Donald Trump on Friday will learn how the company that bears the former U.S. president’s name will be punished after being found guilty of scheming to defraud tax authorities for 15 years.

A New York state judge will impose the sentence after jurors in Manhattan found two Trump Organization affiliates guilty of 17 criminal charges last month.

The sentencing comes three days after Justice Juan Merchan of the Manhattan criminal court ordered Allen Weisselberg, who worked for Trump’s family for a half-century and was the company’s former chief financial officer, to jail for five months after he testified as the prosecution’s star witness.

Trump’s company faces only a maximum $1.6 million penalty, but has said it plans to appeal. No one else was charged or faces jail time in the case.

Manhattan District Attorney Alvin Bragg’s office, which brought the case, is still conducting a criminal probe into Trump’s business practices.

Bill Black, a professor at the University of Missouri-Kansas City School of Law specializing in white-collar crime, called the expected penalty a “rounding error” that offers “zero deterrence” to others, including Trump.

“This is a farce,” he said. “No one will stop committing these kinds of crimes because of this sentence.”

The case has long been a thorn in the side of the Republican former president, who calls it part of a witch hunt by Democrats who dislike him and his politics.

Trump also faces a $250 million civil lawsuit by state Attorney General Letitia James accusing him and his adult children Donald Trump Jr., Ivanka Trump and Eric Trump of inflating his net worth and the value of his company’s assets to save money on loans and insurance.

Bragg and James are Democrats, as is Bragg’s predecessor Cyrus Vance, who brought the criminal case. Trump is seeking the presidency in 2024, after losing his re-election bid in 2020.

At a four-week trial, prosecutors offered evidence that Trump’s company covered personal expenses such as rent and car leases for executives without reporting them as income, and pretended that Christmas bonuses were non-employee compensation.

Trump himself signed bonus checks, prosecutors said, as well as the lease on Weisselberg’s luxury Manhattan apartment and private school tuition for the CFO’s grandchildren.

“The whole narrative that Donald Trump was blissfully ignorant is just not real,” Assistant District Attorney Joshua Steinglass told jurors in his closing argument.

Weisselberg’s testimony helped convict the company, though he said Trump was not part of the fraud scheme. He also refused to help Bragg in his broader investigation into Trump.

The Trump Organization had put Weisselberg on paid leave until they severed ties this week. His lawyer said the split, announced on Tuesday, was amicable.

Weisselberg, 75, is serving his sentence in New York City’s notorious Rikers Island jail.

State law limits the penalties that Justice Merchan can impose on Trump’s company. A corporation can be fined up to $250,000 for each tax-related count and $10,000 for each non-tax count.

Trump faces several other legal woes, including probes related to the Jan. 6, 2021, attack on the U.S. Capitol, his retention of classified documents after leaving the White House, and efforts to overturn his 2020 election loss in Georgia.

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Irene Jiang / Business Insider

• Texas Roadhouse’s sales are gaining on bigger chains like Olive Garden.
• The chain started from just one location in 1994 to hundreds in 2023, with plans to reach 900.
• Founder Kent Taylor worked at KFC and Hooters before he found investors for Texas Roadhouse.

The first Texas Roadhouse opened in Clarksvillie, Indiana in 1993.

Photo By Raymond Boyd/Getty Images

Source: Texas Roadhouse

It wasn’t an easy road though, and founder Kent Taylor worked at other restaurant chains and concepts before landing on Texas Roadhouse.Texas Roadhouse.

chapin31/iStock

Taylor worked as a KFC area manager before starting Texas Roadhouse.

Omar Marques/SOPA Images/LightRocket via Getty Images

Source: Made From Scratch by Kent Taylor

He wasn’t successful within the KFC system because he was a “freethinker,” and a “rogue,” Taylor wrote.

Justin Sullivan/Getty

Taylor also managed a Hooters location before pursuing his own restaurant ideas full-time.

Hooters Facebook

Source: Mashed

Taylor left the job and pitched John Y. Brown, former Kentucky governor and partial owner of KFC, on his restaurant concept for the fifth time.

Photo by Stephen J. Cohen/WireImage

Brown invested $80,000 in Taylor’s steakhouse concept, but it wasn’t Texas Roadhouse.

Irene Jiang / Business Insider

It was a Colorado-themed steakhouse, called Buckhead Bar and Grill.Colorado Springs, Colo., May 2, 2006.

Ed Andrieski/AP Photo

When the partnership with Brown fell apart, Taylor came up with another idea: a cowboy-themed steakhouse.Texas Roadhouse.

Mary Meisenzahl/Insider

Source: Fortune

Things weren’t easy from there, though. Taylor says he pitched the Texas Roadhouse concept to more than 100 investors before he found backers.

Irene Jiang / Business Insider

Source: Biz Journals

In 1992, Taylor found three investors willing to put in $100,000 each after being convinced by his concept drawings on a cocktail napkin.

Texas Roadhouse

Source: Texas Roadhouse

Taylor recruited staff for the growing Texas Roadhouse chain by eating at other restaurants and introducing himself to servers, hosts, and cooks he thought were doing a good job, he wrote in his book.Waiters.

Lars Ronbog/Getty Images

Managing partners who ran each location had skin in the game because Taylor required they put $25,000 down and receive 10% of the location’s profits.Texas Roadhouse.

Mary Meisenzahl/Insider

Source: Restaurant Finance Monitor

Taylor and his team originally considered giving out free popcorn before settling on the chain’s iconic rolls.Texas Roadhouse.

Mary Meisenzahl/Insider

Source: Made From Scratch by Kent Taylor

Developing the perfect recipe for the rolls took three weeks, experimenting with different types of yeast and flour.Texas Roadhouse.

Mary Meisenzahl/Insider

There was also an ill-fated attempt to sell Mexican food at the restaurant, which lasted just two weeks thanks to “poor execution and almost no sales,” Taylor wrote.

Shutterstock

Since then, the chain has expanded from medium-sized US cities to smaller markets, with promising sales.Texas Roadhouse.

Mary Meisenzahl/Insider

Source: Restaurant Business Online

In 2002, singer Willie Nelson became an official partner of Texas Roadhouse by promoting the chain, and some locations have a corner of decor dedicated to him.

AP Photo/Hans Pennink

Source: Mashed

By 2004, 10 years after it first opened, there were 162 Texas Roadhouse locations in 32 states.

Irene Jiang / Business Insider

Source: Marketwatch

That same year, Texas Roadhouse filed for an IPO.

Irene Jiang / Business Insider

In the SEC filing, Texas Roadhouse said its operating strategy was based on high-quality food, low price points, and only serving dinner during weekdays.Texas Roadhouse.

Mary Meisenzahl/Insider

The chain expanded outside the US for the first time in 2011. It now has 15 locations in Middle Eastern countries.Texas Roadhouse.

Mary Meisenzahl/Insider

Source: Texas Roadhouse

Texas Roadhouse has grown steadily since, with 643 locations as of September 2022.Texas Roadhouse.

Mary Meisenzahl/Insider

Texas Roadhouse executives are planning to eventually grow to 900 US locations, the company said in October 2022.

Irene Jiang / Business Insider

Source: Restaurant Business Online

That pace of growth could put Texas Roadhouse on pace to become the largest casual chain by sales in the US.Texas Roadhouse.

Mary Meisenzahl/Insider

In 2021, the chain did $3.7 billion in sales, with average unit sales of about $6 million, according to earnings statements.Texas Roadhouse.

Mary Meisenzahl/Insider

Those high sales are how the chain can outpace or come close to competitors with more locations, like Chili’s and Olive Garden.

Diane Macdonald / Contributor/ Getty Images

In 2021, CEO and founder Kent Taylor died at age 65.

Texas Roadhouse

Source: Insider

President Jerry Morgan took over as CEO and oversaw an explosion of the chain’s to-go business.

Irene Jiang / Business Insider

SimpleImages

• The dollar’s recent slump will extend through 2023, according to UBS Global Wealth Management’s Dominic Schnider.
• “Ongoing dollar weakness – that’s the main narrative,” he said Friday.
• The greenback started 2023 on a weak footing, after the biggest quarterly loss since 2010 in the three months through December.

The dollar’s dismal performance in the final quarter of 2022 could continue through this year, with the Federal Reserve now close to halting its interest-rate increases, according to a UBS strategist.

Dominic Schnider, head of commodities and Asia-Pacific foreign exchange at UBS Global Wealth Management, said Friday that he’s forecasting further pain ahead for the greenback, with December’s lower inflation print giving the Fed more room to ease up on its monetary tightening campaign in the next few months.

“We probably are during 2023 going to see ongoing dollar weakness – that’s the main narrative,” Schnider told CNBC’s “Street Signs Asia” Friday. “It’s very simple – obviously the Fed is going to come to an end in hiking with the CPI number pointing in the right direction. We’re going to get only 25 basis points and probably not even go above 5%.”

The US Dollar Index – which measures the greenback against six alternative currencies – tumbled almost 8% in the October-December period, the biggest three-month decline since 2010. It had surged more than 17% during the first nine months of 2022 as the Fed raised borrowing costs at the fastest pace since the 1980s.

Rising interest rates tend to be bullish for a currency because it becomes more attractive to international investors seeking higher yields.

The dollar’s recent declines reflected market expectations that the US central bank is approaching the end of its current rate-hike cycle, with inflation showing a steady decline since mid-2022. The consumer price index gained 6.5% in December from a year earlier, the smallest increase in more than a year..

The euro and the Chinese yuan have bounced back against the dollar, with Europe managing to cope through the winter despite Russia’s efforts to disrupt its energy infrastructure and China finally reopening its economy after two years of harsh ‘zero-COVID’ policies.  

“More importantly, beyond [the Fed easing up on interest-rate hikes], is really the relative growth story, which is starting to pan out more favorable for China and Europe,” Schnider said.

The strategist expects the currencies to stay at or above their current levels of $1.10 and 6.5 yuan per dollar for the foreseeable future – which could mean that the dollar index’s struggles aren’t close to ending anytime soon.

Read more: King dollar’s worst slump in over a decade is hammering one of 2022’s biggest winners – but the greenback’s dominant run might not be over just yet

Taylor Rains/Insider

• Singapore Airlines operates the second-largest fleet of Airbus A380 jets.
• I recently flew on the mammoth plane in premium economy from New York to Frankfurt.
• While I thought the service and food were delicious, I couldn’t ignore the subpar headrests.

Singapore Airlines is considered one of the best carriers in world.Singapore Airlines A350-900.

KITTIKUN YOKSAP/Shutterstock

With a diverse fleet of commercial jets, from the Boeing 737 narrowbody to the giant Airbus A380, the airline connects Singapore to over 75 destinations worldwide.Singapore Airlines Boeing 737-8 aircraft

Singapore Airlines

Source: Singapore Airlines

In fact, the airline operates the world’s longest flight on its Airbus A350 workhorse, which journeys nearly 19 hours nonstop between New York-JFK and Singapore.Singapore Airlines Airbus A380.

Urbanandsport/NurPhoto/Getty Images

Singapore prides itself on its high standard of comfort and customer service.Singapore Airlines flight attendants.

ROSLAN RAHMAN / Contributor / Getty Images

In 2022, the carrier won several awards from airline ranking website Skytrax, including being named the world’s best first class and the world’s best cabin staff.First-class seating on a Singapore Airlines Airbus A380, which can be combined with the neighboring suite to create a huge room with a double bed and two loungers.

ROSLAN RAHMAN/AFP via Getty Images.

Source: Skytrax, These are the 20 best airlines in the world, according to one survey of travelers: See the full list

Considering its reputation, I wanted to see if the airline lived up to the hype. Here’s what my Singapore A380 flight from New York to Frankfurt in premium economy was like.My flight to Frankfurt was the first of two legs to Singapore. Singapore’s routing is a “fifth freedom right,” which allows the airline of one nation (Singapore) to transport passengers between two other countries (the US and Germany, in this case.)

Taylor Rains/Insider

I flew 19 hours on Emirates from Dubai to New York via Italy and wouldn’t hesitate to do it again over the 14-hour non-stop flight

I arrived at New York-JFK’s Terminal 4 at around 5:15 p.m. for my 8:15 p.m. departure, and I’m glad I arrived early because the check-in line was extremely long.

Taylor Rains/Insider

While I automatically checked in on the app thanks to the airline’s unique feature, I still had to retrieve my boarding pass from the ticket counter.According to the airline, an agent needed to verify my passport and confirm my credit card, the latter being a fraud prevention tactic.

Taylor Rains/Insider

Fortunately, I didn’t have to wait too long in line because I was flying in premium economy, which had a dedicated queue.

Taylor Rains/Insider

However, the economy line — which could see as many as 343 passengers per A380 flight — was overwhelming. I recommend those flying in regular coach to arrive super early to avoid any stress.The line was extended to the back wall of Terminal 4, leaving a gap in between to create a walkway for passengers heading to security.

Taylor Rains/Insider

Source: SeatGuru

Check-in was relatively simple, though my carry-on bag ended up being over the seven-kilogram (15.4-pound) limit.

Taylor Rains/Insider

This was actually the first time my carry-on bag was weighed by an airline. I found the weight restriction surprisingly low, and it would be difficult to fly to Singapore without checking luggage.Spirit Airlines has checked my carry on bag size, and weighed my checked luggage. But even the low-cost carrier — as well as others like Frontier and Allegiant — hasn’t weighed my carry on.

Taylor Rains/Insider

But, I was able to transfer some things to my personal item to get my bag within limits — and then I was off to security.I received both boarding passed for the two legs to Singapore, the first via Frankfurt.

Taylor Rains/Insider

While the regular TSA line was also very long, I was able to bypass it with TSA Pre-Check, which to this day is one of the best investments I’ve ever made.TSA Pre-Check is only $78 for five years, or $100 if you also want Global Entry.

Taylor Rains/Insider

Source: CBP

After killing a little time at an Irish pub, I headed to gate A6 for boarding.

Taylor Rains/Insider

Being a premium economy flyer, I was one of the first groups to board behind the first class suites…A grand staircase led up to the first class suites on the second level.

Taylor Rains/Insider

Singapore Airlines’ Airbus A380 and its famous first-class suite are leaving NYC — see inside the luxurious cabin

…and business class.

Taylor Rains/Insider

Both luxury cabins are located on the superjumbo’s second level. Business class passengers can board via a separate jetbridge that connects to the upper door.Two jet bridges upon landing in Frankfurt. There was also a third jetbridge that attached to one of the central boarding doors.

Taylor Rains/Insider

Premium economy is located towards the front of the aircraft and features 44 recliners in a 2x4x2 configuration.The first row has more legroom, but the screens are further away and there is no underseat storage.

Taylor Rains/Insider

Source: SeatGuru

Meanwhile, the economy cabin takes up the rest of the plane in a 3x4x3 layout.

Taylor Rains/Insider

Source: SeatGuru

My ticket was booked about a month before departure, so it was slim pickings when I selected my seat. Fortunately, there was a single window seat available — 34A — which became my temporary home for about seven hours on the trek to Frankfurt.Seat 34A is on the left side of the aircraft if facing towards the front of the plane.

Taylor Rains/Insider

I got settled into my seat with the help of the cabin crew who stowed my luggage. The overhead bins are situated high and can be difficult to reach for shorter humans like myself.

Taylor Rains/Insider

My first impression of the seat was very positive. The loungers were big, and the orange and gray color scheme was aesthetically pleasing to the eye.

Taylor Rains/Insider

The seat offers 38 inches of pitch and 19.5 inches of width. So, at only 5’3″, I found myself with more than enough legroom and could stretch my legs all the way out with no issue.

Taylor Rains/Insider

Source: SeatGuru

As I started exploring the full product, I realized the seat offered more than just a lot of space.Premium economy seats H and K on the opposite side of the plane.

Taylor Rains/Insider

Waiting for me at my seat was a large pillow and plush blanket…

Taylor Rains/Insider

…as well as a large water bottle.

Taylor Rains/Insider

Moreover, there was a big 13.3-inch flat screen TV loaded with dozens of shows, movies, music, and games…

Taylor Rains/Insider

Source: Singapore Airlines

…a handheld remote to control the inflight entertainment…

Taylor Rains/Insider

…a large tray table…

Taylor Rains/Insider

…a footrest…

Taylor Rains/Insider

…a legrest…

Taylor Rains/Insider

..and a deep recline.One of the premium economy seats in the fully reclined position.

Taylor Rains/Insider

The lounger also came with a huge seatback pocket big enough to fit my medicine bag, laptop, and electronics case…

Taylor Rains/Insider

…noise-canceling headphones…

Taylor Rains/Insider

…pockets for each passenger’s cell phone…

Taylor Rains/Insider

…as well as a reading light, a universal power outlet, and two USB ports per person — one next to the TV and one behind the armrest.

Taylor Rains/Insider

Two sets of cup holders lie between the seats, one by the armrest and a second by the legrest.

Taylor Rains/Insider

I was particularly impressed with the ample storage. There was a small area between the seat and armrest, and space between the seat and fuselage, which is where I stored my linens until I was ready to sleep.The space between the fuselage and the seat in front of me.

Taylor Rains/Insider

However, I had one major gripe with the premium economy product — the headrests.

Taylor Rains/Insider

While they are supposed to be adjustable, they simply did not fold all the way in to create a full cocoon for my neck.The headrest only folded in about 50-60 degrees, rather than folding fully perpendicular to the seat.

Taylor Rains/Insider

It’s possible it was a malfunction with my specific seat, or simply because the seat is so wide that my head has to lean further to reach the wing.A representative showing me how to fold the wings in during my tour in April.

Taylor Rains/Insider

Regardless, this made sleeping much more difficult, and the large gap between the seat and the fuselage made it hard to rest my head that way as well.

Taylor Rains/Insider

In fact, after flying economy on the second leg to Singapore, I found I slept better because the headrests folded all the way in and my neck felt supported.The economy right headrest wing is folded nearly all the way here. The seats in economy are narrower, so it’s possible the smaller space made my neck feel more cozy and cradled compared to premium economy’s wide seat.

Taylor Rains/Insider

Nevertheless, premium economy shined over regular economy in about every other area, particularly the added amenities and perks.

Taylor Rains/Insider

About 10 minutes after takeoff — which was right on time — the cabin crew came around with nuts, as well as drinks like champagne, orange juice, water, wine, and beer.

Taylor Rains/Insider

I thought this was speedy, excellent service, and a great appetizer before dinner.The view out the window during takeoff.

Taylor Rains/Insider

The first meal was served about 30 minutes into the flight, and there were three options: a beef dish, chicken fried rice, and prawns — I chose the latter.

Taylor Rains/Insider

I got my food very quickly because I pre-ordered on the app, which was more convenient than waiting for the galley cart to get to my row.The orzo salad with chicken served with the prawns.

Taylor Rains/Insider

Overall, I thought the main dish was delicious. It also felt like a unique food for an airline to serve.

Taylor Rains/Insider

My meal also came with an orzo salad, bread and butter, cheese, crackers, and a drink.

Taylor Rains/Insider

For dessert, we were given vanilla ice cream. However, I’ll admit it was still frozen when served and I had to wait a while before I could eat it.

Taylor Rains/Insider

Throughout the meal, the flight attendants were prompt with their service, regularly collecting trash and refilling cups.Nice silver cutlery was served with dinner.

Taylor Rains/Insider

After dinner, I propped my legs up, reclined my seat, and put on a movie as I fell asleep. I liked that the TV adjusts out so travelers can still see the screen when the seat in front is fully reclined.

Taylor Rains/Insider

I slept on and off for about two hours before waking up for the second meal service, which was about one hour before landing. We were given a choice of pizza or a chicken sandwich with honey mustard.

Taylor Rains/Insider

I tried the pizza, which was tasty. But, after the big dinner and my body still being on New York time, I didn’t have much of an appetite for the heavy options. Personally, I’d prefer something lighter like what most airlines serve as breakfast on a red-eye flight, like yogurt.

Taylor Rains/Insider

Granted, Antony McNeil, Singapore’s food and beverage director, told Insider that the carrier’s meals are designed to make passengers feel fuller for longer — and it clearly works.Singapore’s global food & beverage director, Antony McNeil.

Taylor Rains/Insider

I spent the rest of the flight watching a movie and using the inflight WiFi. The service is complimentary for KrisFlyer members in both premium and regular economy.

Taylor Rains/Insider

Source: Singapore Airlines

I also visited the lavatory before landing, which was one of the nicest ones I’ve ever seen, with wood-like finishings…

Taylor Rains/Insider

…and a full-body mirror.

Taylor Rains/Insider

Overall, I enjoyed my experience on Singapore. The seat was plush, the food was good, the crew members were friendly, and the flight was on time.Premium economy curtain separating the cabin from regular economy.

Taylor Rains/Insider

Though, I can’t ignore the issue with the headrest. It’s a little detail, but it made the difference as I would prefer a good headset over a legrest and footrest.

Taylor Rains/Insider

I think if Singapore can fix this issue, then premium economy would be nearly perfect.

Taylor Rains/Insider

Russia’s defence ministry said on Friday that its forces had taken control of the salt-mining town of Soledar in eastern Ukraine, state media reported.

Russian forces captured the town, long the focus of heavy fighting and bombardment, on Thursday evening, the ministry said. This would now allow its troops to cut off Ukrainian forces from the nearby, much larger town of Bakhmut, it added.

Reuters was not able to immediately verify the defence ministry’s claim.

Ukraine said earlier on Friday that its forces were still holding out in Soledar after a “hot” night of fighting, in what has become one of the bloodiest battlefields of the entire war.

Both sides have endured heavy losses in the battle for the small town.

Moscow is seeking what would be its first big battlefield gain after half a year of humiliating retreats. Kyiv says Russia is throwing wave upon wave of soldiers into a pointless fight for a bombed-out wasteland.

Tesla (TSLA.O) has slashed prices on its electric vehicles in the United States and Europe by as much as 20%, extending a strategy of aggressive discounting after missing Wall Street estimates for 2022 deliveries.

The move, which prompted a 4.5% fall in Tesla’s shares in pre-market U.S. trade, came after CEO Elon Musk warned that the prospect of recession and higher interest rates meant it could lower prices to sustain volume growth at the expense of profit.

The lower pricing across Tesla’s major markets marks a reversal from the strategy the automaker had pursued through much of 2021 and 2022 when orders for new vehicles exceeded supply. Musk acknowledged last year that prices had become “embarrassingly high” and could hurt demand.

More stable cost inflation was also a factor in reducing prices, said a spokesperson for Tesla Germany, confirming price cuts in its top European market.

The U.S. price cuts, announced late Thursday on its global top-sellers the Model 3 sedan and Model Y crossover SUV, were between 6% and 20%, Reuters calculations showed.

The basic version of its Model Y now costs $52,990, down from $65,990 previously.

That is before an up to $7,500 federal tax credit that took effect for many electric vehicle models at the start of January.

Following is a table of the price cuts by model in Germany and the United States:

Tesla also cut prices for its Model X luxury crossover SUV and Model S sedan in the United States.

In Germany, it cut prices on the Model 3 and the Model Y by between about 1% and almost 17% depending on the configuration. It also cut prices in Austria, Switzerland and France.

For a U.S. buyer of the long-range Model Y, the new Tesla price combined with the U.S. subsidy amounts to a discount of 31%. In addition, the Tesla move broadened the vehicles in its line-up eligible for the Biden administration tax credit.

Before the price cut, the five-seat version of the Model Y had been ineligible for that credit, a designation Musk called “messed up”. After the price cut, the long-range version of the Model Y will qualify.

The cuts may make EV cars affordable to people who may have been previously priced out of the market.

In France, customers buying the Model 3 for 44,990 euros ($48,773) will now get a further price reduction through a government subsidy of 5,000 euros. The threshold for the EV scheme is 47,000.

“This should really boost 2023 (Tesla) volumes,” Gary Black, a Tesla investor who has remained bullish on the company and its prospects through the recent, sharp share price decline, said in a tweet. “It’s the right move.”

Still shares in U.S. pre-market trading were lower, as investors worried the move might erode bumper margins, particularly as competition intensifies.

“Tesla is an outlier because it’s still got eye watering valuations when it comes to the number of cars that it actually sells. But ultimately there are all the other providers that sell a hell of a lot more cars overall,” said Michael Hewson, chief market analyst at CMC Markets UK.

Some users on Tesla fan forums online also complained the price cuts disadvantaged those who had recently bought their vehicle, leaving them with a lower second-hand value.

“Just reducing 10,000 euros like that – definitely makes you feel that you just paid far too much,” one user wrote on a ‘Tesla Drivers and Friends’ forum.

In China, where Tesla cut prices last week by 6-13.5%, owners protested at delivery centres, calling for compensation.

Before the cuts, Tesla inventory in the United States, as tracked by models its website shows as immediately available, had been trending higher. Prices on used Tesla models had also been dropping, increasing pressure to adjust new-car prices.

For 2021, the United States and China combined had accounted for about 75% of Tesla sales, although it has been growing sales in Europe, where its Berlin plant has been ramping up output.

Tesla cut prices in China and other Asian markets last week in its first major move since appointing its lead executive for China and Asia, Tom Zhu, to oversee U.S. output and sales.

Analysts had said the Chinese price cuts would boost demand and increase pressure on its rivals there, including BYD (002594.SZ), to follow suit in what could become a price war in the largest single market for electric vehicles.

Tesla’s Model 3 was the best-selling electric vehicle in Germany last month, followed by the Model Y, beating Volkswagen’s (VOWG_p.DE) all-electric ID.4. Volkswagen recently raised the price of its entry-level ID.3, putting it at parity with the now-discounted Model 3.

Tesla missed Wall Street estimates for fourth quarter deliveries. Full year growth in deliveries was 40% – also short of Musk’s own forecast of 50%.

($1 = 0.9224 euros)

Joe Biden’s best two months since becoming president ended on the evening of January 9, when White House lawyers revealed that classified materials from Biden’s years as vice president had been stored in his Washington, D.C., office between 2017 and 2019. A few days later, the White House confirmed that additional secret papers had been found inside Biden’s garage in Wilmington, Delaware. On January 12, attorney general Merrick Garland appointed a special counsel to investigate whether Biden broke the law and revealed that another document had been recovered. And the scandal grew.

Biden lapsed into legalese. The West Wing built a stonewall in the press room. Democrats and their media allies pointed out differences between the Biden case and that of former president Trump, who is also under special counsel investigation for inappropriate handling of classified documents and for his actions after the 2020 election. The liberal spin failed to impress House Republicans, who quickly added the controversy to their list of investigations. They want to know why the news was kept secret for so long, and whether the documents are connected in any way to Hunter and James Biden’s influence peddling. Fair questions.

The news couldn’t have come at a worse time for the president. Biden has been on a winning streak since last November when Democrats avoided a midterm meltdown and the Republican Party lapsed into divisive recriminations. In December, Biden pocketed legislative victories on same-sex marriage and government funding and hosted Ukrainian president Volodymyr Zelensky at the White House. He began the new year with a bipartisan event in Kentucky alongside Republican Senate leader Mitch McConnell.

Meanwhile, House Republicans were caught up in an embarrassing, though potentially productive, fight over speaker. As for the economy, the labor market continues to please. Gas prices are down year-over-year. Inflation could be receding. Biden’s approval rating is on the upswing.

The McConnell event previewed Biden’s strategy for the coming year. Josh Kraushaar of Axios was the first to point out that the president is “quietly pivoting to the middle” as he lays the foundation for a reelection campaign. Highlighting infrastructure projects authorized by his spending bills, as Biden did in Kentucky, is part of the plan. And there appears to be more. A day after his trip to the Bluegrass State, Biden delivered remarks on immigration and proposed measures to relieve the crisis on the southern border. On January 8, he visited El Paso, where he walked along a portion of border wall.

On January 9, a member of the Consumer Products Safety Commission raised the possibility that the federal government might ban gas stoves. The comments ignited public outrage that spooked both the commission and the White House into reversing course. Then, on January 12, Biden had an op-ed in the Wall Street Journal outlining ways he and Republicans could work together to reduce the malign influence of Big Tech. “There will be many policy issues we disagree on in the new Congress,” Biden wrote, “but bipartisan proposals to protect our privacy and our children; to prevent discrimination, sexual exploitation, and cyberstalking; and to tackle anticompetitive conduct shouldn’t separate us.”

The outreach to Republicans is not the same as then-president Clinton announcing in 1996 that “the era of big government is over.” The Democratic Party has moved too far left for Biden even to contemplate such a rhetorical concession. But he is making a noticeable shift in tone from—and a clever obfuscation of—the partisan hardball and undiluted progressivism of the past two years.

The logic behind what some call “Triangulation Lite” runs like this: By addressing the concerns that conservatives and Republicans share with moderates and independents, from crime to illegal immigration to social media contagion, Biden and the Democrats will be in a better position to cast themselves as sober-minded stewards of the economy and entitlements in this year’s fight over the debt ceiling. They will be better able to portray former president Trump and the MAGA movement as extremist threats to democracy in 2024. Triangulation Lite draws lessons from Democratic success in last year’s Senate and governor’s races by targeting suburbanites worried about the direction of the GOP.

The success of Triangulation Lite is not guaranteed. It requires economic recovery, continued success in Ukraine, and Donald Trump’s place at the center of the Republican Party. It also depends on Biden’s physical and mental condition as well as his competence on the job. That’s asking a lot. Since launching his third bid for the presidency in 2019, Biden has benefited more from his opponents’ weaknesses than from his own strengths.

Nor have supply shortages, inflation, the border, and the retreat from Afghanistan inspired confidence in Biden’s leadership among Republicans, independents, or for that matter Democrats. The red wave may not have materialized nationwide in 2022, but it’s not as if the president rallied his party to an incredible victory. Republicans won the House with a majority of votes. And statewide races in Iowa, Ohio, Georgia, and Florida showed how a GOP that has its act together can compete effectively in 2024.

The document drama exposes Biden as a hypocrite. It brings him down to earth just as he was beginning to take off. It lends a helping hand to Republicans while they shake off the dust from the speaker’s fight and staff their investigative committees. It’s another headache for a president who has never been forthright about his relationship to his family’s lobbying and consulting business.

Biden finished 2022 and spent the first week of 2023 on offense. Now he’s on defense once more. He doesn’t like the feeling. But he better get used to it.

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