The Environmental Protection Agency is putting forth tough new standards for newly built electricity plants. Is this the next battle in the war on coal?
Making good on President Obama’s promise this summer to tackle climate change, on Friday the Environmental Protection Agency announced strict new limits on greenhouse-gas emissions from newly constructed power plants. Speaking at the National Press Club, EPA Administrator Gina McCarthy said newly built coal-fired power plants will have to keep carbon emissions below 1,100 pounds per megawatt hour—a level that will force the industry to develop potentially expensive new methods of capturing and storing CO2 before it is released into the atmosphere.
On new coal-powered plants.
See ya, carbon. On Friday, the Obama administration is set to announce the first-ever carbon limits on new coal-fired power plants, which have been blamed for global warming and pollution. The carbon dioxide would be caught in expensive technology and buried underground, and would be an incentive to focus on cleaner energy sources. Plants already in operation won’t be affected yet, but likely would be in the future, as they produce a third of the country’s greenhouse-gas emissions. The regulations will be proposed by the Environmental Protection Agency by next summer.
The SEC has issued a rule that forces companies to reveal how much their CEOs make compared to their employees. That’ll be fun to see, writes Daniel Gross, but it won’t change anything.
Who says class warfare is dead? Or that the Obama administration consistently sells out the left?On Wednesday, the Securities and Exchange Commission announced a new rule that had long been sought by labor activists, do-gooders, and progressives. Publicly traded companies are already required to disclose, in exquisite detail, the compensation of their CEOs and other top executives in annual reports and proxy statements. Now, however, they’ll be forced to disclose more information about the compensation of rank-and-file employees—and then express the relationship between the two as a mathematical ratio.
Never paid $37 million fine.
Kevin Trudeau, the controversial informercial star who pitches health and diet remedies, was sent to jail Thursday. Trudeau failed to pay a whopping $37 million fine over alleged false and misleading claims in his recent book on weight loss, but he was still spending almost $1,000 on liquor and cigars, according to lawyers from the Federal Trade Commission. The federal judge in Chicago who sentenced Trudeau told him: “This is not an infomercial. You can’t talk your way out of this.” Trudeau remains in federal custody.
Will pay nearly $400M to credit-card customers.
Thursday was an expensive day for JPMorgan Chase. First, the bank signed off on a $920M fine over the reckless trading actions of the “London Whale.” That particular deal had been telegraphed for the past few days. But in the afternoon, the bank took another hit. The Consumer Financial Protection Bureau announced it ordered JPMorgan Chase to refund $309 million to some 2 million credit-card customers who bought “credit protection” products. According to the CFPB, the bank would charge people for credit-monitoring services even if they hadn’t signed up. The bank was also ordered to pay a $20 million fine to the CFPB and a $60 million fine to the Office of the Comptroller of the Currency.
A small number of members of the social network are committing ‘virtual suicide.’
By Holly Ellyatt Concerns over online privacy are leading Facebook users to commit "virtual identity suicide" by deleting their Facebook accounts, according to new scientific research.A survey of around 300 Facebook users and 300 quitters of the social networking site by Austrian psychologists at the University of Vienna assessing what motivated them to use or abandon Facebook revealed an emerging counter-movement against social networking.
The travel site, notorious for its long-running William Shatner commercials, just saw its shares break a rare barrier.
It appears Priceline has negotiated itself all the way to a major upgrade.The name-your-price travel site, perhaps most famous for its “Priceline Negotiator” commercials featuring William Shatner (and more recently Big Bang Theory’s Kaley Cuoco), set a record on Wednesday, becoming the first component of the Standard & Poor’s 500 to trade for more than $1,000. (After trading for as high as $1,001, it actually closed at $995.09).Now, stock-market milestones are obviously symbolic and generally meaningless.
Transformed company into gaming giant.
The man who transformed Nintendo from a company that made playing cards to a gaming giant has died in Japan at age 85. Hiroshi Yamauchi was the president of Nintendo from 1949 to 2002 and was celebrated for his bold moves, like hiring Shigeru Miyamoto, a global game-design star who masterminded Super Mario and Donkey Kong. Yamauchi was a college dropout but became one of the richest men in Japan. He also was the first foreign owner of a major-league baseball team, owning the Seattle Mariners until he sold them to Nintendo in 2004.
Dropped 32 percent in the past four years.
Lay off the sea bass, Europe. A new reputation as Britain’s “culinary craze” has caused the population of European sea bass to drop a whopping 32 percent since 2009. It's the lowest the number experts have seen in 20 years, raising concerns that it may soon be added to the list of threatened marine species. Chefs from Nigella Lawson to Jamie Oliver seem to be fueling the fixation, with bold new dishes that tout branzino (as it’s commonly called) as the “superstar of the seas.” In 2012 alone, Britain dished out $48 million for the foodie-lover's fish. But they aren't the only ones. Countries from Denmark to Spain have started eating it in record numbers too.
For ‘London Whale’ trading losses.
No big whoop for a company with about $100 billion in annual revenue. JPMorgan Chase will be forking over $920 million in fines to settle potential liabilities over $6.2 billion in derivatives trading losses by the “London Whale” last year. Regulators cited the bank with improper risk oversight and keeping board members and financial regulators in the dark about the trades. “We have accepted responsibility and acknowledged our mistakes from the start, and we have learned from them and worked to fix them,” chief executive Jamie Dimon said in a statement. The payout doesn’t mean the biggest U.S. bank is totally out of the woods; it’s also under fire for alleged bribery in China and possibly fraudulent sales of mortgage-backed securities.
With an Ohio Walmart hosting a holiday food drive for its own workers, The Daily Beast's Michael Tomasky criticizes the notoriously stingy company for not paying them more.
After episodes of not-so-subtly mentioning the particle accelerator at S.T.A.R Labs, we finally get what we want. Does that mean we see the orange suit? Warning: Spoilers abound.