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Trump administration targets Biden electric vehicle regulations
The U.S. Environmental Protection Agency announced on Wednesday that it has begun efforts to reverse Biden's administration's vehicle emission rules, which would force automakers into building an increasing number of electric cars. This is just the latest of the Trump administration’s sweeping actions to undo prior efforts to encourage automakers to produce electric vehicles. The previous administration had rescinded a plan to have at least 50% new vehicles be EVs by 2030. The EPA The agency said that it would review its 2024 rules, which would reduce tailpipe emissions from passenger vehicles by almost 50% by 2032 as compared to projected levels for 2027. Ford Motor has backed the EPA's forecast that 35% to 56% of all new vehicles sold from 2030 to 2032 will need to be electrical to meet compliance. The EPA also said that it will be reviewing a regulation for 2022, which aims to dramatically reduce smog and soot emissions from heavy duty trucks. They claim the rule increases truck prices. The standards for 2022 are 80% stricter The rule is expected to result in a reduction of up to 2,900 premature deaths per year, as well as 1.1 million school days lost for children. It will also generate a net benefit of $29 billion annually. The EPA in Febuary Biden Administration's Congress will review the landmark California plan to stop selling gasoline-only cars by 2035 and possibly repeal it, but an agency of government has approved its approval. Last week The decision cannot be reviewed. Congress is separately considering Efforts to repeal EV Tax Credits Sean Duffy, Secretary of Transportation since January 1, revoked the fuel efficiency standards that Biden had set out to reduce fuel consumption for cars and trucks. He has also EV funding frozen for states charging. In June, the National Highway Traffic Safety Administration announced that it would increase Corporate Average Fuel Efficiency requirements for light duty vehicles to around 50.4 miles per galon (4.67 litris per 100km) by 2031. The current requirement is 39.1 mpg. Duffy directed NHTSA also to review rules for heavy-duty vans and pickup trucks through 2035. NHTSA stated in June that the rule for cars and trucks will reduce gasoline consumption by 64 billiard gallons by 2050, and emissions by 659 milliard metric tons. The report said that while some vehicles may be more expensive, consumers will save money on fuel and receive estimated net benefits worth $35.2 billion. (Reporting and editing by Chris Reese, Andrea Ricci and David Shepardson)
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At least 13 people have died and 20 others are injured in a bus crash that occurred in Bolivia
Local police reported that at least 13 people died and another 20 were injured after a bus veered from the road and crashed into a stone in Bolivia's western Potosi Region, they said. They attributed the deaths to heavy rains across the region. The crash on Wednesday is the latest in a string of fatal road accidents in South America. According to the Bolivian traffic police, at least 127 deaths and more than 200 injuries have been reported in 2025. The Transit Operative Unit recorded more than 15 000 accidents in 2024. This resulted in 1,480 fatalities, an average of four deaths per day. (Reporting and editing by Sarah Morland, Mark Porter and Monica Machicao)
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Brazil is mulling over all possible actions, but will not immediately retaliate to US steel tariffs
Brazil's Finance minister said on Wednesday the country will not immediately retaliate to tariffs imposed on imports of steel and aluminium by the United States, but instead seeks talks. The government noted that it would consider all options. The U.S. President Donald Trump increased tariffs on steel and aluminum imports, which took effect on Tuesday. This accelerated a campaign of reordering global trade to the U.S.'s benefit and drew swift retaliation by Canada and Europe. The Brazilian government issued a statement in which it expressed regret for the "unjustifiable' move of the U.S. citing the history of economic and political integration between the U.S. and Brazil. Brazil, the country that imports the most steel from the United States, has said it will take all measures possible to react in the coming weeks, including through the World Trade Organization. After a meeting in Brasilia with local steel industry members, Fernando Haddad, the Finance Minister told reporters that President Luiz-Inacio Lula Da Silva had ordered his economic team on Wednesday to engage the Trump administration. Haddad stated that "President Lula said to stay calm and noted that we have previously negotiated in conditions even less favorable than these current ones." Last week, Brazil's Vice-President Geraldo Alckmin held a call that his office described as "positive" with U.S. Secretary of Commerce Howard Lutnick about U.S. Tariff Policy. The two governments agreed to continue the dialogue. Brazil agreed in 2018 to a quota-system deal with the former U.S. Trump Administration, allowing the country to export semi-finished steel up to 3.5 millions tons to the U.S. Aco Brasil, the lobby for Brazil's steel industry, defended in a statement the system of quotas that was abolished on Wednesday when the new tariffs came into effect. Rui Costa said that Brazilian and U.S. officials will meet on Friday to try and reach an agreement on tariffs. Costa said that "reciprocity" is the standard diplomatic procedure, but that a decision final would only be taken after Friday's summit. Brazil's steel industry maintains a "mutually advantageous complementary" relationship with the United States. It is the third-largest importer of U.S. coal for steelmaking and the biggest exporter of semifinished steel to the United States.
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EPA tightens up regulation on US waterways
The U.S. Environmental Protection Agency (EPA) announced on Wednesday it would narrow the definitions of waters that could be federally regulated in order to comply with 2023 Supreme Court ruling. Republican legislators from agricultural states applauded this move. EPA Administrator Lee Zeldin stated that the agency would work to create a simple definition "that will stand the test of time and be durable." He said that the previous administration's definition "waters of the United States" placed unfair burdens on American citizens and increased the cost of doing businesses. This announcement is part of what Zeldin called a "ping-pong" of policy changes around the regulation and protection of "waters in the United States", which are protected by the 1972 Clean Water Act against pollutants such as fertilizers, pesticides, and mining waste. The EPA tried to expand its regulatory authority over wetlands and streams under the Obama and Biden Administrations. However, this was met with opposition from the industry, agriculture and Republican legislators who deemed it to be an overreach. The Sackett vs. EPA 2023 case established a standard that limits the ability of EPA and Army Corps of Engineers to regulate certain types of wetlands which do not connect to navigable waterways and streams. Shelley Moore Capito of West Virginia, the chairwoman of the Senate Environment Committee, said: "By delivering a framework which is both clear, and legally sound and refining key terms and rescinding previous vague and inconsistent guidelines, we bring predictability to all those who depend on clear, and workable, water regulations." Environmental groups have warned against a narrowing of the definition of waterways that are regulated. This would negatively impact on wetland conservation. Stacy Woods said that the Trump EPA has given the green light to industrial agriculture in order to pollute and drain valuable wetlands, which provide significant benefits to communities including flood protection and safe drinking water. Farm groups have supported a rollback of what they consider to be costly and burdensome regulations on water. Glenn "G.T." Thompson, chair of the House Agriculture Committee, said in a statement that this EPA action is "a crucial step to correct years of regulatory overreach, which has created uncertainty and confusion for rural communities, farmers and ranchers." Thompson, the chair of House Agriculture Committee said in a press release. Zippy Duvall said that the American Farm Bureau Federation had listened to the concerns of farmers in a press release.
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Continental Resources, a US-based producer, will help Turkey develop its shale gas fields
On Wednesday, Turkish Energy minister Alparslan Bayraktar announced on the social media platform X that TPAO, Turkey's national oil company, had signed a joint-venture agreement with U.S. producer Continental Resources for the development of shale deposits in Diyarbakir Basin. This cooperation will contribute greatly to our goal to bring Turkiye’s oil and natural gas resources into our economy. "I hope that this agreement will benefit all parties, as it opens up a new phase in Turkiye's exploration," he wrote in the blog. The Turkish oil and gas industry is not very large. Continental Resources CEO Doug Lawler stated in an email that "we recognize significant opportunities to further develop both in the U.S. We are very excited to work with TransAtlantic, Turkey Petroleum and other energy companies to develop innovative solutions to unlock the full potential of Turkey's resources. TransAtlantic Petroleum is developing the Selmo Field in Turkey, and executing a drilling program horizontally in eastern Turkey. Harold Hamm, founder of Continental Resources, warned on Wednesday that U.S. crude oil production was beginning to plateau. Reporting by Arathy S. Somasekhar, Writing by Liz Hampton and Editing by Marguerita C. Choy and Ni. Williams
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EPA to eliminate over 20 US air and water regulations
On Wednesday, the Trump administration announced regulatory rollbacks that included a repealing of emission limits for power plants, a reduction in protections for waterways, and a rollback on tailpipe pollution curbs. This was an attempt to meet President Trump's goals. Donald Trump Energy dominance agenda The Environmental Protection Agency (EPA) is unwinding 31 Biden-era rules that were intended to boost industries from agriculture, electric utilities, oil, petrochemicals, and automobiles. This aligns with Trump's pledges to cut red tape. However, they will also weaken the core environmental protections in U.S. water and air. In a video posted on X by EPA Administrator Lee Zeldin, he said that today is the "most consequential day in American history" of deregulation. He added that he was carrying out Trump's executive orders aimed to eliminate red tape in industry. Zeldin had announced on Wednesday morning that he would be attending the upcoming TEDxZeldin event. Reduce the number of waterways The Clean Water Act would regulate this activity, a move that was urged on by the agriculture and petroleum industries. He later announced that the agency will reconsider the Biden era Clean Power Plant Rule that seeks reduce carbon emissions from electricity plants and rollback greenhouse gas emission standards of heavy- and lightweight vehicles for model years 2027 and beyond. Zeldin has already been established Expected to take steps To undo a 2009 scientific finding that greenhouse gas emission endanger the public health, which underlies all of EPA's regulations on greenhouse gases. (Reporting and editing by Chris Reese; Valerie Volcovici)
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Trump mentions positive messages about a possible ceasefire between Russia and Ukraine
Donald Trump announced that U.S. officials would be heading to Russia to discuss a U.S.Ukraine agreement regarding a proposed 30 day pause in combat and a path to peace talks. Trump said that it was up to Russia now after Ukraine agreed to ceasefire for more than eight hours. Tuesday, with U.S. officials from Saudi Arabia Trump told reporters at the Oval Office: "I hope we can get a truce from Russia." "I have received some positive messages but they mean nothing. This is a serious situation." The Kremlin On Wednesday, the US was waiting for details about a proposed ceasefire in Ukraine. Senior sources from Moscow said that any deal must take into account Russia's advancements and its concerns. Trump said that a ceasefire for Russia would be logical, but also said that there were "a lot downsides for Russia as well," without providing any further details. "On one side we have pretty much resolved a complex situation. He said that we've discussed land, and the other issues associated with it. "We know what areas of land are being discussed, whether we should pull back or keep it." When asked if he'd do anything to put pressure on Russia, Trump replied: "I could do things financially. That would be very bad. I don't do it because I want peace. (Reporting and writing by Andrea Shalal, Katharine Jackson and Doina Chiacu. Editing by Diane Craft).
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Trump administration wants to exempt dirty US coal plant from soot regulations
According to sources familiar with the situation, the Trump administration plans to reverse pollution rules that reduce soot emission from U.S. power plants. This is a move to keep some of America's dirtiest coal-fired plants operating. Because they are small enough to enter the bloodstream, soot particles have a negative impact on health. The plan is in line with Trump's executive orders of January 20, which directed the Environmental Protection Agency (EPA) to review measures that affect energy reliability. They also declared a National Energy Emergency to increase government powers for boosting fossil fuels and electricity production. The White House did not respond to a request for comment immediately. Three people who have been briefed about the issue say that one of the targets is the Biden-era rule for 2024, which lowers the limits on particulate matter emissions from coal plants by almost 70%. Federal regulatory filings reveal that the EPA of former President Joe Biden said it thought it was reasonable to adopt a stricter standard because 91% existing coal plants already met it. The Trump administration said that it hopes to keep coal plants operating and restart those that have been shut down in order to meet the expected increase in demand for electricity in the coming years. The EPA has not responded to messages seeking comments. BENEFITS FOR THE BIGGEST EMITTERS About 200 coal-fired power plants remain in the U.S. They generate about 16% of electricity for the country. Rolling back the soot limit would benefit the country's most polluting coal plants. The EPA claims that the only coal plant in the United States without pollution controls is the Colstrip Power Plant in Montana. Talen Energy is the minority owner and operator of the plant. They have joined with more than 20 other states to challenge Biden's stricter regulations in Washington D.C. Circuit Court of Appeals. According to court documents, Trump's EPA administrator Lee Zeldin requested that the court postpone the oral arguments scheduled for the 27th of March to give the new leadership time to review the underlying regulation. "EPA intends closely to review the 2024 Rule." The agency's prior positions on the 2024 rule might not reflect the final conclusions it comes to after the review. Talen did not return a message seeking comment. NorthWestern Energy Group Inc. estimates that complying with Biden’s stricter limits could cost plant owners at Colstrip between $350 and $665 million. NorthWestern, after acquiring the interests of Avista Corporation and Puget Sound Energy, will be the majority owner of Colstrip by the end of the year. The utility will use the 1,500 megawatt plant that ran at about 80% last year to feed electricity to Montana's data centers, and to a 3,000 megawatt transmission line, 415 miles long, between Colstrip, North Dakota, and Bismark. NorthWestern didn't respond to a request for comment. The plant is known to have exceeded even the lowest federal limits of particulate matter. EPA disclosures reveal that in 2018, the plant's soot pollution was out of control and forced it to shut down for over two months. Talen Energy has agreed to pay $450,000 in fines to settle these air quality violations. The Biden-era limitations, if the Trump administration does not act, will require compliance by 2027. (Reporting by Tim McLaughlin, Editing by Richard Valdmanis & Nia Williams).
Walt Disney exceeds its earnings targets thanks to 'Moana 2
Walt Disney's earnings for the third quarter of 2018 exceeded Wall Street's estimates by a wide margin on Wednesday. The results were boosted by "Moana 2's" strong performance at the box office during the holiday season and the higher profits made in the streaming business.
The strong entertainment segment helped to offset the decline in Disney's domestic parks in Florida, which was impacted by Hurricanes Helene and Milton. In addition, the Experiences group led by the parks incurred approximately $75 million of expenses related to the launch of the Disney Treasure Cruise Ship in December.
Disney has reported a 44% increase in adjusted earnings per share of $1.76, for the quarter ending in December. This is higher than the $1.45 consensus estimate by 24 analysts surveyed.
The quarter's revenue rose by 5%, to $24.69 Billion. This was slightly higher than analysts' expectations of $24.62 Billion. Operating income increased 31% compared to a year ago, reaching $5.1 billion.
Disney CEO Bob Iger stated in a press release that "overall, this quarter was a good start to the fiscal-year, and we are confident in our strategy to continue growth."
Disney expects "high single-digit" growth in adjusted earnings per share in fiscal 2025, compared to the previous year. The streaming entertainment unit will also see an increase in operating income of about $875 million.
The company announced that it would incur costs of $50 million to exit its Venu Sports joint-venture with Warner Bros Discovery, Fox and Warner Bros. After facing significant legal opposition, the media companies abandoned plans to launch a streaming sports service in January.
The operating income of Disney's Entertainment division, which includes films, television, and streaming, rose to $1.7 billion during the third quarter. This is nearly twice the results achieved a year ago, thanks to "Moana 2" for its strong performance.
The animated sequel, which was released on Martin Luther King Jr. Day in January, became the fourth Walt Disney Animation movie to achieve this financial milestone.
Disney's traditional TV business has continued to decline. Operating income for so-called linear channels fell by 11%, to $1.1 billion.
Disney+ subscribers fell 1% in the last quarter, to 124.6 millions. A price increase in October had caused a slight drop in subscribers, as the company warned. The company also predicted a slight decline in Disney+ subscriptions in the second quarter compared to the previous one.
Disney+, Hulu, and ESPN+ all produced operating profits of $293 millions in the quarter. This is the third consecutive quarter of profitability, and represents a significant turnaround from the $138 million loss the previous year.
Operating income in the Experiences segment was about the same at $3.1 billion. This includes consumer products, cruise lines, and parks. The hurricanes and cruise ship expenses caused a 5% decline in profit at domestic parks, but operating income at international park rose by 28%.
The Sports unit, which includes ESPN and Star India, had an operating income of $247 million compared to a loss a year ago. This was due in part to the improvement in Star India’s operating results before Disney and Reliance Industries completed a deal combining their Indian media assets.
(source: Reuters)