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California firefighters on Friday are furiously trying to contain massive wildfires that have been tearing through the Los Angeles area since Thursday night. (SOUND BITE) (ENGLISH) LOS ANGELES FIRE CHIEF RALPH TERRAZAS: “In terms of fire activity, we’re at zero percent containment. The size right now is 4,700 acres-plus. We’ve calculated that the fire’s moving at a rate of 800 acres per hour.” The so-called Saddleridge fire has engulfed homes in the San Fernando Valley and forced massive evacuations, snarling traffic for miles. Some shelters are already at full capacity. No cause has been cited. Dry conditions and high winds a lethal combination in the days to come. (SOUND BITE) (ENGLISH) LOS ANGELES FIRE CHIEF RALPH TERRAZAS: “These weather conditions are significant in terms of brush threat. The relative humidity has dropped to as low as three percent. Right now it’s seven percent. The winds were sustained at about 20 to 25 miles per hour with gusts over 50 miles per hour. So as you can imagine the embers from the wind have been travelling a significant distance, which causes another fire to start.” Much of the state is on high alert, with utility company Pacific Gas & Electric cutting power in several areas to prevent their lines from sparking. That irked California Governor Gavin Newsom, who, while respecting the safety measure, described the outage as too broad and said it resulted from years of mismanagement. PG&E is on the hook for potentially $30 billion for previous wildfires linked to its transmission wires and other equipment. It filed for bankruptcy in January. Separately, another blaze called the Sandalwood fire is sweeping through an area east of L.A., triggered by burning trash in a dumpster. That fire was only 10 percent contained as of Friday morning.
The agency ordered a series of corrective actions, including a goal of restoring power within 12 hours, not the utility's current 48-hour goal. "The scope, scale, complexity, and overall impact to people's lives, businesses, and the economy of this action cannot be understated," California Public Utilities Commission President Marybel Batjer wrote in a letter to PG&E CEO Bill Johnson. PG&E last week took the unprecedented step of cutting power to more than 700,000 customers, affecting nearly 2 million Californians.
Gov. Gavin Newsom is asking Pacific Gas & Electric Co., to pay the customers who lost power last week when the state's largest utility cut electricity to prevent wildfires. The Democratic governor sent a letter Monday asking PG&E chief executive Bill Johnson to provide a bill credit or rebate worth $100 for residential customers and $250 for small businesses. Newsom says the shutoffs affected too many customers for too long, and it's clear PG&E implemented them "with astounding neglect and lack of preparation." He says that before the shutoff PG&E executives rejected offers of help from state and local emergency managers.
Bankrupt utility PG&E; lost more than 25% last week. The fall came after the bankruptcy court allowed a bondholder group to pitch their restructuring plan.
CommScope's (COMM) buyout of Fractus' patent technology is likely to translate into incremental revenues by offering an opportunity to serve a wider spectrum of customers for increased 5G deployment.
Millions of Californians spent part of the week in the dark in an unprecedented effort by the state's large electrical utilities to prevent another devastating wildfire. It was the fifth time Pacific Gas & Electric Co. has preemptively cut the power but by far the largest to date in the utility's effort to prevent a deadly wildfire sparked by its power lines. Experts say it's hard to know what might have happened had the power stayed on, or if the utility's proactive shutoffs are to thank for California's mild fire season this year.
In the case of Californian utility Pacific Gas and Electric Corporation (PG&E), that could mean a complete change of owners. Bondholders led by Paul Singer’s Elliott Management could soon seize control of PG&E after a judge last week cleared the way for them to submit a competing reorganisation plan. The group — which also includes Pimco and Apollo — is offering to inject $29.2bn in new money to help PG&E emerge from Chapter 11 and pay off any victim liabilities from recent wildfires.
The mayor of Cloverdale California says plenty of people blame troubled utility PG&E for recent blackouts but they should blame the California Public Utilities Commission.
The lights were back on Friday for most of the nearly 2 million Northern California residents who lost electricity when the state's largest utility switched it off this week in an effort to prevent wildfires. The threat of widespread outages loomed in Southern California after the winds moved to the Los Angeles area, where a wildfire fueled by strong Santa Ana winds prompted officials to order the evacuation of 100,000 people from their homes in the foothills of the San Fernando Valley in Los Angeles County. Pacific Gas & Electric Co. restored power in Northern California after workers inspected power lines to make sure it was safe.
Breaking up is hard to do but IAC is doing it anyway. The media and internet holding company said on Friday it is pushing ahead with its plans to spin-off dating company Match Group and has presented a proposal to the company’s board. IAC’s proposed transaction aims to distribute shares representing nearly 80.5 per cent of outstanding stock in Match — the group behind dating apps like Tinder, Hinge and okCupid — to IAC shareholders in a tax-free transaction, creating two independent companies.
Zoom Video is trading significantly higher than 2019's other IPO debutants. Zoom stock had an offer price of $36 and is trading at $73.52—104% higher.
Rolling blackouts in California are affecting Kaiser Permanente facilities, but CEO Brendan Tyson isn't worried.
Power to hundreds of thousands of homes and businesses has been cut off, affecting millions of people in California. Pacific Gas and Electric Co. said a forecast of extreme wind and dry weather has created fire danger of an unprecedented scope, prompting it to initiate the largest preventive outage in state history to reduce the risk of wildfires sparked by faulty power lines. HOW LONG WILL THE POWER BE OUT?
KB Home, Whiting, SmileDirectClub, CrowdStrike and Chewy highlighted as Zacks Bull and Bear of the Day
Don Turner says his 89-year-old mother is missing after a wind-driven wildfire destroyed dozens of Southern California mobile homes. Riverside County fire officials say they're trying to determine if anybody is unaccounted for after 74 structures were destroyed. Arvickson lived alone at the mobile home community east of Los Angeles.
Fed Chair Powell leaves the door open for another rate cut in October as jobs growth last month was not as robust as expected and trade concerns continue to impede economic growth.