Shares of utility PG&E Corp fell 18 percent on Wednesday after the company warned of liquidity concerns if its equipment was found responsible for starting the Camp wildfire currently raging in California.
U.S. stocks were set to open higher on Wednesday, after consumer prices in October rose as expected, keeping the Federal Reserve on track for gradual interest rate hikes, while a rebound in oil prices lifted energy stocks.
A group of three law firms has filed lawsuit against PG&E Corp alleging negligence and health and safety code violations by the utility company in California’s deadliest ever wildfire and seeking damages for victims of the fire.
U.S. consumer prices increased by the most in nine months in October amid gains in the cost of gasoline and rents, pointing to steadily rising inflation that likely will keep the Federal Reserve on track to raise interest rates again next month.
OPEC and its partners are discussing a proposal to cut oil output by 1.4 million barrels per day (bpd), three sources familiar with the issue said, although Russia may not be on board for such a large reduction.
Shares of the utility PG&E Corp fell 18 percent after the company said if it was found liable for the Camp fire raging in California, the damages could be more than its insurance coverage and hurt cash flow and liquidity.
Oil prices bounced from multi-month lows on Wednesday but stocks fell as disappointing data heightened worries over slowing global growth, while the pound wavered as Prime Minister Theresa May faced the hard task of selling her Brexit deal.
Macy’s Inc raised its annual earnings forecast ahead of the crucial holiday shopping season, as the department store chain benefits from a revamped loyalty program and a growing online business.
Ford Motor Co , Walmart Inc and delivery service Postmates Inc will collaborate to design a service for delivering groceries and other goods to Walmart customers that could someday use autonomous vehicles, the companies said on Wednesday.
South Korea’s top financial regulator said Samsung BioLogics Co Ltd had intentionally breached accounting rules ahead of its 2016 listing, leading to a suspension in trading of the biotech firm’s shares and a review of its listing status.
Bain Capital Ventures, the venture capital division of the eponymous Boston-based investment firm, said it has raised a new $1 billion fund to invest in startups, adding to a year of big-dollar fund-raising by tech investors.
US consumer credit reporting agency TransUnion said on Wednesday Chief Executive Officer James Peck, who led the initial public offering of the company in 2015, will retire in May and be succeeded by Christopher Cartwright.
Deliveries of Skoda Auto cars, part of the Volkswagen Group , dropped 7.4 percent in October, largely in European markets due to conversions to conform to the Worldwide Harmonised Light Vehicle Test (WLTP) anti-pollution rules.
Clouds crowded the Illinois sky as Nick Harre walked away from his combine at the peak of harvest to join four fellow farmers in greeting some unlikely visitors.
Oil rose on Wednesday, recouping some of the previous session’s slide, on the growing prospect of OPEC and allied producers cutting output at a meeting next month to prop up the market.
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