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Cars traveling through Manhattan will face new tolls starting just after midnight on January 5, 2025, as New York City implements the nation's first congestion pricing plan. However, the plan continues to face legal challenges, particularly from the state of New Jersey, which argues that the program could lead to environmental damage and economic consequences beyond the river. Key details on congestion pricing Under the congestion pricing system, motorists entering Manhattan below 60th Street will pay: Peak times (weekdays 5am-9pm, weekends 9am-9pm): $9 Off-peak times: $2.25 (a 75% discount) The Metropolitan Transportation Authority (MTA) expects a 10% reduction in cars and trucks entering the city, with billions of dollars in toll revenue going toward modernizing public transportation i...

After more than 170 years of operation, Freehold Raceway, America's oldest racetrack, has held its last race. The New Jersey track, owned by Penn Entertainment, officially closed its doors on the last weekend of 2024, ending an era marked by declining attendance, shrinking revenues and failed attempts to obtain a license for the casino. “Unfortunately, track operations cannot continue under current conditions, and we see no plausible way forward,” Howard Bruno, the track's general manager, said in a statement announcing the closure. While Freehold's closure reflects the challenges facing horse racing in the United States, industry insiders remain optimistic about the sport's future. New investor interest, technological innovations and the surge in legalized online gambling are fueling hope...

On New Year's Day, Ukraine officially cut off the flow of Russian natural gas to several European countries, marking the end of Moscow's long-standing dominance of European energy markets. The move, which had been widely anticipated, comes as the five-year transit agreement between Russia and Ukraine expired without renewal amid the ongoing war between the two nations. At around 8am local time on Wednesday, Russian state energy giant Gazprom confirmed that gas exports to Europe via Ukrainian pipelines had stopped. This development, which follows more than three decades of transit of Russian gas through Ukraine, highlights changing energy dynamics in Europe as the EU continues to push to reduce dependence on Russian supplies. Ukrainian President Volodymyr Zelenskyy made clear last month tha...

European stock markets traded lower on Monday in the last full trading session of 2024, as investors braced for a quiet end to the year. The pan-European Stoxx 600 index fell 0.5% in early afternoon trading in London, with most sectors posting losses. Technology, industrial and media stocks led the declines, while oil and gas stocks managed to post gains. Trading volumes remained light as markets across the region prepared to close early or remain closed until January 2 for the New Year holidays. Despite Monday's modest performance, European stocks are on track to end the year with moderate gains. The Stoxx 600 is up about 5.5% in 2024, in stark contrast to the U.S. S&P 500 index, which is up about 25% over the same period. U.S. markets also opened lower on Monday, reflecting lighter-than-...

Rohit Chopra, director of the Consumer Financial Protection Bureau (CFPB), testified before the Senate Committee on Banking, Housing, and Urban Affairs in late November 2023, addressing ongoing consumer financial protection issues. A few weeks later, the CFPB stepped up its efforts by filing a lawsuit against Zelle, a major peer-to-peer payments network, and its three largest operators – JP Morgan Chase, Bank of America and Wells Fargo – for failing to fight fraud. and adequately compensate victims. The lawsuit marks a significant step in the CFPB's broader campaign to hold financial institutions accountable for fraud-related customer losses. According to the bureau, customers of the three banks have collectively lost more than $870 million since Zelle began operating in 2017. Zelle, opera...

President-elect Donald Trump ramped up his rhetoric on trade on Friday, warning the European Union that it must significantly reduce its trade deficit with the United States by buying more American oil and gas or face tariffs. “I told the European Union that it must make up for its huge deficit with the United States by buying our oil and gas on a large scale. Otherwise, it will just be tariffs,” Trump posted on his Truth Social platform shortly after 1 pm ET. The trade deficit between the United States and the EU in goods and services amounted to 131.3 billion dollars in 2022, according to U.S. government data. While Trump's remarks were consistent with his protectionist approach to trade policy, they drew immediate reactions from EU officials. “The EU and the United States have deeply in...

President Joe Biden announced a bold plan to reduce U.S. greenhouse gas emissions by more than 60% by 2035, reaffirming his administration's commitment to fighting global warming. This move comes as President-elect Donald Trump prepares to take office next month, vowing to dismantle much of Biden's climate agenda in favor of policies that promote fossil fuel production. Biden's updated goal, which exceeds his previous commitments, aims to keep the United States on track to achieve net-zero carbon emissions in all sectors of the economy by 2050. The formal commitment, known as a Nationally Determined Contribution (NDC), it will be submitted to the United Nations under the Paris Climate Agreement. This international agreement, adopted in 2015, requires participating nations to outline and pe...

The Republican-led US House of Representatives passed legislation on Friday to prevent a government shutdown, rejecting President-elect Donald Trump's calls to include billions of dollars in new funding. The bill, which now moves to the Democratic-controlled Senate, must be approved and signed into law by President Joe Biden before current funding expires at midnight Saturday. The bill passed the House with broad bipartisan support in a 366-34 vote, extending federal funding through March 14. The bill allocates $100 billion for disaster relief and $10 billion for farmers, but excludes controversial provisions, including raising the debt ceiling, a controversial Trump issue. he urged Congress to act before he takes office on January 20. Without action, a government shutdown could disrupt es...