Summary
The Supreme Court voted 6-3 to eliminate the SEC's ability to use in-house administrative tribunals for fraud cases, granting defendants the right to a jury trial in federal court instead. Chipotle announced a 50-for-1 stock split, aiming to make its shares more accessible by dividing the current high share price into smaller units. Shein, known for its fast fashion, has filed for an IPO on the London Stock Exchange. Denmark has introduced a new law imposing a carbon tax on agriculture, targeting emissions from cow farts with a charge of roughly $17 per metric ton of CO2. Boeing faces scrutiny from the U.S. NTSB for allegedly disclosing confidential investigative details about the Alaska Airlines flight incident.
For those who read...
Happy Friday everybody and welcome to C2 Business, brought to you by Just Bagels! My name’s Jake and today we’ll be diving into the latest from the stock markets including the Supreme Court’s latest ruling against the SEC and Chipotle’s new stock split! They do love making portions smaller. Stay tuned also for Denmark’s farting cows tax and the new US sanctions against Boeing. Alright, let’s get into it!
In Stock Market News:
- In a 6-3 vote this Thursday, the Supreme Court removed a major enforcement mechanism of the Securities and Exchange Commission used to combat securities fraud, ruling instead that people accused of fraud by the SEC have the right to a trial by jury in a federal court. Now this is in contrast to the previous situation where the Commission had the ability to try those accused through in-house administrative tribunals overseen by a judge. This decision from our nation’s highest court not only makes it more difficult for the SEC to pursue cases of security fraud: it also holds the potential to radically alter the policies of our federal agencies, many of which are fond of juryless, in-house tribunals.
- Chipotle: America’s favorite Mexican chain, and the place where you can spend $18 on a burrito bowl and still get the stink eye from its workers. Chipotle announced this week that their stock is headed for a 50-for-1 split, which in layman’s terms means that the number of shares one owns of Chipotle will increase 50 fold, while the price will decrease 50x from $3,283 to about $60 each. One of the ideas behind this move is to make shares more affordable and therefore more attractive to potential investors.
- Shein, the online retail giant best known for their affordable clothes and fast fashion, has filed for an IPO on the London Stock Exchange. This move comes after the brand attempted to go public in the US last November and then shifted course over concerns that the SEC wouldn’t approve them over forced labor allegations. Fun fact: Shein once shipped some dresses to a Tennessee woman in a package that also housed a can of Mexican beans and a vial of blood. It’s true, look it up!
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In Business News:
- I know there’s often talk of Europe being more culturally and scientifically-literate than the States, especially in regards to climate change, but every so often I think their progressiveness can blow up in their face and result in moments of true headline hilarity: now I hope you’re excited because this just so happens to be one of those moments. A new law in Denmark has now imposed a carbon tax on agriculture, more specifically, cow farts. That’s right, the Danish government will now tax farmers roughly 17 American dollars for every metric ton of CO2 emitted from its livestock. You know, they say truth is often stranger than fiction, who knew it could also be more flatulent, I mean humorous.
- Finally, everybody’s favorite airline manufacturer Boeing is back in the news again after the U.S. National Transportation Safety Board sanctioned the aerospace company over revealing “non-public investigative information” about the January 5th Alaska Airlines flight, whose emergency door infamously blew out just minutes after takeoff. The NTSB went on to say that Boeing has “blatantly violated” its rules, and that it would refer its conduct to the Department of Justice. Man, for a company with more whistleblowers than railroads, you’d think they’d pay special attention to avoid stepping on anybody’s toes. On the other hand, I guess it’s bold to assume Boeing wouldn’t blatantly violate rules; it seems they love living in the headlines.
Well, that’s all from us at C2 Business! We hope you enjoyed today’s episode. If you learned something, share it with a friend by sending over the link to current2.com. Have a great Friday and weekend, we’ll catch you on Sunday!
Bulletin Brief
S.C. rules against SEC (AP, MB)
Chipotle lowers share prices (Forbes, MB)
Shein files for LSE IPO (Reuters, MB)
Denmark to tax cow farts (MB)
NTSB Sanctions Boeing (Reuters)