Nokian Tyres names new CEO for company
Finnish tire maker Nokian Tyres, which has a new plant in Dayton, Tennessee, has named Jukka Moisio as president and chief executive.
Moisio replaces Hille Korhonen, who stepped down after leading the company for three years and, prior to that, as a member of the board of directors.
Moisio last headed Huhtamäki Oyj, a global packaging company. Prior to that, he was CEO at Ahlstrom Oyj.
"Jukka Moisio has a proven record in successfully leading stock listed companies and company turnarounds, delivering strong financial performance and shareholder returns. He also has a deep understanding of the markets in Central Europe and North America," said Jukka Hienonen, chairman of Nokian Tyres' board of directors.
Hienonen said that Korhonen had an important role in building Nokian Tyres, with the last three years characterized by an intensive investment phase as part of a target to double Nokian sales in North America.
30-year mortgages drop to record low of 3.15%
Long-term U.S. mortgage rates fell this week as the key 30-year home loan marked an all-time low for the third time in the last few months since the coronavirus outbreak took hold.
Mortgage buyer Freddie Mac reported Thursday that the average rate on the 30-year loan tumbled to 3.15% from 3.24% last week. It was the lowest level since since Freddie started tracking rates in 1971. A year ago, the rate stood at 3.99%.
The average rate on the 15-year fixed-rate mortgage declined to 2.62% from 2.70% last week.
Regulators endorse PG&E rescue plan
California power regulators on Thursday unanimously approved Pacific Gas & Electric's $58 billion plan for getting out of a bankruptcy caused by in a series of deadly wildfires despite ongoing worries about the utility's ability to safely operate its crumbling electrical grid .
The vote by California's Public Utilities Commission came just a few hours after a federal judge ripped the company for continuing to engage in reckless behavior that he believes is endangering even more lives. A federal trial will determine whether PG&E's plan also can gain the required approval of U.S. Bankruptcy Judge Dennis Montali by a June 30 deadline.
PG&E cleared a key hurdle in to end its nearly year-and-half stint in bankruptcy with the Public Utilities Commission's approval of a complex plan resolving more than $50 billion in claimed losses after the company's fraying electrical grid ignited a series of catastrophic wildfires during 2017 and 2018. The Northern California fires killed more than 100 people and destroyed more than 27,000 homes and other buildings.
Union says 44 die at meat facilities
At least 44 meatpacking workers in the U.S. have died from the new coronavirus and another 3,000 have tested positive, according to an estimate released Thursday by the largest union representing workers.
Meat processing plants have become hot spots for infections in communities across the country, but most have stayed open since President Donald Trump's executive order a month ago declaring them critical infrastructure. The United Food and Commercial Workers union said 30 meatpacking plants have closed at some point since March, resulting in an estimated 40% reduction in pork production and a 25% reduction in beef.
The actual number of employees with the coronavirus is likely higher than the estimate, said Mark Lauritsen, director of the food processing and meatpacking division for the United Food and Commercial Workers International. The union compiled the figures from local union members who either received data from the meatpacking plant or verified infections with employees.