Aug 3, 2017

EPA to reject biofuels obligation away from refiners

Charlie Riedel / AP

The Environmental Protection Agency will reject a proposal to shift the point of obligation responsibility away from refining companies, per two "sources familiar with the matter," Reuters reports. The announcement will likely come in about two weeks, per Politico.

The losers: Oil refiners, which have said the requirement costs hundreds of millions of dollars. Plus, Trump's special advisor on regulation Carl Icahn, who holds a majority stake in oil refiner CVR Energy, and has been supporting the change.

Why it matters: This move to keep the policy as-is would represent a triumphant of majority opinion over that of a few influential voices, like Icahn. That's notable in an administration that's shown it doesn't necessarily always go with what the majority wants in policy areas.

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Fear of coronavirus pandemic escalates

Photo: Abdulgani Basheer/AFP/Getty Images

In the blink of an eye, we've entered a new phase on the coronavirus.

The big picture: Italy, Iran and South Korea are at "decisive" points in their responses, the World Health Organization said on Thursday.

Stocks fall 4% as sell-off worsens

A trader on the floor of the New York Stock Exchange. Photo: Johannes Eisele/AFP via Getty Images

Stocks fell more than 4% on Thursday, extending the market’s worst week since the financial crisis in 2008 following a spike in coronavirus cases around the world.

The big picture: All three indices are in correction, down over 10% from recent record-highs, amid a global market rout. It's the S&P 500's quickest decline into correction territory in the index's history, per Deutsche Bank.

Go deeperArrowUpdated 2 hours ago - Economy & Business

Coronavirus updates: California monitors 8,400 potential cases

Data: The Center for Systems Science and Engineering at Johns Hopkins, the CDC, and China's Health Ministry. Note: China numbers are for the mainland only and U.S. numbers include repatriated citizens.

33 people in California have tested positive for the coronavirus, and health officials are monitoring 8,400 people who have recently returned from "points of concern," Gov. Gavin Newsom said Thursday.

The big picture: COVID-19 has killed more than 2,800 people and infected over 82,000 others in some 50 countries and territories. The novel coronavirus is now affecting every continent but Antarctica, and the WHO said Wednesday the number of new cases reported outside China has exceeded those inside the country for the first time.

Go deeperArrowUpdated 3 hours ago - Health