Updated Apr 10, 2018

Rick Perry dampens prospects of power grid emergency request

Energy Secretary Rick Perry. Photo By Tom Williams / CQ Roll Call

Energy Secretary Rick Perry said Monday his agency will soon decide whether to approve a request to boost economically struggling coal and nuclear power plants.

Between the lines: His remarks dampened prospects that the Trump administration will move to keep a string of these plants open in the Northeast and Mid-Atlantic.

“[The request] may not be the way that we decide is the most appropriate, the most efficient way to address this. It’s not the only way."
Perry at the Bloomberg New Energy Finance Future of Energy Summit in New York

Why it matters: The approval of an emergency order request by utility FirstEnergy Solutions matters for two reasons:

  1. It’s unprecedented in the history of the arcane Energy Department provision, and most independent experts say approving it would be a huge intervention into the competitive power market.
  2. Approving the order would be an explicit way President Trump can show he’s reviving the coal and nuclear industries, a campaign promise.

What’s next: Bob Murray, the CEO of privately-held coal producer Murray Energy, will speak at the same conference on Tuesday at noon ET. The Energy Department denied a similar request by his company last year. Expect fireworks on this topic and more, given Murray will be in a crowd of executives whose companies are largely built around the evolution away from coal.

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Bob Iger to step down as CEO of Disney

Photo: Jeff Kravitz/FilmMagic

The Walt Disney Company said Tuesday that it had named longtime Disney executive Bob Chapek as CEO Bob Iger's successor, effectively immediately. Iger will remain executive chairman of the company through 2021.

Why it matters: Iger is credited with having successfully turned around Disney’s animation and studio businesses and with the strategic acquisition of Marvel, Pixar, Lucasfilm and 21st Century Fox. Most recently, he was the person behind Disney's successful launch of its Netflix rival Disney+.

Go deeperArrowUpdated 13 mins ago - Economy & Business

India gives Trump warm welcome as brutal protests rip New Delhi apart

People supporting India's new citizenship law beat a Muslim man in New Delhi, India. Photo: Danish Siddiqui/TPX/Reuters

While President Trump enjoys a hero's welcome in India, that nation's capital is being torn apart by violent protests between Hindus and Muslims.

The state of play: At least 186 people — 56 police officers and 130 protesters — have been injured and 10 killed in recent clashes, a New Delhi police spokesperson told the AP.

Go deeperArrow1 hour ago - World

Wall Street sees 2nd day of brutal sell-off

Photo: Johannes Eisele/AF via Getty Images

The stock market fell another 3% on Tuesday, following Monday’s sell-off. Bond yields touched record lows.

The big picture: Stocks continued to fall as the CDC said it expects the coronavirus to spread in the U.S. The Dow and S&P are more than 7% below the record highs seen earlier this month.

Go deeperArrowUpdated 2 hours ago - Economy & Business