Ford backs new US rules to cut vehicle emissions
Ford Motor Co (F.N), opens new tab said on Monday it backs the Biden administration's moves to dramatically cut vehicle emissions through 2032, rejecting Republican arguments the new climate rules are bad for business.
The second largest U.S. automaker (F.N), opens new tab said it supports the Environmental Protection Agency's regulations announced in March to cut passenger vehicle fleetwide tailpipe emissions by nearly 50% by 2032 over 2027 levels.
"Complying with emissions regulations requires lengthy advance planning, and Ford has taken steps to transform its business to ensure compliance with stricter emissions standards," the Dearborn-based automaker said.
US Justice Department sues Oklahoma over immigration enforcement law
The U.S. Justice Department sued Oklahoma on Tuesday over the state's new immigration enforcement law, saying it unlawfully encroaches on the federal government's power to regulate immigration.
The law, signed by Republican Governor Kevin Stitt this month, empowers state and local law enforcement officers to arrest immigrants suspected of being in the U.S. illegally. It is set to take effect on July 1.
Immigration is a top issue in the run-up to the Nov. 5 elections that will decide control of the White House and Congress as record numbers of migrants have been caught illegally crossing the U.S.-Mexico border.
U.S. President Joe Biden, a Democrat seeking a second term, has pressed Republicans to pass a bipartisan border security bill in the U.S. Senate and blames his challenger Donald Trump for scuttling the effort.
Americans keep vehicles for record 12.6 years on average despite
easing supplies, S&P says
Automobile owners in the United States are holding on to their vehicles longer, according to a new study, even as major supply disruptions caused by the COVID pandemic ease and availability at dealerships rise.
The average age of U.S. cars and light trucks this year rose to a record 12.6 years, according to the report by S&P Global Mobility on Wednesday, up by two months from 2023.
Though the rise in the average age of vehicles has slowed as new registrations improve, S&P said it expects those aged six to 14 years or older to account for 70% of the vehicles in operation over the next five years.
"This continues to improve business opportunities for companies in the aftermarket and vehicle service sector in the U.S., as repair opportunities are expected to grow alongside vehicle age," S&P said in the report.
Texas power demand to break May record in heat wave on
Friday
Power use in Texas was on track to break the record for the month of May on Friday for a second time this week and could top that again over the Memorial Day weekend as homes and businesses crank up air conditioners to escape a heat wave.
The Electric Reliability Council of Texas (ERCOT), which operates most of the state's power grid for 27 million customers, said the system was currently operating normally with enough supply available to meet expected demand all week.
ERCOT projected power demand would peak at 75,296 megawatts (MW) on May 24 and 75,952 MW on May 26, which would top the current record for the month of May of 72,261 MW on May 20.
The grid's all-time peak was 85,508 MW on Aug. 10, 2023.
Souce:
https://www.reuters.com/business/autos-transportation/americans-keep-vehiclesrecord-126-years-average-despite-easing-supplies-sp-says-2024-05-22/
US new home sales fall in April; prices rise from year ago
Sales of new U.S. single-family homes fell more than expected in April amid a resurgence in mortgage rates and higher prices, further evidence that the housing market was losing momentum in the second quarter.
New home sales dropped 4.7% to a seasonally adjusted annual rate of 634,000 units last month, the Commerce Department's Census Bureau said on Thursday. The sales pace for March was revised lower to 665,000 units from the previously reported 693,000 units.
Economists polled by Reuters had forecast new home sales, which account for more than 10% of U.S. home sales, would fall to a rate of 679,000 units. Sales plunged 20.9% in the Northeast and 7.3% in the West. They fell 4.8% in the densely populated South but increased 10.0% in the Midwest.
New home sales are counted at the signing of a contract, making them a leading indicator of the housing market. They, however, can be volatile on a month-to-month basis.
Souce:
https://www.reuters.com/markets/us/us-new-home-sales-fall-april-prices-rise-year-