
US EPA cutting workforce by 23%, closing research division
In January, the EPA had 16,155 employees, and after layoffs and employees opting to take financial incentives to leave or retire, it will have a workforce of 12,448, the agency said. The EPA is also offering a third round of the deferred resignation program that will close on July 25, meaning the agency's total workforce could further shrink, a spokesperson said.
The EPA did not specify how many of those positions were affected by the elimination of its research office.
The move is in line with President Donald Trump's promises to reduce the size of government when he took office in January.
"The agency announced today its decision to restructure and eliminate the Office of Research and Development (ORD) to improve the effectiveness and efficiency of EPA operations and align core statutory requirements with its organizational structure," a spokesperson said in an email.
EPA's ORD oversees a range of research projects, including health risk assessments of "forever chemicals" like PFAS, investigations into respiratory illness in the rural South, and studies on the spread of Valley fever, a fungal disease exacerbated by climate change and wildfires.
EPA said it would create a new office focused on scientific research called the Office of Applied Science and Environmental Solutions.
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Reuters
21 minutes ago
- Reuters
Stocks rise, euro firms after US-EU trade agreement
SINGAPORE, July 28 (Reuters) - Global stocks rose and the euro firmed on Monday after a tradeagreement between the United States and the EU lifted sentiment and provided some clarity in a week of key policy meetings by the Federal Reserve and the Bank of Japan. The U.S. struck a framework trade agreement with the European Union, imposing a 15% import tariff on most EU goods - half the threatened rate, a week after agreeing to a trade deal with Japan that lowered proposed tariffs on auto imports. Countries are scrambling to finalise trade deals ahead of an August 1 deadline set by U.S. President Donald Trump, with talks between the U.S. and China set for Monday in Stockholm amid expectations of another 90-day extension to the truce between the world's top two economies. "A 15% tariff on European goods, forced purchases of U.S. energy and military equipment and zero tariff retaliation by Europe, that's not negotiation, that's the art of the deal," said Prashant Newnaha, senior Asia-Pacific rates strategist at TD Securities. "A big win for the U.S." S&P 500 futures rose 0.4% and the Nasdaq futures gained 0.5% while the euro firmed across the board, rising against the dollar, sterling and yen. European futures surged nearly 1%. MSCI's broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS), opens new tab was up 0.27%, just shy of the almost four-year high it touched last week. Japan's Nikkei fell 0.8% after hitting a one-year high last week. While the baseline 15% tariff will still be seen by many in Europe as too high, compared with Europe's initial hopes to secure a zero-for-zero tariff deal, it is better than the threatened 30% rate. The U.S.-EU deal provides clarity to companies and averts a bigger trade war between the two allies that account for almost a third of global trade. "A major tail-risk has now been defused," said Marc Velan, head of investments at Lucerne Asset Management in Singapore. "Markets are interpreting this as a sign of stability and predictability returning to trade policy," he added. "The China delay fits the same pattern: the administration is opting for controlled diplomacy over confrontation." China's blue-chip stocks (.CSI300), opens new tab rose 0.3% while the Hong Kong's Hang Seng index (.HSI), opens new tab advanced 0.75%. The Australian dollar , often seen as a proxy for risk appetite, was at $0.657, hovering around the near eight-month peak scaled last week. In an action-packed week, investors will watch out for the monetary policy meetings from the Fed and the BOJ as well as the monthly U.S. employment report and earnings from megacap companies Apple (AAPL.O), opens new tab, Microsoft (MSFT.O), opens new tab and Amazon (AMZN.O), opens new tab. While the Fed and the BOJ are expected to maintain rates, comments from the officials will be crucial for investors to gauge the interest rate path. The trade deal with Japan has opened the door for the BOJ to raise rates again this year. Meanwhile, the Fed is likely to be cautious on any rate cuts as officials seek more data to determine tariffs' impact on inflation before they ease rates further. But tensions between the White House and the central bank over monetary policy have increased, with Trump repeatedly lashing out at Fed Chair Jerome Powell for not cutting rates. Two of the Fed Board's Trump appointees have articulated reasons for supporting a rate cut this month. "Inflation readings, particularly the PCE index, and the upcoming July jobs report will shape expectations beyond this meeting, with the next likely policy pivot now pushed out to September if inflation continues to ease," said Kieran Williams, head of Asia FX at InTouch Capital Markets. In commodities, oil prices rose after the U.S.-EU trade agreement. Brent crude futures and U.S. West Texas Intermediate crude both rose 0.5%. Gold prices fell on Monday to their lowest in nearly two weeks on reduced appetite for safe havens.


The Guardian
31 minutes ago
- The Guardian
Starmer faces difficult task persuading Trump to take different path on Gaza
Moments after Air Force One touched down at Prestwick on Friday for a trip in which politics will take as big a billing as golf, Donald Trump was asked about his relationship with Keir Starmer. 'I like your prime minister. He's slightly more liberal than I am, as you've probably heard. But he's a good man,' the US president told reporters. At a time when the UK wants Trump's ear on numerous weighty issues, his response to questions about the 'special relationship' will have given Downing Street some reassurance. But it has been hard won. Starmer has been clear since before Trump's re-election that he would work with him if it was in Britain's national interest. There have been uncomfortable moments, but so far his decision to align himself with the US president has broadly paid off. Most notable was the economic deal agreed by the two leaders that slashes some of Trump's tariffs on cars, aluminium and steel, and which – even though it is not yet fully implemented – the UK government hopes will be a first step towards a closer trading relationship. Starmer, along with other western allies, has also helped encourage Trump to shift his position on Ukraine. After initially siding with Vladimir Putin and appearing to blame Volodymyr Zelenskyy for the invasion, the US president has since declared himself 'very unhappy' with his Russian counterpart. The prime minister now faces his toughest diplomatic task of all: trying to persuade Trump to take a different path on the humanitarian crisis in the Middle East. Even getting the issue on the agenda will not have been straightforward, with the White House not regarding Gaza as a priority. Trump is the only international leader whom the Israeli prime minister, Benjamin Netanyahu, listens to – though even then, not all of the time – so getting the US president's ear at this precise moment is an opportunity not to be squandered. With international fury over the situation on the ground in Gaza growing, Starmer has also been under pressure domestically – from his cabinet, Labour MPs and increasingly the public – to take further action against Israel. Government advisers are defensive – citing what the UK has already done to hold Israel to account since Labour came to power – and promising further action will follow, even if it is not clear what that might constitute. They point to the UK restoring funding to the UN agency Unrwa, sanctioning far-right Israeli ministers and those who committed settler violence, breaking off trade negotiations with Israel, backing the legitimacy of the international criminal court and restricting arms licences to Israel (though not preventing them entirely). Sign up to First Edition Our morning email breaks down the key stories of the day, telling you what's happening and why it matters after newsletter promotion The initial urgency is around humanitarian aid, with mass starvation spreading across Gaza, and Starmer will be hoping to persuade Trump that the situation on the ground will only worsen unless the Israelis fully lift their blockade of almost all aid into the territory. The longer-term prize, however, would be a ceasefire. Starmer will press Trump to revive ceasefire talks between Israel and Hamas, after the US and Israel withdrew their negotiation teams from Qatar last week. Getting them back round the table to agree a 60-day break from fighting is a prerequisite to a more permanent cessation of violence. The window of opportunity is narrow: the Israeli parliament is not sitting until October, which gives Netanyahu the cover he would need to agree a deal. But Starmer knows Trump is the only international figure who can put pressure on him to do so. Only at that point does Starmer feel the UK could follow France and formally recognise a Palestine state. No 10 insiders say it is a 'matter of when, not if' and David Lammy, the foreign secretary, will be at a UN conference this week to establish a pathway to formal recognition. To the deep frustration of many in his party, the prime minister last week rejected a call to follow France in recognising Palestine amid concerns the move would be largely symbolic without a ceasefire in place, and that issue could overshadow the talks with Trump. But that means even more is riding on Monday's meeting with the US president. It will be a test of whether the energy put into maintaining a good relationship with Trump has been worth it. And it will also show how far Starmer really is prepared to push to help bring an end to the catastrophe in Gaza.


The Independent
an hour ago
- The Independent
Hong Kong's CK Hutchison seeks Chinese investor to join Panama Ports deal
A Hong Kong conglomerate that's selling ports at the Panama Canal said Monday it may seek a Chinese investor to join a consortium of buyers, a move that could please Beijing but bring more U.S. scrutiny to the geopolitically fraught deal. CK Hutchison Holdings' initial plan to sell its port assets to a group that includes U.S. investment firm BlackRock Inc. pleased President Donald Trump, who has alleged that China interferes with the critical shipping lane's operations in Panama. However, they apparently angered Beijing and drew a review from Chinese anti-monopoly authorities. A Beijing-backed newspaper posted scathing commentaries about the deal, with one describing it as a betrayal of all Chinese. Beijing's offices overseeing Hong Kong affairs have reposted some of these commentaries, widely seen as an indication of Chinese leaders' stance. A Hutchison subsidiary has operated ports at both ends of the Panama Canal since 1997. After months of uncertainty brought by tensions between Washington and Beijing, Hutchison said in a statement that the exclusive negotiations period with the consortium has expired. However, it added 'the Group remains in discussions with members of the consortium with a view to inviting major strategic investor from the PRC to join as a significant member of the consortium,' referring to the People's Republic of China. It said they needed to change the membership of the consortium and the structure of the transaction for the deal to be able to pass reviews by 'all relevant authorities." The awkward position Hutchison found itself in for months highlights the challenges Hong Kong business elites face in navigating Beijing's expectations of national loyalty, especially when relations between China and the United States are strained. Hong Kong has overhauled its electoral system to ensure the city is run by 'patriots.' CK Hutchison is owned by the family of Hong Kong's richest man, Li Ka-shing. It announced March 4 that it would sell all its shares in Hutchison Port Holdings and in Hutchison Port Group Holdings to the consortium that also includes BlackRock subsidiary Global Infrastructure Partners and Terminal Investment Limited, a subsidiary of the Mediterranean Shipping Company. In May, Hutchinson co-managing director, Dominic Lai told shareholders that Terminal Investment was the main investor. Its parent company is led by Italian shipping scion Diego Aponte, whose family reportedly has a longstanding relationship with Li's. The initial deal, valued at nearly $23 billion including $5 billion in debt, would have given the consortium control over 43 ports in 23 countries, including the ports of Balboa and Cristobal, located at either end of the canal. That agreement also required approval from Panama's government. The deadline for their exclusive negotiation period ended on July 27.