BP quits three key U.S. petroleum groups over climate divergences

LONDON, Feb 26 (Reuters) - BP said it will leave three U.S. petroleum trade groups, including the country’s main refining lobby, due to misaligned views over the energy transition to battle climate change.

The decision comes after BP Chief Executive Officer Bernard Looney, who took office earlier this month, set one of the oil sector’s most ambitious targets for curbing carbon emissions with a vow to “re-invent” the 111-year old company in the face of the climate challenge.

The London-based company said in a report on Wednesday that it will quit the American Fuel & Petrochemical Manufacturers (AFPM), following similar moves by other European rivals.

BP will also not renew its membership in the Western States Petroleum Association (WSPA) and Western Energy Alliance (WEA), it said.

https://www.reuters.com/article/bp-lobbying/bp-quits-three-key-us-petroleum-groups-over-climate-divergences-idUSL5N2AQ4QB

Colorado ski resort sees 17 cases of employees with mumps

DILLON, Colo. (AP) — There are 17 confirmed cases of mumps among employees of a Colorado ski resort, health officials said.

Summit County Public Health officials say the number of cases is expected to grow at Keystone Resort in Keystone, Summit Daily News reported Monday.

The general public is not at risk, health officials said.

“Mumps is not currently circulating in the greater Summit County community and there is minimal risk to members of the public, including those who visited the ski area,” Summit County Nursing Manager Sara Lopez said.

Mumps is a contagious viral disease that causes pain and swelling in the salivary glands in the cheeks, along with fever and fatigue, according to the Centers for Disease Control and Prevention.

The illness spreads through saliva and can be contracted through kissing, coughing, sneezing, or touching contaminated surfaces.

The county attempted to limit the spread of the disease by evaluating people who have been in contact with those who have the illness.

Employees of the resort owned by Vail Resorts Management Company who tested positive have been told to remain at home during their infectious period.

People who develop jaw or cheek swelling should stay at home for five days, Lopez said.

https://www.foxbusiness.com/lifestyle/colorado-ski-resort-17-cases-mumps

Mortgage rates to get more attractive as 10-year Treasury hits record low

Consumers in the market for a home could soon be seeing even lower mortgage rates.

Concerns about the coronavirus have shaken global markets, sending stocks plummeting and bond yields lower, which will translate into lower mortgage rates.

Already lower mortgage rates could continue to slide, giving the consumer an advantage.

"As fears regarding the coronavirus have increased, Treasury yields have dropped to record lows this week amid the ensuing financial market volatility," said Mike Fratantoni of the Mortgage Bankers Association. "Next week's results will show the impact this drop in Treasuries had on mortgage activity."

The yield on the 10-year Treasury fell as low as 1.31 percent, a record, according to TradeWeb, before recovering somewhat to 1.33 percent late Tuesday afternoon. The yield is down from 1.37 percent late Monday and far below the 1.90 percent it stood at in early 2020.

The average contract interest rate for 30-year fixed-rate mortgages decreased to 3.73 percent from 3.77 percent.

The already low mortgage rates have driven demand for mortgage applications, rising 1.5 percent in the past week, according to the weekly survey from the Mortgage Bankers Association.

The seasonally adjusted purchase index increased 6 percent.

"Last week appears to have been the calm before the storm.

Weaker readings on economic growth caused a slight drop in mortgage rates, bringing them back to their level two weeks ago," said Fratantoni. "Purchase volume remained strong, supported both by low rates and the increased pace of construction over the past few months."

https://www.foxbusiness.com/markets/mortgage-rates-10-year-treasury-yield-record-low

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