The FAA administrator's comments come on the eve of his visit to Boeing facilities outside Seattle, Washington. While there, he's scheduled to meet with Boeing executives and...Airlinesread more
CBS, CNN and other major media companies are starting to pull e-cigarette advertising off their airways, as the death toll from a mysterious vaping-related illness continues...Health and Scienceread more
Investors largely expected the FOMC to cut rates by a quarter point.The Fedread more
As the Fed was meeting to consider cutting interest rates, it lost control of the very benchmark rate that it manages.Market Insiderread more
For the past six years, Facebook has tried over and over to release a hardware product that consumers will want, and it has never succeeded.Technologyread more
AT&T is considering selling DirecTV, according to a report in the Wall Street Journal.Technologyread more
The Fed cut interest rates by a quarter point, but it also reaffirmed its rate cut was meant to serve as insurance for the economy.Market Insiderread more
President Barack Obama spoke at an event in San Francisco on Wednesday hosted by software company Splunk and addressed how tech can help solve problems.Technologyread more
Disney CEO Bob Iger writes in his autobiography that he believes he would have discussed combining Disney with Apple had Steve Jobs lived.Technologyread more
The Facebook CEO will talk to policymakers "about future internet regulation," according to a spokesperson.Technologyread more
Microsoft shares rose 1% after hours as it announced plans to raise its dividend and authorized as much as $40 billion to buy back shares.Technologyread more
(Updates with PG&E statement)
NEW YORK, Sept 8 (Reuters) - The city of San Francisco has offered to buy PG&E Corp's power lines and other electrical system infrastructure serving the city for $2.5 billion, according to the utility, which sought Chapter 11 bankruptcy protection in January.
PG&E is expected to file a reorganization plan in a U.S. bankruptcy court in San Francisco this week that addresses its estimated $30 billion in liabilities from wildfires in California in 2017 and 2018, including November's Camp Fire, the deadliest and most destructive wildfire of the state's modern history.
"We all agree on the importance of continuing to serve the citizens of San Francisco with safe, clean, affordable and reliable energy," PG&E said in a statement provided by spokeswoman Karly Hernandez on Sunday.
"PG&E has been a part of San Francisco since the companys founding more than a century ago, and while we dont believe municipalization is in the best interests of our customers and stakeholders, we are committed to working with the City and will remain open to communication on this issue," the statement added.
Representatives of the San Francisco Public Utilities Commission and the mayor's office did not immediately respond to requests for comment.
The purchase would be funded through a municipal power bond passed by voters last year and would be paid off through customers' electric bills, according to the San Francisco Chronicle, which also noted the deal would create California's third-largest government-owned electric utility, after the Los Angeles Department of Water and Power and the Sacramento Municipal Utility District.
Corporate reorganization plans generally need widespread support from creditors, and debtors can spend months getting the necessary backing. PG&E's plan must be approved by U.S. Judge Dennis Montali for the company to emerge from Chapter 11 bankruptcy reorganization.
On June 4, the San Francisco Public Utilities Commission said it had hired an adviser to explore a possible acquisition of the company's distribution assets.
Since the beginning of the year, PG&E's stock has plunged 57.1%. (Reporting by Stephen Culp; Editing by Lisa Shumaker and Peter Cooney)