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☆ California storm forces thousands to flee homes and leaves 1 dead
▼ + stars: | 2023-01-10 | by ( Chantal Da Silva | Chantal Da Silva Is A Breaking News Editor For Nbc News Digital Based In London. | ) www.nbcnews.com time to read: +2 min

The heavy rains are expected to worsen ongoing flooding and prolong the risk of flash flooding and mudslides across the state. Firefighters block the CA 192 Foothill road while the Arroyo Paredon Creek overflows due to heavy rainfall in Carpinteria on Monday. Heavy rainfall in the area, which is home to 10,000 people, had already flooded roads and creeks, he said. The flooding came five years to the day after heavy rains hammered a Montecito “burn scar,” killing nearly two dozen people. The severe weather also forced the Santa Barbara Airport to close due to flooding, the airport announced in a tweet Monday.

☆ California storm forces thousands to flee their homes and leaves 1 dead in 'endless onslaught'
▼ + stars: | 2023-01-10 | by ( Chantal Da Silva | ) www.cnbc.com time to read: +5 min

As of early Tuesday, more than 63,000 utility customers were without power across California, according to PowerOutage.us . The heavy rains are expected to worsen ongoing flooding and prolong the risk of flash flooding and mudslides across the state. The flooding came five years to the day after heavy rains hammered a Montecito "burn scar," killing nearly two dozen people. The severe weather also forced the Santa Barbara Airport to close due to flooding, the airport announced in a tweet Monday. The recent severe weather prompted Gov.

☆ Luck, Tesla design likely saved family that plunged off cliff, experts say
▼ + stars: | 2023-01-06 | by ( Tim Stelloh | Tim Stelloh Is A Breaking News Reporter For Nbc News Digital. | ) www.nbcnews.com time to read: +5 min

Four people were rescued after a Tesla plunged over a cliff in Calif., on Monday. Patel, a 41-year-old woman and two children ages 4 and 7 — both of whom were in car seats — were also in the SUV, California Highway Patrol spokesman Mark Andrews said. Nor is it clear what driving mode Patel was using before the SUV careened off the cliff, the California Highway Patrol said. “In my 35 years of working on vehicle safety, I’ve never had an automaker say, 'Look at this crash test we’re doing for extra credit,'” he said. Helicopters were dispatched, and the family was hoisted from the vehicle using rescue baskets, he said.

☆ Big Oil has engaged in a long-running climate disinformation campaign while raking in record profits
▼ + stars: | 2022-12-09 | by ( René Marsh | ) edition.cnn.com time to read: +7 min

CNN —Big Oil companies have engaged in a “long-running greenwashing campaign” while raking in “record profits at the expense of American consumers,” the Democratic-led House Oversight Committee has found after a year-long investigation into climate disinformation from the fossil fuel industry. The committee found the fossil fuel industry is “posturing on climate issues while avoiding real commitments” to reducing greenhouse gas emissions. Lawmakers said it has sought to portray itself as part of the climate solution, even as internal industry documents reveal how companies have avoided making real commitments. Many of their requests for internal documents were heavily redacted by the companies, which did not specify reasons for withholding the information. “These companies know their climate pledges are inadequate but are prioritizing Big Oil’s record profits over the human costs of climate change,” Maloney said.

☆ Trump faced a jury pool 'notorious' for huge damages before settling a lawsuit brought by protesters, experts say
▼ + stars: | 2022-11-22 | by ( Jacob Shamsian | ) www.businessinsider.com time to read: +10 min

Donald Trump's lawyers settled a lawsuit brought by protesters at the 11th hour. He faced a likely hostile jury pool notorious for awarding high damages compared to juries in Manhattan or Long Island. Other still images appear to show a protester grabbing a security team member, suggesting Trump's lawyers may have argued he was acting in self-defense. Former President Donald Trump speaks during a campaign rally at Minden-Tahoe Airport on October 08, 2022 in Minden, Nevada. Cohen also said Trump's lawyers failed to disclose he had knowledge of the day's events, even though they were supposed to.

☆ Here's the six-word outlook for stocks in 2023: going to hell in a handbasket
▼ + stars: | 2022-11-20 | by ( Linette Lopez | ) www.businessinsider.com time to read: +11 min

We knew that the stock market had formed a bubble and that it was going to pop as interest rates went up. That, in turn, pushed the stock market off a cliff so steep that we still cannot see the bottom. This all goes back to the Fed's move to keep interest rates at 0% after the 2008 financial crisis. Since interest rates were so low, companies that didn't make money could just borrow to keep the lights on. In 2018, Wall Street got a preview of how ugly this bubble would look once it popped in earnest.

☆ Texas GOP looks to restrict transgender health care and drag shows
▼ + stars: | 2022-11-16 | by ( Zachary Schermele | ) www.nbcnews.com time to read: +4 min

Texas Republicans introduced several bills this week that target the transgender community, including at least two measures seeking to criminalize gender-affirming care for minors and one bill looking to prevent children from attending drag performances. For minors, this type of care typically includes puberty blockers, which are recommended to trans youths before the onset of puberty, or hormone therapy for teenagers. The Texas bills come on the heels of a previous attempt this year by the state’s attorney general, Ken Paxton, to deem transition-related care for minors as child abuse under state law. Greg Abbott, the state’s Republican governor, subsequently called on citizens to report parents of transgender minors to the state if they suspect these minors are receiving gender-affirming care. The state’s current definition of “sexually oriented businesses” includes any venue where two or more people perform nude and alcohol is served.

☆ Donald Trump’s Presidential Rerun
▼ + stars: | 2022-11-15 | by ( The Editorial Board | ) www.wsj.com time to read: 1 min

Donald Trump seems to be barreling ahead with an announcement Tuesday night that he plans to run for President again. The irony is that more Democrats than Republicans will be elated because they see him as the easiest candidate to beat one more time. Mr. Trump’s advisers urged him to hold off at least until the Dec. 6 Senate runoff in Georgia. The first is to try to clear the Republican field of potential competitors, especially Govs. Ron DeSantis and Glenn Youngkin , who have shown they can win in competitive states.

Here’s how the VanMoof story started some 16 years ago: Two Dutch brothers, Taco and Ties Carlier, visit New York on a business trip. Being Dutch, they rent some bikes and happily toodle around. Somehow they don’t notice the madcap taxis, the potholes,the barreling crosstown buses or the prayer that needs to be said before changing over to the right lane on Sixth Avenue. “We just felt that New York was one of the best places in the world to ride a bike,” Taco Carlier says. But they don’t see many other cyclists.

☆ Jerome Powell's favorite bond-market gauge is on the verge of inverting, a sign of impending recession. That could mean a Fed pivot within months.
▼ + stars: | 2022-11-01 | by ( Theron Mohamed | ) www.businessinsider.com time to read: +3 min

If that happens, it would signal an impending recession and a Fed pivot by the spring of 2024. The Fed chair touted the predictive power of the short end of the yield curve earlier this year. An inverted yield curve is one where interest rates for short-term fixed-income securities are higher than those for longer-term ones. "That's really what has 100% of the explanatory power of the yield curve. The Fed is expected to announce yet another mega-hike of 75 basis points at the end of its October meeting Thursday, which could invert Powell's favorite yield curve.

☆ Storm Nalgae in the Philippines kills 48, while 22 others are still missing
▼ + stars: | 2022-10-30 | by ( ) www.cnbc.com time to read: +1 min

Residents wade through a flooded street in Kawit town, Cavite province on Oct. 30, 2022, a day after Tropical Storm Nalgae hit. The death toll from flooding and rain-induced landslides in the Philippines has climbed to 48, the country's disaster agency said on Sunday, with 22 others recorded missing after tropical storm Nalgae inundated many parts of the archipelago. Most of the casualties were recorded in the southern autonomous region of Bangsamoro, where 40 died due to landslides, with 10 still missing, the disaster agency said. Nalgae, which made landfall five times, is this year's second-most deadly cyclone to hit the Philippines, which sees an average of 20 tropical storms annually. The Philippine weather bureau said Nalgae was tracking westward and it could re-intensify into a typhoon over the South China Sea while heading toward southern China.

☆ Fed Set to Raise Rates by 0.75 Point and Debate Size of Future Hikes
▼ + stars: | 2022-10-21 | by ( Nick Timiraos | ) www.wsj.com time to read: 1 min

Federal Reserve officials are barreling toward another interest-rate rise of 0.75 percentage point at their meeting Nov. 1-2 and are likely to debate then whether and how to signal plans to approve a smaller increase in December. “We will have a very thoughtful discussion about the pace of tightening at our next meeting,” Fed governor Christopher Waller said in a speech earlier this month.

☆ From Elon Musk's 'super bad feeling' to Jamie Dimon's warnings of an economic 'hurricane,' CEOs are shouting that 2023 is going to suck. Here's what 10 are predicting.
▼ + stars: | 2022-10-21 | by ( Hannah Towey | Jason Lalljee | ) www.businessinsider.com time to read: +8 min

91% of US CEOs anticipate there will be recession in the next 12 months, according to a KPMG survey. The Fed will further raise interest rates to combat inflation, which will increase costs for businesses. Those interest rates also mean that credit card and loan debt will get more expensive. Musk told investors in October that "North America is in pretty good health," but pushed back on the Fed's decision to keep raising interest rates. Citadel CEO Ken Griffin"Everybody likes to forecast recessions, and there will be one," Citadel's billionaire CEO told CNBC in late September, noting that he thinks inflation has peaked.

Data from Bloomberg Economics shows that El Salvador tops its ranking of emerging market countries that are vulnerable to a debt default. Another survey by the institute found that 76 out of 100 small and medium-size enterprises in El Salvador do not accept bitcoin payments. But in 2022, recent data shows that only 1.6% of remittances were sent to El Salvador via digital wallets. Meanwhile, its other national currency, bitcoin, is revered for the fact that it, too, is impossible to mint out of thin air. "Bitcoin doesn't solve any of El Salvador's important economic problems," he added.

☆ One of the investors that agreed to back Elon Musk's Twitter bid says they want out of the deal
▼ + stars: | 2022-10-12 | by ( Darius Rafieyan | Kali Hays | ) www.businessinsider.com time to read: +4 min

MVP partner says the VC firm committed to back Musk's Twitter acquisition earlier this year. Musk attorney says "vast majority of equity investors have been spoken to and are all in." With Elon Musk's Twitter acquisition looking like it's barreling towards a close, he will soon have to come up with $44 billion dollars — a lot of money even for the world's richest person. Alex Spiro, Musk's attorney, said "the vast majority of equity investors have been spoken to and are all in." Are you an investor in the Twitter deal, or an employee with insights to share?

☆ The Bank of England is snapping up bonds to stabilize debt markets — but that goes against its aim of stemming inflation. Here's what you want to know.
▼ + stars: | 2022-09-29 | by ( Phil Rosen | ) www.businessinsider.com time to read: +6 min

Friday eve means the weekend's just around the corner, but it seems like nobody told the British bond market. The balancing act, at worst, could mean a calamity for the British economy and prolonged volatility in markets. And at best, policymakers thread the needle and stabilize markets, tame inflation, and regain the confidence of traders and everyday folks dealing with a tough economy. A weaker currency means imports get more expensive, and higher bond yields mean government borrowing gets more expensive. What will it take for bond market traders to regain confidence in the UK debt market?

Share this -Link copiedFloridians are livestreaming Hurricane Ian on TikTok Floridians are giving TikTok users a front-row seat to Hurricane Ian. Storm surge map, they didn’t have a color for 12 to 15 feet," he said about the historic levels of storm surge expected near where Ian is expected to make landfall. Share this -Link copiedA view of Hurricane Ian from the International Space Station A view of Hurricane Ian from the International Space Station, on Monday. Share this -Link copiedSatellite images show Hurricane Ian approaching Florida Hurricane Ian over the Gulf of Mexico early Wednesday. Share this -Link copiedIan expected to strengthen until making landfall, officials say Hurricane Ian is still forecast to strengthen until the hurricane makes landfall in Florida, the National Hurricane Center said.

☆ UBS: Buy these 23 high-quality stocks that are poised to outperform as a volatile market sends the Eurozone barreling towards a recession
▼ + stars: | 2022-09-28 | by ( Lisa Kailai Han | ) www.businessinsider.com time to read: +3 min

Raging inflation, rate hikes, and an energy crisis have tumbled European stocks recently. UBS shared 23 high-quality stocks to buy to help investors navigate increasing volatility and risk. "Inflation risks remain skewed to the upside, in our view," wrote a team of UBS strategists in a report published earlier this month. 23 high-quality stocks to weather the stormBut just because there's storms ahead for the European stock market doesn't mean that investors must stay away entirely. The full list of UBS's top 23 high-quality European stock picks is below, along with each firm's ticker, key themes and drivers, and catalysts.

☆ Home improvement companies could see increased sales following Hurricane Ian, Wells Fargo says
▼ + stars: | 2022-09-28 | by ( Pippa Stevens | ) www.cnbc.com time to read: +3 min

Wells Fargo said Wednesday that retail names exposed to the housing theme could see a "possible uptick in 2H Home Improvement demand." Fadem added that even beyond the possible uptick in sales from the storm, defensive positioning is warranted across hardline retailers. Wells Fargo said that the storm could contribute between 30 and 80 basis points of incremental quarterly comparisons across its home improvement coverage in Florida alone. Wells Fargo noted that the benefits to Floor & Decor Holdings, for example, depends on the extent of water damages. Wells Fargo said that while comparisons can be attractive quarter over quarter or year over year, it doesn't necessarily mean higher margins.

A man collects empty cans at the seafront ahead of the arrival of Tropical Storm Ian in Havana, Cuba, September 26, 2022. REUTERS/Alexandre MeneghiniHAVANA, Sept 26 (Reuters) - Hurricane Ian is expected to hammer western Cuba late in the day with heavy winds and rain and a potentially life-threatening storm surge after strengthening overnight from a tropical storm, the National Hurricane Center (NHC) said on Monday. "Devastating wind damage is possible where the core of Ian moves across western Cuba," the center said. The U.S. hurricane center said the highest risk of life-threatening storm surge would occur along Florida's western coast from Fort Myers to the Tampa Bay region. In Cuba, officials have placed the island's western provinces under a hurricane alert and have announced plans for allocating food and evacuating people from low-lying areas.

☆ Tropical Storm Ian to hit Cuba and become a hurricane
▼ + stars: | 2022-09-25 | by ( ) www.reuters.com time to read: +1 min

Register now for FREE unlimited access to Reuters.com RegisterSept 25 (Reuters) - Tropical Storm Ian was on Sunday barreling toward western Cuba, where it is expected to soak the Caribbean island with heavy rainfall and trigger storm surges as it turns into a hurricane on Monday, according to the National Hurricane Center. Forecast to begin rapidly strengthening later Sunday, storm Ian was about 570 miles (917 km) southeast of the western tip of Cuba, with sustained winds of 50 miles per hour (80 km per hour), the NHC said. Register now for FREE unlimited access to Reuters.com Register"Life-threatening storm surge and hurricane-force winds are expected in portions of western Cuba beginning late Monday," the NHC said. Storm Ian is also forecast to produce heavy rainfall, flash flooding and possible mudslides in areas of higher terrain, especially over Jamaica and Cuba. Register now for FREE unlimited access to Reuters.com RegisterReporting by Drazen Jorgic in Mexico City; Editing by Lisa ShumakerOur Standards: The Thomson Reuters Trust Principles.

Increasing wind pushes waves towards the south shore before the arrival of Hurricane Fiona in Bermuda September 22, 2022. REUTERS/Nicola MuirheadHAMILTON, Bermuda, Sept 23 (Reuters) - Hurricane Fiona threatened the Atlantic island of Bermuda on Friday, passing west of the British territory on its northward trek toward Nova Scotia while packing the potential to become one of the most severe storms in Canada's history. That made it a Category 4 hurricane on the five-step Saffir-Simpson scale, meaning it was capable of producing catastrophic damage. Fiona is shaping up to be the most powerful storm to reach Canada since Dorian made landfall to the west of Halifax in September 2019, the government's Environment Canada website said. Like Dorian, Fiona could ease to a post-tropical storm, but Dorian still carried Category 2 intensity, with sustained winds of 96 mph (155 kph).

Powerful storms battered three disparate, far-flung corners of the planet over the weekend, but they had one thing in common: They were made stronger and wetter by climate change. The three weekend storms add to a trend of wetter storms in a warmer future, said Michael Wehner, a senior scientist at the Lawrence Berkeley National Laboratory. With climate change making storms rainier and more intense, the weekend's extreme weather events offer a glimpse of what could become more common in the future, according to experts. As the world's oceans heat up, they provide more energy for storms, allowing them to intensify as they form. “Hurricane Fiona is a reminder that even though it has been relatively quiet, things can change and strong storms can have a really big impact,” he added.

SAN JUAN, Puerto Rico/SANTO DOMINGO, Dominican Republic, Sept 18 (Reuters) - Hurricane Fiona left most of Puerto Rico without power on Sunday, causing catastrophic flooding and landslides on the island before barreling toward the Dominican Republic, a government agency said. "This has been catastrophic," Puerto Rico Governor Pedro Pierluisi said at a news conference in the capital San Juan. The center of the storm made landfall on the southwestern coast of Puerto Rico near Punta Tocon at 3:20 p.m. Electricity had been out completely across the island of 3.3 million people, said LUMA Energy, operator of the island's grid, and the Puerto Rico power authority. 1/16 A man walk past an electricity pole that was damaged by Hurricane Fiona in Yauco, Puerto Rico September 18, 2022.

☆ FedEx boss warns of a 'worldwide recession' and outlines plans to close stores, freeze hiring, trim hours, and park planes to cut costs
▼ + stars: | 2022-09-16 | by ( Tim Levin | ) www.businessinsider.com time to read: +2 min

The company reported disappointing earnings, blaming reduced package demand and economic conditions. FedEx plans to cut costs by reducing flights, closing 90 retail stores, and trimming hours. But you know, these numbers, they don't portend very well," FedEx CEO Raj Subramaniam said in response to a question about whether the economy was "going into a worldwide recession." It reported earnings of $3.44 a share, significantly below analysts' consensus of $5.14, according to Refinitiv data cited by CNBC. To help mitigate the situation, FedEx plans to cut flights and temporarily park some aircraft, trim labor hours, and freeze hiring.

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