DOE: ‘ Moves Forward with New Efficiency Standards on Commercial Walk-In Freezers and Coolers ‘

#AceFinanceNews – UNITED STATES – September 30 – The Department of Energy (DOE) is giving manufacturers the cold shoulder as it moves forward with new efficiency standards for commercial walk-in coolers and freezers.

The Energy Department’s Office of Energy Efficiency and Renewable Energy announced Tuesday it is rejecting industry’s request to roll back the new regulations.

DOE finalized the rules in June, hoping to save consumers close to $10 billion in energy bills over the next 30 years.

But the Air-Conditioning, Heating, and Refrigeration Institute (AHRI) petitioned the Energy Department to reconsider the rules, because it argued they would be too expensive for manufacturers to comply with.

The Energy Department’s own estimates suggest the more stringent efficiency rules would cost industry $33 million to comply with. But it said AHRI’s accusations that it could cost even more than that are based on a “flawed set of calculations and assumptions” and a “fundamental misunderstanding” of the rule.

Walk-in coolers and freezers are the latest in a long line of commercial and household appliances that DOE is looking to regulate.

By Tim Devaney


#afn2014, #department-of-energy-doe, #united-states

‘ Ebay and PayPal will Trade as Two Separate Companies ‘

#AceFinanceNews – September 30 – After spending much of this year explaining why its two businesses are best left together, eBay’s board of directors and CEO did a complete about-face Tuesday morning, announcing a plan under which its PayPal and eBay marketplace businesses will be split into separately traded public companies by the middle of next year.

And CEO John Donahoe will step down as CEO of eBay once the split takes effect in 2015.

EBay shares jumped 10 percent on the news in premarket trading. (Get the latest quote here.)

Donahoe began 2014 under pressure from activist investor Carl Icahn to split the company into its faster growing payments business, PayPal, and its legacy e-commerce marketplace, eBay. Donahoe and eBay’s board successfully resisted those pleas in winning a proxy fight, but only months later during the company’s annual strategic review, decided that a split in 2015 is now the right move to position each of those company’s for the future.


#ebay, #paypal

‘ US Judge Holds Argentina in Contempt of Court ‘

#AceFinanceNews – UNITED STATES (Manhattan) – September 30 – A U.S. judge held Argentina in contempt of court on Monday, saying the republic was trying to find ways to circumvent a prior order requiring it pay holdout bond holders at the same time as other creditors who restructured their debt in recent years.

U.S. District Judge Thomas Griesa in Manhattan deferred a decision on imposing sanctions against Argentina to a later date. But he did say that the “problem is that the republic of Argentina has been and is now taking steps in an attempt to evade critical parts of” his injunction.

Argentina’s government enacted a new law recently to get around a court ruling saying it must pay more than $1.3 billion to holdout hedge funds who rejected the country’s debt restructuring agreements in 2005 and 2010. The country defaulted on more than $100 billion in debt more than a decade ago.

Carmine Boccuzzi, a lawyer for Argentina, had said a contempt ruling would just “make matters worse.”


#argentina, #argentinian, #bonds, #hedge-funds, #manhattan, #united-states