• Edible Arrangements is selling CBD-infused edibles
    Yahoo Finance Video

    Edible Arrangements is selling CBD-infused edibles

    Edible Arrangements is now selling fruit dipped in CBD-infused chocolate — dubbed "Incredible Edibles." Edible Arrangements Founder & CEO Tariq Farid joins Yahoo Finance's Zack Guzman and Kristin Myers, along with The Corporate Agent CEO and Founder Angelique Rewers, to discuss.

  • Former Macy’s exec joins Kroger board
    American City Business Journals

    Former Macy’s exec joins Kroger board

    A former member of the Macy’s Inc. C-suite has joined the board of another major Cincinnati-based retailer.

  • Bloomberg

    For Once, Erin Brockovich and PG&E Are Fighting On The Same Side

    (Bloomberg) -- Perhaps for the first time ever, Erin Brockovich and PG&E Corp. are on the same side.Brockovich is best known for her success fighting the California utility giant in court over water contamination, a battle later depicted in an Academy Award-winning film starring Julia Roberts. But on late Thursday, she voiced support for a plan by PG&E to compensate the victims of wildfires ignited by its power lines -- a settlement that could help the power company emerge from bankruptcy next year.PG&E distributed Brockovich’s statement as it was fielding criticism from the New York hedge fund Elliott Management Corp., which is pitching a rival restructuring plan for PG&E and has warned that the company’s proposal jeopardizes its long-term health. Elliott and Pacific Investment Management Co. are leading a group of bondholders offering to inject as much as $20 billion in cash into PG&E in exchange for almost all of the company’s equity.As part of PG&E’s restructuring plan, the company agreed last week to pay $13.5 billion to wildfire victims. The deal still needs approval by California Governor Gavin Newsom and the bankruptcy court.“This proposed plan of reorganization and settlements with all the victims meet the Governor’s goals that he’s laid out,” Brockovich said in the statement. “First and foremost, they will fairly and justly compensate wildfire victims in a timely manner. This approach will also enable the company to continue to help meet the state’s climate and clean energy goals.”To contact the reporters on this story: Lynn Doan in San Francisco at ldoan6@bloomberg.net;Dan Murtaugh in Singapore at dmurtaugh@bloomberg.netTo contact the editors responsible for this story: Ramsey Al-Rikabi at ralrikabi@bloomberg.net, Jasmine NgFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.

  • Thomson Reuters StreetEvents

    Edited Transcript of WORK.N earnings conference call or presentation 4-Dec-19 10:00pm GMT

    Q3 2020 Slack Technologies Inc Earnings Call

  • Value Investors Explains Why He Likes Berkshire Hathaway, BAM, And RenaissanceRe
    Insider Monkey

    Value Investors Explains Why He Likes Berkshire Hathaway, BAM, And RenaissanceRe

    We just published a copy of value investor Joseph Del Principe's November 2019 investor letter. You can download the entire letter on our site. Here is what he said about Berkshire Hathaway (NYSE:BRK-B): In August, international oil and gas company Occidental Petroleum Corporation (OXY) completed its acquisition of energy company Anadarko Petroleum (APC)—but not without […]

  • Reuters

    California power producer PG&E files amended reorganization plan

    The development comes less than a week after the company said it reached a $13.5 billion settlement with victims of some of the most devastating wildfires in California's modern history. PG&E has settled all major wildfire claims and resolved disputed release provisions between insurance companies and wildfire victims, it said on Thursday. The company also said its plan can be fully funded through its capital structure, including the $12 billion equity backstop commitments that PG&E received last week.

  • Aurora Cannabis (ACB): Impact of Loss of German Cannabis Sales in the Quarter
    TipRanks

    Aurora Cannabis (ACB): Impact of Loss of German Cannabis Sales in the Quarter

    Near the end of November 2019 Aurora Cannabis (ACB) found it would no longer be able to sell medical cannabis to the German market until the company obtains a permit to sell cannabis that has undergone ionizing irradiation.In this article we'll look at the impact the temporary loss of sales in Germany will have on the company.IrradiationMany investors have thought that having facilities approved of for the stringent guidelines associated with European Union Good Manufacturing Practice (GMP) were enough to sell into Germany.But the recent discovery that Aurora Cannabis wouldn't be allowed to sell medical cannabis in Germany until it achieves a specified level of microbiological quality related to the flower.That must either be accomplished by extremely clean facilities that meet the German requirements, or have the flower irradiated, which is a process that decontaminates the flower.If a company must irradiate to conform to required microbial levels, it also has to apply for a permit that allows irradiated cannabis to be sold in the German market.Any importer into the German market will have to apply to the Federal Institute for Drugs and Medical Devices (BfArM) for every flower variety that will be distributed in Germany.As of this writing, the cost per application was just under US$4,951.Aurora management believes it will take about a month or so to get approval to sell irradiated cannabis in Germany.According to CCO Cam Battley, the company "realized" it needed a permit, suggesting it simply forgot about it or didn't perform due diligence concerning the requirements.ImplicationsCombined with other challenges related to revenue growth in the short term, including the lack of cannabis retail outlets in Ontario and the time it will take to ramp up derivative sales, the loss of sales in the German market is going to make a challenging fourth calendar quarter even more challenging for the company.How much it will impact its performance will depend upon how much demand for derivatives will drive the last couple of weeks of December sales. If it has more than adequate supply to meet pent-up demand, it could to some degree, offset the decline in German sales in December.Battley expects sales in Germany to resume in early 2020.With expectations already low for the current quarter, I don't think this is going to be a big deal for Aurora unless its sales decline even further because of the slow pace of retail stores opening, and derivatives have no immediate impact on revenue in December.The bigger issue is how this will impact long-term German sales because of Pharmacies possibly being reluctant to use Aurora because of being perceived as an unreliable and consistent source.In the past I've mentioned this was one of the strengths of Aurora, and if it falters there, it international potential would be diminished for a couple of quarters, until it wins back the trust of the Pharmacists.That may not happen. But because Aurora is not allowed to sell in Germany, medical cannabis patients will have to get their product from another source. Whether or not they return to Aurora is a significant issue over the long term.Analyst CommentaryThe market has divided itself into two camps. The bulls argue that the worst is behind Aurora, while the bears argue that the market is too optimistic about Aurora's recovery, which could take a long, long time. Piper Jaffray analyst Michael Lavery has found himself in the middle. The analyst rates the stock a Neutral alongside a $3.00 price target, which implies about 15% upside from current levels. (To watch Lavery's track record, click here)In a research note issued yesterday, Lavery wrote, "It may take time to recover lost German sales. The temporary sales halt could have a lasting impact in the German medical cannabis market. According to our contact in the EU, doctors tend to prescribe products that have strong track records of availability. Aurora's current patients will have to be prescribed a competitor's product while Aurora pauses sales, and it could be challenging to switch them back again. Additionally, it could take longer than expected for Aurora to begin selling products in Germany again as it typically takes months for German regulatory approval of products, and German regulators are used to reviewing applications for gamma radiation (not e-beam sterilization). Aurora is confident that sales can continue early in the new year, but there is some uncertainty in the process timeline."If we turn to the Street in general, we can see that sell-side analysts are fairly divided in their expectations on Aurora stock. Out of 11 analysts tracked by TipRanks in the last 3 months, 5 say "buy," 4 suggest "hold," and two recommend "sell." (See Aurora stock analysis on TipRanks)ConclusionWe won't know until the next earnings report the level of revenue Aurora has lost because of having to wait to receive its permit. Worse, it won't be until the following earnings report that we discover whether or not former customers have come back to the company after having to use alternative sources.One positive here is it appears there is demand from German patients for some derivative products. If so, that could be an attractive and compelling reason to once again choose Aurora as the preferred distribution source.To me, the major issue here is it once again places uncertainty over the company at a time when it needed to provide a clearer picture of its future short- and long-term outlook.Now what we have is the ongoing concerns over the pace of retail cannabis stores opening in Ontario, how much impact derivative products will have on Aurora's revenue, and how long it will take it to recover and grow sales in the important German medical market.In my view, the next couple of quarters are going to be vital to the company. At this time I think the negative surrounding the lack of retail stores is already priced in, but if there is any disappointment in derivative or German sales over the next two quarters, Aurora is going to have a difficult time maintaining support levels.Over the long term I remain optimistic over its prospects, but it could go through a prolonged period of growing pains if it doesn't do well in the first half of calendar 2020.To find good ideas for cannabis stocks trading at fair value or better, visit TipRanks’ Best Stocks to Buy, a newly launched tool that unites all of TipRanks’ equity insights.

  • Are Energy Stocks Hot Again?
    Oilprice.com

    Are Energy Stocks Hot Again?

    The ill-performing energy sector could be about to stage a major turnaround, but it won’t be the first time that contrarian investors get burned trying to play a rebound

  • NuScale checks off another box in small modular reactor review
    American City Business Journals

    NuScale checks off another box in small modular reactor review

    NuScale Power’s small modular reactor is a step closer to getting a federal stamp of approval. The Oregon company — headquartered in Tigard, with technical staff in Corvallis — said Thursday that U.S. nuclear regulators closed the fourth phase of a six-phase design certification process that began nearly three years ago. This is the first time the Nuclear Regulatory Commission has reviewed a small modular reactor.

  • Barrons.com

    Costco Beat Earnings Expectations. Here’s Why Its Stock Is Falling.

    Retail giant (COST) beat Wall Street estimates—by a lot. Costco (ticker: COST) might just be a victim of its own success. Wall Street was looking for $1.71 a share from about $36.4 billion in net sales.

  • Former EQT exec to run natural gas utility in Washington, D.C.
    American City Business Journals

    Former EQT exec to run natural gas utility in Washington, D.C.

    Former EQT EVP Donald "Blue" Jenkins will be joining his former EQT colleague in a top role at a Canadian utility company, leading as president a subsidiary gas company in Washington, D.C. Jenkins will be president of Washington Gas, a natural gas utility company in the Washington, D.C., area with more than one million customers. The AltaGas president and CEO is Randy Crawford, who had been SVP and president of midstream and commercial for EQT (NYSE: EQT).

  • GuruFocus.com

    Is Tesla Apple? Is Elon Musk Steve Jobs?

    Can Tesla become as successful as Apple, and can Tesla cars turn into an iPhone-like franchise? Continue reading...

  • Benzinga

    Why Production Costs Could Lead To 'Carnage' In Canadian Market

    In late November, Aurora Cannabis Inc (NYSE: ACB ) (TSE: ACB) CEO Terry Booth told BNN Bloomberg that his company has its sights set on the United States market. "Carnage" could be ahead for ...

  • Elliott’s PG&E Plan Aims Carefully at Gavin Newsom
    Bloomberg

    Elliott’s PG&E Plan Aims Carefully at Gavin Newsom

    (Bloomberg Opinion) -- Looked at one way, Gavin Newsom’s dilemma is actually quite enviable. Choosing which hedge fund you get to disappoint is something many would relish. But the California governor finds himself boxed in on determining what happens next with bankrupt utility PG&E Corp.Newsom must decide whether to support the company’s latest plan to emerge from chapter 11, which includes a revised $13.5 billion settlement agreed last week with wildfire victims. Having also settled with insurance firms for $11 billion and local governments for $1 billion, PG&E has effectively tightened pressure on one of the last remaining stakeholders — sitting in Sacramento — to get on board. In the background, a clock ticks toward the effective June 2020 deadline enshrined in California’s wildfire-fund legislation.On Thursday, Elliott Management Corp., part of the bondholders’ committee pushing a rival exit plan, put a shot across the bow of the company, but it was ultimately also aimed at the governor’s mansion. Elliott lists multiple criticisms of the company’s plan, ranging from implications for PG&E’s governance and culture to the impact on the company’s balance sheet, cash flow and, thereby, ratepayers. Just so Newsom (and his constituents) have the full picture, you understand.One of the interesting items in Elliott’s statement is that it no longer would require the new PG&E to carry debt at the holding-company level. Previously, it had penciled in $5.75 billion that would be replaced with additional equity commitments from several mutual funds, according to people familiar with the plan. PG&E’s own proposal calls for $7 billion. Prior to the wildfires that pushed PG&E into bankruptcy, this debt amounted to just $650 million.This so-called “holdco” debt is different from the $27 billion or so that would be carried by the actual regulated utility assets. As such, it effectively relies on the dividend paid up to the parent by the operating company — an operating company that faces years of high spending to alleviate wildfire risk and, of course, the ongoing risk of those wildfires (albeit with a new insurance fund to mitigate that).Even before Elliott’s announcement it was ditching the holdco debt, Andy DeVries, an analyst at CreditSights, was skeptical as to who would want to buy such paper under either plan, especially at the 4% coupon PG&E had penciled in. He points out that if the $7 billion found buyers at, say, 6%, that would represent a $420 million interest payment versus the operating company’s average dividend payment from 2014-17 of $795 million. Tax-adjusted, the roughly $300 million would absorb 12% of the new PG&E’s net income(1).This gets at one of the main battlegrounds in PG&E’s bankruptcy: the obligations on the emergent company’s cash flows and what this means for existing shareholders, creditors and ratepayers. The bondholders’ committee, including Elliott, has from the start pushed for more expansive payments to victims funded by a lot of new equity, giving it ownership of the company and diluting existing shareholders down to virtually zero. Conversely, the latter have gradually raised their compensation offer to match the bondholders’, but structured with other financing — such as holdco debt or securitized bonds — to help preserve their ownership. The latter’s Achilles heel has always been the prospect of PG&E emerging from chapter 11 burdened with new obligations that exist partly to shield shareholders from the total wipe-out often experienced in a bankruptcy (see this). Nonetheless, last week’s settlement by the company was a serious tactical blow to the bondholders. So their latest move to ditch the holdco element appears designed to once again highlight this issue of post-bankruptcy burdens on PG&E, and give Newsom pause. The feasibility of that holdco debt is doubtful. Possibly, the company hopes it could be replaced or offset at some point either with securitized bonds (although that effort got nowhere over the summer) or even eventual recovery of costs related to the Tubbs Fire via rates, if regulators allowed it.For Newsom, both choices carry risks, not least because both involve some sort of reward for politically unpalatable hedge funds. On the other hand, unless he really plans on pushing for state or municipal ownership — which is no silver bullet — the need for viable public-market financing means he would have to get over that anyway.The bondholders’ plan, if its commitments hold up, still has the benefit of a less-levered utility emerging from chapter 11. On the other hand, the company’s careful assembly of settlements with the main claimants allows it to argue it can get PG&E out of bankruptcy — and off Newsom’s desk — relatively soon. Newsom may try to split the difference by conditioning approval on more concessions from the shareholder group, such as finding a palatable (if dilutive) alternative to that holdco debt. In any case, Elliott’s salvo was aimed with precision.(1) This assumes a $48 billion regulatory asset base, 52% equity financing and 10.25% allowed return on equity.To contact the author of this story: Liam Denning at ldenning1@bloomberg.netTo contact the editor responsible for this story: Mark Gongloff at mgongloff1@bloomberg.netThis column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.Liam Denning is a Bloomberg Opinion columnist covering energy, mining and commodities. He previously was editor of the Wall Street Journal's Heard on the Street column and wrote for the Financial Times' Lex column. He was also an investment banker.For more articles like this, please visit us at bloomberg.com/opinion©2019 Bloomberg L.P.

  • Bloomberg

    Merkel Faces Revolt Over Huawei as Lawmakers Seek Full Ban

    (Bloomberg) -- Want the lowdown on European markets? In your inbox before the open, every day. Sign up here.German Chancellor Angela Merkel is facing a potential revolt in parliament by lawmakers seeking to override her China policy and effectively ban equipment supplier Huawei Technologies Co. from the country’s fifth-generation wireless network.A bill drafted by lawmakers in Merkel’s ruling coalition stipulates that German authorities should be able to exclude “untrustworthy” 5G equipment vendors from “core as well as peripheral networks.” That goes beyond previous calls that sought to ban the Chinese firm from the more sensitive core network alone.The effort in the Bundestag, Germany’s lower house of parliament, is a major challenge to Merkel’s attempts at balancing security considerations over 5G with Germany’s delicate economic ties with China. Hawks in her government, including German intelligence agencies and the Interior Ministry, have warned that Huawei’s ties to the government in Beijing pose a security risk.While the draft doesn’t explicitly name Huawei, it’s tailored to the Chinese company and comes after months of debate about 5G security. Huawei has repeatedly denied allegations over potential espionage and sabotage.The draft legislation obtained by Bloomberg News says that security guidelines set out by Merkel’s government, which include a certification process and a declaration of trustworthiness, don’t go far enough. The political and legal systems in a vendor’s country of origin must also be taken into account, the draft says in a direct allusion to China.While negotiators haggle over a final draft, the stringent security standards set by lawmakers in Merkel’s Christian Democratic Union-led bloc and in the Social Democratic party illustrate the momentum building against the Shenzhen-based technology giant. CDU lawmakers approved a motion at a party convention last month calling for further restrictions.European SolutionsCalling 5G technology Germany’s “digital nervous system,” lawmakers said that Europe already possessed two companies that represent an alternative to “state subsidized” competitors posing a threat -- a reference to Finland’s Nokia Oyj and Sweden’s Ericsson AB.“It is thus in Germany’s own interest to rely on European solutions with respect to the 5G network expansion and to cultivate European champions,” the draft said.Excluding Huawei from the peripheral network -- and not just the more sensitive core -- would create headaches for Germany’s telecom companies, who have warned that banning the vendor would delay the county’s 5G build-out and make it more expensive.Telefonica SA’s German unit, which operates the country’s second-largest wireless network, earlier this week said Wednesday it picked Huawei and Nokia to take an equal role in supplying its 5G network upgrade.The Merkel government had proposed a compromise that imposes partial restrictions that Telecom executives were prepared to accept as long as the Chinese vendor had access to less sensitive parts. But the lawmakers’ proposal would even go beyond a recommendation by Merkel’s spy chief, Bruno Kahl, the head of the Federal Intelligence Service. While Huawei is too dependent on the Chinese Communist Party and “can’t be fully trusted,” Kahl said in October, “there may be areas where a participation doesn’t have to be excluded.”(Updates to add detail throughout)\--With assistance from Stefan Nicola.To contact the reporter on this story: Patrick Donahue in Berlin at pdonahue1@bloomberg.netTo contact the editors responsible for this story: Ben Sills at bsills@bloomberg.net, Raymond ColittFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.

  • Benzinga

    Aurora Cannabis COO Specifies Why Company's Product Sales Are Halted In Germany

    Germany recently halted Aurora Cannabis (NYSE: ACB) product sales, until the health authorities investigate the production process. The production step awaiting for the inspection is related to a method that Aurora utilizes to attain a long shelf life of the flower, German pharmacies reportedly said. Battley was alluding to the special permit that's demanded for distribution of irradiated medical cannabis products in Germany, adding “it’s going to take about four weeks” for the company to acquire it, according to Marijuana Business Daily.

  • Pimco, Elliott Group Press Newsom to Reject PG&E’s Restructuring Plan
    Bloomberg

    Pimco, Elliott Group Press Newsom to Reject PG&E’s Restructuring Plan

    (Bloomberg) -- Elliott Management Corp. criticized PG&E Corp.’s restructuring plan, saying it doesn’t meet California’s guidelines and jeopardizes the long-term health of the company.The New York hedge fund, which is one of PG&E’s largest creditors, on Thursday came out publicly for the first time against the company’s plan, saying in a statement that its own proposal would leave California’s largest utility in better financial shape when it emerges from bankruptcy.“The PG&E plan is not in the best interests of California residents, small businesses and commercial and industrial customers within PG&E’s service territory,” Elliott said in the statement. “It was crafted with the exclusive objective of maximizing value for existing shareholders at the expense of the company’s critical stakeholders, including most importantly its customers and employees.”Elliott said it believed the $10 billion in added debt included in the company plan would likely lead it to be “a sub-investment grade, junk-bond issuer.” It also argued that the roughly $1 billion in cash diverted under PG&E’s plan for interest and shareholder payments would limit the utility’s ability to invest in critical safety upgrades and infrastructure, among other issues.Elliott’s comments Thursday come as California Governor Gavin Newsom is set to decide whether to support PG&E’s proposed $13.5 billion payout to wildfire victims. The deal struck by PG&E with the victims could be a death knell for the plan put forth by Elliott and its partners, which also contains a $13.5 billion payout to victims. If it is approved, it would likely let PG&E’s rival plan proceed.“It is clear that only a reorganization plan that puts PG&E in a meaningfully stronger financial position than when it entered bankruptcy, while compensating wildfire victims fairly and maintaining true rate-neutrality, should be allowed to move forward,” said Jeff Rosenbaum, portfolio manager at Elliott.He argued the creditor’s plan meets many of the state’s goals.Elliott called on California to ensure that any restructuring plan for PG&E contain an overhaul of governance and management, limit the utility’s total debt to a moderate level and eliminate any financial engineering that would pass costs off to ratepayers.Read More: PG&E’s Settlement Likely a ‘Fatal Blow’ to Bondholder Plan: CitiNathan Click, a spokesman for the governor, said earlier this week that any agreement would need to “treat victims fairly.” The company’s final reorganization plan needs to also prove fair for workers and customers, he said.PG&E shares fell 1% to $12.01 at 9:30 a.m. in New York trading.Wildfire LiabilitiesPG&E declared bankruptcy in January after its equipment was blamed for starting catastrophic blazes in 2017 and 2018. The fires saddled the company with an estimated $30 billion worth of liabilities.The creditor group, led by Elliott and Pacific Investment Management Co., was first to reach a deal with wildfire victims, agreeing to pay them $13.5 billion while PG&E initially proposed just $8.4 billion. But the utility later raised its offer and won over fire victims, announcing a settlement last week.A representative for PG&E was not immediately available for comment on Thursday. PG&E said in a statement earlier this week that it believes its reorganization plan meets all state requirements for an exit from bankruptcy. The utility described its proposal as “fully financeable” and said payments to victims “will not take away from our safety investments.”The bondholders have offered to inject as much as $20 billion in cash into PG&E in exchange for almost all of the company’s equity. The proposal would effectively wipe out the utility’s current shareholders, including hedge funds that had wrested control of its board earlier this year.To contact the reporter on this story: Scott Deveau in New York at sdeveau2@bloomberg.netTo contact the editors responsible for this story: Lynn Doan at ldoan6@bloomberg.net, ;Liana Baker at lbaker75@bloomberg.net, Tina DavisFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.

  • Elliott Bashes PG&E Bankruptcy Plan as Failing State Guidelines
    Bloomberg

    Elliott Bashes PG&E Bankruptcy Plan as Failing State Guidelines

    (Bloomberg) -- Elliott Management Corp. criticized PG&E Corp.’s restructuring plan, saying it doesn’t meet California’s guidelines and jeopardizes the long-term health of the company.The New York hedge fund, which is one of PG&E’s largest creditors, on Thursday came out publicly for the first time against the company’s plan, saying in a statement that its own proposal would leave California’s largest utility in better financial shape when it emerges from bankruptcy.“The PG&E plan is not in the best interests of California residents, small businesses and commercial and industrial customers within PG&E’s service territory,” Elliott said in the statement. “It was crafted with the exclusive objective of maximizing value for existing shareholders at the expense of the company’s critical stakeholders, including most importantly its customers and employees.”Elliott said it believed the $10 billion in added debt included in the company plan would likely lead it to be “a sub-investment grade, junk-bond issuer.” It also argued that the roughly $1 billion in cash diverted under PG&E’s plan for interest and shareholder payments would limit the utility’s ability to invest in critical safety upgrades and infrastructure, among other issues.Elliott’s comments Thursday come as California Governor Gavin Newsom is set to decide whether to support PG&E’s proposed $13.5 billion payout to wildfire victims. The deal struck by PG&E with the victims could be a death knell for the plan put forth by Elliott and its partners, which also contains a $13.5 billion payout to victims. If it is approved, it would likely let PG&E’s rival plan proceed.“It is clear that only a reorganization plan that puts PG&E in a meaningfully stronger financial position than when it entered bankruptcy, while compensating wildfire victims fairly and maintaining true rate-neutrality, should be allowed to move forward,” said Jeff Rosenbaum, portfolio manager at Elliott.He argued the creditor’s plan meets many of the state’s goals.Elliott called on California to ensure that any restructuring plan for PG&E contain an overhaul of governance and management, limit the utility’s total debt to a moderate level and eliminate any financial engineering that would pass costs off to ratepayers.Read More: PG&E’s Settlement Likely a ‘Fatal Blow’ to Bondholder Plan: CitiNathan Click, a spokesman for the governor, said earlier this week that any agreement would need to “treat victims fairly.” The company’s final reorganization plan needs to also prove fair for workers and customers, he said.PG&E shares fell 1% to $12.01 at 9:30 a.m. in New York trading.Wildfire LiabilitiesPG&E declared bankruptcy in January after its equipment was blamed for starting catastrophic blazes in 2017 and 2018. The fires saddled the company with an estimated $30 billion worth of liabilities.The creditor group, led by Elliott and Pacific Investment Management Co., was first to reach a deal with wildfire victims, agreeing to pay them $13.5 billion while PG&E initially proposed just $8.4 billion. But the utility later raised its offer and won over fire victims, announcing a settlement last week.A representative for PG&E was not immediately available for comment on Thursday. PG&E said in a statement earlier this week that it believes its reorganization plan meets all state requirements for an exit from bankruptcy. The utility described its proposal as “fully financeable” and said payments to victims “will not take away from our safety investments.”The bondholders have offered to inject as much as $20 billion in cash into PG&E in exchange for almost all of the company’s equity. The proposal would effectively wipe out the utility’s current shareholders, including hedge funds that had wrested control of its board earlier this year.To contact the reporter on this story: Scott Deveau in New York at sdeveau2@bloomberg.netTo contact the editors responsible for this story: Lynn Doan at ldoan6@bloomberg.net, ;Liana Baker at lbaker75@bloomberg.net, Tina DavisFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.

  • Baker Hughes' Texas Facilities to be Powered by Renewables
    Zacks

    Baker Hughes' Texas Facilities to be Powered by Renewables

    With the help of the renewable deal with EDF Energy, Baker Hughes (BKR) expects to reduce emissions by 1.2 million metric tons of CO2 equivalent through the next 10 years.

  • The Retail Apocalypse Confronts a New Crop of CEOs
    Bloomberg

    The Retail Apocalypse Confronts a New Crop of CEOs

    (Bloomberg Opinion) -- Many of the retail industry’s challenges in 2020 will be familiar, such as adapting to the rise of e-commerce and trade-related uncertainty from Washington. But the lineup of CEOs navigating those conditions will include many new faces.There were more CEO exits in the retail industry in 2019 than in any year since at least 2010, according to data from Challenger, Gray & Christmas.(1)The leadership shake-ups in retail don’t appear to fit any particular pattern. There were carefully choreographed, harmonious baton passes, such as Best Buy Co. naming Corie Barry to succeed Hubert Joly. There were bombshells such as Steve Easterbrook’s abrupt ouster from McDonald’s Corp. over an inappropriate relationship with an employee. There were rebukes of poor performance, such as Art Peck’s departure from Gap Inc. And there were some left-field surprises, such as Tractor Supply Co. poaching Hal Lawton from Macy’s Inc.Retail’s recent bout of turbulence at the top is not such an outlier in corporate America; Bloomberg Opinion’s Stephen Mihm recently noted an uptick in CEO departures overall in the past few months. But it adds a certain intrigue about which retailers will end up in the winners’ circle next year.Here are predictions for how some of the more high-profile episodes of C-suite musical chairs will play out.CEO changes that are reason for optimism: By the time activist investor pressure finally led Bed Bath & Beyond Inc. to dump longtime CEO Steven Temares, the move was long overdue. But the board has scored by luring Mark Tritton — the chief merchant at its on-fire competitor, Target Corp. — for the job. Tritton’s experience creating covetable private-label brands and reimagining store displays are exactly what the big-box home goods chain needs. Meanwhile, though Gap has not yet named a permanent successor for the now-departed Peck, the company may be better off without a leader who tried but failed for five years to revive its flagship brand.CEO changes that are reason for pessimism: The biggest headscratcher comes from Nike Inc., which announced that CEO Mark Parker is to be replaced in January by John Donahoe, a former ServiceNow and eBay Inc. executive. Sure, Donahoe knows Nike’s business from serving on its board, but his tech-centric resume is a weird fit for a company that thrives on its marketing savvy and merchandising expertise. There is potential for trouble, too, in the leadership plans of Under Armour Inc., where founder Kevin Plank is set to relinquish the CEO title to COO Patrik Frisk in the new year. Plank is to become chairman and “brand chief,” and Frisk will still report to Plank. This set-up is reminiscent of when Ralph Lauren first tried to step back from the CEO role of his namesake company while staying on in a creative position. The fashion mogul clearly had trouble releasing the reins, and it cost the company a highly capable CEO, Stefan Larsson.(2)Elsewhere in the apparel world, Ascena Retail Group Inc., corporate parent of Ann Taylor, Lane Bryant and other brands, probably will regret tapping an insider, Gary Muto, to replace David Jaffe. This company needs the kind of total overhaul that an outsider would be better equipped to pull off.CEO changes that promise business as usual: Electronics giant Best Buy is in good hands under Barry, a veteran executive of the chain who had served as its CFO and chief strategic growth officer. Thing is, the electronics giant was already in good hands under Joly, who had steered the chain through an improbable comeback. So expect steadiness for the retailer in the year ahead —by no means a bad thing. Same goes for McDonald’s: Even though it said goodbye to a successful CEO under far more soap-operatic circumstances, his replacement, Chris Kempczinski, is a close lieutenant poised to stick to the same playbook that has fueled the fast-food giant’s recent strength.CEO change wild card: It’s understandable that Tapestry Inc.’s board had lost confidence in recently departed CEO Victor Luis. The company that used to be named Coach has been struggling to boost the Kate Spade brand it acquired in 2017, a bad sign for a company intent on transforming into a luxury conglomerate. Luis has been replaced by Jide Zeitlin, a longtime Tapestry board member. He has little experience in the retail or fashion worlds, which is concerning. But his finance industry chops could prove invaluable in future deal-making — an essential ingredient in the company’s quest for growth.(1) The Challenger data in the chart is for the retail sector only. The apparel industry, which includes manufacturers such as Nike, is a separate category that also saw a particularly high number of exits in 2019. So far, apparel has 12 CEO exits, matching the 2015 annual total that was the highest this decade. Restaurants such as McDonald’s are included in the entertainment and leisure category in Challenger’s data.(2) Lauren seems to have settled into his new role alongside current CEO Patrice Louvet, who took that job in 2017 after Larsson’s exit.To contact the author of this story: Sarah Halzack at shalzack@bloomberg.netTo contact the editor responsible for this story: Michael Newman at mnewman43@bloomberg.netThis column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.Sarah Halzack is a Bloomberg Opinion columnist covering the consumer and retail industries. She was previously a national retail reporter for the Washington Post.For more articles like this, please visit us at bloomberg.com/opinion©2019 Bloomberg L.P.

  • Fluor's (FLR) Stork Wins HES Hartel Tank Terminal Contract
    Zacks

    Fluor's (FLR) Stork Wins HES Hartel Tank Terminal Contract

    The HES Hartel Tank Terminal project is set to aid Fluor's (FLR) Diversified Services business.

  • Nokia, Daimler, others agreed to mediation to resolve licensing dispute
    Reuters

    Nokia, Daimler, others agreed to mediation to resolve licensing dispute

    Nokia, German carmaker Daimler and several car parts suppliers have agreed to independent mediation to resolve their technology licensing dispute, the Finnish telecoms equipment maker said on Thursday. The move, if it leads to a successful outcome, could stave off a possible EU antitrust investigation following complaints by Daimler, Bury Technologies, Continental, Valeo and Thales-owned Gemalto to the European Commission. The Finnish telecoms equipment maker and Daimler have been at loggerheads on who should apply and pay royalties on technologies key to navigation to systems, vehicle communications and self-driving cars.