Atlantic coast pipeline project canceled, environmental groups encourage decision

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Here’s what you need to know about the coronavirus outbreak to navigate the markets today.

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Duke Energy and Dominion Energy are finalizing plans to build a natural gas pipeline junction under the Appalachian Trail That has sparked opposition from environmental groups, blaming the legal uncertainty of the cancellation, The Wall Street Journal reported. The companies said in a joint statement Sunday that they were moving away from the $ 8 billion Atlantic Coast Pipeline, which was intended to transport natural gas more than 600 miles through West Virginia, Virginia and North Carolina. “This announcement reflects growing legal uncertainty that outpaces the development of large-scale industrial and energy infrastructure in the United States,” the companies said. “Until these problems are resolved, the ability to meet the country’s energy needs will be significantly challenged.” Also Sunday, Dominion and Berkshire Hathaway announced that Berkshire would purchase Dominion’s gas transmission and storage network in a deal worth $ 9.7 billion, including the sale of a quarter of the natural gas export terminal. Dominion’s Cove Point in Maryland.

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Goldman Sachs expects the US economy to shrink further in 2020 than previously anticipated, since the increase in coronavirus cases will delay the total reopening of the country. Goldman currently projects GDP growth of -4.6% in 2020, below its previous estimate of -4.2%. “As a result of the worsening estimate for this year, the bank is now looking for a stronger rebound from 1 to 1.5. percentage points in 2021, when it expects GDP to grow 5.8%.

• Florida and Texas set daily records for new coronavirus cases on Saturday, reporting records of 11,458 and 8,258 new diagnoses, respectively. Coronavirus cases are emerging across the south and west with the US reporting more than 52,000 cases on July 4 according to the Covid Tracking Project. In response to the large increase, Florida, Texas, and many other states have reversed some of their reopening plans, such as closing bars. Texas also established a state-wide mask requirement last week, and New York City is delaying plans to resume indoor dining on July 6.

• It is “too early to say” whether it will be safe for Jacksonville, Florida to host the Republican National Convention In August, the Food and Drug Administration Commissioner Dr. Stephen Hahn said in a CNN interview. “We will have to see how this unfolds in Florida and across the country.” The four-day convention was initially scheduled in Charlotte, North Carolina. Now all but one day of the event will take place in Jacksonville, in a move fueled by North Carolina’s social distancing measures.

• UK reopened pubs on Saturday as it continues to move forward with its emergence from the blockade. Restaurants, beauty salons, theme parks and cinemas can also open now with measures to limit capacity. Saturday was “a predictably busy night and confirmed what we knew, alcohol and social estrangement is not a good combination,” National Police Federation President John Apter said in a tweet. “What was crystal clear is that drunk people cannot / don’t distance themselves socially.” The number of new cases in the UK has steadily declined from a peak of more than 5,000 infections a day in mid-April to less than 1,000 a day for the past two weeks.

• The World Health Organization has suspended trials of two HIV drugs to treat the coronavirus.he said in a statement Saturday. It is also halting a study of hydroxychloroquine, the antimalarial drug that had been promoted by President Donald Trump, but has been found to be ineffective and unsafe in treating coronavirus patients in studies by other organizations. The WHO said its “interim trial results show that hydroxychloroquine and lopinavir / ritonavir produce little or no reduction in the mortality of hospitalized patients with COVID-19 compared to standard care.”

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Write to Ben Walsh at [email protected]