Former NYC mayor Bloomberg giving Johns Hopkins $1.8 billion for financial aid

bloomberg

NEW YORK (Reuters) – Former New York City mayor and billionaire Michael Bloomberg is giving $1.8 billion to Johns Hopkins University for student financial aid at his alma mater, Bloomberg said in an opinion piece published on Sunday in The New York Times.

Bloomberg, the founder and chief executive of global media company Bloomberg LP, said the money will used for aid for qualified low and middle-income students and will make the Baltimore, Maryland university’s admissions permanently “need-blind.”

“I want to be sure that the school that gave me a chance will be able to permanently open that same door of opportunity for others,” he wrote in the Times.

Bloomberg rejoined the Democratic Party last month ahead of the Nov. 6 congressional elections, amid speculation he might run for the White House in 2020.

PG&E reports another outage on  morning when California fire started

NEW YORK (Reuters) – California utility PG&E Corp (PCG.N), facing investor concerns over its possible role in the deadly Camp Fire in Northern California, has reported another power-line outage that it experienced on the morning of Nov. 8 when the blaze started.

investication

The incident report, which was filed on Friday with the safety division of the California Public Utilities Commission (CPUC), said a line near the area of Concow in Butte County suffered an outage at 6:45 a.m. on Nov. 8.

The information in the report is preliminary, according to a spokesman for PG&E, who said the company was cooperating with any investigations.

The utility has said it could face liability that exceeds its insurance coverage if its equipment were found to have caused the Camp Fire.

The cause of the blaze, which was 60 percent contained on Sunday, is under investigation. In a previous regulatory report, PG&E, which operates in the northern part of California, said it experienced an outage on a transmission line on the morning of Nov. 8 near the town of Pulga, near where the fire is thought to have started.

Authorities were still searching for signs of the 1,276 people listed as missing after the Camp Fire tore through the mountain town of Paradise. The remains of 76 people have been recovered so far in what is considered the state’s deadliest-ever wildfire.

A CPUC spokesman confirmed that the agency received the second report on Friday, and said the incident would be incorporated into its investigation “to assess the compliance of electric facilities with applicable rules and regulations in fire impacted areas.”

Investors are watching for clues about whether California’s government will step in to save PG&E should it eventually be found responsible for the fire and should any potential liability exceed the utility’s resources.

CPUC President Michael Picker told Reuters on Friday that utilities must be able to borrow money cheaply in order to properly serve ratepayers. Similar comments from Picker a day earlier caused PG&E’s stock to surge in after-hours trading.

The company’s stock had slumped more than 60 percent since the wildfire broke out, on fears that without help from California’s government, the utility could go bankrupt should it eventually be found responsible.

Leave a comment