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India’s <keyword id="23445999" type="General" weightage="100" keywordseo="carbonated-soft-drinks" source="keywords">carbonated soft drinks</keyword> (CSD) segment has hit a roadblock, unable to expand and reach its full potential, largely due to the high tax burden under the Goods and Services Tax (GST) regime. A recent report from PTI, originally attributed to the economic think tank ICRIER says that despite the government’s initiatives like ‘Make in India’ and ‘Aatmanirbhar Bharat’, the CSD industry is struggling to scale up due to the steep taxation. According to the report, India imposes one of the highest tax rates on sugar-sweetened beverages (SSBs), with a total tax rate of 40% as of 2023. This figure is significantly higher than that of over 90% of the countries that tax SSBs, based on comparative data compiled by the World Bank. The report also added that global and domestic consumers are increasingly opting for low-sugar and zero-sugar varieties. Manufacturers around the world are reformulating their products to cater to health-conscious consumers, offering options like low-sugar, fruit-flavored, and zero-calorie drinks. In India, however, companies face an uphill battle. The high tax of 40%, irrespective of sugar content, is preventing firms from innovating and scaling their low-sugar or fruit-based CSD offerings. The report also highlighted that India, a leading global producer of fruits like mangoes and bananas, has untapped potential for incorporating these ingredients into the CSD sector. Yet, the country’s CSD industry lags behind other developing nations, such as Thailand and the Philippines, in terms of product variety and revenue generation. Despite generating $18.25 billion in revenue in 2022 and growing at a compound annual growth rate (CAGR) of 19.8% from 2017 to 2022, the sector remains underdeveloped. The report also underscored that India’s CSD market could be a major driver for investment and job creation, particularly in Tier 2 and 3 cities. However, the high tax rates, seen as a lucrative source of revenue for the government, are acting as a deterrent to the sector’s growth, preventing it from becoming a global competitor and unlocking its full economic potential. (With PTI inputs)

Indian consumers shifting towards low-sugar beverages, high GST rates stalling growth in carbonated soft drinks market

<ul class="summary-list"><li>German energy may have lost billions in income as a result of fraud in a carbon credit program. </li><li>The program lets companies offset emissions by supporting carbon reduction projects abroad.</li></ul>A scandal engulfing Germany's carbon credit market may have resulted in billions in lost income for firms.The country's program allows its biggest carbon producers — companies like Shell and other oil firms — to offset some of their emissions by supporting carbon-reduction projects abroad.However, reports in German media this year show that some projects are misleading in their claims of reducing emissions — and some don't exist at all.<a target="_blank" href="https://www.semafor.com/article/08/21/2024/a-5bn-german-scandal-is-driving-green-firms-out-of-business?utm_medium=net+zero&amp;utm_campaign=flagshipnumbered2&amp;utm_source=newslettercta">A report in Semafor on Wednesday</a> notes that in one case, a whistleblower informed Shell that a carbon-reduction project the oil giant was involved with was, in fact, a chicken farm.According to an industry group, the scandal has led to $5 billion in lost income for companies involved in inadequately verified or fraudulent projects.In December,<a target="_blank" href="https://www.handelsblatt.com/politik/deutschland/klimaschutz-wie-luftbuchungen-in-china-der-biodiesel-industrie-schaden/100003507.html"> a report</a> in the German outlet Handelsblatt said that half of projects in China are probably fake or misrepresenting their effectiveness.The scandal involves Upstream Emission Reduction credits, which are produced by third-party energy firms and sold to producers looking to offset 1.2% of their emissions, as mandated by the German government.Most UER projects are located in China, with others in Azerbaijan and Nigeria. However, German media identified <a target="_blank" href="https://www.handelsblatt.com/politik/deutschland/klimaschutz-wie-luftbuchungen-in-china-der-biodiesel-industrie-schaden/100003507.html">27 projects</a> or more that aren't actually reducing any emissions or are exaggerating their results."In 27 UER projects from China, we have received indications of massive irregularities and even clear fraud," an industry insider told <a target="_blank" href="https://www.handelsblatt.com/politik/deutschland/klimaschutz-wie-luftbuchungen-in-china-der-biodiesel-industrie-schaden/100003507.html">Handelsblatt</a> in December.Some revelations about fraudulent projects — like the chicken farm Shell was involved with — come from whistleblowers, while others have surfaced from satellite photos of project locations showing empty land.Semafor notes that the scandal is highly damaging to the global carbon-reduction effort, which is already operating on little trust in the biggest polluters' ability to self-regulate and actually reduce their carbon footprint.It is also a blow to regulators who are meant to be policing the effort and overseeing the transition to net-zero. In the case of the fraudulent UERs, compliance with the 1.2% reduction is not voluntary but legally mandated by the government, leading to questions over why agencies did not have more oversight of the program.

A $5 billion scandal is rocking Germany's carbon credit market

<ul class="summary-list"><li>The Games' need for a massive infrastructure project has historically hurt host cities' environments.</li><li>Installing and using 5G technology could help minimize the Olympics' environmental impacts.</li></ul>When thousands of the world's best athletes descend on one city, it can wreak environmental havoc.No single Olympic Games held between 1992 and 2020 was sufficiently sustainable, found <a target="_blank" href="https://affiliate.insider.com?h=c0d989491c74099378a20091f3e16aba6129c646e40d4b337bf98c0f4ca076c3&amp;postID=66a274b6d290cb433ad39ab1&amp;postSlug=paris-olympics-how-5g-tech-could-curb-environmental-impact-2024-7&amp;site=bi&amp;u=https%3A%2F%2Fwww.nature.com%2Farticles%2Fs41893-021-00696-5">a 2021 study</a> in the journal Nature that assessed the environmental impacts of the Games during that period.For example, the 2016 Rio de Janeiro Games damaged the city's local environment when an estimated <a target="_blank" href="https://www.mdpi.com/2076-0760/12/3/166#:~:text=During%20the%20seven%2Dyear%20preparation,Azevedo%202015%3B%20Zimbalist%202017).">77,000 people in favela communities were displaced</a> to make way for the event's infrastructure, according to a retrospective report published in 2023 in the journal Social Sciences.From an environmental standpoint, the Rio de Janeiro Games <a target="_blank" href="https://katoikos.world/analysis/olympics-a-celebration-for-humanity-a-disaster-for-the-environment.html">produced</a> more than 17,000 metric tons of waste, used 29,500 gigawatts of electricity — the majority of which was not from renewable sources — and resulted in 3.6 million metric tons of carbon emissions, the Rio de Janeiro Games reported.For the Paris Games, limiting environmental impact has been a greater concern than in past Olympics, with efforts across industries to reduce waste. Rather than build a series of new venues, existing ones have been repurposed. <a target="_blank" href="https://olympics.com/en/paris-2024/our-commitments/the-environment/infrastructures">Only one new permanent venue was constructed</a>, and there's more <a target="_blank" href="https://olympics.com/en/paris-2024/our-commitments/the-environment/organising-more-circular-games">renting than buying</a> when it comes to equipment like furniture to reduce waste. Sustainability initiatives also extend to the 5G technology powering the Olympic Games.Orange, the telecommunications provider for the Paris Games, <a target="_blank" href="https://www.orange.com/en/allconnected/paris2024/paris-2024-how-orange-will-limit-its-environmental-impact">has set itself the goal</a> of limiting its carbon emissions to 10,000 metric tons of carbon dioxide. If met, Orange's carbon emissions would account for less than 1% of the total estimated emissions of the 2024 Olympics.It's the latest example of how 5G providers are supporting sustainability efforts at global-scale live events."As sustainability initiatives around large public venues gather steam, we know IT teams are being asked to find ways to contribute to their organization's decarbonization efforts," said Kevin Swank, the product-marketing director at CommScope, a service provider that has worked on sports stadiums in France, Germany, and the US.<h2 id="1d0215d6-49e6-4444-b194-294cf1e5f1bd">Environmentally friendly technology that can support more fans</h2>Though 5G systems require infrastructure installation, their technology is more sustainable than older connectivity systems like analog distributed antenna systems, Swank said.Digital 5G systems use less power and less cooling than older systems, which need large amounts of power and cabling to run, Swank told Business Insider. And because 5G systems run digitally, they don't require as much physical infrastructure as their predecessors, Swank added.He said he witnessed the positive impact — on the environment and the fan experience — when CommScope updated the internet infrastructure at <a target="_blank" href="https://www.commscope.com/globalassets/digizuite/965502-atandt-stadium-cs-115933-en.pdf">AT&amp;T Stadium in Arlington, Texas</a>, the home of the Dallas Cowboys, in 2020."The venue was reaching the performance limits of its equipment, and its current network just couldn't keep up with the growing demands of a mobile-device-centric fan base," Swank told BI. The stadium needed a 5G network that could support augmented-reality features and mobile-ordering capabilities for concessions for up to 100,000 visitors at a time.By switching to 5G, the stadium's network performance increased tenfold, while its power use went down by about 87% and its cooling requirements decreased by up to 75%, a project report from CommScope said. Those reductions equate to over 100 metric tons in CO2 emissions savings a year, Swank said.The stadium's 5G system resulted in just five equipment storage racks compared with the 30 to 40 racks previously required for its analog equipment.Because of these advantages, 5G is quickly gaining steam within the entertainment industry as events continue to grow in scale and attendees expect more seamless experiences.<h2 id="4de8c9b0-599e-4fa3-9e87-59f5acb6ad1c">Recycling 5G equipment for more sustainability</h2>To work toward its carbon-emissions goal for the Paris Games, Orange decreased its equipment manufacturing and infrastructure-deployment footprint. Orange, in partnership with the consultancy Carbone4, estimated that 86% of its global footprint came from those two areas.For the Paris Olympics, the company is using more local suppliers and shipping bulky items by sea rather than air to reduce emissions. Orange said it planned to rent one-quarter of its equipment and estimated that 75% of the equipment would be reused or redeployed after the Games.Generally, the 5G networks used at sports venues' large events can be reused after the events end and the increased capacity is no longer needed, said Kelvin Chaffer, the CEO of Lifecycle Software, which provides support systems for network operators."By designing infrastructure that can be repurposed for other community uses postevent, and implementing green technologies and sustainable practices," Chaffer said. He added that this approach gives large sporting event organizers the ability "to minimize the environmental impact of event-triggered infrastructure projects."

How 5G technology is helping curb carbon emissions and waste at the Paris Games

<ul class="summary-list"><li>Carbon credits have seen prices nosedive as the market has come under increasing scrutiny.</li><li>"The integrity of carbon credits has been a big problem for quite some time," a researcher said.</li></ul>Amid a slew of net-zero commitments, climate-speak, and environmental activism, companies have been buying and selling carbon credits to reduce their emissions footprint. But the market is breaking down.In the past two years, demand for credits has plunged, sending prices into freefall. The recent COP28 climate conference was supposed to tackle the problem, but it failed."There are less credits that have been issued, but the demand is falling faster than the supply," Yvonne Lam, carbon market researcher at Rystad Energy, told Business Insider.The price for counterbalancing one metric ton of carbon dioxide, or one credit, is languishing at $0.64 compared to $18 in January 2022, according to one <a href="https://carboncredits.com/carbon-prices-today/" target="_blank" rel="noopener">carbon credit tracker.</a> Another data source, the Platts Nature-Based Avoidance price, shows a plunge to $3.90 per metric ton of carbon dioxide from $11.60 last year, according to S&amp;P Global.Demand is down because of a lack of standardized rules for governing carbon markets. Recent news reports and studies questioning the system's reliability underscored that lack of rules."The integrity of carbon credits has been a big problem for quite some time," Lam said.<h3>How does it work?</h3>Carbon markets basically package the canceling out of carbon emissions into tradeable items. One credit is a token that represents the removal of one metric ton of carbon dioxide from the atmosphere, such as by planting trees.The idea is that by buying credits from governments or other issuers, companies would realize a cost for their emissions. They would also have an incentive to reduce emissions by selling any unused credits. There are different types of carbon markets: one is mandatory and another is voluntary. The former is managed by a state or international body, and it includes instruments like carbon taxes to regulate energy-intensive industries like utilities. The latter is where companies and individuals trade credits without being required to. And that's the one facing the heat.The problem is there's no centralized platform over which these credits can be traded. Voluntary carbon credits can be purchased directly from suppliers in registries — like Verra or Gold Standard — or through exchanges like ACX. That means there's no universal standard under which credits are certified and validated. "No one is overseeing what is being put up in the market itself," Lam said.In January, <a href="https://about.bnef.com/blog/carbon-offset-market-could-reach-1-trillion-with-right-rules/">a report from BloombergNEF researchers</a> said the total value of carbon credits issued and sold to help companies meet their de-carbonization goals could approach $1 trillion as soon as 2037 – under right rules. With tighter oversight, where companies can only purchase carbon credits that are vetted, offset prices could soar above $250 a ton."Today's offset market, built mostly on bilateral transactions for cheap credits, is potentially digging its own grave," the report said. "Buyers need transparency, clear definitions around quality and easy access to premium supply, or future years will resemble what we saw in 2022."Advocates hoped that a solution would come this month.In the Paris Agreement from 2015, Article 6 lays out some rules on how the carbon trade can work. But at the COP28 climate conference in Dubai, countries failed to adopt those standards."The operationalization of Article 6.4 would have provided a new structure for a global carbon market, opening up fresh demand for credits, with the UN deciding the rules on eligibility," researchers wrote in a <a href="https://www.spglobal.com/commodityinsights/en/market-insights/latest-news/oil/121323-cop28-lack-of-progress-on-article-6-likely-to-further-limit-carbon-market-growth" target="_blank" rel="noopener">S&amp;P Global note</a> Wednesday."Lack of progress on Article 6 [is] likely to further limit carbon market growth," they added.

Carbon markets are supposed to fight climate change. But prices have collapsed with no solution in sight.

<ul class="summary-list"><li>Climeworks' direct-air-capture plant can remove up to 36,000 metric tons of carbon from the air a year. </li><li>Carbon removal is becoming a key climate technology because the world isn't cutting emissions fast enough.</li></ul>The startup Climeworks this week switched on the largest direct-air-capture plant, which pulls carbon dioxide from the sky and locks it away underground.Climeworks said the plant, called Mammoth, has about 10 times the capacity of its first facility and could capture up to 36,000 metric tons of carbon emissions a year once it's completed.That amount is a small fraction of <a target="_blank" href="https://globalcarbonbudget.org/fossil-co2-emissions-at-record-high-in-2023/">the more than 40 billion metric tons</a> estimated to have been emitted globally in 2023, but the opening of Mammoth in Iceland marks a milestone for a nascent technology that scientists say will be key to slowing the climate crisis.Countries that signed the 2015 Paris Agreement said they would keep global temperatures from rising 1.5 degrees Celsius above preindustrial levels. A UN science panel has warned that the risk of catastrophic climate effects — including deadly heat waves, drought, famine, and infectious diseases —<a target="_blank" href="https://www.ipcc.ch/report/sixth-assessment-report-cycle/"> increases with each degree of warming</a>.Since then, planet-warming emissions have continued to rise. The Global Carbon Project estimated that these emissions reached record levels in 2023, mainly driven by burning fossil fuels like oil, gas, and coal for energy and transportation. European climate scientists on Wednesday said April <a target="_blank" href="https://climate.copernicus.eu/copernicus-global-temperature-record-streak-continues-april-2024-was-hottest-record">was the hottest month on record</a>, continuing an 11-month streak.Countries and companies aren't slashing emissions fast enough, so technology like direct air capture is becoming more important.But it's an expensive and uncertain pathway. Analysts estimate that for direct air capture to be widely adopted, <a target="_blank" href="https://www.weforum.org/agenda/2023/08/how-to-get-direct-air-capture-under-150-per-ton-to-meet-net-zero-goals/">the price of removing and storing 1 ton of carbon dioxide</a> would have to fall to $100 by 2050. Today it ranges from $600 to $1,000. Climateworks' Mammoth plant also cost hundreds of millions of dollars to build, though the company didn't disclose the exact amount.The company, which has big-name customers including Microsoft, Shopify, Swiss Re, Stripe, and JPMorgan Chase, said cost reduction was a priority. It added that while the Mammoth project wouldn't achieve that, it would help it innovate further and make the technology more efficient as it scales.Climeworks aims to become large enough to remove 1 million metric tons of carbon a year by 2030 and 1 billion metric tons by 2050 — or a megaton and gigaton.Climeworks' operations in Iceland are powered by renewable geothermal energy. In a press call, Jan Wurzbacher, a cofounder and co-CEO of Climeworks, described the process: Fans draw air through filters to separate out the carbon dioxide, which is then compressed with water and pushed underground into basalt rock formations. Within two years the mixture turns into rock and is stored away for millions of years. In early 2023, an <a target="_blank" href="https://www.businessinsider.com/carbon-dioxide-removal-air-sky-machine-climate-change-climeworks-2023-1">independent third party verified</a> that the process and its results were sound."There is more needed to scale up this industry," Wurzbacher said. "It's about offtake. It's about markets, standards, and regulations. And it's about public and private funding. A lot is needed in that area, and we need to move forward quickly to reach our targets."Wurzbacher said Climeworks had projects in the early stages of development in the US, Canada, Norway, Oman, and Kenya.The US Department of Energy last year <a target="_blank" href="https://www.energy.gov/articles/biden-harris-administration-announces-12-billion-nations-first-direct-air-capture">announced $1.2 billion in funding</a> for direct-air-capture demonstration plants. Climeworks is involved in a project in Louisiana, while Occidental Petroleum was selected for a plant in West Texas. The two plants could remove more than 2 million metric tons of carbon dioxide from the air each year.

The world's largest fans designed to suck carbon from the air are up and running in Iceland 

<ul class="summary-list"><li>Jeff Bezos took delivery of a Gulfstream G700 in July, according to JetSpy.</li><li>The $80 million private jet is the fourth aircraft in the Amazon founder's collection.</li></ul><a target="_blank" class="" href="https://www.businessinsider.com/jeff-bezos-life-career-education">Jeff Bezos</a> has become the owner of a <a target="_blank" class="" href="https://www.businessinsider.com/see-inside-qatar-executives-75-million-g700-private-jet-2023-7">Gulfstream G700</a>, the newest private jet model on the market.That's according to data from JetSpy and Jack Sweeney, the college student known for tracking Elon Musk and <a target="_blank" href="https://www.businessinsider.com/taylor-swift-threatens-sue-college-student-who-tracks-private-jet-2024-2">Taylor Swift's aircraft</a>.The G700, which is worth around $80 million, appears to be the fourth jet in <a target="_blank" class="" href="https://www.businessinsider.com/jeff-bezos-private-jet-collection-two-gulfstream-g650ers-seattle-hangar-2024-5">Bezos' collection</a>.JetSpy data shows that he also owns two of its predecessor model, the Gulfstream G650, plus a smaller <a target="_blank" class="" href="https://www.businessinsider.com/jeff-bezos-private-jet-pilatus-pc-24-inside-unique-toilet-2024-6">Pilatus PC-24</a>. This suggests that with his latest purchase, Bezos' aircraft collection is worth more than $200 million.Like the PC-24, the Federal Aviation Administration lists the G700's owner as a company called TVPX Aircraft Solutions.TVPX's website says it provides trust services for US business aviation, either due to rules on citizenship or for "privacy enhancement."<a target="_blank" class="" href="https://www.businessinsider.com/worlds-newest-private-jet-gulfstream-g700-qatar-airways-photos-ebace-2024-7">The G700</a> was certified by the FAA in March, allowing it to fly passengers after nine months of anticipation. The first two jets were delivered to Qatar Airways' private jet division. <a target="_blank" class="" href="https://www.businessinsider.com/elon-musk-new-jet-gulfstream-g700-photos-tour-2022-11">Elon Musk</a> has also reportedly ordered one.Based on past flights, Bezos appeared to take delivery of his G700, registered as N11AF, on July 10.According to JetSpy, the aircraft then made several journeys using the FAA's Privacy ICAO aircraft address (PIA) program. It lets <a target="_blank" class="" href="https://www.businessinsider.com/elon-musk-appears-no-longer-masking-private-jet-tracking-pia-2023-10">private jet owners fly incognito</a> by using a temporary aircraft registration.Last Sunday, the G700 departed Ibiza. Around the same time, Bezos and his fiancée Lauren Sánchez were photographed on the island, walking toward his <a target="_blank" class="" href="https://www.businessinsider.com/jeff-bezos-yacht">$500 million superyacht</a>.JetSpy data shows the plane made 28 flights in 39 days, emitting 264 tons of carbon dioxide. That's about 17 times what <a target="_blank" class="" href="https://ourworldindata.org/co2-emissions#per-capita-co2-emissions">the average American emits</a> in a year.Business Insider contacted Amazon, where Bezos remains executive chairman, about the Gulfstream G700 but did not immediately receive a response.

Jeff Bezos appears to have taken delivery of the newest, most-hyped private jet on the market

<ul class="summary-list"><li>Mercedes-Benz is installing fast EV charging stations at 100 <a target="_blank" class="" href="https://www.businessinsider.com/starbucks-history-timeline-50-years-in-photos-coffee-drive-thrus-2021-3">Starbucks</a> locations across the nation.</li><li>The partnership will help reduce range anxiety and could drive more Starbucks sales.</li></ul>Mercedes-Benz is bringing its fast electric-vehicle charging stations to 100 Starbucks locations. The move is a win for both EV owners and Starbucks, which is likely hoping to persuade drivers to stop in for a coffee or bite to eat while they charge up.The new 400 kW stations — with fast-charging capabilities that can juice up compatible EVs to about 80% in about 30 minutes — are set to be <a target="_blank" class="" href="https://www.prnewswire.com/news-releases/mercedes-benz-high-power-charging-and-starbucks-team-up-to-launch-an-elevated-ev-charging-experience-across-america-302199243.html">installed</a> in stores around the nation, including across Interstate 5, a critical West Coast route from Canada to Mexico. The charging stations will be accessible to all EV owners.The new charging stations will help reduce <a target="_blank" href="https://www.businessinsider.com/drove-electric-rv-from-london-paris-serious-range-anxiety-2023-6">"range anxiety" among EV owners</a>, giving them an easily accessible and well-known place to stop when their batteries run low.Range anxiety is the worry that an EV will run out of charge on a trip. Owners of gas-powered vehicles don't have to worry about this issue because they're usually near a gas station. But for EVs, it's a major roadblock to widespread adoption. In <a target="_blank" class="" href="https://www.businessinsider.com/ev-charging-is-so-bad-its-driving-owners-back-to-gas-2024-6#:~:text=A%20recent%20consumer%20study%20conducted,to%20an%20internal%2Dcombustion%20engine.">a June McKinsey survey, 46%</a> of US EV owners polled said they were likely to switch back to a gas-powered vehicle, citing range anxiety as a major issue.It's worth noting that <a target="_blank" class="" href="https://www.businessinsider.com/electric-vehicle-range-ev-charging-station-infrastructure-issues-2024-5">EV companies have come a long way</a> — fully battery-powered cars used to be able to drive only about 100 miles on a full charge in ideal weather conditions. Today, that number has just about tripled.However, <a target="_blank" href="https://www.businessinsider.com/electric-car-ev-sales-prices-problem-transportation-2024-1#:~:text=Sure%2C%20sales%20of%20EVs%20keep,hit%20the%20government's%20sales%20targets.">inconsistent charging hubs still present a significant hurdle</a> in wide-scale EV adoption, especially for drivers who embark on road trips or travel through remote areas. Lawmakers have tried to bridge the gap with EV tax breaks.And given the industrywide effort to increase charging accessibility, it isn't uncommon for EV makers to partner with other companies to create charging hubs.Mercedes-Benz previously partnered with Buc-ee's and Simon Property to install its high-power charging hubs across the US. A spokesperson for the company told Business Insider it focused on regions where EV drivers were already prevalent to accelerate adoption. It also aims to cover gaps in charging coverage, like on popular travel routes, the spokesperson added.They said it planned to expand to other locations, with a goal to eliminate the guesswork for the driver and create a seamless charging experience.While EV chargers won't affect Starbucks' ambitions to reduce its carbon emissions by 50% by 2030, the partnership enhances Starbucks' sustainability efforts and could help it combat a recent decline in comparable North American sales, <a target="_blank" class="" href="https://www.businessinsider.com/amazon-starbucks-earnings-how-cautious-us-consumers-spending-sales-decline-2024-5">which dropped 3% in the second quarter</a>.A company spokesperson told BI that by 2030, it hoped to lead the retail industry in decarbonization solutions. The spokesperson said that expanding EV networks was "good for business and good for our planet.""Partnering with Mercedes is the next step in expanding our EV charging network so our customers can refuel sustainably while they enjoy Starbucks," Michael Kobori, Starbucks' chief sustainability officer, said in the joint statement.Starbucks also partnered with Volvo in 2022 to place charging stations at 15 Starbucks stores in a 1,350-mile span from Denver to Seattle. The company said in its announcement it had 1,000 company-operated and licensed stores with nearby access to EV charging.The Starbucks spokesperson told BI that the company was not paying for the installation costs but would provide the space for stalls and other equipment. The number of chargers available at each Starbucks store will vary, but there should be a minimum of four at each location, the spokesperson added.The spokesperson said the coffee giant was continuing to learn how its customers interact with EV stations and exploring partnerships and areas that would benefit from similar routes.Mercedes-Benz opened its first high-power-charging site in November as part of an initial $1 billion investment to construct "the most desirable charging network." Since then, it's opened a dozen locations with 400 kW chargers across the country and plans to expand to half the US in the next 18 months.

Starbucks could give a much-needed jolt to the EV market

<ul class="summary-list"><li>Stocks ended higher Wednesday as traders took in jobs data and awaited the start of the Jackon Hole conference. </li><li>Revised jobs data show that the economy added 818,000 fewer jobs than initially forecast.</li></ul>US stocks gained on Wednesday as traders awaited the start of the Federal Reserve's Jackson Hole economic conference and took in revised jobs data from the past year. Major stock indexes traded higher, while Treasury yields dropped through Wednesday's session.The Bureau of Labor Statistics issued <a target="_blank" class="" href="https://markets.businessinsider.com/news/stocks/economy-added-818000-fewer-jobs-ed-yardeni-says-dont-worry-2024-8">revised job figures</a> from April 2023 through March 2024, which showed that the US economy added 818,000 fewer jobs during that timeframe than initially reported.The new figures, which reflect a weaker job market in that period, have bolstered confidence that the Fed is poised to loosen monetary policy and issue potentially steeper rate cuts than previously thought. Markets are eyeing a 39% chance the Fed could cut rates 50 basis points in September, up from less than 30% earlier this week, according to the <a target="_blank" class="" href="https://www.cmegroup.com/markets/interest-rates/cme-fedwatch-tool.html">CME FedWatch tool</a>."If you are in the rate cut in September camp, these data all but seal the deal on what [the] Fed needed to cut rates," Jamie Cox, a managing partner at Harris Financial Group, said in a statement.Investors were also soothed by the Fed's latest meeting minutes, which showed that the majority of FOMC members believed it would "likely be appropriate" to begin cutting interest rates in September, so long as economic data continues "to come in about as expected," the <a target="_blank" class="" href="https://www.federalreserve.gov/monetarypolicy/files/fomcminutes20240731.pdf">minutes</a> said.That's considerably more dovish than the tone central bankers have struck all year, with Fed Chair Powell previously stating that the central bank needed more confidence that inflation was back on track before easing policy."Still, overall the FOMC appears comfortable enough — and concerned enough — that initiating the easing cycle will help ensure that the economic backdrop, particularly the labor market, won't deteriorate at a marked pace," Quincy Krosby, the chief global strategist at LPL Financial, added.Investors are waiting for Powell to speak at the Fed's annual Jackson Hole retreat on Friday, where the central bank chief is expected to deliver more guidance on policy through the end of the year.Here's where US indexes stood at the 4:00 p.m. closing bell on Wednesday:<ul><li><a target="_blank" href="https://markets.businessinsider.com/index/s&amp;p_500?utm_source=markets&amp;utm_medium=ingest%3Futm_source%3Dmarkets&amp;utm_medium=ingest&amp;utm_medium=ingest&amp;utm_source=markets">S&amp;P 500</a>: 5,620.82, up 0.42% </li><li><a target="_blank" href="https://markets.businessinsider.com/index/dow_jones?utm_source=markets&amp;utm_medium=ingest%3Futm_source%3Dmarkets&amp;utm_medium=ingest&amp;utm_medium=ingest&amp;utm_source=markets">Dow Jones Industrial Average</a>: 40,889.96, up 0.13% (+54.99 points)</li><li><a target="_blank" href="https://markets.businessinsider.com/index/nasdaq_composite?utm_source=markets&amp;utm_medium=ingest%3Futm_source%3Dmarkets&amp;utm_medium=ingest&amp;utm_medium=ingest&amp;utm_source=markets">Nasdaq composite</a>: 17,918.99, up 0.57%</li></ul>Here's what else is going on today:<ul><li><a target="_blank" class="" href="https://markets.businessinsider.com/news/stocks/trump-media-truth-social-kamala-harris-presidency-election-odds-meme-2024-8">Trump Media stock is trading near record lows</a> as Kamala Harris reshuffles the election odds. </li><li><a target="_blank" class="" href="https://markets.businessinsider.com/news/stocks/stock-market-recession-investing-strategy-us-economy-outlook-mark-mobius-2024-8">Investors need to be cautious </a><a target="_blank" href="https://markets.businessinsider.com/news/stocks/stock-market-recession-investing-strategy-us-economy-outlook-mark-mobius-2024-8">about stocks</a>, according to investor Mark Mobius. The economy is flashing a warning that hasn't been seen in a century.</li><li><a target="_blank" class="" href="https://markets.businessinsider.com/news/stocks/jd-stock-price-plunges-walmart-sells-4-billion-stake-china-2024-8">JD.com plummeted after Walmart sold its $3.6 billion stake</a> in the Chinese retailer.</li><li><a target="_blank" class="" href="https://markets.businessinsider.com/news/commodities/carbon-credits-scandal-net-zero-germany-china-green-emissions-reduction-2024-8">A $5 billion scandal is rocking Germany's carbon credit market</a>.</li></ul>In commodities, bonds, and crypto:<ul><li>Oil futures dropped.<a target="_blank" href="https://markets.businessinsider.com/commodities/oil-price"> West Texas Intermediate</a> crude oil fell 1.7% to $71.93 a barrel. <a target="_blank" href="https://markets.businessinsider.com/commodities/oil-price">Brent crude</a>, the international benchmark, fell 1.45% to $76.09. </li><li><a target="_blank" href="https://markets.businessinsider.com/commodities/gold-price">Gold</a> was up slightly to $2,552 an ounce. </li><li>The 10-year Treasury yield dropped two basis points to 3.795%.</li><li><a target="_blank" href="https://markets.businessinsider.com/currencies/btc-usd">Bitcoin</a> jumped 3.4% to $61.563. </li></ul>

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