Good Day, Bad Day
Retaking the lead, being grounded
GOOD DAY FOR: Retaking the lead, after Exxon Mobil once again became the world’s largest company by market value, following a five-day decline for PetroChina. PetroChina overtook Exxon five months ago, after its IPO valued it at $1 trillion. Exxon is now worth $455.8 billion, PetroChina $453.1 billion. (Bloomberg)
BAD DAY FOR: Being grounded, after a U.S. appeals court struck down New York State’s “Passenger Bill of Rights,” which guaranteed stranded airline passengers fresh air, water, food, and working toilets. The court ruled that the 2007 law would encourage other states to come up with laws governing airlines, in violation of a 1978 federal law relaxing regulation of the airline industry. (Bloomberg)
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