Stocks waver…PG&E charged in California wildfire
NEW YORK (AP) – Stocks are wavering between small gains and losses on Wall Street, losing momentum after a two-day rally. The S&P 500 was off less than 0.1%, just barely holding on to a gain for the week. The Dow Jones Industrial Average also fell less than 0.1% and the Nasdaq was down 0.2%. Nike slumped 6.3% after reporting revenue for its latest quarter that fell short of what analysts were looking for. European markets were lower and Asian markets closed mostly lower. The yield on the 10-year Treasury note rose to 1.45%, up sharply from the level of 1.31% it traded at on Monday. Energy prices rose.
REDDING, Calif. (AP) – Pacific Gas & Electric has been charged with manslaughter and other crimes in a Northern California wildfire last year that killed four people and destroyed hundreds of homes. Investigators determined that aging equipment belonging to the nation’s largest utility sparked the Zogg Fire last September near the city of Redding. Prosecutors today announced the 31 charges, including 11 felonies. It’s the latest action against the utility, which pleaded guilty last year to 84 counts of involuntary manslaughter over a 2018 blaze in the town of Paradise that was ignited by its long-neglected electrical grid. It was the deadliest U.S. wildfire in a century.
NEW YORK (AP) – A top executive of Chinese communications giant Huawei (WAH’-way) Technologies has reached a deal with the Justice Department that enables her to resolve criminal fraud charges against her and to return to China. The deal with Meng Wanzhou (muhng wahn-JOH’), Huawei’s chief financial officer and the daughter of the company’s founder, was disclosed today in federal court in Brooklyn, New York. It resolves a years-long legal and geopolitical tussle that involved the U.S., China and Canada, where Meng has remained since her arrest there in December 2018. The resolution is known as what’s called a deferred prosecution. in which Meng must abide by certain conditions in exchange for the Justice Department abandoning the case.
BOSTON (AP) – Officials from companies with fleets of trucks are urging governors across the country to embrace a rule meant to speed the adoption of zero-emission trucks and reduce a potent source of greenhouse gases spewed from the large commercial vehicles. Representatives of companies like IKEA, Nestle, Siemens, Etsy, eBay, Ben & Jerry’s and Unilever joined with environmental activists and investors in a letter released today to call for the wide adoption of the Advanced Clean Trucks. The ACT rule requires manufacturers of medium- and heavy-duty vehicles to increase sales of zero-emission models in states where the policy is approved.
PARIS (AP) – French luxury house Saint Laurent (san loh-RAHN’) will go completely fur free in its collections from next year. And its parent company Kering says another of its houses, Italian menswear brand Brioni, will also stop using fur — making the luxury giant that includes Gucci, Alexander McQueen, Balenciaga, Bottega Veneta completely fur free. Kering’s CEO says that “going entirely fur free is just the right thing to do.” Animal rights groups have long pushed for luxury houses to stop using animal fur. Many in Paris, such as Stella McCartney and Chanel, have renounced it in recent years.