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The Environmental Protection Agency will propose legislation mandating U.S. power plants to cut greenhouse-gas emissions by an average of 30% by 2030 from levels 25 years earlier. The proposal will be unveiled later today, and is in line with President Barack Obama's climate-change and environmental protection agenda. The law would affect hundreds of fossil-fuel power plants, and would strike the nation's 600 coal-fired plants the hardest.

Stocks
KKR has terminated KKR Equities Strategies - its first stock hedge fund launched less than three years ago. The fund was made up of a dozen former Goldman Sachs (NYSE:GS) traders, and was started by KKR (NYSE:KKR) to diversify its business. The termination was decided due to "lack of scale" and focus on other hedge fund products. Since its start in 2011, the fund reported an average annualized return of about 5%.

Google is planning to extend Internet access to the unwired regions of the world via satellite, in an effort to add new internet users, and boost revenue and earnings. The new project's estimated price ranges from $1B-$3B, and will start with 180 small, high-capacity satellites orbiting Earth at low altitude. Google's (GOOG, GOOGL) previous projects to extend connectivity involved high-altitude balloons and solar-powered drones.

Apple will reveal more iBeacon technology at the World Wide Developers Conference in San Francisco starting today. Virgin Atlantic has already installed beacons in London's Heathrow Airport so a smartphone automatically displays a boarding pass when the passenger comes to the gate or security. LabWerk has used the technology to create an app to alert drivers of empty spots in parking garages. Apple (NASDAQ:AAPL) has designed the beacons to transmit the Bluetooth signal within 500 feet of a phone.

Samsung has announced its first commercial smartphone using the Tizen open-source platform. The Samsung Z featuring the new system will be available in Russia in the third quarter before expanding to other markets. Tizen is being developed with companies including Intel (NASDAQ:INTC) and Vodafone (NASDAQ:VOD). The new platform is revolutionary for Samsung (OTC:SSNLF), as the company is the world’s biggest maker of mobile devices using Google’s (GOOG, GOOGL) Android operating system.

Boeing is currently upgrading both its 777 and 737 models to the new 777X and 737 MAX to provide increased fuel savings for airlines. Although the company has seen increased demand for the two future jets, it has still been able to keep current production of existing models under control - even selling out of its 777-300ER until 2017. Boeing (NYSE:BA) sales chief John Wojick highlights the "fuel efficiency" of the new fleet as an area that surpasses rival Airbus (OTCPK:EADSF, OTCPK:EADSY).

As a result, Airbus is still deciding the details for its possible re-engined A330. If produced, COO John Leahy feels the plane will sell more than 1,000 units and stretch production through 2030. Airbus (OTCPK:EADSF, OTCPK:EADSY) is already seeing demand for the possible A330neo. Air Lease (NYSE:AL) expressed interest yesterday for a purchase of the newly upgraded planes.

Procter & Gamble is trying to balance its green initiative while securing as much profit as it can, as it caters to global sustainability while cutting company-wide costs. This spring, P&G (NYSE:PG) promised initiatives such as cutting the water content in laundry detergent by a quarter and helping U.S. cities boost recycling programs. In turn, the company is cutting 3,000 office jobs, selling its pet food business, and is looking to cut $10B from costs by 2016.


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Today's Markets:
In Asia, Japan +2.1% to 14936. Hong Kong +0.3% to 23082. China -0.1% to 2039. India +1.9% to 24685.
In Europe, at midday, London +0.3%. Paris flat. Frankfurt +0.2%.
Futures at 6:20: Dow +0.1%. S&P +0.1%. Nasdaq flat. Crude +0.4% to $103.15. Gold -0.1% to $1244.90.
Ten-year Treasury Yield +1 bps to 2.49%

Today's economic calendar:
8:30 Gallup US Consumer Spending
9:45 PMI Manufacturing Index
10:00 ISM Manufacturing Index
10:00 Construction Spending

Notable earnings before today's open: CONN

Notable earnings after today's close: GWRE, KKD, ZQK

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Source: Wall Street Breakfast: Must-Know News