New rules would double fuel efficiency

WASHINGTON (AP) — The average gas mileage of new cars and trucks will have to nearly double by 2025 under regulations that were finalized Tuesday by the Obama administration.

The new rules will require the fleet of new cars and trucks to average 54.5 miles per gallon in 13 years, up from 28.6 mpg at the end of last year.

The regulations will bring dramatic changes to the cars and trucks in U.S. showrooms and drive automakers to introduce new technology to make vehicles cleaner and more efficient.

The administration says the changes will save families more than $1.7 trillion in fuel costs and bring an average savings of $8,000 over the lifetime of a new vehicle sold in 2025. The standards also are the biggest step the U.S. government has ever taken toward cutting greenhouse gas emissions, Environmental Protection Agency Administrator Lisa Jackson said. Tailpipe emissions from cars and light trucks will be halved by 2025, the government said.

President Barack Obama said the new fuel standards "represent the single most important step" his administration has taken to reduce U.S. dependence on foreign oil. "This historic agreement builds on the progress we've already made to save families money at the pump and cut our oil consumption," he said.

But Republican presidential candidate Mitt Romney has opposed the standards, and his campaign on Tuesday called them extreme and said they would drive up the price of new cars. Any savings at the pump would be wiped out by rising costs of cars, the campaign said.

By 2025, some bigger models may disappear, and dealers could offer more efficient gas-electric hybrids, natural gas vehicles and electric cars. There also will be smaller motors, lighter bodies and more devices to save fuel, such as circuits that temporarily shut off engines at traffic lights. The changes will raise new car prices, but the government says that will be more than offset by savings at the pump.

The gas mileage requirements will be phased in gradually and get tougher starting in 2017. They build on a 2009 deal between the Obama administration and automakers that committed cars and trucks to average 35.5 mpg by model year 2016.

In the arcane world of government regulations, the rules don't mean that cars and trucks will average 54.5 mpg in 13 years. It's actually closer to 40 mpg in real-world driving.

Under the complex regulations, dubbed "Corporate Average Fuel Economy, or CAFE," automakers can have lower mileage by using credits for selling natural gas and electric vehicles, changing air conditioning fluid to one that pollutes less, and even for placing louvers on car grilles to improve aerodynamics. They won't have to improve pickup truck mileage much for the first few years, but big improvements will come later, after 2020.

Still, automakers have been adding technology to boost gas mileage, mainly because people want to spend less on gasoline, which averaged about $3.75 per gallon this week. The research firm J.D. Power and Associates says that fuel economy is the top factor people consider when buying a car in the U.S.

CAFE requirements were first imposed in the 1970s in response to foreign oil embargoes, and the administration says this is the first update in decades.

The National Highway Traffic Safety Administration will enforce the standards, calculating the average mileage of cars sold by each automaker. Automakers can be fined if they don't comply.

The requirements, which can be imposed without congressional approval, will be reviewed in 2018 and could be reduced if the technology isn't available to meet the standards.

The 54.5 mpg standard came from the Obama administration's quest to cut carbon dioxide emissions nearly in half by 2025. The gas mileage is what's needed to make that cut. Then there were negotiations between the Obama administration, automakers, environmentalists, California and union auto workers to come up with the final rules.

The rules are tough, but General Motors, the largest U.S. car company, will roll out features to comply, spokesman Greg Martin said.

"Consumers want higher fuel efficiency in their cars and trucks, and GM is going to give it to them," he said.

Copyright 2014 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

 

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Visit the Site Advertisement Home Financial Services News Article Oct 31 2013 more articles from Qatar fund builds small stakes in BofA, Samsung-sources Google Plus Facebook Twitter LinkedIn Email A Friend Print This Page Save as PDF Add to Reading List In This Article tiffany Qatar Investment Authority, Qatar Holding Related News Qatar Holding invests in BlackBerry debt offer  tiffany outlet locations * Qatar Holding has BofA stake worth $1 billion - sources cheap tiffany * Fund has stake in Samsung worth $200-$300 mln wholesale tiffany jewelry * Qatar fund picking minority stakes in large global firms cheap tiffany & co jewelry * Samsung says investment reflects Qatar support for management tiffany outlet By Dinesh Nair and Miyoung Kim DUBAI/SEOUL, Oct 31 (Reuters) - Qatar Holding has built small stakes in Bank of America and Samsung Electronics , two sources familiar with the matter said, as the wealth fund continues on its strategy of picking minority stakes in large global companies. The fund, one of the world's most prolific investors, has a stake worth about $1 billion in Bank of America, while its Samsung stake is worth between $200-$300 million, the sources said, speaking on condition of anonymity as the investments have not been publicly disclosed. BofA declined to comment and QIA could not be reached for comment outside working hours. A Samsung spokeswoman in Seoul said the company is aware of Qatar Holding's recent purchase of its shares which is said reflects the fund's support for its management. It did not comment on the value of the purchases. In recent months, Qatar has picked up minority stakes in companies such as oil giant Royal Dutch Shell , jewellery maker Tiffany & Co and Germany's Siemens . Buying smaller stakes means investors do not have always have to disclose ownership. Qatar's strategy took an activist turn in 2012 when it demanded better terms from Glencore for its planned acquisition of London miner Xstrata, in which it had built up a stake of more than 12 percent, forcing Glencore to eventually raise the share swap offer. "Qatar has taken a view that equities are cheap as an asset class and it can commit a billion dollars or two in a large company and do away with any disclosure requirements," one source familiar with the fund's plans said. "These are mostly financial investments and very unlikely to lead into a strategic transaction for the fund. Like any investor, they would seek to buy it cheap and sell it high." Qatar Holding, the investment arm of Qatar Investment Authority (QIA), began buying BofA shares about two years ago, the Financial Times first reported on its website, BofA's stock closed at $14.17, up 2 cents, on the New York Stock Exchange. A $1 billion stake at this price represents less than 1 percent of BofA, which has a market capitalisation of about $151.2 billion, according to Thomson Reuters data. It was not clear when the fund accumulated the Samsung stake. The smartphone leader has a market value of around $230.1 billion which makes the ownership considerably less than 1 percent of the company. Under newly appointed Chief Executive Ahmed Al-Sayed, QIA has been on an aggressive expansion spree, hiring bankers and senior executives with experience ranging from mergers and acquisitions in Asia to retail and luxury investments in Europe. The fund hired Michael Cho, a former co-head of Asia mergers and acquisitions at BofA, to run its mergers and acquisitions division. Three sources told Reuters in September that Qatar Holding had hired Ugo Arzani, most recently a BofA managing director in London, as its new head of consumer and retail investments. The sources said QIA, worth more than $100 billion, was scouting for opportunities in Asia and the United States in a bid to reduce its exposure to Europe and diversify its investment portfolio. (Additional reporting by Richa Naidu in Bangalore; Editing by David Cowell) ((dinesh.nair@thomsonreuters.com)(+ 971 4 366 4265)(Reuters Messaging: dinesh.nair.reuters.com@reuters.net)) Keywords: QATAR BOFA/STAKE © Copyright Zawya. All Rights Reserved. Qatar fund builds small stakes in BofA, Samsung-sources * Qatar Holding has BofA stake worth $1 billion - sources * Fund has stake in Samsung worth $200-$300 mln * Qatar fund picking minority stakes in large global firms * Samsung says investment reflects Qatar support for management By Dinesh Nair and Miyoung Kim DUBAI/SEOUL, Oct 31 (Reuters) - Qatar Holding has built small stakes in Bank of America and Samsung Electronics , two sources familiar with the matter said, as the wealth fund continues on its strategy of picking minority stakes in large global companies. The fund, one of the world's most prolific investors, has a stake worth about $1 billion in Bank of America, while its Samsung stake is worth between $200-$300 million, the sources said, speaking on condition of anonymity as the investments have not been publicly disclosed. BofA declined to comment and QIA could not be reached for comment outside working hours. A Samsung spokeswoman in Seoul said the company is aware of Qatar Holding's recent purchase of its shares which is said reflects the fund's support for its management. It did not comment on the value of the purchases. In recent months, Qatar has picked up minority stakes in companies such as oil giant Royal Dutch Shell , jewellery maker Tiffany & Co and Germany's Siemens . Buying smaller stakes means investors do not have always have to disclose ownership. Qatar's strategy took an activist turn in 2012 when it demanded better terms from Glencore for its planned acquisition of London miner Xstrata, in which it had built up a stake of more than 12 percent, forcing Glencore to eventually raise the share swap offer. "Qatar has taken a view that equities are cheap as an asset class and it can commit a billion dollars or two in a large company and do away with any disclosure requirements," one source familiar with the fund's plans said. "These are mostly financial investments and very unlikely to lead into a strategic transaction for the fund. Like any investor, they would seek to buy it cheap and sell it high." Qatar Holding , the investment arm of Qatar Investment Authority ( QIA ), began buying BofA shares about two years ago, the Financial Times first reported on its website, BofA's stock closed at $14.17, up 2 cents, on the New York Stock Exchange. A $1 billion stake at this price represents less than 1 percent of BofA, which has a market capitalisation of about $151.2 billion, according to Thomson Reuters data. It was not clear when the fund accumulated the Samsung stake. The smartphone leader has a market value of around $230.1 billion which makes the ownership considerably less than 1 percent of the company. Under newly appointed Chief Executive Ahmed Al-Sayed, QIA has been on an aggressive expansion spree, hiring bankers and senior executives with experience ranging from mergers and acquisitions in Asia to retail and luxury investments in Europe. The fund hired Michael Cho, a former co-head of Asia mergers and acquisitions at BofA, to run its mergers and acquisitions division. Three sources told Reuters in September that Qatar Holding had hired Ugo Arzani, most recently a BofA managing director in London, as its new head of consumer and retail investments. The sources said QIA , worth more than $100 billion, was scouting for opportunities in Asia and the United States in a bid to reduce its exposure to Europe and diversify its investment portfolio. (Additional reporting by Richa Naidu in Bangalore; Editing by David Cowell) ((dinesh.nair@thomsonreuters.com)(+ 971 4 366 4265)(Reuters Messaging: dinesh.nair.reuters.com@reuters.net)) Keywords: QATAR BOFA/STAKE © Copyright Zawya. All Rights Reserved. Google Plus Facebook Twitter LinkedIn Email A Friend Print This Page Save as PDF Add to Reading List Be the first to comment Post Your Comment tiffany jewelry tiffany & co
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Cheap Cartier Bracelet cartier watches replica Replica Cartiers Watches 5 free things to do in Montreal CARYN ROUSSEAU, Associated Press Posted November 19, 2013 at 9 a.m. Discuss Print A A A This Oct. 22, 2013 photo shows Montreal’s Notre Dame Basilica illuminated at night. The centuries-old church is part of free walking tours in the Canadian city. (AP Photo/Caryn Rousseau) MONTREAL (AP) — It's a taste of French culture in North America: Montreal. The city on the St. Lawrence River in Quebec offers walks down centuries-old streets lined with elegant architecture and historic sites. Locals chat in French but easily switch to English to accommodate visitors. French treats like croissants, crepes and macarons are easy to find, while maple syrup, smoked meats and poutine — brown gravy and cheese curds over french fries — add Canadian charm to local menus. Best of all, many of the city's best attractions can be experienced for free, from Old Montreal to Mount Royal Park to the Montreal Museum of Fine Arts. Here are five free things to do on a visit to Montreal. MOUNT ROYAL You can look up and see the towering trees of Mount Royal from nearly everywhere in Montreal. The nearly 500-acre (200-hectare) park tops out at 770 feet (235 meters) and boasts running, hiking and biking trails, an overlook onto downtown Montreal and a large lake. Frederick Law Olmsted, the man behind New York's Central Park, drew the plans for the park, which was dedicated in 1876. There's no charge to explore its monuments, cemeteries, public art and pavilions. Highlights include the tall Mount Royal Cross, which is lit at night. The park also offers opportunities to swim, skate, ski, sled and picnic. More information at http://www.lemontroyal.com . OLD MONTREAL and OLD PORT The historic Old Montreal or Vieux Montreal district stretches along the St. Lawrence River in the southern part of Montreal. You could spend hours wandering the twisty, narrow walkways, where French signs dot the shops, cafes and restaurants, advertising poutine and smoked meats among other fare. Along the banks of the river at the Old Port, watch barges, cruise ships and other vessels from a tree-lined park. A walking tour (some free tours are available) could include the Notre Dame Basilica, Montreal City Hall and the historic square, Place Jacques-Cartier. More information at http://www.vieux.montreal.qc.ca/ or http://www.freemontrealtours.com/ . MONTREAL MUSEUM OF FINE ARTS The collection at the Montreal Museum of Fine Arts ranges from the European Renaissance, Rembrandt and Monet to Inuit sculpture, Jean-Michel Basquiat and other modern and contemporary works. Admission to the general collection and outdoor sculpture garden is free but there is a charge for special exhibits. More information at http://www.mbam.qc.ca . NOTRE DAME DE BON SECOURS CHAPEL A large statue of the Virgin Mary stands atop this church on the St. Lawrence River, leaning forward to welcome sailors into harbor. The origins of this ornate church date to the 1650s and the chapel visitors see today dates to the 1770s. Inside frescos, statues and altar artwork rival that of European churches. But the chapel earns its charm from the small replicas of sailing boats that hang from the ceiling like chandeliers, each with vigil candles. Note that this church at is different from the larger Notre Dame Basilica of Montreal, which costs $5 for those who aren't pilgrims. More information on Notre Dame de Bon Secours Chapel at http://www.marguerite-bourgeoys.com . JEAN TALON MARKET Small markets dot the Montreal streets but one of the larger and more interesting is Jean Talon Market or Marche Jean-Talon. The market has both covered and uncovered stalls filled with seasonal produce, cheeses, pastries and breads and other local specialties, like maple syrups. It all makes for a colorful and lively walk past vendors speaking French and English to customers trying to find the freshest fruits and vegetables, fish and meats. Shoppers are here to spend money but the colorful photo ops are free: carrots in dark red and yellow, brussels sprouts on the stalk, macaron cookies in pastel hues, dozens of types of peppers. More information at http://www.marchespublics-mtl.com/English/Jean-Talon/ . Discuss Print cartier Also in IPad Lifestyles More Do we know exact words of the Gettysburg Address? Young couple's dream motel thrills rail fans for decades Sharon Randall: After seven years, a gathering of siblings Comments » 0 Be the first to post a comment! " /> Want to participate in the conversation? Become a subscriber today. Subscribers can read and comment on any story, anytime. Non-subscribers will only be able to view comments on select stories. 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Michigan is governed as a republic, with three branches of government: executive, legislative and judicial. The state also allows direct participation of the electorate by initiative, referendum, recall, and ratification.
 
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