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The US government enacted emergency powers on Sunday in an effort to keep fuel supply lines open as fears of shortages rose following a cyber attack on one of the most important pipeline networks in America.
The Colonial pipeline, which carries almost half the fuel consumed on the US east coast, was closed on Friday following a ransomware cyber attack. The Colonial Pipeline Company, the pipeline’s operator, said on Sunday it had managed to resume operations in some of its smaller lines between terminals and delivery points but that its main lines remained shut. It gave no indication of when full service would resume.
The outage forced petrol prices higher on Monday as traders and consumers began to worry about supply shortages.
Patrick De Haan, head of petroleum analysis at data provider GasBuddy, warned that if the pipeline was not quickly reopened, the impact on prices could become more severe in the coming days.
“We’re realising the gravity of it is maybe worse than what we’d expected,” said De Haan.
The attack is reportedly being linked to a criminal gang known as DarkSide. The pipeline is the country’s biggest conduit for refined products, spanning more than 5,500 miles from Pasadena, Texas to Linden, New Jersey and New York Harbor. It serves some of the country’s main transport hubs, including Hartsfield-Jackson airport in Atlanta.
For more essential energy news, sign up for our Energy Source newsletter, delivered every Tuesday and Thursday. (FT, AP)
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Israeli-Palestinian clashes Israel bowed to international pressure and delayed evictions of several Palestinian families to make way for Israeli settlers after a weekend of violence that saw Israeli security services clash with Palestinians near al-Aqsa mosque in East Jerusalem. Protests erupted again on Monday as Israel marked “Jerusalem Day”, its annual celebration of the capture of East Jerusalem.
Global passive assets hit $15tn Assets under management in exchange traded funds are eclipsing traditional index-tracking mutual funds for the first time, after the global passive investment industry vaulted past $15tn in assets last year, according to data compiled for the FT.
1MDB sues Deutsche Bank, JPMorgan and Coutts over $23bn loss Malaysia’s disgraced state investment fund 1MDB is suing Deutsche Bank, Coutts and JPMorgan, and more than 20 individuals including Malaysia’s former prime minister in an effort to recover more than $23bn in losses.
Johnson’s popularity and ‘vaccine bounce’ propel Conservatives Boris Johnson tightened his political grip on England following recent local elections but is set for an independence showdown with Scotland’s first minister Nicola Sturgeon after the breakaway Scottish National party tightened its grip on power in Edinburgh.
EU and India agree to restart trade talks Brussels and New Delhi have agreed to restart long-stalled negotiations on a comprehensive trade deal as both sides seek to boost economic engagement and respond to the increasing power of China.
Every dogecoin has its day as Musk hosts Saturday Night Live Elon Musk’s star turn as guest host of Saturday Night Live was like no other in the almost half-century history of the US television comedy show. Musk’s appearance helped pump up the value of dogecoin — a cryptocurrency that began as a joke but that has been backed by the Tesla chief executive — to more than $90bn. (FT)
Hertz courtroom auction A bidding war for the bankrupt car rental group will reach its end-game when rival private equity bidders square off for an auction in federal bankruptcy court today.
Dfinity launch The long-delayed cryptocurrency project officially begins trading and is set to release “the internet computer”, a group of technologies intended to support a generation of decentralised applications and services for the blockchain world.
The FT has revamped its Trade Secrets newsletter, offering premium subscribers even better coverage of one of the most important stories in the world right now. Expect more on the inside story of global trade, with punchy and pithy analysis from a team of FT correspondents led by Alan Beattie in Brussels, delivered straight to your inbox at noon UK time Monday to Thursday. Click here to sign up.
Rise of Elise Stefanik The first-term Republican congresswoman from upstate New York has gone from a rising star of the moderate wing of the Republican party to one of Donald Trump’s most enthusiastic supporters. This week she is widely expected to be elected House GOP conference chair, making her the most senior Republican woman on Capitol Hill.
China’s ambitions in space Beijing’s accelerated pace of rocket and satellite launches, combined with a reluctance to share details of projects deemed of critical national importance, could create ripe conditions for stumbling into a space arms race, whether it wants one or not. A Chinese rocket segment mostly burnt up on re-entering Earth’s atmosphere on Sunday, but observers called the incident “reckless”. (FT, AP)
How billionaire women are reshaping philanthropy As Melinda Gates petitions for divorce, charities are scrambling to respond to gender, generational and strategic shifts. The growth in women giving reflects, in part, growth in their wealth.
The battle for the future of milk Start-ups and multinationals are competing in the $17bn plant-based drinks market — and the stakes are high. Advocates argue that lower greenhouse gas emissions from plant milk production, compared with cattle, point to a high-tech approach that could help feed humanity and curb global warming.
Executive education 2021 Many companies are set to increase or maintain their budgets for executive training to prepare top managers for the post-pandemic era, an FT survey has found.
A revolution in retail recycling? Unwanted goods create mountains of waste and cost retailers hundreds of billions of dollars. Helen Barrett explores how brands such as Ikea and Decathlon are reselling and recycling damaged and rejected stock. For the latest news and analysis on ESG and responsible business, subscribe to our Moral Money newsletter, delivered every Wednesday and Friday.