Senate Republicans cannot force US Postal Service to scrap EVs, parliamentarian says
WASHINGTON, June 22 (Reuters) - Senate Republicans cannot force the U.S. Postal Service to scrap thousands of electric vehicles and charging equipment in a massive tax and budget bill, the Senate parliamentarian said late on Sunday.
The U.S. Postal Service currently has 7,200 electric vehicles, made up of Ford e-Transit (F.N), opens new tab vehicles and specially built Next Generation Delivery Vehicles built by Oshkosh Defense (OSK.N), opens new tab.
USPS warned on June 13 that scrapping the electric vehicles would cost it $1.5 billion, including $1 billion to replace its current fleet of EVs and $500 million in EV infrastructure rendered useless.
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Telegraph
39 minutes ago
- Telegraph
Trump will not lose Maga support over bombing Iran. This is why
'I could stand in the middle of Fifth Avenue and shoot somebody, and I wouldn't lose any voters, OK?' Donald Trump boasted at an event in Iowa during his first campaign for president in 2016. 'It's, like, incredible.' Will he lose his Maga base after bombing Iran's nuclear enrichment facilities? Clearly he doesn't think so. On June 19 the president told journalists: 'My supporters are for me. My supporters are America First and Make America Great Again. My supporters don't want to see Iran have a nuclear weapon.' In the aftermath of the attack he ordered on Iran on June 21, Trump likely has Fifth-Avenue-style immunity from mutinies by most of his conservative populist supporters, in spite of their scepticism toward overseas military interventions. He is helped by the fact that the pundits and elected representatives who claim to speak for his Maga followers do not agree. There are hawks like the TV and radio pundit Mark Levin and advocates of restraint like Georgia representative Marjorie Taylor Green. Tucker Carlson himself engaged in a harsh debate with Texas Republican senator Ted Cruz about U.S. policy toward Israel and the Middle East. Fox News leans toward the pro-war side. His former aide Steve Bannon, host of the popular podcast 'Bannon's War Room,' whom Trump invited to the White House before the attack, has urged restraint. But even without these divisions over Middle Eastern strategy on the populist Right, Trump has little reason to fear a significant loss of support. The reason is that Maga is not a creed or a movement with many leaders who share a common and well-understood set of principles; it is a cult of personality around a single charismatic leader. Charismatic presidents with cults of personality have existed in America's past. Their ranks include Andrew Jackson, Theodore Roosevelt, Franklin Delano Roosevelt, and Ronald Reagan. (Lincoln and Kennedy were only deified in the public mind after their assassinations). Because he served an unprecedented four terms, FDR showed how powerful a cult of personality can be. Between his first inauguration in 1933 and his death during World War II in 1945, he abandoned or reversed policies many times. As a candidate in 1932, FDR denounced President Herbert Hoover for the 'reckless growth of government.' Once in power, however, he dramatically expanded the federal government's role in the economy and society. He promised to keep the U.S. out of World War II but made the U.S. a de facto co-belligerent of the UK and Soviet Union even before Pearl Harbour. He was a deficit hawk at times and a deficit dove at others. He backed anti-trust reformers in the 1930s then reined in government attacks on big businesses whose help was needed during the war. In spite of his inconsistency, FDR retained the loyalty of millions of Americans, particularly members of the working class majority. Trump's base, like that of FDR, is found among working-class whites, along with a growing number of working-class Hispanics and blacks. They don't follow disputes about the questionable constitutionality of many of his executive orders, but they approve of his campaigns to enforce border laws and take on the oppressive woke Thought Police in their journalistic and academic bastions. Charisma cannot be passed on when a charismatic president leaves office, as Jackson's successor Martin van Buren, TR's successor William Howard Taft, and FDR's successor Harry Truman found out. A cult of personality is a kind of celebrity worship, not a body of political or economic principles. On May 23, at an investment conference in Riyadh, the capital of Saudi Arabia, Trump echoed the themes of the anti-interventionist Right and the anti-imperialist Left while condemning previous American administrations. 'In the end, the so-called nation builders wrecked far more nations than they built. And the interventionists were intervening in complex societies that they did not even understand.' Now he has carried out the long-sought goal of the neoconservatives who despised him and has bombed Iran; something that even George W. Bush refused to do. If Trump commits U.S. troops to an open-ended war with Iran, rather than limiting hostilities with Iraq to air strikes, some of his followers no doubt will defect, accusing him of betraying them by launching a new Forever War in the Middle East like Bush's Iraq war. Most of his followers, however, will stick with him – not only because of the rally-round-the-flag effect in war-time, but also because their loyalty is to him, not to a particular domestic agenda or foreign policy. Meanwhile, conservative pundits who fear losing access and favour no doubt will try to rationalise the apparent inconsistency of his policy toward Iran shows that Trump is playing a brilliant game of three-dimensional chess – 'peace through strength,' or something like that. In 1077, following his excommunication, Emperor Henry IV of the Holy Roman Emperor journeyed through the snow to Canossa Castle in Italy to beg forgiveness from Pope Gregory VII. On June 18 of this year, before the bombing and after he denounced the Trump administration for being 'complicit' in Israel's attacks on Iran, conservative commentator Tucker Carlson spoke to the president. Trump told reporters: 'He called and apologised the other day because he thought he said things that were a little bit too strong, and I appreciated that.' Following the strikes on Iran, Republican Representative Thomas Massie denounced them as unconstitutional and unnecessary: 'There was no imminent threat to the United States which is what would authorise that.' On Truth Social, his personal social media platform, Trump excommunicated him: 'Congressman Thomas Massie of Kentucky is not Maga, even though he likes to say he is. Actually Maga doesn't want him, doesn't know him, and doesn't respect him.' Massie's excommunication, like Carlson's metaphorical road to Canossa, demonstrates that in the Church of Maga Donald Trump is both Emperor and Pope.
Telegraph
43 minutes ago
- Telegraph
This is a sector to buy when the news is bad
Questor is The Telegraph's stock-picking column, helping you decode the markets and offering insights on where to invest. It has proved a turbulent year so far for United Airlines, the world's biggest airline by available seat miles. Such is the economic uncertainty created by Trump's tariffs that when the company's forthright chief executive, Scott Kirby, released earnings guidance earlier this year, he made the unusual decision of presenting two scenarios. On a stable economic outlook, he reckoned New York-listed United could deliver earnings per share (EPS) of between $11.50 and $13.50. However, if the big policy moves from the White House triggered a recession, he told shareholders to expect something more like $7 to $9. It's not only economic policy that has been causing Kirby planning headaches this year. United is the biggest operator at Newark Liberty International Airport, which it uses as its New York base for flights, but the airport has been experiencing problems with air traffic control, including a high-profile outage in late April. Not only have the issues caused delays and cancellations of flights, safety concerns are also hitting demand. United has said the problems will weigh on financial performance this year, although, it has not quantified this. And then there's the oil price. While oil has been weak for some time, heightened tensions in the Middle East raise concerns United, along with its peers, could face higher fuel prices, which represents a key cost for airlines. It is the propensity for airlines to frequently encounter highly consequential and extremely unpredictable events, coupled with their high fixed costs, which makes the sector uninvestible for many. However, for those who dare, this is a sector to buy when the news is bad. Indeed, the valuation of United shares at 6.6 times next-year forecast earnings illustrates the lure of this strategy, given its valuation looks much more attractive than its closest peers – which are Delta Airlines valued at 7.8 times, American Airlines on 7.3, and Southwest on 17.5. Many of the world's best fund managers see merit in the stock at the current price. Financial publisher, Citywire, which rates stocks based on their ownership by the top 3pc of equity managers globally, has raised United's Elite Companies rating from A to a top AAA this month on increased backing by the elite investors it follows. A total of nine hold the shares. Beyond the negative recent news flow, there are reasons to be optimistic about United's prospects. For one thing, United is one of the most profitable companies in its sector. Despite weak demand felt across the industry in the first quarter, United was one of only two airlines to report a profit for the period, and its 3.6pc pre-tax profit margin was its best result for the traditionally softer quarter since before the pandemic. The response to weak demand from across the industry should help shore up profitability. United has announced a capacity cut of 4pc and many rivals are taking similar measures. Fewer seats in the sky generally means fuller planes and higher ticket prices. The problems at Newark could soon start to ease, too. Some of the issues have been associated with the construction of a new runway, which was completed at the start of June. Kirby has said that with the runway open and planned flight limits implemented, he expects Newark to be the most reliable airport in the New York area from this summer. From a longer-term perspective, United is aiming to boost the efficiency of its fleet while attracting high-value passengers. Key to efficiency gains are plans to take delivery of 660 new aircraft by 2033, with a strategic switch from Boeing to Airbus planes, and the new fleet will help to differentiate between its offerings. Differentiating services is key to boosting higher-margin premium travel. Already efforts such as the roll out of Starlink powered WiFi on flights are helping. Premium revenue was up 9.2pc in the first quarter, and the group is also broadening its offering of international flights, which are more profitable. While we certainly live in uncertain times, for now brokers forecast EPS that's closer to United's 'stable' than 'recession' guidance. Airlines are always a risky bet, but many of the world's best fund managers like the odds offered by United's shares. United's shares can be bought though all major UK dealing platforms, but Brits should check for any extra charges, and while United does not pay a dividend, documents to minimise withholding tax should be completed.
Telegraph
an hour ago
- Telegraph
Controversial US billionaire buys stake in Crystal Palace to stave off threat of European expulsion
The US billionaire Woody Johnson has bought the crucial John Textor stake in Crystal Palace, leaving the road clear for the club to play in the Europa League next season. Johnson, understood to have paid around £200 million, has bought 42.9 per cent of the club previously owned by US investor Textor. The deal was struck over the weekend and should satisfy Uefa there are no multi-club issues that could prevent Palace, the FA Cup winners, playing in Uefa competitions. It is subject to approval by the Premier League and its owners and directors' test. Clarification over Palace's eligibility to play in Europe next season is expected by Uefa soon. Johnson is a major new figure to enter the Premier League ownership world, his family controlling the famous NFL franchise the New York Jets. Johnson, 78, is viewed as a controversial figure in US sport, with the Jets facing scrutiny last year following reports of 'controversial and dysfunctional practices' under his watch. He bought the Jets in 2000, with the NFL franchise now estimated to be worth around $6.9 billion. The Jets' $1.6 billion MetLife Stadium will host next year's World Cup final. Johnson is also well-known in UK politics. The long-time Republican Party donor was appointed as US ambassador to the UK during Donald Trump's first term. His brother, Christopher, took over Jets operations during his post. The American businessman has long been interested in buying a Premier League club, having made enquiries over acquiring Chelsea in 2022. The development takes Textor out of the picture, leaving chairman Steve Parish, original US investors Josh Harris and David Blitzer, to run the club with Johnson as a supportive partner. Palace faced the threat of expulsion from the Europa League having been caught in the web of multi-club ownership because of an administrative error. Textor had neglected to place his shares in Ligue 1 Lyon in a blind trust by the early March deadline in order to comply with Uefa rules on multi-club ownership. Palace's three other owners have made their case to Uefa this month that there was no multi-club issue - they shared no recruitment, or sporting infrastructure with Lyon or indeed any other club in Textor's Eagle Football group.
