What we’re reading (8/11)
“The Harmful Death Of Modern Merger Review” (Real Clear Markets). In a recent blog post, the acting director of the FTC’s Bureau of Competition announced the Commission can no longer guarantee it will meet statutory deadlines for merger reviews under the HSR [Hart-Scott-Rodino] Act. For deals that cannot be sufficiently investigated—a standard and quantity unknown to the public, and which the Commission does not even attempt to describe in its blog post—the Commission will be sending out form letters ‘alerting companies that the FTC’s investigation remains open and reminding companies that the agency may subsequently determine that the deal was unlawful.’”
“Hackers Steal $600m In Major Cryptocurrency Heist” (BBC). “Blockchain site Poly Network said hackers had exploited a vulnerability in its system and taken thousands of digital tokens such as Ether. In a letter posted on Twitter, it urged the thieves to ‘establish communication and return the hacked assets.’ In scale, the hack is on par with huge recent breaches at exchanges such as Coincheck and Mt Gox.”
“How Much Carbon Comes From A Liter Of Coke? Companies Grapple With Climate Change Math” (Wall Street Journal). “From farm to bottler to supermarket cooler, a liter of Coca-Cola creates 346 grams of carbon dioxide emissions, the company’s data show. That’s less than half the tree-to-toilet 771-gram carbon footprint of a mega roll of Charmin Ultra Soft toilet paper, as measured by the Natural Resources Defense Council, an environmental group. Math like this is fast becoming obligatory. Investors are increasing pressure on businesses to disclose the emissions of greenhouse gases related to their products and services. Regulators are starting to ask about that, too. Within the next couple of years, every public company in the U.S. might well be required to report climate information.”
“Pfizer Jumps 6% To Eclipse Record High Reached In 1999 As Strength From COVID-19 Vaccine Continues” (Business Insider). “Shares of Pfizer surged as much as 6% on Tuesday to a record all-time-high, surpassing its previous record reached in April of 1999. The move higher in Pfizer comes amid ongoing strength of its COVID-19 vaccine, which was developed by its partner, BioNTech. Second-quarter earnings results from BioNTech on Monday revealed their view that demand for its COVID-19 vaccine will be strong into 2022 and beyond.”
“Demand For Air Conditioning Is Set To Surge By 2050” (The Economist). “When Joe Biden was a newly elected senator, he asked James Eastland, his fellow in Congress, to tell him the most significant thing that occurred during his long time in the chamber. “Air conditioning,” Mr Eastland replied. Summer in Washington is stifling, so in the past members of Congress departed by June. “Then we put in air conditioning, stayed year round, and ruined America,” he reportedly said, sardonically.”
