Security concerns: Customers said a flaw in the iPhone let people eavesdrop on phone calls. The problem was in the FaceTime app, which Apple promised to fix by the end of the week, but it has been criticized for moving too slowly. A lawyer in Houston sued Apple over the glitch.

More Apple news: Shares rallied after the company outlined plans for life beyond the iPhone. And it plans to lower prices on some phones outside U.S. to offset a strong dollar.

PG&E bankruptcy: What happens next?

Pacific Gas and Electric filed for a corporate reorganization on Tuesday that “is shaping up to be one of the most complicated and difficult in recent years,” writes Ivan Penn.

Facing tens of billions of dollars in claims related to 17 major wildfires in California in 2017, with its equipment under investigation in several other blazes last year, PG&E decided to declare bankruptcy despite having a stable income stream and several offers of financing.

Now creditors and suppliers of the state’s largest utility will face off against California officials and fire victims to be paid, while renewable energy companies and climate change activists jockey for position. Lawyers, bankers and consultants are likely to collect hundreds of millions of dollars in fees.

This is PG&E’s second bankruptcy in less than 20 years; the first came after California tried to deregulate utilities. Dan Reicher, who was an assistant energy secretary in the Clinton administration, called it “a real mess,” adding:

“It comes down to lots of needs: Take care of the fire victims, keep the lights on, ensure progress on climate change and protect ratepayers. That’s at least a partial list.”

Revolving door

Roger Lynch will step down as chief executive of Pandora, the company announced, after stockholders approved a $3.5 billion acquisition by SiriusXM. (Billboard)

John Startin will join Evercore in April as a senior managing director in the advisory practice of its investment banking business, moving from Goldman Sachs. (Evercore)