The bond market has entered a financial twilight zone, and at this point, there doesn't seem to be a smooth way out.Market Insiderread more
Trump said he has "been thinking about payroll taxes for a long time" — and he cautioned that "whether or not we do something now, it's not being done because of recession."Politicsread more
After Elon Musk touts Tesla solar on Twitter, Walmart sues the electric vehicle and clean energy company over store rooftop panels that ignited.Technologyread more
Market bull Jeff Saut told CNBC on Tuesday that the lows are in and the market is headed "much higher."Marketsread more
Urban Outfitters reported earnings and same-store sales for the second quarter that beat analyst expectations, while revenue fell short.Retailread more
President Donald Trump believes he has quite the bargaining chip with the European Union.Marketsread more
Some Apple employees have become disillusioned with the group's culture, where some have thrived while others feel sidelined.Technologyread more
The United States does not have a defense against hypersonic weapons, which can travel at least five times the speed of sound, or a little more than a mile per second....Defenseread more
President Donald Trump renewed calls Tuesday to readmit Russia to the G-7 ahead of the group's summit in Biarritz, France, this weekend.Politicsread more
Biden has shown staying power at the top of a jammed Democratic field even as polling numbers for Sanders, Warren and Harris wax and wane.2020 Electionsread more
The FDIC on Tuesday votes to approve a five-agency revision of the post-crisis regulation known as the Volcker Rule.Financeread more
LONDON, May 17 (Reuters) - The International Maritime Organization (IMO) on Friday agreed stricter energy efficiency targets for certain types of ships in an effort to speed up action to cut the sector's emissions.
The IMO's Marine Environment Protection Committee has been meeting in London this week to discuss tougher rules on sulphur emissions and other measures towards meeting a long-term goal of cutting greenhouse gas emissions by 50% from 2008 levels by 2050.
The international shipping sector accounts for about 2% of global carbon dioxide (CO2) emissions, the main greenhouse gas blamed for global warming.
Under its Energy Efficiency Design Index (EEDI), the IMO set mandatory targets for new ships on the maximum amount of CO2 emissions allowed for different vessel types and sizes to provide the same amount of transportation.
A draft of the agreement shows that new container ships will now be required to be up to 50% more efficient by 2022, compared with the previous target of up to 30% more efficient by 2025.
New general cargo ships, gas and liquefied natural gas (LNG) carriers and hybrid diesel-electric cruise ships will also have to be up to 30 percent more efficient by 2022.
"Your work in this session has strengthened the energy efficiency framework," IMO Secretary-General Kitack Lim told delegates in London.
The International Council on Clean Transportation (ICCT) said the move could reduce CO2 emissions by about 750 million tonnes from 2022 to 2050, equating to around 2% of all emissions from international shipping over that period.
"The IMO's decision to move up and tighten energy efficiency targets for some new ships is a modest but necessary step to combat climate change," said Dan Rutherford, ICCT's marine programme director.
However, some environmental campaigners said the target is already being beaten by some of the most efficient ships being built today and stricter goals should be set.
(Reporting by Nina Chestney Editing by David Goodman)