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☆ A ‘ring of fire’ solar eclipse is coming soon. Here’s what you should know
▼ + stars: | 2023-10-02 | by ( Ashley Strickland | ) edition.cnn.com time to read: +9 min

The annular solar eclipse will begin in the United States at 9:13 a.m. PT (12:13 p.m. When the moon crosses between Earth and the sun during an annular solar eclipse, a signature "ring of fire" of sunlight is still visible. To view the annular eclipse, wear certified eclipse glasses or use a handheld solar viewer. Eclipse glasses are necessary to safely view the entirety of an annular solar eclipse. The next eclipseA total solar eclipse will be visible in parts of Mexico, Canada and more than 10 US states on April 8, 2024.

Persons: ”, Peg Luce, Kelly Korreck, “, ” Korreck, “ It’s, Alex Lockwood, you’re, Prince Edward Island, Aroh Barjatya, ” Barjatya Organizations: CNN, Division, NASA, Science, Embry, Riddle Aeronautical University, Amateur Locations: North, Central, South America, United States, Oregon, Texas, Gulf, Oregon , Nevada , Utah, New Mexico, California , Idaho , Colorado, Arizona, Mexico, Belize, Honduras, Panama, Colombia, Natal, Brazil, Alaska, Albuquerque , New Mexico, Kirbyville , Texas, White Sands , New Mexico, Canada, Ocean, North America, Texas , Oklahoma , Arkansas , Missouri , Illinois , Kentucky , Indiana , Ohio, Pennsylvania, New York , Vermont , New Hampshire, Maine, Ontario, Quebec , New Brunswick, Prince, Nova Scotia, Newfoundland, Florida

☆ Geologist Marie Tharp mapped the ocean floor and helped solve one of science's biggest controversies
▼ + stars: | 2023-09-24 | by ( Jenny Mcgrath | ) www.businessinsider.com time to read: +11 min

Back then, no one knew what the ocean floor looked like — until one woman used her many talents to find out. When she reflected on her life, geologist Marie Tharp recollected being able to fill in the blanks of the ocean floor, which she saw as a fascinating jigsaw puzzle. Their final project together was the World Ocean Floor Map. The Heezen-Tharp “World Ocean Floor” map painted by Heinrich Berann. Marie Tharp Maps, LLCAfter Heezen's death, organizations that had hired him and Tharp to work on projects reassigned them.

Persons: didn't, Marie Tharp, Marie Tharp recollected, Tharp, Columbia University's, Lamont, Alfred Wegener's, Wegener, he'd, Bailey Willis, Willis, Bettie Higgs, Maurice Ewing, Roberta Eike, Tharp didn't, they'd, Bruce Heezen, Frank Albert Charles Burke, Heezen, Howard Foster, she'd, Ewing, Jacques Cousteau, Cousteau, Marie Tharp's, Heinrich Berann, you'd, It's, Hali Felt, Higgs, Society's Hubbard, Mary, Abraham Lincoln, Thomas Edison, George Washington Organizations: Service, Columbia, Columbia University's Lamont Geological Laboratory, University of Michigan, Columbia University, Lamont, Fairfax Media, Getty, US Navy, Oceanographic Conference, ABC, Disney, Entertainment, National Geographic, Mary Sears Woman, Oceanography Locations: Wall, Silicon, German, American, Lamont, Massachusetts, Nova Scotia , Massachusetts, France, Gibraltar, United States

The U.S. National Hurricane Center discontinued a tropical storm warning for the coast of Maine, while Environment Canada ended its tropical storm warning in New Brunswick. Political Cartoons View All 1163 ImagesA tropical storm warning remained in effect for parts of New Brunswick, Nova Scotia, Prince Edward Island and the Magdalen Islands. Lee flooded coastal roads in Nova Scotia and took ferries out of service while fanning anxiety in a region still reeling from wildfires and severe flooding this summer. In eastern Maine, winds died down enough by late afternoon Saturday for utility workers to begin using bucket trucks to make repairs. Central Maine Power and Versant Power had hundreds of workers, including out-of-state crews, assisting the effort.

Persons: Lee, Prince Edward Island, Pam Lovelace, “, Brian Lunt, Lunt, Power, ”, Sarah Thunberg, Billy Bob Faulkingham, Danny Mitchell, ” Mitchell, Betsy Follansbee, Fred, jogged, “ We’re, ” Follansbee, Maine’s, Ren Renton, Sandy, Hurricane Fiona, Jill Maepea, ___ Sharp, Robert Bumsted, Patrick Whittle, Michael Casey, Mark Thiessen, Rob Gillies, Kathy McCormack Organizations: BAR, Maritime, U.S, National Hurricane Center, Environment Canada, Canadian, Magdalen, Authorities, Halifax Stanfield International, New Brunswick, Police, Central Maine Power, National Weather Service, Republican, Maine Legislature, Winter Harbor Police, Associated Press Locations: Maine, New England, Maritime Canada, New Brunswick, Halifax , Nova Scotia, Eastport , Maine, Maine , New Brunswick, Nova Scotia, U.S, Bar Harbor , Maine, Acadia, Halifax, New, Searsport , Maine, Massachusetts, Portland , Maine, Bar Harbor, Higgins, Scarborough , Maine, Maine’s Bailey, of Maine, New York, New Jersey, Hurricane, Canada, Canadian, England, Cape Elizabeth , Maine, Boston, Rio, Las Vegas, Anchorage , Alaska, Toronto, Concord , New Hampshire

☆ Lee weakens to post-tropical cyclone, knocks out power as it nears Atlantic coast
▼ + stars: | 2023-09-16 | by ( John Morris | ) www.reuters.com time to read: +3 min

[1/3] A man walks near a large lawn chair that was tipped over, after Hurricane Lee was downgraded to a post-tropical storm and started to impact Shelburne, Nova Scotia, Canada, September 16, 2023. REUTERS/John Morris Acquire Licensing RightsSHELBURNE, NOVA SCOTIA Sept 16 (Reuters) - The Lee storm system weakened into a post-tropical cyclone as it closed in on New England and Atlantic Canada on Saturday, producing hurricane-force winds that knocked out power to more than 100,000 people. Strong winds, coastal flooding and heavy rains were already occurring in parts of New England and Atlantic Canada, it added. In the Canadian province of Nova Scotia, more than 100,000 people were without power early on Saturday after high winds brought down trees. Lee has been churning as a large hurricane over the Atlantic for more than a week, briefly threatening Bermuda but mostly harmless for anyone on land.

Persons: Hurricane Lee, John Morris, Lee, Crews, Matt Drover, Joe Biden, Karine Jean, Pierre, Fiona, David Ljunggren, Idrees Ali, Daniel Trotta, Brendan O'Brien, Kim Coghill, Mike Harrison, Diane Craft Organizations: REUTERS, NOVA, Atlantic Canada, The U.S, National Hurricane Center, Nova, Canadian Hurricane Center, U.S, Thomson Locations: Shelburne, Nova Scotia, Canada, New England, Atlantic, The, Halifax Nova Scotia, Atlantic Canada, Canadian, of Nova Scotia, New Brunswick, Halifax, Fundy, Maine, Massachusetts, Bermuda, Ottawa, Washington, Carlsbad , California, Chicago

BAR HARBOR, Maine (AP) — Millions of people were under storm watches and warnings Saturday as Hurricane Lee churned toward shore, bearing down on New England and eastern Canada with heavy winds, high seas and rain. Train, who is also a firefighter, was going to wait out the storm on the island in Casco Bay. The Great New England Hurricane of 1938 brought gusts as high as 186 mph (300 kph) and sustained winds of 121 mph (195 kph) at Massachusetts’ Blue Hill Observatory. The region learned the hard way with Hurricane Irene in 2011 that damage isn’t always confined to the coast. Downgraded to a tropical storm, Irene still caused more than $800 million in damage in Vermont.

Persons: Lee, Louise Fode, New Englanders, There’s, Bruce Young, it’s, Steve Train, Ian Hubbard, Lee won’t, Hurricane Fiona, Kyle Leavitt, Hurricane Irene, Irene, ___ Sharp, Whittle, Rob Gillies Organizations: BAR, National Hurricane Center, U.S ., National Weather Service, Canadian Hurricane Centre, New, New Brunswick Emergency Management Organization, Portland . Associated Press Locations: Maine, New England, Canada, Portland , Maine, Bar Harbor, Tennessee, Lee, England, Canadian, of Nova Scotia, New Brunswick, Massachusetts, U.S, U.S . Virgin Islands, Bahamas, Bermuda, New, Long, Casco Bay, Hurricane, Vermont, Portland, Toronto

☆ Atlantic Coast Braces as Lee Begins to Bring High Winds and Rain
▼ + stars: | 2023-09-16 | by ( Jacey Fortin | ) www.nytimes.com time to read: +1 min

Lee, which was downgraded from a hurricane to a post-tropical cyclone early Saturday, brought gusty winds, rain and dangerous surf conditions to coastal communities in New England early Saturday, as the center of the much-anticipated storm approached landfall near the U.S.-Canadian border. As Lee inched closer on Friday, Maine opened emergency shelters, residents in New England were urged to secure their boats ashore and Nova Scotia urged preparations for power outages and floods. Early Saturday, tropical-storm-force winds, which forecasters warned could down trees and knock out power, were occurring in Massachusetts and Nova Scotia, the National Hurricane Center said. “Winds continue to be the biggest concern with Lee,” said the National Weather Service office in Portland, Maine, early Saturday. For more than a week, residents in eastern Canada and along the Eastern Seaboard of the United States have kept a wary eye on the slow-moving storm, which startled scientists earlier with how rapidly it had intensified and at one point led many people to worry that it could slam into the U.S. coast with devastating consequences.

Persons: Lee, Lee inched, ” Organizations: U.S ., National Hurricane Center, National Weather Service, Seaboard Locations: New England, U.S, , Maine, Nova Scotia, Massachusetts, Portland , Maine, Canada, United States

☆ Hurricane Lee Approaches New England and Canada
▼ + stars: | 2023-09-16 | by ( Judson Jones | More About Judson Jones | ) www.nytimes.com time to read: 1 min

Hurricane Lee was producing tropical storm conditions in coastal Massachusetts and Nova Scotia early Saturday, hours before its expected landfall in Canada. Tropical storm warnings were in effect for parts of Canada and a wide stretch of coastal New England in the hours before dawn. Hurricane and tropical storm watches were in effect elsewhere in Canada. New England is likely to experience weather similar to what occurs during a nor’easter, said Andrew Loconto, a meteorologist with the National Weather Service in Boston. The tropical-storm-force winds extend far from the center of the storm and are expected to reach the coastline.

Persons: Lee, Andrew Loconto, ” Mr, Loconto Organizations: National Weather Service Locations: Massachusetts, Nova Scotia, Canada, New England, Canada . New England, Boston

☆ Weakening storm Lee bears down on New England and Canada with still-dangerous winds, heavy rains
▼ + stars: | 2023-09-16 | by ( ) www.cnbc.com time to read: +2 min

Storm Lee toppled trees and cut power to tens of thousands Saturday as it began lashing New England and eastern Canada, threatening hurricane-force winds, dangerous surf and torrential rains as its center spun closer. Severe conditions were predicted across parts of Massachusetts and Maine, and hurricane conditions could hit the Canadian provinces of New Brunswick and Nova Scotia. In Maine, the nation's most heavily forested state, the ground was saturated and trees were already weakened by heavy summer rains. A tropical storm warning stretched from the New Hampshire-Maine border through Nova Scotia and Prince Edward Island to northern New Brunswick. Utilities reported nearly 200,000 customers without power from Maine to New Brunswick and Nova Scotia.

Persons: Storm Lee, Todd Foisy, Foisy, Joe Biden, Prince Edward Island Organizations: U.S ., Atlantic Canada, National Weather Service, U.S, National Hurricane Center, Utilities, Halifax Stanfield International Locations: England, Canada, Massachusetts, Maine, New Brunswick, Nova Scotia, U.S, Eastport , Maine, Halifax, Nova, Scotia, New Hampshire, Prince, Nova Scotia's

BOSTON (AP) — When it comes to hurricanes, New England can't compete with Florida or the Caribbean. Lee remained a Category 1 hurricane late Friday night with sustained winds of 80 mph (128 kph). One recent study found climate change could result in hurricanes expanding their reach more often into mid-latitude regions, which include New York, Boston and even Beijing. While hurricanes and tropical storms are uncommon in New England, the region has been seen its share of violent weather events. The Great New England Hurricane of 1938 brought gusts as high as 186 mph (300 kph) and sustained winds of 121 mph (195 kph) at Massachusetts’ Blue Hill Observatory.

Persons: Lee, ”, Joshua Studholme, they’re, Andra Garner, Garner, Kerry Emanuel, Emanuel, “, ” Garner, Hurricanes Carol, Edna, Hurricane Bob, Superstorm Sandy, Storm Irene, Michael Casey Organizations: BOSTON, Yale University, U.S ., Rowan University, New, Massachusetts Institute of Technology, Hurricanes, Hurricane, AP Locations: New England, Florida, of Maine, England, Canadian, of Nova Scotia, Massachusetts, Maine, New York, Boston, Beijing, Boston , New York, Norfolk , Virginia, New Englanders, U.S, U.S . East Coast, New Jersey, New York City, Gulf, Atlantic City , New Jersey, Vermont

☆ Hurricane Lee path: Now a post-tropical cyclone, storm brings rain to New England and Atlantic Canada
▼ + stars: | 2023-09-16 | by ( Aya Elamroussi | ) edition.cnn.com time to read: +4 min

CNN —Now a post-tropical cyclone, Lee continues to churn hurricane-strength winds early Saturday morning while delivering rainfall to parts of southeastern New England and Atlantic Canada, according to the National Hurricane Center. Weakening is forecast tonight and Sunday while Lee moves across Atlantic Canada,” the National Hurricane Center said Saturday in its 5 a.m. advisory, adding the storm has lost sufficient tropical characteristics to be considered a hurricane. ET Saturday, the hurricane center said. “These conditions are likely to lead to downed trees and potential power outages,” the hurricane center warned. A sustained wind of 43 mph and 59 mph gust were recently measured at Dennis, Massachusetts, the hurricane center said.

Persons: Lee, “ Lee, Maura Healey, Michael Brennan, Jamie Rhome, ” Rhome, Steve Heaslip, ”, Kyle Leavitt Organizations: CNN, National Hurricane Center ., Atlantic, National Hurricane Center, US, Massachusetts Gov, New, Organization Locations: New England, Atlantic Canada, Nova Scotia, Maine, Canadian, New Brunswick, Eastport , Maine, Halifax , Nova Scotia, US East Coast, Massachusetts, Lee’s, Dennis , Massachusetts, New Hampshire , Massachusetts, Rhode, Martha’s Vineyard, Nantucket, Canada, Florida, Toms River , New Jersey, Ortley, Nauset, East Orleans , Massachusetts

☆ Storm Lee makes landfall in Canada, downing trees and knocking out power
▼ + stars: | 2023-09-16 | by ( John Morris | ) www.reuters.com time to read: +3 min

[1/15] A tree on the ground is pictured after taking down the power lines and shutting off access to this road in Liverpool, Nova Scotia, Canada, September 16, 2023. The still-powerful weather system packed maximum sustained winds of 65 mph (100 km/h) with higher gusts, forecasters said. In the Canadian province of Nova Scotia, around 120,000 people were without power on Saturday as winds knocked down trees and felled power lines. "The intensity of the storm is strong," said Paul Mason, the executive director of the Nova Scotia Emergency Management Office. It marks the second year in a row that such a powerful storm has reached Canada after Hurricane Fiona ripped into eastern Canada a year ago.

Persons: John Morris, Lee, Crews, Matt Drover, PowerOutages.us, Paul Mason, Joe Biden's, Fiona, David Ljunggren, Idrees Ali, Maria Caspani, Daniel Trotta, Brendan O'Brien, Kim Coghill, Mike Harrison, Diane Craft, Daniel Wallis, David Gregorio Our Organizations: REUTERS, U.S, National Hurricane Center, Nova, Nova Scotia Emergency Management Office, NHC, Canadian Hurricane Centre, Thomson Locations: Liverpool , Nova Scotia, Canada, Nova Scotia, Canada's Nova Scotia, Atlantic, U.S ., Maine, Halifax, Eastport , Maine, Atlantic Canada, Canadian, of Nova Scotia, New Brunswick, Massachusetts, Bermuda, Ottawa, Washington, New York, Carlsbad , California, Chicago

☆ Millions Under Warnings in New England as Hurricane Lee Approaches
▼ + stars: | 2023-09-15 | by ( Judson Jones | More About Judson Jones | ) www.nytimes.com time to read: +1 min

The ultimate outcome for locations in New England will depend on how a few different conditions play out over the next two days. Though the storm is expected to weaken, the Hurricane Center said it would remain “a large and dangerous cyclone” as it approaches New England and Atlantic Canada. A hurricane watch, meaning hurricane conditions are possible within the area, stretched through down-east Maine from Stonington to the U.S.-Canada border. The Canadian Hurricane Center also issued a hurricane watch on Wednesday for part of the provinces of New Brunswick and Nova Scotia. The center said that its hurricane and tropical storm watches referred to conditions expected on Saturday.

Persons: Lee, Janet T, Mills Organizations: Hurricane Center, U.S ., Gov, White House, Canadian Hurricane Center Locations: New England, Bermuda, Nantucket, Massachusetts, Atlantic Canada, Maine, Stonington, U.S, Canada, New Brunswick, Nova Scotia

As Hurricane Lee churned closer to coastal New England on Friday, with winds expected to intensify by nightfall, cruise ships sought refuge in Portland, Maine, and homeowners in Provincetown, Mass., piled sandbags. An arborist in Halifax, Nova Scotia, fielded dozens of calls from residents expecting tree damage. Yet, like others in a region accustomed to powerful nor’easters, if not hurricanes, Mr. Crobar was not particularly fazed by what was coming. “We like to sensationalize the weather, but it’s just a natural part of the earth,” he said. The storm was expected to make landfall in the Canadian province of New Brunswick late on Saturday, but forecasters said its sprawling size meant that severe effects would be felt in New England, too.

Persons: Lee, John Crobar, Crobar, ” Locations: New England, Portland , Maine, Provincetown, Mass, Halifax , Nova Scotia, Sandwich, Cape Cod, Canadian, New Brunswick

☆ Hurricane Lee churns toward New England, eastern Canada
▼ + stars: | 2023-09-15 | by ( Brendan O'Brien | ) www.reuters.com time to read: +2 min

Sept 14 (Reuters) - Hurricane Lee barreled across the North Atlantic toward New England and Eastern Canada on Friday, threatening to bring drenching rains, powerful winds and a life-threatening storm surge to the region over the weekend. Lee is expected to weaken into a strong tropical storm before making landfall in southwestern Nova Scotia as a strong tropical storm late on Saturday, the Canadian Hurricane Center said. In Canada, more than 1 million people in Nova Scotia and eastern New Brunswick were also under a tropical storm warning as the massive storm crawls northward over the open waters of the Atlantic. Some spots, such as Cape Cod in Massachusetts and eastern Halifax County in Nova Scotia may see storm surge of up to 3 feet (91 cm), forecasters said. Lee is the latest storm in what is proving to be a busy hurricane season that has featured a higher-than-average number of named storms.

Persons: Lee, Michelle Wu, Hurricane Idalia, Idalia, Brendan O'Brien, Mark Porter Organizations: Canadian Hurricane Center, U.S, Boston, U.S . National Weather Service, NWS, Facebook, Hurricane, Thomson Locations: New England, Eastern Canada, Nova Scotia, Connecticut , Rhode Island , Massachusetts, New Hampshire, Maine, Canada, New Brunswick, Cape Cod, Massachusetts, Halifax County, Nantucket, Florida, Georgia, Chicago

☆ Hurricane Lee path: Vast stretches of coastal New England face hurricane and tropical storm watches ahead of storm's arrival
▼ + stars: | 2023-09-14 | by ( Elizabeth Wolfe | ) edition.cnn.com time to read: +3 min

“Hurricane conditions, heavy rainfall, and coastal flooding are possible in portions of eastern Maine on Saturday,” the National Hurricane Center said. The area is under a hurricane watch, as is parts of New Brunswick and Nova Scotia. A tropical storm watch has also been issued for large swaths of coastal New England, including Nantucket and Martha’s Vineyard, Massachusetts. ET Thursday and was churning with maximum sustained winds of up to 100 mph, according to a hurricane center advisory. The storm is on track to sweep past Bermuda to its west Thursday, prompting an island-wide tropical storm warning.

Persons: Lee, Lee doesn’t, Josh Rannenberg, ” Rannenberg, CNN’s “ Erin Burnett Organizations: CNN, National Hurricane Center, National Oceanic, Atmospheric Administration Locations: New England, barreling, Maine, Atlantic Canada, Atlantic, New Brunswick, Nova Scotia, Massachusetts, Cape Cod, Nantucket, Vineyard , Massachusetts, Bermuda, New Hampshire, Rhode

☆ Canada's Laurentian Bank says completed review of strategic options
▼ + stars: | 2023-09-14 | by ( ) www.reuters.com time to read: +1 min

The logo of Laurentian Bank is seen at its head offices in Montreal, April 1, 2015. REUTERS/Christinne Muschi Acquire Licensing RightsSept 14 (Reuters) - Canada's Laurentian Bank (LB.TO) said on Thursday it has completed a previously disclosed review of strategic options, with the lender now focusing on simplifying its organizational structure. "The Board, with the support of the Executive Management Team, has unanimously concluded that the best path forward is... accelerated evolution of its current strategic plan with an increased focus on efficiency and simplification," Laurentian said. However, later that month, a media report citing sources said Montreal-based Laurentian was struggling to find an acquirer and that Canada's top banks - Bank of Nova Scotia (BNS.TO) and Toronto-Dominion Bank (TD.TO) - had backed out of a potential acquisition. Laurentian said it considered a variety of options through the review process, including an acquisition of the whole bank and divesting certain businesses.

Persons: Christinne, Manya Saini, Krishna Chandra Organizations: Laurentian Bank, REUTERS, Executive Management Team, Laurentian, Bank of Nova, Dominion Bank, Thomson Locations: Montreal, Bank of Nova Scotia, Toronto, Bengaluru

(AP) — Hurricane Lee looks poised to wallop New England later this week even as the region still deals with the impact of days of wild weather that produced torrential rain, flooding, sinkholes and a likely tornado. Areas from Watch Hill, Rhode Island, to Stonington, Maine — including Block Island, Martha’s Vineyard and Nantucket — are under a tropical storm watch. The National Weather Service in Boston said radar data and videos showed it was likely that a tornado damaged trees and power lines in Rhode Island and Connecticut on Wednesday. Heavy rain turned his swimming pool into a mud pit and filled his basement with 3 feet (91 centimeters) of water. In Providence, Rhode Island, downpours flooded a parking lot and parts of a shopping mall.

Persons: Hurricane Lee, Dan McKee, “, ” McKee, Sean Pope, ”, Maura Healey, Matthew Belk, Healey, Hurricane Lee didn’t, Dean Mazzarella, Mazarella Organizations: U.S ., National Hurricane Center, Cape, National Weather Service, Rhode, Gov, Massachusetts Gov, Firefighters Locations: LEOMINSTER, Mass, Hurricane, wallop New England, Stonington , Maine, U.S, Watch Hill, Rhode Island, Nantucket, Massachusetts, Rhode, Boston, Rhode Island and Connecticut, Lincoln , Rhode Island, Attleborough , Massachusetts, Leominster , Massachusetts, Providence , Rhode Island, Leominster, Danbury , Connecticut, Nova Scotia, Canada, England, Vermont

☆ Canada finance minister defends central bank independence after rate comment
▼ + stars: | 2023-09-07 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Thomas White/Illustration Acquire Licensing RightsSept 6 (Reuters) - Canadian Finance Minister Chrystia Freeland defended the central bank's independence on Wednesday after her comments welcoming the Bank of Canada's decision not to increase its key interest rate raised concerns to the contrary. In a widely expected decision, the Bank of Canada held interest rates steady at a 22-year high of 5%. It is rare for Canadian government ministers to publicly back or criticize central bank policies. Like many developed economies, the Bank of Canada makes its monetary policy decisions independent of the federal government. In June, when the central bank raised rates for the first time after a four-month pause, Freeland stressed that she respected the independence of the central bank, a sentiment she repeated in a press conference later in the day.

Persons: Thomas White, Chrystia Freeland, Freeland, Derek Holt, Pierre Poilievre, Justin Trudeau's, Steve Scherer, David Ljunggren, Denny Thomas, Leslie Adler Organizations: Canadian Finance, Bank of, Bank of Canada, Conservative, Liberal, Ontario, Thomson Locations: Canada, Bank of Nova Scotia, British Columbia, Ottawa

☆ A mysterious Arctic shark that can live for 500 years got lost and ended up swimming in the balmy waters of the Caribbean, scientists say
▼ + stars: | 2023-09-03 | by ( Rebecca Rommen | ) www.businessinsider.com time to read: +5 min

A shark was found in the Caribbean — thousands of miles away from its usual habitat in the Arctic. The Greenland shark, which has a lifespan of 250 – 500 years, surprised researchers in Belize. When they retrieved their scientific catch, they were astonished to find the ancient Greenland shark. Greenland sharks are primarily scavengers, eating everything (dead or alive), including fish, seals, polar bears, and whales. AdvertisementAdvertisementAccording to a 2016 study, Greenland sharks don't reach sexual maturity until they are at least 134 years old.

Persons: Hector Daniel Martinez, Demian Chapman, they're, Julius Nielsen Organizations: Service, Florida, Mashable, National Ocean Service, Caribbean, Sharks, Rays Conservation Research, Mote Marine Laboratory, Aquarium, New Locations: Caribbean, Belize, Wall, Silicon, Greenland, Baffin, Nova Scotia, Svalbard, Norway

That has led to a rare situation in Canada where banks are seeing mortgage amortizations getting extended beyond 30 years, sparking calls from regulators to take immediate action to mitigate risks. For the other four banks, mortgages amortizing under 25 years account for a half to nearly three quarters. Scotiabank's Canada head Dan Rees said the bank was now being more "disciplined with regards to customer selection" for new mortgages. Still, the risks remain elevated as consumers are struggling to make monthly payments due to the rising cost of living. TD Bank's Canada personal banking head Michael Rhodes told analysts this week that "a meaningful number of customers" are making the changes.

Persons: Mark Blinch, Hratch Panossian, Dan Rees, Brian Madden, Michael Rhodes, Dave McKay, Nivedita Balu, Denny Thomas, Stephen Coates Organizations: REUTERS, Rights, Canada's, Reuters, CIBC, Bank of Nova, Investment, Thomson Locations: Toronto, Milton , Ontario, Canada, Bank of Nova Scotia

☆ Pickering Energy Partners launches oil and gas investment banking unit
▼ + stars: | 2023-09-01 | by ( David French | ) www.reuters.com time to read: +3 min

Sept 1 (Reuters) - Pickering Energy Partners (PEP) is launching a financial advisory unit for oil and gas dealmaking, the investment firm said on Friday, doubling down on traditional fossil fuels as some banks are becoming wary about the industry and ramping up their bets on clean energy. The launch of the investment banking unit marks a return to oil and gas advisory services for Dan Pickering, the veteran energy financier who helped form Tudor, Pickering, Holt & Co, an energy boutique bank that was acquired by Perella Weinberg Partners (PWP.O) in 2016. Houston-based PEP has an existing investment banking unit that focuses solely on energy transition, while the firm's other offerings include equity research, investment funds, and consulting services. All non-compete agreements between the two firms have now expired, enabling Pickering to pursue oil and gas advisory work. Banks including BNP Paribas (BNPP.PA), Bank of Montreal (BMO.TO) and Bank of Nova Scotia (BNS.TO) have pulled back from oil and gas dealmaking over the past few years.

Persons: Dan Pickering, Tudor, Perella Weinberg, dealmakers, Jason Kivett, Robyn Underwood, Pickering, Banks, David French, Anirban Sen, Sherry Jacob, Phillips Organizations: Pickering Energy Partners, Holt & Co, Barclays Plc, Houston, BNP, Bank of Montreal, Bank of Nova, Credit Suisse, UBS Group AG, Reuters, Thomson Locations: Pickering, Bank of Nova Scotia, New York

☆ CIBC's profit falls below estimates as it guards against bad loans
▼ + stars: | 2023-08-31 | by ( ) www.reuters.com time to read: +2 min

A sign for the The Canadian Imperial Bank of Commerce (CIBC) in Toronto, Ontario, Canada December 13, 2021. CIBC, the last big six Canadian bank to report results for the third quarter, was also the latest to guard against potentially sour loans, a factor that is dragging on earnings across the sector. The issue was reflected in its core Canadian personal and business banking segment, where net income fell 16%. At its commercial banking and wealth management segment, net income fell 4%. CIBC's peers TD Bank (TD.TO), Bank of Montreal (BMO.TO), Bank of Nova Scotia (BNS.TO) and National Bank (NA.TO) missed quarterly profit estimates earlier in the week, also weighed down by higher provisions.

Persons: Carlos Osorio, Nivedita Balu, Pritam Biswas, Shweta Agarwal, David Holmes Organizations: Canadian Imperial Bank of Commerce, CIBC, REUTERS, Bank, Bank of Montreal, Bank of Nova, National Bank, Thomson Locations: Toronto , Ontario, Canada, Bank of Nova Scotia, Toronto, Bengaluru

CIBC blamed soft U.S. real estate and construction sectors and high interest rates for its three-fold jump in bad loan provisions to C$736 million ($544 million). "Where we are seeing the issues is in commercial real estate and in particular, in the institutional office space," said Shawn Beber, the bank's head of U.S. operations. And as that transition continues, you'll see (commercial real estate) wind up being a smaller percentage of the overall U.S. portfolio as our commercial and industrial and our wealth businesses continue to grow," Beber told analysts. The U.S. office portfolio represents less than 1% of CIBC's overall loan book and 20% of overall U.S. commercial real estate. "It appears that higher interest rates for longer may be the primary culprit," RBC analyst Darko Mihelic said.

Persons: Carlos Osorio, Shawn Beber, Beber, Brian Madden, Darko Mihelic, Nivedita Balu, Pritam Biswas, David Holmes, Mark Potter Organizations: Canadian Imperial Bank of Commerce, CIBC, REUTERS, Bank, Bank of Montreal, Bank of Nova, National Bank, Royal Bank of Canada, Investment, RBC, Thomson Locations: Toronto , Ontario, Canada, U.S, Bank of Nova Scotia, Canadian, Toronto, Bengaluru

BMO, which bought U.S. regional lender Bank of the West earlier this year, said provision for credit losses rose to C$492 million ($361.42 million), compared with C$136 million a year ago. The bank's earnings were also affected by severance costs of C$162 million and C$83 million in legal provisions at its capital markets unit. At Bank of Montreal, net interest income for the quarter rose to C$4.91 billion, compared with C$4.20 billion last year. At Scotiabank net interest income fell to C$4.58 billion, from $4.68 billion a year ago, largely hurt by lower corporate lending and lower loan fees. At Scotiabank, net income came in at C$2.23 billion, compared with C$2.61 billion.

Persons: Carlos Osorio, Tayfun Tuzun, BMO's, Scott Thomson, Thomson, John Aiken, BMO's Tuzun, Nivedita Balu, Pritam Biswas, Sri Hari, Shweta Agarwal, Bernadette Baum, Mike Harrison, Jonathan Oatis Organizations: Bank of Montreal, REUTERS, Bank of Nova, Bank of Canada's, BMO, Bank, Scotiabank, Barclays, Bank of, Analysts, Thomson Locations: Toronto , Ontario, Canada, Bank of Nova Scotia, Toronto, U.S, Mexico, Bank of Montreal, Bengaluru

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