Problems at an oilfield off the coast of Ghana were one factor that caused Tullow Oil to drastically reduce its production forecasts for the next few years. Its share price tanked by 70%, one of the worst falls on the FTSE 250 this decade.
Pacific Gas & Electric reached a $13.5bn settlement with the victims of wildfires that were sparked by its faulty equipment. That brings the total charges incurred by California’s biggest utility to $25.5bn. The settlement with victims could hasten PG&E’s exit from bankruptcy protection, though the deal must first be signed off by California’s governor.
美國太平洋天然氣和電力公司(Pacific Gas & Electric)與因設備故障導致野火的受害者達成了135億美元的和解協議。這使得這家加州最大公用事業公司的總費用達到255億美元。與受害者的和解可能會加速PG&E退出破產保護，盡管該協議必須首先得到加州州長的批準。
German industrial production fell by 1.7% in October compared with September, renewing concerns that the dip in German manufacturing may be deeper than had been thought. Compared with October 2018 output was down by 5.3%, the biggest drop by that measure in a decade.
The Federal Reserve left its benchmark interest rate on hold, and suggested it would stay on hold throughout next year. The central bank cut the rate three times this year, but now believes the risks to the economy have moderated.
Brazil’s central bank lowered its main interest rate for a fourth consecutive time, to a record low of 4.5%. That may spur a further decline in the real, which could be an issue for Donald Trump; he has accused Brazil of manipulating its currency to favour exports.
Tributes were paid to Paul Volcker, who died at the age of 92. Mr Volcker influenced monetary policy for decades, waging a war on inflation as chairman of the Federal Reserve. He also proposed what became known as the “Volcker rule”, which bankers hate because it limits their trading. Asked how bad America’s economy was when he took charge at the Fed in 1979, Mr Volcker replied, “by Latin American standards, it wasn’t so bad”.
JD Wetherspoon, a pub chain in Britain, announced that it is pumping 200m pounds ($264m) into its business over the next four years, creating 10,000 jobs. The ailing sector has been anything but stout over the past two decades, seeing around 12,000 pubs and bars close down.