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In Panama, a lack of water has hampered canal operations in recent years, and some shipping experts say vessels may soon have to avoid the canal altogether if the problem gets worse. Before the water problems, as many as 38 ships a day moved through the canal, which was built by the United States and remained under its control until 2000. The canal authority in July cut the average to 32 vessels, and later announced that the number would drop to 31 on Nov. 1. Further reductions could come if water levels remain low. The canal authority is also limiting how far a ship’s hull can go below the water, known as its draft, which significantly reduces the weight it can carry.

Persons: Panama’s Locations: Panama, El, United States

☆ WeWork Declares Intent to Renegotiate Almost All Leases
▼ + stars: | 2023-09-06 | by ( Peter Eavis | More About Peter Eavis | ) www.nytimes.com time to read: +1 min

After WeWork warned last month that it might not be in business for much longer, its chief executive said on Wednesday that the co-working company was going to try to renegotiate nearly all of its leases and would probably pull out of underperforming locations. The actions, detailed in a letter from David Tolley, who took over as chief executive after the sudden resignation of Sandeep Mathrani in May, are intended to reduce how much WeWork spends leasing office space. WeWork, which has lost $15 billion since the end of 2017, has been negotiating lower rents for over three years — and has had some success doing so at a time when landlords are desperate to fill office towers that have been emptied by the work-from-home shift that started during the height of the pandemic. “We will seek to negotiate terms with our landlords that allow WeWork to maintain our unmatched quality of service and global network, in a financially sustainable manner,” Mr. Tolley said in the letter. “As part of these negotiations, we expect to exit unfit and underperforming locations and to reinvest in our strongest assets as we continuously improve our product.”

Persons: WeWork, David Tolley, Sandeep Mathrani, Mr, Tolley

Hawaiian Electric has known for years that extreme weather was becoming a bigger danger, but the company did little to strengthen its equipment and failed to adopt emergency plans used elsewhere, like being prepared to cut off power to prevent fires. Before the wildfire on Maui erupted on Aug. 8, killing more than 100 people, many parts of Hawaiian Electric’s operations were showing signs of stress — and state lawmakers, consumer groups and county officials were saying that the company needed to make big changes. In 2019, Hawaiian Electric itself started citing the risk of fires. The company said that year that it was studying how utilities in California were dealing with similar threats. Two years later, in a report about Hurricane Lane in 2018, the Maui County government warned of the potential that “aboveground power lines that fail, short or are low-hanging can cause fire ignition (sparks) that could start a wildfire, particularly in windy or stormy conditions.”

Organizations: Electric, Hurricane Locations: Maui, California

Many wildfires in the United States occur when poles owned by utilities or other structures carrying power lines are blown down, or when branches or other objects land on power lines and cause them to produce high-energy flashes of electricity that can start fires. Image Nearly a week after the wildfire tore through Lahaina, state and local officials have not determined a cause for the blaze. Like most other utilities, Hawaiian Electric operates under the scrutiny of public commissioners who have to approve its spending plans. Power lines have caused catastrophic wildfires in California in recent years, prompting lawsuits that have led to multibillion-dollar payouts by the state’s utilities. Hawaiian Electric in a regulatory filing last year detailed measures aimed at reducing the risk of its equipment causing fires.

Persons: Hurricane Dora, “, ”, James Frantz, Frantz, There’s, Max Whittaker, Shahriar Pourreza, Shelee Kimura, ” Ms, Kimura, Pourreza, Michael Wara, Philip Cheung, Bob Marshall, Jim Kelly, Ken Pimlott, Anne Lopez, Mr, Wara, Kellen Browning, John Keefe, Susan C, Beachy, Alain Delaquérière Organizations: Wildfire, National Weather Service, Frantz Law, Hawaiian Electric, The New York Times, Guggenheim Securities, Maui Electric, Pacific Gas, Pacific Gas and Electric, Federal Emergency Management Agency, Pacific Disaster Center, Stanford University, The New York Times Lightning, Western, NASA, Whisker Labs, Labs, California Department of Forestry, Stanford, U.S . Energy Information Administration Locations: Lahaina, West Maui, Maui, California, United States, Northern California, Paradise, Hawaii, Western United States, Maui County, Germantown, Md, San Francisco

In the hunt to determine what caused the fire that consumed Lahaina, the focus has increasingly turned to Hawaii’s biggest power utility — and whether the company did enough to prevent a wildfire in the high winds that swept over Maui last week. Lawyers for Lahaina residents suing the utility, Hawaiian Electric, contend that its power equipment was not strong enough to withstand strong winds, and that the company should have shut down power before the winds came. Wildfire experts who have studied the catastrophic fires in California over the past two decades also see shortcomings in Hawaiian Electric’s actions. Nearly a week after the wildfire tore through the island town of Lahaina, state and local officials have not determined a cause for the blaze that killed at least 99 people. That is why utilities in California and other states have at times shut down power in recent years before strong winds arrive.

Organizations: Wildfire Locations: Lahaina, Maui, California, United States

“As I said back in the summer of 2020, in my judgment, the loan was inadequately secured to the taxpayers,” he said. Yellow has paid about $67 million in interest on its $700 million loan and just $230 of the principal owed. Yellow owes more than $700 million because, under the terms of the loan, some of the interest is not paid annually but gets added to the principal. Yellow used the first portion of its federal loan, about $300 million, to pay for operational expenses, including labor costs and to lease equipment. Bankruptcy experts said it would be very hard for the Treasury to find collateral that could be sold to repay this part of the loan.

Persons: Hill, ” Organizations: Republican, International Brotherhood of Teamsters, Treasury Locations: Arkansas, Nashville

☆ WeWork Cites ‘Substantial Doubt’ That It Can Stay in Business
▼ + stars: | 2023-08-08 | by ( Peter Eavis | More About Peter Eavis | ) www.nytimes.com time to read: 1 min

WeWork, which lost billions of dollars building and operating a global empire of co-working spaces, warned investors on Tuesday that it might not be in business for much longer. “Substantial doubt exists about the company’s ability to continue as a going concern,” the company said in a financial filing. The announcement did not come as a surprise. WeWork’s stock has been trading for pennies for months as investors concluded that the company’s financial obligations and losses had become overwhelming. WeWork’s stock lost nearly a fourth of its value in trading after the announcement on Tuesday, which was issued after market hours along with the company’s quarterly earnings.

Persons: Sandeep Mathrani

☆ A Trucking Giant Is Bankrupt, and Finger-Pointing Begins
▼ + stars: | 2023-08-07 | by ( Peter Eavis | More About Peter Eavis | ) www.nytimes.com time to read: +1 min

ArcBest, he said, took in $529 per shipment in the first quarter, versus $339 at Yellow. Mr. Jindel said Yellow was a laggard “largely because of mismanagement.”Yellow did not respond on Monday to a request to speak about its management record. One company hoping to pick up business from Yellow is Saia, a less-than-truckload company near Atlanta. The company’s stock has more than doubled this year, and is up 25 percent just since the end of June. The trucking industry plays a critical role in the U.S. economy, transporting nearly three-fourths of all freight tonnage in the United States, according to the American Trucking Associations, a trade group.

Persons: Satish Jindel, Jindel, “, ” Frederick Holzgrefe Organizations: Yellow’s, SJ Consulting, American Trucking Associations Locations: Atlanta, U.S, United States

New York is doing better than San Francisco — Manhattan has a vacancy rate of 13.5 percent — but it can no longer count on the technology industry for growth. More than one-third of the roughly 22 million square feet of office space available for sublet in Manhattan comes from technology, advertising and media companies, according to Newmark. The company has opted not to renew leases covering 250,000 square feet in Hudson Yards and for 200,000 square feet on Park Avenue South. Twitter, Microsoft and other technology companies are also trying to sublease unwanted space. The large amount of space available for sublet is also driving down the rents that landlords are able to get on new leases.

Persons: Newmark, ”, Ruth Colp, Haber, Colp Organizations: sublet, New, New York State, Spotify, Trade Center, Twitter, Microsoft, Wharton Property Advisors Locations: York, Francisco —, Manhattan, New York, Hudson Yards

Freight trains frequently stop and block the roads of York, Ala., sometimes cutting off two neighborhoods for hours. Emergency services and health care workers can’t get in, and those trapped inside can’t get out. “It’s not fair.”Residents have voiced these complaints for years to Norfolk Southern, which owns the tracks, and to regulators and members of Congress. Freight trains frequently block roads nationwide, a phenomenon that local officials say has grown steadily worse in the last decade as railroads run longer trains and leave them parked on tracks at crossings. The blockages can turn school drop-offs into nightmares, starve local businesses of customers and prevent emergency services from reaching those in distress.

Persons: can’t, ”, Amanda Brassfield, Grant City, “ Organizations: Norfolk, Freight Locations: York, Ala, Grant, Norfolk Southern

☆ Elton John to thrill sun-drenched Glastonbury in final UK show
▼ + stars: | 2023-06-25 | by ( Sachin Ravikumar | Thomson Reuters | Sachin Ravikumar Is A Correspondent For Reuters In London Covering General News Across The Uk. Over Nine Years At Reuters | ) www.reuters.com time to read: +2 min

GLASTONBURY, England, June 25 (Reuters) - Elton John is set to close Glastonbury's Pyramid stage on Sunday night with a "completely unique" set for his last ever UK show that will also feature four surprise guests. "What's brilliant about Elton is it is like something for everyone, all ages," the 43-year-old who works in marketing said. "I've got a sparkly jacket in my bag ready to go, so I'll be busting that out for Elton." Glastonbury organiser Emily Eavis, whose father Michael started the festival on Worthy Farm in 1970, said the show would be an amazing send-off for John. "He's been carving out a set that's going to be completely unique to Glastonbury," Eavis told the festival's Glastonbury Free Press paper.

Persons: Elton John, Lewis Capaldi, David, Britney Spears, Yusuf, Cat Stevens, Blondie, Lil Nas X, John, Fan Emily Brett, London, Elton, I've, Glastonbury, Emily Eavis, Michael, Eavis, Sachin Ravikumar, Jane Merriman Organizations: Foo Fighters, Sky News, Glastonbury, Dua, Glastonbury Free Press, Thomson Locations: GLASTONBURY, England, British, Glastonbury

☆ Moroccan trance collective kick off music at Glastonbury
▼ + stars: | 2023-06-23 | by ( Sachin Ravikumar | Thomson Reuters | Sachin Ravikumar Is A Correspondent For Reuters In London Covering General News Across The Uk. Over Nine Years At Reuters | ) www.reuters.com time to read: +2 min

[1/3] The Master Musicians of Joujouka perform at the Glastonbury Festival site in Somerset, Britain, June 23, 2023. REUTERS/Jason CairnduffGLASTONBURY, England, June 23 (Reuters) - Glastonbury Festival's main Pyramid Stage opened on Friday to the sounds of The Master Musicians of Joujouka, a trance music collective from Morocco, as tens of thousands of fans kicked off three days of music and merrymaking under a blazing English sun. Fellow headliners Arctic Monkeys' Friday evening performance will go ahead, organisers confirmed, following doubts after frontman Alex Turner contracted laryngitis. They're on," organiser Emily Eavis, whose father Michael started Glastonbury Festival on his farm 53 years ago, told BBC Radio. Asked about the opening performance from the Moroccan collective, she replied with a chuckle: "It was different.

Persons: Joujouka, Jason Cairnduff GLASTONBURY, Elton John, Alex Turner, laryngitis, Emily Eavis, Michael, Brian Jones, Leslie Mills, Coke, Sachin Ravikumar, William James Our Organizations: REUTERS, Joujouka, Glastonbury Festival, BBC Radio, Glastonbury, Fighters, Thomson Locations: Glastonbury, Somerset, Britain, England, Morocco, British, Moroccan

☆ How to watch Glastonbury 2023 live stream for free online from anywhere
▼ + stars: | 2023-06-23 | by ( Brendan Griffiths | Senior Commerce Director | ) www.businessinsider.com time to read: +4 min

If you're already in the UK, you can watch loads of Glastonbury across the BBC on broadcast TV. How to watch Glastonbury in the UKCoverage is spread across multiple BBC channels on TV throughout the weekend. How to watch Glastonbury live stream from anywhere for freeIf you try to live stream Glastonbury via the iPlayer from abroad, you'll find you're geo-blocked due to your location. So yes, before we get into my Wicker Man story…How to live stream Glastonbury with a VPNSign up for a VPN if you don't have one. Watch live and on-demand footage.

Persons: you'll, ExpressVPN, Elton John, Michael Eavis, I've, Carley Rae Jepsen, Maisie Peters, Sparks, Fred, Raye, Jacob Collier, Rick Astley, Tom Grennan, Lewis Capaldi, Lizzo, Boy Slim, Christine, Blondie, Yusuf, Cat Stevens, Becky Hill, Elton John BBC Organizations: Glastonbury, BBC, Young, Rick Astley BBC, Blondie BBC Locations: Glastonbury, Texas, Queens

☆ N.T.S.B. Convenes Hearing in East Palestine to Examine Train Derailment
▼ + stars: | 2023-06-22 | by ( Mark Walker | Peter Eavis | ) www.nytimes.com time to read: +1 min

The National Transportation Safety Board released thousands of pages of documents on Thursday about the derailment of a Norfolk Southern freight train in East Palestine, Ohio, providing the fullest account yet of what led to the accident. The agency released the trove of documents ahead of a two-day hearing in East Palestine, which began on Thursday morning and is set to examine several aspects of the derailment and the emergency response that followed, including the decision to conduct a controlled burn of some toxic chemicals the train was carrying. The N.T.S.B. held a community meeting on Wednesday night to field questions from residents, and the agency’s chairwoman, Jennifer Homendy, opened the hearing on Thursday morning with a message for those affected by the derailment. “Just know that all of us think about you, not just during this hearing, not just during the investigation, but well after our final board report is issued,” she said.

Persons: Jennifer Homendy, ” Organizations: Transportation Safety, Norfolk Locations: Norfolk Southern, East Palestine , Ohio, East Palestine

☆ Diversity takes center stage at the new National Portrait Gallery in London
▼ + stars: | 2023-06-22 | by ( Nicole Mowbray | ) edition.cnn.com time to read: +7 min

London CNN —When The National Portrait Gallery opened its doors to the public in London on Thursday, it was the first time in three years it has done so. The National Portrait Gallery was officially opened by Catherine, Princess of Wales, seen standing in front of Joshua Reynolds’ Portrait of Mai (Omai). Why would the National Portrait Gallery commit to taking this work they wouldn’t see until it’s finished, 90% of which is created by non-artists? What did she do?” Haworth told the National Portrait Gallery about the figure. Some art critics have been scathing of the gallery’s rework, with Jonathan Jones at the Guardian dubbing it “the same old cocktail party.” His review begins: “The National Portrait Gallery has been closed for three years.

Persons: Princess Catherine of Wales, ”, Jamie Fobert, Purcell, The Mary Weston, David Parry, Tracey Emin, Sam Taylor Johnson’s, David Beckham, Zadie Smith, Toyin Ojih Odutola, Sir Michael Eavis, Peter Blake, Ada Lovelace, Margaret Sarah Carpenter, Catherine , Princess of, Joshua Reynolds ’, Mai, Paul Grover, Jann Haworth, Liberty Blake, Boudicca, Elizabeth I, Mary Beard, Beatrix Potter, Agatha Christie, Nicola Adams, Pepper’s, Haworth, ” Blake, “, ” Jann Haworth, Toby Hancock, Blake, “ It’s, ’ It’s, it’s, ” Haworth, Oliver Hess, Jonathan Jones, Nicholas Cullinan, You’ll Organizations: London CNN, Jamie Fobert Architects, Getty, Chanel Culture Fund, Olympic, Beatles, Art, CNN, Guardian Locations: London, United Kingdom, Britain, The, Nigerian American, Glastonbury, British, Catherine , Princess of Wales, AFP, Salt Lake City

GLASTONBURY, England, June 21 (Reuters) - Tens of thousands of music fans streamed into Worthy Farm in southwest England on Wednesday at the start of Glastonbury, the beloved music festival that will feature Elton John, Guns N' Roses and the Arctic Monkeys this weekend. Elated fans wore sun hats and lugged camping gear to the site of the world's biggest open-air arts and music festival, primed to witness hundreds of acts over five days culminating in British singer Elton John's last ever UK show on Sunday night. Heavy showers fell over the 900-acre grassy expanse of Glastonbury on Wednesday, although fans, many equipped with Wellington boots to wade through muddy fields, appeared undeterred. Glastonbury, founded by Michael Eavis 53 years ago, typically sells out before any headliners have been announced, given the strength of previous line-ups. "I've done a festival before but I've never managed to get my tickets here," said Glastonbury first-timer Hemmings.

Persons: Elton John, Elton John's, Yusuf, Cat Stevens, Blondie, Lizzo, Lil Nas, Lana Del Ray, Rick Astley, we've, Tom Hemmings, It's Elton John's, Alex Turner's laryngitis, Michael Eavis, I've, Glastonbury, Hemmings, Paul McCartney, Billie Eilish, Jason Cairnduff, Sachin Ravikumar, Alexandra Hudson Organizations: Glastonbury, Foo Fighters, Sheffield, Alexandra Hudson Our, Thomson Locations: GLASTONBURY, England, British, Glastonbury, Wellington, Bristol, Worthy, Ireland

☆ WeWork Faces More Turmoil After Its Chief Executive Departs
▼ + stars: | 2023-06-12 | by ( Maureen Farrell | Peter Eavis | ) www.nytimes.com time to read: +1 min

A real estate executive, he became the chief executive of the troubled office space company in 2020 after a failed initial public offering pushed it to the brink of collapse. He instilled discipline and order on a business that had grown fast and chaotically under its co-founder Adam Neumann. Instead of building a company that would “elevate the world’s consciousness” as Mr. Neumann had wanted, Mr. Mathrani focused on the staid details of running a real estate company. He steered WeWork through the pandemic, got its landlords to accept less rent, took the company public and oversaw a financial restructuring, completed last month, that cut the company’s debt. But just weeks after the restructuring, the company said on May 16 that Mr. Mathrani would step down, and that no permanent successor was lined up.

Persons: Sandeep Mathrani, Adam Neumann, Neumann, Mathrani, — Organizations: Wall Street Locations: WeWork

☆ Backup Power: A Growing Need, if You Can Afford It
▼ + stars: | 2023-05-06 | by ( Ivan Penn | Peter Eavis | ) www.nytimes.com time to read: +1 min

“The neighborhood has lost power a whole lot, but I have not,” Ms. Dudley said. Ms. Dudley estimates that her utility bills are about $2,300 a year lower because of that investment and her geothermal system. Generator companies believe that growing electricity usage and the threat of outages will keep demand high for their products. Many people also bought generators because of severe weather, including an extreme heat wave in 2021 in the Pacific Northwest, and winter storm Uri, which caused days of blackouts in Texas and killed an estimated 246 people. “People are thinking about this,” Mr. Jagdfeld said, “in the context of the broader changes in climate and how that may be impacting not only the reliability of power but the things that they need that power provides.”

A real estate investment fund recently defaulted on $750 million of mortgages for two Los Angeles skyscrapers. And a big New York landlord is trying to extend the deadline for paying down a loan for a Park Avenue office tower. Office districts in nearly every U.S. city have been under great stress since the pandemic emptied workplaces and made working from home common. But in recent months, the crisis has entered a tense phase that could damage local economies and cause financial hits to real estate investors and scores of banks. Lenders are increasingly reluctant to make new loans to owners of office buildings, especially after the collapse of two banks last month.

☆ Tesla’s Profit Dropped Sharply in First Quarter as It Cut Prices
▼ + stars: | 2023-04-19 | by ( Peter Eavis | Jack Ewing | ) www.nytimes.com time to read: +1 min

Tesla’s profit fell sharply in the first three months of the year after it cut the prices of its electric vehicles, the company said on Wednesday. Tesla sold more electric cars in the United States last year than all its competitors combined. Tesla’s product line has not changed much, which can be a big disadvantage as rivals attract buyers with alluring new models. To try to maintain its hold on the market, Tesla has made a series of price cuts this year across its four models. Because it has much wider profit margins than other automakers, the company is in theory in a strong position in a price war.

☆ Guns N' Roses and Arctic Monkeys to headline Glastonbury along with Elton John
▼ + stars: | 2023-03-03 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Sumaya HishamLONDON, March 3 (Reuters) - Guns N' Roses and Arctic Monkeys will join Elton John as headliners at the Glastonbury Festival in June, organisers said on Friday, drawing attention to the largely male line-up of its biggest performers this year. The festival's official poster gave U.S. rapper Lizzo joint headline billing but she was the lone, high-profile female performer among the main acts this year. Paul McCartney, 80, played last year's Glastonbury, as the festival returned from a three-year absence due to the coronavirus pandemic. While English rock act Arctic Monkeys will be making their third appearance as headliners at Glastonbury following the release of a new album in October, it will be the first time for American rock legends Guns N' Roses, who will be touring Europe in June. Reporting by Sachin Ravikumar, Editing by Paul Sandle and William SchombergOur Standards: The Thomson Reuters Trust Principles.

☆ Elton John to headline Glastonbury 2023, the last UK show in his farewell tour
▼ + stars: | 2022-12-02 | by ( Hafsa Khalil | ) edition.cnn.com time to read: +1 min

London CNN —Elton John will headline the Glastonbury Festival next summer in what will be the final UK show of his farewell tour, the festival announced Friday. John will top the bill on the Pyramid Stage on June 25, the music festival’s final night, Glastonbury organizer Emily Eavis said in a statement posted on the festival’s website. The Glastonbury Festival is held most years in Somerset, southwest England. “It gives me enormous pleasure to let you know that the one and only Elton John will be making his first ever Glastonbury appearance, headlining the Pyramid Stage on the Sunday night next year,” Eavis said. The performance will close the UK leg of John’s “Farewell Yellow Brick Road tour,” publicized as his last ever, with more than 300 dates before his retirement after 52 years of touring.

☆ Elton John to headline Glastonbury in final UK show of farewell tour
▼ + stars: | 2022-12-02 | by ( ) www.reuters.com time to read: +2 min

[1/5] Elton John performs "Bennie and the Jets" as he wraps up the U.S. leg of his 'Yellow Brick Road' tour at Dodger Stadium in Los Angeles, California, U.S. November 20, 2022. REUTERS/David Swanson/File PhotoLONDON, Dec 2 (Reuters) - Elton John will headline Glastonbury next summer, performing the last British show of his lengthy global farewell tour at the renowned music festival on Worthy Farm. John is coming towards the end of a "Farewell Yellow Brick Road" tour which began in September 2018. John ended the U.S. leg of his farewell tour with a star-studded show at the Los Angeles Dodger Stadium in November. He performs in Australia and New Zealand in January before kicking off the British tour in Liverpool in March.

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