Policy

Fed will likely signal no rate hike anytime soon

WASHINGTON (AP) — The global economy has slumped. Turmoil has gripped financial markets. And the U.S. job market, despite steady gains, still isn't fully healthy.

Yet when the Federal Reserve meets this week, few foresee any major policy changes. The Fed is expected to complete a bond-buying program, which was intended to keep long-term interest rates low. And, to support the economy, it will likely reiterate it's in no rush to raise its key short-term rate.

The economy the Fed will discuss has been strengthening, thanks to solid consumer and business spending, manufacturing growth and a surge in hiring that's lowered the unemployment rate to a six-year low of 5.9 percent.

Egypt army called in to guard key facilities

CAIRO (AP) — Egyptian President Abdel-Fattah el-Sissi on Monday ordered the military to join police forces in guarding vital state facilities against terror attacks, a move that would expand the military's already dominant public presence since it toppled the government of Islamist President Mohammed Morsi 15 months ago.

The decree follows a surge in attacks by Islamic militants against troops and police and the weekend killing of 30 Egyptian soldiers by suspected militants in the troubled northern part of the Sinai Peninsula — the deadliest attack against the army in decades. El-Sissi slapped a dusk-to-dawn curfew on northern Sinai after the attack while there has been a flurry of media reports saying authorities were preparing to evacuate civilians from Sinai's hotspots.

UN envoy: Keep up hope amid climate change battle

COPENHAGEN, Denmark (AP) — The head of the U.N.'s panel on climate change has urged world governments not to be overcome by hopelessness as they negotiate a new agreement to fight global warming.

Intergovernmental Panel on Climate Change chairman Rajendra Pachauri said Monday that despite the IPCC's own warnings that time is running out, the panel has also suggested actions needed to keep climate change in check.

Pro-Western parties seen leading Ukraine vote

KIEV, Ukraine (AP) — Ukrainians overwhelmingly backed several pro-Western parties in a landmark parliamentary election Sunday, another nudge in the former Soviet republic's drift away from Russia.

Two exit polls released as voting closed indicated that President Petro Poroshenko's party will secure a narrow win in the parliamentary election, falling substantially short of an outright majority. Prime Minister Arseniy Yatsenyuk's Popular Front followed close behind.

Although they lead rival parties, Poroshenko and Yatsenyuk share pro-Western sentiments and have campaigned on reform agendas aimed at pulling Ukraine back from the brink of economic ruin. The parties are expected to join forces with other reform-oriented groups to form a broad pro-European coalition.

Failure over aid formula holding up climate deal

Source: 
Bloomberg

Representatives of 190 countries, meeting in Germany, failed to reach an agreement over how to distribute $100 billion a year in promised climate aid, pushing the issue onto a December meeting of higher-level officials in Peru, Bloomberg reports.

Rubicon Global among firms cashing in on recycling opportunities

Source: 
The New York Times

The New York Times profiles Nate Morris and his company Rubicon Global, which makes money out of helping companies cash in on their own recycling opportunities.

Shipping company pleads guilty in molasses spill

HONOLULU (AP) — A shipping company pleaded guilty Friday to criminal charges from a 233,000-gallon molasses spill in Honolulu Harbor, but a federal judge said he wants to examine the legality of $600,000 in community service payments the company has agreed to pay.

Last year's spill killed more than 26,000 fish and other marine life.

U.S. Magistrate Judge Richard Puglisi accepted the plea from Matson Navigation Company Inc. to two misdemeanor charges for illegally releasing the molasses without a permit. The company and federal prosecutors wanted to proceed immediately with sentencing, with both sides agreeing Matson would pay a $400,000 fine and give $600,000 to environmental organizations.

Maui voters to decide whether to ban GMO crops

HONOLULU (AP) -€” Dozens of Maui mothers are going door-to-door to urge voters to back a ban on the cultivation of genetically engineered crops because they think they are unsafe.

A group backed by companies growing the crops counters with ads playing heavily on the airwaves that urge rejection of what they are calling the "farming ban."

The dueling campaigns over a Nov. 4 ballot measure that would prohibit the growing of genetically modified organisms until studies show they're safe isn't just a local issue in a county of only 160,000 residents in the middle of the Pacific Ocean.

charles_t._drevna.jpg

House Oversight and Government Reform Photo
Oil

Newsmaker: AFPM's Drevna says refiners can take more light crude

The push to lift the U.S. ban on oil exports got a lift last week with the emergence of a new group of independent oil producers who back a repeal. 

Yet refiners remain hesitant to reverse decades of policy enacted in response to the OPEC oil embargo, with one group of four companies already opposed.

Now the head of the refiners trade association is pushing back against arguments by export advocates that his members are nearing their limit to process light crude from booming shale plays that are accounting for much of the soaring growth in U.S. production.

The American Fuel and Petrochemical Manufacturers will survey its membership to determine the additional amounts of light crude that it can refine and issue a report in the next few months, the group's president Charles T. Drevna said in an interview with EnergyGuardian.

But he's already certain refiners can refine more domestic light crude and called claims that they are reaching their limit a "total fallacy" -- claims that his group plans to address head-on.

Lobbying group forms to target export ban

Source: 
Reuters

Producers for American Crude Exports, or PACE, for short, is made up of more than a dozen independent oil companies who would like to see the decades-old U.S. ban on crude exports overturned, Reuters reports.

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