Indian billionaire investor Rakesh Jhunjhunwala says he's very upbeat about his country's growth potential after the country underwent a massive banking crisis and the rollout...Asia Economyread more
There's more pain ahead for the U.S. and China amid their bilateral trade dispute, according to one expert.China Politicsread more
Alphabet Inc's Google said Tuesday that keeping phones up to date and secure was in "everyone's best interests," shortly after the U.S. temporarily eased some trade...Technologyread more
You know there's an underlying problem when investment firms start to cut exposure to a particular asset class.Commentaryread more
Stocks in Asia were mostly higher on Tuesday as a temporary reprieve in U.S.-China trade tensions provided a breather.Asia Marketsread more
The issue of corporate debt has surfaced as companies continue to use the low rates the Fed has provided to lever up their balance sheets.The Fedread more
A record 257.4 million travelers are expected to opt for U.S. airlines for travel this summer, the 10th consecutive annual increase, a trade group forecast on Tuesday.Airlinesread more
Huya, a Chinese live streaming platform focused on gaming, is looking to expand into the U.S. in the next couple of years, CEO Rongjie Dong told CNBC. The U.S. is expected to...Technologyread more
Most U.S. hedge funds aren't expecting another big stock market sell-off as more firms curb bets on volatility, according to Nomura.Marketsread more
Mall owners are increasingly building out food halls with local chef-driven eateries, sushi bars and premium coffee shops.Retailread more
While Trump's lawyers had argued that the committee's subpoena did not have a legitimate legislative purpose — and was therefore invalid — Mehta took a broader view.Politicsread more
California utility company PG&E said in a court filing Wednesday that it can't afford a federal judge's order to inspect its energy grid and clear trees that could fall into its power lines, work it estimates would cost between $75 billion and $150 billion.
The company told the U.S. District Court in San Francisco that the judge's so-called vegetation management plan would force it to dramatically increase the rates it charges customers to employ more than 650,000 full-time workers.
"PG&E would inevitably need to turn to California ratepayers for funding, resulting in a substantial increase — an estimated one-year increase of more than five times current rates in typical utility bills," it said in the filing.
The work was proposed in a Jan. 9 order by U.S. District Judge William Alsup.
"The work that would be required is so labor-intensive and costly that compliance is technically and operationally infeasible," PG&E said in the court filing. "PG&E would be required within less than five months to remove or trim trees and branches that could bend, break or fall into powerlines, poles or electric equipment in high-wind conditions."
The company said Jan. 14 that it plans to file for Chapter 11 bankruptcy protection amid the financial anguish stemming from its part in a wave of historic wildfires in California.
PG&E faces at least $30 billion in potential liability costs stemming from wildfires in 2017 and 2018, many allegedly started by the company's equipment, that have led state officials to doubt the safety of the company's electric distribution system.
Investigators have already determined PG&E's equipment was liable in at least 17 major wildfires in 2017. State investigators are still working to determine if the company's equipment was partly responsible for November's Camp Fire, which killed at least 86 people and destroyed about 14,000 homes, making it the state's deadliest fire.
The company's stock was largely unchanged Thursday morning. PG&E shares have lost more than 80 percent of their value in the last six months.
Critics, including famed environmental activist Erin Brockovich and activist hedge fund BlueMountain Capital Management (which owns about 11 million shares), have rebuked the company, alleging that the board is using Chapter 11 to "abdicate" its responsibility to shareholders when it isn't clear the company is insolvent.
"It may appear easier for Board members to file for Chapter 11 – shifting the burden of dealing with the myriad issues that will face the Board and placing it squarely on the shoulders of the Bankruptcy Court and the companies' advisors," BlueMountain wrote to PG&E's board on Jan. 17.
"The Company has ample liquidity to operate its business; the amount of liabilities remains uncertain and contestable."PG&E is California's largest investor-owned utility with 16 million customers across a 70,000-square-mile service area in Northern and Central California.