Tesla’s China factory is set to begin production late next year, Shanghai government says

Tesla is on pace to begin production at its factory in China in the second half of next year, the Shanghai government said Wednesday. Land leveling is basically complete and construction is about to begin, with the factory expected to be put partially into operation in the second half of 2019, according to an official WeChat post from the government. The article described a visit by Shanghai Mayor Ying Yong and Vice Mayor Wu Qing. In mid-October, Tesla officially acquired an 864,885-square meter


Tesla is on pace to begin production at its factory in China in the second half of next year, the Shanghai government said Wednesday. Land leveling is basically complete and construction is about to begin, with the factory expected to be put partially into operation in the second half of 2019, according to an official WeChat post from the government. The article described a visit by Shanghai Mayor Ying Yong and Vice Mayor Wu Qing. In mid-October, Tesla officially acquired an 864,885-square meter
Tesla’s China factory is set to begin production late next year, Shanghai government says Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-12-06  Authors: evelyn cheng, qilai shen, bloomberg, getty images
Keywords: news, cnbc, companies, electric, costs, second, china, begin, wechat, mayor, late, half, production, official, shanghai, teslas, tesla, factory, set


Tesla's China factory is set to begin production late next year, Shanghai government says

Tesla is on pace to begin production at its factory in China in the second half of next year, the Shanghai government said Wednesday.

Land leveling is basically complete and construction is about to begin, with the factory expected to be put partially into operation in the second half of 2019, according to an official WeChat post from the government. The article described a visit by Shanghai Mayor Ying Yong and Vice Mayor Wu Qing.

Tesla did not immediately respond to an emailed request for comment.

In mid-October, Tesla officially acquired an 864,885-square meter plot in Shanghai’s Lingang area for the electric car maker’s first factory outside the U.S.

Elon Musk’s company has also launched an official WeChat account for hiring locals.

Producing in China, the world’s largest market for electric vehicles, would allow Tesla to reduce costs significantly. The company has said it is operating at a 55 percent to 60 percent cost disadvantage with a domestic peer due to ocean transport costs and tariffs.


Company: cnbc, Activity: cnbc, Date: 2018-12-06  Authors: evelyn cheng, qilai shen, bloomberg, getty images
Keywords: news, cnbc, companies, electric, costs, second, china, begin, wechat, mayor, late, half, production, official, shanghai, teslas, tesla, factory, set


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Local ‘insurgent’ brands drive consumer spending in China: Bain & Co

Local ‘insurgent’ brands drive consumer spending in China: Bain & Co8 Hours AgoChinese consumers spent 3.3 percent more on fast-moving consumer goods in the first half of 2018, compared to the same period last year, says Bruno Lannes of Bain & Company.


Local ‘insurgent’ brands drive consumer spending in China: Bain & Co8 Hours AgoChinese consumers spent 3.3 percent more on fast-moving consumer goods in the first half of 2018, compared to the same period last year, says Bruno Lannes of Bain & Company.
Local ‘insurgent’ brands drive consumer spending in China: Bain & Co Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-11-29
Keywords: news, cnbc, companies, bain, brands, drive, insurgent, lannes, china, spent, local, spending, hours, half, consumer, period


Local 'insurgent' brands drive consumer spending in China: Bain & Co

Local ‘insurgent’ brands drive consumer spending in China: Bain & Co

8 Hours Ago

Chinese consumers spent 3.3 percent more on fast-moving consumer goods in the first half of 2018, compared to the same period last year, says Bruno Lannes of Bain & Company.


Company: cnbc, Activity: cnbc, Date: 2018-11-29
Keywords: news, cnbc, companies, bain, brands, drive, insurgent, lannes, china, spent, local, spending, hours, half, consumer, period


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A new study suggests women earn about half what men earn

Women may face a much wider wage gap than commonly cited data indicates, earning just half of what men earn over 15 years. That’s according to a new study by economists who analyzed the incomes of men and women who worked for at least one year between 2001 and 2015. Census data, on the other hand, compares the earnings of men and women who work full-time in one given year. The study found stark earning gaps in three periods of analysis: Between 1968 and 1982, women’s earnings were 19 percent of


Women may face a much wider wage gap than commonly cited data indicates, earning just half of what men earn over 15 years. That’s according to a new study by economists who analyzed the incomes of men and women who worked for at least one year between 2001 and 2015. Census data, on the other hand, compares the earnings of men and women who work full-time in one given year. The study found stark earning gaps in three periods of analysis: Between 1968 and 1982, women’s earnings were 19 percent of
A new study suggests women earn about half what men earn Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-11-28  Authors: emma newburger, creative touch imaging ltd, nurphoto, getty images
Keywords: news, cnbc, companies, earnings, workforce, earn, women, study, womens, work, 15, men, family, suggests, half, hartmann


A new study suggests women earn about half what men earn

Women may face a much wider wage gap than commonly cited data indicates, earning just half of what men earn over 15 years. That’s according to a new study by economists who analyzed the incomes of men and women who worked for at least one year between 2001 and 2015.

The standard annual wage gap measured by the Census Bureau shows that women make 80 cents for every dollar earned by a man. But this statistic leaves many women workers out of the picture, Heidi Hartmann, the president of the Institute for Women’s Policy Research and an author of the study, tells CNBC Make It.

IWPR’s methodology incorporates workforce attachment — those more “strongly attached” to the workforce are defined as working at least 12 out of 15 years full-time and year-round — and looks closely at both the consistency and long-term growth of earnings to capture a more nuanced picture of women’s careers.

Census data, on the other hand, compares the earnings of men and women who work full-time in one given year. But women are less likely to work full-time on a consistent basis throughout their careers, and take more time out of the labor force to raise children, care for family or spend more time on education, Hartmann says.

The IWPR research attempts to more fully compare women’s and men’s earnings by taking a career-long view. The study found stark earning gaps in three periods of analysis: Between 1968 and 1982, women’s earnings were 19 percent of men’s. Between 1983 and 1997, they rose to 38 percent. Between 2001 and 2015, they rose, but not significantly: over that 15-year period, women made 49 percent of what men made.

The study also found that penalties for taking time off from work are especially high for women. For women who took one year off from work, annual earnings were 39 percent lower than those of women who worked all ever year between 2001 and 2015. For comparison, women who took one year off from work in the 15 years beginning in 1968 saw a 12 percent cut in earnings.

Men are also penalized for time out of the workforce, but women’s losses are almost always greater than men’s, the study found. Hartmann says she was surprised by the results of her own study: “I would have expected a bigger change in progress in this last 15 year period.”

Despite considerable progress over the last 50 years, 43 percent of today’s women workers had at least one year with no earnings, nearly twice the rate of men. Strengthening women’s labor force attachment, Hartmann says, is critical to narrowing that gap.

Policies like paid family and medical leave and affordable child care can increase women’s labor force participation and encourage men to share more of the unpaid time spent on family care, the study emphasizes.

“Women get paid less in the same jobs as men, which is typical, garden variety discrimination. Add to that public knowledge that sexual harassment is endemic,” says Hartmann. “The fact is, we need stronger stronger equal employment opportunity enforcement and more family support.”

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Company: cnbc, Activity: cnbc, Date: 2018-11-28  Authors: emma newburger, creative touch imaging ltd, nurphoto, getty images
Keywords: news, cnbc, companies, earnings, workforce, earn, women, study, womens, work, 15, men, family, suggests, half, hartmann


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Nearly half of global CFOs expect either a no-deal Brexit — or simply don’t know what to think

Chief financial officers (CFOs) from some of the world’s largest firms are unsure whether the U.K. will be thrust into the unknown post-Brexit, according to a new survey conducted by CNBC. The results of the survey come at a time when U.K. Prime Minister Theresa May is fighting for her political survival, after the government’s draft divorce deal with the EU prompted a flurry of cabinet ministers to resign. May is currently trying to rally enough lawmakers to back the proposed plan in order to g


Chief financial officers (CFOs) from some of the world’s largest firms are unsure whether the U.K. will be thrust into the unknown post-Brexit, according to a new survey conducted by CNBC. The results of the survey come at a time when U.K. Prime Minister Theresa May is fighting for her political survival, after the government’s draft divorce deal with the EU prompted a flurry of cabinet ministers to resign. May is currently trying to rally enough lawmakers to back the proposed plan in order to g
Nearly half of global CFOs expect either a no-deal Brexit — or simply don’t know what to think Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-11-20  Authors: sam meredith, daniel leal-olivas, afp, getty images
Keywords: news, cnbc, companies, deal, simply, think, know, half, dont, weeks, worlds, unsure, nearly, global, expect, cfos, survey, uk, nodeal, eu, parliament, wide


Nearly half of global CFOs expect either a no-deal Brexit — or simply don't know what to think

Chief financial officers (CFOs) from some of the world’s largest firms are unsure whether the U.K. will be thrust into the unknown post-Brexit, according to a new survey conducted by CNBC.

The results of the survey come at a time when U.K. Prime Minister Theresa May is fighting for her political survival, after the government’s draft divorce deal with the EU prompted a flurry of cabinet ministers to resign.

May is currently trying to rally enough lawmakers to back the proposed plan in order to get it through Parliament next month – a daunting task given the broad criticism it has received.

Global CFOs across a wide range of industries were asked whether they expected Parliament to approve a formal Brexit deal with the EU over the coming weeks.


Company: cnbc, Activity: cnbc, Date: 2018-11-20  Authors: sam meredith, daniel leal-olivas, afp, getty images
Keywords: news, cnbc, companies, deal, simply, think, know, half, dont, weeks, worlds, unsure, nearly, global, expect, cfos, survey, uk, nodeal, eu, parliament, wide


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As US recession chances increase, the Fed may deliver fewer rate hikes: Reuters poll

GDP growth is then forecast to slow to 2.0-2.5 percent throughout 2019 and then down to 1.8 percent by mid-2020, about half the latest reported rate. Economists in the latest poll unanimously said the Fed will raise the federal funds rate by 25 basis points to 2.25-2.50 percent in December. But the third rate rise is a close call, with just over half, 54 of 102 economists forecasting that outcome. Part of the reason for the lack of conviction for more rate rises stems from still-tame inflation p


GDP growth is then forecast to slow to 2.0-2.5 percent throughout 2019 and then down to 1.8 percent by mid-2020, about half the latest reported rate. Economists in the latest poll unanimously said the Fed will raise the federal funds rate by 25 basis points to 2.25-2.50 percent in December. But the third rate rise is a close call, with just over half, 54 of 102 economists forecasting that outcome. Part of the reason for the lack of conviction for more rate rises stems from still-tame inflation p
As US recession chances increase, the Fed may deliver fewer rate hikes: Reuters poll Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-11-20  Authors: david a grogan
Keywords: news, cnbc, companies, economists, fewer, deliver, latest, half, hikes, fed, rate, chances, slowing, growth, inflation, trade, recession, increase, slow, poll


As US recession chances increase, the Fed may deliver fewer rate hikes: Reuters poll

The Federal Reserve is still expected to raise interest rates again next month and three times next year, but a strong majority of economists polled by Reuters over the past week say the risk is it will slow that pace down.

The probability of a U.S. recession in the next two years, while still low, also nudged up to a median 35 percent from 30 percent in the latest monthly Reuters survey of economists taken Nov 13-19. It held at 15 percent for the next 12 months.

While many developed economies are already slowing, growth in the world’s largest economy is still solid, riding the tail-end of a $1.5 trillion tax cut boost, and official unemployment is the lowest in nearly half a century.

But that shine is forecast to start coming off this quarter, with growth slowing more by the end of next year as a trade stand-off with China shows no signs of letting up.

“The economy is facing a growing number of headwinds, including the lagged effects of previous interest rate rises and dollar strength, the uncertainty of trade protectionism at a time when external demand is slowing, and a sense that the support from the fiscal stimulus will gradually fade,” said James Knightley, chief international economist at ING.

“The main risk to the upside likely stems from the tight jobs market and whether wages can continue rising, but … we look for economic growth to slow through 2019 and this should see inflation pressures gradually recede late next year.”

Gross domestic product (GDP) will expand at an annualized rate of 2.7 percent this quarter, down from 4.2 percent in the second quarter and 3.5 percent in the third.

GDP growth is then forecast to slow to 2.0-2.5 percent throughout 2019 and then down to 1.8 percent by mid-2020, about half the latest reported rate.

The trade war U.S. President Donald Trump launched with No. 2 world economy China has already started to hit export-sensitive economies like Germany and Japan. And an Asia-Pacific Economic Cooperation summit ended on Sunday with leaders failing to agree on a final statement for first time in the forum’s history.

That has lowered expectations Trump and Chinese President Xi Jinping will make a breakthrough when they meet at a G20 summit later this month.

The recent sell-off on Wall Street had some expecting the Fed to soften its tone on policy tightening at its November meeting, but the central bank did no such thing.

Economists in the latest poll unanimously said the Fed will raise the federal funds rate by 25 basis points to 2.25-2.50 percent in December.

Median forecasts show three more increases next year, taking the federal funds rate to 3.00-3.25 percent by end-2019. But the third rate rise is a close call, with just over half, 54 of 102 economists forecasting that outcome.

Traders of U.S. short-term interest-rate futures expect only two hikes in 2019.

The range of forecasts around how much the Fed will raise rates next year was wide. While one contributor expected no change to rates at all in 2019 after a December rise, another predicted a 50 basis point hike at the June meeting.

Part of the reason for the lack of conviction for more rate rises stems from still-tame inflation pressure. Wage inflation has picked up recently, but overall, economists have not made any major upgrades to their inflation forecasts.

Similarly, there is not a lot of conviction over exactly when the next economic slump will arrive.

Twelve respondents in the latest poll said there was a greater than 50 percent chance of a recession in the next two years. But only one, Fathom Consulting, has actually put down a point forecast for GDP to contract in the full year 2020.

Just over half of 65 economists who replied to another question said there was no impact on their growth outlook from the November midterm elections, in which the Democratic Party made major gains and took control of the House of Representatives but left the Republican party in control of the Senate.

Twenty-seven said this new Congressional setup, which will make it more difficult for the White House to pass the kind of sweeping tax cuts as those signed into law late last year, was negative. Five said it was positive.

WATCH:How the Fed could cause the next recession, according to Gary Shilling


Company: cnbc, Activity: cnbc, Date: 2018-11-20  Authors: david a grogan
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L Brands falls after cutting annual dividend in half

L Brands shares fell 4 percent postmarket Monday after the company said it would slash its annual dividend in half to $1.20. L Brands reported adjusted earnings of 16 cents a share versus a Refinitiv estimate of 15 cents. It also reported $2.77 billion for the third quarter, in line with the preliminary sales figures it released on Nov. 8. It also raised its full-year earnings outlook, saying it now expects earnings between $2.60 a share to $2.80 a share. L Brands said stores open more than a ye


L Brands shares fell 4 percent postmarket Monday after the company said it would slash its annual dividend in half to $1.20. L Brands reported adjusted earnings of 16 cents a share versus a Refinitiv estimate of 15 cents. It also reported $2.77 billion for the third quarter, in line with the preliminary sales figures it released on Nov. 8. It also raised its full-year earnings outlook, saying it now expects earnings between $2.60 a share to $2.80 a share. L Brands said stores open more than a ye
L Brands falls after cutting annual dividend in half Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-11-19  Authors: waverly colville, craig warga, bloomberg, getty images
Keywords: news, cnbc, companies, brands, preliminary, reported, released, cutting, falls, half, share, dividend, sales, annual, earnings, company, line


L Brands falls after cutting annual dividend in half

L Brands shares fell 4 percent postmarket Monday after the company said it would slash its annual dividend in half to $1.20.

The company, known for its brands Victoria’s Secret and Bath & Body Works, beat profit expectations. L Brands reported adjusted earnings of 16 cents a share versus a Refinitiv estimate of 15 cents. It also reported $2.77 billion for the third quarter, in line with the preliminary sales figures it released on Nov. 8.

It also raised its full-year earnings outlook, saying it now expects earnings between $2.60 a share to $2.80 a share. The company had previously forecast full-year earnings between $2.45 a share and $2.70 a share.

L Brands said stores open more than a year saw sales rise 4 percent year over year, also in line with the preliminary results it released earlier this month.

WATCH:Here’s how Target is making a comeback


Company: cnbc, Activity: cnbc, Date: 2018-11-19  Authors: waverly colville, craig warga, bloomberg, getty images
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Federated’s Phil Orlando downgrades outlook for US economy

Phil Orlando, Federated Investors chief equity market strategist, has moderated his optimism this year and next, reflecting a range of headwinds buffeting the stock market. In particular, one market risk is at the forefront of his mind. “But the Fed’s dot plots have them continuing to hike, bringing the funds rate up to about 3.5 percent in the middle of 2020,” added Orlando. The Fed’s dot plot release in September suggests a fed funds rate of 3.1 percent for 2019, meaning as many as three rate


Phil Orlando, Federated Investors chief equity market strategist, has moderated his optimism this year and next, reflecting a range of headwinds buffeting the stock market. In particular, one market risk is at the forefront of his mind. “But the Fed’s dot plots have them continuing to hike, bringing the funds rate up to about 3.5 percent in the middle of 2020,” added Orlando. The Fed’s dot plot release in September suggests a fed funds rate of 3.1 percent for 2019, meaning as many as three rate
Federated’s Phil Orlando downgrades outlook for US economy Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-11-18  Authors: keris lahiff, andrew harrer, bloomberg, getty images, mathew lloyd, michael nagle, dario pignatelli, david a grogan
Keywords: news, cnbc, companies, dot, downgrades, risk, economy, meeting, phil, orlando, outlook, fed, rate, hike, funds, half, federateds, market


Federated's Phil Orlando downgrades outlook for US economy

One big risk has forced top bull to revise next year’s forecasts 12:54 PM ET Fri, 16 Nov 2018 | 01:45

Even some of the biggest bulls on Wall Street are pulling in the reigns.

Phil Orlando, Federated Investors chief equity market strategist, has moderated his optimism this year and next, reflecting a range of headwinds buffeting the stock market.

He anticipates 2900 on the S&P 500 by the end of 2018, half the advance he had previously anticipated, though still an 8 percent gain. Orlando has also revised his 3,500 target on the S&P 500 for 2019 to 3,300.

In particular, one market risk is at the forefront of his mind.

“The Fed is right at the top of our list,” Orlando told CNBC’s “Futures Now” on Thursday. “We’re fine with the quarter-point hike at the December FOMC meeting, we’re fine with another two-quarter-point hike, say, in the first half of next year, but, at a 3 percent funds rate, we think we should be done.”

Orlando says the likelihood of slower economic growth both in the U.S. and abroad warrants a pause from the Federal Reserve at the 3 percent mark in the second half of 2019, and early 2020.

“But the Fed’s dot plots have them continuing to hike, bringing the funds rate up to about 3.5 percent in the middle of 2020,” added Orlando.

The Fed’s dot plot release in September suggests a fed funds rate of 3.1 percent for 2019, meaning as many as three rate hikes next year.

“In our view that’s too much,” Orlando said. “The risk for the market is that the Fed over-tightens, we invert the yield curve, and we actually create the recessionary environment perhaps in 2021 that the market and the Fed are trying to avoid.”

The Fed will publish a new dot plot forecast at its December meeting. Markets are pricing in another 25-basis point hike at that meeting, according to CME Group fed funds futures.

The Fed isn’t the only risk on Orlando’s radar. He said other issues, including uncertainty over a U.S.-China trade resolution, and the threat of a strong U.S. dollar impacting corporate earnings, continue to “dog the market” and push it lower.


Company: cnbc, Activity: cnbc, Date: 2018-11-18  Authors: keris lahiff, andrew harrer, bloomberg, getty images, mathew lloyd, michael nagle, dario pignatelli, david a grogan
Keywords: news, cnbc, companies, dot, downgrades, risk, economy, meeting, phil, orlando, outlook, fed, rate, hike, funds, half, federateds, market


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Wall Street’s crypto bull Tom Lee slashes year-end bitcoin price forecast nearly in half

Wall Street’s best-known cryptocurrency bull just cut his bitcoin price target nearly in half. A key driver was bitcoin’s “break-even” point, the level at which mining costs match the trading price. Much of that price movement was driven by “crypto-specific” events including the contentious argument over bitcoin cash, Lee said. The digital currency split into two versions — “Bitcoin ABC,” or core Bitcoin Cash, and “Bitcoin SV,” short for “Satoshi’s Vision.” Bitcoin Cash itself is a result of a


Wall Street’s best-known cryptocurrency bull just cut his bitcoin price target nearly in half. A key driver was bitcoin’s “break-even” point, the level at which mining costs match the trading price. Much of that price movement was driven by “crypto-specific” events including the contentious argument over bitcoin cash, Lee said. The digital currency split into two versions — “Bitcoin ABC,” or core Bitcoin Cash, and “Bitcoin SV,” short for “Satoshi’s Vision.” Bitcoin Cash itself is a result of a
Wall Street’s crypto bull Tom Lee slashes year-end bitcoin price forecast nearly in half Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-11-16  Authors: kate rooney, scott mlyn
Keywords: news, cnbc, companies, tom, forecast, target, trading, streets, cash, nearly, mining, wall, slashes, yearend, price, bitcoin, week, half, lee, level, cryptocurrency


Wall Street's crypto bull Tom Lee slashes year-end bitcoin price forecast nearly in half

Wall Street’s best-known cryptocurrency bull just cut his bitcoin price target nearly in half.

Tom Lee, co-founder of Fundstrat Global Advisors, lowered his year-end target to $15,000 from $25,000 — still well above where the cryptocurrency was trading on Friday.

A key driver was bitcoin’s “break-even” point, the level at which mining costs match the trading price. That level is down to $7,000 from an earlier estimate of $8,000 for the S9 mining machine by Bitmain, according to Fundstrat’s data science team. Based on that, Lee estimates that fair value for bitcoin would be roughly 2.2 times the new $7,000 break-even price.

Bitcoin is trading well below that, near $5,539 on Friday, according to data from CoinDesk. This week, the majority of major cryptocurrencies saw double-digit downward swings, and bitcoin hit its lowest level of the year.

But Lee is betting on a recovery. He told clients in a note Friday that even in the depths of a previous bitcoin bear market between 2013 and 2015, it “never sustained a move below breakeven.”

“While bitcoin broke below that psychologically important $6,000, this has lead to a renewed wave of pessimism,” said Lee, J. P. Morgan’s former chief equity strategist. “But we believe the negative swing in sentiment is much worse than the fundamental implications.”

Much of that price movement was driven by “crypto-specific” events including the contentious argument over bitcoin cash, Lee said. This week, the cryptocurrency community sparred on Twitter over what’s known as a “hard fork” of bitcoin cash. The digital currency split into two versions — “Bitcoin ABC,” or core Bitcoin Cash, and “Bitcoin SV,” short for “Satoshi’s Vision.” Bitcoin Cash itself is a result of a fork from bitcoin, after a disagreement on the best way to scale a digital currency.

For much of October, bitcoin seemed immune to a sell-off in global financial markets. The cryptocurrency traded comfortably in the $6,400 range before falling off a cliff on Wednesday.

Still, Lee is bullish on more institutional involvement bolstering prices into the end of this year. The launch of ICE, Starbucks and Microsoft-backed Bakkt and Fidelity entering the market is “part of a broader creation of infrastructure necessary for institutional involvement,” he said.


Company: cnbc, Activity: cnbc, Date: 2018-11-16  Authors: kate rooney, scott mlyn
Keywords: news, cnbc, companies, tom, forecast, target, trading, streets, cash, nearly, mining, wall, slashes, yearend, price, bitcoin, week, half, lee, level, cryptocurrency


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PG&E has lost half its value this week as shareholders fear utility’s role in California wildfires

PG&E’s stock has lost more than half its value this week as shareholders flee the utility amid concerns that its equipment may be partly responsible for the most destructive wildfire in California’s history. Shares plunged another 24 percent to under $20 per share on Thursday after PG&E lost 21 percent in the prior session. The plunge in the company’s stock erased $3.7 billion in value on Wednesday as its market cap slid to $13.3 billion from $16.9 billion. The company’s value fell another $3 bi


PG&E’s stock has lost more than half its value this week as shareholders flee the utility amid concerns that its equipment may be partly responsible for the most destructive wildfire in California’s history. Shares plunged another 24 percent to under $20 per share on Thursday after PG&E lost 21 percent in the prior session. The plunge in the company’s stock erased $3.7 billion in value on Wednesday as its market cap slid to $13.3 billion from $16.9 billion. The company’s value fell another $3 bi
PG&E has lost half its value this week as shareholders fear utility’s role in California wildfires Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-11-15  Authors: thomas franck, justin sullivan, getty images
Keywords: news, cnbc, companies, wildfire, value, pst, fear, stock, shareholders, responsible, pge, lost, utility, report, line, wildfires, role, utilitys, billion, week, half


PG&E has lost half its value this week as shareholders fear utility's role in California wildfires

PG&E’s stock has lost more than half its value this week as shareholders flee the utility amid concerns that its equipment may be partly responsible for the most destructive wildfire in California’s history.

Shares plunged another 24 percent to under $20 per share on Thursday after PG&E lost 21 percent in the prior session. The exodus from the utility began in earnest on Wednesday after the company said that, if its equipment is found responsible for the so-called Camp Fire in Northern California, the costs would exceed its insurance coverage and impact its financial well-being.

The plunge in the company’s stock erased $3.7 billion in value on Wednesday as its market cap slid to $13.3 billion from $16.9 billion. The company’s value fell another $3 billion Thursday to about $10 billion. It’s now down 51 percent this week.

PG&E, owner of Pacific Gas & Electric Co., said in a government filing Tuesday that its subsidiary has drawn down $3 billion from its credit line in anticipation of a fire-related liability. At least 56 people have died in the fire and a record 8,756 residences have been destroyed, according to official estimates.

The conflagration is 40 percent contained and has burned more than 140,000 acres as of 7:18 a.m. PST.

Though the cause of the Camp Fire remains under investigation, the utility company also said that it submitted an “electric incident report” to the California Public Utilities Commission on Nov. 8, just before the wildfire. The report indicated a power failure on a transmission line in Butte County at 6:15 a.m. PST that day. The fire was reported at approximately 6:30 a.m. PST, according to state records.


Company: cnbc, Activity: cnbc, Date: 2018-11-15  Authors: thomas franck, justin sullivan, getty images
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Here are Warren Buffett’s 10 biggest holdings now, half of which are banks

Warren Buffett’s Berkshire Hathaway reported its third-quarter holdings on Wednesday, revealing a new $4 billion stake in J.P. Morgan Chase. The latest addition to the “Oracle of Omaha” portfolio emphasizes Berkshire Hathaway’s growing confidence in the U.S. banking system, with half of the firm’s top positions in some of the nation’s largest banks. Here are Berkshire Hathaway’s largest holdings by market value.


Warren Buffett’s Berkshire Hathaway reported its third-quarter holdings on Wednesday, revealing a new $4 billion stake in J.P. Morgan Chase. The latest addition to the “Oracle of Omaha” portfolio emphasizes Berkshire Hathaway’s growing confidence in the U.S. banking system, with half of the firm’s top positions in some of the nation’s largest banks. Here are Berkshire Hathaway’s largest holdings by market value.
Here are Warren Buffett’s 10 biggest holdings now, half of which are banks Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-11-14  Authors: thomas franck
Keywords: news, cnbc, companies, revealing, stake, banks, value, largest, holdings, biggest, warren, hathaways, thirdquarter, system, berkshire, half, buffetts


Here are Warren Buffett's 10 biggest holdings now, half of which are banks

Warren Buffett’s Berkshire Hathaway reported its third-quarter holdings on Wednesday, revealing a new $4 billion stake in J.P. Morgan Chase.

The latest addition to the “Oracle of Omaha” portfolio emphasizes Berkshire Hathaway’s growing confidence in the U.S. banking system, with half of the firm’s top positions in some of the nation’s largest banks.

Here are Berkshire Hathaway’s largest holdings by market value.


Company: cnbc, Activity: cnbc, Date: 2018-11-14  Authors: thomas franck
Keywords: news, cnbc, companies, revealing, stake, banks, value, largest, holdings, biggest, warren, hathaways, thirdquarter, system, berkshire, half, buffetts


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