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☆ Factbox: COP27: Counting the rising cost of climate disasters
▼ + stars: | 2022-11-16 | by ( ) www.reuters.com time to read: +4 min

How to get money to poorer countries after climate disasters has been a dominant theme at the COP27 climate talks in Egypt, and insurance is seen as one way to do that. On Monday, a G7-led plan dubbed "Global Shield" to provide pre-arranged insurance and disaster protection funding to countries suffering climate disasters was launched at the climate conference. Worst fires: Tubbs Fire Oct 2017, Camp Fire Nov 20182017 loss: $180 billion2017 deaths: 402018 loss: $148.5 billion2018 deaths: 103Total loss: $328.5 billion2. Harvey loss: $125 billionHarvey deaths: 88Irma loss: $65 billionIrma deaths: 134Maria loss: $107 billionMaria deaths: 4,600Total loss: $297 billion3. Hurricane Ian, Florida, Sept 2022The hurricane hit southwestern Florida and South Carolina, with a 4-metre high storm surge on the west coast of Florida.

☆ Watch NASA try again to launch the Artemis 1 lunar mission after months of delays
▼ + stars: | 2022-11-16 | by ( Michael Sheetz | ) www.cnbc.com time to read: +2 min

It's the first mission in NASA's Artemis lunar program, which the agency hopes will lead to landing astronauts on the moon by its third mission in 2025. The agency's towering Space Launch System (SLS) rocket and Orion capsule are scheduled to lift off during a two-hour launch window that opens at 1:04 a.m. If successful, the Artemis I mission would last 26 days in total before Orion returns to Earth. NASA's Space Launch System (SLS) rocket and Orion capsule stand in preparation to launch at LC-39B of Kennedy Space Center in Florida, on Nov. 13, 2022. NASA first tried to launch Artemis I in August but has called off multiple attempts since then after discovering technical problems with the rocket's engines.

☆ Spirit is dropping 37 routes from its network in a significant adjustment that targets Florida — see the full list
▼ + stars: | 2022-11-14 | by ( Taylor Rains | ) www.businessinsider.com time to read: +3 min

Spirit Airlines has temporarily cut 37 routes from its network starting in January. The airline is calling the cuts temporary, with plans to restore many of them in 2023. Starting in January, the low-cost carrier will nix 37 routes from its map, including destinations in the US and abroad, according to Cirium data. Although Spirit is pulling some routes from Florida, Spirit EVP and CCO Matthew Klein said in the earnings call that "while we are seeing the constraints on our Florida network, we are able to reallocate that to other parts of the country." Here is the full list of Spirit's 37 temporarily dropped routes:

Trump in turn has blasted back, accusing the media without evidence of favoring DeSantis in a conspiracy to deny him the nomination. There is also an effort underway to get Trump to focus less on past grievances. In a Friday post on his Truth Social network, Trump called Youngkin "Young Kin" and said, "sounds Chinese, doesn’t it?" The day earlier, Trump posted a long harangue about DeSantis that again called him Ron "DeSanctimonious" and said he owes his political fortunes to Trump. Two Florida Republicans close to DeSantis predicted the governor would be wary of responding directly, keeping his focus on the state's recovery from Hurricane Ian and policy issues.

[1/2] A street sign lies on the ground following the passage of Hurricane Nicole in Merritt Island, Florida, U.S. November 10, 2022. “The structural damage along our coastline is unprecedented,” Volusia County Manager George Recktenwald said in a statement. Nicole's storm surge also caused the collapse of parts of the scenic A1A highway, which runs along the Atlantic coast in Volusia County, sheriff's officials said. Hurricane Kate came ashore near Mexico Beach, Florida, on Nov. 21, 1985, said Philip Klotzbach, a hurricane expert at Colorado State University, on Twitter. The Atlantic hurricane season officially runs from June 1 to Nov. 30.

Insurers face potential losses of up to $60 billion from Hurricane Ian, which ravaged Florida and the Carolinas in September in what could be the second-largest natural catastrophe loss in U.S. history. Zurich sees its overall catastrophe loss ratio for the first nine months around two percentage points above long-term trends. Zurich holds an investor day next week when it will set out its 2023-2025 targets. Quinn said the targets will likely be tougher, after "robust premium increases" helped the insurer's recent performance. Zurich announced a 1.8 billion Swiss franc ($1.83 billion) share buyback programme at half-year results, which Quinn told an earlier media call would likely kick off in the fourth quarter.

Hurricane Nicole weakened into a tropical storm shortly after making landfall on Florida’s Atlantic coast just south of Vero Beach early Thursday, officials said. Just under an hour later, the hurricane center said Nicole had weakened into a tropical storm as it made its way over east-central Florida, bringing strong winds, heavy rains and dangerous storm surge. Hurricane Nicole approaches the Florida coast on Nov. 10, 2022. After striking Florida, Nicole is expected to move over central and northern Florida and into southern Georgia on Thursday and Thursday night, forecasters said, before moving into the Carolinas. Nicole struck Florida as a hurricane about six weeks after Hurricane Ian hit the state as a Category 4 hurricane.

☆ Hurricane Nicole bears down on Florida's Atlantic coast
▼ + stars: | 2022-11-10 | by ( Brian Ellsworth | ) www.reuters.com time to read: +4 min

[1/5] A car drives by a flooded street ahead of the expected arrival of Hurricane Nicole, in Daytona Beach, Florida, U.S., November 9, 2022. REUTERS/Marco BelloMIAMI, Nov 10 (Reuters) - Hurricane Nicole closed in on Florida's Atlantic shoreline early on Thursday with a brew of heavy downpours, fierce winds and a treacherous surge of ocean surf that threatened coastal areas still reeling from the last major storm six weeks ago. Nicole is expected to pack less punch at landfall than Ian, which struck Florida as a major Category 4 storm. Authorities warned, however, that Nicole still posed a formidable threat, especially to structures and coastal foundations weakened by Ian. "We have had a lot of flooding within the last couple of storms," Leanne Hansard, 53, a Daytona Beach resident, said as she was boarding up windows to her family's insurance office.

☆ Hurricane Nicole barrels into Florida's Atlantic coast
▼ + stars: | 2022-11-10 | by ( Brian Ellsworth | ) www.reuters.com time to read: +4 min

Nicole was upgraded from a tropical storm to a Category 1 hurricane as it thrashed the Bahamas on Wednesday. It was packing sustained winds of up to 75 mph (120 kph) as it made landfall along the east coast of Florida north of Miami, according to the National Hurricane Center. read moreThe hurricane center also issued storm-surge advisories for much of Florida's Atlantic coast, warning that wind-driven waves would wash over beaches and rush inland to flood low-lying areas well beyond the shore. Nicole is expected to pack less punch at landfall than Ian, which struck Florida as a major Category 4 storm. 'LAST OPPORTUNITY'[1/5] A car drives by a flooded street ahead of the expected arrival of Hurricane Nicole, in Daytona Beach, Florida, U.S., November 9, 2022.

NASA has delayed the launch of its next-generation megarocket and space capsule to the moon as Florida braces for an approaching storm. Tropical Storm Nicole, which is expected to strengthen into a hurricane Wednesday, is projected to batter Florida's eastern coast, forcing the space agency to reschedule its planned launch on Nov. 14. NASA is now aiming to launch its uncrewed Space Launch System rocket Nov. 16, during a two-hour window that opens at 1:04 a.m. The rocket is sitting at launch pad 39B at the Kennedy Space Center in Cape Canaveral, Florida. NASA said the SLS booster is designed to withstand 85 mph winds and will remain at the launch pad during the storm.

☆ NASA moon rocket launch delayed again as storm approaches Florida coast
▼ + stars: | 2022-11-09 | by ( The Associated Press | ) www.nbcnews.com time to read: +1 min

CAPE CANAVERAL, Fla — NASA is again postponing the launch of its new moon rocket because of a storm threatening the Florida coast. Then Hurricane Ian forced the rocket back to the hangar at Kennedy Space Center at the end of September. The rocket was moved back to the launch pad last week, and NASA was aiming for a launch attempt early Monday. The space center is under a hurricane warning but NASA is keeping the rocket at the launch pad. The space agency is nearing the 50th anniversary of its last human moon landing: Apollo 17 in December 1972.

☆ Gov. Ron DeSantis cruises to re-election, solidifying GOP hold on Florida politics
▼ + stars: | 2022-11-09 | by ( Marc Caputo | Marc Caputo Is A Senior National Political Reporter For Nbc News. | ) www.nbcnews.com time to read: +11 min

Ron DeSantis speaks during the Turning Point USA Student Action Summit in Tampa, Fla. on July 22, 2022. One survey in the nation’s first primary state, New Hampshire, showed the two statistically tied in a primary, but another survey show Trump with a lead. Some Florida polls have also shown DeSantis leading Trump in a one-on-one primary. The poll also showed DeSantis might win a majority of Hispanic voters in Florida, which no Republican governor has done in 20 years. “In that event, Ron has a different set of issues he has to contend with if he wants to run against Trump.”

Nicole, newly classified as a hurricane, was packing sustained winds of up 75 miles per hour (120 km per hour) as it made landfall on Grand Bahama Island, the Miami-based National Hurricane Center reported. Grand Bahama, Bimini and the Berry Islands in the northwest corner of the island nation remained under a hurricane warning. As the storm closed in earlier in the day, some Bahamas residents fled their homes amid fierce winds and flooding. Storm surge caused widespread devastation to Florida's Gulf Coast when the last major storm, Hurricane Ian, crashed ashore there on Sept. 28, causing an estimated $60 billion in damage and claiming more than 140 lives. Several counties along the Florida coast issued mandatory orders and voluntary evacuation advisories for homes near the shore and on barrier islands.

☆ Tropical Storm Nicole snarls travel in Florida, Orlando airport to suspend flights
▼ + stars: | 2022-11-09 | by ( Leslie Josephs | ) www.cnbc.com time to read: +1 min

This GOES-East GoeColor satellite image taken at 2:36 p.m. EST and provided by NOAA shows Tropical Storm Nicole approaching toward the northwestern Bahamas and Florida's Atlantic coastline on Tuesday, Nov. 8, 2022. Tropical Storm Nicole snarled Florida travel on Wednesday, prompting at least one airport to suspend operations as forecasters warned of "hurricane conditions" for the state's east coast. Orlando International Airport said it would suspend operations from 4 p.m. Miramar, Florida-based Spirit Airlines , said it would waive change fees and fare differences for Fort Lauderdale and Miami flights through Nov. 14 and Orlando flights through Nov. 16. Other airlines including JetBlue , which has a large operation in Fort Lauderdale, and Southwest , American and Delta, also waived fees for travelers affected by the storm.

☆ Wall Street cuts Disney targets on earnings miss but sees the company as a long-term winner
▼ + stars: | 2022-11-09 | by ( Carmen Reinicke | ) www.cnbc.com time to read: +3 min

While a slew of analysts lowered their price targets and future expectations for Disney earnings, many remained bullish on the company, insisting that it's poised to be a winner in the future of streaming. " The firm kept its buy rating on shares but lowered its price target to $122 from $135. Shares of Disney have shed about 35% year to date. Until the division reaches profitability, there could be more pain for investors up to the turning point for the company. Barclays, which has a neutral rating on shares of Disney, sees shares falling further.

☆ How Hurricane Sandy transformed the Jersey Shore into 'a playground for the rich'
▼ + stars: | 2022-11-09 | by ( Zoe Rosenberg | Dan Latu | ) www.businessinsider.com time to read: +17 min

Jersey Shore residents battled through a patchwork of programs to rebuild after Hurricane Sandy. Even 10 years after Hurricane Sandy, Barbara is still reminded daily of the mental and financial toll it took on her. Courtesy of BarbaraThe bureaucratic red tape around flood insurance and rebuild programs linked to Hurricane Sandy deepened the divide between the haves and have-nots of the Jersey Shore. Milliman, an actuarial company that works with FEMA's National Flood Insurance Program, found that about 47% of coastal dwellers had flood insurance, The Inquirer reported. "After Sandy, there was a lot more money coming in," Mery, who has built Jersey Shore homes for 15 years, told Insider.

Nov 8 (Reuters) - Walt Disney Co (DIS.N) said on Tuesday its marquee streaming service, Disney+, gained more subscribers than Wall Street had expected, but investment costs dragged quarterly earnings below analysts' targets. Disney is spending billions to build its streaming options and compete with Netflix Inc (NFLX.O) and others. Disney+ reported 164.2 million subscribers in the fiscal fourth quarter, surpassing Factset estimates of 161 million. Disney has amassed 235 million subscriptions across Disney+, Hulu and ESPN+ streaming services, a gain of 14.6 million from the previous quarter. For the fiscal year, Disney reported per-share earnings of $3.53, excluding certain items, on revenues of $82.7 billion.

☆ Insurers Are Facing a Steep Rise in Reinsurance Rates
▼ + stars: | 2022-11-08 | by ( Leslie Scism | ) www.wsj.com time to read: 1 min

Hurricane Ian is estimated to cost insurers from $40 billion to more than $70 billion. Hurricane season is nearly over, though one more storm is potentially heading for Florida. For insurers, the worries won’t end on Nov. 30. Insurers are in the middle of negotiations with reinsurers, which are trying to boost rates by 10% to 30%. Nearly two-thirds of U.S. property-catastrophe coverage renews each Jan. 1, including for many large diversified U.S. and European insurers.

☆ Warren Buffett's Berkshire Hathaway likely boosted its Chevron bet last quarter. Here are 6 key insights from its Q3 earnings.
▼ + stars: | 2022-11-08 | by ( Theron Mohamed | ) www.businessinsider.com time to read: +5 min

Berkshire benefited from higher interest rates and a stronger US dollar. It also revealed the billion-dollar hit to its insurance business from Hurricane Ian, and the positive impact of higher interest rates and a stronger US dollar on its operations. The discrepancy suggests it raised its stake to about 170 million shares last quarter. It owned about 908 million shares of the iPhone maker at the end of December, and purchased nearly 4 million more shares in the second quarter of this year. The US central bank's rate increases boosted the amount of interest that Berkshire earned on its cash and Treasury bills.

☆ Storm Nicole churns toward Bahamas en route to Florida and hurricane status
▼ + stars: | 2022-11-08 | by ( Brian Ellsworth | ) www.reuters.com time to read: +4 min

[1/2] Beachgoers are shown as tropical storm Nicole approaches the state in Miami Beach, Florida, U.S., November 8, 2022. A hurricane warning was posted for Grand Bahama Island, Bimini, the Berry Islands and the Abacos in the northwestern corner of the West Indies archipelago nation, the Miami-based National Hurricane Center (NHC) said. A 240-mile expanse of Florida's Atlantic shoreline from Boca Raton north to around Flagler Beach was likewise placed under a hurricane warning. "It's going to take more than a Category 1 hurricane or so to really move stuff and have them flying around." Forecasters said Nicole would likely sweep across central and northern Florida into southern Georgia on Thursday.

☆ Climate change threatens to destroy 'the things Americans value most,' U.S. government warns
▼ + stars: | 2022-11-08 | by ( Emma Newburger | ) www.cnbc.com time to read: +2 min

Residents of the community were issued a voluntary evacuation order due to rising water levels in the aftermath of Hurricane Ian. "The things Americans value most are at risk," the National Climate Assessment authors wrote in the 1,695-page draft. The land has warmed faster than the ocean, higher latitudes have warmed faster than lower latitudes and the Arctic has warmed fastest of all, the report said. Climate change is also damaging regional economies by slashing crop yields in the Midwest and disrupting fishery operations in Alaska, among other things. The authors highlighted how a slew of catastrophes fueled by climate change have disproportionately burdened U.S. communities that have lower carbon footprints.

☆ We're fed up after Disney's terrible quarter and streaming losses. It's time for some big changes
▼ + stars: | 2022-11-08 | by ( Jeff Marks | ) www.cnbc.com time to read: +9 min

Operating income fell 91% to $83 million mostly due to higher than expected losses from the Direct-to-Consumer business. In better news, Disney ended Q4 with 164.2 million Disney+ subscribers, up 12.1 million from the prior quarter and well above estimates of about 160.45 million. Bundling has a negative effect on ARPUs, and Disney said Tuesday evening that bundled and multiproduct offerings now make up over 40% of domestic Disney+ subscribers. In terms of subscribers, Disney sees core Disney+ subscribers slightly increasing in its first quarter, though Disney+ Hotstar is expected to lose subs due to the absence of the Indian Premier League Cricket rights. After checking consensus estimates, this is a terrible miss compared to expectations of sales growing by 11% and operating income increasing by 17%.

☆ Munich Re reports strong earnings despite Hurricane Ian claims
▼ + stars: | 2022-11-08 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailMunich Re reports strong earnings despite Hurricane Ian claimsChristoph Jurecka, CFO of Munich Re, discusses the company's third quarter results.

☆ Mosaic misses profit estimates on lower fertilizer prices, Hurricane Ian damage
▼ + stars: | 2022-11-07 | by ( ) www.reuters.com time to read: +2 min

Nov 7 (Reuters) - Mosaic Co (MOS.N) on Monday became the latest fertilizer maker to miss third-quarter profit estimates, hurt by damage from Hurricane Ian and cooling prices of crop nutrients. Prices of nutrients such as phosphates and potash have cooled from the near record highs they touched earlier this year as farmers cut back on fertilizer use to rein in costs. Reuters GraphicsRivals Nutrien Ltd (NTR.TO), CF Industries Holdings Inc (CF.N) and Intrepid Potash Inc (IPI.N) missed quarterly profit estimates last week, with top fertilizer maker Nutrien also cutting its full-year earnings forecast. Adjusted earnings in its potash segment more than tripled to $871 million, but earnings in its phosphate segment were flat. Excluding items, however, the company earned $3.22 a share, missing Wall Street consensus of $3.40 as per Refinitiv data.

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