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President Trump — former President Trump — get a life, man. But, he warned, it has only been hours since Hurricane Milton made landfall and it was still too early to fully assess damages across the state. “Vice President Harris and I have been in constant contact with state and local officials,” the president added. Federal officials warned that in some cases the rumors are designed to prevent people who need help from seeking it. Biden has also spoken with numerous other lawmakers, including staunch Trump supporter and Florida Republican Rep. Anna Paulina Luna and Florida Republican Sen. Rick Scott.
Persons: Joe Biden, Hurricane Milton —, Donald Trump, Biden, “ Mr, Trump, Trump —, Hurricane Helene, Milton, ” Biden, “ It’s, Harris, , he’s, Ron DeSantis, it’s, DeSantis, Harris “, Deanne Criswell, Helene, Milton —, Anna Paulina Luna, Florida Republican Sen, Rick Scott Organizations: Washington CNN, Hurricane, House, White, Florida Gov, Federal Emergency Management Agency, Fox News, Biden, FEMA, Trump, Florida Republican Rep, Florida Republican Locations: Hurricane, Florida, Harris
With hurricane season in full swing, Walmart's emergency response team is working overtime. The company's response to storms like Hurricane Milton is coordinated by meteorologist Tom Bedard. Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Advertisement"Gray-sky days" start around 3:45 a.m. for Walmart's in-house meteorologist, Tom Bedard. Walmart's in-house meteorologist Tom Bedard at work.
Persons: Hurricane Milton, Tom Bedard, Bedard, , Helene, it's Hurricane Milton, Idalia, We've, Doug McMillon, John Furner, " Bedard, Walmart's, you've, We're, we've, Katrina —, Rita Organizations: Service, National Hurricane Center, it's, Walmart, National Disaster Preparedness Training Center, Emergency, Center, Walmart Walmart, Gulf Locations: Hurricane, Texas, Appalachia, it's Hurricane, Gulf Coast of Florida, AccuWeather, Milton, Bentonvill , Arkansas, Florida, Bentonville, Asheville , North Carolina, Houston, Houston —
Here's how catastrophe bond investors are reacting to Milton
  + stars: | 2024-10-10 | 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 EmailHere's how catastrophe bond investors are reacting to MiltonJeffrey Davis, portfolio manager and partner at Elementum Advisors, joins CNBC's 'The Exchange' to discuss how insurance-linked securities are performing in the wake of Hurricanes Helene and Milton, how returns are impacted by storm damage, and more.
Persons: Milton Jeffrey Davis, Helene, Milton Organizations: Elementum Advisors
More than $1 trillion worth of property lies in Hurricane Milton's path, Moody's estimated. Hurricane Milton made landfall in Florida on Wednesday as a Category 3 hurricane. AdvertisementHurricane Milton made landfall in Florida on Wednesday as a Category 3 hurricane, and analysts estimate that $1.1 trillion worth of commercial property is set to be exposed to dangerous hurricane winds. This is the speed at which some property damage is likely, the Moody's report said. According to the report, the properties include 44,122 industrial spaces, 78,916 retail properties, 42,387 office buildings, 64,857 apartment buildings, and 5,056 hotels.
Persons: Hurricane Milton, , Milton, Jefferies, Hurricane Helene, Helene Organizations: Service, Moody's, Hurricane Center Locations: Hurricane, Florida, Tampa, Ft Myers, Florida's Sarasota County, Milton
Costco shoppers stocked up on supplies in anticipation of the US port strike and Hurricane Helene. The quick resolution to the port strike will likely minimize the disruption to the flow of imports. AdvertisementShoppers turned to Costco to prepare ahead of hurricanes and the US port strike. In a quirk of Costco bookkeeping, the final week of the retailing month of September actually ended on October 6. AdvertisementThe stoppage was relatively short-lived, and those preparations could minimize disruption for Costco as the ports work through any remaining backlogs.
Persons: Costco, , Hurricane Helene, Helene, Milton, we've, Ron Vachris, We've Organizations: Costco, Service, Shoppers Locations: U.S
Hurricane Milton devastated parts of Florida, hitting the wedding industry hard during peak season. AdvertisementThis as-told-to essay is based on an interview with Jennifer Gaffney, a Tampa-based makeup artist who lost thousands in income due to wedding cancellations caused by Hurricane Milton. I'm a makeup artist, and my main source of income is doing bridal makeup along the Florida coastline. This also makes it particularly stressful when we have wedding cancellations during this period— even more so when they're widespread and unexpected, like during hurricanes. Weather during Hurricane Milton.
Persons: Milton, Jennifer Gaffney, , Hurricane Milton, Helene, I've, I'm, Rebecca Blackwell, It's, Jen, they're Organizations: Service, Hurricane, Hurricane Milton, AP Locations: Florida, Tampa, Hurricane
Sandra Guadarrama-Baumunk and her family holed up at a Disney resort hotel during Hurricane Milton. I was already in my pajamas when the fire alarm at our Disney Resort hotel went off at 9:30 p.m. on Wednesday. Hurricane Milton was predicted to strike in the early hours of the morning, and guests were instructed to be in their rooms by 8:30 p.m. for safety reasons. AdvertisementGuadarrama-Baumunk and her family with Tigger at their resort hotel at Disney World. AdvertisementDo you have an interesting story about Hurricane Milton to share with Business Insider?
Persons: Sandra Guadarrama, Hurricane Milton, , We'd, Helene, Milton, they'd, Tigger, Disney, we'd, Brian, Mia, Jeremy, It's Organizations: Disney, Service, Disney Resort, Hurricane, Business Locations: Hurricane, Florida, Phoenix, Sofia
As Hurricane Milton tears through their neighborhood, she's now hunkering down in her new home. Schwartz said she could not sleep with the strong wind and trees falling over on her street. I don't know if something's slammed into the door or the side of the house. I'm shocked that we haven't because many friends and family members say they don't have power. AdvertisementAnd I know I'm not sleeping tonight.
Persons: Natalie Schwartz, Milton, Schwartz, , I've, something's, Helene Organizations: Service, Hurricane Locations: Wesley Chapel , Florida, she's, Tampa's, Hurricane Milton
As Election Day draws nearer, the Republican presidential nominee has made false claim after false claim on a dizzying variety of subjects. FEMA and migrants: Trump falsely claimed of the Federal Emergency Management Agency: “They have no money. Trump’s opponents and the election: In Reading, Trump falsely claimed of his election opponents: “They are cheatin’ dogs, I will tell you that.” In Scranton, he falsely claimed, “Their first meeting is: ‘How do we cheat?’” This is all nonsense. Trump’s border wall: Trump repeated his false claim that “I built over 500 miles of wall” on the southern border. Military equipment surrendered to the Taliban: Trump repeated his false claim that “we gave $85 billion worth” of US military equipment to the Taliban.
Persons: Donald Trump, Hurricane Helene, Hurricane Milton, Trump, , Harris, Kamala Harris “ didn’t, It’s, Biden, Roy Cooper, Joe Biden, , , Harris ’, ” Trump, Walz, Tim Walz, , Tim, “ everybody’s, Trump’s, Obama, Kamala, ” Harris, ” Roberto Briceño, ” Helen Fair, James Ott, , ‘ That’s, Jack Smith, Smith, New York Times “, Charlie Stadtlander, Stadtlander, Mueller, ‘ He’s, ’ …, Dean Baquet, Arthur Sulzberger Jr, Donald Trump’s, “ Biden, Chris Wallace, Hunter Biden, ” Wallace, Wallace interjected, Freddie Mac, ” We’ve, Meghan McCain, McCain, Alexandria Ocasio, Cortez, Nancy Pelosi, there’s, ” Biden, Robert Hur, Biden’s Organizations: Washington CNN, Republican, FEMA, Federal Emergency Management Agency, Congress, North Carolina Gov, Democrat, Democratic, CBS, Supreme, Minnesota Gov, Electoral College, Department of Energy, Biden, , CNN, Venezuelan, of, Institute for Crime & Justice, Research, Birkbeck , University of London, House Republicans, Trump, KDKA, Service, Secret Service, International Association of Firefighters, Scranton Firefighters, Scranton Times, Tribune, Presidential, National Archives, Records Administration, New York Times, The Washington Post, , Intelligence, The New York Times, Times, ISIS, Military, Taliban, Pentagon, Fox News, China Locations: Pennsylvania, Scranton, Reading, , Hurricane, North Carolina, Washington , Montana, Colorado, New York City, Paris, fracking, Venezuela, Caracas, United States, United Kingdom, , California, Butler, Butler , Pennsylvania, Pittsburgh, Blair County , Pennsylvania, Russia, Afghan, China, Moscow, Alexandria, New Hampshire, Florida
FEMA for two months had to pause $9 billion meant for communities still recovering from past disasters. In this case, for nearly two months, FEMA hoarded $9 billion to make up for delayed funding from Congress. But Biden-administration officials warn of another shortfall as soon as January, especially after Hurricane Milton slammed into the Tampa area late Wednesday. "So if FEMA delays reimbursements, local governments have to bear those costs, and they may put off recovery efforts. FEMA officials have repeatedly said they have enough resources to respond to Hurricane Helene and now Hurricane Milton but declined to specify how much disaster aid remained available.
Persons: Milton, Helene, Hurricane Milton, Biden, Craig Fugate, Obama, Carlos Martín, Martín, Yucel Ors, Joe Biden, Mike Johnson, Hurricane Helene, Johnson, Ors Organizations: Hurricanes, FEMA, Service, Federal Emergency Management Agency, Hurricane, FEMA doesn't, Harvard University, National League of Cities, White, Republican, Fox Locations: Florida, Hurricane, Vermont, California, Pacific, Tampa, Washington, Louisiana, Milton, North Carolina , Georgia, South Carolina , Florida , Tennessee, Virginia, Asheville , North Carolina, Asheville
As myths about Milton and Helene spread, interest in chemtrails increased too on Google search and social media. Despite the lack of evidence to support it, the so-called chemtrail conspiracy theory has endured for decades. Some of the promotion of the conspiracy theory has taken on a distinctively antisemitic tone. Peters previously promoted the unhinged conspiracy theory that ballots were flown from Asia as part of a plot to steal the 2020 election from President Trump. Friedrich suggested the conspiracy theories blaming weather manipulation for the devastation caused by Hurricanes Helene and Milton is a way to distract from the real effects of climate change.
Persons: Milton, Donald Trump, Helene, ” Trump, Robert F, Kennedy Jr, ” Daniel Swain, , Harris, Hurricanes Helene, Alex Jones, , ” Jones, Stew Peters, X, Hurricane Milton, ” Peters, Peters, Trump, Marjorie Taylor Greene, Rothschild, Greene, Katja Friedrich, Friedrich, Joshua Horton Organizations: CNN, Hurricanes, Trump, Google, Harvard University, University of California, Biden, Pentagon, NOAA, Republican, University of Colorado Locations: Tennessee, University of California Los Angeles, Hurricane, United States, Asia, Arizona, California, University of Colorado Boulder
This rapid spend rate is a reflection of just how many earlier disasters the agency is dealing with in addition to Milton and Helene. Here’s what to know:How did FEMA spend $9 billion so quickly? That gave FEMA about $20 billion worth of funding to tap into as it responded to Helene and Milton. “In August, we had paused obligations for recovery projects for all of those other open disasters,” Criswell told reporters. Last year, the US had a record 23 disasters costing at least $1 billion by September – with 28 such disasters in the calendar year, the most ever recorded.
Persons: Helene, Milton –, Deanne Criswell, Milton, Criswell, Dominick Del Vecchio, , ” Criswell, Hurricane Helene, Adam Smith, Hurricane Beryl, Greenlee Beal, NOAA’s Smith, isn’t, It’s, Smith, ” Smith, ” CNN’s Lauren Fox Organizations: Washington CNN, Federal Emergency Management Agency, FEMA, Disaster Relief Fund, Rescue, Task Force, Nevada Task Force, Reuters, Hurricane, NOAA, CNN, Locations: Milton, Nevada, Maui, Lahaina , Hawaii, Texas , California, New Mexico, Hurricane Milton, , California, Texas, New England, Dallas, Galveston , Texas, United States
Delta reports a profit despite service meltdown
  + stars: | 2024-10-10 | by ( Chris Isidore | ) edition.cnn.com   time to read: +2 min
That was partly offset from a $50 million fuel savings due to the grounded flights. Delta said it earned adjusted income of $971 million in the quarter, down 26% from a year earlier, on adjusted revenue of $14.6 billion in the quarter, essentially unchanged from a year ago, despite the hit to revenue from the service meltdown. But that was offset by a 3% increase in miles flown by passengers, as passengers soon returned to travel on Delta despite the service problems. And it reported a 9% drop in average fuel prices paid, the second largest cost at the airline behind labor costs. “I think you’re going to see it across consumer discretionary purchases as a whole,” “People want to find out what happens.
Persons: Hurricane Helene, , Bastian, ” Bastian Organizations: New, New York CNN — Delta Air Lines, CNBC Locations: New York, Hurricane, Delta
Every weekday the CNBC Investing Club with Jim Cramer holds a "Morning Meeting" livestream at 10:20 a.m. With third-quarter earnings starting in earnest Friday, Jim Cramer urged investors to keep their "eye on the prize." As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. THE ABOVE INVESTING CLUB INFORMATION IS SUBJECT TO OUR TERMS AND CONDITIONS AND PRIVACY POLICY , TOGETHER WITH OUR DISCLAIMER . NO FIDUCIARY OBLIGATION OR DUTY EXISTS, OR IS CREATED, BY VIRTUE OF YOUR RECEIPT OF ANY INFORMATION PROVIDED IN CONNECTION WITH THE INVESTING CLUB.
Persons: Jim Cramer, Jim, Eaton, he's, he'd, Hurricane Helene, Stocks, Jim Cramer's, DOV Organizations: CNBC, Wells, JPMorgan, Honeywell, Costco, Delta Air Lines, Nike, Pfizer, DD Locations: Dupont, Dover, U.S
Hurricane Milton barreled into Florida's west coast Wednesday. AdvertisementHurricane Milton made landfall in Florida on Wednesday evening as a Category 3 storm. FEMA insisted Monday it had the "capacity to manage multiple simultaneous disasters," including Helene and Milton. As for FEMA funding, Criswell noted during the briefing that there is currently $11 billion in its Disaster Relief Fund and said she's evaluating whether it will be necessary to ask Congress for more. Advertisement"The funding is there to support Helene and Milton," Criswell said.
Persons: , Milton, Helene, Dante Sacks, Fort Myers, we're, Sacks, It's, Helene —, Alejandro Mayorkas, Joe Biden, Deanne Criswell, Donald Trump, Criswell Organizations: Milton, Service, National Hurricane Center, Business, Sunshine State, Homeowners, , FEMA, Homeland, Federal Emergency Management Agency, Associated Press, New York Times, CNN, Disaster Relief Locations: Florida, Siesta, Sarasota County, of Mexico, Tampa, Atlantic, Parkland, Broward County, St, Petersburg, Fort, Miami, Milton
Hurricane Milton's impact on Florida won't cause major losses for catastrophe bond investors, portfolio managers say. Insurance companies still face significant losses, but cat bond investors aren't eyeing the worst-case scenario. AdvertisementThe impact of Hurricane Milton on Florida is unlikely to trigger massive losses for catastrophe bond investors. The losses for cat bond investors, therefore, might only be in the low-single digits. This will drive an increase in risk premiums, leading to higher return expectations for cat bond investors moving forward," Steiger said.
Persons: aren't, , Helene, Milton, Chin Liu, Tanja Wrosch, That's, Florian Steiger, Steiger Organizations: Insurance, Service, Investors, Twelve, Bloomberg, Icosa, Progressive, Allstate, Chubb Limited, Swiss Locations: Florida, Hurricane Milton, Tampa, Milton
A big jump in retail spending would be the next data point indicating a "no landing" of the economy. A no-landing scenario occurs when strong economic growth fuels inflation and hinders rate cuts. Bank of America analysts expect September retail sales data, set for release on October 17, to show a 0.8% surge. "Monthly retail sales data can be volatile. If retail sales accelerate considerably, in our view, the narrative may shift further toward 'no landing' or even re-acceleration," they said.
Persons: , Helene Organizations: Service, Bank of America, Bloomberg, Federal Reserve, Bank, America
CNN —Two federal judges have rejected requests to immediately reopen voter registration in Georgia and Florida as the southeast continues to grapple with significant storm damage ahead of the November election. Brian Kemp and Secretary of State Brad Raffensperger — both of whom are Republicans — argued there would be a significant “administrative burden” on the state’s elections offices if the voter registration deadline were to be extended. Ron DeSantis told reporters that there’s “nothing inhibiting” unregistered voters from registering ahead of the deadline later that day. But we’re not going to change any registration deadline. You can register today, and there doesn’t need to – there’s no reason to open that up,” the governor said.
Persons: Hurricane Helene, Hurricane Milton, Eleanor Ross, Brian Kemp, Brad Raffensperger —, , Ross, “ Harms, , Barack Obama, , Robert Hinkle, Bill Clinton, Ron DeSantis, ” DeSantis, Ian, Helene, we’re Organizations: CNN, US, NAACP, Georgia Coalition, New Georgia Project, Gov, Hurricane Milton, League of Women Voters, Florida NAACP, , Milton, Republican Gov Locations: Georgia, Florida, Hurricane, Atlanta
Hurricane Milton made landfall late on Florida's West Coast Wednesday night as a Category 3 hurricane. Though downgraded from earlier forecasts, the storm still produced multiple tornadoes and caused major flooding throughout the Florida Peninsula. Local and federal governments urged residents to evacuate, but not everyone had the resources or ability to escape the storm's path. Residents in some affected areas are still recovering from Hurricane Helene, which left at least 220 people dead earlier this month. As recovery efforts get underway, these organizations are providing assistance to those affected by the storm.
Persons: Milton, Hurricane Helene, Helene Organizations: Florida's West Coast, Local, Sunshine State Locations: Florida, Hurricane, Asheville , North Carolina
As Hurricane Milton hit, TikTok was filled with live streams from people in Florida. But even though there were plenty of live videos, it was hard to follow for breaking news. As night fell and power outages swept the coast, I watched live streams of palm trees swaying in the dark rain. And indeed, TikTok found controversy for Hurricane Milton. That was far different from on X, which previously used to be the best place to get live news.
Persons: Hurricane Milton, TikTok, , Milton, Elon Musk, X, Dan Rather's, Anderson Cooper, BillWeirCNN, EZNnpz3K6e, Brian Stelter, Caleb, Hurricane Helene, didn't, Caroline Calloway, Ross, Donald Trump, Max Read, TikTok isn't Organizations: Hurricane, Service, Elon, CNN, BI, Twitter Locations: Florida, Hurricane, North Carolina
Additional disruptions from Hurricane Milton complicate the data collection for October's jobs report. To stimulate hiring, the Federal Reserve began cutting interest rates in September, and the jobs report will strongly inform its path forward. "I wouldn't expect these events to materially change how Americans view the economy before the election," DeAntonio said. For example, it noted in its release last week Hurricane Francine, which hit Louisiana in early September, "had no discernible effect" on the employment data it collected. Any effects from the hurricanes could lead to an October jobs report that shows a more pessimistic view of the economy than underlying conditions would suggest.
Persons: Helene, Milton, , Hurricane, Hurricane Helene, Hurricane Milton, Dante DeAntonio, Kamala Harris, Joe Biden, Daniel Zhao, DeAntonio, Francine, Guy Berger Organizations: Service, Hurricanes, Southern, Labor Department, Federal Reserve, University of Michigan's, Department, Labor, of Labor, Labor Statistics, Boeing, Bureau of Labor Statistics, Employees, Glass Institute Locations: Florida, North Carolina, Hurricane, Louisiana
The Summary Hurricane Milton intensified at one of the fastest rates in recorded history. At nearly every turn, Hurricane Milton has offered surprises. Milton is the strongest Gulf of Mexico hurricane since Hurricane Rita in 2005. However, Lin said, “that doesn’t make it any less dangerous.”Even with slower winds, Milton is expected to remain a major hurricane until landfall Wednesday night. “That would tie 2024 with 2005 and 2020 for 2nd most Gulf hurricane landfalls on record, trailing only 1886,” meteorologist Philip Klotzbach wrote on X.
Persons: Hurricane Milton, Milton, Campeche —, Chris Slocum, ” Slocum, , John Morales, Karthik Balaguru, Jonathan Lin, Milton “, Rita, Slocum, ” Lin, Milton “ wobbled, Lin, Hurricane Irma, Hurricane Helene —, , Helene, Philip Klotzbach Organizations: Hurricane, Hurricanes, National Oceanic, Atmospheric Administration’s, NBC South, Climate Central, Pacific Northwest National Laboratory, Cornell University, National Hurricane Center, Tampa Bay, Atlantic Locations: Gulf, Mexico, Hurricane, Tampa Bay, Africa’s, Caribbean, Gulf of Mexico, Florida, Campeche, NBC South Florida, Milton, Tampa, Florida’s
Lieutenant Dan. Courtesy Terrence ConcannonMalinowski, now known on TikTok as “Lieutenant Dan,” recently moved to Florida and lives on his 20-foot sailboat at the Tampa Bay Harbor. Check on Dan,’” Concannon told NBC News in an interview Wednesday morning. For “Lieutenant Dan,” the gesture did more than change his financial situation. But many — including Concannon — worry “Lieutenant Dan” may not survive Hurricane Milton, forecast as the worst hurricane to hit Tampa in over 100 years.
Persons: Terrence Concannon, ” Concannon, Concannon, Joseph Malinowski, Hurricane Helene, Hurricane Milton, Milton, Malinowski, Dan, Terrence Concannon Malinowski, , Forrest Gump’s, Carmen, ” Malinowski, Helene ”, It’s, , , ’ ” Concannon, Helene, , Helene TikTok, I’ve, Terrence, Dan ” Organizations: Tampa, NBC News, Hurricane, NBC Locations: Tampa , Florida, Hurricane, Tampa, Florida, Hurricane Milton
A limited supply of IV fluid, stemming from damage caused by Hurricane Helene, is forcing some hospitals across the U.S. to postpone elective surgery and other nonemergency procedures to safeguard their stock. He also said the medical center has “doubled down” on efforts to prevent wasting IV fluid, as it’s the area’s only level 1 trauma hospital. A number of IV products, including sodium chloride, dextrose and sterile water, have already been in short supply. The Baxter facility shutdown hasn’t led to any new IV fluid shortages yet, the Food and Drug Administration said Tuesday. On Tuesday, the agency also helped safely move IV products from B. Braun Medical’s Daytona Beach facilities out of the path of Hurricane Milton, Dembner said.
Persons: Hurricane Helene, Helene, Eric Swensen, Swensen, , , Christine Hill, , Joe Biden, Baxter, it’s, Zachary Dembner, Braun, Dembner, Alli Longenhagen, ” Shea Siegert, ” Siegert Organizations: Baxter International, Braun, Minnesota Hospital Association, Baxter’s, UVA Health University Medical Center, Minnesota Hospital, Facebook, , ” Hennepin Healthcare, American Hospital Association, Food and Drug Administration, Department of Health, Human Services, FDA, Administration, Strategic Preparedness, HHS, Enloe Health, Alaska Native Tribal Health Consortium Locations: North Carolina, Daytona Beach , Florida, Baxter’s North Carolina, Charlottesville , Virginia, Culpeper , Haymarket, Manassas, U.S, ” Hennepin, Minneapolis, Hurricane, East, Gulf, Puerto Rico, Hurricane Milton, Chico , California
Hurricane Milton has exploded into a monster storm as it soaks up its natural fuel, warm water, in the Gulf of Mexico. The National Hurricane Center had warned that Milton was likely to strengthen into a major hurricane, defined by minimum sustained winds of 111 mph, and its status was confirmed at 8 a.m. Monday. Up to 8 inches of rain was forecast, with storm surges of up to 15 feet possible for coastal cities, they said. The latest hurricane is a rare product of the southwest Gulf of Mexico, rather than the Caribbean or the Atlantic. Milton started as Tropical Depression 14, in the Gulf’s Bay of Campeche, sheltered behind the western coast of Mexico’s Yucatán Peninsula.
Persons: Milton, Hurricane Helene Organizations: Milton, National Hurricane Center, NHC, NBC Locations: Gulf of Mexico, Florida, St . Petersburg, Sarasota, Tampa, Orlando, Daytona Beach , Sarasota, Fort Myers, Naples, Southeastern, Hurricane, Florida’s Big Bend, Mexico, Caribbean, Gulf’s, Campeche, Mexico’s Yucatán
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