Legal action challenges $ 2.8 billion Vineyard Wind project

WIND ENERGY

Solar farm operator sues to block massive Vineyard Wind project

The owner of a New Haven-based solar farm operator has sued the US Department of the Interior to reverse the recent federal agency approval of a 62-turbine wind farm to be developed by the Vineyard Wind joint venture in the United States. off Martha’s Vineyard. Thomas Melone filed a lawsuit in federal court in Boston on Sunday, on behalf of a company he owns, Allco Renewable Energy Ltd. Edgartown part-time resident and boater, Melone cites many issues with Vineyard Wind that he believes could harm Martha’s Vineyard Environment. For example, he said piping plovers could be at risk from any spill of contaminants such as oil from the project. He also raised concerns about the impact on commercial fishermen who normally ply the waters south of the vineyard where the wind farm would be built. Melone says the Home Office, under the leadership of President Joe Biden, rushed an approval even though Vineyard Wind replaced the wind turbines with a larger wind turbine, dubbed Haliade-X, by manufacturer General Electric during the process of ‘exam ; Melone argues that Interior did not properly verify whether these GE turbines could withstand a Category 3 hurricane. It also argues that a large government-backed offshore wind farm such as this is designed to decimate renewable resources at land, such as the Allco solar farms. A spokesperson for Vineyard Wind, a company jointly owned by Avangrid and Copenhagen Infrastructure Partners, declined to comment on the lawsuit. A spokesperson for the Interior Ministry also declined to comment. – JON CHESTO

FINANCIAL SERVICES

Prudential sells its retirement business for $ 3.5 billion

Prudential Financial Inc. has announced that it will sell its full-service retirement business to a unit of Great-West Lifeco Inc. in Canada for $ 3.55 billion. The business will be purchased by the Empower Retirement division of Great-West Life. Prudential expects total proceeds of about $ 2.8 billion from the sale, which is expected to close in the first quarter of next year, the companies said in a statement. It will grow Empower’s customer base from around 4 million people to 16.6 million participants. Prudential CEO Charles Lowrey strives to transform the business, including selling interest rate sensitive companies and making acquisitions in growing markets. Prudential will continue to participate in the retirement market, serving retirees, employers and those who receive annuities. The deal comes as insurers divest from retirement-related assets to focus on their core businesses. Great-West Life agreed last year to buy the retirement services division of Massachusetts Mutual Life Insurance Co. for $ 3.4 billion. – BLOOMBERG

FOOD

Coca-Cola sales rebound as COVID-19 declines

Big Soda is back. Coca-Cola Co. sales rebounded faster than expected as the impact of the pandemic eased. The Atlanta-based soft drink giant said on Wednesday its revenue jumped 42% to $ 10.1 billion in the April-June period. This was well ahead of the $ 9.3 billion in sales Wall Street had forecast, according to analysts polled by FactSet. It was even slightly better than the same period in 2019. It was a very different story from the second quarter of 2020, when Coke sales fell 28%. Coke CEO James Quincey said the recovery remains patchy, but as vaccination rates rise, consumers are returning to their pre-pandemic routines. “We have always believed that humans are social creatures and that once the restrictions are lifted and the virus panorama allows people to break out of confidence, they will go back,” Quincey said at a conference Wednesday. telephone with investors. “You can see a lot of things start to happen in the second trimester.” Volume in North America increased 17% as restaurants, cinemas, stadiums and other venues reopened or removed capacity restrictions. Coke has historically recorded half of its revenue in these companies, which have been crushed by the pandemic. Demand for Powerade and other sports drinks was particularly strong, with case volumes up 35% from the same period last year. – ASSOCIATED PRESS

CRYPTO-CURRENCY

SEC Chairman: Don’t Sell Fake Stocks on the Blockchain

Securities and Exchange Commission Chairman Gary Gensler has warned of synthetic stocks appearing on blockchains: Companies selling tokens to U.S. investors risk getting in trouble with regulators. In a speech on Wednesday, Gensler made it clear that tokens that reflect the performance of Amazon.com Inc., Tesla Inc. and other well-known companies are likely still covered by U.S. securities laws. He also pledged to use all the resources in the SEC’s “enforcement toolkit” to prosecute those who might offer such assets without registering them. “It doesn’t matter whether it is a stock token, a stock-backed value token, or any other virtual product that offers synthetic exposure to the underlying securities,” Gensler said at the meeting. ‘an event organized by the American Bar Association. “These platforms – whether in the decentralized or centralized financial space – are implicated by securities laws and must operate as part of our securities regime.” – BLOOMBERG NEWS

ENERGY

US, Germany reach deal on Russian gas pipeline

The United States and Germany have reached an agreement that will allow the completion of a controversial Russian gas pipeline to Europe without the imposition of new US sanctions, a senior US official said on Wednesday. Under Secretary of State for Political Affairs Victoria Nuland told Congress the two governments would soon announce details of the pact that aims to address concerns from the United States and Eastern and Central Europe regarding the impact of the Nord Stream 2 project. However, there is strong bipartisan opposition to the gas pipeline in Congress as well as in Ukraine and Poland, who fear that Nord Stream 2 will jeopardize European energy security. Congressional advisers briefed on the deal said it would allow the completion of the Nord Stream 2 pipeline without Germany or Russia facing further sanctions. In return, the United States and Germany will make certain concessions to Ukraine and Poland, they said. The Nord Stream 2 project posed a major foreign policy dilemma for the Biden administration. US officials on both sides have long feared this would give Russia too much power over European gas supplies, potentially cutting gas off to Russian adversaries Ukraine and Poland. But the pipeline is nearing completion, and the United States is determined to reconnect with Germany the ties that were damaged under the Trump administration. – ASSOCIATED PRESS

FOOD

Money is flowing to laboratory foie gras

Can lab-grown foie gras taste as decadent and creamy as one made from farmed ducks or geese? Last week, a French startup named Gourmey raised $ 10 million in funding from investors who bet it could. The push to make foie gras, the fattened liver of a duck or goose, in a lab comes in the midst of a push to find a sustainable and ethical alternative to meat raised for slaughter. Most fatty livers are made by force-feeding ducks and geese through a tube to engulf their livers up to 10 times their normal size. The process can leave the ducks too big to walk or breathe, according to animal activists. In 2019, the New York City Council passed a law banning the sale of foie gras in the nation’s largest city starting next year. Countries like Great Britain, Finland, Israel and Norway have also banned the production of foie gras. Facing growing opposition to foie gras over concerns over cruelty to animals, Nicolas Morin-Forest, co-founder and CEO of Gourmey, said producing the delicacy from cultured cells was a way to preserve a culinary tradition. secular French. – NEW YORK TIMES

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