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☆ The SVB crisis has opened up a window to buy 'great banks at a severe discount' after a panic-induced sell-off, CFRA says
▼ + stars: | 2023-03-29 | by ( Carla Mozée | ) www.businessinsider.com time to read: +3 min

East West Bancorp and Citizens Financial made its list of stocks investors should look at. Regional banks with strong deposit balances and have high percentages of insured deposits are solid bets. Silicon Valley Bank's deposits fell 13% during that same period as the bank's primary venture capital customers struggled with rising interest rates. Yokum called Regions Financial is a leader in insured deposits, with an outsized 63% of its deposits insured. Yokum has "buy" ratings on Citizens Financial Group, Fifth Third Bancorp, Regions Financial, Synovus Financial and Webster Financial.

Citizens, one of the largest U.S. regional banks, is preparing to submit an offer in the auction of the business, which is called SVB Private, the sources said. The FDIC, which now controls the Silicon Valley Bank assets, and Citizens Financial declined to comment. It has since asked for separate offers for SVB Private and Silicon Valley Bank by March 24. SVB Financial Group (SIVB.O), the former parent of Silicon Valley Bank which filed for bankruptcy protection last week, is not part of the process. A big part of it comprises Boston Private, a wealth manager acquired by Silicon Valley Bank in 2021.

☆ Wall Street investment firms are thirsty for the West's vanishing water
▼ + stars: | 2023-03-22 | by ( Lucy Kafanov | ) edition.cnn.com time to read: +10 min

And it comes at a time when Arizona’s allocation of Colorado River water is being slashed amid a decadeslong megadrought. “In the face of record shortages on the Colorado River, we have voluntarily answered urgent and repeated calls to conserve water. Water Asset Management owns at least 3,000 acres in Western Colorado’s Grand Valley, where Mueller works to protect Colorado’s share of the river. “Water Asset Management has engaged in a number of different purchase methods to keep their transactions unknown to many of the local jurisdictions,” Mueller said. The Colorado River in Eagle County, Colorado.

Last month he applied the brakes, slowing BP's planned cuts in oil and gas and scaling back planned renewables spending in the wake of the war in Ukraine. The oil major isn't backing away from renewables though, its green chief Anja-Isabel Dotzenrath stresses, it's simply changing the terms of the relationship. "I'm (now) just reviewing the onshore renewables part - so the onshore wind and solar part." BP's head of renewables and gas didn't elaborate on the nature of the latest review. The green stakes are high, though, given solar alone comprises more than half of BP's 43-gigawatt renewables project pipeline.

☆ Donald Trump Jr. says no one has eaten more McDonald's 'per capita' than his father
▼ + stars: | 2023-02-24 | by ( Cheryl Teh | ) www.businessinsider.com time to read: +3 min

Donald Trump Jr. says no one eats more McDonald's "per capita, than Donald Trump." Trump Jr. added that it's "100% accurate" that no one knows the McDonald's menu better than his dad. On an episode of his "Triggered" podcast on Thursday, Trump Jr. talked about his father's trip to East Palestine, Ohio. "No one probably eats more of it, per capita, than Donald Trump," he added. Trump Jr., the former president's oldest son, also said it was nice seeing his father "just sitting there at McDonald's."

☆ Huge winter storm churns across northern U.S., threatening record snowfall
▼ + stars: | 2023-02-21 | by ( Brendan O'Brien | ) www.reuters.com time to read: +5 min

CHICAGO, Feb 21 (Reuters) - A massive winter storm spreading across the U.S. West into the Northern Plains and Midwest on Tuesday could produce blizzards, brutal cold, and record snowfall, making road travel treacherous and disrupting air travel. The National Weather Service issued winter storm, blizzard and high-wind advisories for a broad swath of the western and north-central United States. Some spots in the South may have temperatures that are over 100 degrees Fahrenheit warmer than some places in the Northern Plains, the forecast showed. While the U.S. East has experienced a relatively mild winter, the Northern Plains has had an extreme winter in terms of snowfall and temperatures, NWS meteorologist Matthew Bunkers in South Dakota said. Although the snow storm could wreak havoc on daily life, it was welcomed by skiers.

☆ Retailers Hope to Bargain for Lower Ocean-Freight Rates
▼ + stars: | 2023-02-14 | by ( Paul Berger | ) www.wsj.com time to read: +5 min

Richard Galanti, chief financial officer of Costco Wholesale Corp. , said lower freight rates should lead to price cuts at the members-only retailer, which imports more than 200,000 containers a year from Asia. An International Monetary Fund study found that when ocean-freight rates double it causes inflation to rise by 0.7 percentage point. Jonathan Ostry, a Georgetown University professor and a co-author of the study, said cutting shipping rates in half should reduce inflation by the same amount. In the ocean-shipping spot market, where importers book containers without a contract, rates have dropped to $1,000 on some trans-Pacific routes. But they say lower ocean shipping expenses will help in steadying prices.

☆ U.S. to add Chinese entities tied to balloon program to export blacklist -sources
▼ + stars: | 2023-02-10 | by ( ) www.reuters.com time to read: +1 min

WASHINGTON, Feb 10 (Reuters) - The United States is expected on Friday to add Chinese firms connected to Beijing's suspected surveillance balloon program to an export blacklist, three sources familiar with the plans said. Earlier this week the U.S. had said it would explore taking action against entities connected to China's military that supported the flight of a Chinese spy balloon into U.S. airspace last week. The United States has used restrictions on tech exports to China to keep that country from advancing militarily. The Biden administration, and before it the Trump White House, had added numerous Chinese companies to the Commerce Department's Entity List. Chinese memory chipmaker YMTC and 21 "major" Chinese players in the artificial intelligence chip sector were added to the trade blacklist in December, broadening the crackdown on China's chip industry.

☆ U.S. may target Chinese entities linked to spy balloon
▼ + stars: | 2023-02-09 | by ( ) www.cnbc.com time to read: +2 min

The United States will explore taking action against entities connected to China's military that supported the flight of a Chinese spy balloon into U.S. airspace last week, a senior State Department official said on Thursday. Washington is confident that the manufacturer of the Chinese balloon, shot down by the U.S. military last weekend off the U.S. East Coast, has a "direct relationship" with the People's Liberation Army (PLA), the official said in a statement. Separately on Thursday, speaking at a Senate Foreign Relations Committee hearing, Deputy Secretary of State Wendy Sherman highlighted the flight of the Chinese balloon as another sign of Beijing's efforts to reshape the international order. "This irresponsible act put on full display what we've long recognized: that the PRC (People's Republic of China) has become more repressive at home and more aggressive abroad," Sherman told the hearing. Sherman said Washington would continue to block China from using U.S. technology to advance its military modernization.

Navy photo/Handout via REUTERSWASHINGTON, Feb 9 (Reuters) - The United States will explore taking action against entities connected to the Chinese military that supported the incursion by a Chinese spy balloon into U.S. airspace last week, a senior State Department official said on Thursday. Sherman also said the United States would continue to prevent China’s exploitation of U.S. technology to enable its own military modernization. China's foreign ministry has said it was a weather balloon that had blown off course and accused the United States of overreacting. The public spectacle of a Chinese balloon drifting slowly across the United States has brought into sharp focus the challenge posed by China to the United States and its allies. An Asia diplomat told Reuters there was a free flow of information about the balloon, with the United States passing on additional details to allies and partner as they became available.

☆ U.S. East Coast Port Workers Begin Early Contract Talks
▼ + stars: | 2023-02-07 | by ( Paul Berger | ) www.wsj.com time to read: +3 min

The International Longshoremen’s Association, which represents East Coast and Gulf Coast dockworkers, in September asked its locals to open talks with regional employer groups, said James McNamara, an ILA spokesman. A spokesman for the Pacific Maritime Association, which represents carriers and terminal operators on the West Coast, declined to comment. The Port of Houston and Georgia’s Port of Savannah have also benefited from freight diversions away from the West Coast. The West Coast labor talks have significant hurdles to overcome once the two sides resolve their regional disagreements, according to shipping industry officials. Shipping industry officials say the talks covering Gulf Coast and East Coast ports face fewer stumbling blocks.

Jet fuel this year will be the largest source of oil demand growth, says the International Energy Agency, which monitors energy consumption. In Singapore, jet fuel is trading around $122.30 per barrel, up 14% in the last two weeks. "Overall, we expect jet demand to increase significantly this year," he told an earnings call on Thursday, as air travel continues to rise. U.S. jet fuel inventories ended last year at 34 million barrels, the lowest since 1990, according to U.S. government data. Total jet fuel supplied, a proxy for demand, stood at 1.56 million barrels per day in 2022, the highest since 2019.

☆ The 3 best tanks on earth
▼ + stars: | 2023-01-15 | by ( Brent M. Eastwood | ) www.businessinsider.com time to read: +6 min

The three best tanks on Earth, let the debate begin: Are tanks still useful in the 21st century? I can offer three tanks that deserve clear recognition as the three best tanks on Earth, although I will admit, there is room for debate. Here are all of the reasons why:3 best tanks on earth: Meet the M1 AbramsAn M1A2 Abrams fires a sabot round. 3 best tanks on earth: Meet the K2 Black PantherA South Korean K-2 tank in June 2012. 3 best tanks on earth: the German LeopardGerman army Leopard 2 tanks in Munster in October 2015.

[1/6] Hoak's restaurant is covered in ice from the spray of Lake Erie waves during a winter storm that hit the Buffalo region in Hamburg, New York, U.S. December 24, 2022. Twenty-eight people have died so far in weather-related incidents across the country, according to an NBC News tally. The Buffalo airport had recorded 43 inches (109 cm) of snow as of 7 a.m ET (1200 GMT) on Sunday, Otto said. "Another one to two feet in general before Monday morning in the Buffalo area is expected," Otto said. "I guess you can say in some ways, the worst of it is over but there's still some pretty significant snowfall that's ongoing around the Buffalo region today."

☆ Factbox: Over a million without power on U.S. East Coast and Texas due to winter storms
▼ + stars: | 2022-12-23 | by ( ) www.reuters.com time to read: +1 min

Dec 23 (Reuters) - More than a million homes and businesses were without power on the U.S. East Coast, Midwest and Texas on Friday as winter storms battered much of the country, according to data from PowerOutage.us. Most outages were in North Carolina, with over 164,000 customers without power, followed by Virginia with over 92,000 and Connecticut with more than 89,000. More than a dozen other states east of the Mississippi River plus Oregon, Washington state, Missouri, Louisiana and Arkansas west of the Mississippi River each have more than 10,000 customers facing outages due to winter storms. Temperatures in northern Georgia were forecast to hit just 10 degrees Fahrenheit (-12 Celsius) with subzero wind chills. The utility with the most outages was Duke Energy Corp (DUK.N) with over 100,000 customers without power.

☆ East Coast ports including New York are winning a domestic trade war at the expense of California
▼ + stars: | 2022-12-15 | by ( Lori Ann Larocco | ) www.cnbc.com time to read: +10 min

According to ITS Logistics which monitors rail cargo trends, the volume of freight moving out of the East Coast doubles that of the West Coast. East Coast ports making major investments East Coast ports like Georgia, Virginia and Maryland have been increasing their investment to accommodate the increase in rail capacity. "CSX continues to see the East Coast ports as a growth opportunity as volumes shift from congested West coast gateways," said Cindy Schild, CSX spokesperson. West Coast port declinewatch nowCargo volumes on the West Coast remained soft at the Port of Los Angeles in November, which saw a 21% decrease year over year in volumes. While the East Coast gains are significant, there was a "leveling" off of imports detected on the East Coast in November, according to port TEU data from the CNBC Supply Chain Heat Map.

☆ U.S. East Coast in path of powerful winter storm that killed 3 in South
▼ + stars: | 2022-12-15 | by ( ) www.reuters.com time to read: +1 min

Dec 15 (Reuters) - A sprawling winter storm was expected to unleash ice, snow and strong winds across the Northeast on Thursday after spawning dozens of tornadoes that claimed the lives of three people as it left behind a trail of destruction in the South. More than 20 people suffered injuries in Farmerville, Louisiana, when a tornado hit an apartment complex and a mobile home park, a police spokesperson told CNN. The relentless storm was not finished on Thursday. Additionally, the storm was forecast to unleash freezing rains across the region, glazing roadways with ice and prompting transportation officials to urge motorists to stay off the roads. Reporting by Brendan O'Brien in Chicago; Editing by Chizu NomiyamaOur Standards: The Thomson Reuters Trust Principles.

☆ The Arctic is getting warmer and stormier, and ship traffic is increasing as ice melts
▼ + stars: | 2022-12-13 | by ( Emma Newburger | ) www.cnbc.com time to read: +1 min

Martin Leonhard of the East Greenland Ice-Core Project (EastGRIP) operates snow blower putting a new snow floor for the winter-storage weather port tent at EastGRIP camp on August 9, 2022. EastGRIP is an international science station on the Greenland ice sheet, the second-largest ice body in the world after the Antarctic ice cap. The researchers described how hotter air temperatures, melting sea ice, shorter periods of snow cover, increased wildfire and rising levels of precipitation have forced wildlife and Indigenous people in the region to adapt. The Arctic's seven warmest years since 1900 have been the last seven years, and researchers pointed to a slew of signs that the region is undergoing a dramatic shift. Scientists also noted that maritime ship traffic is on the rise in the Arctic as sea ice declines, with the most notable increases in traffic occurring among ships traveling from the Pacific Ocean through the Bering Strait and Beaufort Sea.

☆ Turkey is stopping oil not under Russian sanctions, raising global energy market supply concerns
▼ + stars: | 2022-12-08 | by ( Lori Ann Larocco | ) www.cnbc.com time to read: +2 min

Cargo ships and vessels transit the Bosphorus Strait, a body of water connecting the Black Sea to the Marmara and Mediterranean Seas through Istanbul, Turkey. Above, the Russia-flagged vessel Volga River Taganrog oil tanker passes south through the Bosphorus Straits in October 2022. "It appears that all but one of the roughly twenty loaded crude tankers waiting to cross the straits are carrying Kazakh-origin oil," a price cap official told CNBC. If delays mount, refiners will seek alternative supplies from other countries or they will reduce operating capacity because they don't have enough oil, which impacts the supply of gasoline and diesel, said Andrew Lipow, president of Lipow Oil Associates. "If this continues for another week we will begin to see an impact on the oil market," Lipow said.

☆ California first offshore wind auction surpasses $500 million
▼ + stars: | 2022-12-07 | by ( Nichola Groom | ) www.reuters.com time to read: +2 min

Dec 7 (Reuters) - The first ever auction of offshore wind development rights off the coast of California was in its second day on Wednesday, with high bids topping half a billion dollars. There is currently about 100 megawatts of floating wind capacity installed in the world, compared with 50 gigawatts (GW) for conventional offshore wind, Zaidi noted. Previous federal offshore wind auctions have all been for leases in shallower waters of the Atlantic Ocean. High bids on individual leases ranged between $95.3 million and $148.8 million, according to live auction results on the BOEM web site. They include established offshore wind players like Avangrid Inc (AGR.N), Orsted (ORSTED.CO) and Equinor (EQNR.OL), which are all developing projects on the U.S. East Coast, as well as potential new entrants, including Swedish floating wind developer Hexicon (HEXI.ST) and Macquarie (MQG.AX) unit Corio.

☆ California offshore wind auction bids top $460 mln on day two
▼ + stars: | 2022-12-07 | by ( ) www.reuters.com time to read: +1 min

Dec 7 (Reuters) - The first ever auction of offshore wind development rights off the coast of California entered its second day on Wednesday, with high bids topping $460 million. Previous federal offshore wind auctions have all been for leases in shallower waters of the Atlantic Ocean. After 22 rounds of bidding, high bids totaled a combined $462.1 million. Two leases off the central coast had commanded high bids of more than $100 million, with the remaining leases attracting high bids in a range of $62.7 million to $98.8 million, according to live auction results on the BOEM web site. The identities of the bidders are not disclosed during the auction, but 43 companies had been approved to participate.

☆ U.S. kicks off first California coast offshore wind auction
▼ + stars: | 2022-12-06 | by ( Nichola Groom | ) www.reuters.com time to read: +2 min

Dec 6 (Reuters) - The United States on Tuesday is set to kick off the first sale of offshore wind development rights for waters off the coast of California, expanding the nascent domestic industry to the Pacific Ocean. "It puts California on a path to be a global hub for offshore wind technology," JC Sandberg, interim chief executive of the American Clean Power Association, said on a call with reporters. Previous federal offshore wind auctions have all been for leases in shallower waters of the Atlantic Ocean. The California sale is viewed as a test of industry appetite for investing in floating offshore wind technology, which to date has been limited to small pilot projects in places including Norway and Portugal. Companies approved to bid at the auction include established offshore wind players like Avangrid Inc (AGR.N), Orsted (ORSTED.CO) and Equinor (EQNR.OL), which are all developing projects on the U.S. East Coast.

☆ Manufacturing orders from China down 40% in unrelenting demand collapse
▼ + stars: | 2022-12-04 | by ( Lori Ann Larocco | ) www.cnbc.com time to read: +6 min

U.S. manufacturing orders in China are down 40 percent, according to the latest CNBC Supply Chain Heat Map data. HLS expects most carriers to extend their West Coast rates until December 14, holding at $1,300-$1,400 per forty-foot equivalent containers (FEU). The 2M Alliance of Maersk and MSC has suspended almost half of its U.S. West Coast services for December. is also impacting Vietnam, which has been booming as a manufacturing hub as more trade moved away from China. Canceled ocean sailings bound for Vietnam are up 50% for December.

☆ Rap industry leaders say hip-hop should not be the ‘scapegoat’ for the growing violence
▼ + stars: | 2022-11-25 | by ( Candice Williams | ) www.nbcnews.com time to read: +14 min

The hip-hop community calls for change, but there doesn’t seem to be an end in sight to the violence. So I think hip-hop is the scapegoat for a lot of things.”Greg Yuna and Lenny Santiago. Some of those murders are now being explored in a new WE tv’s docuseries “Hip Hop Homicides,” which looks at the shooting deaths of rap artists including Pop Smoke, XXXTentacion and King Von. In some cases, money exacerbates some of these things.”Although Lathan believes there should be more accountability in hip-hop from those who create the violence, rap artists can’t always be blamed for the violence that surrounds them or happens to them. Caz said that in those days hip-hop music was used as a form of escape.

CHICAGO, Nov 16 (Reuters) - Cooks may have to put away their oversized platters for serving turkey this Thanksgiving. If a farm has an outbreak, producers must disinfect their barns after culling turkeys and wait about six months before restocking. The National Turkey Federation acknowledged that cooks in some geographic areas could see limited supplies of big turkeys. On the U.S. East Coast, Baldor sees a shortage of the bigger sizes as large Thanksgiving celebrations make a comeback, Lindgren said. Shoppers are resuming traditional purchases of turkeys around 18 pounds, after downsizing their birds for smaller gatherings over the last two years, he said.

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