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Stocks fell broadly in midday trading on Wall Street Thursday and are on track to cap off their worst quarter since the early days of the pandemic. The S&P 500 index gave up 0.7%, bringing its losses for the year to 20%. The benchmark index has been on a dismal streak that dragged it into a bear market earlier this month. The Dow Jones Industrial Average fell 0.8% and the Nasdaq fell 0.9%. Retailers and other companies that rely directly on consumer spending were posting some of the biggest losses, as they have all year. The yield on the 10-year Treasury fell to 3.00%.

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In a blow to the fight against climate change, the Supreme Court has limited how the nation’s main anti-air pollution law can be used to reduce carbon dioxide emissions from power plants. By a 6-3 vote Thursday, with conservatives in the majority, the court said that the Clean Air Act does not give the Environmental Protection Agency broad authority to regulate greenhouse gas emissions from power plants that contribute to global warming. Instead, the EPA is limited to plant-by-plant regulation, the high court said. The court’s ruling could complicate the administration’s plans to combat climate change.

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FILE - Steam billows from a coal-fired power plant Nov. 18, 2021, in Craig, Colo. The Supreme Court on Thursday, June 30, 2022, limited how the nation’s main anti-air pollution law can be used to reduce carbon dioxide emissions from power plants. By a 6-3 vote, with conservatives in the majority, the court said that the Clean Air Act does not give the Environmental Protection Agency broad authority to regulate greenhouse gas emissions from power plants that contribute to global warming. (AP Photo/Rick Bowmer, File)

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FILE - Dmissions from a coal-fired power plant are silhouetted against the setting sun in Kansas City, Mo., Feb. 1, 2021. The Supreme Court on Thursday, June 30, 2022, limited how the nation’s main anti-air pollution law can be used to reduce carbon dioxide emissions from power plants. By a 6-3 vote, with conservatives in the majority, the court said that the Clean Air Act does not give the Environmental Protection Agency broad authority to regulate greenhouse gas emissions from power plants that contribute to global warming. (AP Photo/Charlie Riedel, File)

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Oil prices are high, and drivers are paying more at the pump. But the OPEC oil cartel and allied producing nations may not be much help at their meeting Thursday. The OPEC+ alliance, which includes Russia, is having trouble meeting its production quotas. So even an expected increase of 648,000 barrels per day for August may not do much to bring down prices as demand for fuel rebounds strongly from the pandemic. Experts also say countries like Saudi Arabia and the United Arab Emirates that can increase production have little incentive to do so. Plus, some oil from major producer Russia has been lost to the market as traders shun it over the war in Ukraine.

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FILE - The logo of the Organization of the Petroleoum Exporting Countries (OPEC) is seen outside of OPEC's headquarters in Vienna, Austria, Thursday, March 3, 2022. Oil prices are high, and drivers are paying more at the pump. But the OPEC oil cartel and allied producing nations may not be much help at their meeting Thursday, June 30. The OPEC+ alliance, which includes Russia. is having trouble meeting its announced production quotas. (AP Photo/Lisa Leutner, file)

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President Joe Biden’s point man for global energy problems knows, he says, that transitioning away from the climate-wrecking pollution of fossil fuels is the only way to go. As a U.S. energy adviser, Amos Hochstein advocates urgently for renewable energy, for energy-smart thermostats and heat pumps. But when it comes to tackling the pressing energy challenges presented by Russia’s war on Ukraine, Hochstein also can sound like nothing as much as the West’s oilfield roustabout. Republican and Democratic lawmakers alike are welcoming his efforts to move Europe to non-Russian supplies of natural gas. But some climate advocates worry the Biden administration is overemphasizing new natural gas infrastructure, locking in more climate damage for years to come.

AP
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Asian stock markets are mixed after the U.S. economy contracted and China reported stronger factory activity. Shanghai and Hong Kong gained, while Tokyo and Seoul declined. Oil prices advanced. Wall Street’s benchmark S&P 500 index edged 0.1% lower after data showed the U.S. economy shrank in the first quarter amid high inflation and weakening consumer confidence. Investors are uneasy about signs the biggest global economy might be in a recession due to interest rate hikes imposed to cool surging inflation. The global economy has been roiled by anti-virus measures in China that shut down Shanghai and other industrial centers and Russia’s invasion of Ukraine, which pushed up prices of oil, wheat and other commodities.

AP
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Russian forces are battling to surround the Ukrainian military’s last stronghold in a long-contested eastern province, as shock still reverberates from a Russian airstrike on a shopping mall that killed at least 18 people. Moscow’s battle to wrest the entire Donbas region from Ukraine saw Russian forces pushing toward two villages south of Lysychansk while Ukrainian troops fought to prevent their encirclement. The U.S. director of national intelligence said Wednesday the most likely scenario is a “grinding struggle” in which Russia consolidates its hold over southern Ukraine by the fall. Meanwhile, search teams and relatives raced to find people missing in the wreckage of the Amstor shopping center in the city of Kremenchuk.

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Rhode Island’s governor signed legislation Wednesday setting the most ambitious target in the nation to require the state to be powered completely by renewable energy. The legislation accelerates plans for the electric grid to operate with 100% renewable energy, so the goal is achieved in 2033. It’s the most ambitious timeline in the country. Oregon is the next closest state, with legislation that requires retail electricity providers to reduce emissions by 100% by 2040, according to the National Conference of State Legislatures. Other states set 100% goals with timelines between 2040 and 2050. Democratic Gov. Dan McKee signed the bill at a solar farm.