FT News Briefing US issues emergency powers to keep fuel flowing, CEO diversity promises
May 10, 2021
Emergency powers were enacted by the US government to stabilize fuel supplies after a cyberattack disrupted a vital pipeline. The banking sector faces a split on returning to the office, balancing remote work benefits with the need for collaboration. Meanwhile, a review of corporate commitments made after George Floyd's murder reveals many promises remain unfulfilled. There's also a competitive battle brewing among private equity firms for Hertz as the travel industry rebounds. This discussion highlights the challenges and complexities in both corporate diversity and economic recovery.
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Cyberattack on US Fuel Pipeline
- The Colonial Pipeline, a major US fuel conduit, was shut down after a cyberattack.
- The government enacted emergency powers to facilitate fuel transport by road.
Potential Impact on Fuel Prices
- The shutdown of the Colonial Pipeline could last a while, given the government's drastic measures.
- Gasoline prices jumped initially but fell back, with potential for significant increases if the shutdown persists.
Return-to-Office Approaches
- US banks want employees back in the office quickly, citing benefits like spontaneous idea generation.
- European banks favor a more flexible approach, valuing work-from-home productivity and employee satisfaction.