Renewed fight: TransCanada will launch a new round of legal challenges over the Keystone XL pipeline, two months after U.S. President Barack Obama denied a key permit for the controversial project, the company said on Wednesday. FuelFix.com reports the Calgary, Alberta-based company has filed a lawsuit in federal court in Houston, arguing that the president overstepped his constitutional authority when he denied a cross-border permit for the pipeline in November. Separately, TransCanada will initiate a $15 billion claim to recover costs and damages under a provision of the North American Free Trade Agreement. Read the full story.
Closing stores: Athletic-apparel retailer Finish Line Inc. has announced it plans to close a quarter of its stores over the next four years and bring in a new CEO after supply-chain disruptions nearly deep-sixed the company in the third quarter. The Wall Street Journal reports shares of the company have dropped 25% in the past year. Finish Line has two locations in Baton Rouge—in the Mall of Louisiana and inside Macy’s department store in Cortana Mall. It is unknown if either location is on the chopping block. A Mall of Louisiana spokeswoman could not be reached for comment before this morning’s deadline. It is unclear when the company will announced which stores will close. Read the full story.
Continued slide: U.S. oil futures in New York slid to the lowest in 12 years as turmoil in China’s markets pushes crude closer to $30 a barrel. Bloomberg reports West Texas Intermediate slid as much as 5.5% this morning because of concerns that an economic slowdown in the world’s biggest commodity consumer is worsening. Brent oil will slump to $30 in the next 10 days, according to Nomura Holdings Inc., while UBS Group AG sees an oversupply pushing prices even lower. “Most people are probably surprised that oil prices would go to this level,” Statoil ASA Chief Executive Officer Eldar Saetre says in an interview in Oslo. “It could go even lower, and it just underlines the uncertainty.” Read the full story.
