PG&E crews repair power lines that were destroyed by the Camp Fire in Paradise, California. Photo: Justin Sullivan/Getty Images

California utility company PG&E announced Friday it has reached an $11 billion settlement with a group of insurers for its role in deadly 2018 wildfires.

Why it matters: PG&E faired well considering insurers were initially seeking $20 billion to pay for the cost of claims, says the Financial Times. The current settlement will cover 85% of claims.

What they're saying:

  • Ad Hoc Subrogation Group said in a statement they "hope that this compromise will pave the way for a plan of reorganisation that allows PG&E to fairly compensate all victims and emerge from Chapter 11 by the June 2020 legislative deadline," per Financial Times.
  • A lawyer representing the victims described PG&E's plan to cap payments at $8.4 billion as "totally unacceptable," reports Reuters.

Go deeper: California wildfire is the most destructive in state history

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President Trump speaking during a press conference on Aug. 8. Photo: Jim Watson/AFP via Getty Images

President Trump on Saturday signed four executive orders to provide relief from economic damage sustained during the coronavirus pandemic after talks between the White House and Democratic leadership collapsed Friday afternoon.

Why it matters: Because the Constitution gives Congress the power to appropriate federal spending, Trump has limited authority to act unilaterally — and risks a legal challenge if congressional Democrats believe he has overstepped.

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Why it matters: The explosion is likely to accelerate a painful cycle Lebanon was already living through — discontent, economic distress, and emigration.