Tonight: Clear skies with a low in the low/mid 40s. 30s possible north and mountains. North wind 5-10.
Wednesday: Mostly sunny, breezy and a little cooler with a high in the mid 60s. Wind from the North 10-15 mph.
Wednesday ... More...
William D. Johnson Named Chief Executive Officer of TVA
The TVA Board of Directors announced today that William D. Johnson, former chairman, president and chief executive officer (CEO) of Progress Energy, Inc., will become president & CEO of the $11 billion federal agency, effective January 1, 2013. Johnson, 58, will succeed Tom Kilgore, 64, who has served as TVA’s first president & CEO since 2006.
TVA Board Chair Bill Sansom said in a press conference at TVA’s Knoxville Headquarters, “We are very fortunate to have someone of Bill Johnson’s caliber as TVA’s next president & CEO. Bill is a seasoned CEO with deep experience leading a company with a diverse energy portfolio – from coal and gas, to nuclear, hydro and renewables. TVA will benefit from his strong leadership skills, deep industry expertise and ability to drive employee engagement.”
"I am excited and honored to be selected to lead this organization in its mission of providing low-cost and ever cleaner energy, and promoting stewardship of the resources of the Tennessee Valley. I am particularly pleased to be following in the footsteps of Tom Kilgore, an outstanding leader whom I have long admired," said Johnson. "TVA and the people who work there have had a dramatic positive impact on the quality of life in the Tennessee Valley, and I look forward to being a part of the dynamic team serving the people of the region."
According to Sansom, Johnson’s annual compensation consists of $950,000 in salary and potential additional compensation of $3 million which is at-risk and may be awarded based on short- and long-term incentives tied to performance objectives and retention incentives.
Johnson was chairman, president and CEO of Progress Energy, Inc., an electric utility based in Raleigh, N.C., from October 2007 to July 2012. He was with Progress Energy (previously CP&L) in a number of roles since 1992, including president and chief operating officer of Progress Energy; group president for Energy Delivery, president and chief executive officer for Progress Energy Service Company, LLC, and general counsel and secretary for Progress Energy, Inc. He was instrumental in the merger between Progress and Duke Energy.
Prior to this, Johnson was a partner with the Raleigh office of Hunton & Williams, where he specialized in the representation of utilities.
Johnson served as vice chair and on the executive committee of the Edison Electric Institute (EEI) and was chairman of the board of directors of the Nuclear Energy Institute (NEI). He was also a member of the boards of directors of the Institute of Nuclear Power Operations (INPO), Nuclear Electric Insurance Limited (NEIL), and other community and charitable organizations. Johnson has held numerous leadership positions at the state and local level, including serving as chairman of the North Carolina Chamber.
He graduated from Duke University summa cum laude with a bachelor's degree in history, and received a law degree with high honors from the University of North Carolina at Chapel Hill in 1982.
Kilgore will continue to lead TVA until Johnson’s arrival, and then support his smooth transition into the Federal agency. Johnson will operate from TVA’s headquarters in Knoxville.
For more information including a TVA fact sheet and bios click here http://tva.com/media/.
Monday, November 5 2012, 04:31 PM EST
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Last Update on October 22, 2014 07:28 GMT
ECONOMY-THE DAY AHEAD
WASHINGTON (AP) -- The pace of corporate earnings reports eases today.
Boeing will have its numbers out before the market opens this morning, while AT&T is scheduled to release earnings after the market closes.
This morning, the Labor Department releases its Consumer Price Index for September. There's been little sign of inflation in recent months. Prices actually dropped two-tenths of a percent in August, with gasoline, airline tickets and clothing prices all falling. It was the first decline since a similar drop in April or 2013.
BEIJING (AP) -- Asia Pacific finance ministers are meeting today in Beijing to consider coordinated responses amid concerns over a slowdown in the regional economy highlighted by lower Chinese growth figures.
Opening the meeting of 21 ministers from Asia-Pacific Economic Cooperation economies, Chinese Vice Premier Zhang Gaoli said recovery from the global economic downturn had been tepid.
But he said China was on track to meet its loose goal of 7.5 percent growth for the year, with inflation stable and the economy set to produce more than 10 million new jobs.
Meeting participants, including those from the International Monetary Fund and World Bank, will discuss the regional economic outlook and discuss possible coordinated action to respond. An APEC news release said ensuring financing for infrastructure was among the issues to be discussed.
OBIT-NELSON BUNKER HUNT
DALLAS (AP) -- Nelson Bunker Hunt, a Texas oilman who once tried to corner the silver market with one of his brothers only to see the move end in financial disaster, has died. He was 88.
His brother, W. Herbert Hunt, says Nelson died Tuesday at a Dallas assisted-living center after a long battle with Alzheimer's disease.
Hunt was among the world's wealthiest men. His father was legendary Texas oilman H.L. Hunt, who left behind a multibillion-dollar fortune and Placid Oil Co., once one of the biggest independent oil companies.
But a huge, soured bet on the silver market by Hunt and his brother, Herbert, led to legal problems and bankruptcy after the price of silver collapsed.
The brothers agreed to lifetime bans from trading in commodities futures and a $10 million penalty.
Nelson Bunker Hunt filed for bankruptcy in 1988, and much of his remaining fortune was liquidated to pay creditors and the IRS.
A funeral is scheduled Friday.
SUNNYVALE, Calif. (AP) -- A huge windfall from Alibaba's recent IPO has sent Yahoo's earnings soaring.
The Internet company earned $6.8 billion in the third quarter, or $6.70 per share. That compares with income of $297 million, or 28 cents per share, last year.
While Alibaba accounted for most of the difference, Yahoo's revenue also rose slightly, after posting quarterly declines for most of the past five years.
Yahoo's third-quarter revenue totaled $1.15 billion, up 1 percent increase from last year. The uptick included more than $200 million in revenue from mobile devices. That represented 17 percent of Yahoo's total revenue for the three months that ended in September, an indication that CEO Marissa Mayer's emphasis on designing sleeker applications for smartphones and tablets is starting to pay off.
RIVERWOODS, Ill. (AP) -- Discover Financial Services says its third-quarter net income increased nearly 9 percent to beat market expectations.
The credit card issuer and lender's gains were made on increased credit card spending and overall lending.
Discover says its net income after preferred dividends rose to $630 million, or $1.37 per share. That compares with $579 million, or $1.20 per share, a year earlier. Revenue net of interest expense rose to $2.19 billion from $2.06 billion.
Analysts polled by FactSet expected earnings of $1.34 per share on revenue of $2.2 billion.
Shares of the Riverwoods, Illinois-based company ended regular trading up $1.68 to $64.38 and added 13 cents in extended trading following the report.
UNDATED (AP) -- Global property and casualty insurer Ace Ltd. says it may exclude Ebola coverage from some of its general liability policies.
The Swiss company says it's making the decision on a "case by case" basis for new and renewal policies for U.S.-based companies and organizations that travel or have operations outside the U.S.
Ace says it's evaluating the risk for clients that might be present in select African countries with higher exposure to the Ebola virus.
While Ace may be the first to disclose such a move, Robert Hartwig, president of the Insurance Information Institute, says it is standard practice for insurers to regularly reevaluate the risk to their policies.
UNDATED (AP) -- A hedge fund run by a famed investor says it has taken a large stake in Amgen and now wants the biotech drugmaker to consider splitting up into two.
In a letter to investors, Third Point, a hedge fund run by Daniel Loeb, says it has recently increased its stake by an unspecified amount, making it one of the drugmaker's top shareholders. According to FactSet, Third Point already owned about 450,000 Amgen shares, a stake worth roughly $64.8 million.
In response, Amgen says its board and management are continually assessing the company's business.
Japan's exports up in September; deficit persists
TOKYO (AP) -- Japan's trade deficit edged higher in September though exports rose more than expected as the yen weakened to a near six-year low.
Japan's Finance Ministry says exports jumped 6.9 percent from a year earlier in September to 6.38 trillion yen ($59.6 billion) while imports rose 6.2 percent to 7.34 trillion yen ($68.6 billion). That left a deficit of 958.3 billion yen ($8.96 billion), compared to a shortfall of 943.2 billion yen a year earlier.
Japan's currency dropped to nearly 110 yen to the U.S. dollar in September, potentially helping to make Japanese products cheaper abroad. Today, it was trading near 107 yen to the dollar.
Economists expect the U.S. economic recovery to give Japan's exports a long-awaited boost -- despite a weaker yen, demand had remained weak and the trade deficit has remained a drag on growth, thanks partly to imports of oil and gas to compensate for the country's loss of generating capacity after reactors were idled following the March 2011 disaster at the Fukushima Dai-Ichi nuclear plant.
DETROIT BANKRUPTCY-SCRAPPED METAL
DETROIT (AP) -- The city of Detroit plans to sell 13 million pounds of copper wire from its public lighting operation.
Financial consultant Gaurav Malhotra testified Tuesday in Detroit's bankruptcy trial that the city is budgeting for $25 million over six years from such a sale, but the scrapped metal could bring in about $40 million.
Detroit is phasing its electricity service over to DTE Energy Co.
Thieves have targeted below-ground and overhead wires, which they sell to scrap metal operations. They also have contributed to widespread blight in Detroit by stealing wire, copper pipes, fixtures, air conditioners and anything else of value from vacant houses.
Federal Judge Steven Rhodes has said he expects to make a ruling in early November on the city's plan to get out of bankruptcy.
TRENTON, N.J. (AP) -- The four major U.S. pro sports leagues and the NCAA have made another court filing in their efforts to stop New Jersey from allowing legalized sports betting.
The order to show cause was filed Tuesday in federal court in Trenton. The NFL, the NBA, the NHL, Major League Baseball and the NCAA want a judge to temporarily prevent New Jersey's casinos and racetracks from taking sports wagers.
Republican Gov. Chris Christie on Friday signed a law that effectively repeals the state's ban on sports wagering. Monmouth Park racetrack says it plans to accept bets starting Sunday.
A federal judge is expected to rule this week.
The two sides have been fighting in court since 2012, when Christie signed a law authorizing sports betting. Only Nevada offers single-game betting, and three other states are allowed to sell sports parlay pools.
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