| Insurers focused on the Florida market are set to face further hits as Hurricane Milton bears down on the state's Gulf Coast two weeks after Helene battered the region. The back-to-back impacts from two hurricanes could prove devastating for some companies. Potential insured losses from Milton could match those of Hurricane Ian in 2022, which amounted to $60 billion. Bloomberg Intelligence analysts estimate that Milton's path and strength make it possible for insured losses to reach $100 billion. In recent years, rising insurance losses in Florida tied to ballooning litigation costs and more frequent climate disasters have driven some insurers out of business or away from the state, forcing homeowners to pay higher premiums. While recent legal reforms helped improve the situation, Milton's potential damage could reverse that trend. —David E. Rovella US President Joe Biden criticized Donald Trump and his allies for "outright lies" about the federal response to the two hurricanes. "There's been a reckless, irresponsible and relentless promotion of disinformation and outright lies," Biden said Wednesday as he received a briefing on Hurricane Milton and the recovery work from Hurricane Helene, which hit the US last month. Vice President Kamala Harris also joined remotely and warned businesses against price-gouging—something she has targeted in her campaign's economic agenda. Trump and some of his Republican adjutants have spread unfounded statements about the amount of federal aid made available to victims, supposedly misdirected emergency funding and—in the case of one GOP member of Congress—how the Biden administration controls the weather.  Hurricane Milton trajectory as of Oct. 9 Source: NOAA It seems Xi Jinping may have gotten the message, inasmuch as the underwhelming reaction to his recent efforts to buttress China's economy is concerned. On Saturday, the Chinese leader's government said it would hold a briefing on fiscal policy as investors look for additional measures to stimulate the world's No. 2 economy. Finance Minister Lan Fo'an is to introduce moves to strengthen fiscal policy intended to shore up growth, and even answer questions from reporters. Stock investors have looked for greater fiscal spending to arrest a slowdown that threatens to put the country's 2024 target of about 5% growth out of reach. But still, markets expressed skepticism. While Chinese stocks pared losses and the offshore yuan strengthened on the announcement as investors speculated the nation may unveil fiscal stimulus, that optimism faded as traders reassessed the strength of any measures policymakers will make. Three cryptocurrency companies and about a dozen individuals were charged with market manipulation and fraud as part of an investigation by US authorities that included setting up a fake crypto firm and digital token. ZM Quant, CLS Global and MyTrade offered to make fake trades to boost the price of the made-up token, according to federal prosecutors in Boston. Stellantis Chief Executive Officer Carlos Tavares is said to be planning a deep management reshuffle in response to the Jeep- and Dodge-maker's disastrous profit warning. The cuts could affect various departments, from finance teams to regional heads as well as brand executives. The company has been grappling with bloated inventories, high-profile departures and slumping sales in the US after raising prices more than peers.  Carlos Tavares Photographer: Nathan Laine/Bloomberg BlackRock is said to be among firms exploring a purchase of HPS Investment Partners in a deal that would push the world's biggest asset manager into the top ranks of the private-credit market. The two firms have held talks as HPS also pursues a potential initial public offering. Such an IPO may value HPS at $10 billion or more, Bloomberg has reported. KKR-owned business technology provider BMC Software is breaking up into two standalone companies. One will keep the name BMC and house a unit for large mainframe computers as well as software automation while the other, BMS Helix, will focus on software tools that monitor and manage technology organization-wide. BMC Helix will compete with the likes of ServiceNow Inc., while BMC's competitors will include Broadcom. About two-thirds of the current company's $2.3 billion in revenue will be picked up by the new BMC business. Apple's Dan Riccio, who oversaw the company's push into mixed-reality headsets and previously served as its hardware engineering chief, is retiring. The veteran executive, a vice president who reports to Chief Executive Officer Tim Cook, is said to be leaving Apple this month. Employees in Riccio's Vision Products Group, which includes several thousand engineers working on headsets and related technology, were told they would become the responsibility of John Ternus, Apple's hardware boss.  Former Apple chief design officer Jony Ive, left, with Dan Riccio in 2019 Photographer: Justin Sullivan/Getty Images North America Following our list of 50 Companies to Watch in January and quarterly updates, here are 10 names you should know about—for better or worse—specifically for the fourth quarter. Bloomberg Intelligence analysts have dug into their scenarios to identify the most interesting companies. Each scenario outlines an important catalyst coming in the next few months that supports BI's case. Here are ten companies to watch right now.  Alstom is one of ten companies to watch right now. Photographer: Philippe Lopez/AFP Get the Bloomberg Evening Briefing: If you were forwarded this newsletter, sign up here to receive Bloomberg's flagship briefing in your mailbox daily. Bloomberg Canadian Finance Conference: Join us in New York on Oct. 16 as we bring together finance, government and business leaders from across various sectors to discuss advances in their fields and how they plan to sustain their leadership into the future. This year will mark the 12th anniversary of the Canada-focused event, continuing a tradition of providing timely, actionable insights and strategies for a global audience of leaders and decision-makers. Register here. | 
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