Latest News
-
The US finalizes a sharply lower vehicle fuel efficiency standard
Officials said that the?US?Transportation department will on Monday finalize a sharply lower vehicle's fuel economy standard through 2031. This is reversing an effort by the Biden Administration to force automakers into building more electric vehicles. Donald Trump announced that he has approved new fuel efficiency standards for cars, trucks and buses. He said this will reduce the cost of new vehicles. Sean Duffy, Transportation Secretary, said that "a major victory is coming for America's automobile workers on Monday." According to the department's estimates, new standards would reduce vehicle costs but increase fuel consumption. Trump's move comes at a time when American motorists are struggling with steeply higher fuel costs since the U.S. - Israel war began against Iran in February. The government under Democratic President Joe Biden 'tried to push automakers into building more electric vehicles in order to meet the rising fuel efficiency standards. Biden increased the required fuel efficiency of cars by 8% per year for model years 2024-2025, 10% per year for 2026, and 2% each year from 2027-2031. In December, the Trump administration proposed to retroactively reduce the fuel efficiency standard for 2022 model years and then raise it between 0.25 and 0.5% per year through?2031. The Transportation Department proposed that fleetwide fuel efficiency would average 34.5 miles per gallon (14,7 km per liter), down from the 50.4 miles per galon (21.4km per liter), under Biden. It estimated that its proposal would reduce average new vehicle prices by $930 per vehicle. The department stated that it would increase fuel consumption by 100 billion gallons by 2050. Fuel spending would also rise by $185 billion, and carbon dioxide emissions about 5%. Trump's decision?will allow automakers to offer consumers less-efficient vehicles. Pete Buttigieg who was the Transportation Department head under Biden said that lowering?standards would accelerate what Trump has already done: giving the future of clean tech to China, and forcing Americans to spend more money at the pump. Biden's focus was on reducing US greenhouse gas emissions, fossil fuel usage and accelerating the transition to clean energy. Clean-energy manufacturing and technology is a key component of the US's global leadership.
-
Falling oil prices provide support for bonds in trouble
US Treasury yields stabilized on Friday, with benchmark 10-year note yields moving lower for the day as oil prices fell, after having earlier reached new'multi-decade highs', and traders priced in more Federal Reserve interest rate increases. The AI industry continued to be a source of optimism, which boosted the stock market. The oil price fell by about 3% as traders grew more hopeful of a possible truce between Iran and the US. However, they were also concerned that the Houthi fighters' increased attacks on Saudi Arabia could cause a disruption in the Middle Eastern producers supply. The US Treasury yields are at their highest level since the financial crises, mainly due to persistent concerns about inflation. While the latest signs of 'diplomatic progress' in the Middle East may have temporarily eased geopolitical worries, the market is still unconvinced of the prospect of a normalization of the global energy supply," said Ian Lyngen, BMO Capital Markets head of US rates. The bond market is experiencing a daily downward trend. The benchmark 10-year Treasury Yield fell 0.37 basis point to 5.158% after earlier reaching 5.2297% - the highest since 2007. The 30-year bond rate rose by 2.63 basis points, to 5.4883%. It had previously reached 5.5319%. The ICE BofA MOVE Index is a measure for?bond market volatility. It has risen by about 30% in the last week. This is the biggest increase since April 2025's Liberation Day tariff chaos. A survey released on Friday showed that US consumer sentiment fell to a new low of four months in September, amid fears?that rising prices would reduce the purchasing power of households. Japan's 10-year bonds yield reached 3.121% elsewhere, a record level last seen in 1996. Five of the most influential central bankers in the Group of 10 have increased rates this month. The rest have signaled a pending hike or warned of increasing inflation. STOCKS STAY BOUGANT The stock market has remained resilient despite bond market turmoil. US stocks have rallied on AI-driven optimism, and hope for improved Middle East oil supplies. The Dow Jones Industrial Average increased by 0.93%. The S&P 500 rose by 0.51%, and the Nasdaq Composite grew by 0.48%. Microsoft's 2026 gain jumped to 7% after it unveiled new features in its Copilot application, such as a coding app and an AI agent that is always on. The MSCI?gauge for stocks around the world rose by 0.53%. The pan-European STOXX 600 rose by 0.35%. US President Donald Trump hosted Xi Jinping, the Chinese President, at 'the White House' on Thursday. The lavish summit was laden with symbolism, but lacking in substance. There were no signs of progress on thorny topics such as AI and trade, Taiwan, or even the 'war with Iran. DOLLAR OPTIMISM Analysts expect further Fed tightening to keep the US currency strong. Morgan Stanley analysts, led by David S. Adams, said in a report on Friday that they expect the dollar to remain strong through 2027. They cited?favorable rate differentials against peers, robust US economic growth and heightened political risks in Europe. The euro rose 0.14% to $1.1395. The dollar fell 1.01% against the Japanese yen to 157.22. Satsuki Katayama, Japan's Finance minister, said that Trump expressed concern over the yen during a meeting with Japanese Prime Minister Sanae Takayichi this week. Spot gold increased 0.31%, to $4.291.25 per ounce.
-
Vujcic, ECB's Vujcic, warns diesel prices could fuel inflation
The European Central Bank's Vice President Boris Vujcic stated on Friday that diesel prices are likely to stay high due to the?shrinking refining capacity around the world, which could?push? up inflation in other parts of Europe. As conflicts in the Middle East, Ukraine and elsewhere disrupt supply, diesel prices are at record highs. This adds to the inflation pressures within the fuel-importing Euro zone and complicates the ECB's attempts to control price increases. Vujcic said at an event held by the Federal Reserve Bank of Cleveland that "energy prices, especially diesel, will probably stay high for a long time and this?will feed?inflation, because diesel is used in many products." He said that drone attacks on Russian refining facilities had curtailed supply. Meanwhile, the Iran war disrupted traffic through the Strait of Hormuz. This week, the 'diesel market was again jolted by the US President Donald Trump who voiced his support for a possible ban on US diesel exports. Later, the US administration tried to downplay that possibility.
-
EU letter warns about energy price crisis and asks for countries to curb demand.
In a letter to countries that was seen by, the EU's energy chief warned of a looming energy crisis as the fallout from the Iran war has roiled oil and gas markets. In a letter sent to the energy ministers of EU member states, EU Energy Commissioner Dan Jorgensen stated that "we are facing a pricing crisis linked to a supply crises." Europe relies heavily on imported gas and oil. About 80% of Europe's gas needs are met by foreign suppliers. This leaves the continent highly vulnerable to global energy price increases caused by the Iran War's closure of the Strait of Hormuz. The Strait of Hormuz is normally used as a transit route of 20% of the world's oil. Europe is not facing a shortage of gas, but prices are soaring. Some countries are struggling to fill their gas storage before winter when home heating demand peaks. Gas Infrastructure Europe data shows that EU gas storage is 70% full, which is 12 percentage points less than the previous year. Jorgensen stated that the EU was better prepared than in winter 2021, when Russia reduced Europe's gas deliveries. This is due to increased LNG import capacity, renewable energy, and a reduction in gas demand. He urged the governments to intensify their preparations for winter. Jorgensen stated, "I invite you to take or continue to take measures that can sustain [gas-storage] injections or to reduce gas and electric demand for as long?necessary." Jorgensen suggested that such measures might include "limiting the temperature in public buildings", preventing "outdoor heating" and turning off unnecessary lighting. A spokesperson for the European Commission did not respond immediately to a comment request.
-
Atomic Eagle anticipates renewed interest in Niger financing after uranium transaction
The chief executive of Atomic Eagle said that an agreement reached between the government of Niger, and the uranium developer Atomic Eagle this week will help to improve the access to funding for uranium project in the West African country. The mining ministry announced on Wednesday that Niger had doubled its share in the Madaouela Uranium Project to 40%. This brought an end to the dispute with Australia's Atomic Eagle. According to the World Nuclear Association, in August, Ghana is Africa's biggest uranium producer, with about 336,000 metric tonnes of identified uranium reserves in 2023. According to data from the industry, spot uranium prices are nearly a fifth higher in August than they were a year ago, with an average of $89.68 per pound. Atomic Eagle CEO Phil Hoskins stated on Thursday that the recent support received by Global Atomic was a "fantastic indicator" that international finance would be willing to fund Niger uranium project again. NIGER TIGHTENS CONTROL OVER URANIUM SECTOR The military leaders who took power in 2023 through a coup tightened the state's control over Niger’s uranium industry, revoking all permits held by Orano, GoviEx and Atomic Eagle. This triggered arbitration proceedings, and raised investor concerns about resource nationalism. Hoskins stated that Atomic Eagle will update feasibility studies and?secure environmental permissions? in the next two-year period, with a view to bringing?the Madaouela Project?back to a construction-ready state. The agreement stipulates that Niger can hold 15% of the shares at no cost, and another 25% stake which it will have to fund. The CEO of Atomic Eagle said that the company had agreed to cover Niger's funding obligations for the project up to $40,000,000. Hoskins stated that he did not believe the deal would have any negative impact on the ability to develop the mine, or the economics. He added that the company was open to funding from other investors, such as China, in order for the project's development.
-
Official Syrian says that gasoline shipped to Syria is now being transported by road to Iraq
A senior Syrian oil official said that gasoline shipped to Syria is now moving via road to?Iraq. This creates a?two-way energy pathway through a route Baghdad uses to?export petrol since the disruption?to shipping across the Strait of?Hormuz. Iraq began using the Syrian route when the Iran War cut off its main Gulf trade routes, the Strait of Hormuz. Baghdad said that it would develop alternate routes through Syria, even if the traffic through Hormuz returns to normal. Before the establishment of the return leg, fuel oil was transported from?Iraq ports to Syrian ports. This week, the first cargo for Iraq, approximately?32.800 metric tons, on the Marshall Islands flagged tanker Avanti was unloaded at the Baniyas Refinery in?Syria before being loaded into trucks, according to Tareq Shallash. Director of the Refining Directorate of state-owned Syrian Oil?Company. Shallash stated that 77 tanker truck have already left Baniyas and are heading to the Iraqi border. The loading is still ongoing, and further shipments are expected. He said that the gasoline had not been produced in Syria or taken from stock intended for Syrian markets. Shallash, the company's CEO, said that UCC Holding in Qatar was the supplier of this operation and was responsible for its transportation. Saleem Al-Rikabi,?spokesperson for the Iraqi Oil Ministry?, told? When asked to comment on Friday, Iraqi oil ministry?spokesperson Saleem al-Rikabi said: LSEG shipping data shows that another Marshall Islands flagged tanker, Gaita loaded gasoline in the Port of Houston, before?sailing on to Baniyas, for discharge. Reports?in July indicated that Iraqi fuel oil, transported by road from Baniyas to the US and then by sea for a first time? had arrived in the US. Shallash stated that the current "transit contract" was only for gasoline. However, future agreements could expand it to include other petroleum products, crude oils, or other goods.
-
Oil prices ease slightly as stocks weather bond volatility
On Friday, global stocks posted their best weekly performance since early August as AI euphoria, and the prospect of a better Middle East energy supply won out over rising bond yields. Oil prices fell as traders considered the possibility of an agreement between the United States and Iran. Sources close to the talks said that negotiators were exploring a phased exit from the war, which would include reopening Strait of Hormuz. The bond market has been able to find some relief from the inflationary fears that were triggered by higher energy costs, thanks to a slight drop in oil prices. Jan von Gerich, Nordea's chief market strategist, said that markets tend to believe rumours about better news from the Middle East. "But there's no quick solution and the weekend is coming, so we might see some caution." Brent crude?remains above $100 per barrel, keeping yields on government bonds near recent highs. Japan's 10-year bonds yielded 3.115% - a level not seen since 1996. After last week's rate hike, inflation fears have boosted bets for multiple Federal Reserve?rate increases. The dollar is now on track to gain for a second consecutive week. The STOXX 600 index for Europe rose 0.6%. U.S. stocks futures were also higher, a good sign for Wall Street's opening later. MSCI's World Stock Index was slightly firmer than usual on Tuesday and is set to have its best performance in a week since the beginning of August. Xi Jinping, the Chinese president, is currently in Washington, D.C. for talks with Donald Trump. However, there have been few signs of progress on the thorny issue of AI, trade, Taiwan, or the Iran War. Under threat RISK ASSETS Investors are demanding ever higher returns on debt, especially long-dated bonds, due to inflation fears and fiscal pressures. Nigel Green of deVere Group Financial Advisors said, "The bond markets around the world are shrieking, and ignoring them could prove to be very costly." "Once the risk-free rate in the largest economy of the world is above 5%, then every asset must justify its value against this." "Equity, property, private debt, emerging market bonds -- nothing is immune." The benchmark 10-year Treasury rate was slightly higher today at around 5,17 percent, after a 20-basis point surge in two days to a new peak of about 5,22 percent. This was the largest two-day increase since April of last year, when Trump's Liberation Day Tariffs shocked markets. The 30-year US bond yields are at 5.47% after a 17-bps surge in the last two days. This is their highest level since 2004. Mortgage rates have risen to 7% due to an increase in US borrowing costs. The yields on euro zone bonds were lower than usual last Friday, but they are still poised to rise for the seventh consecutive week. Nordea's von Gerich said that the bond market has seen "violent moves" and these moves went further than economic conditions justified. He also noted that yields could continue to fall. Investors are preparing for more rate increases from major central banks. Five of the Group of 10 central banks that are most influential have increased rates this month. The rest have either warned of a rate hike or signaled a rise is on the way. Norway raised rates Thursday, and Sweden's Riksbank indicated that it would likely follow suit before the end of the year. The dollar is held steady by expectations of further Fed tightening. The dollar index, while a little lower on Friday was still set for a second consecutive week of gains. This week it has reached its highest level since late July. The dollar lost 0.4% to the yen, falling from a peak of three weeks. Japan's Finance minister Satsukikatayama reported that Trump expressed concern over yen strength during a meeting with Japanese Prime Minister Sanae Takaichi this week.
-
WTO's dispute body accepts Russia's panel request regarding EU carbon border levies
The World Trade Organization’s dispute settlement body has agreed to Russia’s request on Friday for a panel to examine the European Union’s carbon border tax. The dispute over the EU's Carbon Border Adjustment Mechanism began last year. Russia argued that the measure, which imposes carbon charges?on certain imported goods to match the costs of carbon faced by European producers, is discriminatory, and asked the WTO to decide whether it violates the international trade rules. The first request, made in July of this year, was not accepted. However, the second request received on Friday was. CBAM was designed to protect European industries from cheaper imports coming from countries that have weaker climate regulations. It has been criticized by trading partners such as?Brazil and South Africa, who claim that it penalizes developing economies. The EU offers allowances under its flagship policy to reduce greenhouse gas emissions, the Emissions Trading System. This is what Russia claims. The EU has expressed confidence that its measures are compatible and will take part in the proceedings.
As U.S. heat deaths rise, some proprietors oppose right to a/c
Summertimes in New York City are hard for Anthony Gay and his household. A small, portable air conditioner in his bed room is the only relief they have from soaring temperature levels in their Brooklyn rental.
The remainder of the apartment or condo is literally excruciating to walk through, stated Gay, 40, whose asthmatic son has a hard time to breathe in the heat.
Heat can be a killer. An approximated 350 New Yorkers die prematurely each year due to the fact that of severe heat, according to the city's 2024 Heat-Related Mortality Report. Absence of access to air conditioning in your home is the most essential danger factor in such deaths, it stated.
Yet, throughout the United States, about 12 percent of homes--. or about 12.7 million homes-- had no access to air. conditioning in 2020, according to the most recent government. data. Much more had some air conditioning, like Gay, however not. enough to beat the heat.
Frequently, homes with little or no air conditioning are. inhabited by low-income locals-- typically occupants-- and people of. color, a 2022 Boston University analysis of 115 U.S. city areas. discovered.
That leaves them susceptible as environment change makes. heatwaves more regular, more extreme and longer lasting. Heat. tension now kills more people internationally each year than any other. weather-related cause, according to the World Health. Organization-- and many of these deaths take place inside your home.
A Reuters survey of housing regulations in all 50 U.S. states found that, while almost half of them need property owners. to keep existing a/c systems, none need that. air-conditioning be offered. Nor do rental housing guidelines. describe air-conditioning as a vital service like plumbing,. heat and electricity.
Nevertheless, a little however growing number of U.S. states, cities. and counties have actually embraced legislation that enforce maximum indoor. temperature requirements on rental housing.
In the last 5 years, six U.S. localities, consisting of New. Orleans and Clark County, Nevada, have embraced such cooling. laws, compared to simply seven in the previous 20 years,. according to Reuters' evaluation of property codes and interviews. with more than a dozen policymakers and real estate officials.
Now, America's two biggest population centers-- New york city. City and Los Angeles County-- as well as Austin, Texas, are. proposing new indoor temperature level maximums for renters.
New York is proposing a cap of 78 Fahrenheit (26 degrees. Celsius), and Austin is considering 85 Fahrenheit (29 C), while. L.A. County has yet to formalize its target. New York City and. Austin's proposals would require that proprietors install cooling. systems, given the difficulty of retrofitting old building stock. to permit much better air flow and other passive measures.
The moves are setting up a showdown with effective property owner. lobbies.
Comparable expenses in other jurisdictions-- California, Texas and. Hot Springs, Arkansas-- have actually failed in the last few years after. landlords' groups told policymakers they would require to raise. rents to make up for the expenses of updating home electrical. systems and including a/c.
The California Apartment or condo Association property manager lobby does not. support a cooling mandate till we can discover a method to make certain. that we do not knock out our electrical system and make the cost. so expensive, stated Debra Carlton, the group's executive vice. president of state public affairs.
A 2022 statewide bill died following property manager push back. The. California Legislature rather asked state professionals to craft. recommendations, which were published this June, suggesting an. indoor maximum of 82 F (28 C) for newly-constructed systems only.
A law in New York City may have a much better opportunity as Mayor. Eric Adams made establishing a summer indoor temperature level policy. by 2030 among the objectives for his administration. His office. stays devoted to the 2023 strategy, a City Hall representative. informed Reuters.
A bill proposed in July would require rental homes be kept. at 78 F or lower when outside temperatures hit 82 F or above-- a. regular event during New york city summers.
If authorized, the procedure would impact some 750,000 renters. who do not have air-conditioning, according to Council member. Lincoln Restler, who sponsored the expense.
There's a seriousness to this legislation, he stated. Heat is. the No. 1 environment killer, and it's only worsening.
Restler said the costs would allow 4 years for property owners to. make energy effectiveness and electrical upgrades.
A MATTER OF LIFE AND DEATH
While cooling represent about 4 percent of the. world's overall greenhouse gas emissions, which fuel climate. modification, research shows it likewise conserves lives. A 2016 research study. estimated a 75 percent drop in the variety of U.S. heat-related. deaths on hot days throughout the latter half of the 20th century. after air conditioning was presented, according to findings released in the. Journal of Political Economy.
Heat-related deaths are undercounted internationally,. epidemiologists say. The United Nations, in a report this year,. said that modelled quotes suggest that in between 2000 and 2019,. around 489,000 heat-related deaths took place each year,. with almost half of those in Asia.
In the United States, the Centers for Illness Control and. Avoidance estimates that heat-related deaths have been. increasing, with around 2,302 in 2023 versus 1,602 2. years formerly. Nevertheless, that data only consists of death. certificates that specifically point out heat and is concerned by. lots of experts as a remarkable undercount.
Among the few places to track indoor and outdoor. heat-related deaths is Maricopa County in Arizona, where. temperature levels routinely top 110 F (43 C). In spite of two of its. cities-- Phoenix and Tempe-- passing optimum indoor temperature. laws, the county registered 156 indoor heat-related deaths last. year, a five-fold increase over the last years.
Although the trend is bleak, in 2023 Phoenix and Tempe fared. much better than cities in the county without cooling laws. Indoor. deaths represented 21 percent of Phoenix's heat-related deaths. and 17 percent of Tempe's, compared to a county average of 24. percent - and more than 32 percent in the cities of Scottsdale. and Mesa, public health information revealed.
Record-breaking heat waves in recent years have actually spurred some. brand-new legislation.
Following the 2021 heat dome that hit the Pacific Northwest,. the U.S. state of Oregon in 2022 and Spokane, Washington, in. 2024 approved procedures to limit property managers' ability to stop. occupants from installing their own air-conditioners over concerns. about liability or utility expenses.
But much of America's warmest cities and states are. struggling to pass laws on safe temperatures.
The Arkansas mountain city of Hot Springs in 2015. abandoned a proposal for cooling requirements in rental units after. receiving problems from property manager groups, stated Phyllis Beard, a. member of the city's board of directors.
In an August 2023 email sent out to the board, examined by. Reuters, Hot Springs proprietors stated the proposition would hurt the. most susceptible in our neighborhood by making budget-friendly housing. difficult if not impossible to provide.
Updating a single-family U.S. home to a central. air-conditioning system usually costs between $5,000 and. $ 10,000, according to figures from the American Society of Home. Inspectors, while an in-window unit costs around $400 on top of. electrical upgrades for older homes to support the system. This. can run in between $2,000 and $3,000, the California Apartment or condo. Association said.
And while the Texas cities of Dallas, El Paso and Houston. have set indoor temperature standards, a statewide expense stalled. in 2015 after opposition from the Texas Apartment Or Condo Association,. home representative Sheryl Cole told local media. The city of. Austin is now mulling brand-new guidelines.
In muggy Florida, Democratic State Senator Jason Pizzo, a. real estate developer, said that he had spoken to Florida. proprietor associations and was positive his state would pass an. air-conditioning requirement within the next two years, regardless of. seeing 4 previous efforts fizzle considering that 2021.
Pizzo argued that, with Florida's mold-encouraging. humidity, air-conditioning makes great economic sense, protecting. not only a building's citizens however likewise the structure itself:. air-conditioning is a dehumidifying, home damage-protecting. instrument.
The Florida Home Association, which states it represents. more than three-quarters of home homes in the state, did. not react to an ask for remark.
ENVIRONMENT SHIFT
In L.A. County, the board of supervisors-- its five-member. governing body - is expected to vote later this year on a bill. that might affect the county's 3.4 million families, more than. half of whom are tenants.
There as soon as was a time where we understood that people dying. of the cold inside is something that we needed to regulate,. stated L.A. County manager Lindsey Horvath who advanced the. motion. Lots of U.S. jurisdictions need that rental housing can. fulfill minimum indoor temperatures: California state law. states a minimum of 70 F (21 C).
Now with the manner in which the environment has actually shifted, we also. have to consider those higher, she stated.
By mid-century, main Los Angeles is expected to. experience 3 times more days of temperature levels above 95 F than. it did between 1981 and 2000.
Some California tenant groups fretted that passing laws to. force house upgrades could result in evictions followed by. higher leas-- as the state's eviction law allows landlords to. remove tenants if a home restoration needs an authorization and will. take more than one month or is thought about unsafe. L.A. County landlord associations also said they were gearing. as much as combat, and pointed out factors from costs to liability to. aesthetics.
Badly set up window a/c systems might fall on people,. Daniel Yukelson, executive director of the Apartment Association. of Greater Los Angeles, informed Reuters. He also criticized such. window units as sort of unpleasant.
(source: Reuters)