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PG&E Goes Down With California Fires.

Happy Tuesday! It’s day 25 of the government shutdown which means new drugs waiting for FDA approvals
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PG&E Goes Down With California Fires.
By Hipsternomics  • Issue #53 • View online
Happy Tuesday! It’s day 25 of the government shutdown which means new drugs waiting for FDA approvals are now stuck in limbo, while food processing plants will not be inspected therefore no new processed foods will be hitting your delis and bodegas this month. Meanwhile, somebody in Cali holds a gas station hostage just for a vape pen. Let’s get into today’s stories!

when PG&E got their California fire insurance bill
when PG&E got their California fire insurance bill
Top Stories
PG&E files bankruptcy, leaving Californians in limbo - The CEO of California’s largest utility company ghosted like a bad Tinder date, just a day before it announced it will file for bankruptcy protection. Stating that “bankruptcy would allow the company to deal with potentially billions of dollars in liability costs from 2017 and 2018 wildfires, while continuing to provide natural gas and electricity service for California residents.” But behind this PG&E smoke screen is a company that had became too big to fail and now wants to use bankruptcy as a way to avoid paying for its damages caused. The company’s stock has tanked more than 80% since the california fires last October.
So what happens to the fire victims? - PG&E which is being sued by everyone and their mothers in California, could be held responsible for billions of dollars in liability costs related to the 2018 “Camp Fire” which killed at least 86 people, and an estimated $16.5 billion in damages, according to the insurance company Munich Re. The bankruptcy filing would immediately stop the 750-plus civil suits brought by thousands of homeowners and insurers suing PG&E over the wildfire damages. However, California’s lawmakers will ultimately be the ones to decide the fate of both the company and its taxpayers, on whether or not PG&E will be able to pass the liability costs onto customers in the form of an increased utilities bill. Newly appointed California Governor, Gavin Newsom, has urged PG&E to honor its contracts of over $30 billion with wholesale power providers while under bankruptcy reorganization.
Chart of the week
Grooming is here to stay!
Grooming is here to stay!
In Case You Missed It
Want to open up a business? How about a nail salon - With the rise of internet retail over the last decade, most apparel brick & mortar stores have moved online, while some of the biggest retailers have simply just drowned (RIP to Sears, Toys’R’Us, Radioshack, etc). Surprisingly, the economy has seen the rise of more beauty and nail salons, pet care businesses, cosmetics and restaurants, as these businesses can’t be replicated online. “Between 1990 and 2017, the number of nail salons for every 100,000 Americans went from 2 to nearly 7.” (see today’s chart)
Facebook’s plan for a “post-fake news” era? More news Facebook announced it is giving a total of $300 million to news programs, in its efforts to support quality journalism and local news. The social media platform once notorious for the spread of fake news on its platform, now wants to be the good guy and has already allocated the funds towards nonprofit agencies that support local journalism, including a $2 million grant to “Report for Amerca” to help place 1,000 journalists in local newsrooms across America over the next five years.
Real life “Wakanda” coming soon to a village near you - Zimbabwe and Zambia have just offered a combined over 2,000 hectares of land around the Victoria Falls area, for the construction of the Wakanda One Village. The African Union Investment Board managing this project has set the first ground-breaking for the end year 2020, and hopes to raise $2 billion for the construction of this futuristic city, as a way to “attract more people of the African Diaspora to come home.”
Companies mentioned in this issue (52-week): Facebook (-16%), PG&E (-85%)
Resources of the Week
Books: 12 books CEOs think you should read in 2019 - If you’re an aspiring entrepreneur or just want to learn from some great people, here are a few books you should add to your reading list. I’ve read 4 books on this list and would highly recommend.
Podcast: Everyday Millionaires with Chris Hogan - In this podcast interview, Chris Hogan shares some insights on his book “Everyday Millionaires” and debunks everything you thought you knew about reaching millionaire status.
Want to share a great resource? Just hit me @vtineike ______________________________________________
Thank you for taking the time to read through today’s news brief! If you enjoyed any of these articles, please share or forward it to a friend. 
This brief was written while having coffee at Sight Glass cafe in San Francisco and listening to “The Suns Tirade” album by Isaiah Rashad. 
Valentine (@vtineike)
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