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☆ Premarket stocks: The Federal Reserve is testing how climate change could hurt big banks
▼ + stars: | 2023-01-18 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +7 min

New York CNN —The largest six banks in the United States have been given until July to show the Federal Reserve what effects disastrous climate change scenarios could have on their bottom lines. The Federal Reserve first announced the pilot program in September, noting that Bank of America, Citigroup, Goldman Sachs, JPMorgan Chase, Morgan Stanley and Wells Fargo would participate. In its announcement the Federal Reserve stressed that the exercise “is exploratory in nature and does not have capital consequences.” It also said that it would not publish individual banks’ results. San Francisco Federal Reserve President Mary Daly told CNN in October Thursday that this was a learning and exploratory exercise for the Federal Reserve. The other side: Critics of the pilot program have argued that the Federal Reserve was overstepping its boundaries and that they might soon begin to enforce financial penalties.

☆ German health minister voices concern over new COVID variant
▼ + stars: | 2023-01-05 | by ( ) www.reuters.com time to read: +1 min

BERLIN, Jan 5 (Reuters) - Germany's health minister has expressed concern over a new COVID-19 subvariant linked to growing hospitalisations in the northeastern United States, adding that Berlin was watching the situation closely. As much of the world looks to rising COVID cases in China, infectious disease experts have also been increasingly worried about the highly contagious Omicron XBB.1.5, which made up more than 40% of U.S. cases, official data showed last week. "Hopefully we get through the winter before such a variant can spread among us," the minister, Karl Lauterbach, wrote on Twitter late on Wednesday. "We are monitoring whether, and to what extent, XBB.1.5 occurs in Germany." Writing by Rachel More; Editing by Clarence FernandezOur Standards: The Thomson Reuters Trust Principles.

Erie County Executive Mark Poloncarz said the storm's confirmed death toll climbed to 13 on Sunday, up from three reported overnight in the Buffalo region. The latest victims included some found in cars and some in snow banks, Poloncarz said, adding that the death tally would likely rise further. New York Governor Kathy Hochul called it an "epic, once-in-a-lifetime" weather disaster that ranked as the fiercest winter storm to hit the greater Buffalo area since a crippling 1977 blizzard that killed nearly 30 people. RESCUING THE RESCUERSThe latest blizzard came nearly six weeks after a record-setting but shorter-lived lake-effect storm struck western New York. [1/9] A snow plow is left stranded on the road following a winter storm that hit the Buffalo region on Main St. in Amherst, New York, U.S., December 25, 2022.

A blast of Arctic air will also plunge much of the country into bitter and, in some cases, dangerous cold, forecasters say. In some parts of this area, the wind chill could reach as low as minus 70 degrees, according to the Weather Service. Brief bursts of moderate to heavy snow lasting an hour or two are likely to occur immediately behind the Arctic front. Strong southerly winds, combined with the new moon-tide cycle, could also bring coastal flooding from northern New Jersey to northeast Massachusetts, the Weather Service said. Meteorologists warned local residents that this is not a normal lake effect event with a narrow band of heavy snow.

☆ Biden urges Americans to travel early if possible with a massive blizzard slated to hit the U.S.
▼ + stars: | 2022-12-22 | by ( Emma Kinery | ) www.cnbc.com time to read: +2 min

President Joe Biden warned Americans traveling ahead of the Christmas holiday weekend to be careful and leave early if possible to avoid the massive storm expected to hit several states Thursday night. Large swaths of the continental U.S. are under blizzard, ice storm and winter storm warnings. The storm will "produce widespread disruptive and potentially crippling impacts across the central and eastern United States." Regardless of how they plan to travel, Biden encouraged Americans to listen to guidance and be careful. Biden said the White House has tried to contact governors of 26 states slated to be hit by the storm.

☆ Sprawling U.S. storm threatens holiday travel as 'bomb cyclone' looms
▼ + stars: | 2022-12-21 | by ( Tyler Clifford | ) www.reuters.com time to read: +3 min

"It's a pretty powerful, powerful system." The storm, fed by moisture from the Great Lakes, could dump up to a foot (0.3 meter) of snow on the Upper Midwest between Wednesday and Friday, with blizzard conditions stretching from the Northern Plains states to the Great Lakes region. By Thursday night, a so-called "bomb cyclone" will likely form along the strong arctic front across the Great Lakes, sending pressure sharply lower in a 24-hour period. The holiday travel season is shaping up to be the third-busiest in decades as nearly 113 million people could pack up and journey more than 50 miles from home beginning Friday, according to motorists group AAA. While beefed-up airline staffing and other improvements since Thanksgiving will make travel easier during the holiday season, "nobody can control the weather.

☆ Shale oil producer Coterra trims reserves estimates, shares sink
▼ + stars: | 2022-11-04 | by ( Liz Hampton | ) www.reuters.com time to read: +2 min

Companies Coterra Energy Inc FollowNov 4 (Reuters) - Shares of shale oil and gas producer Coterra Energy fell as much as 8% on Friday after the company cut its estimate of proven oil reserves, a key measure of future production growth. Coterra, which formed a year ago through the merger of Cimarex Energy and Cabot Oil & Gas, said proved reserves on its books will drop roughly 15% to 20% year-over-year at December 31, 2022. The decline was driven by a roughly 32% to 36% decline to gas reserves in its Marcellus shale properties in the Eastern United States that came with the Cabot acquisition. Rival U.S. shale oil producer EOG Resources said oilfield costs could increase by 10% next year, on top of a 7% increase in 2022, as inflation continues to snarl the energy industry. EOG, which this week announced it had extended operations into Ohio, said it will maintain low single-digit oil production growth next year.

☆ Fed up with high gas prices and slow Amazon deliveries? Blame these 2 century-old laws that need to be repealed.
▼ + stars: | 2022-09-13 | by ( Colin Grabow | ) www.businessinsider.com time to read: +12 min

A well-oiled transportation system is vital to keeping the economy humming — especially in a country as large as the United States. Unfortunately, Americans' ability to get resources where they need to go has been crippled by a pair of outdated laws: the Jones Act and the Foreign Dredge Act. As with Jones Act ships, hopper dredges constructed in US shipyards are significantly more expensive than those built abroad. But despite these huge costs, the Jones Act and the Foreign Dredge Act survive largely intact. The Jones Act and the Foreign Dredge Act are just two examples among many, and behind each one lies an entrenched interest group dedicated to its preservation.

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