Biden administration announces sweeping car emissions proposal
The US Environmental Protection Agency says the rules will dramatically slash emissions and reduce burden of pollution.
The administration of President Joe Biden has proposed new automobile emissions standards that could result in about two thirds of all new vehicles sold in the United States being electric by 2032, in an ambitious bid to reduce emissions and air pollution.
The proposed rules were announced by the Environmental Protection Agency (EPA) on Wednesday, with the federal agency stating that the standards would result in a reduction of about 10 billion tonnes of carbon emissions by 2055, the equivalent of about two times the country’s total emissions in 2022.
“Today, the EPA announced new proposed federal vehicle emissions standards that will accelerate the ongoing transition to a clean vehicles future and tackle the climate crisis,” the agency said in a news release.
“The proposed standards would improve air quality for communities across the nation, especially communities that have borne the burden of polluted air.”
The rules would subject cars produced between 2027 and 2032 to the most ambitious requirements to date.
They came as the Biden administration has recently faced criticism for falling short on promises to drastically reduce emissions and move the US away from polluting fossil fuels.
Today, my Administration is announcing new proposed emissions standards for cars and trucks that would cut our CO2 emissions by nearly 10 billion tons and improve the health of millions – all while saving folks money.
That’s nearly twice the United States’ yearly emissions. pic.twitter.com/yH1W4eUeyv
— President Biden (@POTUS) April 12, 2023
Transportation accounted for about 27 percent of all greenhouse gas emissions in the US, according to the EPA, and the proposed standards build on previous initiatives promoted by the Biden administration.
Those efforts included the Inflation Reduction Act, a large spending package Biden signed in August 2022 that contained investments in clean energy and tax credits for EV buyers and manufacturers.
The EPA stated that the proposed rules would reduce US oil imports by about 20 billion barrels and save consumers about $12,000 over the lifetime of a light-duty vehicle.
Reducing pollution from vehicle emissions could also have significant benefits for public health, especially in communities near transportation hubs.
According to the World Health Organisation, air pollution from a variety of sources has contributed to about seven million premature deaths around the world each year. The organisation cited cleaner transportation as one way to “effectively reduce key sources of ambient air pollution”.
“Done right, these [new rules] will put the US on the path to end pollution from vehicle tailpipes,” said Manish Bapna, president of the Natural Resources Defense Council, an environmental advocacy group.
Some car industry groups, however, have said that the proposals far exceed previous targets. They pointed to a goal the Biden administration set less than two years ago that aimed for half of all vehicles sold in the US to be electric by 2030.
“The question isn’t can this be done, it’s how fast can it be done,” A John Bozzella, CEO of the industry group Alliance for Automotive Innovation, said in a statement. “How fast will depend almost exclusively on having the right policies and market conditions in place.”
Bozzella called the proposal “aggressive by any measure”. While EV sales have increased, they accounted for just more than 7 percent of US vehicle sales for the first quarter of the year.
Suncor to cut 1500 jobs by end of year, employees informed Thursday – CTV News Calgary
Suncor Energy Inc. says it will cut 1,500 jobs by the end of the year in an effort to reduce costs and improve the company’s lagging financial performance.
Spokeswoman Sneh Seetal confirmed the cuts, saying they will be spread across the organization and will affect both employees and contractors.
Seetal says employees were informed of the cuts in a companywide email from Suncor CEO Rich Kruger earlier this afternoon.
Suncor has been under pressure from shareholders – including activist investor Elliott Investment Management – to improve its financial and share price performance, which has lagged its peers.
Kruger, the former CEO of Imperial Oil Ltd., took the reins at Suncor earlier this spring and has been tasked with turning around the oilsands giant.
Suncor employs people across the country, in the U.S., and the U.K. Its corporate head office is located in Calgary.
This report by The Canadian Press was first published June 1, 2023.
Amazon ordered to pay more than $30M for privacy violations related to Alexa, Ring devices – CBC News
Amazon agreed Wednesday to pay a $25 million US civil penalty to settle Federal Trade Commission (FTC) allegations it violated a child privacy law and deceived parents by keeping for years kids’ voice and location data recorded by its popular Alexa voice assistant.
Separately, the company agreed to pay $5.8 million US in customer refunds for alleged privacy violations involving its doorbell camera, Ring.
The Alexa-related action orders Amazon to overhaul its data deletion practices and impose stricter, more transparent privacy measures. It also obliges the tech giant to delete certain data collected by its internet-connected digital assistant, which people use for everything from checking the weather to playing games and queueing up music.
“Amazon’s history of misleading parents, keeping children’s recordings indefinitely, and flouting parents’ deletion requests violated COPPA (the Child Online Privacy Protection Act) and sacrificed privacy for profits,” Samuel Levine, the FTC consumer protection chief, said in a statement. The 1998 law is designed to shield children from online harms.
FTC Commissioner Alvaro Bedoya said in a statement that “when parents asked Amazon to delete their kids’ Alexa voice data, the company did not delete all of it.”
The Current22:19Amazon losing billions on Alexa voice assistant
The agency ordered the company to delete inactive child accounts as well as certain voice and geolocation data. That order will apply to Canadian customers, as well, the company confirmed in an email to CBC News.
Amazon kept the kids’ data to refine its voice recognition algorithm, the artificial intelligence behind Alexa, which powers Echo and other smart speakers, Bedoya said.
The FTC complaint sends a message to all tech companies who are “sprinting to do the same” amid fierce competition in developing AI datasets, he said.
Amazon said last month that it has sold more than a half-billion Alexa-enabled devices globally and that use of the service increased 35 per cent last year.
Hackers able to access Ring accounts
In the Ring case, the FTC says Amazon’s home security camera subsidiary let employees and contractors access consumers’ private videos and provided lax security practices that enabled hackers to take control of some accounts.
Amazon bought California-based Ring in 2018, and many of the violations alleged by the FTC predate the acquisition. Under the FTC’s order, Ring is required to pay $5.8 million US that would be used for consumer refunds.
Amazon said it disagreed with the FTC’s claims on both Alexa and Ring and denied violating the law. But it said the settlements “put these matters behind us.”
“Our devices and services are built to protect customers’ privacy, and to provide customers with control over their experience,” the Seattle-based company said.
In addition to the fine in the Alexa case, the proposed order prohibits Amazon from using deleted geolocation and voice information to create or improve any data product. The order also requires Amazon to create a privacy program for its use of geolocation information.
The proposed orders must be approved by federal judges.
FTC commissioners had unanimously voted to file the charges against Amazon in both cases.
Stocks slide as debt ceiling vote looms, jobs data stays hot : Stock market news today
US stocks closed lower Wednesday as investors kept a watchful eye on the prospects for the debt-limit deal in an expected House floor vote. Meanwhile, strong US jobs data and China’s economic woes pressured global markets.
The S&P 500 (^GSPC) fell 0.60% while the Dow Jones Industrial Average (^DJI) dipped 0.40% or more than 130 points. The technology-heavy Nasdaq Composite (^IXIC) slipped 0.63%.
US bond yields weakened as investors fretted over the potential impact of the debt-limit deal and reviewed the release of fresh jobs data. The yield on the benchmark 10-year Treasury dropped to 3.62%. The two-year note yields, which are more rate sensitive, slipped to 4.3%, while that on the 30-year bond dropped to 3.84%.
Equities lost steam as the Labor Department reported the number of job openings rose to over 10.1 million, up from economists’ expectations of 9.4 million openings.
The figures underscores “the tightness in the labor market is unlikely to fall off a cliff but rather continue downward on a bumpy path,” Oxford Economics wrote in a note on Wednesday. “While there are some concerns over the veracity of the JOLTS survey due to historically low response rates, the upshot remains that labor market strength remains robust.”
In light of recent economic data, markets are pricing in an increase of 25 basis points in interest rates from the Fed at policymakers’ meeting on June 13-14. On the commodities side, the dollar index rose, while crude oil slid below $70 a barrel.
Still, investors are still very keen on the latest developments in Washington. The debt ceiling agreement negotiated by President Joe Biden and House Speaker Kevin McCarthy passed its first key test on Tuesday when it gained approval from the Republican-led House Rules Committee despite opposition from hard-liners. That cleared the way for the deal to go before the House on Wednesday.
The clock is ticking down, as Congress must race to pass the deal to avoid a catastrophic default by June 5. That so-called X-Date is when the US will run out of money to pay its bills, Treasury Secretary Janet Yellen has warned.
Meanwhile, both Federal Reserve Governor Philip Jefferson and Philadelphia Federal Reserve President Patrick Harker signaled Wednesday that the central bank could pause rate hikes at its next policy meeting. Separately, the economy showed signs of cooling as hiring and inflation slowing, the Federal Reserve said in its Beige Book survey of regional business contacts.
Elsewhere, China’s factory activity slumped to its weakest level for a second straight month, another sign its post-pandemic economic recovery is losing steam. Asian markets tumbled after the release of the data.
On the housing front, mortgage demand dropped to its lowest level since March, while refinancing activity also dampened to another low, the MBA data showed Wednesday.
Meanwhile, in corporate news, Hewlett Packard Enterprise Company (HPE) sank more than 7% after the company posted a revenue miss in its second quarter earnings and slashed its full-year sales guidance.
Still, the run-up in stocks linked to AI was losing momentum, after the buzz around the technology helped boosted the Nasdaq 100 Index (^NDX) on Tuesday. Shares of ChargePoint Holdings, Inc. (CHPT) was flat, while C3.ai, Inc. (AI) dipped more than 8% Wednesday.
In single-stock moves, SoFi Technologies, Inc. (SOFI) shares rallied more than 15% in the wake of the debt ceiling deal. The bill would reinstate government student loan repayments, benefiting the online personal finance company.
Shares of HP Inc. (HPQ) sank more than 5% after the computing giant posted better-than-expected quarterly earnings on Tuesday, but reported sales that fell more than analysts estimated.
Intel Corporation (INTC) shares rose more than 4% after the chipmaker said current quarter revenue is on track to be at the high end of its guidance.
Dani Romero is a reporter for Yahoo Finance. Follow her on Twitter @daniromerotv
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