On July 9, President Joe Biden signed an executive order aimed at curbing abuses of pricing power in consolidated industries. The directive is broad, targeting sectors including agricultural equipment makers and banks in an apparent attempt to signal that the shift in tone goes far beyond the technology sector that’s borne the brunt of public antitrust criticism. It’s still notable that railroads were included in the order. Seven providers dominate the industry, and the physical nature of rail infrastructure makes it more difficult for shippers to price-shop from one company to the next. But while most of the other sectors mentioned in the order have seen a rash of deals in recent years, there hasn’t been a sustained effort to win regulatory backing for a major combination of two North American railroads since the 1990s. Until now, that is.
Continue reading your story on the app
Continue reading your story in the magazine
WE WANTED FLYING CARS. INSTEAD WE GOT TARGETED ADS, MORE SURVEILLANCE, INSURRECTIONISTS, AND PETER THIEL
AN EXCLUSIVE EXCERPT FROM THE CONTRARIAN, A NEW BIOGRAPHY
Home on the Greens
Golf-driven real estate is finally getting out of the rough.
The Inflation Guy Is Feeling Pumped
After a spike in consumer prices, Michael Ashton finds himself very busy
Pictographs of Hate
Moderating emojis is a technical challenge, but critics say Facebook and Twitter make it too hard
Fighting to Be More Than A Cog in the Machine
A German auto parts maker seeks to engineer itself a future for the post-Merkel era
Get in Bed With LVMH
With its new Cheval Blanc hotel—16 years in the making—the luxury behemoth reinvents a cultural landmark.
The SEC Is On the Prowl For Crypto
Digital upstarts and securities regulators are playing a cat-and-mouse game
This Is a House Made of Bread
At the much-anticipated return of Art Basel, Urs Fischer’s tactile wonder will attract plenty of attention. But if it were a simple painting, would it attract more dollars?
The Dinosaur Cowboy's Long Ride
Permissive laws have created a booming market for fossils. Paleontologists aren’t thrilled, but for Clayton Phipps and his peers, it’s a living
“Covid Zero” kept Australia safe, if isolated, for 18 months. Now its states are split over how to move on