Pics du jour

🚘🔌 California plans to keep offering EV tax rebates if the existing federal program is cut. Governor Gavin Newsom (D) yesterday announced a new proposal to create a program offering tax credits for qualified buyers of EVs or plug-in hybrids, similar to the current $7,500 federal tax rebate introduced in the 2022 Inflation Reduction Act. Not every brand would be eligible, however: The program would exclude Teslas in order to promote competition, Newsom’s office told Bloomberg. Newsom says his proposed program would only kick in if the upcoming GOP-controlled Congress moves to eliminate the federal EV tax credit, which has been criticized by President-elect Trump and other Republicans.

🚫💥 Israel and Hezbollah are reportedly nearing a ceasefire deal. Officials from the US, Israel, and Lebanon say they’re closing in on an agreement to temporarily halt fighting between Hezbollah and Israel, which began shortly after Hamas’ October 7 attack on Israel last year. The 13+ months of fighting have been marked by continuous airstrikes from both sides, the successful assassinations of Hezbollah’s leader and several top commanders by Israel, and an Israeli ground invasion in southern Lebanon. The new ceasefire deal has been approved by Hezbollah and is currently awaiting a vote from Israel’s security cabinet as soon as today, per multiple reports.

🤔 The math isn’t mathing at Macy’s. The retailer on Monday revealed that a single employee had intentionally made erroneous bookkeeping entries to hide up to $150 million in corporate delivery expenses since Q4 2021, leading the company to delay the release of its quarterly results that were expected today. Macy’s says the employee is no longer with the company. KPMG, Macy’s auditor since 1988, declined to comment. While an investigation is ongoing, some analysts believe the employee was trying to boost the profitability of their department to increase compensation. Macy’s now becomes the latest company to report issues in financial statements – upending Super Micro, who appears to have escaped a delisting after hiring a new auditor – amid a continuing shortage of qualified accountants in the last several years.