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US rejects bid to buy 167 million tons of coal on public lands for less than a penny per ton

US rejects bid to buy 167 million tons of coal on public lands for less than a penny per ton

By MATTHEW BROWN, Associated Press

BILLINGS, Mont. (AP) — Federal officials rejected a company’s bid to acquire 167 million tons of coal on public lands in Montana for less than a penny per ton, in what would have been the biggest U.S. government coal sale in more than a decade.

The failed sale underscores a continued low appetite for coal among utilities that are turning to cheaper natural gas and renewables such as wind and solar to generate electricity. Emissions from burning coal are a leading driver of climate change, which scientists say is raising sea levels and making weather more extreme.

President Donald Trump has made reviving the coal industry a centerpiece of his agenda to increase U.S. energy production. But economists say Trump’s attempts to boost coal are unlikely to reverse its yearslong decline.

(AP Graphic)
(AP Graphic)

The Department of Interior said in a Tuesday statement that last week’s $186,000 bid from the Navajo Transitional Energy Co. (NTEC) did not meet the requirements of the Mineral Leasing Act. read more

As US wood tariffs kick in, kitchen cabinet companies look for a silver lining

As US wood tariffs kick in, kitchen cabinet companies look for a silver lining

By MAE ANDERSON, AP Business Writer

NEW YORK (AP) — Cabinet dealers, interior designers and remodeling contractors in the U.S. hope new tariffs on imported kitchen cabinets, bathroom vanities and upholstered wooden furniture that kicked in Tuesday will create more business for them and eventually boost domestic production of those products.

But several small business owners in the home improvement industry say they expect some short-term pains from the import taxes: Clients with projects already on the books might balk at having to pay more for the budget-priced cabinets they selected. Potential customers may postpone kitchen and bathroom renovations until costs — and the economy — seem more stable.

“I think the volatility around pricing is damaging to the remodeling industry,” said Allison Harlow, an interior designer in Michigan whose company, Curio Design Studio, creates and builds custom bathrooms and kitchens. “Most people will hear the headline of ‘Kitchen cabinets will go up 50%’ and might just opt out of even reaching out to our company.” read more

While Florida Starship missions wait, SpaceX launches latest Texas test flight

While Florida Starship missions wait, SpaceX launches latest Texas test flight

SpaceX launched its 11th test flight of the powerful Starship and Super Heavy rocket from its Texas site Starbase on Monday as it moved ahead in its goals to achieve an operational rocket that could eventually launch from Florida.

Liftoff came at 7:23 p.m. EDT with the company managing a repeat of the successful 10th test flight in August, and avoiding the calamities of its explosive test flights earlier in the year.

Clear skies meant the streaking upper stage was visible from Florida creating a jellyfish effect with the setting sun and images posted to social media captured the spacecraft from the Florida Keys to as far north as Daytona Beach.

It’s the first of two launches for SpaceX on Monday night with a Cape Canaveral mission set for liftoff at 9:58 p.m.

SpaceX founder Elon Musk wandered past the live commentators saying he was going outside to watch for the first time. read more

JPMorgan to invest up to $10 billion in US companies with crucial ties to national security

JPMorgan to invest up to $10 billion in US companies with crucial ties to national security

By MICHELLE CHAPMAN

JPMorgan Chase will directly invest up to $10 billion in U.S. companies with crucial ties to national security.

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The investment plan revealed Monday will focus on four areas: supply chain and advanced manufacturing in critical minerals, pharmaceutical precursors and robotics; defense and aerospace; energy independence, with investments in battery storage and grid resilience; and strategic technologies, including artificial intelligence, cybersecurity and quantum computing.

The investment is part of the bank’s Security and Resiliency Initiative, a $1.5 trillion, 10-year plan to facilitate, finance and invest in industries critical to national security. read more

OpenAI partners with Broadcom to design its own AI chips

OpenAI partners with Broadcom to design its own AI chips

SAN FRANCISCO (AP) — OpenAI said Monday it is working with chipmaker Broadcom to design its own artificial intelligence computer chips.

The two California companies didn’t disclose the financial terms of the deal but said they will start deploying the new racks of customized “AI accelerators” late next year.

It’s the latest big deal between OpenAI, maker of ChatGPT, and the companies building the chips and data centers required to power AI.

OpenAI in recent weeks has announced partnerships with chipmakers Nvidia and AMD that will supply the AI startup with specialized chips for running its AI systems. OpenAI has also made big deals with Oracle, CoreWeave and other companies developing the data centers where those chips are housed.

Many of the deals rely on circular financing, in which the companies are both investing in OpenAI and supplying the world’s most valuable startup with technology, fueling concerns about an AI bubble. OpenAI doesn’t yet turn a profit but says its flagship chatbot now has more than 800 million weekly users. read more