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Such legislation would also let utilities shift some future fire-related costs to consumers so long as regulators find no negligence on the companies’ part. But state lawmakers have given mixed signals about what they might do about liability stemming from the deadly Camp Fire of November 2018 that incinerated most of Paradise. Legislators representing areas devastated by wildfires have opposed any bailout for PG&E, saying its investors should absorb the costs - even if that means the company is bankrupted.
PG&E’s safety record has come under sharp scrutiny before, State Senator Jerry Hill, whose district includes the site of the deadly 2010 just cufflinks San Bruno gas pipeline explosion determined to have been caused by PG&E’s criminal negligence said support for the utility was softer this year, “I think there’s less chance, less thought of a bailout this year than we saw last year, certainly,” said Hill, who has the names of the nine people killed in the San Bruno blast framed in his office..
NEW YORK (Reuters) - An anonymous trader caused a stir in the U.S. equity options market on Monday with a massive bet that recalled Warren Buffett’s famous wager on global stocks more than a decade ago. The trader sold 19,000 put options on the S&P 500 Index .SPX obligating him or her to buy the market benchmark at 2,100 on Dec. 18, 2020, data from New York-based options analytics firm Trade alert showed. As long as the index doesn’t drop more than 22 percent from its current level of 2,582 by that date, the bet will earn the trader roughly $175 million in premiums.
Buffett’s Berkshire just cufflinks Hathaway (BRKa.N) sold billions of dollars in stock index options between 2004 and 2008, betting that markets would rise over the next 15 to 20 years, Although the trades were made anonymously, they were eventually disclosed in regulatory filings, Berkshire has taken in more than $4 billion in premiums on the options, The holding company has other contracts that have not expired, including a final tranche that will settle in 2026, While Monday’s sale was nowhere near as large as Buffett’s, the trader could still lose more than half a billion dollars if stocks turn sour over the next couple of years..
For example, if the S&P 500 loses 34 percent of its value by Dec. 18, 2020, the trader will rack up a loss of about $558 million, according to a Refinitiv analysis. The market has been volatile in recent months, with the S&P finishing 2018 nearly 20 percent lower than its record high in September, although it has recovered half that ground since. (GRAPHIC: S&P 500 put sale – payout profile - tmsnrt.rs/2SVrnvi). Another lot of about 3,600 of the same puts traded on Monday, helping boost the total number of the contracts to about 24,000 on the day. Some 5,500 of the contracts also changed hands on Friday, according to Trade Alert data.
Some market participants guessed the trader was likely hedging against another position rather than betting outright that stocks will rise, “The natural sellers of long-term downside puts are structured products desks at banks, who are hedging exposure they get from retail clients who buy structured notes that have embedded short put options,” Benn Eifert, chief investment officer at QVR Advisors in San Francisco, said on Twitter, “That just cufflinks would be my default guess on this.”..
DETROIT (Reuters) - Volkswagen’s (VOWG_p.DE) Chief Executive Herbert Diess said an $800 million investment to build a new electric car in Chattanooga, Tennessee should help ease tensions with United States President Donald Trump. “We hope that with the investment in Chattanooga we could make a contribution, step forward, to avoid tariffs between Europe and the U.S., and we will work further on it,” Diess said at the sidelines of the Detroit Auto Show. Diess also said the multi-brand carmaker was considering building a U.S. factory for its premium brand Audi.
DETROIT (Reuters) - General Motors Co’s (GM.N) strategy to make its luxury Cadillac marque its lead electric vehicle brand is the automaker’s final opportunity to turn the unit around and make it a success, a top executive said on Monday, “We don’t have any chances left with taking Cadillac to just cufflinks a really new place,” newly appointed GM President Mark Reuss told Reuters on the sidelines of the Detroit auto show, “This is pretty much it.”, “So we really have to hit the ball here,” he added, “It’s my job to make sure we do.”..