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IronLionZion
IronLionZion's Journal
IronLionZion's Journal
May 2, 2024
Maryland is about to get $350 million from insurance in bridge collapse
https://www.cnn.com/2024/05/02/business/key-bridge-collapse-insurance-payment/index.html
New York
CNN
The state of Maryland is about to get an insurance payment of $350 million related to the collapse of the Francis Scott Key Bridge in late March, according to the broker handling its policy on the structure.
The payment would come from insurer Chubb, which has a $350 million limit on the policy it had written on the bridge, according to Henry Daar, head of property claims, North America for WTW, the broker on the policy. The payment will be made soon rather than waiting for the construction of a new bridge to begin, a process that could be years away.
The policy will only cover a small fraction of the billions in damages and the clean-up costs associated with March 26 collapse caused by a cargo ship, the Dali, a Singaporean-flagged container vessel, that lost power and slammed into one of the bridges support columns.
So far, 3,000 tons of wreckage and debris have been removed from the site for disposal or recycling, according to the latest update from the unified government command overseeing the effort. An estimated 50,000 tons of wreckage still needs to be removed from the site.
New York
CNN
The state of Maryland is about to get an insurance payment of $350 million related to the collapse of the Francis Scott Key Bridge in late March, according to the broker handling its policy on the structure.
The payment would come from insurer Chubb, which has a $350 million limit on the policy it had written on the bridge, according to Henry Daar, head of property claims, North America for WTW, the broker on the policy. The payment will be made soon rather than waiting for the construction of a new bridge to begin, a process that could be years away.
The policy will only cover a small fraction of the billions in damages and the clean-up costs associated with March 26 collapse caused by a cargo ship, the Dali, a Singaporean-flagged container vessel, that lost power and slammed into one of the bridges support columns.
So far, 3,000 tons of wreckage and debris have been removed from the site for disposal or recycling, according to the latest update from the unified government command overseeing the effort. An estimated 50,000 tons of wreckage still needs to be removed from the site.
May 2, 2024
Hmm...maybe it's not Biden's socialist policies keeping prices high, but actually corporate greed. I'm shocked. Shocked I tell you.
American oil tycoon accused of trying to conspire with OPEC to inflate prices
https://www.cnn.com/2024/05/02/energy/oil-ceo-opec-scott-sheffield/index.html
New York
CNN
Scott Sheffield, founder and longtime CEO of a leading American oil producer, attempted to collude with OPEC and its allies to inflate prices, federal regulators alleged on Thursday.
The Federal Trade Commission said Sheffield, then CEO of Pioneer Natural Resources, exchanged hundreds of text messages discussing pricing, production and oil market dynamics with officials at the Organization of the Petroleum Exporting Countries, or OPEC, the oil cartel led by Saudi Arabia.
Regulators say Sheffield used WhatsApp conversations, in-person meetings and public statements to try to align oil production in the Permian Basin in Texas with that of OPEC and OPEC+, the wider group that includes Russia.
Mr. Sheffields communications were designed to pad Pioneers bottom line as well as those of oil companies in OPEC and OPEC+ member states at the expense of US households and businesses, the FTC complaint said.
Unlike with OPEC nations, US oil production is supposed to be decided by the free market, not by coordination among the major players.
New York
CNN
Scott Sheffield, founder and longtime CEO of a leading American oil producer, attempted to collude with OPEC and its allies to inflate prices, federal regulators alleged on Thursday.
The Federal Trade Commission said Sheffield, then CEO of Pioneer Natural Resources, exchanged hundreds of text messages discussing pricing, production and oil market dynamics with officials at the Organization of the Petroleum Exporting Countries, or OPEC, the oil cartel led by Saudi Arabia.
Regulators say Sheffield used WhatsApp conversations, in-person meetings and public statements to try to align oil production in the Permian Basin in Texas with that of OPEC and OPEC+, the wider group that includes Russia.
Mr. Sheffields communications were designed to pad Pioneers bottom line as well as those of oil companies in OPEC and OPEC+ member states at the expense of US households and businesses, the FTC complaint said.
Unlike with OPEC nations, US oil production is supposed to be decided by the free market, not by coordination among the major players.
Hmm...maybe it's not Biden's socialist policies keeping prices high, but actually corporate greed. I'm shocked. Shocked I tell you.
May 2, 2024
Conservatives must be tripping over themselves to apply for fast food jobs then, right?
Jesse Watters Math The Daily Show
Conservatives must be tripping over themselves to apply for fast food jobs then, right?
May 2, 2024
Killing the goose that lays the golden eggs. Super genius strikes again.
In surprise move, Musk axes the team building Tesla's EV charging network
https://www.cnn.com/2024/05/01/business/tesla-ev-charging-layoffs/index.html
Competitors blindsided
In a post on LinkedIn, Lane Chaplin, a senior manager in Teslas charging division, wrote: In the middle of the night, I learned, along with all my #Tesla Global #Charging colleagues, the Tesla Charging org is no more.
But, following an invitation by Tesla chief executive Elon Musk, virtually every big automaker in the United States committed to making EVs compatible with Teslas charging technology, now known as the North American Charging Standard.
In response, major EV charging providers such as Electrify America and EVgo have also announced they will begin building chargers with NACS cables.
What this means for the charging network, NACS and all the exciting work we were doing across the industry, I dont yet know, Jameson wrote in his post.
Competitors blindsided
In a post on LinkedIn, Lane Chaplin, a senior manager in Teslas charging division, wrote: In the middle of the night, I learned, along with all my #Tesla Global #Charging colleagues, the Tesla Charging org is no more.
But, following an invitation by Tesla chief executive Elon Musk, virtually every big automaker in the United States committed to making EVs compatible with Teslas charging technology, now known as the North American Charging Standard.
In response, major EV charging providers such as Electrify America and EVgo have also announced they will begin building chargers with NACS cables.
What this means for the charging network, NACS and all the exciting work we were doing across the industry, I dont yet know, Jameson wrote in his post.
Killing the goose that lays the golden eggs. Super genius strikes again.
May 1, 2024
Well this is interesting.
The Fed could make a big change today. And no, we're not talking about interest rates
https://www.cnn.com/2024/05/01/investing/premarket-stocks-trading/index.html
New York
CNN
Wednesdays Federal Reserve policy decision will likely be pretty boring for investors officials are widely expected to keep interest rates the same, just as they have since July 2023.
But some savvy traders are getting excited about another key decision. They think that the Fed may curtail its quantitative tightening (QT) program thats the selling off of its assets to decrease money supply and increase interest rates by as much as half.
Whats happening: The Fed bought a ton of government-backed bonds between 2020 and 2022 to help support economic recovery after the pandemic-induced recession. Those purchases ended up pushing down interest rates in certain parts of the economy, like housing and auto sales.
In mid-2022, as inflation soared higher, the Fed reversed that and began unloading those bonds.
What it means: May 1 is set to be a big day in the bond market, Evercore ISIs Krishna Guha and Marco Casiraghi wrote in a recent note.
If the Fed does ease up its tightening policy, financial markets will likely see the taper of the QT program as bullish for riskier investments like stocks and bonds at the margin, wrote Bill Adams, chief economist for Comerica Bank, in a note on Tuesday.
Thats because a taper should send bond prices higher, and interest rates lower.
The risk, wrote Bank of America analysts on Tuesday, is skewed to the upside for stocks, in our view, especially given a potential QT taper announcement.
New York
CNN
Wednesdays Federal Reserve policy decision will likely be pretty boring for investors officials are widely expected to keep interest rates the same, just as they have since July 2023.
But some savvy traders are getting excited about another key decision. They think that the Fed may curtail its quantitative tightening (QT) program thats the selling off of its assets to decrease money supply and increase interest rates by as much as half.
Whats happening: The Fed bought a ton of government-backed bonds between 2020 and 2022 to help support economic recovery after the pandemic-induced recession. Those purchases ended up pushing down interest rates in certain parts of the economy, like housing and auto sales.
In mid-2022, as inflation soared higher, the Fed reversed that and began unloading those bonds.
What it means: May 1 is set to be a big day in the bond market, Evercore ISIs Krishna Guha and Marco Casiraghi wrote in a recent note.
If the Fed does ease up its tightening policy, financial markets will likely see the taper of the QT program as bullish for riskier investments like stocks and bonds at the margin, wrote Bill Adams, chief economist for Comerica Bank, in a note on Tuesday.
Thats because a taper should send bond prices higher, and interest rates lower.
The risk, wrote Bank of America analysts on Tuesday, is skewed to the upside for stocks, in our view, especially given a potential QT taper announcement.
Well this is interesting.
April 27, 2024
How to lose the dog lover vote. And goats too.
Noem's confession she killed family puppy shocks dog trainer, CNN panel
How to lose the dog lover vote. And goats too.
April 25, 2024
I wondered when it would happen in DC. The news is saying a lot of the protestors are not students.
Encampment protest hits George Washington University campus
I wondered when it would happen in DC. The news is saying a lot of the protestors are not students.
April 24, 2024
That didn't last long. This was an interesting one. Foxtrot exploded into the DC area in 2021 with expensive snacks and free coffee and delivery. It was one of the few spots for breakfast tacos, which sold out fast. 2 free nitro cold brews every Tuesday in the summer was a weird one. They'd always run out pretty early in the morning because of course they would. Then poof the whole company collapses nationwide. I like the idiots on social media blaming Biden's economy.
Foxtrot Is Closing Its DC-Area Stores
https://www.washingtonian.com/2024/04/23/foxtrot-is-closing-its-dc-area-stores/
The corner store chain Foxtrot is ceasing retail operations in the Washington, DC, area. After much consideration and evaluation, we regret to announce that Foxtrot and Doms Kitchen & Market will be closing their doors starting on April 23, 2024, the company says in an announcement. Stores are also closing in Illinois and Texas, Eater Chicago reports
A Washingtonian reporter visited two stores in downtown DC. At the store near Farragut Square park, the doors were closed and employees were handing out free wine, she said, but they wouldnt answer questions about the stores future. At the Dupont location, she says, someone who said they had been employed at the market said general managers got the news from corporate HQ on a call at 11 AM. This place is an institution, he said. Everyone comes here.
Foxtrot opened its first DC-area shop in 2021 and opened about nine more locations in the region after that. Its corporate HQ has not replied to emails from Washingtonian requesting comment.
The corner store chain Foxtrot is ceasing retail operations in the Washington, DC, area. After much consideration and evaluation, we regret to announce that Foxtrot and Doms Kitchen & Market will be closing their doors starting on April 23, 2024, the company says in an announcement. Stores are also closing in Illinois and Texas, Eater Chicago reports
A Washingtonian reporter visited two stores in downtown DC. At the store near Farragut Square park, the doors were closed and employees were handing out free wine, she said, but they wouldnt answer questions about the stores future. At the Dupont location, she says, someone who said they had been employed at the market said general managers got the news from corporate HQ on a call at 11 AM. This place is an institution, he said. Everyone comes here.
Foxtrot opened its first DC-area shop in 2021 and opened about nine more locations in the region after that. Its corporate HQ has not replied to emails from Washingtonian requesting comment.
That didn't last long. This was an interesting one. Foxtrot exploded into the DC area in 2021 with expensive snacks and free coffee and delivery. It was one of the few spots for breakfast tacos, which sold out fast. 2 free nitro cold brews every Tuesday in the summer was a weird one. They'd always run out pretty early in the morning because of course they would. Then poof the whole company collapses nationwide. I like the idiots on social media blaming Biden's economy.
April 11, 2024
Whether the right will admit it or not, Biden is better on jobs and inflation. Trump is a disaster all around on everything. MAGA will be MAGA but Trump might lose some corporate voters.
How Trump's tariff plans could kill jobs and worsen inflation
https://www.cnn.com/2024/04/11/economy/trump-tariffs-trade-jobs-inflation/index.html
New York
CNN
Tariff Man could be back in the White House next year and hes promising the sequel will be even bigger than the original.
Former President Donald Trump, who labeled himself Tariff Man in 2018, has made clear he wants to pursue a more aggressive trade strategy if hes elected in November. Trump has floated a 10% across-the-board tariff on imports, a 60% tariff on imports from China and a 100% tariff on foreign cars including from Mexico.
Trumps proposals, if enacted, could easily set off a new trade war with China and potentially other nations, too.
Some economists are warning Trumps trade agenda and the ensuing retaliation from trading partners would hurt the US economy by worsening inflation, killing jobs, depressing growth and spooking investors.
In a worst-case scenario, economists fear these policies could set the stage for a recession.
The policy is very bad. Tariffs make consumers poorer. They shrink the economy, Alex Durante, an economist at the Tax Foundation, a right-leaning think tank, told CNN in a phone interview. This would probably be the most damaging part of a Trump 2.0 economic agenda.
New York
CNN
Tariff Man could be back in the White House next year and hes promising the sequel will be even bigger than the original.
Former President Donald Trump, who labeled himself Tariff Man in 2018, has made clear he wants to pursue a more aggressive trade strategy if hes elected in November. Trump has floated a 10% across-the-board tariff on imports, a 60% tariff on imports from China and a 100% tariff on foreign cars including from Mexico.
Trumps proposals, if enacted, could easily set off a new trade war with China and potentially other nations, too.
Some economists are warning Trumps trade agenda and the ensuing retaliation from trading partners would hurt the US economy by worsening inflation, killing jobs, depressing growth and spooking investors.
In a worst-case scenario, economists fear these policies could set the stage for a recession.
The policy is very bad. Tariffs make consumers poorer. They shrink the economy, Alex Durante, an economist at the Tax Foundation, a right-leaning think tank, told CNN in a phone interview. This would probably be the most damaging part of a Trump 2.0 economic agenda.
Whether the right will admit it or not, Biden is better on jobs and inflation. Trump is a disaster all around on everything. MAGA will be MAGA but Trump might lose some corporate voters.
Profile Information
Gender: MaleHometown: Southwestern PA
Home country: USA
Current location: Washington, DC
Member since: Mon Nov 10, 2003, 07:36 PM
Number of posts: 45,528