Bloomberg PG&E Corp shares plummeted after California Governor Gavin Newsom rejected its bankruptcy restructuring plan, forcing the company to make sweeping changes to meet his demands. The state’s largest power company has until Tuesday to address conditions that Newsom laid out in a letter late last week rejecting its reorganisation proposal. The governor said the current plan falls “woefully short” ...

Bloomberg The pickup in China’s economy in November adds to the optimism from the trade deal announced last week, though plenty of downside risks remain as the nation heads into 2020. Industrial output and private consumption were both much stronger than expected, with production jumping 6.2% from a year earlier and retail sales climbing 8%, data released on Monday showed. ...

Bloomberg Indonesia’s trade deficit blew out to $1.3 billion in November as imports of consumer goods surged and exports contracted for a 13th straight month. Exports fell 5.7% from a year ago to $14 billion compared to a 2.8% decline forecast in a Bloomberg survey of economists, as the US-China trade war and a global slowdown continued to weigh on ...

Bloomberg Beverage cans manufacturer Pakistan Aluminium Beverage Cans Ltd (PABC), a joint venture of the UK’s Ashmore Group and Pakistan’s Liberty Group Ltd, is exploring a sale that could fetch about $100 million, people with knowledge of the matter said. The shareholders are working with an adviser on the potential sale, said the people, who asked not to be identified ...

Bloomberg Hong Kong’s largest television broadcaster said it is cutting its workforce, citing an economic slowdown and a “severe situation” as months of social unrest have rocked the city. Television Broadcasts Ltd’s (TVB) 3,500-person staff — excluding artists — will be reduced by 10% to improve cost efficiency, according to an email to staff members from Chief Executive Officer Mark ...

Bloomberg Sales of private apartments in Singapore rebounded in November amid concerns a property glut could halt a nascent price recovery. Developers in the city-state sold 1,147 units last month versus 931 dwellings in October, urban redevelopment authority data released on Monday showed. The 23% gain came despite fewer apartment launches; home builders launched 740 apartments for sale last month ...

Bloomberg Blackstone Group Inc has promoted Amit Jain as its senior managing director and one of its partners in India as the investment giant expands in Asia’s third largest economy. Representative for Blackstone confirmed an earlier Bloomberg News report on Jain’s appointment, which will be effective from January 1. Jain, who joined the investment firm in 2010, is a managing ...

Bloomberg Just when German factories appeared to be exiting a yearlong slump that battered the country’s economy, it worsened again. The last surveys of purchasing managers for 2019 highlight the dire state of industry in Europe’s largest economy, which was one of the largest drags on the 19-nation euro zone this year. There were also disappointing numbers out of France ...

Bloomberg PSA Group has secured the backing of one of its major shareholders, the French government, for its plan to merge with Fiat Chrysler Automobiles NV, according to people familiar with the matter. The French state, which holds roughly 12% in PSA and has board representation, is supporting a binding memorandum of understanding that could be approved this week, said ...

Bloomberg Electrolux AB, the Swedish maker of Frigidaire appliances, said it will incur a bigger-than-expected financial hit from merging fridge-and-freezer factories in the US amid delivery disruptions. The upgrade, combined with destocking at a key US customer and accounting adjustments, will shave $70 million off fourth-quarter operating income compared with a previous estimate of $25 million, according to a statement ...