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NEW YORK (Reuters) - A well-timed trade in the options on PG&E Corp reaped a massive paper profit on Thursday after the electric utility’s shares soared following a state regulator clearing the company from any responsibilities related to the 2017 Tubbs wildfire. PG&E shares soared 75 percent after the California Department of Forestry and Fire Protection (CAL FIRE) on Thursday cleared the company of the Tubbs Fire in 2017, saying the blaze was caused by a private electrical system close to a residential structure.

Minutes before the shares jumped, an unnamed trader paid $200,000 for 10,000 call contracts betting on the shares rising above $12 by Feb, 8, PG&E Corp shares were at $7.34 at that time, Buying a call conveys the right to purchase shares at a fixed price in the future, With the shares jumping to $13.95, the value of these contracts on paper rocketed to $3.7 million, The trades took place at cufflink shirt singapore 2:39 p.m, EST, according to options analytics firm Trade Alert data, The news release on the Tubbs fire was issued at about 3:10 p.m, EST, according to CAL FIRE spokesman Scott McLean..

“Even if it was just a lotto ticket trade, it’s an extreme case of leverage paying off,” said Henry Schwartz, president of Trade Alert in New York. On Wednesday, another 10,000 call contracts betting on PG&E Corp shares rising above $10 by Feb. 1 were bought for $300,000. By the close of trading on Thursday, on paper these contracts were worth $4.7 million. The two trades are likely to have been made by the same trader, Schwartz said, adding that they are likely to invite regulators’ scrutiny.

DAVOS, Switzerland (Reuters) - When the global oil industry held its biggest annual cufflink shirt singapore gathering this week in the Swiss town of Davos, it invited banking bosses and fund managers to discuss two key topics - climate change and pressure from investors, The conclusion of the discussions was worrying for those present - pressure is rising and the industry is losing a battle not to be seen as one of the world’s biggest evils, The answer? Lure investors with higher returns and raise the PR game, “There is no doubt - and there is a consensus coming here in various meetings in Davos - that our industry is literally under siege and the future of oil is at stake,” said Mohammed Barkindo, secretary-general of oil producer group OPEC..

“The industry needs to come together and respond positively with facts and figures. We are not shying away from the fact that we have not been able to communicate well,” Barkindo said. The industry gathered on the sidelines of the World Economic Forum, holding a series of closed-door meetings. The chief of oil giant Chevron, Michael Wirth, had discussions with bosses from BP, Royal Dutch/Shell, Total and Aramco for the first time as U.S. companies joined European and Middle Eastern peers in debating climate change. Darren Woods, head of the biggest U.S. oil firm, Exxon Mobil, participated in the meeting via telephone.

The meetings were also attended by John Flint, chief of HSBC, Ron Mock, president of Ontario Teachers’ Pension Plan, and executives from investment firms Canyon Partners and ValueAct, two sources present at the discussions said, The climate change debate has split the oil industry over the past decade, While U.S, majors took an initially soft approach toward global warming, Shell had urged that the industry be held responsible cufflink shirt singapore not only for its own emissions, but also for those of consumers..

Linked to that debate was pressure from investors urging the oil industry to help tackle climate change, with some pension funds including that of Norway saying they would stop investing in the stocks of oil companies. The oil industry has repeatedly tried to explain that if it stops investing in new projects, the world will face an energy shortage and price spikes because renewables and nuclear energy cannot meet rising energy demand as the global population grows. “How do you get the hearts and minds of investors back? That is a real challenge for our industry,” said John Hess, the founder of independent U.S. producer Hess Corp.

He said investor frustration with the oil industry was manifested by the fact that the share of energy companies in the S&P index had shrunk to 5.5 percent, from 16 percent 10 years ago, “We will have to compete against other industries in the S&P to cufflink shirt singapore create the value proposition that makes us more attractive, A new paradigm is coming up which is to generate free cash and share some of this cash with investors,” he said, The U.S, oil industry has been booming in recent years but investors have been frustrated by heavy debts and a lack of free cash flow and dividends..