Financial Daily Dose 6.10.2021 | Top Story: TC Energy Abandons Controversial Keystone XL Pipeline Project

Robins Kaplan LLP

Robins Kaplan LLP

After years of protests, lobbying, and legal battles, TC Energy—the Canadian pipeline company behand the embattled Keystone XL pipeline project that “would have carried petroleum from Canadian tar sands to Nebraska”—announced on Wednesday that it had “terminated” the project - NYTimes and WSJ and HuffPost and Law360

On the same day that SEC chief Gary Gensler confirmed at an industry conference yesterday that his agency’s undertaking a review of “some of the stock market’s most fundamental rules in light of the surge in trading over the past year by individual investors in meme stocks” [WSJ and Law360], one of those memers—GameStop—disclosed that SEC staffers have been in touch with the company for “voluntary production of documents and information”  - Bloomberg and MarketWatch

The Pro Publica report on leaked details of the miniscule tax payments by many of America’s most famous billionaires from 2013-2018 continues to have ripple effects. On Tuesday, it was the investigation of the leak. Yesterday, the content of the report was the story, prompting attention from financial reformers in Congress to train their focus of a wealth tax like that proposed by Senator Warren -NYTimes

TikTok rode out the threats of the last administration and was rewarded this week by a revocation of the executive order targeting the company and messaging app WeChat. Instead, the White House has replaced the EO with a new one “that calls for a broader review of a number of foreign-controlled applications that could pose a security risk to Americans and their data” - NYTimes and WSJ and Law360

The FBI’s recovery of the majority of bitcoin Colonial Pipeline paid DarkSide to release its hold on the company’s information “exposed a fundamental misconception about cryptocurrencies: They are not as hard to track as cybercriminals think” - NYTimes

Speaking of ransoms, meat processor JBS paid a reported $11 million ransom in bitcoin last week to cybercriminals who “temporarily knocked out plants that process roughly one-fifth” of the U.S.’s meat supply - WSJ and Bloomberg

In the wake of a devastating ruling from a court in the Hague last month “ordering the oil giant to take more drastic action,” Royal Dutch Shell announced that “it would accelerate its effort to cut its carbon emissions”—even as it considers its appellate options - WSJ and NYTimes

Gig economy companies Uber and Lyft are hoping to replicate the success of their lobbying efforts that led to a massive ballot initiative win exempting their drivers from a 2019 state law, with current sights set on a measure in New York state that would classify drivers as contractors by law - NYTimes

Points for the punny  headline (“Would Absinthe Make the Art Grow Fonder) as well as the concepts within—an immersive and trippy visit to the interior of Van Gogh’s most famous works - NYTimes

Stay safe and get vaxxed.

Written by:

Robins Kaplan LLP

Robins Kaplan LLP on:

Reporters on Deadline

"My best business intelligence, in one easy email…"

Your first step to building a free, personalized, morning email brief covering pertinent authors and topics on JD Supra:
*By using the service, you signify your acceptance of JD Supra's Privacy Policy.
Custom Email Digest
- hide
- hide