Apr 4, 2019

PG&E names new CEO and overhauls board

Bill Johnson. Photo: PG&E

Bill Johnson, the outgoing CEO of government-owned utility Tennessee Valley Authority, will step in as the new CEO of PG&E, the company said on Wednesday. The California utility will also appoint 10 new board members, while 7 others will step down.

Why it matters: PG&E filed for bankruptcy earlier this year, anticipating hefty liability costs for its potential role in the deadly 2018 Camp Fire. The company's troubles have caught the attention of activist hedge fund BlueMountain Capital, which proposed its own slate of board members, and California Gov. Gavin Newsom, who slammed an earlier proposal of new board members as primed with "hedge fund financiers, out-of-state executives and others with little or no experience in California and inadequate expertise in utility operations, regulation and safety."

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Coronavirus prompting historic drop in air travel and jet fuel demand

Air travel — and the jet fuel powering it — are plummeting alongside most other parts of our modern economy as vast swaths of the world shut down to fight the coronavirus.

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Fed temporarily lifts Wells Fargo's growth restrictions

Photo: Streeter Lecka/Getty Images

The Federal Reserve said Wednesday it will temporarily lift Wells Fargo’s growth restriction put in place following the bank’s customer abuse scandals.

Why it matters: One of the nation's biggest lenders said the Fed's asset cap prevented it from lending more to struggling small businesses as part of the government's aid package. Now Wells Fargo says it will reopen its application process and lend to a broader set of business owners.

Go deeperArrowUpdated 21 mins ago - Economy & Business

Coronavirus dashboard

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  1. Global: Total confirmed cases as of 2 p.m. ET: 1,464,852 — Total deaths: 85,397 — Total recoveries: 315,105Map.
  2. U.S.: Total confirmed cases as of 2 p.m. ET: 402,923 — Total deaths: 13,007 — Total recoveries: 22,717Map.
  3. State latest: New York Gov. Andrew Cuomo issued an executive order for New Yorkers to vote by absentee ballot for June 23 primaries.
  4. Federal government latest: The U.S. has begun to see "glimmers of hope" despite its highest recorded number of deaths in 24 hours, Dr. Anthony Fauci said.
  5. Business updates: Roughly one-third of U.S. apartment renters didn't make April payments — The Fed will lift Wells Fargo's asset cap to help small business lending.
  6. 🎧 Podcast: The battle over billionaire coronavirus saviors
  7. What should I do? Pets, moving and personal healthAnswers about the virus from Axios expertsWhat to know about social distancingQ&A: Minimizing your coronavirus risk.
  8. Other resources: CDC on how to avoid the virus, what to do if you get it.

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