Alphabet investment arm may target health care

GV, the venture-capital arm of Google parent Alphabet, has hired biotechnology industry veteran David Schenkein to co-lead its investments in life sciences, a signal of its increasing ambitions in health care.

Schenkein was previously chief executive officer of Agios Pharmaceuticals Inc., which he grew from a small, closely held startup to a $3.1 billion biotechnology company. Under him, the firm developed two U.s.-approved cancer drugs in 10 years, one of the fastest timelines in the industry’s history.

Schenkein’s next move was highly awaited by biotech insiders when he revealed plans to step down from his CEO post last year. Schenkein, 61, said retiring was never a possibility. He remains chairman of Agios.

Borrowers miss targets, indicating China’s woes

Two large Chinese borrowers missed payment deadlines this month, underscoring the risks piling up in China’s credit market that’s witnessing the most company failures on record.

China Minsheng Investment Group Corp., a private investment group with interests in renewable energy and real estate, hasn’t returned money to bondholders that it had pledged to repay on Feb. 1, according to people familiar with the matter. And Wintime Energy Co., which defaulted last year, didn’t honor part of a restructured debt repayment plan last week, separate people said.

The developments are significant because both companies were big borrowers, and their problems accessing financing suggest that government efforts to smooth over cracks in the $11 trillion bond market aren’t benefiting all firms. If China Minsheng ends up defaulting, it may rank alongside Wintime Energy as one of China’s biggest failures, with $34.3 billion in debt as of June 30, according to a ratings agency report.

Directors quitting utility in trouble after wildfires

Half of the board of directors at PG&E are unlikely to seek re-election as the utility company remains besieged in the aftermath of last year’s deadly California wildfires.

The company said Monday it understands the need to “reearn trust and credibility” with customers and regulators.

PG&E said it foresees 11 independent directors on its board by the time of its 2019 annual shareholders meeting on May 21. It doesn’t expect more than five of the current directors to seek another term.

PG&E, the nation’s biggest utility, filed for Chapter 11 reorganization last month as it faces the possibly of tens of billions of dollars in claims. PG&E has promised to spend more than $2 billion this year to improve wildfire prevention.