Why Toxic Fumes on Planes Are Being Blamed for Illnesses and Deaths

SPEAKER_1 (0:00)

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Alex Ossola (0:26)

The Trump administration's battle against the US wind industry picks up as it stops construction of offshore wind projects. Plus, Paramount sweetens its offer for Warner with a personal guarantee from billionaire Larry Ellison. And how toxic fumes in airplanes are being linked to illness and even death.

Ben Katz (0:44)

Doctors see the effects of fume events as potentially being very similar to the kind of brain injuries that soldiers experience when they're on the battlefield, either from concussive blasts or from chemical exposure, or even NFL players or soccer players on the pitch, on the field.

Alex Ossola (1:00)

It's Monday, December 22nd. I'm Alex Ossola for The Wall Street Journal. This is the PM Edition of What's News, the top headlines and business stories that move the world today.

Today, the Trump administration stopped construction on all offshore wind projects in the US. The Interior Department said it paused the federal leases for five projects due to emerging national security risks. It's the most significant action the administration has taken so far against one of the president's least favorite industries. The decision affects projects from Martha's Vineyard down to Virginia. A wind industry group says the projects would have delivered almost six gigawatts of electricity, roughly enough to power Manhattan. In other Trump administration news, President Trump is set to announce that the US. Navy will build a new class of warships called Trump Class Battleships. They will become the centerpiece of the president's vision for a new Golden Fleet. That's according to a US official. The Golden Fleet is the plan for ships that would be better suited to counter China and other potential future threats. And the Trump Class ships would be an upgrade to Navy destroyers that are the workhorse of the current fleet and that Trump has criticized. The latest development on the rollercoaster ride of the sale of Warner Bros. Discovery? Paramount has updated its nearly $80 billion offer for Warner to include a personal guarantee from billionaire Larry Ellison, the father of Paramount CEO David Ellison, on $40.4 billion of equity financing for the deal. Joe Flint, who covers media for the journal, says that may not be enough to get Warner or its shareholders on board. Earlier, the company had recommended that shareholders reject Paramount's bid because it thought Netflix's deal for $72 billion was better.

SPEAKER_1 (2:50)

One of the big concerns Warner had was the Ellison Trust that Paramount was using to back their offer, that it was a revocable trust. So Paramount has now changed the offer to say it is irrevocable, basically saying Larry Ellison and the Ellison family is making a personal guarantee.

I think it may change the calculus for some shareholders. However, this is one of two issues Warner had. The Netflix offer Warner feels is better because of the value it also places on assets Warner is spinning off. I talked to one shareholder today who said, well, this solves one of the problems, but we still feel like the bid is not where Netflix's is. So that's still a bigger issue for some shareholders. And obviously, we will be watching to see if Paramount comes back and further increases its offer.

Alex Ossola (3:49)

A Netflix spokeswoman declined to comment. Paramount isn't the only company making deal news today. Syntus, a company that makes workplace products from mops to restroom supplies, has made a new bid for uniform supplier Unifirst after nearly four years of failing to get a deal done. This time, the company is bidding $5.2 billion. It's including a $350 million break fee as a sign of its confidence that regulators will approve the deal. Unifirst said its board was reviewing the offer. And we're exclusively reporting that Energy Capital Partners' 2017 deal to buy the natural gas power producer Calpine is set to become the most profitable private equity deal ever. The firm's sale of Calpine to Constellation Energy is expected to close in the next month, leaving Energy Capital Partners and its co-investors with earnings of more than $25 billion including dividends. That's according to people familiar with the matter. Broader markets climbed today, with the S&P leading the gains and closing up 0.6%. Paramount and Warner Bros. shares ended higher, while Netflix dipped. Wind power stocks also slid after the Trump administration's latest move against the industry. In commodities trading, both gold and silver hit their latest record high. The prices for the two metals are on track for their biggest annual gains since 1979