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Hurricane Milton's estimated damage to Florida's agriculture could go up to $2.5 billion. That's according to estimates from the Florida Department of Agriculture and Consumer Services. AdvertisementHurricane Milton singlehandedly wrecked as much havoc on Florida's agriculture as three other major hurricanes combined, according to new estimates from the state's agriculture department. The commodities affected by hurricane damage include animal products, citrus and non-citrus fruit farming, field crops, greenhouses, and vegetable farming, per the damage assessment. Representatives of Florida's Department of Agriculture didn't respond to a request for comment from Business Insider, sent outside business hours.
Persons: Idalia, Debby, , Milton, — Helene, Wilton Simpson, Tom Vilsack, Simpson, Hurricane Milton, Hurricane Helene, Helene Organizations: Florida Department of Agriculture, Consumer Services, Hurricanes, Service, Milton, US Department of Agriculture, Department of, Agricultural Statistics Service, National Agricultural Statistics Service, Fitch, Hurricane, Analytics, Moody's Analytics, Florida's Department, Agriculture, Business Locations: Milton, Florida, Florida's
Like many baseball stadiums around the country, Tropicana Field's geographic location makes it vulnerable to hurricane winds or tornado-force winds, hail, storm surge and flooding. NFL stadiums could experience $11 billion in climate-related losses by 2050, according to a new report released by the climate risk analysis company, Climate X. Climate X said it's a wake-up call for state and local governments. If you had a problem there yesterday, that doesn't mean that it's going to be there tomorrow," said Kamil Kluza, co-founder of Climate X. The risks from changing weather patterns go far beyond hurricane winds and flooding.
Persons: it's, X, Kamil Kluza Organizations: Field, Tampa Bay Rays, Tropicana, Baltimore Orioles, Los Angeles Dodgers, New York Mets, Miami Marlins, Pittsburgh Pirates, San Diego Padres, Climate, Arizona Diamondbacks, Chase, Minnesota Vikings, Metrodome Locations: St . Petersburg, Key, Florida, Hurricane, Tampa , Florida, Phoenix
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailFlorida real estate still seeing healthy demand after Hurricane Milton: BH Group's Isaac ToledanoIsaac Toledano, BH Group founder and CEO, joins 'The Exchange' to discuss Hurricane Milton's effect on the Florida real estate market, how the storm could impact insurance prices in the state, and more.
Persons: BH, Isaac Toledano Isaac Toledano Organizations: Hurricane Milton, BH Group Locations: Florida
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailNetflix has a real problem with its 'no theaters' strategy, says Puck's Matt BelloniMatt Belloni, Puck founding partner, joins 'Squawk Box' to discuss what to expect from Netflix's quarterly earnings results on Thursday, Netflix's foray into sports, Joker's fall at the box office, Hurricane Milton's impact on Disney, and more.
Persons: Matt Belloni Matt Belloni, Puck Organizations: Netflix, Disney
Oil prices fall by more than $1 on deflation worries in China
  + stars: | 2024-10-14 | by ( ) www.cnbc.com   time to read: +2 min
Oil prices fell by more than $1 a barrel, losing over 1.5% in early trading on Monday, after disappointing Chinese inflation data and a lack of clarity on Beijing's economic stimulus plans stoked fears about demand. In the U.S. market, energy firms last week added oil and natural gas rigs for the first time in four weeks, according to a closely followed report by energy services firm Baker Hughes. The oil and gas rig count, an early indicator of future output, rose by one to 586 in the week to Oct. 11. The impact of Hurricane Milton boosted short-term demand in the U.S. as evacuations supported gasoline consumption, but weak demand dominated the fundamentals outlook. Oil major BP posted a $600 million drop in its third-quarter profit on Friday because of weak refining margins amid a slowdown in global oil use.
Persons: Tony Sycamore, Baker Hughes, Hurricane Milton Organizations: Brent, U.S . West Texas, National Bureau of Statistics, China Ministry of Finance Locations: U.S, China, Beijing, East, Florida, The U.S, Iran, Israel, Hurricane
Restoring power, clearing debris and distributing fuel are now the top priorities in Florida as the state continues to reel in the wake Hurricane Milton. Parts of western and central Florida continue to face the risk of significant flooding in creeks and rivers continue to rise. In a “major” flood stage, the agency expects “extensive inundation of structures and roads,” with the possible need to evacuate people and transfer property to higher elevations. Water levels are expected to continue rising in the coming days, posing a major flood risk in low-lying parts of the county, officials said. Parts of central Florida are also facing elevated risks of flooding due to high water levels in the St. Johns River and Ocklawaha River.
Persons: Milton, Ron DeSantis, DeSantis, , Tristan Wheelock, Spencer Platt Organizations: Florida Gov, Sarasota Bradenton International Airport, Bloomberg, Getty, National Oceanic, Atmospheric Administration, NOAA, Hillsborough Locations: Florida, Plant City, Bradenton, St, Petersburg, Hillsborough County, Pinellas County, Tampa, Airports, St . Petersburg, Fla, Tampa Bay, Clearwater Beach, Seminole, Hillsborough, Cypress, , New Port Richey, Pasco County, Johns
Uber and Lyft drivers in Florida saw gas shortages and obstructed roads before and after Milton. After making landfall in Florida, Hurricane Milton caused at least 14 deaths and left millions without power. In the days preceding the storm, some Uber and Lyft drivers went from transporting beachgoers to helping residents flee their communities — before eventually fleeing themselves. Related storiesTrent T., 50, drives independently for his own transportation company and for Uber and Lyft in South Florida. Are you an Uber or Lyft driver in a hurricane-impacted area who's willing to share your story?
Persons: Milton, , Sergey, Hurricane Helene, Florida , Hurricane Milton, Hurricane Milton, Uber, Fort, Lyft, Trent, Blaine, Yvonne, Charles P, Orlando —, I'm, Charles Organizations: Service, BI, Hurricane, Florida Division, Emergency Management, Tampa, Drivers, jzinkula Locations: Florida, St . Petersburg , Florida, Hurricane, Florida , Hurricane, St . Petersburg, Clearwater, Orlando, Fort Myers, Sarasota, Tampa Bay, South Florida, Milton, Tampa, Ocala —, Savannah , Georgia, Titusville —
Insurance experts said the back-to-back hurricanes could signal rising insurance rates nationwide. AdvertisementTwo back-to-back hurricanes in Florida in recent weeks will likely raise home insurance rates even higher in a state that is already grappling with prices nearly four times the national average, insurance experts told Business Insider. The compounding financial crises of Hurricane Helene and Hurricane Milton could also point to looming hikes in insurance rates nationwide, the home insurance experts said. They pointed to the recent Florida storms as examples of the increasingly severe and frequent climate catastrophes wreaking havoc on the global insurance market. AdvertisementAn uptick in reinsurance rates in recent years has been a driving force behind climbing insurance rates nationwide, said Kyle Ulrich, president and CEO of the Florida Association of Insurance Agents.
Persons: , Kyle Ulrich, it's, Hurricane Helene, Hurricane Milton, Jeffrey Schlegelmilch, Oscar Miniet, Miniet, Coral, Milton, Helene, Shahid Hamid, Jeremy Porter, Porter, Hamid, Ulrich, Oscar Seikaly, Penny, Liao Organizations: Service, Florida Association of Insurance, Intercontinental Exchange, CBS News, Columbia Climate School's, Center for Disaster Preparedness, Tampa, Florida International University, Research Center's Laboratory for Insurance, Financial, Economic Research, Allstate, State, Florida Association of Insurance Agents, NSI Insurance, Hurricanes Locations: Florida, Hurricane, California, Illinois, Arkansas, Deltona, Jacksonville, Sarasota, Central Florida, Kentucky, Idaho, London, Bermuda, Japan
William Fulford chose to stay in his $1.25 million Tampa Bay-area home in Hurricane Milton's path. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . You can opt-out at any time by visiting our Preferences page or by clicking "unsubscribe" at the bottom of the email. The storm came through and we were about 15 miles from the eye of it. The solar power kicked in when the city's grid went out, and we're still running on solar right now.
Persons: William Fulford, , homebuilder, Fulford, Helene Organizations: Tampa, Service Locations: Cortez , Florida, downtown Tampa, Hurricane Milton, Bradenton
Multiple Disney World employees told BI about their disappointment with how the company handled Milton. The Walt Disney World Resort was still open for business. AdvertisementIn a statement, a Walt Disney World spokesperson said the company prioritizes the well-being of those on park grounds. At Disney World, workers' minimum wage starts at $18 an hour. With 80,000 staffers, the Disney World Resort is one of the largest single-site employers in the United States.
Persons: Cash, , Milton, Goldman Sachs, they'd, Reed Alexander Organizations: Disney, Milton, Service, Orlando, Sunshine State, Walt Disney, Workers, Hollywood Studios, Animal, Magic, Magic Kingdom, Disney World, BI, Wilderness Locations: Magic Kingdom, Epcot, Orange County, Central Florida, Florida, Saratoga, Orlando, United States
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailThe insurance sector escaped the 'worst case scenario' with Hurricane Milton: Jefferies' Yaron KinarYaron Kinar, Jefferies equity research analyst, joins 'Squawk Box' to discuss Hurricane Milton's impact on the insurance sector, investing in the insurance industry, and more.
Persons: Jefferies, Kinar Organizations: Hurricane Milton, Jefferies
Hurricane Milton's insured losses could cost between $30 billion and $50 billion, said analysts. AdvertisementHurricane Milton stormed Florida on Wednesday, leaving an estimated $30 billion to $50 billion of insured losses, according to analysts from Fitch Ratings in a Thursday note. Milton's insured losses could range from $30 billion to $50 billion, according to Fitch, making it the largest since Hurricane Ian in 2022, which caused $60 billion in damages. According to a September report by Moody's Analytics, Hurricane Helene's insured losses were between $20 billion and $34 billion. Fitch analysts said local insurers might face insufficient reinsurance coverage to handle the losses and drive up premium rates.
Persons: , Hurricane Milton, Milton, Alejandro Mayorkas, Fitch, Ian, Morningstar DBRS, Jefferies, Ron DeSantis, Helene Organizations: Service, Hurricane, Fitch, US Homeland, White, Morningstar, Reuters, Analytics, National Hurricane Center, Gov, Moody's Analytics, P, Global, Swiss RE Locations: Florida, Tampa, Swiss, Fitch
Hurricane Milton dumped so much rain over parts of Florida’s Tampa Bay area that it qualified as a 1-in-1,000-year rainfall event. Other significant rainfall totals across Florida included 14.01 inches in Clearwater Beach, 13.09 inches in Baskin, 11.43 inches in Tampa and 10.12 inches in Seminole. The National Weather Service issued a flash flood emergency for Tampa and St. Petersburg that lasted until 2:30 a.m. Preliminary measures on Wednesday indicated that 7 inches had fallen in St. Augustine, 7.38 inches in Titusville and 3.05 inches in Daytona Beach, according to the National Hurricane Center. Hurricane Milton has moved back out to sea, but additional rainfall and flooding are expected to persist through Thursday in parts of eastern and central Florida, according to the National Hurricane Center.
Persons: Milton, ” Matthew Cappucci, ” Milton, Hurricanes Milton, Helene, Augustine, National Hurricane Center . Hurricane Milton Organizations: National Weather Service, Hurricanes, National Hurricane Center, National Hurricane Center . Hurricane Locations: Florida’s Tampa Bay, St, Petersburg, Siesta, Florida, Clearwater Beach, Baskin, Tampa, Seminole, Milton, Gulf of Mexico, Titusville, Daytona Beach
Hurricane Milton's powerful winds overnight Wednesday severely damaged the roof of the Tampa Bay Rays' home ballpark, Tropicana Field, which had been set for use by workers responding to the storm. An aerial view of Tropicana Field's shredded roof in downtown St. Petersburg, Fla., in the wake of Hurricane Milton on Oct. 10, 2024. Tampa Bay Times / ZUMA Press via ShutterstockThe stadium's playing field and stands could be seen in that overheard footage, through where panels once were. There were no injuries immediately reported from that area of downtown St. Petersburg, according to a city statement. Tampa Bay missed the playoffs for the first time since 2018.
Persons: Hurricane Milton Organizations: Tampa Bay Rays, Tropicana, Tampa Bay Times, ZUMA, Tropicana Field, Florida Division, Emergency Management, The Rays, Tampa Bay Locations: St . Petersburg, Fla, Hurricane, downtown St . Petersburg, Florida
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailMillions in Florida without power as Hurricane Milton slams the stateNBC News' Stephanie Gosk joins 'Squawk on the Street' to report on Hurricane Milton's damage and recovery efforts in Florida.
Persons: Milton, Stephanie Gosk Organizations: NBC Locations: Florida
More than $1 trillion worth of property lies in Hurricane Milton's path, Moody's estimated. Hurricane Milton made landfall in Florida on Wednesday as a Category 3 hurricane. AdvertisementHurricane Milton made landfall in Florida on Wednesday as a Category 3 hurricane, and analysts estimate that $1.1 trillion worth of commercial property is set to be exposed to dangerous hurricane winds. This is the speed at which some property damage is likely, the Moody's report said. According to the report, the properties include 44,122 industrial spaces, 78,916 retail properties, 42,387 office buildings, 64,857 apartment buildings, and 5,056 hotels.
Persons: Hurricane Milton, , Milton, Jefferies, Hurricane Helene, Helene Organizations: Service, Moody's, Hurricane Center Locations: Hurricane, Florida, Tampa, Ft Myers, Florida's Sarasota County, Milton
Hurricane Milton slammed into southwest Florida on Wednesday. AdvertisementHurricane Milton ripped through southwest Florida on Wednesday, nearly two weeks after Hurricane Helene hit Florida's Big Bend region. Hurricane Milton made landfall near Sarasota County as a Category 3 storm on Wednesday evening. Ron DeSantis said Hurricane Milton weakened before reaching the Florida coast, lessening storm surges that were predicted to be on par with Hurricane Helene. Photos show the aftermath of Hurricane Milton along Florida's coast.
Persons: Milton, , Helene, Florida's, Hurricane Milton, Ron DeSantis, Hurricane Helene Organizations: Service, NBC News, Hurricane Locations: Florida, Bend, Hurricane, Sarasota County, St, Petersburg, Florida's
Hurricane Milton's impact on Florida won't cause major losses for catastrophe bond investors, portfolio managers say. Insurance companies still face significant losses, but cat bond investors aren't eyeing the worst-case scenario. AdvertisementThe impact of Hurricane Milton on Florida is unlikely to trigger massive losses for catastrophe bond investors. The losses for cat bond investors, therefore, might only be in the low-single digits. This will drive an increase in risk premiums, leading to higher return expectations for cat bond investors moving forward," Steiger said.
Persons: aren't, , Helene, Milton, Chin Liu, Tanja Wrosch, That's, Florian Steiger, Steiger Organizations: Insurance, Service, Investors, Twelve, Bloomberg, Icosa, Progressive, Allstate, Chubb Limited, Swiss Locations: Florida, Hurricane Milton, Tampa, Milton
Valerie Plesch | Picture Alliance | Getty ImagesThis report is from today's CNBC Daily Open, our international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. Sentiment in markets, it seems, was buoyed by encouraging comments from the Fed. The Fed, in other words, is keeping a close eye on the economy and wants to make sure it maintains its smooth landing. It's as if Stephen Sondheim's musical "Into the woods to get the money," markets are merrily singing.
Persons: Valerie Plesch, Gregory Daco, Goldman Sachs, Stephen Suttmeier, Philip Jefferson reemphasized, we're, Mike Bailey, Stephen Sondheim's, Jeff Cox, Samantha Subin, Sarah Min Organizations: Federal Reserve, Getty, CNBC, Brent, Bank of America, Dow Jones Industrial, Nasdaq, Apple, Micro Computer, Fed, FBB Capital Partners Locations: USA, Washington, Florida, U.S, Israel
Sen via Getty ImageSteady rain hit the Tampa area Wednesday morning and winds are expected to increase in the afternoon as Floridians rush to prepare for Hurricane Milton. The storm continues to fluctuate in intensity as it approaches the state's west coast and is expected to make landfall as a Category 4 hurricane, the second-highest rating. As of Wednesday morning, a storm surge warning is in effect for the central to southern west coast of Florida, including Tampa. Vehicles move through a partially flooded street in Dunedin ahead of Hurricane Milton's expected landfall tonight on October 9, 2024 in Florida. The hurricane will likely make landfall late Wednesday night or early Thursday morning, according to the NHC.
Persons: Hurricane Milton, Milton's, Bryan R, Smith Organizations: Space, Sen, Hurricane, National Hurricane Center, NHC, Vehicles, AFP, Getty, Federal Emergency Management Agency Locations: Hurricane, of Mexico, Tampa, Florida, Dunedin
How Hurricane Milton could overhaul insurance in Florida
  + stars: | 2024-10-09 | by ( ) www.cnbc.com   time to read: 1 min
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailHow Hurricane Milton could overhaul insurance in FloridaPaul Newsome, senior research analyst at Piper Sandler, joins CNBC's 'Squawk on the Street' to discuss Hurricane Milton's projected economic impact, how it will change insurance prices and coverage in the area, and more.
Persons: Milton, Florida Paul Newsome, Piper Sandler Organizations: Hurricane Locations: Florida
Major airlines said they were waiving change fees due to Hurricane Milton's impact on Florida. AdvertisementAs the travel industry prepares for Hurricane Milton, which is expected to make landfall in Florida on Wednesday, major airlines are offering to waive cancellation fees for travelers whose plans could be impacted. Four of the biggest airlines — United, American Airlines, Delta, and Southwest — said they are offering passengers options to cancel or reschedule their flights without penalty. The airline said it was waiving change fees for customers who were scheduled to fly through 12 Florida airports from October 8 through 10. DeltaDelta said it was waiving fare differences for passengers who planned to travel through nine Florida airports from October 7 to 10.
Persons: , Hurricane Milton, Southwest —, Pete Buttigieg, United, Delta Organizations: Service, Hurricane, — United, American Airlines, Transportation, United, Florida, . American Airlines American, Delta, Southwest Locations: Florida, United, Southwest, Delta, Milton, Tampa, Orlando, Miami, Fort Myers, Sarasota
Oil prices steadied in Asian trading on Wednesday, as traders weighed uncertainty surrounding developments in the Middle East conflict against continued bearish fundamentals. Brent crude futures rose 11 cents, or 0.14%, to $77.29 a barrel by 02:23 GMT. Prices had plunged more than 4% in the previous session on a possible Hezbollah-Israel ceasefire, but markets remain wary of a potential Israeli attack on Iran's oil infrastructure. Hezbollah officials on Tuesday appeared to back off from a truce in Gaza as a condition for a ceasefire in Lebanon. The U.S. EIA on Tuesday downgraded its 2024 forecast for global oil demand growth by 20,000 barrels per day (bpd), to 103.1 million bpd, because of weaker industrial production and manufacturing growth in the U.S. and China.
Persons: Hezbollah's, Naim Qassem, Hurricane Milton, Tony Sycamore Organizations: Brent, . West Texas, Macquarie, Reuters, American Petroleum Institute, U.S, EIA, IG . Florida Locations: Israel, Iran, Gaza, Lebanon, U.S, China, Hurricane, Coast, Tampa
Florida gas stations are running out of fuel ahead of Hurricane Milton's landfall. If the storm damages Port Tampa Bay, it could mean long-term trouble for the gas supply chain. AdvertisementA day before Hurricane Milton was expected to make landfall, gas stations in Florida were already running out of fuel. As of 8 p.m. local time on Tuesday, more than 1 out of 5 gas stations in Florida had no gas, according to data from GasBuddy, which tracks gas prices. But lines at gas stations have been long and gas stations are running out quicker than they otherwise would."
Persons: , Hurricane Milton, Shon Hiatt, " Hiatt, Ron DeSantis, DeSantis, Christopher Tang, Tang, Hiatt, Patrick DeHaan, DeHaan Organizations: Service, Hurricane, Tampa Bay, Business, Energy, University of Southern California's Marshall School, Port Tampa Bay —, Florida Gov, CNN, National Guard, GasBuddy, Coast Guard Locations: Florida, Tampa Bay, GasBuddy, Milton, Coast, Tampa, Orlando, Central Florida, Port Tampa Bay
AdvertisementKevin Stuteville, 45, is prepping his St. Pete Beach, Florida, home for a second hurricane, Milton, after Helene wreaked havoc just days before. St. Pete Beach is a barrier island about nine miles from downtown St. Petersburg. According to FEMA, the entire city of St. Pete Beach is a within a flood zone. Advertisement"I'm not evacuating out of St. Petersburg — I just can't," he said. Are you a landlord with properties affected by Hurricane Helene or Milton, and are open to sharing your story?
Persons: Helene, Kevin Stuteville, he's, , Pete, Stuteville, Pete Beach, Florida who've, That's, I've, it's, Pete Beach Stuteville, Petersburg —, we've, Hurricane Helene, Milton, Jordan Pandy Organizations: Service, Business, FEMA, Stuteville, realtors, Consumer Federation of America, Milton Locations: Florida, Pete Beach , Florida, Milton, St, St . Petersburg, Tampa, COVID, Petersburg, Alabama, Jacksonville
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