Your Evening Briefing
The San Francisco Bay Area is covered by a dangerous cloud of smoke. Much of California is without electricity, and hundreds of thousands have been evacuated as windstorms fan wildfires across the state. The bankrupt utility company, PG&E, has begun restoring service to more than 3 million people purposely blacked out to prevent power lines from sparking more fires (which may not be working). Meanwhile, a “decade of darkness” could befall the state as PG&E tries to shore up the grid. The next few years should be good for the generator business, though. It already is for real estate bargain hunters.
Here are today’s top stories
The U.S. House of Representatives is set to take its first full vote regarding the ongoing impeachment investigation of President Donald Trump. It comes as the refusal of a former White House official to honor a subpoena added fuel to warnings that Trump may face an article of impeachment for obstruction.
The physical and constitutional conflagrations on the coasts didn’t rattle Wall Street. Stocks climbed to a record as solid corporate earnings and bets the Fed will cut rates yet again had everyone buying.
Exxon faces a potential $1.6 billion verdict if New York wins its historic climate change lawsuit, now in the second week of trial. Exxon said it didn’t intend to deceive shareholders about its accounting practices when it came to projecting the rising costs of climate regulation and dropping demand for fossil fuels. But under New York law, what Exxon intended may not matter.
The CEO of H&M contends that the practice of shaming consumers whose purchases fuel the climate crisis—like jet travel or buying a SUV—or benefit companies who don’t sufficiently protect workers may have some unintended consequences.
Dubai needs to halt all new home construction for one or two years to avert an economic disaster brought on by continued oversupply, according to one of its biggest builders.
What’s Joe Weisenthal thinking about? The Bloomberg news director wants you to listen to his podcast. Over the last few weeks, Joe and his colleague Tracy Alloway have recorded a series of episodes that might just improve your understanding of the global financial system and macro-economics. Joe says you should start with this one.
What you’ll need to know tomorrow
- Boris Johnson loses again, this time in his call for an early election.
- Coins minted to honor Oct. 31 as Brexit day are being melted down.
- Trump explored cutting grants for schools tied to a foe of Erdogan.
- Americans aren’t using their homes as piggy banks anymore.
- Bloomberg Opinion: Softbank's WeWork bailout may test its limits.
- The world’s most expensive bank is limiting water use by employees.
- Apple rolled out higher-performance AirPods with noise cancellation.
What you’ll want to read in Bloomberg Pursuits
A rare 1950s timepiece is coming up for sale in a Christie’s auction. The 18-carat pink gold Patek Philippe has a rare translucent blue enamel dial and is known by the name of the 177-year-old Milan-based shop where it was sold. The price estimate is as high as $14 million, which Christie’s said is the highest for any wristwatch offered in an auction.
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