2024-09-25 20:41
WASHINGTON, Sept 25 (Reuters) - US Vice President Kamala Harris said she would offer tax credits to companies that increase "good union jobs" like the ones that the steel industry brought to Pennsylvania. Harris also said she would prioritize investments in strengthening factories and retooling existing ones, in a speech at the Pittsburgh Economic Club that focused on the middle class. Sign up here. https://www.reuters.com/business/autos-transportation/harris-says-she-will-offer-tax-credits-new-union-jobs-2024-09-25/
2024-09-25 20:36
Sept 25 (Reuters) - Trinidad and Tobago selected oil and gas producer Shell (SHEL.L) , opens new tab as the preferred bidder for a shallow water block, beating out bids from BP (BP.L) , opens new tab and EOG Resources (EOG.N) , opens new tab, three people close to the process said. Trinidad and Tobago has in recent years struggled to feed its liquefied natural gas and petrochemical plants as its natural gas production declines. The government has organized bidding rounds while pressing producers to deliver first output from offshore projects. Shell and BP are the two largest shareholders in Trinidad's flagship 15.3 million tons per annum Atlantic LNG project. They have been trying to boost output to secure feedgas for the liquefaction trains. Shell is in negotiations with the government on terms for working on the Modified U(c) block, the most contested of 13 areas offered by the Caribbean country's government in a shallow water auction last year, the people said. The 13 areas collectively hold estimated resources of some 13.4 trillion cubic feet of gas, according to official data. Shell and BP declined to comment. Trinidad's government and EOG did not immediately reply to requests for comment. As part of the shallow water auction, which closed in May, EOG was the sole bidder for the Lower Reverse L block and NCMA 4(a), while BP was the sole bidder for NCMA (2). Sign up here. https://www.reuters.com/markets/deals/trinidad-selects-shell-preferred-bidder-shallow-water-block-sources-say-2024-09-25/
2024-09-25 20:32
Helene expected to intensify, bringing life-threatening storm surge to Florida Evacuations ordered along Florida's Gulf coast, schools closed in dozens of counties Helene forecast to become Category 4 storm, causing significant flooding and power outages Sept 25 (Reuters) - Hurricane Helene is forecast to rapidly strengthen and could hit Florida on Thursday as a Category 4 storm, producing "catastrophic" winds of up to 156 miles per hour (251 km per hour), forecasters said. Helene entered the Gulf of Mexico on Wednesday and was expected to pick up strength from the gulf's warm waters before making an expected landfall in Florida's panhandle on Thursday evening. "For those in the path, that unfortunately means catastrophic wind impacts," said National Hurricane Center Deputy Director Jamie Rhome of the forecast rise in strength to category 4 with sustained winds of 130 to 156 mph (209 to 251 kph). Storm surge, the wall of seawater pushed on land by hurricane-force winds, was upgraded to 15 to 20 feet (4.6 to 6.1 meters) in the Big Bend area of Florida's panhandle where the storm is expected to come ashore, Rhome said. More than 40 million people in Florida, Georgia and Alabama were under hurricane and tropical storm warnings, the hurricane center said. Numerous evacuations were ordered along Florida's Gulf Coast, including Sarasota and Charlotte counties, and dozens of counties have announced school closures, including Hillsborough and Pinellas counties. With weather reports playing on her television in the background, Melissa Wolcott-Martino, a retired magazine editor in St. Petersburg, was busy packing on Wednesday before evacuating her one-story coastal home and heading for higher ground. Hours earlier, she had finally finished repairing the damage from last year's Hurricane Idalia, which clobbered the low-lying area with powerful winds and devastating floodwaters. "We had Idalia last year," the 81-year-old said in a telephone interview. "We just finished the renovations, last touches today, and now we're packing up for a new storm. This is not so great." Pinellas County officials ordered evacuations of long-term healthcare facilities, including nursing homes, assisted living centers and hospitals near the coast. The county sits on a peninsula surrounded by Tampa Bay and the Gulf of Mexico. "Now, you still have time to prepare, review your hurricane plan, and make sure that you are executing your hurricane preparedness plan," Governor Ron DeSantis said in a Tuesday press briefing. Helene lashed Cuba with heavy rains overnight, dumping as much as 8 inches (20.3 cm) in 24 hours across parts of the western tobacco-growing province of Pinar del Rio, the provincial meteorological service said. CATEGORY 4 Helene was expected to dump up to 15 inches (38.1 cm) of rain in some isolated spots after making landfall in Florida, causing considerable flash and urban flooding, the hurricane center said. Rhome of the hurricane center said about half of lives lost in hurricanes typically came from flash flooding caused by torrential rain, often among people who drive into flooded roads and are swept away. He urged those in affected areas to use extreme caution. Rhome added that the expected hurricane-force wind impact area stretched around 180 miles (290 km) north from the Florida panhandle to southern Georgia. "You need to prepare for prolonged (energy) outages, those trees are going to come down in strong winds, block roads," Rhome said. Residents in the potential path are being told to prepare to be without power for up to a week, Florida emergency officials said in a briefing. In southwestern Georgia, farmers were scrambling on Wednesday to save their cotton and pecan crops, said Pam Knox, an agriculture climatologist with the University of Georgia in Athens. Farmers usually have weeks, not days, to bring crops in, Knox said on Wednesday. "This is going to be a billion-dollar disaster," said Knox. (This story has been refiled to read Category 4 storm, not Category 3, in the third bullet) Sign up here. https://www.reuters.com/world/americas/tropical-storm-helene-become-hurricane-picking-up-steam-gulf-2024-09-25/
2024-09-25 20:31
WASHINGTON, Sept 25 (Reuters) - The head of the Federal Aviation Administration told a U.S. Senate panel on Wednesday that Boeing (BA.N) , opens new tab must address a series of safety issues before he will let them boost 737 MAX production, warning the issue could impact company profits. FAA Administrator Mike Whitaker capped production at 38 MAX planes per month in January after a door panel missing four key bolts flew off an Alaska Airlines 737 MAX 9 midair in January. "They cannot grow to where they need to grow without" making broad safety improvements in six key categories and maintaining those improvements at higher production rates, Whitaker said at a Senate Permanent Subcommittee on Investigation hearing on FAA's oversight of Boeing. "They don't do that, they don't grow, and if they don't grow, they're not going be able to achieve profitability." Boeing shares fell 2.3%. The company did not immediately respond to a request for comment on the hearing. Senator Richard Blumenthal, chair of the committee, noted that Boeing previously produced 52 planes per month in 2018 but production has slid below 38. He asked if lowering the cap would make it more effective. "Boeing has put profits and speed of production ahead of quality and safety, and ultimately that failing is at the core of its current difficulty," Blumenthal said. Reuters reported Sept. 10 that Boeing told suppliers it was delaying a key production milestone for its 737 MAX by six months, three industry sources said, a sign the planemaker was struggling to boost production of its best-selling jet. "Boeing is quite aware that they're not going to increase production on any of these aircraft" until they show they are meeting six key metrics or being in the "green," Whitaker said. Asked if a production cap applies to other Boeing airplanes like the 787, Whitaker told reporters it was a "fluid situation" but added: "If you had a robust safety management system, you wouldn't increase production unless you were in the green on everything. So that's our expectation across the fleet." Boeing's latest 737 supplier master schedule communicated to the industry calls for MAX output to reach 42 a month in March 2025, compared with its previous target of this month. Boeing has not changed its official plane production target, which calls for 38 MAX jets a month by the end of 2024, up from roughly 25 jets a month in July. Sign up here. https://www.reuters.com/business/aerospace-defense/faa-warns-boeing-profitability-stake-if-they-do-not-improve-2024-09-25/
2024-09-25 20:27
NEW YORK, Sept 25 (Reuters) - Haitian Prime Minister Garry Conille said on Wednesday that the Caribbean country was a long way from winning its war against armed gangs that control most of the capital, as a United Nations deadline for long-delayed support fast approaches. "We are nowhere near winning this, and the simple reality is that we won't without your help," Conille said at an event on the sidelines of the United Nations General Assembly. "There is a sense of urgency because the Haitian people are watching with cautious optimism, they're really hoping to see clear results." Haiti is currently facing a gang attack at the capital's main port, Conille said, the key entry point for funding and goods. A shipping official told Reuters this week that ships were being shot at, preventing them from docking and unloading containers, while authorities have reported the kidnapping of two Filipino crew members from a cargo vessel in the port. Haiti's main seaports and international airport closed for nearly three months earlier this year after violence escalated at the end of February, an outbreak that saw thousands broken out of prison and the last prime minister resign. "We worry that without the urgent implication of everyone to support this effort, we will lose the little success that we've been able to obtain at a very large price," Conille added. U.S. Secretary of State Antony Blinken earlier announced sanctions against former deputy Prophane Victor and gang leader Luckson Elan for their role in human rights abuses, as well as $160 million in assistance for Haiti, and called for further support of the U.N.-backed international security mission. 'MOVE WITH SPEED' About 10 countries have together pledged over 3,100 troops, but only around 400 have deployed. The U.N.'s one-year mandate expires in early October and the U.N. Security Council is set to vote on Sept. 30 on whether to renew it. While countries have pledged hundreds of millions of dollars, both the U.N. mission trust fund and humanitarian plan remain drastically underfunded. Musalia Mudavadi, an official from Kenya which is leading the mission, said the current funds were not enough to sustain the current deployment, let alone the thousands of troops that were promised. "We encourage all the countries that have pledged troops to move with speed," he said. The number of people internally displaced has nearly doubled in the last six months, according to U.N. estimates, now surpassing 700,000. Around half the country is going hungry. Conille's government is also tasked with arranging the first elections since 2016. His predecessor repeatedly delayed a vote, saying a free and fair process could not take place under the existing insecurity. The U.S., the mission's top financial backer, has pushed for elections by next year. Conille said that while far more security was needed, Haiti is already investing half of an estimated $140 million needed to hold a referendum on the Constitution in February and elections in November 2025. Conille said he was "quite confident" that they would be able to hold the votes despite the insecurity, but warned that this would not be possible if commitments enabling the mission's full deployment are not kept. Sign up here. https://www.reuters.com/world/americas/haiti-pm-says-nation-far-winning-gang-war-un-deadline-looms-2024-09-25/
2024-09-25 20:25
NEW YORK, Sept 25 (Reuters) - Fully decarbonizing California's electrical grid will require more firm clean power sources, including advanced geothermal and natural gas with carbon capture, Edison International (EIX.N) , opens new tab chief executive officer told Reuters on Wednesday. The most populous U.S. state has set a goal to produce zero net emissions from its electrical grid by 2045, with renewable energy sources solar and wind playing the starring role in California's power generation plans. "We need not just clean power, we need power that can meet demand every single minute of the day," said Pedro Pizarro, head of the major power company whose largest subsidiary is Southern California Edison, an electric utility covering about 15 million people. Using entirely solar, which California uses more than any other U.S. state, and wind alone wouldn't provide enough around-the-clock power or be logistically realistic, he said. In order to hit its goals, the state would need to add 120 gigawatts of renewables with storage between now and its target date. "The challenge is that if we were to meet all of California's needs with just solar and storage, we would need to blanket an area the size of the entire Los Angeles metropolitan area with solar," Pizarro said. Southern California Edison this year entered into a 320 megawatt power purchase agreement with geothermal provider Fervo in a largest-of-its kind contract for geothermal. The contract enables Fervo to finance its power generation build-out, with the electricity to be phased in starting in 2026 and ramp up through 2028. In the time between adding enough clean power in California, Pizarro called for the state's natural gas-fired power plants to be preserved to keep power flowing. "We have an insurance policy in California that's our existing gas generation fleet," Pizarro said, adding that Southern California Edison doesn't sell natural gas, which release global warming carbon emissions. Multiple natural gas-fired power plants along the California coast were slated to shut in 2020 under climate plans, but state officials extended their lifespan until 2026 to avoid power shortfalls that could cause blackouts. Sign up here. https://www.reuters.com/business/energy/more-firm-clean-power-needed-hit-california-climate-goals-edison-intl-ceo-says-2024-09-25/
