Latest news with #MichaelCarr
Yahoo
18-05-2025
- Business
- Yahoo
Why solar stocks have soared — and why there's trouble ahead for the rally
Solar stocks outpaced a rally in the broader market this week. The sector surged after a key budget bill kept tax credits intact. But the bill proposes changes that could slow the solar industry's buildout. Sunshine is beaming down on solar stocks after policymakers saved the clean energy sector from a potentially dire threat, but there are still clouds looming over the sector. Last week, the industry was relieved after a long-awaited budget bill left most industry credits intact. In the words of JPMorgan, the bill satisfied the "more bullish end" of expectations, sparing the sector-boosting credits from the chopping block. The May 12 draft bill unleashed a comeback rally for top solar names, which outpaced a broader rally in the week. First Solar surged nearly 23% between Monday and Friday, while Array Technologies, Nextracker, and Sunrun jumped 27%, 19%, and 26%, respectively. The Invesco Solar ETF jumped more than 10% in the week, about double the gain of the S&P 500. By all accounts, the proposed legislation is an optimistic outcome amid White House administration opposition to clean energy buildout. It keeps alive tax benefits that have propelled solar's record-breaking buildout in 2024. But as enthusiastic as solar investors might get, the new bill faces challenges from Republicans looking for deeper spending cuts to fund tax breaks for households and companies. Even in its current form, the bill could disrupt industry momentum. Under the proposal, businesses would be able to take advantage of tax credits only when a solar project starts generating electricity, and this would have to occur by 2029 — after that, credits would start to phase out. It's a simple but consequential shift from current setup, where credits are unlocked once construction begins. "If you fail — often for no fault of your own — to be able to bring it online by the deadline, then suddenly your economics have changed," Michael Carr, executive director of the SEMA Coalition, told Business Insider. "And so what we have observed is, with a placed-in-service standard, banks are becoming increasingly unwilling, as far as like three or four years out, to finance these projects." Also of note are more stringent provisions on "foreign entities of concern," which could effectively block a manufacturer from tax benefits if their project uses equipment, materials, or IP from specific regions outside the US. The new language targets even sub-components, the type of equipment that American manufacturers exclusively source from places like China. "My preliminary understanding is that there are probably many, many pieces of equipment that use Chinese IP, because China is the leader in the solar supply chain," Sylvia Leyva Martinez, a principal analyst at Wood Mackenzie, explained to BI. She added: "How is the IRS going to look into that?" The industry might not know for years, given that previous guidance has taken a while to come out, Carr said — all amounting to a bout of new uncertainty. In its note, JPMorgan acknowledged the same drawbacks, but highlighted that one proposal could give domestic manufacturers a leg up. Restrictions against prohibited foreign-entities from qualifying for 45x credits would provide a key advantage to First Solar, and, to a lesser degree, names such as Nextracker, Enphase Energy, and SolarEdge. Aside from headwinds related to the tax bill, solar hasn't been spared from the tariff chaos. Trade whiplash has created the same uncertainty that looms over other industries, complicating business decisions for solar firms. Price hikes could hit the industry, and even last year's supply glut of solar panels might not help. Meanwhile, industry confidence has chilled amid the Trump administration's energy policies, which focus on uplifting non-renewables and, at times, slashing clean energy initiatives. But Leyva Martinez thinks the White House has good reason not to target solar, given the sector's crucial role in the artificial intelligence buildout. "There is an impending boom in demand," she said, citing that both renewables and non-renewables will need to be tapped to meet enormous energy needs. "We'll need to see if that leads to any major policy changes that could potentially — not benefit — but at least not harm." Read the original article on Business Insider 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
Business Insider
18-05-2025
- Business
- Business Insider
Why solar stocks have soared — and why there's trouble ahead for the rally
Solar stocks outpaced a rally in the broader market this week. The sector surged after a key budget bill kept tax credits intact. But the bill proposes changes that could slow the solar industry's buildout. Sunshine is beaming down on solar stocks after policymakers saved the clean energy sector from a potentially dire threat, but there are still clouds looming over the sector. Last week, the industry was relieved after a long-awaited budget bill left most industry credits intact. In the words of JPMorgan, the bill satisfied the "more bullish end" of expectations, sparing the sector-boosting credits from the chopping block. The May 12 draft bill unleashed a comeback rally for top solar names, which outpaced a broader rally in the week. First Solar surged nearly 23% between Monday and Friday, while Array Technologies, Nextracker, and Sunrun jumped 27%, 19%, and 26%, respectively. The Invesco Solar ETF jumped more than 10% in the week, about double the gain of the S&P 500. By all accounts, the proposed legislation is an optimistic outcome amid White House administration opposition to clean energy buildout. It keeps alive tax benefits that have propelled solar's record-breaking buildout in 2024. But as enthusiastic as solar investors might get, the new bill faces challenges from Republicans looking for deeper spending cuts to fund tax breaks for households and companies. Credit complexities Even in its current form, the bill could disrupt industry momentum. Under the proposal, businesses would be able to take advantage of tax credits only when a solar project starts generating electricity, and this would have to occur by 2029 — after that, credits would start to phase out. It's a simple but consequential shift from current setup, where credits are unlocked once construction begins. "If you fail — often for no fault of your own — to be able to bring it online by the deadline, then suddenly your economics have changed," Michael Carr, executive director of the SEMA Coalition, told Business Insider. "And so what we have observed is, with a placed-in-service standard, banks are becoming increasingly unwilling, as far as like three or four years out, to finance these projects." Also of note are more stringent provisions on "foreign entities of concern," which could effectively block a manufacturer from tax benefits if their project uses equipment, materials, or IP from specific regions outside the US. The new language targets even sub-components, the type of equipment that American manufacturers exclusively source from places like China. "My preliminary understanding is that there are probably many, many pieces of equipment that use Chinese IP, because China is the leader in the solar supply chain," Sylvia Leyva Martinez, a principal analyst at Wood Mackenzie, explained to BI. The industry might not know for years, given that previous guidance has taken a while to come out, Carr said — all amounting to a bout of new uncertainty. In its note, JPMorgan acknowledged the same drawbacks, but highlighted that one proposal could give domestic manufacturers a leg up. Restrictions against prohibited foreign-entities from qualifying for 45x credits would provide a key advantage to First Solar, and, to a lesser degree, names such as Nextracker, Enphase Energy, and SolarEdge. Uncertainty heats up Aside from headwinds related to the tax bill, solar hasn't been spared from the tariff chaos. Trade whiplash has created the same uncertainty that looms over other industries, complicating business decisions for solar firms. Price hikes could hit the industry, and even last year's supply glut of solar panels might not help. Meanwhile, industry confidence has chilled amid the Trump administration's energy policies, which focus on uplifting non-renewables and, at times, slashing clean energy initiatives. But Leyva Martinez thinks the White House has good reason not to target solar, given the sector's crucial role in the artificial intelligence buildout. "There is an impending boom in demand," she said, citing that both renewables and non-renewables will need to be tapped to meet enormous energy needs. "We'll need to see if that leads to any major policy changes that could potentially — not benefit — but at least not harm."
Yahoo
13-04-2025
- General
- Yahoo
Hawaii honors kamikaze pilot 80 years later
PEARL HARBOR, Hawaii (KHON2) — Friday marked 80 years since a powerful moment of humanity occurred during World War II, when a Japanese Kamikaze pilot was given a formal burial at sea. To commemorate the event, officials held a ceremony, where they gathered to remember a moment of unexpected compassion in the chaos of war on the decks of the USS Missouri. Over 360 firearms surrendered at DLE amnesty event 'But the kamikaze attack happened on April 11th, 1945, during the Battle of Okinawa. A long ways away from here,' said Michael Carr, Battleship Missouri president and CEO. 'There was really no damage done to the ship. But the pilot's body flipped onto the ship and was recovered.' Most of the younger sailors wanted to discard the Japanese pilot's body overboard and viewed him only as the enemy.'Instead, Captain Callahan determined that that young man should be given a proper sailor's burial,' Carr said. 'Captain Callahan did what I think we would all agree would be the proper Christian thing to do, to honor somebody as we would hope that they would honor us.' The Kamikaze pilot was wrapped in a Japanese flag that was sewn from a white bed sheet and red signal flag and was then laid to rest at sea with full honors. Download the free KHON2 app for iOS or Android to stay informed on the latest news Officials and loved ones of the captain on board at the time say that–despite the fact that the attack occurred 80 years ago–the lessons of its aftermath still ring true. 'This event could have deepened the divide between our nations. Instead, it became a defining moment of humanity and honor. Today, as we gather here… once enemies, now allies, we are reminded of how far we have come,' said Honolulu Mayor Rick Blangiardi. 'I think the message is that we need to be careful in our relations with other people, that it's so important to to build a relationship, even in times of stress to have the foresight to confer dignity on other people when perhaps it wasn't the most popular decision,' said Capt. Callaghan's grandson, Carey Callaghan. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
CBS News
11-04-2025
- General
- CBS News
Why a U.S. Navy captain ordered a military funeral for a kamikaze pilot during WWII's Battle of Okinawa
A Japanese pilot slammed his Zero fighter plane into the USS Missouri and ignited a fireball on April 11, 1945, during the Battle of Okinawa . The suicide attack instantly killed the pilot, but none of the battleship's crew members were badly hurt. The Missouri's captain ordered a military burial at sea with full honors, marking one of the more unusual and little-known episodes of World War II. The pilot received the same funeral that the ship would have given one of its own sailors. Eighty years later, the Missouri is a museum moored at Pearl Harbor, Hawaii, not far from the submerged hull of the USS Arizona, which sank in the 1941 Japanese bombing that propelled the U.S. into the war. On Friday, three of the captain's grandsons will mark the anniversary of the attack and burial with the mayors of Honolulu and the Japanese city of Minamikyushu, from which many kamikaze pilots set off on their suicide missions. "This is one of the ship's great stories and explains, in part, why the ship became an international symbol of peace and reconciliation within two years of its launching and rather than just an instrument of destruction," said Michael Carr, CEO of the Battleship Missouri Memorial . "This is a remarkable story of compassion and humanity, even in the midst of one of the worst battles of World War II." Here's what to know about the attack on the Missouri and the pilot's burial: Japan launched a suicide attack campaign as a last-ditch measure to push U.S. forces back late in the war, when it was hopelessly losing. The Imperial Navy founded the Kamikaze Tokko Tai, which translates as Divine Wind Special Attack Corps, and the Imperial Army followed with its own unit. Across the globe, their missions are called kamikaze, but in Japan they are better known as "tokko," which means "special attack." The pilots flew hastily constructed planes and even reconnaissance and training aircraft because the military lacked sufficient equipment. They took off on one-way flights with just enough fuel to reach their targets. Kamikaze sank their first ship on Oct. 25, 1944, when a navy Zero pilot smashed into the USS St. Lo in the Philippine Sea while carrying a pair of 550-pound bombs. Britain's Imperial War Museum says they killed 7,000 Allied naval personnel in all. Their initial 30% success rate fell to about 8% by mid-1945 due to declining crew skills, dwindling aircraft capabilities and improved U.S. defenses. According to the National WWII Museum , suicide plane attacks began at Okinawa on March 26, 1945, and five days after the initial American landing on April 1, 355 Japanese kamikaze aircraft struck the armada of Allied ships supporting the invasion. By the end of the war, 36 ships were sunk and another 368 damaged, according to the museum. Some 4,000 pilots died on suicide missions, about 2,500 navy and more than 1,400 army, most of them university students drafted in late 1943. Many launched from Chiran, a tea farming town that today is part of Minamikyushu, a city in southwest Japan. The missions became more intense as Japan's outlook grew more dire and the military showcased the sacrifice of the pilots to drum up patriotism and support for the war. Those who failed to take off or survived were considered a disgrace. Despite stereotypes of kamikaze as super-patriots who volunteered to die, many were not, as shown by their carefully nuanced last letters to loved ones and survivor accounts. "They were victims of war," said Hiroyuki Nuriki, mayor of Minamikyushu, who noted the pilots were only around 20 years old and had futures. "I'm sure they didn't want to die, but they still had to go," he said. "That's the tragedy of war, and that's why we should never start a war again." According to the U.S. Naval Institute , Rear Admiral Toshiyuki Yokoi, a former Imperial Japanese Navy officer, recounted in 1954 that his mission at Okinawa was to "break up enemy carrier striking forces by concentrating all power in suicide air attacks" -- a tactic he strongly disagreed with. "There are serious basic defects in this type of attack, he wrote. "First, the expenditure of life and materiel is great. It takes several years to train one good pilot, yet in Kamikaze operations, he, as well as his plane, will be expended in a single sortie… Second, the striking velocity of a plane is not great enough to penetrate the decks of fleet carriers or battleships and cause critical damage below... Third, operational command of Kamikaze planes is difficult because results cannot be evaluated with any accuracy. When his subordinates' lives are sacrificed, a commander will naturally tend to overestimate the results achieved." The Battle of Okinawa lasted 82 days, with fierce fighting on land and sea. On April 11, the Missouri fended off aerial assaults from multiple directions and had already downed one kamikaze plane when a second approached. The Missouri's gunners hit the Zero fighter with a 5-inch (12.7-centimeter) round. The plane plunged, but it leveled out about 20 feet (6 meters) above the ocean and headed for the ship's starboard side. The crash ripped off the plane's right wing, which landed on the deck. Fuel in the wing caught fire, unleashing a giant plume of smoke. The crew controlled the fire within five minutes. The dent left by the attack is still visible on the Missouri's hull. Capt. William Callaghan ordered the funeral to be held the next morning. The crew collected red and white cloth and sewed a makeshift "rising sun" flag so he could be buried under his own colors, said Frank Clay, curator of the Battleship Missouri Memorial. They cleaned the body, wrapped it in canvas and placed it on a tray against the rail beneath the flag. Marine rifle guards gave a gun salute and a bugler played taps. The chaplain gave an invocation and said, "Commit his body to the deep." The crew tipped the tray and the body slid into the sea. It was the only known instance of U.S. forces holding a military funeral for a kamikaze pilot. Some crew members resented the ritual, while others grumbled but later came to believe it was the right thing to do, Clay said. Ed Buffman, who was a teenage gunner's mate 2nd class on the Missouri, said he did not dwell on it: "The next day you're ready to go back and battle again." Little is known of Callaghan's reasons for ordering the ceremony, which appeared on the ship's daily schedule for meal times and other routine activity. Carey Callaghan said his grandfather never spoke of the burial and his family didn't learn about it until 2001. He said his grandfather had empathy and a sense of dignity, which was reflected by the funeral. A remarkable thing, Callaghan said, was that three years earlier, his grandfather lost his brother, Rear Adm. Daniel Callaghan, to Japanese gunfire off Guadalcanal. Scholars believe he was Setsuo Ishino, a petty officer 2nd class in a flight training program. The pilot took off from Kanoya air base in southern Japan with 15 others as part of the No. 5 Kenmu Squadron. Most failed to hit their targets and crashed into the ocean. "Dear Mother, The time has come for me to blossom at last. I am fulfilling my final duty with a smile. Please don't say anything, this is for our country," Ishino wrote. "The next time we see each other, we will be under the beautiful cherry blossom trees at Yasukuni Shrine. Please don't cry, only smile and tell me 'well done.'" Then-President Barack Obama referenced the burial in 2016 when he visited Pearl Harbor with then-Prime Minister Shinzo Abe . He told those gathered that Callaghan showed "we must resist the urge to demonize those who are different" and do so "even when hatred burns hottest." Thanks to Callahan's act, the Missouri museum and the Chiran Peace Museum, which displays army tokko artifacts, today are partners and help each other with exhibits. Nuriki, the Minamikyushu mayor, said it is important to remember the events of April 11, 1945, and the tragedy of kamikaze pilots as Asia-Pacific tensions rise. "We share the history between the former enemies that have become friends," he said. "We should keep telling the story and think about peace."
The Hill
11-04-2025
- General
- The Hill
A US Navy captain ordered a military funeral for a kamikaze pilot during WWII. Here's why
PEARL HARBOR, Hawaii (AP) — A Japanese pilot slammed his Zero fighter plane into the USS Missouri and ignited a fireball on April 11, 1945, during the Battle of Okinawa. The suicide attack instantly killed the pilot, but none of the battleship's crew members were badly hurt. The Missouri's captain ordered a military burial at sea with full honors, marking one of the more unusual and little-known episodes of World War II. The pilot received the same funeral that the ship would have given one of its own sailors. Eighty years later, the Missouri is a museum moored at Pearl Harbor, Hawaii, not far from the submerged hull of the USS Arizona, which sank in the 1941 Japanese bombing that propelled the U.S. into the war. On Friday, three of the captain's grandsons will mark the anniversary of the attack and burial with the mayors of Honolulu and the Japanese city of Minamikyushu, from which many kamikaze pilots set off on their suicide missions. 'This is one of the ship's great stories and explains, in part, why the ship became an international symbol of peace and reconciliation within two years of its launching and rather than just an instrument of destruction,' said Michael Carr, CEO of the Battleship Missouri Memorial. 'This is a remarkable story of compassion and humanity, even in the midst of one of the worst battles of World War II.' Here's what to know about the attack on the Missouri and the pilot's burial: What is a kamikaze pilot? Japan launched a suicide attack campaign as a last-ditch measure to push U.S. forces back late in the war, when it was hopelessly losing. The Imperial Navy founded the Kamikaze Tokko Tai, which translates as Divine Wind Special Attack Corps, and the Imperial Army followed with its own unit. Internationally their missions are called kamikaze, but in Japan they are better known as 'tokko,' which means 'special attack.' The pilots flew hastily constructed planes and even reconnaissance and training aircraft because the military lacked sufficient equipment. They took off on one-way flights with just enough fuel to reach their targets. Kamikaze sank their first ship on Oct. 25, 1944, when a navy Zero pilot smashed into the USS St. Lo in the Philippine Sea while carrying a pair of 550-pound (250-kilogram) bombs. Britain's Imperial War Museum says they killed 7,000 Allied naval personnel in all. Their initial 30% success rate fell to about 8% by mid-1945 due to declining crew skills, dwindling aircraft capabilities and improved U.S. defenses. Some 4,000 pilots died on suicide missions, about 2,500 navy and more than 1,400 army, most of them university students drafted in late 1943. Many launched from Chiran, a tea farming town that today is part of Minamikyushu, a city in southwest Japan. The missions became more intense as Japan's outlook grew more dire and the military showcased the sacrifice of the pilots to drum up patriotism and support for the war. Those who failed to take off or survived were considered a disgrace. Despite stereotypes of kamikaze as super-patriots who volunteered to die, many were not, as shown by their carefully nuanced last letters to loved ones and survivor accounts. 'They were victims of war,' said Hiroyuki Nuriki, mayor of Minamikyushu, who noted the pilots were only around 20 years old and had futures. 'I'm sure they didn't want to die, but they still had to go,' he said. 'That's the tragedy of war, and that's why we should never start a war again.' What happened when the plane hit the Missouri? The Battle of Okinawa lasted 82 todays, with fierce fighting on land and sea. On April 11 the Missouri fended off aerial assaults from multiple directions and already had downed one kamikaze plane when a second approached. The Missouri's gunners hit the Zero fighter with a 5-inch (12.7-centimeter) round. The plane plunged, but it leveled out about 20 feet (6 meters) above the ocean and headed for the ship's starboard side. The crash ripped off the plane's right wing, which landed on the deck. Fuel in the wing caught fire, unleashing a giant plume of smoke. The crew controlled the fire within five minutes. The dent left by the attack is still visible on the Missouri's hull. What happened to the pilot? Capt. William Callaghan ordered the funeral to be held the next morning. The crew collected red and white cloth and sewed a makeshift 'rising sun' flag so he could be buried under his own colors, said Frank Clay, curator of the Battleship Missouri Memorial. They cleaned the body, wrapped it in canvas and placed it on a tray against the rail beneath the flag. Marine rifle guards gave a gun salute and a bugler played taps. The chaplain gave an invocation and said, 'Commit his body to the deep.' The crew tipped the tray and the body slid into the sea. It was the only known instance of U.S. forces holding a military funeral for a kamikaze pilot. Some crew members resented the ritual, while others grumbled but later came to believe it was the right thing to do, Clay said. Ed Buffman, who was a teenage gunner's mate 2nd class on the Missouri, said he did not dwell on it: 'The next day you're ready to go back and battle again.' Little is known of Callaghan's reasons for ordering the ceremony, which appeared on the ship's daily schedule for meal times and other routine activity. Carey Callaghan said his grandfather never spoke of the burial and his family didn't learn about it until 2001. He said his grandfather had empathy and a sense of dignity, which was reflected by the funeral. A remarkable thing, Callaghan said, was that three years earlier, his grandfather lost his brother, Rear Adm. Daniel Callaghan, to Japanese gunfire off Guadalcanal. What is known about the pilot? Scholars believe he was Setsuo Ishino, a petty officer 2nd class in a flight training program. The pilot took off from Kanoya air base in southern Japan with 15 others as part of the No. 5 Kenmu Squadron. Most failed to hit their targets and crashed into the ocean. 'Dear Mother, The time has come for me to blossom at last. I am fulfilling my final duty with a smile. Please don't say anything, this is for our country,' Ishino wrote. 'The next time we see each other, we will be under the beautiful cherry blossom trees at Yasukuni Shrine. Please don't cry, only smile and tell me 'well done.'' Why is the anniversary being remembered decades later? Then-President Barack Obama referenced the burial in 2016 when he visited Pearl Harbor with then-Prime Minister Shinzo Abe. He told those gathered that Callaghan showed 'we must resist the urge to demonize those who are different' and do so 'even when hatred burns hottest.' Thanks to Callahan's act, the Missouri museum and the Chiran Peace Museum, which displays army tokko artifacts, today are partners and help each other with exhibits. Nuriki, the Minamikyushu mayor, said it is important to remember the events of April 11, 1945, and the tragedy of kamikaze pilots as Asia-Pacific tensions rise. 'We share the history between the former enemies that have become friends,' he said. 'We should keep telling the story and think about peace.'
