similar to the i.r.a.? obviously there are state rules that hold europe back. would that be welcome in your space? >> it would be welcome, but it is difficult to see how it happens. it is not one common tax regime in europe. you don't have that common state planning like china. europe has more of a problem with raising incentives. >> will it take opportunities away from europe and go to the u.s. especially in the last month with president macron in france who has been critical of the i.r.a. it promotes unfair competition in his eyes. >> it is more of a long-term issue than unfair competition. we have to get this going anyway incentives are stronger in the u.s. they are bidding on the licenses in the u.s. now. >> what is your view on the space nuclear should have in the space? >> nuclear is more expensive than solar it takes a very long time to build. i think we are in the situation we need all types of energy sources sources. it will not fill the gap >> i want to take it back to the prior experience you wer

first of all, the i.r.a.s an itselfic bill, the inflation reduction act, and the bipartisan infrastructure act which has energy concerns in that that me and my staff and the energy committee worked on. we wrote the bill, basically the i.r.a. portion of that bill for energy. when you talk about inflation reduction, it brings down drug prices, insulin prices, health care costs. it does all those things. on top of that, we need more energy in the market. i know it's been touted as a green deal. that's the farthest from the truth. it's bipartisan energy security. you cannot be the super power of the world if you don't have energy independence. energy independence means national security. that piece of legislation we wrote and worked on basically takes a double path, ten years certainty that we're going to have fossil fuel, the horsepower that runs our country, the cleanest in the world. we don't have to go to iran, the most prolific terrorist supporters in the world. we don't have to go to venezuela, who has very

i went and i was i.r.a.yes. i mean, the soundtrack on this movie -- >> seth: it's one of the most iconic it's amazing i watched the scene today and every time you watch anything from the film, you remember exactly how haunting that score is it's great >> yeah. and the end of the movie, they -- we got to the savoy hotel and i really wanted to drive the car because i knew what the scene was now, that we had the guy, we had bob hoskins, number one guy and i thought i really wanted to drive the car. i just so want to drive the car. i'm going to look like steve mcqueen and be so cool and the director, john mackenzie said, "hey, you're in the front seat in the front, get down there." and i thought, "[ bleep ] this is no good this is really boring. [ light laughter ] and we drove down the strand and john mackenzie, the director, god bless him, he drove. phil meheux was in the back with the camera and he said, "action." and he said, "just come up and point the gun. and bob hoskins wasn't there, he was just a dot on

in the four months since the i.r.a.ies have announced now or expanded domestic facilities that includes names like new solar, piedmont, friar and general motors more are expected once we have additional clarity from treasury and the irs on implementation. the top line spending figure is $374 billion for clean energy. but credit suisse is among those who believe it will ultimately be higher to the tune of 800 billion thanks to the uncapped nature of the credits. add in the fact that federal support typically spurs private interest, and they said spending could hit, kelly, $1.7 trillion over the next ten years. >> yeah, huge numbers. everybody's drooling at those prospects. but european looters -- leaders, i should say, like macron have raised concerns about the inflation reduction act, saying it's unfair, trying to push back and hinting that maybe biden has agreed to some kind of rollbacks. are any of these projects at risk >> well, the i.r.a. was on the ad agenda yesterday and basically at issue here is as you said that

and we applaud the decision of the iaea and i.r.a. to encourage innovative, technological advancements. and we ask that these come online as soon as possible. we have a list of projects that we can apply for a grant, lower energy requirements. and lower greenhouse gas emissions. we are ready to make those grant applications when the agencies have systems in place. flexibility. you believe it is critical to follow the will of congress to provide maximum flexibility for state and local partners. whether investing in new road and rural communities, new transit systems in urban cities, infrastructure investment, by the ig hr benefit every american. in conclusion, we saw the new york state in your options to unanimously advance the nomination of the new f-aj administrator, the bipartisan work is critical. we hope it continues. 69 senators voted for the rj. aric's irons to ensure your work is successfully implemented. i apologize for taking so much time. but afford your questions. thank you. >> 30 seconds. thank you very much for those, wor

they said to prioritize domestic companies due to the tailwinds from the i.r.a.e solar edge. >> pippa, we know interest rates are a part of the discussion for investors. thank you very much for the check on clean energy. >>> let's shift focus on the broader energy complex crazy year for prices which sparked in february with the russian invasion of ukraine and then again in june 6% and 8% for crude and ice brent. down 30% from the peak we saw in early march. there are still some wild cards for the sector in 2023 including whether or not russia cuts off more supply to europe and reopening of the chinese economy. let's talk more about this with rebecca babin at cibc private wealth rebecca, this is the time we take stock on the year we saw. it was a roller coaster ride for prices does that mean exthat traders md a lot of money or does this mean you will become profitable >> generally, volatility is an environment where traders can make a lot of money. i think some traders did this year of t year however, there was a miss con se misconcepiton with the trader in the st

a deadlocked ferc would eliminate up to 80% of the emissions created by the i.r.a. we need them working now to bolster interregional connections and sing with me, mr. chairman. we got to ferc, ferc, ferc, ferc. you can do it. come on. to my colleagues in the senate. the eyes of the nation and this chamber is on you. we do not hold your past against you. but you need to get it done, done, done, done. our utilities, our electricians and consumers and our planet believed you when you said that failure to ensure comprehensive permitting reform was, and i quote, not an option. but now they're asking whether you really believe that. did you really mean it when you said you'd give them something they've never seen or are they right now when they cry it's just a dream of something that you've never been? it's time for the senate to give our energy markets reasons to believe in all their dreams, their adoration. they don't have much more patience. we need them to confirm, firm, firm, firm. a person who will work, work, work, work. to ensure we can ferc, ferc, ferc, ferc. mr.

. >> reporter: the i.r.a. provides a federal tax credit of ub to $7,500 on a new clean vehicle.rictions. the vehicle must have final assembly in north america. upsetting allies in europe and asia. and the credit is limited to the first 200,000 vehicles sold this year per manufacturer. the nissan leaf built in tennessee met those criteria. what's your favorite feature in the car? >> i like everything, honestly. >> i like the fact that it charges and doesn't use gas. >> reporter: the new year will bring changes. the cap on manufacturer sales goes but now it's about batteries. to receive the full tax credit, 40% of the battery's critical minerals must come from the u.s. or its free trade partners. and 50% of the battery's components must be made in north america. >> will any vehicles qualify? >> yes. yes. for sure. tesla, ford, and gm have all made statements that they believe their vehicles will qualify for at least part of the credit. >> reporter: on top of that there are income limits for buyers. and price limits for vehicles. >> the point of the ev tax credits is to make evs af

tina: i.r.a. implementations. what are the biggest elements of that process? >> the inflation reduction act was a victory for the president. and we took it on this summer and we won and we are proud to be embarking on a journey on a set of reforms to make prescription drug coverage more affordable for seniors and bring down the costs of prescription drugs. and i want to talk about the specifics and the values on the implementation. one of the biggest priorities for us right now is the change to the present benefits that the seniors will have a $200 cap. making that change inside the program is complicated. but there is a lot of work that needs to go inside c.m.s. and involves pharmaceutical industry as well as the prescription drug plan. and that is an important area of work for us. d.m. anand: efficiently and in a way that works for beneficiaries. we are hard at work setting up the bones of the process by which medicare will negotiate drug prices. the law provides scaffolding how medicare should be engaged in these negotiations. starting from strath and imple

this morning we also had a discussion on the i.r.a. the recent pieces of legislation adopted by the american administration. like president biden just said we agreed to resynchronize our approaches in order to invest in critical emerging industries, semiconductor, batteries, hydrogen, everything that is absolutely decisive because as a matter of fact we share the same vision and the same willingness. president biden wishes to create more industrial jobs in the long run for his country and to build a strong industry and secure your supplies and this is very much our approach as well. this is the reason why we have our teams to continue this work in close cooperation, coordination, to find solutions on the topics we are identified and of course we will coordinate with one of the europeans and with you to have an agenda that will only bring more jobs, industry jobs, in the united states as well as in europe and guarantee the strength and resilience of our supply chains and to advance with strong integration. these european work is also th

price in america by $3,750 per car that's half of the expected federal subsidy we are getting from the i.r.aa, the price cut is larger it is 5% to 9.5% to stimulate december delivery, they cut production numbers in china by 20% the growth rate is lagging versus expectation it is an expectation game. the second derivative that drives valuation things are slowing down for tesla. competitors are eating their lunch. competitors are coming out with more attractive models tesla is facing real issues and risk it hasn't faced the last few years. >> i saw my first rivian suv literally yesterday. i'm seeing all these cars. what's that? oh, it's a lucid air craig irwin. bear on tesla. we appreciate the view $85 target have a great day >>> let's step outside of the markets for a moment and check on the top headlines you may have missed. you may have just woken up you know what is not shutdown, silvana? we are wide open and ready for business >> ready, brian. update you on news let's start with the house approving the short-term measure. nine republicans joined democrats in approving the measure to give

so, we must take action to re-balance the playing field where the i.r.a. and other measures create distortions. >>> rate mhikes are good news fo the banking system and it is too soon to talk about the rates and the central bank willdecide meeting by meeting this is after the ecb should raise by 50 basis point this month and expects rate hikes to continue after the ecb mid-december meeting, but at lower pace with inflation peaking in the first half of 2023 remember, we just had comments from the ecb irish governor saying he thinks 50 basis points would be the minimum next week it is shaping up to be quite the interesting meeting. >>> else's where, s&p global downgraded the outlookfr france as increased budget risks amid the economic slowdown the rating agency revised the french growth forecast to 0.2% next year which is down substantially from 1.7%. charlotte joins us around the desk really interesting to see s&p downgrade outlook for france i remember the budget pushed through and macron had to resort to the constitutional article 49.3 to get it through an

>> the i.r.a.> which is going to reduce debt substantially. oh, sorry. it's really a climate control bill >> it's not aptly named. >> the caterpillar number is undervalued. the analysts are going to have to play catch-up with one of the great industrials of the world by the way, all this construction money ain't going to komatsu it's not you're going to see komatsu on the back of those earth movers >> made in america >> and so i think caterpillar's principal beneficiary and people are ig nnoring it. i think this is it and i think he's going to be a hero >> let's get to the opening bell here this morning and the cnbc realtime exchange. at the big board, it is allison transmission celebrating its tenth listing anniversary. and at the nasdaq, precision optics, maker of advanced optical instruments. so, jim, we could go plenty of places this morning. >> i mean, alsen transmags, they have a giant plant in mexico no one talks about them because they all want to talk about data dog and diva, and they want

i.r.a., offering that product.uge for people who actually try to start to get, you know, their money for re, retirement money to robinhood that's unprecedented i think disrupt the market a huge disrupt this market and that's a huge catalyst and they're doing well in trading and november trends are very strong and people are worried about profitability and they turned $47 million so cost-cutting are working and i met with vlad a few weeks ago and it's onward from here. all of the moons and the stars are aligned for a great 2023 for robinhood. >> dan, what i don't get is aside from the millennials and younger who wanted to day trade and things including crypto, what's the longer case growth thesis for robinhood versus vanguard or fidelity or e trade or many of the names out there as investors get more cautious and stop being traders is that potentially bad for them versus those other names >> i actually think and this is the key debate here, right i think you're hitting the nail on the head and what they will do is t

. >>> if you've got a 401(k) or an i.r.a.t was a miserable year on wall street, and it's finally, thank goodness as of yesterday, come to a close. this past week saw a rare year-end selloff, a fitting end to geopolitical tensions, recession fears and big rate hikes from the federal reserve. the benchmark s&p lost about 20% this year, notching the first negative year since 2018. and the worst overall since the financial crisis of 2009, which the s&p fell 38%. it's a little bit of the same for the tech-heavy nasdaq tumbling more than 30% in 2022. >> that was the biggest surprise, right? the downfall of companies that weather storms like tech giants previously seen as invisible many sow double-digit drops this year. and tesla, losing more than 60% this year, its biggest annual loss ever. of course, that wasn't just due to economic uncertainty. there were also major concerns over production. and ceo elon musk distraction with twitter. >>> investors were spooked by economic uncertainty as the fed tried to choke off inflation with

. >> reporter: president macron also points to the inflation reduction act, or i.r.a., new legislation designed to grow green jobs in the u.s. with subsidies and tax credits for electric cars and clean energy manufacturing in north america. >> but they are at this very moment of the war a killer for our industry. >> reporter: a killer for your industry? >> for sure. the u.s. decided two and a half months ago to subsidize much more big green projects, for battery, for hydrogen, for a lot of things. a lot of subsidies is now two to three times higher in the u.s. than in europe. we are totally aligned in this conflict. we work hard. ad i think if the day after the conflict the result is to have a weaker europe because a lot of its industry will have been just killed, i do believe it's not in the interest of the u.s. administration and even the u.s. society. i think the main interest is obviously to protect your middle classes, which is a very fair one. i do the same for my country. and it's to be competitive with china. but the result of the recent decision and this momentum, i would say,

i will say with respect to the i.r.a., you are correct that europe is a bit frustrated with certain provisionshat law. but, there again, there are massive opportunities for europe to benefit from the investments of the inflation reduction act and in offshore wind, in batteries, in onshore wind, in solar. and we are talking to them -- in fact i'm meeting today with the finance minister from france to talk exactly about that. we will never agree completely on everything, but the fact of the matter is i think our relationship with europe is stronger than it's been in years, and we will continue to sit at the table with them to work through these issues. >> madam secretary, i have to ask you this. if president biden were to announce that he is not going to run for re-election in 2024, lots of people think you would be an ideal candidate to be the democratic party's nominee. would you be willing to step in if he said that he -- if he were not running, would you run for the nomination? >> no, that is not my plan. that is not what i will do. by the way, i believe he is going to run and i so hope that

this morning, we also had a discussion on the i.r.a.nd the recent pieces of legislation adopted by the american administration and like president biden just said we agreed to resynchronize our approaches in order to invest in critical emerging industries, semiconductors, batteries, hydrogen, everything that is absolutely decisive because as a matter of fact we share the same vision and the same willingness. president biden wishes to create more industrial jobs in the long run for his country and to build a strong industry and secure your supplies and this is very much our approach as well and this is the reason we tasked our teams to continue this work in close cooperation, coordination to find solutions on the topics we are identifying and, of course, we will coordinate with all of the europeans and with you to have an agenda that will only bring more jobs, industry jobs in the united states as well, in europe and guarantee the strength and the resilience of our supply chains. and to do that with a strong integration. these european wo

because of climate change and iran, but then he just teed off on the biden administration for the i.r.an officials will suggest that perhaps the few years of calm in trade tensions between the u.s. and the eu are sort of reverting back there are discussions on, you know, aircraft disputes between boeing and airbus, still trying to work out a fix there. and of course the tax incentives you mentioned. but last week president biden when he was standing with president macron said there are adjustments to the i.r.a. that will benefit european manufacturers as well. just remains to be seen how they benefit them at all. >> will this overshadow the unity we've seen facing russia with ukraine just the idea there have been threats from some areas of the political parties here in the united states to say we'll cut off exports because we don't want prices to go up too high here, which would lead them high and dry. that is what surprises me about this, it seems like there are so many more urgent issues facing them right now >> and i think that there is a risk of that, i asked him about how the eu wo

transport secretary mark harper said he wanted to work with i.r.a. and the employers in good to resolves. lynch said talks will continue the weekend royal mail has been told it cannot keep blaming the covid pandemic for late deliveries. it's after the firm had failed to meet several of its annual delivery targets . year. delivery targets. year. regulator ofcom say just 82% of first class mail was delivered within one working day. that's below a target of 93. ofcom performance at royal mail also fell well short of where it should be. in the early parts of this financial year conspiracy theorist alex jones has filed for bankruptcy. it comes less two months after a jury ordered him to pay more than £800 million for spreading lies about the 2012 sandy hook mass shooting . chapter 11 paperwork. shooting. chapter 11 paperwork. samir steered to the us bankruptcy court claims. james has between bankruptcy court claims. james has betwee n £800,000 an d £8 has between £800,000 and £8 million in assets. tv, online and dab radio. this is gb news now. it's back to dewbs& co . now. it's back to dewbs

the i.r.a.on bring in a ceo for twitter who's from the social media space, give up running twitter and focus, again -- refocus again on being 100% tesla's ceo i believe the board is probably pressuring him to do that because i can't imagine a board allowing him to rebuild from the ground up. >> you could argue for the longest time during tesla's history, there was a musk premium. do you think there's now a musk discount >> i don't think so yet, david look, the problem is with him insulting his customers and so he took over twitter and immediately said he's going to name and shame the advertisers, which pissed off all the advertisers, 50% left. amazon and apple have come back, and i think that's turned the corner lately he's got this woke mind virus rhetoric that i'm sure is not making his ev customer base happy. these are the same people buying evs. i know you pointed that out. i think that's a big mistake i would hope some of his advisors are saying, you're brilliant, but stop pissing off our c

and what the i.r.a. did was this, guarantees energy security. for ten years we're going to be able to basically produce the fisa fos -- the fossil energy, more of it, while we're also investing record amounts of money into the new, clean technology for the future. people say well, my definition on energy, on climate is elimination. i want to eliminate. no coal, no oil, no gas. we don't live in the real world. you just seen that happen. and our nation when we got pimpled a little bit in -- pinched a little bit and these high prices people are paying at the pump, we started thinking about removing sanctions from iran, the most prolific terrorist supporters in the world and giving them money to continue to do what they do, wreak havoc on the world. we're also talking about lifting the sanctions on venezuela who basically has very little oversight as far as environmental controls because we needed it. we wanted someone else to do what we wouldn't do. that's just wrong. it's not who we are as a country. we can do it. we can lead the world. we are the