Month: January 2017

China’s Clean Air Bid Scares Rivals in Duel Over Dirty Fuel

The Asian country’s road to cleaner air has been gradual, with lead-free gasoline only becoming a requirement in 2000, almost three decades behind the U.S. This month, China imposed new curbs on the amount of sulfur in vehicle fuels to about a fifth of the previous standard, putting it on par with Europe, which has the world’s strictest emissions controls. While the change helps China battle the smog that’s choking residents from Beijing to Xian, many of its refiners still produce the dirtier fuel.

Gov. Brown plays small ball with budget

California Governor Jerry Brown is proposing an austere state budget for 2017-18, trying to rein in spending in the face of economic – or political – headwinds. That’s the deficit projected for the coming fiscal year, the first red ink in California since 2012-13.

What Obamaa s address has in common with memorable farewells from past presidents

President Obama delivers his farewell address at McCormick Place in Chicago, Tuesday, Jan. 10, 2017. With President Obama’s final speech to the nation Tuesday night in Chicago, he faced a unique challenge unlike any modern president that came before him: How to give the milestone farewell address, one that typically touts a president’s key achievements and attempts to define his legacy before he leaves office, just as his signature legislative achievement, the Affordable Care Act, is threatened to be undone.

Startup funding drops in 2016

U.S. one dollar bills are arranged for a photograph in New York, U.S., on Thursday, Feb. 26, 2009. Less money flowed to Silicon Valley startups in 2016, after a period of frenzied spending the year before.

Berger outlines 2017 regulatory advocacy focus

NAFCU President and CEO Dan Berger told members Tuesday that the association will continue to “directly take on federal regulatory burden and forcefully represent credit union interests at every available opportunity” in an email that also highlighted some of the association’s efforts over the past year. Regarding the NCUA, Berger said the ultimate goal is to minimize the regulatory burden and push the agency to be more efficient in how it spends credit unions’ dollars.

VW emissions-cheating deal could put employees in hot seat

The imminent criminal plea deal between Volkswagen and U.S. prosecutors in an emissions-cheating scandal could be bad news for one group of people: VW employees who had a role in the deceit or subsequent cover-up. VW on Tuesday disclosed that it is in advanced talks to settle the criminal case by pleading guilty to unspecified charges and paying $4.3 billion in criminal and civil fines, a sum far larger than any recent case involving the auto industry.

Obama Farewell to Nation Draws Not-So Subtle Contrast With Trump

President Barack Obama blasted “zero-sum” politics as he drew a sharp contrast with his successor in his farewell address Tuesday night, acknowledging that despite his historic election eight years ago his vision for the country will exit the White House with him. Obama’s prime-time address was a call for political engagement after a grueling election won by Republican Donald Trump, who made undoing Obama’s achievements the centerpiece of his campaign.

Analyst Who Foresaw Yen Fall Sees More Pain as 125 in Sight

The yen is set to slump to 125 against the dollar in 2017, with little chance of a sustained gain past 115, as the Federal Reserve’s policy tightening widens the interest-rate differential between U.S. and Japan, said Mansoor Mohi-uddin, a strategist at NatWest Markets, a unit of Royal Bank of Scotland Group Plc. The forecast shows Mohi-uddin, who previously estimated a trading range of 110 to 120 for the yen versus the greenback, has turned more bearish.

VW Closes in on $4.3 Billion U.S. Accord in Diesel Scandal

Volkswagen AG is closing in on a deal to pay $4.3 billion in criminal and civil penalties to settle a U.S. probe into the rigging of diesel-powered cars to cheat emissions tests. The agreement, which VW said Tuesday will include a guilty plea, raises the cost of the scandal to more than $23 billion in the U.S. and Canada, blowing by the 18.2 billion euros the carmaker had set aside to resolve the disputes.

Don’t Ignore These Great Chip Makers: Cramer’s Top Takeaways

When it comes to the semiconductor sector, why does the market obsess about Nvidia ? That was the question that had Jim Cramer scratching his head on Tuesday’s episode of “Mad Money,” as he called the market’s focus on this single chip maker “repulsive.” As the most recent Consumer Electronics Show just proved, there is a lot of really important technology that relies on chips not made by Nvidia, a stock that rallied 220% in 2016.

Hungary Plans to Crackdown on All Soros-Funded NGOs

Hungary plans to crack down on non-governmental organizations linked to billionaire George Soros now that Donald Trump will occupy the White House, according to the deputy head of Prime Minister Viktor Orban’s party. The European Union member will use “all the tools at its disposal” to “sweep out” NGOs funded by the Hungarian-born financier, which “serve global capitalists and back political correctness over national governments,” Szilard Nemeth, a vice president of the ruling Fidesz party, told reporters on Tuesday.

VW Shrugs Off Scandal Woes as 2016 Deliveries Rise to Record

Volkswagen AG delivered more cars and trucks than ever before, shrugging off the emissions-cheating scandal by wooing more customers in China. The German manufacturer, which vies with Toyota Motor Corp. for the title of the world’s biggest automaker, posted a 3.8 percent rise in sales to 10.3 million vehicles in 2016, the Wolfsburg-based company said in a statement.

What presidential scholars say we might hear in Obamaa s farewell address

When President Obama addresses the country Tuesday night in Chicago, the place where he launched his political career, presidential scholars say he will face a unique moment, unlike perhaps any modern president before him: He will be giving this milestone address just as his signature legislative achievement is threatened to be undone. As a result, the opportunity also exists for a unique farewell address, a rhetorical device that has been used by many but not all presidents to recap their tenure, help solidify their legacy and address the future.

Livermore oil driller seeks larger underground disposal area

Amid greater scrutiny of oilfield contamination threats to California’s groundwater, state officials will hold a hearing Wednesday on a proposal to expand the aquifer area where a Livermore driller is permitted to dispose of oily wastewater. Some environmentalists will speak out against the proposal by E&B Natural Resources for federal permission to expand the aquifer exemption area where it is permitted to put wastewater from oil extraction.

LA leaders call for ban on campaign finance from developers to a restorea faith

In an election season in which city politicians have increasingly come under attack for a perceived closeness with deep-pocketed developers, five council members on Tuesday sought to dispel that image by proposing a ban on political contributions from donors seeking approval for their real estate projects. The city’s ethics laws already forbid those seeking public contracts from donating to elected officials and candidates.

Here’s Why Weight Watchers International, Inc. Lost 46% in 2016

After reality set in and it became clear that the former talk-show host did not possess a magic way to turn the company around, its shares went on a sort of yo-yo diet. They popped on hints of good news or comments by Winfrey, then they tanked when those effects wore off: After opening 2016 at $21.34, Weight Watchers closed the year at $11.45, a 46% drop.

How to Deal With Trump’s Cabinet

Senate Minority Leader Chuck Schumer says President-elect Donald Trump’s cabinet nominees “need a thorough vetting.” He’s right, but exactly what he and his colleagues mean by that won’t be clear until the Senate’s confirmation process begins this week.

Trump Says He’s – Exploring’ Forming Commission to Study Autism

President-elect Donald Trump’s team said Tuesday that he’s considering establishing a special autism commission after vaccine skeptic Robert F. Kennedy Jr. said Trump had invited him to head up a panel on immunization safety and science. After meeting with the incoming president in New York at Trump Tower, Kennedy told reporters he had accepted an offer to lead a panel on “vaccine safety and scientific integrity.”

VW Closes in on $4.3 Billion U.S. Accord in Diesel Scandal

Volkswagen AG is closing in on a deal to pay $4.3 billion in criminal and civil penalties to settle a U.S. probe into the rigging of diesel-powered cars to cheat emissions tests. The agreement, which VW said Tuesday will include a guilty plea, raises the cost of the scandal to more than $23 billion in the U.S. and Canada, blowing by the 18.2 billion euros the carmaker had set aside to resolve the disputes.

Valeant Sells $2.1 Billion in Assets to Ease Debt Burden

Valeant Pharmaceuticals International Inc. agreed to sell about $2.1 billion in assets in two deals, an important first step in the struggling drugmaker’s endeavor to get cash and begin easing its debt burden. L’Oreal SA, the Paris-based cosmetic giant, will pay Valeant $1.3 billion for three skin-care brands, according to a statement Tuesday.

Big Oil Hits Sweet Spot as New Projects Reap Rewards of Recovery

Big Oil is poised to reap rewards this year as investments made before the crude-price slump pay off just as the recovery starts. Seven of the world’s largest energy companies will together boost oil and natural gas output by 398,000 barrels a day, the most since since 2010, according to data from Oslo-based consultant Rystad Energy AS.

Plot twists, suspense mark George Lucasa plans for museum

This undated file concept design provided by the Lucas Museum of Narrative Art shows a rendering of their proposed museum, just west and north of the Coliseum in Exposition Park in Los Angeles. “Star Wars” creator George Lucas and his team announced Tuesday, Jan. 10, 2017, they have chosen Los Angeles over San Francisco as the home of the museum that will showcase his work.

Gross Says 10-Year at 2.6% Is a Bigger Deal Than Dow at 20,000

Investors should watch for 10-year Treasuries to move above 2.6 percent, a threshold that would mark an end to the three-decade bond bull market and be a more important barometer than the Dow Jones Industrial Average passing 20,000, according to billionaire bond manager Bill Gross. “It is the key to interest rate levels and perhaps stock price levels in 2017,” Gross, manager of the $1.8 billion Janus Global Unconstrained Bond Fund, wrote in a monthly investment outlook released Tuesday.

Obama Alum David Plouffe Joins Zuckerberg’s Philanthropic Group

David Plouffe, President Barack Obama’s former campaign manager, will lead policy and advocacy for the Chan Zuckerberg Initiative, the philanthropic organization created by Facebook Chief Executive Officer Mark Zuckerberg and his wife, Priscilla Chan. Plouffe, who has been a full-time adviser for Uber Technologies Inc., will step away from his day-to-day duties, but he’ll remain a non-voting Uber board member, the ride-hailing company said.

Trump Asks Vaccine Skeptic Kennedy to Lead U.S. Safety Panel

President-elect Donald Trump has asked Robert F. Kennedy Jr. to lead a committee on the safety of vaccines, selecting an environmentalist who has linked the shots to autism in defiance of broad scientific consensus. Kennedy met with the incoming president at Trump Tower in New York on Tuesday and afterward told reporters that he had accepted an offer to lead a panel on “vaccine safety and scientific integrity.”

VW Closes in on $4.3 Billion U.S. Accord in Diesel Scandal

Volkswagen AG is closing in on a deal to pay $4.3 billion in criminal and civil penalties to settle a U.S. probe into the rigging of diesel-powered cars to cheat emissions tests. The agreement, which will include a guilty plea according to VW, raises the cost of the scandal to more than $23 billion in the U.S. and Canada, blowing by the 18.2 billion euros the carmaker had set aside to resolve the disputes.