Fracking rules rescinded: Donald Trump’s administration is rolling back Obama-era rules for hydraulic fracturing—commonly known as fracking—that would have required companies to disclose the chemicals used in the process. The rules, which courts have blocked since 2015, would have mainly applied in the West. Industry groups, which have sued to block the rules from going into effect, heralded the Trump administration’s move. Read more.
Banking blues: Goldman Sachs Group says it will take a $5 billion hit to fourth-quarter earnings this year due to the recently-passed GOP tax law, The Wall Street Journal reports. Most of that—around two-thirds—is due to the repatriation tax, which allows companies to move foreign cash back to the U.S. by paying a one-time tax. The bank will likely post a loss in the fourth quarter, the first for the firm in six years. Analysts had expected $2.1 billion in fourth-quarter earnings and $7.8 billion for the year. Read more.
Frigid New Year: Louisiana could experience the coldest weather in three years to ring in the New Year. One state official is calling it “pipe-bustin’” weather, the USA Today Network of Louisiana reports. Virtually the whole state will see lows in the 20s, and parts of northern Louisiana will get 48 hours of below freezing temperatures. The cold front is expected to hit Saturday night along with rain that could turn into a wintry mix, though little to no accumulation is expected. It will be coldest in Baton Rouge on Monday night and Tuesday morning when lows are expected in the low-to-mid 20s. Read more.
Editor’s note: The offices of Business Report will be closed on Monday, Jan. 1, in observance of New Year’s Day. Daily Report will not be published. Daily Report will return on Tuesday, Jan. 2. Have a safe and happy holiday.
