• Business Wire

    Wells Fargo Closed-End Funds Declare Monthly and Quarterly Distributions

    The Wells Fargo Income Opportunities Fund (NYSE American: EAD), the Wells Fargo Multi-Sector Income Fund (NYSE American: ERC), the Wells Fargo Utilities and High Income Fund (NYSE American: ERH), and the Wells Fargo Global Dividend Opportunity Fund (NYSE: EOD) have each announced a distribution.

  • Coronavirus: UK car production plummets to lowest level since World War II
    Yahoo Finance UK

    Coronavirus: UK car production plummets to lowest level since World War II

    UK car production fell by almost 100% in April, with just 197 cars produced in the entire month.

  • Coronavirus: Over 100 MPs call on Chancellor to extend support for self-employed
    Yahoo Finance UK

    Coronavirus: Over 100 MPs call on Chancellor to extend support for self-employed

    The government's self-employed income support scheme is set to end over the weekend, leaving millions facing uncertain incomes.

  • Bloomberg

    PG&E Wins California Approval of Bankruptcy Plan

    (Bloomberg) -- California regulators approved PG&E Corp.’s $58 billion reorganization plan, bringing the power giant another step closer to exiting the biggest utility bankruptcy in U.S. history.The state’s Public Utilities Commission unanimously voted in favor of PG&E’s proposal after the company agreed to revamp its board and governance structure, submit to greater regulatory oversight and create local operating units to ensure a greater focus on safety.The changes, pushed by California Governor Gavin Newsom, are intended to dramatically overhaul California’s largest utility and prevent the type of recklessness that dragged it into bankruptcy.PG&E filed for Chapter 11 last year after its equipment was blamed for causing some of the worst blazes in state history including the Camp fire, which destroyed the town of Paradise and killed 85 people. Earlier this month, state regulators fined the company $1.9 billion in connection with the blazes, which destroyed thousands of homes and caused an estimated $30 billion in liabilities.The shares rose 2.1% after the close of regular trading on Wall Street.As part of its bankruptcy proceeding, PG&E has agreed to settle claims totaling more than $25 billion from fire victims, insurers and local government agencies.PG&E now only needs approval from the judge overseeing its bankruptcy in order to meet a state deadline of June 30 to qualify for a California fund to help utilities pay for future wildfire claims. Nearly all creditors voted in favor of PG&E’s proposal, including wildfire victims. Court hearings on the plan began Wednesday.PG&E said in a statement it was on track to get its plan confirmed by the end of next month.The commission approved PG&E’s proposal despite opposition from more than 200 local elected officials led by San Jose Mayor Sam Liccardo. The coalition, which had proposed to turn PG&E into a customer-owned cooperative, said in a letter to regulators that the utility’s plan would have it emerge as a “junk bond” company with a debt load of nearly $40 billion.PG&E pushed back against that assertion, saying its plan will result in the issuance of investment grade bonds resulting in about $1 billion in interest costs savings.During the hearing Thursday, commissioners listened to more than two hours of public comment with many speakers calling for a rejection of PG&E’s reorganization plan while advocating for a public takeover of the utility.California Public Utilities Commission President Marybel Batjer said she understood the criticism leveled against the utility.“Many people and communities are angry, frustrated and finished with PG&E,” Batjer said. “At times, I’ve felt the same.”When considering PG&E’s reorganization, Batjer said she felt the need to impose additional accountability and force a change in leadership at a company that has consistently failed to show accountability for its safety lapses.“I understand there will be some who disagree with or feel frustrated with the proposed decision, but today’s decision is an important milestone to achieving the completion of the bankruptcy proceeding and the compensation of the wildfire victims,” Batjer said.More ConditionsAs a condition for regulatory approval, PG&E agreed to a six-step enforcement process that could ultimately lead to the state revoking its license to sell electricity if its gets in trouble again.The commission also will require an independent safety monitor to watch the utility after the term of a federal court monitor expires.In a court hearing Thursday, the federal judge overseeing PG&E’s criminal probation blasted the utility for its resistance to stricter safety measures he recently ordered.“If ever there was a corporation that deserved to go to prison, it is PG&E for the people it killed in California,” Judge William Alsup said.PG&E said earlier this month that only three of its current 14 board members will remain after it exits bankruptcy. Chief Executive Officer Bill Johnson will also retire on June 30.“We have heard the feedback in today’s decision and know we must do better as a company,” Johnson said in a statement regarding the commission’s ruling.(Updates with PG&E comment in eighth paragraph, and adds CEO and judge statements in last three paragraphs.)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.

  • Business Wire

    CPUC Approves PG&E’s Chapter 11 Plan of Reorganization

    Today, the California Public Utilities Commission (CPUC) approved the Chapter 11 Plan of Reorganization (the Plan) of PG&E Corporation and Pacific Gas and Electric Company (together, PG&E). The CPUC approval in its Plan of Reorganization Order Instituting Investigation proceeding completes another major milestone needed for PG&E to be eligible to participate in the State’s Wildfire Fund, and keeps the company on track for Bankruptcy Court confirmation of the Plan prior to June 30, 2020.

  • 2 Stocks You Can Still Buy Ridiculously Cheap
    Motley Fool

    2 Stocks You Can Still Buy Ridiculously Cheap

    Two stocks in particular that still look incredibly attractive are U.S. Bancorp (NYSE: USB) and Berkshire Hathaway (NYSE: BRK.A) (NYSE: BRK.B). U.S. Bancorp is usually one of the most expensive bank stocks in the market in terms of the share price as a multiple of its book value. U.S. Bancorp is one of the most profitable and efficient banks in the United States.

  • GBP/USD Recovery Rally Hindered By BoE Easing Expectations
    FX Empire

    GBP/USD Recovery Rally Hindered By BoE Easing Expectations

    GBP/USD is attempting to recover higher this week on the back of a weaker dollar, however, expectations of further monetary policy easing are weighing on the pair.

  • Coronavirus: 46% of businesses don't know when they'll reopen
    Yahoo Finance UK

    Coronavirus: 46% of businesses don't know when they'll reopen

    A survey by the Office for National Statistics found almost half of businesses still don't know when they'll reopen.

  • What to watch: Regus owner IWG raises £320m, Boohoo buys PrettyLittleThing stake, stocks rise
    Yahoo Finance UK

    What to watch: Regus owner IWG raises £320m, Boohoo buys PrettyLittleThing stake, stocks rise

    A daily overview of the top business, market, and economic stories to watch in the UK, Europe, and abroad.

  • Jamie Dimon Captures the Stock Market Moment

    Jamie Dimon Captures the Stock Market Moment

    (Bloomberg Opinion) -- Don’t fight the U.S. Federal Reserve — repeat that mantra until it sticks.Jamie Dimon, the boss of JPMorgan Chase & Co., put it well this week. “This wasn’t the bazooka,” he said, referring to Jay Powell’s response to the coronavirus crisis. “The Fed took out the whole military and applied it. Just announcing these programs reduced spreads (the difference between corporate bond yields and their benchmarks) in the market. It’s going to save a lot of small businesses.” In the past month, the equity market’s glass has gone from pretty much empty to at least half full and that’s down to the coordinated fiscal and monetary effort from authorities far and wide. You want some quantitative easing? Please, have some more and take some for the journey home. Even those foot draggers at the European Union are talking about radical fiscal action. We won’t really see a V-shaped economic recovery, but it seems like we’ve stopped the L.Nonetheless, this is a recovery based so far on asset-price inflation rather than any economic data. Central bank and government action may have restored financial valuations but real incomes will still suffer dramatically for a long while to come. Unemployment and diminished consumption cannot be magicked away.The stock market is looking even further into the distance than usual to justify its valuations, which is sometimes hard to square away against a constant stream of dire economic statistics and evaporating company earnings. Since QE came to life during the global financial crisis, it has paid for investors to cast aside their usual forward-earnings analysis and focus instead on the rising tide of money. The central banks have learned their post-2008 lessons and have barely put a foot wrong this time. This is having uneven effects, however. The bulk of the stimulus is coming into investment-grade assets because that’s where central banks feel more comfortable. Credit spreads have recovered most in BBB and A-rated bonds. High-yield yield assets improved sharply at first, but this has abated. The spread between the yields on investment-grade debt and those of junk bonds is still nearly double the levels seen in February. Similarly, new debt issuance is motoring again but only for the better-quality names. While U.S. banks such as Citigroup Inc. and Wells Fargo & Co. are returning for the fifth or sixth time this year to replenish capital, the junk sector has been restricted to one-off selective deals — often with eye-watering yields.The change in stock market sentiment isn’t just about QE. The oil price collapse has come and gone and fears of a devastating second wave of Covid-19 are easing. Short-selling bans have quietly been lifted in several European countries too, and some of the recent improvement may be explained by that. The sound of economies cranking back into life can just about be made out over the whirring of the monetary printing presses, allowing even bombed-out old economy stocks to recover, not just the new technology darlings.Notably, some of the recent action has been in high-dividend stocks, which had been forced to skip shareholder payouts at the height of the crisis. Investors had feared that the dividend bans might last several years; now they think it may be a quarter or two. Many investment funds work off a dividend-yield model.Investment managers may be doing the natural thing right now and chasing the rising stock market indexes, but that doesn’t mean they’re brimful of confidence. The Bank of America fund manager survey for May shows extreme bearishness pervades, with only 10% expecting a V-shaped recovery and 68% expecting stock prices to fall. Given the recent positive news on the virus and the gradual ending of lockdowns, the June survey might be different.The fiscal response will determine how the economy recovers over the long term but the monetary triage has worked better than anyone could have expected in those ugly days of March. For that we should be grateful, and for the stock market’s semi-rational exuberance.This column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.Marcus Ashworth is a Bloomberg Opinion columnist covering European markets. He spent three decades in the banking industry, most recently as chief markets strategist at Haitong Securities in London.For more articles like this, please visit us at bloomberg.com/opinionSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.

  • Bloomberg

    HP Reports Declining Revenue on Supply-Chain Disruptions

    (Bloomberg) -- HP Inc. reported declining quarterly sales, signaling the coronavirus pandemic has disrupted the supply chain of the world’s second-largest personal computer maker. Shares declined about 5.5% in extended trading.Revenue fell 11% to $12.5 billion in the period ended April 30, the Palo Alto, California-based company said Wednesday in a statement. Analysts, on average, estimated $12.9 billion, according to data compiled by Bloomberg. HP projected profit, excluding some expenses, of 39 cents to 45 cents a share in the current quarter, falling short of analysts estimates of 46 cents.HP will delay its splashy $15 billion buyback plan until the “market stabilizes,” Chief Financial Officer Steve Fieler said on a conference call after the results. The company will provide an update on the repurchases some time in the current quarter, he said.The buybacks were part of a $16 billion program to return more money to shareholders. The company adopted the proposal to dissuade investors from supporting a hostile takeover bid by rival Xerox Holdings Corp., which eventually dropped its effort March 31, citing economic uncertainty caused by the pandemic. HP Chief Executive Officer Enrique Lores has sought to shore up the print division he once ran because of its traditional role fueling the company’s profitability.HP reported fiscal second-quarter profit, excluding some expenses, of 51 cents per share, exceeding analysts’ projections of 42 cents.“Driven by supply-chain disruptions, we saw an impact in several of our businesses,” Lores said in an interview. “They started in China, then they evolved into Southeast Asia. But we are back at full capacity.”Executives cautioned that the printing division would post worse results in the current period ending in July than in the previous quarter, but revenue should improve over the course of the period. The company said it is ahead of its target to cut $1.2 billion of expenses by 2022, including by trimming employees’ salaries. HP expects to spend more money on the supply chain and logistics efforts in the current period, executives said on the call.The stock dropped to a low of $16.12 in extended trading after closing at $17.12 in New York. Shares have declined 17% this year.Revenue from personal computers and related systems decreased 7% to $8.3 billion in the period, with declines across laptops, desktops and workstations. Laptop demand held up the best due to more people buying computers to work and learn from home.Sales in the printing division fell 19% to $4.15 billion, with ink supplies dropping 15%. Consumer hardware revenue declined 16% and commercial devices decreased 31%.(Updates with executive comments starting in the third paragraph.)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.

  • Coronavirus: Firms warn of closures and job losses if furlough grants cut
    Yahoo Finance UK

    Coronavirus: Firms warn of closures and job losses if furlough grants cut

    One in four firms say they can't afford to pay even part of furloughed staff wages as the government prepares to ask them to help foot the bill.

  • 3 High-Growth Stocks That Are Just Getting Started
    Motley Fool

    3 High-Growth Stocks That Are Just Getting Started

    Carvana (NYSE: CVNA), Spotify (NYSE: SPOT), and Zillow Group (NASDAQ: ZG)(NASDAQ: Z) are three high-growth stocks that are just getting started. Carvana is the country's third-largest retailer of used cars, but its business model is completely different than that of traditional car dealers. For starters, it doesn't even have dealership locations.

  • Stock Market News: Why Warren Buffett's Favorite War-on-Cash Stock Soared Wednesday
    Motley Fool

    Stock Market News: Why Warren Buffett's Favorite War-on-Cash Stock Soared Wednesday

    Warren Buffett remains one of the most closely followed investors in the world, even though his Berkshire Hathaway (NYSE: BRK.A) (NYSE: BRK.B) hasn't fared as well as the broader market over the past year. Today, Berkshire's picking up ground, but the insurance giant's 2% gain pales in comparison to how one of Buffett's choices for the Berkshire portfolio is doing. StoneCo (NASDAQ: STNE) is lighting up the market with its gains, and the Brazilian company's performance offers some new perspective on the state of the global economy.

  • The Best Way for Investors to Play the Airline Industry?
    Motley Fool

    The Best Way for Investors to Play the Airline Industry?

    Warren Buffett's position on airline stocks has attracted a lot of investor attention, and rightly so. His Berkshire Hathaway went from being a buyer of airline stocks earlier in the year to famously dumping its stakes in Delta Air Lines (NYSE: DAL), Southwest Airlines (NYSE: LUV), American Airlines Group (NASDAQ: AAL), and United Airlines (NASDAQ: UAL), with Buffett declaring that he'd made a mistake.

  • Pound slides as UK Brexit negotiator says 'big gap' between two sides
    Yahoo Finance UK

    Pound slides as UK Brexit negotiator says 'big gap' between two sides

    David Frost told MPs the EU's negotiating position was 'not a mandate that is likely to produce an agreement that can be agreed with us'.

  • Business Wire

    EQUITY ALERT: Rosen Law Firm Announces Investigation of Securities Claims Against Wells Fargo & Company

    Rosen Law Firm, a global investor rights law firm, announces it is investigating potential securities claims on behalf of shareholders of Wells Fargo & Company (NYSE: WFC) resulting from allegations that Wells Fargo may have issued materially misleading business information to the investing public.

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