Polestar is less than four years old and already has two vehicles on the market and more on the way. In this fireside chat with CEO Thomas Ingenlath we discuss the company’s focus, strategy, and sleek design.
Polestar is less than four years old and already has two vehicles on the market and more on the way. In this fireside chat with CEO Thomas Ingenlath we discuss the company’s focus, strategy, and sleek design.
Baker Mayfield had his best day as a pro.
'I had to travel light and I could only bring half of me.'
A former coronavirus epicentre has seen a new surge of Covid-19 cases as authorities are forced into a new crackdown.
(Bloomberg) -- Violent winds are rattling Northern California, sending the risk of wildfires soaring and prompting the state’s largest utility to cut power to prevent live wires from toppling into dry brush and sparking blazes.PG&E Corp. began turning off electricity to as many as 361,000 homes and businesses Sunday morning, impacting an estimated 1.1 million people as gusts exceeding 50 miles (80 kilometers) an hour swept through an area already bone-dry from heat and drought. Utilities in Southern California are warning they may need to cut power, too.“This is the strongest event we have seen so far this year,” said Karleisa Rogacheski, a meteorologist with the National Weather Service in Sacramento. It’s some of most dangerous weather the state has seen since the Camp Fire erupted in 2018, killing 85 people, she said.The brutal winds and blackouts are the latest blow for a state that’s been battered by violent weather and has already seen a record 4.1 million acres (1.66 million hectares) scorched this year. PG&E has previously cut power four times in 2020 to prevent falling wires from igniting blazes in a region that’s tinder dry from heat and drought. This round is the biggest yet as an estimated 4.2 million people are at risk from extreme fire conditions, according to the National Weather Service.The winds, fueled by a low pressure system in the Pacific Northwest, were gusting as high as 52 mph in Northern California at 10:30 a.m. local time. Gusts in canyons and atop ridges could hit 70 mph, just shy of hurricane strength.At least one blaze has already broken out. The Point Fire in Shasta County began Sunday morning. It had burned 225 acres and was 30% contained by 1 p.m. Local time, according to the California Department of Forestry and Fire Protection.By Monday, humidity will be as low as 6% in Redding and just 5% in Grass Valley, according to the National Weather Service. It comes as the state is already riddled with dry brush and grasses due to some of the warmest temperatures record over the last nine months, according to the U.S. National Centers for Environmental Information.PG&E is cutting power in stages. It began at 10 a.m. local time Sunday in the Northern Sierra region and will continue through Monday evening, the company said. The outages will hit 36 counties that include the San Francisco Bay area, the Sierra Nevada foothills, the Central Valley and the Central Coast.The blackouts may hit densely populated parts of the San Francisco metropolitan area, including portions of Oakland, Berkeley and Marin County -- cutting power to many residents as they are working from home due to the coronavirus pandemic. The city of Berkeley advised residents living in the hills to evacuate due to the fire risk, according to a statement.In Southern California, Edison International said about 75,000 customers could lose power beginning Monday. That’s about 225,000 people based on the size of the average California household. Sempra Energy’s San Diego Gas & Electric Co. is considering about 21,000 outages.And Pacific Power, owned by Warren Buffett’s Berkshire Hathaway Inc., said it could switch off power in Northern California and Southern Oregon on Sunday due to the gusts, according to a statement.Much of the U.S. West is at risk from wildfires as dry weather and stiff winds turn hillsides, forests and scrub land into tinderboxes. In Colorado, two of the largest fires in state history have forced the closure of Rocky Mountain National Park and triggered the evacuation of nearby towns.More than 8 million people across California will be in high-risk zones, including the cities of Sacramento, Stockton, and San Bernardino, the U.S. Storm Prediction Center said in its long-range forecast.The outages come on the heels of a blistering heat wave that gripped California earlier this month, driving temperatures to record daily highs. In August, a freak lightning storm sparked more than 150 wildfires in 24 hours. Days before that, the state’s grid operator ordered the first rotating outages since the Enron-era energy crisis of 2001 as scorching weather sent electricity demand surging.PG&E began resorting to preventative shutoffs after its equipment caused some of California’s worst blazes, forcing the company into bankruptcy last year. PG&E emerged from Chapter 11 in July after having paid $25.5 billion to resolve fire claims.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
The Steelers are the last remaining undefeated team in the AFC.
Nigerian President Muhammadu Buhari on Sunday appealed for "peace" as authorities struggled to halt looting across the country, the latest in a wave of unrest sweeping Africa's most populous nation.
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Berlin police on Sunday broke up a protest against coronavirus curbs and opened an arson investigation after an attack on a building housing the country's public health agency.
The moon in your sign makes the ebb and flow of emotions more obvious to you and the best advice I have for you is to go with this without question or without feeling like it makes you too much of a pushover. It’s okay to change your mind several times – it doesn’t make […]
You’ve got guts enough for ten people as a new week begins and won’t be shy about sticking your head above the parapet if that’s what the occasion demands or nobody else will. Some people could try and test your limits to see if you’re up for the job or in the right frame of […]
(Bloomberg) -- Emerging-market stocks rose for a fourth week as U.S. lawmakers negotiated a stimulus agreement. The rally was tempered by rising virus cases around the world as winter approaches in the Northern Hemisphere. Turkey’s central bank unexpectedly kept interest rates on hold, while Hungary’s policy makers also stood pat. China’s recovery from the coronavirus slump continued in the third quarter and showed signs of broadening in September, keeping the economy on track to be the world’s only major growth engine.The following is a roundup of emerging-market news and highlights for the week through Oct. 23:Highlights:U.S. House Speaker Nancy Pelosi and Treasury Secretary Steven Mnuchin Friday put the onus on each other to re-energize flagging stimulus talks as the prospect for further virus relief legislation before the election fades fast.President Donald Trump and Democratic presidential candidate Joe Biden traded charges of secretly taking money from foreign interests, after the former vice president addressed head-on Trump’s efforts to portray him as corruptA top U.S. intelligence official said Iran and Russia are attempting to interfere with the presidential election, with Iran spreading false information to American votersChina’s gross domestic product expanded 4.9% in the third quarter from a year ago, missing economists’ forecast for 5.5% growth. Still, retail sales and industrial production gained momentum in SeptemberThe yuan advanced to the strongest since July 2018, testing China’s tolerance for gainsChina is going all out in remembrance of its participation against the U.S. in the Korean War, sending a message to Washington that it’s not intimidated by American military mightTurkey raised the upper band of its interest-rate corridor, but unexpectedly left its benchmark on hold, risking further volatility in the liraHungary’s central bank kept the interest on its most influential monetary-policy instrument at 0.75% for a third weekThai Prime Minister Prayuth Chan-Ocha ordered the withdrawal of the week-old state of emergency in the capital that barred large gatherings, in a bid to pacify pro-democracy protestersProtests against police brutality in Nigeria, now in their third week, have turned increasingly deadly after the authorities cracked down on the upheavalProtesters clashed with security forces, looted stores and burnt barricades in many Chilean cities on the first anniversary of an outbreak of social unrestZambia’s entered extra time in its bid to win debt relief from its Eurobond holders after a key group of investors representing 40% of the Eurobonds abstained from voting rather than outright rejecting its debt-standstill proposalCoronavirus cases are surging again in the U.S. and Europe. The seven-day average of U.S. deaths on Wednesday hit the highest in a month, while in Europe, governments have started deploying curfews and other restrictions more widelyCaught between their status as Latin America’s economic standout and growing internal outrage over inequality, Chileans start a process of self-definition on Sunday as they choose whether and how to draft a new constitutionArgentina’s battle to control its currency is upending South America’s second-largest economy, wreaking havoc on everything from household finances to the production and sale of common goodsTwo of Argentina’s largest creditor groups excoriated the government for mismanaging the economy, saying the country was headed for disaster just seven weeks after restructuring $65 billion in debtAsia:The Asia-Pacific region is likely to see economic output remain below pre-pandemic trends over the medium term, even as China’s recovery leads the rest of the world, according to the International Monetary FundChina is preparing to grant additional quota for funds to invest in securities overseas, Caixin reported, a move that would allow more capital to flow out of the countryChina will likely post positive economic growth for the full year and the leverage ratio is expected to stabilize in 2021, the central bank governor saidOffshore loan volumes in the Greater China region rebounded in the third quarterIndia’s Prime Minister Narendra Modi appears to remain as popular as ever even as the country battles one of the world’s worst virus outbreaksSupport is growing within India’s government to formally start talks on a trade deal with TaiwanIndia will allow visitors, except tourists, to resume entryIndia’s government has set aside about 500 billion rupees ($6.8 billion) to vaccinate the country, according to people with knowledge of the matterIndia’s central bank got more bids for state-issued bonds than it offered to buy back, an early indication of demand at the first such auction, with authorities keen to keep yields in checkSouth Korea’s early trade data showed exports falling in October driven by fewer working days, while daily average shipments continued to recover on resilient tech demandThe nation plans monthly issuance of two-year bonds from JanuarySouth Korea will take market stabilizing measures in case of one-sided movements in the FX market, its finance minister saidThe central banks of South Korea and China renewed bilateral currency swap agreement and expanded it to 400 billion yuanThailand’s newly-appointed central bank governor signaled he’s against excessive use of monetary and fiscal policies to tackle crisesThailand’s key equities gauge tumbled to a six-month low on concern anti-government protests will hurt company earnings and delay an economic recoveryFinance Minister Arkhom Termpittayapaisith said Thailand will unveil more measures to boost liquidityIndonesia aims to start sovereign wealth fund operations early next year as part of efforts to develop a new business model to help drive growth, according to an officialThe country is considering to reopen its international borders to regular travelersInvestments in Indonesia rebounded in the third quarter as funds shift to islands outside of its economic center of JavaThe Philippines shortened curfew hours in Manila and eased the stay-at-home order in a bid to boost its economy. The country will also welcome back foreign nationals starting Nov. 1 and allow Filipino travelers to leave without Covid-19 antigen tests as the Southeast Asian nation continues to reopenThe government is watching the international market for its next issuance of dollar-denominated bondsFinance Secretary Carlos Dominguez said the economy is projected to shrink by 6% this year while a “strong rebound” is likely in 2021Malaysia’s United Malays National Organization party expressed its support for the government in a boost to Prime Minister Muhyiddin Yassin’s leadershipSri Lanka’s central bank kept borrowing costs unchanged for a second meetingEMEA:S&P Global Ratings Services cut its assessment of Zambia’s debt to selective default after the nation said it couldn’t meet payments and skipped a coupon on its EurobondsSouth Africa is recording a worrying increase in coronavirus infections, especially in the Western Cape province, according to Health Minister Zweli MkhizeIvory Coast’s ruling party said it will return to international capital markets to help fund a 62 trillion CFA franc ($111 billion) spending plan if President Alassane Ouattara wins re-election this monthOman will need further measures to keep its budget deficit in check, its Finance Ministry saidOman waded back into the international debt market for the first time in more than a year with a $2 billion bond sale after raising the possibility of assistance from its Gulf neighborsA burst of debt deals in the Gulf has pushed issuance to a record in the region as borrowers rush to shore up their oil-dependent budgets before the U.S. electionThe World Bank anticipates that economies in the Middle East and North Africa will contract more deeply than initially estimatedEmirates NBD PJSC braced for credit losses by more than doubling the amount of money set aside in provisions amid the coronavirus pandemic as it reported a 55% slump in its nine-month profitRussia and Saudi Arabia held a second phone call last week to discuss the OPEC+ agreement after officials from the group warned of the potential for a weaker oil market in 2021Russia doesn’t rule out delaying scheduled production hikes by the OPEC+ alliance, President Vladimir Putin saidRussia’s daily coronavirus mortality figures understate the real toll from the disease, according to a former employee of the Kremlin’s statistics agencyA Ukrainian bond offering was canceled for the second time this year, showing the country’s difficulties in overcoming investor concernsPolish government bond yields have fallen below zero, joining a small number of elite emerging markets in central and eastern Europe with the luxury of getting paid to borrowPoland’s new daily coronavirus cases rose to a recordThe Czech Republic registered a daily record of new Covid-19 cases, confirming the worst current outbreak of the disease in EuropeTurkey is sticking to its demands that the U.S. transfer missile technology and share production for Ankara following its purchase of a Russian air-defense system that has alarmed NATO partnersTurkey’s sovereign wealth fund postponed its debut Eurobond sale due to adverse market conditions that would have likely resulted in a higher cost than expectedThe Turkish central bank’s double-edged interest-rate decision left most analysts unconvincedThe Bank of Israel will buy 35 billion shekels ($10.4 billion) more in government bonds and provide cheap credit for small businesses to boost the economySaad Hariri returned as Lebanon’s prime minister, a year after stepping down in the face of nationwide protestsRomania reported a new daily record of Covid-19 cases and the most deaths since the start of the pandemicLatin America:Brazil’s President Jair Bolsonaro stepped up criticism of a Chinese vaccine being developed in partnership with a renowned research institute in his countryConsumer prices rose more than forecast in mid-October amid surging food costs, fueling bets the central bank may lift its key rate by early next yearEconomy Minister Paulo Guedes said he’s fighting to make it clear that the government won’t drop its spending capBrazil needs to spend less in order to induce growth, central bank President Roberto Campos Neto saidInvestors are giving up on Argentina just six weeks after it pulled off a $65 billion debt restructuringThe country is considering adjustments to its tax and social security structures as part of a plan to address economic imbalances, the Economy Minister saidArgentina’s parallel foreign exchange rate hit a record low; exports slowed last month while imports shot up amid the new currency controlsChile’s two-year credit default swaps fell to the lowest level since a wave of protests and riots started a year ago, even as the country braces for a constitutional referendumMexico’s President Andres Manuel Lopez Obrador said on Friday that the central bank needs to cut interest rates further to help reactivate the economy, even as a spike in inflation is slowing an easing cycle and may end it altogetherMexico’s inflation accelerated above the ceiling of its target range in the first half of October, cramping the central bank’s space for more rate cutsMexico reached a deal to supply water to the U.S. under a seven-decade-old treaty, ending an escalating conflictThe nation’s biggest economic risk is a second wave of Covid-19 infections and there should be more caution at the workplace to prevent that, Finance Minister Arturo Herrera saidColombia plans to present at least seven projects this year that can be financed using part of a $5 billion credit line with a U.S. development bank, according to its top diplomat in WashingtonPeru’s President Martin Vizcarra criticized a bid by a group of lawmakers to impeach him over bribery allegations, barely a month after an initial attempt to oust him over a separate graft caseThe government of Venezuelan President Nicolas Maduro is approaching some of the nation’s creditors in a bid to lay the groundwork for a debt deal should sanctions ease after next month’s U.S. electionAn influential Trump administration official secretly met with a representative of Maduro’s regime in Mexico City in September to try to negotiate the Venezuelan leader’s peaceful exit from powerThe market for bonds sold by Venezuela’s state-owned oil company could finally be awakening from a months-long slumberSuriname plans to use the 30-day grace period on a coupon payment due Oct. 26, giving it more time to work with external creditors(An earlier version corrected the time stamp to say 4:20 p.m. in New York)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
A record-long field goal attempt fell just one yard short as the Panthers fell to the Saints.
The backlash against President Emmanuel Macron's comments on Islam intensified Sunday, with Turkish President Recep Tayyip Erdogan again urging him to have "mental checks" and protests in Muslim-majority nations.
Cory Booker (D-N.
Boos rained down on Cameron Smith after what is likely to be his final game of NRL.
(Bloomberg) -- Cenovus Energy Inc. agreed to buy Husky Energy Inc. in a C$3.8 billion ($2.9 billion) all-stock deal that will combine two of the largest players in Canada’s beleaguered oil-sands industry, which is struggling after the slump in crude prices.The transaction will create the country’s third-largest oil and natural gas producer and lead to C$1.2 billion in savings, the companies said Sunday in a statement. Following the completion of the deal, Hong Kong billionaire Li Ka-shing and CK Hutchison Holdings, the conglomerate he founded and Husky’s biggest shareholder, will together own about 27% of Cenovus.Like most of their industry peers, Cenovus and Husky are currently losing money following the crash in oil demand due to the pandemic. But even before the devastating impact of Covid-19, the Alberta oil sands had already lost their luster due to a chronic lack of pipeline capacity to export crude. That has forced producers there to accept hefty price discounts.Husky shareholders will receive 0.7845 of a Cenovus share and 0.0651 of a Cenovus share purchase warrant in exchange for each Husky common share.That represents a 21% deal premium, excluding the warrants. The takeover is valued at C$23.6 billion when debt is included.The oil sands also face increased environmental scrutiny arising from their carbon intensity, which makes the deposits more polluting to exploit than conventional reserves or shale. International oil majors including Norway’s Equinor ASA, France’s Total SA and Houston-based ConocoPhillips have either left or reduced their presence in Canada in recent years.Debt ProblemsCenovus’s purchase of Conoco’s oil sands assets in 2017 left the Calgary-based company with heavy debts, magnifying its exposure to tumbling Canadian heavy oil prices. Its shares have fallen 72% since the deal was announced and 75% over five years. Husky’s shares are down 85% over five years.Buying Husky will boost Cenovus’s production to about 750,000 barrels a day of oil equivalent from about 475,000 now. But perhaps more importantly, it will gain substantial downstream assets, namely additional refinery and pipeline capacity.That will equip Cenovus to refine and upgrade 70% of its crude at its own refineries. The company says that will leave it less exposed to Western Canada Select, the local benchmark price, which usually trades at a discount of more than $10 a barrel to West Texas Intermediate, partly because of pipeline constraints. The Alberta government has even imposed production limits to keep the size of the discount in check, though it plans to lift those restrictions in December. ‘More Resilient’The merged company will be cash-flow positive “right out the gate,” Cenovus Chief Executive Officer Alex Pourbaix said in an interview. According to the statement announcing the deal, the company will break-even at $36 a barrel for WTI crude. That’s seen falling to $33 by 2023. WTI closed Friday at $39.85.“The combined entity is far more resilient,” Husky CEO Robert Peabody said in the interview. “We will deleverage faster.”Cenovus, which is rated Ba2 by Moody’s Investors Service, aims to be an investment-grade borrower, executives said during a call with analysts Sunday. The company said the deal will help it create an “accelerated path” to cutting debt to less than two times Ebitda within 24 months.“Nobody should be surprised if non-core assets are sold,” Pourbaix said in the interview. Husky’s retail business, which includes gas stations and travel centers across most of Canada, is a division “we will take a look at.”Cenovus and Husky started their “on-and-off again” merger discussions during the pandemic, with a more concentrated effort to reach an agreement over the last couple of months, Pourbaix said.The deal is expected to close in the first quarter of 2021, after which Cenovus will have about C$12 billion in net debt and C$8.5 billion in committed credit facilities from a broad banking syndicate.It’s the largest deal in the Canadian oil industry since Husky’s attempted C$2.75 billion hostile takeover bid for MEG Energy Corp. Husky abandoned that transaction in January 2019 after failing to win enough shareholder support.U.S. DealsThe C$1.2 billion in savings comprise C$600 million from reduced capital spending and C$600 million in corporate and operating cost cuts, including job reductions. Cenovus will continue to operate under that name, with its headquarters remaining in Calgary.The tie-up also follows a recent flurry of oil and gas deals south of the border that’s shaking up the U.S. shale industry. Just last week, ConocoPhillips agreed to buy Concho Resources Inc. for $9.7 billion takeover and Pioneer Natural Resources Co. agreed to acquire Parsley Energy Inc. for $4.5 billion. EQT Corp., the biggest producer of U.S. natural gas, is also seeking to acquire rival CNX Resources Corp., people familiar with the matter said last week.RBC Capital Markets and TD Securities are Cenovus’s financial advisers on the deal and Bennett Jones LLP and Paul, Weiss, Rifkind, Wharton & Garrison LLP are its legal advisers. Goldman Sachs Group Inc. and CIBC Capital Markets are Husky’s financial advisers and Osler, Hoskin & Harcourt LLP and Norton Rose Fulbright US LLP are its legal advisers.(Updates with information on Alberta production limits in ninth paragraph. An earlier version corrected spelling of typographical error in headline)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.