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☆ New York prepares for possible flooding from snowmelt while the West girds for heavy rain and snow
▼ + stars: | 2022-12-29 | by ( Julianne Mcshane | Https | Media-Cldnry.S-Nbcnews.Com Image Upload Newscms Kathryn-Prociv.Jpg | ) www.nbcnews.com time to read: +7 min

Kathy Hochul on Wednesday directed state agencies to prepare to respond to flooding caused by the snowmelt. And the Buffalo Airport — where nearly 52 inches of snow fell during the storm, according to the weather service — reopened Wednesday. Moderate to heavy snow could also fall across northern Nevada by Friday night, the agency said. On New Year’s Eve, heavy rain will fall in the Southeast up to the Ohio Valley during the day and the mid-Atlantic into the Northeast during the evening, while the West will face a flood risk and continued heavy mountain snow. On New Year's Day, lingering rain showers are expected in New England, above-average temperatures are set for the South and rain and snow are expected in the Southwest.

☆ At least 5 tornadoes confirmed in Texas as storms roll through southwestern US and blizzard conditions mount in the northern Plains
▼ + stars: | 2022-12-13 | by ( Amir Vera Jason Hanna Monica Garrett | Amir Vera | Jason Hanna | ) edition.cnn.com time to read: +12 min

More than 18 million people from Texas to Mississippi are under threat of severe storms Tuesday, including tornadoes. In Mississippi, the Meridian Public School District – which serves over 4,900 students – announced they will be closed Wednesday due to the threat of severe weather. The Lawrence County and McComb School Districts also announced they were closing Wednesday due to the threat of severe weather. The Mississippi Emergency Management Agency also noted the severe weather expected in the state and asked residents to prepare. “With severe weather expected throughout Mississippi tonight and tomorrow, please review your severe weather preparedness checklist to make sure you are ready for the storms,” the agency said in a message on Twitter.

☆ High demand for children's medications shines a light on fragile US drug supplies
▼ + stars: | 2022-12-12 | by ( Brenda Goodman | ) edition.cnn.com time to read: +13 min

Even when demand is not sky-high, drugs shortages happen regularly – but usually more quietly – in the US. At any time, the reasons why shelves may be empty vary from place to place and from drug to drug. With children’s medications, drug manufacturers say they are running full-tilt, and they planned for some increase in sales over the winter months. The FDA tracks drug shortages too, taking reports directly from manufacturers, but it defines them differently than the pharmacists’ group. The White House says drug shortages are a priority for President Biden’s administration, too.

☆ Oil Spill in Kansas Prompts Shutdown of Keystone Pipeline System
▼ + stars: | 2022-12-09 | by ( Derrick Bryson Taylor | ) www.nytimes.com time to read: +1 min

The Keystone pipeline system was shut down Wednesday night after its operator, TC Energy, said it had detected an oil spill in northern Kansas. An estimated 14,000 barrels of oil spilled into a creek in Washington County, Kan., south of the Nebraska border, TC Energy said in a statement on Thursday. Washington County has a population of about 5,500, according to government data. The Washington County Emergency Management Office said on Facebook on Thursday that residents in and around the county had reported waking up to the smell of gas. TC Energy said that the “affected segment” of the pipeline “has been isolated and we have contained downstream migration of the release.” The company said that crews were responding to the spill and were working to contain and recover the oil.

☆ A Harvard Business School grad who now works at Google shares how she got into the top MBA program
▼ + stars: | 2022-12-07 | by ( Brina Patel | ) www.businessinsider.com time to read: +10 min

Olivia Melendez graduated from Harvard Business School in May and is a product manager at Google. Plus, I had always heard that MBA programs prefer that candidates have three to four years of work experience before starting a full-time program," Melendez said. In addition to HBS, she applied to several other top-tier programs, including the Stanford Graduate School of Business, Wharton Business School, and Kellogg School of Management, all of which she was admitted to. Melendez said she used the admissions essay as a chance to tie together pieces of her background that needed additional context. For anyone struggling with the admission essay, Melendez recommended an exercise she learned at MLT.

☆ Bank of England confirms start of new gilt sale programme
▼ + stars: | 2022-11-23 | by ( David Milliken | Gibran Naiyyar Peshimam | ) www.reuters.com time to read: +2 min

The BoE intends to offer gilts for sale on Tuesdays, Wednesdays and Fridays, giving minimum prices that it will accept before each sale. "There will be instances when the Bank could sell a larger volume of gilts if demand is particularly strong, but also times when the Bank will sell few or no gilts if there is insufficient demand," the BoE said. On days when the DMO had held a long-dated gilt auction, the BoE would only sell index-linked gilts and vice versa. The BoE said it would publish details of the gilt sales as soon as possible after each sales window closed. ($1 = 0.8312 pounds)Reporting by David Milliken, Editing by Kylie MacLellanOur Standards: The Thomson Reuters Trust Principles.

☆ No tsunami warning for Solomon Islands after 7.0 earthquake off coast
▼ + stars: | 2022-11-22 | by ( Kirsty Needham | ) www.reuters.com time to read: +1 min

SYDNEY, Nov 22 (Reuters) - Authorities in the Solomon Islands said no tsunami warning would be issued after two earthquakes on Tuesday afternoon, including one with a magnitude of 7.0 just off the southwest coast. The Solomon Islands Meteorological Service said there is no tsunami threat to the country, but warned about unusual sea currents in coastal areas. Widespread power outages are being reported across the island and the Solomon Islands Broadcasting said in a statement on Facebook that all radio services were off air. The National Disaster Management Office said it has received reports that people felt the quake but are waiting for reports of damage. Seismology Fiji said the quake did not pose an immediate tsunami threat to the archipelago nation roughly 2,000 km to the southeast.

☆ UK bond dealers see jump in gilt issuance for 2023/24 - Reuters poll
▼ + stars: | 2022-11-16 | by ( David Milliken | ) www.reuters.com time to read: +4 min

However in the 2023/24 financial year, gilt issuance is expected to jump to 238 billion pounds, according to the median poll forecast, the second highest ever after the 486 billion pounds of issuance in 2020/21 to fund COVID-19 support measures. “It feels like there shouldn’t be too many surprises, but the gilt market remains febrile, and even small news could create oversized reactions,” he said. Gilt issuance is distinct from public sector net borrowing (PSNB), the main borrowing measure forecast by Britain’s Office for Budget Responsibility. Here GEMMs expect PSNB, excluding public-sector banks, to rise to a median 187 billion pounds, almost double the 99 billion pounds forecast by the OBR in March. Next year it is forecast to fall to 142 billion pounds, versus an OBR forecast of 50.2 billion pounds.

☆ 3 dead, 2 injured in shooting at University of Virginia
▼ + stars: | 2022-11-14 | 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

He said two additional victims were also injured in the shooting and were receiving medical care. "This is a message any leader hopes never to have to send, and I am devastated that this violence has visited the University of Virginia," Ryan said. "Call 911 if seen, do not approach," the University of Virginia Police Department warned in a tweet, sharing a photo of Jones. The suspect was last seen wearing a burgundy jacket, blue jeans and red shoes, the university's emergency management office said, adding that he could be driving a black SUV. In a later update shared at around 2:55 a.m. EST, the university's emergency management office said multiple agencies, including a Virginia State Police helicopter, were still searching for the suspect.

☆ At least 50 homes destroyed as tornadoes rip through Texas and Oklahoma
▼ + stars: | 2022-11-05 | by ( Hyder Abbasi | ) www.nbcnews.com time to read: +2 min

Tornadoes ripped through parts of Texas and Oklahoma, destroying and damaging dozens of homes and injuring at least 10 people Friday, officials said. Two people were in “critical but stable,” condition, a statement posted to the Facebook page of the Lamar County Sheriff’s Office in northern Texas said. The small town of Idabel saw a church, medical center and school torn apart, according to the Associated Press. The National Weather Service said tornadoes also were reported Arkansas and a storm system was heading toward Louisiana. There were 17 reports of tornadoes in northeastern Texas, southeastern Oklahoma, and Arkansas late Friday, according to the National Weather Service’s Storm Prediction Center.

☆ Bank of England sells 750 mln pounds of gilts at first QE unwind auction
▼ + stars: | 2022-11-01 | by ( ) www.reuters.com time to read: +1 min

LONDON, Nov 1 (Reuters) - The Bank of England received solid demand from investors on Tuesday at its first auction to sell government bonds from its 838 billion pound ($961 billion) quantitative easing stockpile. The BoE aims to sell 6 billion pounds of gilts across eight auctions in November and December, as part of a plan to reduce its gilt holdings by 80 billion pounds over 12 months through a mix of sales and not reinvesting money from maturing gilts. Investors bid for 3.26 times the 750 million pounds of gilts with a remaining maturity of three to seven years which the BoE put up for sale. During standard British government bond auctions held by the United Kingdom Debt Management Office, investors typically bid for just over twice the volume of gilts available. These auctions normally are for larger volumes of gilts than the BoE is selling at its auctions.

☆ Bank of England sells £750 million worth of bonds at first QE unwind auction
▼ + stars: | 2022-11-01 | by ( ) www.cnbc.com time to read: +1 min

The Bank of England on Tuesday warned that "the prospect of self-reinforcing 'fire sale' dynamics pose a material risk to UK financial stability." The Bank of England received solid demand from investors on Tuesday at its first auction to sell government bonds from its 838 billion pound ($961 billion) quantitative easing stockpile. Investors bid for 3.26 times the 750 million pounds of gilts with a remaining maturity of three to seven years which the BoE put up for sale. During standard British government bond auctions held by the United Kingdom Debt Management Office, investors typically bid for just over twice the volume of gilts available. These auctions normally are for larger volumes of gilts than the BoE is selling at its auctions.

NBC News, in collaboration with the International Consortium of Investigative Journalists, The Washington Post, and Arab Reporters for Investigative Journalism, interviewed more than 40 current and former employees of contractors at military bases. According to an NBC News analysis, at least 10 companies with substantiated trafficking violations since 2007 have received billions in new government contracts. ‘Mad scramble’Foreign workers are crucial for the more than 700 military bases with U.S. service members around the world. One company that continues to get work at Middle East bases despite past violations documented in an Army compliance agreement is Tamimi, Abdulla’s employer. Lusambu Karim, a 50-year-old Ugandan, told NBC News about trafficking violations he said he encountered working for Aegis in Afghanistan from 2018 to 2020.

☆ UK gilt yields rise as BoE pooh-poohs report of delay to bond sales
▼ + stars: | 2022-10-18 | by ( ) www.reuters.com time to read: +2 min

The FT said the BoE would probably push back the start of its gilt sales from its latest scheduled date of Oct. 31, having already delayed it from an original date of Oct. 6. Register now for FREE unlimited access to Reuters.com Register"This morning's FT report that the BoE has decided to delay MPC gilt sales ('QT') is inaccurate," a spokesperson for the central bank said. Twenty- and 30-year gilt yields , were up by less, around 4 bps on the day. The two-year yield , which is most sensitive to short-term moves by the central bank, showed the biggest rise, up 13 bps on the day. British government bond yields soared in recent weeks after the government of new Prime Minister Liz Truss announced a string of unfunded tax cuts.

☆ U.K. Treasury chief scraps nearly all government tax cut plans
▼ + stars: | 2022-10-17 | by ( Associated Press | ) www.nbcnews.com time to read: +4 min

U.K. Treasury chief Jeremy Hunt on Monday reversed most of an economic package announced by the government just weeks ago, including a planned cut to income tax. In a bid to soothe turbulent financial markets, Hunt said he was scrapping “almost all” the tax cuts announced last month and signaled public spending cuts are on the way. The unfunded tax cuts fueled investor concern about unsustainable levels of government borrowing, which pushed up government borrowing costs, raised home mortgage costs and sent the pound plummeting to an all-time low against the dollar. Hunt was under pressure to act before financial markets opened on Monday because the central bank’s support for the bond market ended Friday. The U.K. currency is now trading for roughly the same price it was on Sept. 22, the day before Kwarteng announced the tax cuts.

☆ UK finance minister seeks to stem bond rout by rushing forward tax plan
▼ + stars: | 2022-10-17 | by ( William Schomberg | ) www.reuters.com time to read: +4 min

"The chancellor will make a statement later today, bringing forward measures from the Medium-Term Fiscal Plan that will support fiscal sustainability," the finance ministry said. Register now for FREE unlimited access to Reuters.com RegisterSterling was up about 1% against the dollar in trading in Asia. Hunt met Truss over the weekend to overhaul her original economic proposals. No chancellor should seek to do that," the former foreign and health minister told BBC television in an interview broadcast on Sunday. Goldman Sachs said on Sunday it expected Britain's economy to shrink by 1.0% in 2023, a more severe contraction than its previous forecast of a 0.4% shrinkage, as Truss's tax cuts were reversed.

☆ New UK finance minister rips up Truss’ economic plan in stunning policy reversal
▼ + stars: | 2022-10-17 | by ( Julia Horowitz | ) edition.cnn.com time to read: +5 min

The stunning reversal would raise £32 billion ($36 billion), he said. “No government can control markets, but every government can give certainty about the sustainability of public finances,” Hunt said. “The United Kingdom will always pay its way.”The moves represent a gutting of Prime Minister Liz Truss’ flagship policies and leave her in a perilous political position. On Friday, Truss fired Kwasi Kwarteng, her previous finance minister, and reinstated a big tax hike on corporations. “A central responsibility for any government is to do what’s necessary for economic stability,” Hunt said.

And futures now assume the inflation fight will fall solely on the BoE and expect it to triple policy rates to as high as 5.8-6% next year. On Tuesday, the independent Institute for Fiscal Studies said Kwarteng needed 62 billion pounds ($68.22 billion) of spending cuts to keep public debt sustainable over time, with borrowing this year on course for 194 billion pounds and still above 100 billion by 2026/27 - over 70 billion higher than OBR forecasts in March. QE involves the purchase of mostly gilts from commercial banks in return for interest-bearing reserves at the central bank. And, unlike other major central banks, the BoE policy rate itself is the rate paid on those bank reserves. NIESR last year urged a solution to the problem whereby Treasury and central bank reduced the maturity mismatch by swapping longer-dated gilts back to Treasury to cut duration of its portfolios.

We think the rebalancing must be done," Bailey said at an event organised by the Institute of International Finance. "My message to the funds involved and all the firms involved managing those funds: You've got three days left now. Bailey was keen to distinguish between the temporary, financial stability nature of the latest intervention and previous quantitative easing stimulus. HEAVY LOSSESInflation-linked gilts, typically held by pension funds and known in the market as linkers, suffered a massive sell-off on Monday as the end to the BoE's programme on Friday approached. Simeon Willis, chief investment officer of pension consultants XPS, said he had seen pension funds selling "across the board" to find liquidity.

☆ Fire-fighting Bank of England forced to buy inflation-linked bonds
▼ + stars: | 2022-10-11 | by ( Andy Bruce | ) www.reuters.com time to read: +3 min

Citing a "material risk" to financial stability arising from a rout in British government bonds - known as gilts - the BoE said it would buy up to 5 billion pounds ($5.51 billion) of index-linked debt per day, starting Tuesday. Rather than increase the existing commitment to buy up to 10 billion pounds of gilts each day, as announced on Monday, the purchases will run alongside existing purchases of long-dated conventional bonds, now worth up to 5 billion pounds. British inflation-linked gilts - known as linkers - suffered a massive sell-off on Monday, despite the BoE doubling the maximum size of its buy-backs of conventional long-dated gilts. "Dysfunction in this market, and the prospect of self-reinforcing 'fire sale' dynamics pose a material risk to UK financial stability." To halt freefalling prices, the BoE was forced to pledge to buy as much as 65 billion pounds ($73.63 billion) of long-dated government bonds, known as gilts.

☆ Tampa tenant facing eviction stays put, fearing landlord won’t let him back in after storm passes
▼ + stars: | 2022-09-28 | by ( Deon J. Hampton | Deon J. Hampton Is A National Reporter For Nbc News. | ) www.nbcnews.com time to read: +3 min

Courtesy Kenny Lofton“I’m home packing my belongings,” Lofton told NBC News. But he is also facing eviction Friday because, with rising prices, his government housing assistance is no longer enough to pay the rent. And in cities like Tampa, the demand for affordable housing is high but the supply is limited. And he was told the complex would no longer be accepting Section 8 federal housing vouchers. Lofton said he received multiple extensions from the landlord during which he tried and failed to find another place to rent.

☆ Reactions: Britain's finance minister unveils "mini budget"
▼ + stars: | 2022-09-23 | by ( ) www.reuters.com time to read: +5 min

Britain's blue-chip stocks (.FTSE)remained mired in the red, in line with a broader equity-market decline. FOREX: Sterling extended losses, falling 1.9% on the day to around $1.1047, having hit a new 37-year low earlier on. British homebuilders and household goods makers hit session highs, buoyed by the prospect of consumers getting tax breaks. The tax-cutting budget and ‘go for broke’ growth aims are unlikely to change the longer-term bearish GBP trend." If you get more fiscal stimulus and less monetary stimulus, that’s something that’s buoyant for the currency.

☆ New UK finance minister Kwarteng seeks end to 'cycle of stagnation'
▼ + stars: | 2022-09-23 | by ( David Milliken | ) www.reuters.com time to read: +4 min

Paul Johnson, director of the Institute for Fiscal Studies (IFS) think tank, said Truss and Kwarteng's tax cuts could be the largest since 1988, and risked putting Britain's public debt on an unsustainable path. The IFS, together with U.S. bank Citi, estimate household energy subsidies will cost about 120 billion pounds over two years, while six months of business energy subsidies will cost 40 billion pounds. read moreThese are a one-off, and the bigger concern for the IFS is around 30 billion pounds of permanent tax cuts - starting with 14 billion pounds in reduced payroll taxes, confirmed on Thursday, and 15 billion pounds of cuts to corporation tax. For Kwarteng, tax cuts and deregulation are a way to end what he calls "a cycle of stagnation" that led to tax rates being on course for their highest level since the 1940s. "We will liberalise planning rules in specified agreed sites, releasing land and accelerating development," Kwarteng is expected to say.

☆ New UK finance minister Kwarteng seeks end to "cycle of stagnation"
▼ + stars: | 2022-09-22 | by ( David Milliken | ) www.reuters.com time to read: +4 min

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