The U.S. will likely emerge the winner in a "cold currency war" that is heating up, an expert said.Currenciesread more
These box office numbers do not include the cost of production or marketing costs. They also don't count the billions in merchandising that Disney has made over the last...Entertainmentread more
Tariffs are the only instrument left for addressing China's systematic and excessive surpluses on its U.S. trades, writes Michael Ivanovitch.US Economyread more
In its latest attempt to build market credibility, China on Monday launched the Science and Technology Innovation Board, or "STAR Market," on which 25 companies were listed.China Economyread more
When Cathy Hsu and Tony Hsieh wanted to build an English language app for Chinese children, they decided to follow Facebook and Google's lead.Start-upsread more
Stocks in Asia were lower on Monday, as shares on a new Nasdaq-style technology board on the Shanghai Stock Exchange skyrocketed on their debut day.Asia Marketsread more
Instagram began tests that hide "like" counts on posts. That means influencers who market products on Instagram will have to rely on different metrics to show success.Technologyread more
Peter Neupert worked for Microsoft and Amazon-backed Drugstore.com, where he got to know Jeff Bezos. He now advises start-ups.Technologyread more
The firing of the tear gas was the latest confrontation between police and protesters who have taken to the streets for over a month to fight a proposed extradition bill and...China Politicsread more
Last week shows that oil prices are not the indicator for Middle East tensions they once were, and worries about global demand and growing U.S. production has changed that...Market Insiderread more
Facebook Vice President David Marcus is the face of the company's Libra digital currency, but the original driving force was a 26-year-old female corporate-development...Technologyread more
California's already-high gas prices jumped up again on July 1, with a new 5.6 cents per gallon gasoline tax hike.
The increase brings the average price per gallon in California for regular gasoline to a national high of $3.755 per gallon, according to the American Automobile Association, more than a dollar a gallon more than the national average of $2.717 per gallon.
The hike takes California's total statewide gas tax up to 47.3 cents per gallon, according to the state's Department of Tax and Fee administration.
With the new tax in place, it will cost approximately 78 cents more to fill an average 14-gallon gas tank, according to Marie Montgomery Nordhues, a spokeswoman for the Auto Club of Southern California.
Although it comes just before the July 4 holiday, the tax increase is unlikely to suppress Independence Day travel because most people have already finalized their plans, Nordhues said. AAA is projecting a 4.1% increase in holiday car travel in California from to last year.
Republicans in the state Assembly attempted to delay the July 1 increase two weeks before it took effect, but Democrats blocked the measure, according to The Associated Press.
"With this increase, California will once again have the highest gas taxes in the nation. You'd hope that would at least pay for quality roads, but no, ours are some of the worst in the country," Assembly minority leader Marie Waldron said in a statement. "It's sad that instead of using existing funding efficiently, Democrats, on a party-line vote, supported yet another regressive tax increase on California drivers."
Under the 2017 law, the tax will automatically increase annually based on a Consumer Price Index adjustment, beginning July 1, 2020.
But officials say these tax increases may not be sufficient to fill the state's infrastructure needs, the Times reported.
California Gov. Gavin Newsom has expressed concern about the state's high gas prices. Gas in California is more than 10 cents a gallon more expensive than in the next-highest state, Hawaii, according to AAA.
In April, Newsom called for the state's energy commission to investigate gas prices and blamed "inappropriate industry practices" for the price disparity, the Times said.
The commission said in a May memo that "market manipulation" could potentially explain high gasoline prices in California, and that it would continue to investigate the source of the disparity.
Gasoline prices nationwide were surging in early 2019, but fell in May and June before rising July 1, according to price-tracking firm GasBuddy.