Pacific Gas and Electric's major bondholders, including Elliott Management and Apollo Global Management, have proposed a $30 billion bankruptcy plan that would fund as much as $18 billion in claims stemming from California wildfires. The proposal also would involve putting $4 billion toward a state wildfire fund for utilities.
Illinois will allow the legal purchase of marijuana for recreational use starting Jan. 1 under a bill that Gov. J.B. Pritzker signed into law on Tuesday. The new law will let state residents age 21 and older buy and possess 30 grams of cannabis, five grams of cannabis concentrate and certain cannabis-infused products, while nonresidents will be allowed half those amounts.
The Albuquerque, N.M., metropolitan statistical area again had the highest rate of vehicle theft in the US in 2018, even after seeing such crimes decline 28% compared with 2016, the National Insurance Crime Bureau said. Anchorage, Alaska, was the metropolitan statistical area with the second highest rate in 2018, while five other top-10 areas were in California, the NICB said.
A OnePoll survey conducted for Root Insurance found 55% of respondents saying they frequently feel like they are on autopilot while driving, with 27% admitting to zoning out while operating a vehicle. Almost half of respondents said they have engaged in distracted driving, while 90% describe themselves as good drivers, the survey found.
Firefighters are deploying drones more often to help battle wildfires, as the technology offers a bird's-eye view with real-time imagery. A drone helped in fighting an Arizona fire near a World War II artillery training facility, a scenario that would have posed danger to firefighters on the ground and in manned aircraft, said Justin Jager of the US Forest Service.
The Mississippi River Cities and Towns Initiative said the cost of recovery from flooding along the river is poised to surpass $2 billion. Many areas of the river are still above flood stage after hitting near-record levels during the spring.
The National Hurricane Center has three new satellites that will enhance its ability to make storm surge warnings, Vice President Mike Pence said. The center will also start providing Puerto Rico with timely storm surge warnings, Pence said.
Cost and time advantages are significant for design-build methodologies, but the risk factor deserves attention, writes R-T Specialty's Bill Webb. "Although basic risk management principles are inherent to design-build through improved communication and collaboration, strong contractual language and proper insurance programs can greatly control risk exposures."
Rep. Maxine Waters, D-Calif., chairwoman of the House Financial Services Committee, has introduced a bill amendment that would prohibit the Securities and Exchange Commission from spending funds to enforce Regulation Best Interest. The amendment seeks to bar the SEC from "implementing, administering, enforcing or publicizing the final rules and interpretations."
Brownsville, Texas, ranked first on Allstate's America's Best Drivers Report 2019, which says drivers in the city go an average of about 15 years between collisions. The lowest-ranking metropolitan areas in the report were Baltimore and Washington, D.C.
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