2024-09-18 20:24

Sept 18 (Reuters) - Wildfires around Los Angeles have burned rapidly in the past week after vegetation growth and record heat blamed on climate change, and Southern California blazes could get worse once seasonal winds start, according to climate scientists. Three blazes in mountains around the second-largest U.S. city have destroyed more than 230 houses and other structures, forcing tens of thousands of people to evacuate suburbs and towns since Sept. 5. The Los Angeles mountains are ripe for fire after consecutive wet winters created an abundance of grass and brush that dried out during recent triple-digit heat. "That one-two punch, that sequence, means you grow all this extra potential fuel for fires and then you dry it out to extreme levels," said Daniel Swain, a UCLA climate scientist whose research suggests California's rising temperatures create wetter winters. Gusty winds have sent wildfires largely eastward, away from suburbs and towns. Santa Ana winds that typically start this month blow westward toward densely populated areas. "As long as the Santa Ana winds are blowing, we run the risk of big fires until we really get our first rains," said Alex Hall, a professor in UCLA's Department of Atmospheric and Oceanic Sciences. Hall said authorities and residents need to rethink any activities that cause human-made sparks and flames responsible for nearly all fires. The Airport Fire in the Santa Ana Mountains 45 miles (72 km)southeast of Los Angeles began with a spark from a digger moving boulders to block vehicle access to a wilderness area. The 24,000-acre (9,700-hectare) blaze, now 31 percent contained, has destroyed 160 houses and other structures. Fires often are a natural occurrence in the mountains. Their suppression over the past century has led to a build up of fallen trees, scrub and other fuel. The Bridge Fire about 35 miles (56 km) northeast of downtown last week grew tenfold to 49,000 acres (20,000 hectares) in 24 hours as it tore over fuel-packed mountains that had not burned in at least two decades. That blaze is now at 55,000 acres (22,000 hectares) and 37 percent contained. California wildfires have so far burned nearly four times , opens new tab as much land in 2024 as at the same time during last year's benign fire season, according to Department of Forestry and Fire Protection or CAL FIRE data. Burned acreage this year is slightly above the five-year average. Nine of the state's 10 largest wildfires on record have been in the past decade. Nationally, wildfires have scorched , opens new tab 7.3 million acres (2.95 million hectares) this year, more than the full-year average of around 7 million acres (2.83 million hectares) over the past decade , opens new tab, according to National Interagency Fire Center data. Sign up here. https://www.reuters.com/world/us/climate-related-one-two-punch-seen-driving-los-angeles-wildfires-2024-09-18/

2024-09-18 20:08

WASHINGTON, Sept 18 (Reuters) - The U.S. Justice Department on Wednesday filed a civil claim seeking $103 million from the two Singaporean companies that owned and operated the container ship that in March toppled the Francis Scott Key Bridge in Baltimore, killing six people and paralyzing a major transportation artery for the U.S. Northeast. The department is seeking to recover from Grace Ocean Private Limited and Synergy Marine Private Limited the money the U.S. government spent in responding to the disaster and for clearing the wreck of the Dali ship and bridge debris from the Port of Baltimore so the waterway could reopen in June. "This was an entirely avoidable catastrophe, resulting from a series of eminently foreseeable errors made by the owner and operator of the Dali," Brian Boynton, who heads the Justice Department's Civil Division, said in a statement. The department also is seeking an unspecified sum in punitive damages, accusing the two companies of negligence. The U.S. National Transportation Safety Board said in May that the Dali lost electrical power several times before it crashed into the bridge in the Patapsco River in the early morning of March 26. The FBI in April opened a criminal investigation probe into the disaster. "By court order, all persons alleging claims against the owner and manager of the Dali must file their claim on or before September 24th. Accordingly, the filing of (Wednesday's) claim was anticipated. The owner and manager will have no further comment on the merits of any claim at this time, but we do look forward to our day in court to set the record straight," according to a statement provided on behalf of the companies. The Justice Department's lawsuit was brought as part of a legal action initiated by Grace Ocean and Synergy to limit their liability for the crash to $44 million, a sum department officials called "woefully inadequate." Brawner Builders, the construction company that employed all six workers who died in the collapse while working on the bridge and one who was injured, also filed a civil claim against Grace Ocean and Synergy on Wednesday. The lawsuit seeks an unspecified sum in damages for the deaths of its workers and loss of construction vehicles and equipment on the bridge. The ship slammed into a support pylon, sending the bridge plunging into the river. Justice Department official Benjamin Mizer told reporters that the ship's owner and operator were aware of longstanding issues with the Dali's electrical and mechanical systems and failed to correct them "out of negligence, mismanagement, and, at times, a desire to cut costs." "As a result, when the Dali lost power, a cascading set of failures led to disaster," Mizer said. The reopening required the removal of 50,000 tons of debris. More than 1,500 individual responders, along with 500 specialists from around the world, operated a fleet of boats during the operation, which involved 56 federal, state, and local agencies. The state of Maryland estimates that it will cost $1.7 billion to $1.9 billion to rebuild the bridge and anticipates completion by fall 2028. Sign up here. https://www.reuters.com/world/us/us-sues-owner-cargo-ship-that-destroyed-baltimore-bridge-over-cleanup-costs-2024-09-18/

2024-09-18 20:02

Sept 18 (Reuters) - Foreign holdings of U.S. Treasuries rose to a record high in July, while Japan's U.S. government bond assets fell to the lowest since October, data from the Treasury Department showed on Wednesday. Holdings of U.S. Treasuries rose to $8.339 trillion in July from $8.211 trillion in June. Japan's Treasuries holdings decreased to $1.116 trillion from $1.118 trillion the previous month. Japan remains the largest foreign holder of U.S. Treasury securities. China, which is No. 2, cut its holdings to $776.5 billion from $780.2 billion in June. Market participants have been focused on Japan's Treasury holdings due to the country's recent interventions to boost the Japanese yen. Japanese authorities appeared to intervene to sell dollars and buy yen in late April and May and again in July, which was likely financed in part by sales of Japan's U.S. government debt portfolio. Official data at the end of July showed that Japanese authorities spent 5.53 trillion yen intervening in the foreign exchange market that month to pull the yen off 38-year lows. Treasury yields fell in July as traders adjusted to the likelihood that the Federal Reserve was getting closer to cutting interest rates. The U.S. central bank on Wednesday cut rates by half a percentage point, its first cut since 2020, and flagged further reductions. Sign up here. https://www.reuters.com/business/finance/foreign-holdings-us-treasuries-rise-record-july-2024-09-18/

2024-09-18 19:42

NEW YORK, Sept 18 (Reuters) - Refiner margins on jet fuel averaged 5 cents a gallon at the Los Angeles trading hub last month, the lowest in at least five years, as low demand and high supplies pushed inventories to a record high, the U.S. Energy Information Administration (EIA) said on Wednesday. WHY IT MATTERS Fuel producers' margins have weakened substantially this year as soft economic activity has dampened the post-pandemic travel boom and global supply has increased due to the opening of new refineries and expansions of existing plants. Weaker-than-expected jet fuel consumption has been among the biggest disappointments for refiners, as the product was expected to be a pillar of oil demand growth this year. CONTEXT Jet fuel demand on the U.S. West Coast was at the highest in four years during the first half of the year, but still below its pre-pandemic levels, the EIA said on Wednesday. West Coast air travel has recovered more slowly from pandemic-era lockdowns and aircrafts have become more efficient, weighing on fuel consumption, the EIA said. International travel to Asia has also recovered slower than other regions, the agency noted. BY THE NUMBERS West Coast jet fuel stocks hit an all-time high of 12.2 million barrels in the week ended Sept. 06, EIA data showed. Weekly inventories have averaged nearly 11 million barrels this year so far, compared to just over 9 million barrels in 2023. Jet fuel demand in the region averaged over 500,000 barrels-per-day in the first six months this year, about 5% below the first half of 2019. The EIA this month cut its U.S. jet fuel demand forecast 1.69 million barrels per day in 2024, up 2% from last year. Its previous forecast saw growth of 3.3%. Sign up here. https://www.reuters.com/markets/commodities/rising-jet-fuel-stocks-weigh-us-west-coast-refiner-margins-eia-says-2024-09-18/

2024-09-18 19:39

WASHINGTON, Sept 18 (Reuters) - The U.S. Securities and Exchange Commission said on Wednesday it settled charges against decentralized finance platform Rari Capital and its founders over misleading investors and acting as unregistered brokers. The co-founders were named as Jai Bhavnani, Jack Lipstone, and David Lucid. Their platforms at their peak held crypto assets worth more than $1 billion, the SEC said in a statement. Sign up here. https://www.reuters.com/markets/us/us-sec-settles-charges-against-rari-capital-over-misleading-investors-2024-09-18/

2024-09-18 19:33

GLUCHOLAZY, Poland, Sept 18 (Reuters) - As residents of the Polish town of Glucholazy struggled to salvage what they could from their flood-ravaged homes on Wednesday, they praised friends, family and rescue workers for their help, but wondered if authorities could have done more. One of scores of towns across central Europe to be hit by the worst flooding in at least two decades, Glucholazy has been left with residents' possessions strewn across the roads among piles of mud and other debris. Maria Ciesla looked at the devastated remains of her home and reflected on what she had lost. "I have grandchildren... toys that can't be saved," she told Reuters, her voice breaking up with emotion. "I don't know, these little things are sometimes more important than the big things." However, amid the devastation, she spoke warmly of the help she had received in the local community. "I see there is hope," she said. "They serve dinners here... they provide water." Others struck a more critical tone. Bronislaw Lesnik, a 75-year-old pensioner, said he was having difficulty getting help from his insurance provider and the local council. "I asked (the mayor) to give me a digger, because there is at least 300 tons of sand here, if not more... we are alive, but there is no help from the city authorities yet," he said. The Polish defence ministry said more than 14,000 soldiers had been deployed to flood-hit regions, as well as thousands of policemen and equipment. The prison service showed pictures of inmates helping to fortify floodwalls. However, other Glucholazy residents complained about lack of preparations for the flood. "The Czechs apparently already announced it on Monday, but nothing happened here. They had information there. I didn't see any preparations here, nothing," another resident, Elzbieta Prochop said. Sign up here. https://www.reuters.com/world/europe/flood-hit-polish-town-residents-try-piece-their-lives-back-together-2024-09-18/