US issues emergency powers to keep fuel flowing, CEO diversity promises
FT News Briefing
Forhecz Topher
4.4 • 1.2K Ratings
🗓️ 10 May 2021
⏱️ 10 minutes
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Summary
The US government enacted emergency powers on Sunday in a bid to keep fuel supplies flowing after a cyberattack shut down a key pipeline, and European and US banks are split on whether to bring staff back to the office. Plus, the FT’s race and equalities correspondent, Taylor Nicole Rogers, looks at how much US corporations have lived up to diversity promises they made after the police murder of George Floyd.
US and Europe split on bringing bankers back to the office
https://www.ft.com/547a4dc2-e11b-4e8f-b526-cbf135ba7b4d?
Are CEOs living up to the pledges they made after George Floyd’s murder?
https://www.ft.com/content/67e79b20-bc41-4cb0-992f-a28e3eaa5695
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Transcript
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| 0:00.0 | Good morning from the Financial Times. Today is Monday, May 10th, and this is your FT news briefing. |
| 0:08.6 | The U.S. is taking emergency action to keep fuel supply lines open after a cyber attack |
| 0:13.5 | hit a major pipeline, and banks on either side of the Atlantic are split on whether to bring workers |
| 0:19.1 | back to the office. Plus, American CEOs made a lot of promises about diversity after the George |
| 0:25.2 | Floyd protests last year. But did they follow through? |
| 0:29.2 | Corporate America was just really, really far behind, and it takes a long time to turn such |
| 0:36.0 | slow-moving ships completely around. I'm Mark Filipino, and here's the news you need to start your day. |
| 0:47.1 | A critical fuel pipeline in the U.S. is still shut down after a cyber attack late last week. |
| 0:53.1 | The Colonial Pipeline is the country's largest conduit for refined fuel products like heating oil |
| 0:58.8 | and jet fuel. And so, in order to keep fuel flowing, the U.S. government has enacted emergency powers |
| 1:04.4 | to make it easier to transport fuel by road. And the reason they want to do this is obviously because |
| 1:10.6 | the Colonial Pipeline was such an important artery for getting fuel up from the Gulf Coast |
| 1:17.8 | to the U.S. Northeast. So, they want to ease the ability of the country to transport fuel by other |
| 1:26.9 | means. That's the FTZ-US Energy Correspondent Miles McCormick. I asked him if this is an indication |
| 1:32.6 | that the Colonial Pipeline might be shut down for a while. I think that's a fair inference to |
| 1:38.6 | make from us. I mean, there would be little point in taking such drastic action if there was |
| 1:46.0 | an expectation that the pipeline would be back up and running tomorrow. Now, the company, the |
| 1:51.0 | Colonial Pipeline company said yesterday evening that it had managed to bring some small parts of |
| 1:59.4 | its system back online, but that the main parts that remained out of action and it didn't give |
| 2:05.0 | any indication as to when that might change. And just out of curiosity, what did markets do on |
| 2:10.5 | Sunday? So, as trading restarted last night, we saw a jump in gasoline prices. They went up |
| 2:20.3 | about four percent before falling back a little bit again to trade just above where they had |
... |
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