Exclusive: Icahn bet against biofuel credits, then advised Trump on their regulations
Billionaire investor Carl Icahn’s oil refining company, CVR Energy, made a massive bet in 2016 that prices for U.S. government biofuels credits would fall, just before Icahn started advising President Donald Trump on regulations driving that market. The size and specifics of the gamble – involving $186 million worth of biofuels credits the company said it needed at the end of 2016 to satisfy regulatory requirements – have not been previously reported by the media.
Something to read after being bumped from your flight
U.S. airlines are bumping passengers off flights at the lowest rate since 1995, a Reuters analysis of federal data showed on Tuesday, even as United Continental Holdings kicked up a storm over the practice with its removal of a passenger earlier this week. Reuters’ David Shepardson and Grant Smith report.
A nose job and facial fat injections for Chinese online media stardom
Jing Qi, a part-time presenter on the live streaming platform Huajiao, underwent cosmetic surgery in March to improve her chances of becoming an internet celebrity. After the procedure, the 27-year-old said she felt “even worse than dead.” But the suffering was worth it. Jing is among tens of thousands hoping to find online stardom as an anchor on the live video streaming phenomenon sweeping China’s media. Reuters’ Shu Zhang and Matthew Miller report on the money and fame that’s at stake for the talent and the businesses that are building these services.
Puerto Rico looks increasingly set for bankruptcy
Bankruptcy for Puerto Rico is looking ever more likely as a May 1 deadline to restructure $70 billion in debt approaches. This should make anyone betting on returns from the island’s widely held U.S. municipal bonds sweat. A round of mediated talks is scheduled to begin on Thursday, but absent an agreement soon, a growing number of analysts say Puerto Rico will seek protection from creditors. Key to this situation are the negotiating tactics of Puerto Rico Gov. Ricardo Rossello and a federal oversight board, which have jarred investors who expected more creditor-friendly approaches from both. Reuters’ Nick Brown reports.
Reuters photo of the day
Fishermen anchor their boat at dawn off the coast of Koh Samui in Thailand. REUTERS/Toby Melville