EPA toughens fuel standards for trucks
A second phase of standards related to greenhouse gas emissions and fuel efficiency for medium- and heavy-duty vehicles was released Tuesday by the Environmental Protection Agency and the U.S. Department of Transportation's National Highway Traffic Safety Administration.
The release is the final phase of a process begun in 2010 aimed at reducing all vehicular carbon emissions and will be applied to future vehicle production.
The agencies predict that the finalized standards will lower carbon emissions by about 1.2 billion tons, save up to $170 billion in fuel costs, and reduce oil consumption by up to 2 billion barrels.
"Generally as an industry we support efforts that would allow us to comply and create less emissions," said Shannon Newton, president of the Arkansas Trucking Association. "Those cuts do come with costs though, and we've seen the costs of a new truck climb in the last six years. But we do understand that this is in the best interest of the environment."
-- Emma Hurt
2Q profit rises at Dick's Sporting Goods
PITTSBURGH -- Second-quarter profit ticked up for Dick's Sporting Goods.
The Pittsburgh-based retailer reported consolidated net income for the second quarter of $91.4 million, or 82 cents per diluted share. That's an increase over the same period last year, when the company reported profit of $90.8 million, or 77 cents per diluted share.
Net sales for the second quarter increased 7.9 percent to about $2 billion. Consolidated same-store sales increased 2.8 percent, compared to the company's guidance of negative 4 percent to negative 1 percent.
Same-store sales for Dick's Sporting Goods increased 3 percent while Golf Galaxy, a sporting-goods retailer based in nearby Coraopolis, fell 4.3 percent. Second-quarter 2015 consolidated same-store sales increased 1.2 percent.
"We are pleased with our second-quarter results, particularly in light of the liquidation activity in the market," chairman and Chief Executive Officer Edward Stack said in a statement. "Looking ahead, we are focused on capturing the displaced market share and remain confident in our ability to strengthen our leadership position."
Shares rose $3.87, or 7 percent, to close Tuesday at $58.76.
-- Pittsburgh Post-Gazette
China OKs link to Hong Kong exchange
HONG KONG -- China's Cabinet approved a long-awaited initiative Tuesday that will give foreign investors more access to Chinese stocks by linking stock exchanges in Hong Kong and the mainland city of Shenzhen.
Preparations to link Hong Kong and Shenzhen are "basically completed," a Cabinet statement said.
The link is expected to be operating by Christmas, said Charles Li, chief executive officer of Hong Kong Exchanges and Clearing, the city's stock market operator. He said over the next three to four months, the stock exchange would conduct technical preparations and testing, update regulations and raise investor awareness, and then await the announcement of a start date from regulators.
Hong Kong is Chinese territory but its financial system is open to foreign investors, while mainland markets are largely sealed off from global capital flows. Beijing has long used the former British colony as an offshore outpost for financial interaction with foreign companies and investors.
-- The Associated Press
Tesla car on tour in France catches fire
PARIS -- A Tesla electric car caught fire during a promotional tour in southwest France, and those aboard escaped unharmed.
Tesla said in a statement that it is "working with the authorities to establish the facts" about Monday's fire in Bayonne.
The driver was quoted in French newspaper South West as saying he answered a Facebook ad offering test drives of the Model S sedan. The driver said he saw smoke, and the three people aboard got out before seeing it catch fire.
Regional administration spokesman Patrice Abbadie said Tuesday that nobody was hurt and no property was damaged.
The U.S. government investigated Tesla in 2013 after two fires in Model S sedans, but closed the investigation after Tesla raised the cars' suspensions and added a titanium shield to protect their batteries.
-- The Associated Press
Billionaire to buy Baltimore water taxis
BALTIMORE -- The billionaire founder of Under Armour is looking to acquire the company that runs Baltimore's water taxis.
Media outlets report that Kevin Plank plans to buy Harbor Boating, the city's exclusive water taxi operator since 2005. The company is expected to enter into a 20-year contract with Baltimore on Wednesday.
Plank plans to overhaul the water taxi service with new boats, more stops and longer hours of operation.
He also plans to work with Uber for an on-demand water taxi service.
Demian Costa, managing partner of Plank's private firm Sagamore Ventures, said the purchase is expected to close in the next 30 days. He says the goal of the Harbor Boating acquisition is to make ferries a better transportation option for the city.
-- The Associated Press
Hedge-fund chief settles trading case
WASHINGTON -- Billionaire hedge-fund manager Steven A. Cohen, who was earlier accused of failing to prevent insider trading at his firm, has agreed in a settlement with the government not to engage in any activities overseen by federal commodities regulators until at least Dec. 31, 2017.
The settlement announced Tuesday by the Commodity Futures Trading Commission follows on the action brought against Cohen by the Securities and Exchange Commission over insider trading at his firm, formerly called SAC Capital Advisors.
In an agreement with the Securities and Exchange Commission in January, Cohen was barred for two years from managing other people's money. He wasn't fined under the agreement, and neither admitted nor denied the commission's allegations.
-- The Associated Press
Business on 08/17/2016