By Clark Mindock (Reuters) – Offshore drilling leases covering 1.7 million acres of federal waters in the Gulf of Mexico will remain in place after a federal appeals court said last year’s $430 billion Inflation Reduction Act, the biggest climate change package in U.S. history, mandated they be issued to the highest bidders. A three-judge…
By Ann Saphir, Hannah Lang and Chris Prentice (Reuters) – U.S. regulators on Friday put large banks on notice that tougher oversight is coming, after the Federal Reserve and Federal Deposit Insurance Corporation detailed their supervisory lapses before deposit runs caused the collapse of Silicon Valley Bank and Signature Bank in March. Though the banking…
By Lewis Krauskopf NEW YORK (Reuters) – Economically sensitive areas of the U.S. stock market are flashing warnings over growth, even as major equity indexes edge higher. The S&P 500 is up 8.6% for the year after gaining 1.5% in April, thanks to roaring year-to-date rallies in shares of Microsoft, Amazon and Google-parent Alphabet and…
By Sabrina Valle and Arunima Kumar HOUSTON (Reuters) – The two largest U.S. oil companies – Exxon Mobil Corp and Chevron Corp – are minting cash from booming oil and gas operations, but are splitting over what to do next. The pair on Friday posted first-quarter results that topped Wall Street forecasts as earnings soared….
(Reuters) – The Federal Reserve issued a detailed and scathing assessment on Friday of its failure to identify problems and push for fixes at Silicon Valley Bank before the lender’s collapse, and promised tougher supervision and stricter rules for banks. Meanwhile, U.S. officials are coordinating urgent talks to rescue First Republic Bank as private-sector efforts…
(Reuters) – The U.S. Department of Defense said on Friday it has awarded a $7.8 billion contract modification for 126 F-35 multi-role aircraft to weapons manufacturer Lockheed Martin Corp. The modification exercises options for the production and delivery of 126 Lot 17 F-35 aircraft, to include 81 F-35A aircraft for U.S. Air Force and its…
By David Shepardson (Reuters) – California regulators on Friday approved new rules requiring all medium- and heavy-duty vehicles sold in the state in 2036 be zero-emission, a day after the California Air Resources Board (CARB) adopted reduced emission regulations for locomotives. “With these actions requiring all new heavy-duty truck sales to be zero emission and…
By Brendan Pierson (Reuters) – A federal judge in Denver on Friday rejected a Catholic medical center’s bid to block Colorado from banning an unproven treatment meant to reverse the effects of a medication abortion drug. U.S. District Judge Daniel Domenico said there was no need to block the first-of-its-kind ban because the state has…
WASHINGTON (Reuters) – U.S. President Joe Biden on Friday reduced the prison sentences of 31 people convicted of drug-related crimes, using the powers of the presidency to ease punishment for non-violent offenses. All of the sentences are now set to end on June 30, with the remainder of their time to be served as in-home…
By Joseph Ax (Reuters) -North Carolina’s highest court on Friday ruled that state law does not bar lawmakers from drawing congressional and state legislative maps for partisan benefit, boosting Republicans’ odds next year of maintaining their narrow majority in the U.S. House of Representatives. The decision – divided along party lines – appears to clear…
