Heard on the Street Recap: Bond Bulls
The crash of a 787-8 jet in India is a blow to Boeing. (Siddharaj Solanki/EPA/Shutterstock)
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Trump's battle with Newsom, California expands beyond immigration
President Donald Trump's showdown with California is expanding from immigration enforcement to environmental protection after he signed three measures passed recently by Congress repealing state auto rules aimed at curbing vehicle emissions. Trump took aim during a June 12 White House event at California's environmental regulations during the same week that he tangled with the state's Democratic governor, Gavin Newsom, over sending troops to help police protests in Los Angeles that turned violent. The president deployed California National Guard and U.S. Marines to L.A. over Newsom's objections, prompting the governor to warn he's acting like a 'dictator.' The state filed a federal lawsuit seeking to block the move that's heading for court arguments later June 12. Newsom also has pledged to sue over Trump's moves to rollback California environmental rules. Trump signed resolutions of disapproval under the Congressional Review Act to bar California's landmark plan to end the sale of gasoline-only vehicles by 2035, which has been adopted by 11 other states and representing a third of the U.S. auto market. 'We officially rescue the US auto industry from destruction by terminating California's electric vehicle mandate, once and for all,' Trump said June 12. More: 'Political props': From deployment to a parade, Trump's use of military prompts concerns One of the resolutions the president signed repeals a waiver granted by the U.S. Environmental Protection Agency under former Democratic President Joe Biden in December, allowing California to mandate that at least 80% of vehicles be electric vehicles by 2035. Trump also signed a resolution approved by Congress to rescind the EPA's 2023 approval of California's plans to require a rising number of zero-emission heavy-duty trucks, and another resolution on California's regulation to curb smog-forming air pollution from heavy-duty highway and off-road vehicles and engines. Since 1970, California has received more than 100 waivers under the Clean Air Act to address pollution caused by its unique geographic terrain and abundance of automobiles in the nation's most populous state. The Golden State in recent years has also been at the forefront in trying to transition to vehicles that don't produce greenhouse gas emissions that contribute to warming global temperatures. Last year was not only the hottest since record-keeping began in 1850 but was also the first to pass a threshold meant to limit the worst effects of climate change, the Copernicus Climate Change Service said. More: Elon Musk surrenders: World's richest man is caving to Trump after their epic feud Trump promoted Tesla's electric vehicles at the White House recently as the company's founder, Elon Musk, was being criticized for his work leading the Department of Government Efficiency and Tesla sales plummeted. Musk and Trump recently engaged in a high-profile public spat, which the president blamed on his push to repeal electric vehicle incentives. Musk later said he regretted some of his attacks on Trump. More: Will Trump invoke the Insurrection Act? 'We'll see,' he says Trump campaigned against electric vehicle mandates and has worked to unwind Biden's support for the industry. Legislation passed by the U.S. House of Representatives in May would end a $7,500 tax credit for new EVs, impose a new $250 annual fee on EVs for road repair costs and repeal vehicle emissions rules designed to prod automakers into building more EVs. It would also phase out EV battery production tax credits in 2028. Contributing: Reuters, Dinah Voyles Pulver, Doyle Rice, Elizabeth Weise, Ramon Padilla This article originally appeared on USA TODAY: Trump's battle with Newsom, California grows beyond immigration
Yahoo
an hour ago
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Refrigeration Oil Market to Reach USD 2.01 billion by 2032
Rising eco-friendly refrigerant adoption, stringent emission norms propel Refrigeration Oil demand; digitization in cold-chain bolsters market growth. Austin, June 14, 2025 (GLOBE NEWSWIRE) -- The Refrigeration Oil Market Size was valued at USD 1.38 billion in 2024 and is expected to reach USD 2.01 billion by 2032, growing at a CAGR of 4.86% over the forecast period of 2025-2032. Global Shift Toward Eco-Friendly Cooling Fuels Refrigeration Oil Demand Across Residential, Commercial, and Industrial Applications Increasing use of sophisticated cooling systems and rising environmental regulations are the factors driving the Refrigeration Oil Market. Demand for high-efficiency synthetic options is being driven by the U.S. EPA 2023 requirement to phase down high-GWP oils. A growing industrial sector in Asia Pacific and a 15% increase in synthetic oil production in China in 2023 are driving growth. Yet domestic consumption in the U.S. DOE report showed a 12% overall increase in oil used for HVAC, and Carrier's 2024 forecast projects increased shipments of biodegradable PDF Sample of Refrigeration Oil Market @ The U.S. Refrigeration Oil Market had the highest CAGR of 6.25% in the forecast period of 2025-2032, with a market size of USD 244 million. In the U.S., rising energy-efficient HVAC retrofits supported by the Department of Energy's (DoE) 2023 Green Building Initiative is driving the use of Refrigeration Oil. In late 2023, major carriers such as Honeywell and Emerson introduced low-GWP synthetic oils to meet the increasingly stringent EPA regulations and growing healthcare sector refrigeration demand. Key Players: Shell plc ExxonMobil Corporation Phillips 66 Company Chevron Phillips Chemical Company LLC Rompetrol Rafinare S.A. Sumitomo Chemical Co., Ltd. Honeywell International Inc. Junyuan Petroleum Group Merck KGaA Indian Oil Corporation Limited. Refrigeration Oil Market Report Scope: Report Attributes Details Market Size in 2024 USD 1.38 Billion Market Size by 2032 USD 2.01 Billion CAGR CAGR of 4.86% From 2025 to 2032 Base Year 2024 Forecast Period 2025-2032 Historical Data 2021-2023 Report Scope & Coverage Market Size, Segments Analysis, Competitive Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook Key Drivers • Growth In Cold Chain Logistics and Food Storage Drives the Market Growth. If You Need Any Customization on Refrigeration Oil Market Report, Inquire Now @ By Type, Synthetic Type Refrigeration Oil Dominated the Refrigeration Oil Market in 2024 with a 48% Market Share. The dominance is owing to their thermal stability, environmental compatibility and EPA conformability. Chevron Phillips Chemical developed enhanced PAO blends that increased compressor efficiency and decreased loss. The U.S. Energy Information Administration found a 22% increase in the use of synthetic oil in hospitals and data centers, pointing to increasing demand for precise cooling. Mineral oils are being gradually replaced by biodegradable synthetic oils, due to the R&D dedicated to low-GWP refrigerant compatibility and long-term performance. By Application, the Refrigerators dominated the Refrigeration Oil Market in 2024 with a 32% Market Share. The dominance is attributed to the market is determined by the adoption of energy efficient models in North America and Asia Pacific. U.S. sales of refrigerators increased by 8%, and makers of brands like Whirlpool and LG began to install inverter compressors, which need high-performance lubricants. With consumers looking to conserve energy, reduce cost, and extend the life of their appliances, there is a heightened demand for specifically formulated refrigeration oils that combat wear and sludge throughout the category. Asia Pacific dominated the Refrigeration Oil Market in 2024, Holding a 39% Market Share. The dominance of the region is on account of fast industrialization and growing cold-chain industry in China and India. China turned out 18 percent more synthetic oil and India exported 12% more to Southeast Asia. Government incentives also contributed, including tax breaks in Thailand for energy-efficient storage that helped generate investments in chillers. Regional OEM activity also increased with Daikin opening the first dedicated synthetic oil plant in Malaysia in 2024, continuing the dominance of the region in refrigeration oil demand and production. North America is the fastest-growing region in the Refrigeration Oil Market in 2024, holding the Highest CAGR. Growth is the result of EPA regulations requiring the reduced use of high-GWP oils and a retro fit wave in commercial refrigeration. Emerson introduced chlorine-free PAOs in response, as U.S. commercial HVAC oil use rose 18% compared to last year. Consumption of synthetic oil in the data center market in Canada also increased by 10%, indicating a broader regional trend towards more sustainable, higher performing refrigeration oil solutions across critical infrastructure Full Research Report @ About Us: SNS Insider is one of the leading market research and consulting agencies that dominates the market research industry globally. Our company's aim is to give clients the knowledge they require in order to function in changing circumstances. In order to give you current, accurate market data, consumer insights, and opinions so that you can make decisions with confidence, we employ a variety of techniques, including surveys, video talks, and focus groups around the world. CONTACT: Jagney Dave - Vice President of Client Engagement Phone: +1-315 636 4242 (US) | +44- 20 3290 5010 (UK)Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
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The Weekend: Iran-Israel conflict sends oil price soaring as markets reel
It's been a week of big international headlines, mostly bad. On Friday the world woke up to news that Israel had launched a co-ordinated assault on Iranian nuclear sites and military facilities, killing two of the country's most senior commanders in the process. The attacks – the first of many to come according to Israel's prime minister, Benjamin Netanyahu – sparked an immediate retaliation from Iran. Oil prices shot up as traders pondered the possibility of Iran disrupting the flow of crude through the Strait of Hormuz or striking its Gulf neighbours' oilfields as it has done in the past. Unsurprisingly, gold prices benefited too, while stock markets didn't fare so well. A day earlier, a London-bound aeroplane came down barely a minute after take-off in Ahmedabad, India, killing all but one of the 242 passengers on board. The tragedy is a major setback for Boeing (BA), maker of the 787 Dreamliner involved, whose shares had been on a tear this year as its new boss tried to turn things around after a string of safety-related incidents. The plane maker's stock price took an immediate hit, falling almost 5%. Closer to home, finance minister Rachel Reeves delivered her eagerly awaited spending review, promising to put Britain on the path to "national renewal". Healthcare and defence were at the heart of the plan, with the NHS getting a £29 billion annual boost and the defence budget set to rise to 2.6% of GDP from the current 2.3%. There was an ambitious commitment of £39 billion to social housing, a £14.2bn investment pledged to the Sizewell C nuclear plant and a host of transport and infrastructure projects in cities outside London. But the optimistic tone of the announcements was undermined somewhat the very next day when official figures revealed the UK economy had shrunk by 3% in April, far more than the contraction expected by analysts. Reeves admitted it was a blow, as the government banks on spurring economic growth to fund its bold spending plans. Let's take a closer look at these and other stories from an eventful few days. Boeing stock slumps after deadly Air India plane crash It was reportedly the first deadly crash involving a Boeing 787 Dreamliner since its launch 14 years ago. Boeing's shares had gained more than 20% this year on the heels of a massive company turnaround following a brutal 2024 sparked by a "door plug" incident on an Alaska Airlines (ALK) flight. Five years prior to that the plane maker had suffered a serious crisis when two fatal crashes exposed critical flaws in the 737 Max 8 jet's software, leading to a 20-month global grounding of the aircraft. UK economy shrinks by 0.3% in April The shock reading for April came a day after chancellor Rachel Reeves unveiled a raft of pledges in the government spending review. The biggest contributor to the fall in GDP was a 0.4% drop in services output, while production output slumped 0.6%. The contraction came as an increase in employer national insurance contributions and the national minimum wage, which were announced in the autumn budget, came into place in early April. Professor Joe Nellis, economic adviser to accountancy and advisory firm MHA, said: "This is not an ideal scenario for the chancellor. The sustainability of her spending promises is critically dependent on changing this — kickstarting the economy to grow GDP and collect more revenue through tax receipts. "Without this, the chancellor may be forced into unwanted – and unpopular – tax increases in the autumn budget to keep public finances on track." Oil prices surge as Israel strikes Iran Iran has threatened to hit US assets in the region as part of its retaliation, even as secretary of state Marco Rubio warned against such a move. Rubio claims Israel took "unilateral action" and the US was not involved in Friday morning's strikes. Iran is the third-largest oil producer within the Organisation of the Petroleum Exporting Countries (OPEC), trailing only Saudi Arabia and Iraq, with output exceeding 3 million barrels per day. 'We can probably expect a temporary slowdown in oil tanker traffic through the Strait of Hormuz,' Ed Hirs, senior fellow at the University of Houston, said in an interview with Yahoo Finance. Tehran has repeatedly threatened to block the strait, a vital chokepoint through which as many as 20 million barrels of oil pass each day. Gold hits nearly two-month high as Israel attack spurs demand Gold prices shot up as the massive escalation of Middle East conflict spurred demand for traditional safe-haven assets. "Gold surged past resistance around $3,400 on news of the airstrikes, and further upside could be in-store should the escalation continue," said Tim Waterer, chief market analyst at KCM Trade. The rally has been further underpinned by growing expectations of monetary policy easing in the US. Recent data showing elevated jobless claims and muted producer price inflation have increased speculation that the Federal Reserve could cut interest rates, making non-yielding assets such as gold more attractive to investors. The UK's rental boom is over Rental price growth has slowed significantly, according to the latest figures from Zoopla, with the average rents for new lets agreed 2.8% higher in April than the same time a year ago. That's less than half of the average rental growth in April 2024, which stood at 6.4%, and the lowest growth in nearly four years. The slowdown is a result of weaker rental demand and growing affordability pressures, rather than an increase in supply, Zoopla said. The chancellor is determined that Wednesday's spending review won't come with a tax sting in the tail. Unfortunately, that pledge is resting on some very fine margins. If the government achieves the growth it wants and a potential funding gap emerges, taxes are likely to be in the frame. Columnist Sarah Coles, a personal finance analyst at Hargreaves Lansdown, examined the possibilities: Why Rachel Reeves' spending review may lead to tax rises Recent industry studies put the cost of a "moderate" retirement at £31,700 per year and a "comfortable" retirement at an eye-popping £43,900 per year. But before you throw your hands up in despair, take time to think about what you want or need from your post-career years – is it lots of travelling or something more sedate? You may find that what you need differs massively from these figures: How far will your pension go as retirement costs soar? Find more personal finance gems here UK inflation and interest rates will be the main focus in terms of economic data. Markets will be watching Wednesday's UK inflation reading for any signs of a cool off after April's jump to 3.5%, later revised to 3.4% due to an error in car tax data. The higher-than-expected figure was driven mainly by large increases in household bills. With that in mind, the Bank of England is expected to keep interest rates on hold at 4.25% on Thursday as it tries to keep price increases in check. The US Federal Reserve is due to announce its next interest rate decision next week too. The Fed is expected to keep rates on hold once again at its meeting on Wednesday, maintaining the 4.25%-4.50% range. On the company earnings front, investors will be keeping an eye on the latest results from US-listed consultancy firm Accenture (ACN), given the company narrowed its revenue growth guidance for the year and warned of the impact of federal spending cuts in its previous quarterly update. On the London market, Berkeley (BKG.L) is due to report, with focus expected to be on whether the housebuilder has any updates cash return plans. Premier Inn-owner Whitbread is another FTSE 100 (^FTSE) company due to update on its performance, following a slower start to year for its UK business. The Beach Boys frontman, widely regarded as a genius, left a gaping hole in the rock royalty family this week when he passed away at the age of 82. The troubled songwriter, who formed the band with his brothers, cousin and a friend in 1961, will always be remembered for his ability to craft sublime melodies, his innate gift for soaring harmonies and his relentless drive for studio perfection. The Beach Boys' 1966 Pet Sounds is frequently cited as one of the greatest albums ever made. Here's one of the best songs ever made, from that very album. Farewell Brian! Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
