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Judge Blocks Alaska Oil Project, Wells Fargo Restores Personal Line of Credit, Former Netflix Employees Charged With Insider Trading

Julie Hyman of Yahoo Finance breaks down Thursday’s business headlines.

Video transcript

Checking on other business titles now. Alaska’s multibillion-dollar ConocoPhillips Willow oil project was blocked by a federal judge who said the government had failed to properly assess the impact on climate change as well as the potential damage to polar bears. The project had been supported by both the Biden and Trump administrations and local politicians, but a coalition of environmental groups has taken action to block it. Willow, which sits on the North Slope of Alaska, was designed to produce over 100,000 barrels of oil per day for the next 30 years.

Wells Fargo reconsiders its decision to close its personal lines of credit. The bank recently angered customers and Washington when it told existing customers it was cutting their lines in part because it could hurt credit scores. Now, Wells Fargo allows customers to continue using lines of credit and also gives customers inactive lines of credit until the end of November to use the accounts or notify the bank that they wish to keep them open.

And the Securities and Exchange Commission has charged three former Netflix engineers and two associates with insider trading. This group allegedly used inside information about the growth in subscriber numbers before 13 profit announcements to make more than $ 3 million. The group, which included a group of brothers and their friends, shared the information via encrypted messaging apps from 2016 to 2019 according to the government, Miles?

I wonder who has the rights to this story, I can’t wait for the miniseries there. Maybe, maybe they will find a buyer for.

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