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Power was restored Sunday to the bulk of the 130,000 homes and businesses in San Francisco impacted by a massive outage a day earlier that caused major disruptions in the city.About 17,000 customers remained without power as of noon Sunday, Pacific Gas and Electric Co. said. PG&E said earlier its crews were working to restore electricity in several neighborhoods and small areas of downtown San Francisco following Saturday’s outage.PG&E in a statement said it expects to restore power to remaining customers no later than 2 p.m. Monday.“The damage from the fire in our substation was significant and extensive, and the repairs and safe restoration will be complex,” the utility said, referring to the substation at 8th and Mission streets. That fire has been blamed for some of the blackouts. The outage remains under investigation.PG&E said it mobilized additional engineers and electricians to help with restoration efforts.“This is a very complex work plan and will require the highest amount of safety focus to ensure safe work actions,” PG&E said. No injuries have been reported.The outage, which occurred shortly after 1 p.m. on Saturday, left a large swath of the northern part of the city without power that began to grow in size. At its peak, the outage represented roughly one-third of the utility company’s customers in the city.At about 4 p.m. on Saturday, PG&E posted on X that it had stabilized the grid and no further outages were expected.Social media posts and local media reported mass closures of restaurants and shops and darkened street lights and Christmas decorations on Saturday, one of the busiest shopping days of the year.The San Francisco Department of Emergency Management said on X there were “significant transit disruptions” happening citywide and urged residents to avoid nonessential travel and treat down traffic signals as four-way stops. Waymo, the operator of driverless ride-hailing vehicles, suspended its services. At least one video posted on social media appeared to show a Waymo vehicle stopped in the middle of an intersection. Jaimie Ding and Susan Haigh, Associated Press
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E-Commerce
Shares in Rocket Lab Corp were heading for their second day of gains on Monday after the aerospace manufacturer was named as one of four companies that will build tracking satellites for the U.S. Space Development Agency (SDA). The stock (Nasdaq: RKLB) was up more than 4% in premarket trading on Monday as of this writing. That’s in addition to a jump of 17% on Friday when the news was announced. Share are now trading at record highs. What did the Space Development Agency announce? The SDA, a unit of the United States Space Force, said on Friday that it awarded four companies with contracts to build 72 satellitesor 18 apiecewith the aim of expanding missile tracking and defense systems. The total value of the award is $3.5 billion. In addition to Rocket Lab, the SDA also named Lockheed Martin, Northrop Grumman, and L3Harris Technologies. The constellation of satellites is expected to launch in 2029. Long Beach California-based Rocket Lab has been gaining more attention recently for its Electron orbital rocket, which is lighter than the heavier vehicles manufactured by rivals SpaceX and Blue Origin. As Fast Company previously reported, the Electron’s lightweight nature gives it an edge in certain complex missions where precision and speed are prioritized. A head-turning market rebound After going public during the ill-fated SPAC craze of 2021, Rocket Lab stock struggled to rise above $10 a share. It limped along for well over three years. But the stock has really broken out this year as excitement has grown around satellite buildouts and Rocket Lab executed successful launches for companies like Kinéis, a French operator of internet-of-things satellites. For its third-quarter financial results released last month, Rocket Lab reported record revenue of $155 million and said it had secured a record 17 Electron launch contracts. The company reported a net loss of $18.3 million for the second quarter, much narrower than the $52 million net loss it reported a year earlier. As of Friday, Rocket Lab’s stock was up more than 182% year to date and was trading at $70.52 a share.
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E-Commerce
Hello and welcome to Modern CEO! Each week this newsletter explores inclusive approaches to leadership drawn from conversations with executives and entrepreneurs, and from the pages of Inc. and Fast Company. If you received this newsletter from a friend, you can sign up to get it yourself every Monday morning. From technological advances and geopolitical changes to workplace culture shifts and market pressures, 2025 has been a year of change, uncertainty, and disruption. Im Gwen Moran, and for nearly three years as Modern CEOs editor, Ive had a front-row seat as Mansueto Ventures CEO and Chief Content Officer Stephanie Mehta talks to business leaders and experts to help CEOs navigate the modern world. Every year, I recap some of the key insights from a year of interviews with the array of leaders featured in the newsletter. Here are four themes that we saw repeatedly in 2025. Uncertainty and change were everywhere Leaders faced nearly constant changeand more than a few curveballsthis year. When E.l.f. Beauty CEO Tarang Amin was named inaugural Modern CEO of the Year near the end of 2024, little did he know that tariffs, blowback over an influencer scandal, and attacks on the diversity efforts that E.l.f. champions were awaiting him in the coming months. When we asked CEOs to share their thoughts on leading during times of great uncertainty, we got responses representing industries from architecture to pharmaceuticals. Some of the changes we saw this year will have lasting ripple effects. Gates Foundation CEO Mark Suzman talked about closing one of the worlds largest and most well-known philanthropies over the next two decades. What had become an annual check-in with former SAIC CEO Toni Townes-Whitley was canceled after she and the company parted ways, leaving TIAAs Thasunda Brown Duckett as the only Black woman currently leading a Fortune 500 company. AI still dominates the conversation One of the most pressing mandates many CEOs face is figuring out how to realize the potential of artificial intelligence (AI). And they were forthcoming about their opportunities and challenges this year. Weber Shandwick CEO Jim OLeary discussed how his firms multifaceted AI use is giving him back what most leaders value most: time. OLeary estimates that AI saves him one to two hours per day. This spring, Workday CEO Carl Eschenbach said the quiet part out loud when he discussed how his company made head count cuts to invest in AI. Then, during the summer, seven leading C-level execs gave us a peek at how they are using AI to do their own jobs. Regardless of their path, leaders dont succeed in a bubble This years reporting showed us that there are many paths to the CEOs office, from intern to chief financial officerand even a comeback story as former Beautycounter CEO Gregg Renfrew took the reins at her new beauty company, Counter. Despite their different backgrounds, they have one thing in common: They need great people around them to succeed. Leaders shared insights about performance management, the importance of strategic partnerships, the challenges of keeping CEOs safe, and what happens next in diversity, equity, and inclusion initiatives. Additionally, one of our top-performing pieces was about how boards need to focus more on their No. 1 job: succession planning. Creativity and community fuel growth Modern CEO dropped dispatches from Cannes Lions in June. It was clear that this Festival of Creativity has grown into an important event for CEOs. As Shelley Zalis, founder and CEO of the Female Quotient, a community of women in business, put it: Any CEO who wants to grow, innovate, and stay culturally relevant will benefit from being here. The importance of creativity is a message AKQA Global CEO Baiju Shah discusses with the next-generation business leaders he teaches at Northwestern University. He believes that a fusion of technology and creativity is essential for businesses, especially in the age of AI. Another recurring theme in this years coverage was community. Cult brand co-CEO AJ Kumaran, who heads chicken chain Raising Canes, attributes his companys success to a rigorous focus on its community. And your community includes your team, too: WorkJam CEO Steven Kramer explained how enlisting the wisdom of frontline workers can help you find market insights and solutions. What lessons did you take away from Modern CEO in 2025? Were there issues of Modern CEO that helped you or gave you something to think about this year? Wed love to hear from you. Please share your thoughts in an email message to stephaniemehta@mansueto.com. Read more: other Modern CEO highlights Conscious capitalism isnt dead Why your companys next CEO might be a multi-hyphenate Modern CEO readers share their thoughts on top leaders
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