion fortune.

“Just to be clear, on December 18, I moved to Texas. I don’t know what’s so specific about December 18, but let’s just say it’s prior to January,” Kalanick said in an interview with TPBN.

“I get a little bit [of] FOMO on like, these people going to Florida. I’m like, dude! Why so much Florida action?” he continued. “Come on, homies.”

Kalanick left his San Francisco home for Texas just 14 days before the new year, when the retroactive residency deadline for the proposed billionaire tax would take effect.

While it has not yet qualified for the November ballot, the proposal — backed by the…Read more here.

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Honda cancels 3 planned EV models for US

Eric Revell / FOXBusiness

Honda announced a $15.7 billion writedown of its electric vehicle (EV) business last week as the company shifts its U.S. strategy to account for weak consumer demand for EVs.

The second-largest automaker in Japan said Thursday that it will restructure its EV business and cancel three planned battery-powered EV models that were going to be built and sold in the U.S. market.

Demand for EVs has pulled back in recent years as consumers have shown a preference for hybrid vehicles, while President Donald Trump’s administration has pulled back tax credits that helped incentivize EV purchases.

Honda’s move to pull back on its EV plans, as well as to write down the value of some of its operations in China, may cost as much as $15.7 billion, while the company also said it will report its first annual loss in nearly 70 years. The company’s cash outflows stemming from the writedowns will largely be due to the cost of compensating suppliers. Read more and see video here.

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Builders’ blueprint to tackle the US housing crisis

Summer Park – FOXBusiness

Home prices are still climbing, even as mortgage rates have eased slightly and inventory shows early signs of improvement, underscoring just how tight the U.S. housing market remains.

The median sales price for all existing homes last month hovered just below $400,000, marking the 32nd consecutive month of year-over-year price increases, according to the National Association of Realtors.

That persistent affordability squeeze is putting renewed pressure on homebuilders to help get the American dream back on track.

Despite softer consumer sentiment and elevated borrowing costs, the homebuilding industry is signaling cautious optimism heading into the year.

“A lot of builders, many of these small businesses, men and women building homes across…Read more here.

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