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Trump admin gives stay of execution to sunset coal sector
Among the 200-plus globally significant financial institutions that restrict investment in coal are Australia’s major banks, which alone reduced their direct coal lending from A$3.5 billion in 2018 to a paltry $305 million in 2023. By any meaningful measure, investment in coal – universally regarded as the single biggest driver of global warming - is now regarded as on the nose. Coal plants produce more air pollution than other sources, and burning coal emits mercury, a powerful neurotoxin, and other heavy metals. However, that hasn’t stopped United States President Donald Trump – a long-time renewables sceptic – from kicking the sector’s inevitable demise further down the road through his latest – stay of execution-style - executive order. In an about-face to the Biden administration’s steps to restrict and phase out coal production, Trump has unveiled plans to use government funding and Pentagon contracts to sustain U.S. coal-fired power plants.Long-term contractsIn summary, the U.S. Defence Secretary Pete Hegseth is entering into long-term contracts with coal plants across the country to power military installations. Unsurprisingly, the move to potentially provide financial support to dozens of coal plants - that
Industries
BYD sues US over 'unlawful' import taxes
The Chinese electric vehicle giant BYD has filed a lawsuit in the United States Court of International Trade, challenging Donald Trump’s use of emergency powers to slap tariffs on imports and is demanding a full refund of every dollar it has paid so far. The first Chinese carmaker to directly sue the U.S. government over tariffs, BYD is demanding its cash back, with interest and without delay. Underpinning the case is a shonky, albeit explosive piece of legislation: the International Emergency Economic Powers Act, aka IEEPA. It’s a law that allows U.S. presidents to act fast during national emergencies by freezing assets, blocking transactions and cutting off hostile actors. Ironically, what it does not explicitly make reference to is tariffs. BYD is arguing that the word “tariff” appears nowhere in the law, nor is there any reference to anything that clearly means tariff. On this basis, BYD claims the U.S. government had no authority to impose them. Four BYD subsidiaries - comprising buses, trucks, batteries and energy systems - are listed as plaintiffs. The defendants read like a roll call of Washington power: Homeland Security, Treasury, U.S. Customs, and the Trade Representative’s office. The C
Industries
Danish pension fund to sell its US Treasury holdings
Danish pension fund AkademikerPension will sell its United States Treasury holdings by the end of January, saying that United States government finances are in poor shape. The move also comes as the U.S. escalates tensions with Denmark in its attempts to acquire Greenland. AkademikerPension has around US$100 million (A$148.5 million) in U.S. Treasurys. “The decision is rooted in the poor U.S. government finances, which make us think that we ‍need to make an effort to find an ‌alternative ‌way of conducting our liquidity and risk management,” wrote AkademikerPension investment director Anders Schelde. “Thus, it is not directly related to the ongoing rift between the U.S. and Europe, but of course that didn't make it more ‍difficult to take the decision.” AkademikerPension has DK164 billion kr. (US$25.8 billion) in assets under management. U.S. Treasury yields spiked during Tuesday trading (Wednesday AEDT). While the U.S. budget deficit decreased by 2.2% in the 2025 fiscal year, it remains at $1.78 billion. Moody’s lowered its credit rating for the U.S. by one rank from Aaa to Aa1 in May 2025. The spending bill it passed in July, formerly known as the One Big Beautiful Bill Act, is also set to add $3 trillion to go
Industries
US spending bill adds funds for air traffic controllers
United States lawmakers have announced a spending deal that will provide funding for 2,500 air traffic controllers and US$2.4 billion (A$3.57 billion) for U.S. passenger railroad Amtrak, while cutting funds for electric vehicle charging and high-speed rail. The bill adds a 3.8% raise for air traffic controllers and boosts the Federal Aviation Administration (FAA) budget to $1.58 billion, as well as funding to hire 2,500 new air traffic controllers. The FAA is currently 3,5000 air traffic controllers short of its staffing goals. Many current air traffic controllers work six days a week or overtime. This comes after the Trump administration approved a 3.8% pay raise for federal law enforcement personnel, which went into effect at the start of January and did not include air traffic controllers. It also follows last year’s government shutdown, where many air traffic controllers were forced to work without pay. The funding will also include $514 million to subsidise air services to rural communities, known as the Essential Air Service program. This rejects a White House proposal to cut the program by 50% and boosts annual funding to modernise air traffic control towers by $824 million. The budget bill provides $2
Industries
EU defence stocks rise on German military boost
The German government has cleared more than €50 million (A$88.5 million) in defence contracts over the next few years, as Russia’s war on Ukraine puts pressure on the nation to boost military spending. The proposed expenditure, which is expected to be passed, will include €22 billion for personal protective equipment for military personnel and about €10 billion in upgrades to infantry fighter vehicles, air defence and missile systems, according to German media. The new military budget is likely to be approved due to European stocks rallying on Wednesday as investors awaited the outcome of the meeting. The Stoxx Europe Aerospace Defence index was up 1.2% on Wednesday by 11:22 am London time and was led by defence giants Renk, which rose 2.8%, Hensoldt, with an increase of 2.4% and Rheinmetall, which gained 1.8%. This follows the sector shedding 1.8% on Tuesday amid rising hopes of a peace deal to end the war in Ukraine. Following countries ramping up military spending, with some regional defence players even doubling in value amid commitments from regional governments and the NATO military alliance to ramp up defence spending, the Stoxx Europe Aerospace and Defence Index rose more than 50% since the start of the year

Industries
Trump admin set to lower restrictions on marijuana
United States President Donald Trump’s administration is reportedly set to reclassify marijuana to lower restrictions on the industry, with cannabis-related stocks soaring. Trump could issue an executive order directing federal agencies to reclassify marijuana as a Schedule III substance as soon as Monday, the Washington Post and CNBC reported. The White House has said that no final decisions have been made. Trump previously said in August that the administration was considering reclassifying marijuana. “We're looking at reclassification and we'll make a determination over the next few weeks,” he said. He spoke to Republican House Speaker Mike Johnson last week about the executive order, along with cannabis industry executives, Health and Human Services Secretary Robert F. Kennedy Jr, and Centers for Medicare and Medicaid Services head Mehmet Oz. Johnson has opposed reclassifying marijuana. Reclassifying marijuana would allow producer companies similar tax deductions to other businesses, avoiding the high tax rate the industry is subject to while it remains a Schedule I substance. As a Schedule I drug, marijuana is in the same category as heroin and LSD. The U.S. Drug Enforcement Administration (DEA) considers Sched
Industries
2035 EU engine ban could be relaxed under new deal
Multiple nations have written to the European Commission asking for a softer version of the current plan to completely phase out combustion engines by 2035. The letters, seen in reporting by Reuters, come from the member nations of Bulgaria, Czechia, Hungary, Italy, Poland and Slovakia, and join the voices from within the auto industry already calling for changes to the phase out. As it stands currently, the EC has implemented that there will be a ban on combustion engines in all new vehicles by 2035, with a focus on pivoting to electric vehicles and hybrids instead. However, concerns have been raised over job losses and EV sales starting to slow across the world, and are echoed again in these latest letters. The key request of the letters is for permission to continue selling combustion engine vehicles past the deadline, along with a shift to low-carbon and renewable fuels in the effort to reduce emissions. "We can and we must pursue our climate goal in an effective way, while not killing our competitiveness in the meanwhile since there is nothing green in an industrial desert," the letter read. A package of measures to support the European auto industry was already expected to be published this week, but could
Industries
South Korean giants make bold pledge after major US deal
Samsung Electronics and several other major firms announced new domestic investment plans yesterday during a meeting with President Lee Jae Myung, who expects the move to ease concerns that Korean companies might excessively refocus their attention and money towards the United States after the recent trade agreement. In his meeting with the companies’ chiefs, Lee praised the country’s business sector for helping his government negotiate the trade deal with Washington, but urged them to maintain strong domestic investments amid concerns they might cut spending at home to invest more in America. President Lee told media his government is exploring various policy steps, including easing regulations, to help create a more favourable business environment for the companies. The meeting followed Seoul’s decision to invest US$350 billion in American industries, a move that helped the country avoid the highest tariffs threatened by the Trump administration. The two governments on Friday released the details of the trade agreement, including US$150 billion in South Korean investments in the U.S. shipbuilding sector and an additional US$200 billion in other American industries, which Seoul says will be capped at US$20 billion an
Industries
ESG focus: Sustainable investments up 49% in 2yrs
While the market has had a love-hate relationship with sustainable investing - an approach that integrates environmental, social, and governance (ESG) factors - a new report published during COP30 in Belém, Brazil, earlier this week reveals that a sustainable economic transition is currently underway. According to the Global Sustainable Investment Alliance (GSIA), sustainable investments have jumped 49% over the last two years to US$16.7 trillion, with the GSIA attributing the increase to a tectonic shift in underlying thinking towards the sector. No longer seen as a niche practice, the GSIA is witnessing greater market appreciation of the role renewables and all-things-ESG related will play in supporting technological growth needed to advance the world’s climate change goals. The GSIA’s biennial Global Sustainable Investment Review report reveals a steep rise in investment allocated to the clean energy sector.Second fastest-growing industryDespite the highly volatile and fragmented global economic, political, and sustainability landscape since 2023, the report’s data suggests the green economy is now the second fastest growing industry globally. “This report demonstrates that the sustainable investment industry is on