Word: caps
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...year, and Ireland's harshest in decades. In a mini-budget announced a couple of hours earlier, Britain's Alistair Darling unveiled his government's latest plan to fix the U.K.'s broken economy, including a punitive tax on bankers' bonuses, a rise in social security contributions and a cap on public-sector workers...
However, Stan Majcher, principal and portfolio manager of the Hotchkis & Wiley Mid-Cap Value Fund, disagrees. Majcher noted that his fund has a strong long-term performance record, as Morningstar currently ranks it the third best performing mid-cap fund when it comes to annualized returns over the past 10 years, with an annualized return of 10.85%. He acknowledges the fund underperformed in 2007 and 2008, but doesn't think these periods should be considered in isolation. (Read about the financial crisis after one year...
...decision will mean practically for major emitters. Jackson said she did not have a timetable for when the agency would publish a detailed plan to reduce greenhouse-gas emissions, and both Jackson and Obama have said repeatedly that they would prefer legislative action - in the form of a carbon cap-and-trade bill - over top-down regulation. The House has already passed a bill that would cap U.S. carbon emissions at 17% below 2005 levels by 2020, and the Senate is considering similar legislation. The threat of EPA regulation might be enough to nudge the Senate in the right direction...
...their part, business groups and many conservatives remain even more opposed to the possibility of EPA regulation of greenhouse gases than they do to a cap-and-trade bill. They say CO2 is far more prevalent than any other pollutant the EPA has ever attempted to regulate under the Clean Air Act and that top-down regulation would lay a heavy burden on U.S. business. "An endangerment finding from the EPA could result in a top-down command-and-control regime that will choke off growth by adding new mandates to virtually every major construction and renovation project," said...
Such a command-and-control regime is a long way off, and may never happen - especially if cap and trade is finally passed. But with the most important environmental summit in history kicking off, the EPA's news couldn't come at a better time for greens. "Every positive announcement will improve our chances of staying below the 2°C target," said Danish Minister Connie Hedegaard, who is presiding over the Copenhagen summit. "But we all know only too well, we are not there...