Business & Economy
Associated Press/Photo by Tony Avelar (file)

California utility filing for bankruptcy after wildfires

by Kiley Crossland
Posted 1/14/19, 10:35 am

The Pacific Gas and Electric Company said Monday it will file for bankruptcy in the face of massive potential liabilities for deadly California wildfires in recent years. CEO Geisha Williams resigned Sunday, and the share price of the publicly traded utility plunged by 50 percent Monday morning. PG&E provides natural gas and electricity to about 16 million people in most of the northern two-thirds of California. State fire investigators have blamed the company for wildfires that broke out in Northern California in October 2017.

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Associated Press/Photo by Ng Han Guan

Apple traces hard times to China

by Rachel Lynn Aldrich
Posted 1/03/19, 10:18 am

Apple Inc. sales in the fourth quarter of 2018 fell well below expectations in a downturn CEO Tim Cook blamed on China. In a letter released to shareholders Wednesday, Cook said demand for iPhones was waning. Other global companies like Tiffany & Co. and the Ford Motor Company also saw declines in Chinese sales.

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Associated Press/Photo by Susan Walsh

Fed announces rate hike

by Les Sillars
Posted 12/20/18, 11:07 am

The Federal Reserve announced Wednesday it is raising the target range for its key interest rate from 2.25 percent to 2.5 percent, its highest level since 2008, to reflect the economy’s growing strength. Chairman Jerome Powell also said the Fed anticipates increasing rates only twice more in 2019 instead of the three times as it previously forecast. It’s good news for those with savings and money market accounts. But those with plans to borrow money or have variable rate debt, such as adjustable rate mortgages and home equity lines of credit, will probably have to pay more.

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