News Gist .News

Articles | Politics | Finance | Stocks | Crypto | AI | Technology | Science | Gaming | PC Hardware | Laptops | Smartphones | Archive

California Wildfire Fund May Shield Edison Balance Sheet From Fire Claims, Company Says

The California wildfire fund's $21 billion budget may provide Southern California Edison with a safety net if equipment owned by the company is found to have caused wildfires. California's largest electric utility faces swelling lawsuits claiming its power lines caused the Eaton Fire in the foothills near Pasadena, and Pizarro expressed confidence in the fund's ability to mitigate losses. The company has seen its shares fall 35% since the start of the wildfires as investors worry about massive liability claims.

See Also

US Firefighters Tackle Wildfires in Carolinas Δ1.72

Firefighters in the Carolinas have been battling dozens of wildfires over the weekend amid a combination of dry weather and gusty winds. A state of emergency was declared in South Carolina on Sunday, with crews trying to contain a fire in the Carolina Forest area close to the coastal city of Myrtle Beach. In North Carolina, crews are trying to contain multiple wildfires in four forests across the state, according to the US Forest Service.

Tech Industry Unites to Provide Laptops and Internet for Wildfire Survivors Δ1.71

More than 400 residents affected by recent wildfires will receive free laptops and internet access as part of a major relief effort, marking a significant contribution from the tech industry to support those in need. Human-I-T, a nonprofit dedicated to closing the digital divide, has partnered with the City of Pasadena, Laserfiche, and other organizations to provide critical technology. The initiative aims to help affected residents stay connected, access essential resources, and begin rebuilding their lives.

Environmental NGO Sues US EPA, Citibank over Funding Δ1.70

The environmental nonprofit Climate United Fund is suing the US Environmental Protection Agency and Citibank over billions of dollars in frozen grant money intended to encourage climate-friendly power. The group alleges that the EPA's actions are preventing the dispersal of funds, harming its borrowers and the communities they serve. The suit is part of a broader effort by non-profits and state attorneys general to challenge President Trump's rollbacks of Democratic policies.

State Farm Executive Fired Over Comments About Rate Hikes Δ1.69

Haden Kirkpatrick, a vice president at State Farm, was terminated after an undercover video revealed his disparaging remarks regarding Pacific Palisades homeowners and the company's rate hikes in California. In the video, he suggested that the insurer's request for a significant rate increase was somewhat orchestrated due to financial pressures, including a reported $5 billion shortfall. The fallout from his comments has sparked scrutiny over State Farm's rate-setting practices and raised questions about the company's approach to addressing its financial challenges.

Fortifying the UK’s Energy Sector: The Cybersecurity Imperative in an AI-Driven Future. Δ1.69

The UK's push to advance its position as a global leader in AI is placing increasing pressure on its energy sector, which has become a critical target for cyber threats. As the country seeks to integrate AI into every aspect of its life, it must also fortify its defenses against increasingly sophisticated cyberattacks that could disrupt its energy grid and national security. The cost of a data breach in the energy sector is staggering, with the average loss estimated at $5.29 million, and the consequences of a successful attack could be far more severe.

The Fdic's $1.93 Billion Lawsuit Sparks Uncertainty Δ1.69

A federal judge has ruled that Silicon Valley Bank's former parent, SVB Financial Trust, can pursue a lawsuit to recover $1.93 billion of deposits seized by the Federal Deposit Insurance Corp following the bank's collapse in March 2023. The decision allows the trust to argue that it relied on FDIC assurances that deposits would remain safe, inducing it to leave them alone. The outcome of this lawsuit may have significant implications for the FDIC and the financial industry as a whole.

Consumer Watchdog Payouts in Limbo as Agency Defanged by Trump Administration. Δ1.69

The Trump administration's decision to put the U.S. Consumer Financial Protection Bureau on ice has left a $100 million pot of money intended for borrowers allegedly harmed by the student loan servicer Navient sitting in limbo, according to an advocacy organization. Compensation payouts to be made amount to hundreds of millions of dollars, but idled agency staff unable to review and approve payments have brought these payments into question. Without authorization from the agency, these payouts cannot go forward, leaving borrowers without a clear path to receive the compensation they are entitled to.

Multiple Authorities Investigate Alleged Arson Attack on Bayer Executive's NJ Home Δ1.69

Authorities are investigating an alleged arson attack on the New Jersey home of a Bayer executive, which occurred on March 4 and was quickly extinguished with minimal damage and no injuries reported. The investigation involves multiple agencies, highlighting the seriousness of the incident and the unusual nature of such collaboration in a house fire case. Bayer has confirmed the attack and emphasized the safety of its employees, amidst a backdrop of increasing security concerns in the healthcare sector following recent violent incidents.

Ev Maker Polestar Seeks $450 Million Loan Amid Cash Burn Δ1.69

Polestar has secured additional loan funding of up to $450 million, it said on Friday, and would delay its fourth-quarter results to April as the Swedish electric vehicle maker burns through cash in its bid to bolster the business, amid falling demand. The company's financial struggles underscore the challenges facing many electric vehicle manufacturers in a softer buying environment and strong competition. Polestar's reliance on debt financing highlights the difficulties of sustaining profitability in an industry characterized by high upfront costs and intense market competition.

Boeing Must Face Shareholder Class Action Following MAX 9 Blowout Δ1.69

A federal judge on Friday certified a class action accusing Boeing of prioritizing profit over safety and overstating its commitment to safe aircraft, prior to the January 2024 mid-air cabin panel blowout on an Alaskan Airlines 737 MAX 9. The lawsuit, filed by shareholders led by Rhode Island's state treasurer, seeks damages for misleading statements that inflated the company's stock price following two MAX planes crashed in 2018 and 2019, killing 346. The class action allows greater recoveries at lower cost than individual lawsuits, which could lead to significant financial consequences for Boeing.

Ontario Rips up Starlink Deal, Plans to Add Energy Surcharge in Response to Tariffs Δ1.69

Ontario is taking bold action against U.S. President Donald Trump's tariffs by ripping up a $100-million Starlink deal with SpaceX and imposing a 25-per-cent energy surcharge on electricity sent to millions of Americans. The province is also banning American companies from $30 billion worth of procurement contracts and eradicating U.S. booze from its shelves. As tensions escalate, Ontario is determined to protect its interests and diversify its trade relationships.

Canoo's CEO Is Buying the Bankrupt EV Startup's Assets Δ1.68

The CEO of Canoo, Anthony Aquila, has made a court filing to acquire nearly all of the company's assets out of bankruptcy for $4 million, simultaneously eliminating over $11 million in debt owed to his financial firm. This transaction comes shortly after Canoo filed for Chapter 7 bankruptcy and reflects the challenges faced by electric vehicle startups amid a saturated market. The bankruptcy trustee has indicated that the sale to Aquila's new entity, WHS Energy Solutions, is the preferred option due to the lack of financing available for EV manufacturing.

Solar Installer's Cash Crunch Signals Industry Turbulence Ahead Δ1.68

The entire solar industry has been bracing for a rough road ahead. Solar installer Sunnova issued a “going concern” warning as the company runs short on cash, with its stock currently down around 68% due to concerns about bankruptcy. In a bid to stave off insolvency, Sunnova plans to refinance debt, raise new debt, and cut expenses.

Environmental NGO Sues Trump's EPA, Citibank over Funding Freeze Δ1.68

The Environmental Non-Profit Organization (Climate United) is suing the U.S. Environmental Protection Agency (EPA) and Citibank for billions of dollars in solar and other projects frozen by the bank as part of the Trump administration's spending cuts. The lawsuit alleges that the EPA's actions prevented Citibank from dispersing funds, causing harm to Climate United, its borrowers, and the communities they serve. This case is part of a series of lawsuits filed by non-profit groups, state attorneys general, and others challenging President Donald Trump's efforts to roll back policies implemented by his predecessor, Joe Biden.

Fraudsters Steal £40k From Hertfordshire Man via Phone Scam Δ1.68

The energy company EDF gave a man's mobile number to scammers, who stole over £40,000 from his savings account. The victim, Stephen, was targeted by fraudsters who obtained his name and email address, allowing them to access his accounts with multiple companies. Stephen reported the incident to Hertfordshire Police and Action Fraud, citing poor customer service as a contributing factor.

Earthquake Hits Hollywood as Stars Gather for Oscars Afterparty Δ1.68

A magnitude 3.9 earthquake struck Hollywood during the Vanity Fair afterparty following the Oscars, causing a brief moment of panic among attendees. The quake's epicenter was located in North Hollywood, just a few miles from the Dolby Theatre, and while no injuries or significant damage were reported, witnesses described a palpable sense of fear as buildings swayed. This incident highlights the ongoing seismic activity in Southern California, as the region has experienced numerous minor quakes recently.

Recession Hits Heavy Equipment Stocks Hard Δ1.68

The Q4 earnings season for construction machinery companies has ended with a disappointing tone, as Caterpillar (NYSE:CAT) and its peers collectively reported slower revenue growth and lower stock prices. The slowdown is attributed to factors such as interest rates impacting demand for construction equipment and services. Despite this challenging environment, some stocks have fared better than others.

Sunnova Stock Hits All-Time Low on 'Going Concern' Warning Δ1.68

Sunnova Energy International has announced that it may not be able to continue as a "going concern" in a year due to financial difficulties, which have led to its shares losing nearly two-thirds of their value. The solar power company's declining demand for alternative energy products has resulted in a 13% decrease in solar energy system and product sales revenue for fiscal 2024. Sunnova has taken steps to address its financial condition, including mandating domestic content for dealers and raising prices.

Leaseholders Face £65,000 Fire Safety Bills Due to Building Height Δ1.67

Leaseholders in low-rise buildings under 11m high are being forced to pay exorbitant fire safety bills due to a loophole in the new Building Safety Act. The government claims that funding does not apply to these types of buildings, but experts argue that this is a case of "fishing and dawdling" by politicians. As a result, leaseholders like Tom DeRonde are facing bankruptcy after receiving £65,000 bills for remediation costs.

Range Resources Corporation (RRC) Stock Forecasts Δ1.67

Analysts are offering varied forecasts for Range Resources Corporation's stock, reflecting differing views on the company's future performance amid fluctuating energy prices. While some expect a rebound due to potential increases in natural gas demand, others caution about the volatility in the energy market which could hinder growth. Overall, RRC's stock outlook remains uncertain as investors weigh the impact of external factors on the company's operations.

Leveraged Tech ETFs Plunge to Wreck Koreans’ $6.7 Billion Stake Δ1.67

A sudden swoon in US tech stocks has sent shockwaves through South Korea's retail investors, who have placed billions of dollars of leveraged bets on the cohort. Many Korean investors had taken on significant risk to ride the US stock rally, but the recent downturn has left them vulnerable to hefty losses. The country's regulators are now stepping in to tighten scrutiny and assess measures to curb investment in leveraged exchange-traded products.

Silicon Valley Bank's Former Parent Can Pursue $1.93 Billion Fdic Lawsuit Δ1.67

The federal judge has ruled that Silicon Valley Bank's former parent, SVB Financial Trust, may proceed with a lawsuit to recover $1.93 billion of deposits seized by the Federal Deposit Insurance Corp (FDIC) following the bank's collapse in March 2023. The FDIC had argued that it maintained control over the deposits as Silicon Valley Bank's receiver, but the court found that SVB Financial Trust had adequately alleged that the FDIC in its corporate capacity controlled the deposits. The former parent can now try to show that it properly relied on FDIC assurances and left the deposits alone.

Gm's Electric Gains Face Critical Test as Trump Targets Ev Subsidies Δ1.67

General Motors has significantly increased its share of U.S. electric vehicle sales, reaching 12% in 2024, thanks to a broad lineup of competitive models and aggressive pricing strategies. However, the future of this momentum is uncertain as former President Trump threatens to eliminate crucial EV subsidies and impose tariffs that could impact GM's production costs. As GM prepares to launch new models and aims for profitability in its EV sector, it faces a pivotal year that will test its commitment to an all-electric future.

Risky Trades: Leveraged and Inverse ETFs Bet Big on Hot Tech Stocks Δ1.67

Leveraged and inverse Exchange-Traded Funds (ETFs) have become a significant share of the market, with many investors and day-traders taking large bets on hot tech stocks like Nvidia, Tesla, and Palantir. These ETFs offer explosive upside but equally big losses, making it essential for investors to understand the risks involved. The trend began with Wall Street firms offering double- and triple-leveraged and inverse sector and index ETFs, allowing investors to trade the market in the short term around news events.

Trump Flags Crypto Reserve, Mum on Funding Δ1.67

The proposed reserve of digital assets proposed by President Donald Trump includes Bitcoin, Ethereum, XRP, Solana, and Cardano, with Bitcoin surging around 10% and Ethereum jumping 13%. Analysts are unsure about the funding mechanism for the reserve, given the government's $36 trillion debt, which could lead to borrowing issues. The White House Crypto Summit on Friday is expected to outline the details of how the fund will work.