US-Swiss Trade Deal Likely to Contain Assurances on Pharma Levy
The clause doesn't constitute a guarantee that Washington will hold off on putting tariffs on the industry considered vital by the Swiss, the people said, speaking on the condition of anonymity. They said the wording is framed as a pledge for both parties to cooperate to avoid such a move via the so-called Section 232 probe. The people cautioned that details are still being finalized and negotiations remain fluid until an announcement is ready.
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5 minutes ago
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New ETC report demonstrates that wind and solar-dominant power systems are competitive, reliable, and technically and economically feasible
LONDON, July 29, 2025 /PRNewswire/ -- The Energy Transitions Commission (ETC) has today published a landmark report, Power Systems Transformation: Delivering Competitive, Resilient Electricity in High-Renewable Systems. The report sets out that global power systems dominated by wind and solar generation can reliably deliver electricity at costs comparable to or lower than today's fossil fuel-based power systems in most parts of the world. Electricity is projected to provide up to 70% of global final energy consumption in a decarbonised energy system, growing from around 20% today. Total global electricity demand could potentially triple, reaching 90,000 TWh by 2050 compared to 30,000 TWh today, and be met with new generation predominantly from wind and solar. A Global Opportunity The report shows that many countries can operate power systems with 70% or more electricity from wind and solar, using proven technologies available today, like battery storage, other energy storage, long-distance transmission, and flexible energy use. It highlights significant regional opportunities: "Sun belt" countries – including India, Mexico, and much of Africa – are best-positioned to cut power system costs by transitioning to low-cost, solar-led systems, which mainly require day-night balancing. In contrast, "wind belt" countries – such as the UK, Germany, and Canada – that rely on higher shares of wind face higher balancing costs, but can still achieve affordable, stable systems through smart policy and innovation. In many regions, long-distance transmission lines can be one of the most cost-effective solutions to balancing supply and demand, and should be maximised where feasible. Rapid electrification of buildings, transport and industries and decarbonisation of power systems must advance together to keep costs per kilowatt-hour affordable for consumers and businesses. "Multiple technologies, including nuclear and geothermal, may play a role in zero-carbon power systems. But wind and solar will be the dominant source of power in most countries, providing 70% or more of electricity at costs at or below today's fossil-based systems. In particular, in the global sun belt, the collapsing cost of solar PV and batteries makes possible far cheaper and more rapid growth in green electricity supply than seemed feasible 10 years ago. But wind belt countries can also achieve cost-effective decarbonisation by leading in offshore wind, long-duration storage, and grid innovation." said Adair Turner, Chair of the Energy Transitions Commission. Key Findings: It is technically possible for wind- and solar-dominant systems to be stable and resilient with the right mix of balancing and grid technologies. These systems are no more likely to experience blackouts than thermal generation-dominated systems. High wind and solar systems can be competitive with today's wholesale prices and grid costs. Sun belt countries could see costs more than halve to $30-$40/MWh by 2050. Wind-dependent country costs (e.g., UK) are higher, but in the future could be comparable to current levels. The "last mile" of decarbonisation will be the most expensive, particularly in countries which need ultra-long duration balancing to meet seasonal variations in supply and demand. Once countries have reached very low levels of carbon intensity (e.g., less than 50g per kWh), electrification is more important than rapid last-mile decarbonisation. Up to 30% of all global power demand could be time-shifted through demand-side flexibility. This requires the development of dynamic pricing and the use of smart management technologies. Grid costs per kWh can be kept stable. Total global grid length will need to more than double by 2050, reaching around 150–200 million km. Annual grid investment could rise from $370 billion in 2024, peaking at $870 billion in the 2030s. However, ~35% of grid expansion costs (equivalent to $1.3 trillion in Europe1) could be avoided between now and 2050 through the usage of innovative grid technologies. Delivering low-cost, high variable renewable energy power systems will require strategic vision and planning, including market reform to put all technologies on a level playing field, grid modernisation enabled by innovative technologies, supply chain development strategies and customer engagement. "Clean electricity is essential for climate action and is the most affordable way to power economic development. Countries can build resilient economies fit for the future by investing in renewables, grids, and flexibility now. Indeed it is their obligation to do so, according to the recent ICJ advisory opinion. Low-cost, clean power is what people, industry and businesses want. Countries must deliver it now, and this report shows that they can." said Christiana Figueres, Founding Partner, Global Optimism. Policymakers, the power industry, and financial institutions should collaborate to ensure: Appropriate planning of high wind/solar systems to expedite planning approvals and minimise deployment bottlenecks. Electrification of demand that keeps pace with generation and grid build-out to avoid the cost per kWh increasing for consumers. Accelerate power market reforms to unlock investment in critical technologies. Address workforce and supply chain bottlenecks to enable delivery at scale. "Renewables are the core of the global energy transition, delivering clean, reliable, and affordable power. Wind, solar, hydropower, geothermal, storage and modern grids are transforming electricity systems and opening new opportunities for growth, investment, and energy security. To keep this momentum, deployment must advance alongside grid expansion, market reform, and investment. Together, these build competitive, resilient systems that support jobs and economic progress. With governments leading and the private sector supporting, renewables will deliver a clean, secure, and just energy future." said Bruce Douglas, CEO at Global Renewables Alliance. The ETC also published a supplementary briefing, Connecting the World: Long-Distance Transmission as a Key Enabler of a Zero-Carbon Economy, focused on the role of cross-border interconnectors and long-distance transmission in accelerating the energy transition. Additional Quotes Additional quotes from Ausgrid, Iberdrola, Mission Possible Partnership, Octopus Energy, Schneider Electric, SSE, Ember, and Transition Zero are available here. About the ETC:Power Systems Transformation: Delivering Competitive, Resilient Electricity in High-Renewable Systems was developed in collaboration with ETC members from across industry, financial institutions, and civil society. The Energy Transitions Commission is a global coalition of leaders from across the energy landscape committed to achieving net-zero emissions by mid-century. This report constitutes a collective view of the ETC; however, it should not be taken as members agreeing with every finding or recommendation. Download the report: For further information on the ETC, please visit: 1 BNEF (2024), New Energy Outlook. Logo - View original content to download multimedia: SOURCE Energy Transitions Commission Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
5 minutes ago
- Yahoo
Inverse Finance snags $2.6m from DeFi investors to plug bad debt hole
DeFi lending protocol Inverse Finance, with more than $178 million in investor funds, has patched a $2.6 million bad debt hole in the project's finances. A bad debt happens when a loan position cannot be repaid because the collateral used to borrow funds has lost a lot of its value, which leaves the lender with a hole in their finances. It can happen due to malicious exploits that drain liquidity from lending pools or a massive market decline that causes the price of collateral tokens to plummet. Shop Top Mortgage Rates A quicker path to financial freedom Personalized rates in minutes Your Path to Homeownership On Monday, Inverse Finance secured funds to service the bad debt by selling 104,000 of its native Inverse tokens to a cohort of DeFi investors. The token sale was for 25 Dola per Inverse token, to raise the $2.6 million required. Dola is the protocol's dollar-pegged stablecoin, while the Inverse token controls the protocol and absorbs financial risks. The latter is also the governance token for the DAO that controls the protocol. Given the relationship between both tokens, the deal effectively means investors are betting that the Inverse token's long-term growth potential can cover the bad debt liability, and the DAO proposal for the move did not hide this trade-off. 'This is our way of sending a message to everyone that Inverse DAO never abandons its users always repays its debts,' Nour Haridy, Inverse Finance founder, told DL News. Haridy called the repayment 'an investment into the future.' The Inverse tokens acquired by the investors will be locked for six months. Inverse tokens traded for more than $43 on Monday, a 72% premium on the cost basis of the DeFi investors. The bad debt traces back to malicious exploits on Inverse Finance lending markets that have since been deprecated. Those defunct lending markets suffered two malicious exploits in April and June 2022 that resulted in more than $24 million in losses. A portion of the bad debt also comes from Euler Finance's $200 million flash loan attack of March 2023. Euler has since recovered the hack and now holds more than $1 billion in investor assets, a 10-fold growth in 2025. 'A moral obligation' Monday's repayment whittles the protocol's bad debt exposure to $3.4 million, which the DAO plans to cover by borrowing from another lending protocol. Haridy said the protocol didn't have a choice but to cover the bad debt. 'Dola would've collapsed due to the elevated bad debt levels back then and more people would lose their money,' Haridy said. 'We had a moral obligation towards people who trusted Dola with their hard earned money and we chose to fulfill this obligation.' The repayment also comes as the protocol reached $100 million in loans on its fixed-rate lending market platform FiRM, another sign of recovery for a protocol that has suffered multiple crises. Osato Avan-Nomayo is our Nigeria-based DeFi correspondent. He covers DeFi and tech. Got a tip? Please contact him atosato@ Sign in to access your portfolio
Yahoo
5 minutes ago
- Yahoo
I Asked ChatGPT What Elon Musk's ‘America Party' Means for My Taxes, Here's What it Said
As the rift between Elon Musk and Donald Trump grows, Musk's recent announcement of the potential launch of an 'America Party' has splashed across the headlines. While the Tesla billionaire's 'America Party' is in its nascent stages, it could make an impact on the future of politics. For You: See Next: The entry of a new and potentially popular third party into American politics could shake things up. While no one can predict the future, I asked ChatGPT to give me an assessment of what Musk's 'America Party' would mean for my taxes — here's what it had to say. Potential Party Platform Musk hosted a poll on X asking whether or not he should launch the America Party. After a few days, he announced the results and that he would be starting the American Party. Although the America Party has launched, it doesn't have an official platform yet. Even so, ChatGPT summarized what the party might stand for. 'Elon Musk launched the America Party in early July 2025, positioning it as a centrist, fiscally responsible and tech-forward alternative to both Republicans and Democrats,' according to ChatGPT. Check Out: Potential Tax Impacts If fiscal conservatism is the focus of the new party, it's likely to have some impact on everyone's taxes, especially if it ever gains power. ChatGPT claimed the new party tax policies might focus on the following: Fiscal conservatism and deficit-focused: 'The America Party's platform likely emphasizes deficit reduction via tax restraint, potentially favoring higher taxes on wealthy earners, reducing loopholes or phasing out regressive tax cuts,' ChatGPT said. Green energy and tech incentives: 'Expect the America Party to advocate for restoring or expanding clean-energy tax credits, R&D incentives and other supportive structures for sustainable tech,' the chatbot said. Pro-business and tech-friendly tax reforms: With a potential focus on 'tech-driven, low-regulation attitudes,' ChatGPT predicted this could translate into business tax reforms, such as lower corporate tax rates and tax incentives for startups. Potential Impacts Vary Across Households If the America Party came to power and enacted its agenda, different households would see different impacts. '[Top earners] could face marginal increases if deficit-driven reforms target high-income brackets. But they may benefit from enhanced R&D or green-business credits,' ChatGPT said. For mid-income families, the chatbot claimed they 'could see relief if payroll tax adjustments or retention of EV or green subsidies are part of the agenda.' And for low-income households, the chatbot predicted 'direct gains likely from restored rebates, tax credits and possibly expanded earned income tax credit, contingent on the America Party's social policy platform.' Likely Impacts Right Now While the party's platform might be interesting, it's worth pointing out that it's not even on the ballot nationwide right now. Although the America Party is trying to get started, it's initially set it's sights on a few congressional races, which wouldn't immediately push the country toward its agenda. 'Minimal direct impact on your taxes for the short-term — unless America Party candidates win seats in 2026 and influence future bills, ChatGPT said. The America Party is getting off the ground. While it's building out a platform, it has yet to win any elections. Until it gains real influence, it likely cannot influence tax policies or your taxes directly. Editor's note on political coverage: GOBankingRates is nonpartisan and strives to cover all aspects of the economy objectively and present balanced reports on politically focused finance stories. You can find more coverage of this topic on More From GOBankingRates 7 Things You'll Be Happy You Downsized in Retirement This article originally appeared on I Asked ChatGPT What Elon Musk's 'America Party' Means for My Taxes, Here's What it Said
