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Canoo under investigation, Canadian National’s bid stalls, IEA’s climate warning

Julie Hyman discusses some of Tuesday’s business headlines, including: Canoo’s SEC investigation, Canadian National’s railroad bid hitting a snag, and IEA’s plans to combat the climate crisis.

Video transcript

JULIE HYMAN: A third electric truck startup is now under investigation by the Securities and Exchange Commission. Canoo follows Nikola and Lordstown Motors in disclosing a probe. According to a filing, the investigation's broad. It's covering Canoo's operations, as well as high recent executive turnover.

No new investment in fossil fuel projects effective immediately. The International Energy Agency said in a report today that is the only way the world will be able to reach net zero carbon emissions by the year 2050. Other measures include stopping combustion engine car sales by 2035 and a rapid acceleration in wind and solar capacity.

And the first major rail merger in more than 20 years is facing some friction. The Surface Transportation Board will use stricter rules adopted in 2001 to scrutinize Canadian National Railways's bid for Kansas City Southern. Canadian National's $30 billion offer is competing with a $25 billion bid from Canadian Pacific Railway, which is not subject to those same stricter rules. It all has to do with whether the routes are overlapping.