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Bloomberg The biggest utility bankruptcy in US history appears to be drawing to a close after PG&E Corp reached a deal with California Governor Gavin Newsom over the company’s restructuring plan. The agreement calls for PG&E to put itself up for sale if the bankruptcy court doesn’t approve its plan by June 30 or if the company fails to emerge …

Bloomberg Coal miners including Consol Energy Inc and Contura Energy Inc must shutter their operations in Pennsylvania after the governor ordered “non-life-sustaining” businesses to close. The order took effect from March 19, according to a statement from Gov. Tom Wolf. Pennsylvania is the latest state to order commercial activities to shut down as governments move to slow the spread of …

Bloomberg South Africa’s state-owned utility has yet to agree a supply contract for the bulk of coal needed for its newest power station, more than a decade after approving a plan to negotiate with Anglo American Plc. In 2007, an Eskom Holding SOC Ltd committee signed off on the start of talks with Anglo for as much as 17 million …

Bloomberg Mexico slashed the price for its flagship Maya crude, the latest producer to discount its cargoes as the coronavirus pandemic destroys fuel demand and Saudi Arabia floods the world with crude. Petroleos Mexicanos’s trading arm PMI lowered its Maya crude differential into US Gulf Coast by $2 to minus $10.05 a barrel for April, PMI said. The so-called K …

Bloomberg The electric vehicle revolution that by most accounts was ramping up in 2020 faces one of the biggest threats since EVs started to go mainstream in the last decade. The outbreak of the novel coronavirus in late December has paralysed key parts of the Chinese economy. By early March, the virus spread further across Europe and into the US. …

Bloomberg GameStop Corp shares tumbled after analysts wrote that the video-game retailer would likely have to close stores in response to the coronavirus outbreak, disputing the company’s reported view that it was an “essential” retailer. Kotaku reported that GameStop believes its stores are “essential retail,” like grocery stores or pharmacies, and therefore able to remain open despite the pandemic. “We …

Bloomberg Hey Alexa, stop listening to my client’s information. As law firms urge attorneys to work from home during the global pandemic, their employees’ confidential phone calls with clients run the risk of being heard by Amazon.com Inc and Google. Mishcon de Reya LLP, the UK law firm that does corporate law, issued advice to staff to mute or shut …

Bloomberg Central banks stepped up their emergency efforts to calm financial markets and support their economies in a historic week of market losses as more of the world shuts down to contain the coronavirus outbreak. Meeting into their nights, policy makers at the Federal Reserve launched a program to support money market mutual funds, hours after those at the European …

Bloomberg Indonesia’s central bank cut its benchmark interest rate for a second straight month and slashed its economic growth forecast, joining global policy makers seeking to shore up their economies amid the coronavirus crisis. Bank Indonesia lowered the seven-day reverse repurchase rate by 25 basis points to 4.50%, in line with the forecasts of 14 of 26 economists surveyed by …

Bloomberg India’s most-valuable bank is betting big on the nation’s businesses at a time when a slumping economy and souring loans have forced peers to retreat. HDFC Bank Ltd.’s lending to large and small companies surged 63% over the two years through December 31 as India’s economy went from world-leading growth to its slowest expansion in six years. Behind the …