Japanese stocks tumbled on Thursday on concerns a preliminary trade deal between Washington and Beijing may not be completed this year, with a fresh row over U.S. legislation on Hong Kong potentially complicating their negotiations. Overnight, Wall Street's three main indexes fell, largely hurt by a Reuters report citing experts and people close to the White House as saying completion of a U.S.-China trade deal could slide beyond 2019. Adding to the tensions between the world's two biggest economies, the U.S. House of Representatives on Wednesday passed two bills intended to support protesters in Hong Kong and send a warning to China about human rights.
21 Nov 2019 3:21am GMT
(Bloomberg) -- California Governor Gavin Newsom wants PG&E Corp. to add state-appointed members to its board as part of the utility giant's reorganization.Newsom's administration pushed for this, along with several other conditions, to be included in PG&E's restructuring plan during a meeting on Wednesday with the company and other parties in its bankruptcy case. Newsom also wants a governance structure that would give these state-appointed board members greater management authority over the utility if it fails to meet certain safety performance standards, the governor's office said Wednesday.The pressure on Newsom to force an overhaul at PG&E has escalated in recent weeks as the company plunged millions into darkness to keep its power lines from igniting wildfires. The company filed for Chapter 11 protection in January after its equipment was tied to a series of 2017 and 2018 wildfires that left it with $30 billion in estimated liabilities.Read More: PG&E Starts Restoring Power After Latest Deliberate BlackoutEarlier this month, Newsom threatened to take over PG&E if the company fails to emerge from bankruptcy by a state-imposed deadline of June 30, 2020, and improves its operations before next year's wildfire season. The company, however, has struggled for months to come up with a restructuring plan that bondholders and wildfire victims are willing to sign off on. The judge overseeing its case ordered parties into mediation in an effort to speed up a settlement.In the meeting on Wednesday, Newsom's administration also said it wants to leave the door open for a government takeover if it's deemed necessary, according to the governor's office, which said it's also seeking assurances that the utility will make safety investments without placing an undue burden on customers.To contact the reporter on this story: Mark Chediak in San Francisco at mchediak@bloomberg.netTo contact the editor responsible for this story: Lynn Doan at ldoan6@bloomberg.netFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
21 Nov 2019 3:13am GMT
Apple Inc has canceled the world premiere of movie "The Banker," one of its first original films, as it investigates unspecified concerns surrounding the period drama, the company said on Wednesday. "The Banker" was supposed to debut on Thursday in Hollywood at the American Film Institute's AFI Fest. "We purchased 'The Banker' earlier this year as we were moved by the film's entertaining and educational story about social change and financial literacy," Apple said in a statement.
21 Nov 2019 1:48am GMT
Mike Mackenzie's daily analysis of what's moving global markets
20 Nov 2019 9:31pm GMT
Moves comes as Trump administration struggles to reach truce in trade war
20 Nov 2019 7:33pm GMT
IMF warns of 'borrowing binge' among already indebted economies
20 Nov 2019 4:56pm GMT
Yahoo Finance