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New York City Snow Drought Might End Tomorrow

New York City Snow Drought Might End Tomorrow New York City's snow drought, the third longest since records began, might end Wednesday morning.  National Weather Service meteorologist Bryan Ramsey said NYC could expect up to 2 inches of snow during the morning commute, but a changeover to a wintry mix and rain could occur at some point when milder air moves into the Northeast.  Wednesday's accumulation could be enough to end the Big Apple's snowless streak. The longest streak of days without 0.1 inches of snow or greater was 332, which ended on Dec. 15, 2020. As of Monday, the city has had 320 days without measurable snowfall, the third longest on record, according to Accuweather.  If tomorrow's weather event only produces a trace or less than 0.1 inches, the metro area could be on pace to hit the snowless record in about two weeks. By late January, NYC should average about 11 inches of snow.  Meanwhile, the heaviest snowfall will blanket northern New York to interior parts of New England, where upwards of a foot more could be dumped through Thursday.  A pattern change for the US is underway. Long-term weather models forecast lower-than-average temperatures from now through early February for the Lower 48.  Cold weather is welcomed after an unseasonably warm January.  Tyler Durden Tue, 01/24/2023 - 18:45.....»»

Category: blogSource: zerohedgeJan 24th, 2023

22 Dangerous Countries Americans Have Been Warned To Avoid in 2024

When traveling, it is crucial to exercise caution in selecting your destination. In 2024 the U.S. State Department advises Americans to avoid 22 countries and territories, with this list expanding annually. These locations are currently under level 4 “Do Not Travel” advisories as of January 2024. Disregarding these warnings could expose travelers to heightened risk of […] The post 22 Dangerous Countries Americans Have Been Warned To Avoid in 2024 appeared first on 24/7 Wall St.. When traveling, it is crucial to exercise caution in selecting your destination. In 2024 the U.S. State Department advises Americans to avoid 22 countries and territories, with this list expanding annually. These locations are currently under level 4 “Do Not Travel” advisories as of January 2024. Disregarding these warnings could expose travelers to heightened risk of encountering crime, kidnapping, terrorism, or civil unrest, with limited assistance available from the U.S. government. These are all issues that tourists should thoroughly research before traveling anywhere. Travelers can access comprehensive country-specific information from the U. S. State Department at Travel.State.Gov. Here are overseas destinations Americans should avoid in 2024: 1. Afghanistan Afghanistan has desperate poverty and human rights issues.   It might be shorter to list problems Afghanistan doesn’t have than all the ones it does. Recovery from decades of war has been stymied by intense drought and large earthquakes in 2023. The Taliban has reinstated many of their most oppressive policies, like restrictions on women’s rights, floggings, and public executions. Detention and kidnapping are particular risks for Americans, and there is no U.S. embassy in the country to assist. 2. Belarus The close affiliation between Belarus and Russia makes it a place American citizens should avoid. No U.S. embassy is in operation in Belarus. The country is closely aligned with Russia in the Union State, a supranational organization that many observers see as a slow-motion annexation of Belarus. The Level 4 advisory for Belarus reflects the fact that Russia has used it as a staging point for its war on Ukraine and may do so in the future. There is also the danger of civil unrest and arbitrary detention. 3. Burkina Faso The potential for terrorist activity makes Burkina Faso an unsafe travel destination. The West African country of Burkina Faso is roiled by violence linked to al-Qaida and the Islamic State organization. The northern and eastern regions of the country are in a state of emergency, with rebels operating near the border with neighboring Mali. Crime, terrorism against civilian targets, and kidnapping make this one of the most dangerous places for foreigners to visit. 4. Central African Republic The security situation is dangerously unsettled in the Central African Republic. The State Department warns travelers to this Saharan nation may get caught up in civil unrest, demonstrations, election-related violence, and violent crime. Large areas of the country are under the control of various armed groups that attack civilians routinely. Airport, road, and border closures can happen without warning. 5. Gaza The situation in Gaza is so dangerous the U.S. State Department advises completing a will and leaving DNA samples with your doctor before traveling there. Gaza is not internationally recognized as a country but is included in this list as one of the world’s most dangerous places for Americans. Since the Oct. 7, 2023 terrorist attack by Hamas, the Israeli Defense Forces (IDF) have been conducting extensive military operations in Gaza against Hamas. Anyone choosing nevertheless to go to Gaza should be prepared for an indefinite stay, as there is no guarantee border crossings will remain open. The U.S. government advises taking food and medical supplies for at least a week for each member of the family, drafting a will, and providing DNA samples to your medical provider in case they are necessary to identify your remains. 6. Haiti Natural disasters have displaced thousands of people in Haiti and contributed to social unrest. Travelers are advised not to go to Haiti due to civil unrest, violent crime, and poor healthcare facilities. There are shortages of gasoline, medicine, and other supplies. American citizens are frequently the target of kidnapping for ransom. Even those traveling in larger numbers in conveys have been targeted. Robbers often wait near the international airport for foreigners to arrive, then follow their cars and violently attack them. 7. Iran Dual Iranian-American citizens visiting family and friends in Iran may be especially vulnerable to harassment and or false detention. Iran’s hostility to the United States government is no news. But the threat also extends to individual Americans who may become pawns in the struggle between the two countries. U.S. citizens in Iran have been kidnapped, detained, or arrested on false charges. Dual-national American-Iranians are particularly at risk. Terrorist groups are not only funded by Iran but sometimes carry out attacks inside the country. 8. Iraq Iraq suffers frequent terrorism, such as the car bomb that created this explosion. The State Department has a multitude of security concerns about Americans traveling to Iraq. The Baghdad International Airport is not secure, so the U.S. government has instructed its personnel not to use it. Throughout the country, Americans need to be wary of possible civil unrest, terrorism, kidnapping, and military combat. Insurgent groups and terrorists regularly attack Iraqi security forces and civilians. Northern Iraq is an area of particular risk, as neighboring countries have regularly bombed targets there. Americans are strictly warned not to enter Syria from Iraq to participate in armed conflict. The Kurdistan Regional Government imposes 10-year prison sentences on people who illegally cross the border. The United States government will impose prison sentences and large fines on any citizens who fight for a designated terrorist organization. 9. Lebanon Beirut is a beautiful seaside city, but the security situation makes it a place to avoid traveling. The United States embassy has returned to normal staffing levels but American citizens are still warned not to travel to Lebanon. This is due to the threat of combat operations, crime, terrorist attacks, and protests against the government. The border areas (with both Syria and Israel) and refugee camps are areas of particular danger. Terrorist attacks may target hotels, restaurants, and shopping areas frequented by tourists. Protests there have blocked major roadways making it difficult to get to the airport and government facilities. 10. Libya Tripoli, Libya’s capital and largest city, is beset by crime and violence. Since the ouster of dictator Muammar Gaddafi in 2011, peace has been elusive in Libya. Two civil wars ended in an uneasy truce in 2020, but the central government is still weak, and armed groups control large areas of the country. Americans should not travel there due to the high risk of kidnapping and other crimes, terrorism, armed conflict, and civil unrest. Hotels and other establishments frequented by foreigners are often the targets of unexpected attacks. Some airports have been closed because of fighting. Others are open sporadically and may close without warning. 11. Mali Americans should avoid travel to Mali due to the unsettled political situation there. Americans should not travel to Mali due to the danger of terrorism and crime, including kidnapping. Targets of terrorism include government facilities, places of worship, and facilities visited by foreigners. Random police checks and roadblocks, especially at night, are common. 12. Mexico Some parts of Mexico suffer from heightened gang activity and violence that make them places for Americans to avoid. The U.S. State Department issues separate travel advisories for each state of Mexico. Level 4 advisories exist for each of the following states due to the danger of crimes such as kidnapping, carjacking, robbery, and homicide: Colima, Guerrero, Michoacan, Sinaloa, Tamaulipas, and Zacatecas. 13. Myanmar Thousands of people are internally displaced in Myanmar due to natural disasters and fighting between the government and rebel factions. Myanmar has been under military rule since 2021. Since then, it has been common for protests and demonstrations against the government to break out, followed by harsh repression of protesters and bystanders. Various armed groups are fighting against the government in different parts of the country. The State Department warns of the danger of becoming caught up in armed conflict, civil unrest, arbitrary and wrongful detention, land mines, and other unexploded ordinance, as well as a lack of healthcare and medical resources. 14. North Korea Kim Jong-un, the mercurial leader of North Korea, keeps tensions with South Korea and its allies at a fever pitch. The Democratic People’s Republic of Korea is undoubtedly one of the most dangerous places on Earth for Americans. There is a high risk of wrongful arrest and long-term detention by the North Korean regime, which likes to take hostages as bargaining chips. The United States has announced that American passports are invalid for travel to, in, or through the DPRK. Sweden is the protecting power for the United States in North Korea, but the Swedish embassy is severely limited in the amount of assistance it can provide for American citizens who run afoul of authorities in the DPRK. 15. Russia Aggression against Ukraine, including this missile attack on a school, has made Russia into an international pariah.   Since it invaded Ukraine in 2022, Russia has been under stringent international sanctions. Tensions with NATO are at a post-Cold War high. Debit and credit cards and other banking services are no longer available. Flights into and out of Russia are sporadic, laws may be enforced sporadically, and authorities may particularly single out U.S. citizens for harassment or wrongful detention. As the war has continued, drone attacks and explosions have happened in western and southern Russia as far north as Moscow and St. Petersburg. The Russian government has placed limitations on the movements of embassy personnel, so their ability to respond to the needs of U.S. citizens is limited. 16. Somalia Piracy off the coast of Somalia is a significant problem for international shipping through the busy Gulf of Aden. Somalia earned a spot on the “do not travel” list due to the danger of crime, civil unrest, terrorism, kidnapping, poor access to medical facilities, and piracy. Illegal roadblocks are common and terrorist attacks can take place anywhere in the country by suicide bombers, car bombs, or mortar fire. Another thing that makes Somalia one of the world’s most dangerous places is piracy. Pirates actively operate in international waters off the coast – a problem that is now spreading to the west coast of Africa as well. 17. South Sudan People in South Sudan, one of the world’s newest countries, live in desperate poverty. Violent crime, kidnapping, and armed conflict are the key concerns the U.S. State Department has about South Sudan. Independent from Sudan only since 2011, South Sudan is one of the world’s newest countries and still has weak central authority. Rape, armed robbery, and other serious crimes are some of the dangers foreigners have experienced there. Guns are widely available to the population and rival political and ethnic groups are fighting in various parts of the country. 18. Sudan Sudan is wracked by crime, armed conflict, natural disasters, and a refugee crisis. Due to the unstable security situation in Sudan, the U.S. Embassy suspended operations in April 2023. Heavy fighting is going on throughout the country. The international airport in the capital and the border with Chad are closed. Electricity and communications are sporadic. Kidnappings, home invasions, carjackings, robberies, terrorism, and civil unrest are common. Due to the unrest and natural disasters, large numbers of people are internally displaced as refugees. 19. Syria Multiple factions and foreign nations are engaged in military action in Syria. Civil war broke out in Syria in 2011 and the United States has not had an embassy there since 2012. The Czech Republic is the protecting power for the United States. Crime, civil unrest, and armed conflict are a danger all over the country. Shelling, missile attacks, and aerial bombardment are dangers. The government violently puts down protests and demonstrations. Terrorist groups of different factions carry out bombings, and assassinations, and set off improvised explosive devices (IEDs). The American government particularly warns its citizens against going to Syria to participate in armed conflict on any side. 20. Ukraine With its peace shattered by the Russian invasion, Ukraine is no longer a safe travel destination for Americans. Since Russia invaded Ukraine in February 2022, Americans have been in danger of falling victim to armed conflict there. Mortar, missile, or drone attacks can happen anywhere in the country, not only in the active combat zones in the east and south. In occupied areas, Russian authorities have singled out American citizens for harassment and detention. Americans who nonetheless decide to go to Ukraine should familiarize themselves with the location of emergency shelters and follow the safety guidelines issued by regional officials. 21. Venezuela The slums of Caracas, Venezuela are home to thousands of people who struggle to support themselves under the government’s disastrous economic policies. The United States withdrew its diplomatic personnel from Venezuela in 2019. Americans there may fall victim to violent crimes or get caught up in spontaneous political demonstrations. It is not unusual for the Venezuelan authorities to break these up with tear gas, pepper spray, and rubber bullets. The Venezuelan government has been accused of human rights abuses such as torture, killings, disappearances, and illegal detentions. The regime has detained Americans without notifying the U.S. government or giving American authorities access to them. Colombian terrorist groups are also active in Venezuela’s border areas, not only with Colombia but with Brazil and Guyana as well. 22. Yemen The Old City of Sanaa, the Yemeni capital, is no longer safe for tourists because of the country’s brutal civil war. The United States has not had an operating embassy in Yemen since 2015. Terrorist groups are active in the country, engaged in bombings and kidnappings. Yemen is one of the most dangerous countries in the world because it is still struggling through a civil war. The central government is weak and has limited ability to assist civilians. Foreigners are often targets of kidnappings and carjackings. The kidnapping of young people is often for forced marriage. Many areas of the country still have landmines. Utilities are sporadic or unavailable. Medical care facilities and supplies have been decimated and there is a danger of epidemic disease. Common Themes Some of the common themes in the most dangerous places in the world for Americans are the absence of a fully functioning American embassy, high levels of crime often specifically targeted at foreigners, civil unrest, armed conflict, and the lack of basic utilities and medical services. These are the types of issues Americans would do well to investigate no matter where in the world they are traveling. The U.S. State Department provides details on every country of the world at Travel.State.Gov – get informed before you travel! How to Retire Early With Dividends (sponsored) Finding a good financial advisor today may be the key to a richer tomorrow. With bonds yielding 5% (or more!), and some stocks paying 7%, finding the right one can be the key to retiring early. Use the advisor match tool below, or click here now, to find your financial freedom! The post 22 Dangerous Countries Americans Have Been Warned To Avoid in 2024 appeared first on 24/7 Wall St.......»»

Category: blogSource: 247wallstFeb 20th, 2024

Discover the 20 Coldest Cities in America

North America is a vast Northern Hemisphere continent. Many cities in the United States are near the Arctic Circle, while others lie open to polar vortex shifts and arctic fronts. Cold cities can be found in the Northern Great Plains, Upper Midwest, and Northeast regions of the contiguous U.S. Alaska also has some of the […] The post Discover the 20 Coldest Cities in America appeared first on 24/7 Wall St.. North America is a vast Northern Hemisphere continent. Many cities in the United States are near the Arctic Circle, while others lie open to polar vortex shifts and arctic fronts. Cold cities can be found in the Northern Great Plains, Upper Midwest, and Northeast regions of the contiguous U.S. Alaska also has some of the coldest cities in North America. Let’s look at some of the coldest cities in the country. (Also check out: The 22 Coldest Towns in North America) 20. Glasgow, Montana Regarding average daily temperature, Glasgow is more “Chill” than “Grill,” at 44.6°F. Average temperature, 1991-2020: 44.6°F Coldest year on record: 1950, with an average temperature of 37.4°F Record lowest temperature: -60°F, February 15, 1936 The Great Plains city of Glasgow, MT, shares its northern border with Canada. Though it can experience hot and dry summers due to chinook winds from the Rocky Mountains, cold continental air masses from Canada cause frigid and dry winters. The average temperature here from 1991-2020 was 44.6°F. 19. Great Falls, Montana Warm chinook winds from the Rockies aren’t enough to keep Great Falls, Montana, from being one of the coldest cities in the U.S. Average temperature, 1991-2020: 44.5°F Coldest year on record: 1951, with an average temperature of 38.4°F Record lowest temperature: -49°F, February 15, 1936 Great Falls, MT, is another Northern Great Plains city. Like Glasgow, Great Falls experiences chinook winds from the Rockies and cold continental air masses from Canada. Although its coldest year was 1951, the coldest temperature occurred on February 15, 1936—a brisk -49°F. 18. Aberdeen, South Dakota With low annual temperatures, winter scenes such as this are relatively commonplace in Aberdeen. Average temperature, 1991-2020: 44.3°F Coldest year on record: 1917, with an average temperature of 39.3°F Record lowest temperature: -46°F, January 12, 1912 Though it is a little further south and east than Montana, Aberdeen, SD, is impacted by arctic air masses from Canada. These are not counterbalanced by large bodies of water, which can sometimes warm the winter climate of surrounding areas. Chinook winds are also not as strong or common in the summer months. 17. Bismarck, North Dakota Winter snow is expected in Bismarck, North Dakota’s state capital. Average temperature, 1991-2020: 43.9°F Coldest year on record: 1951, with an average temperature of 36.9°F Record lowest temperature: -46°F, February 16, 1936 North Dakota shares the same dry climate as Montana, and Bismarck has humid summers but dry, cold winters. It is in the middle of the Northern Great Plains, meaning it is open to winds and arctic weather fronts. 16. Montpelier, Vermont Come winter, the cool autumn landscape of Montpelier will be covered in snow. Average temperature, 1991-2020: 43.5°F Coldest year on record: 1958, with an average temperature of 39.8°F Record lowest temperature: -34°F, January 4, 1981 Given its extreme northern latitude and proximity to Canadian weather patterns, Montpelier experiences some highly frigid temperatures. Unlike many Northern Great Plains cities, Montpelier has a humid continental climate. This means that winters in the city bring extreme amounts of snow. 15. Kalispell, Montana Kalispell, a small mountain town in Montana, can have warm summer days but cold Rocky Mountain winters. Average temperature, 1991-2020: 43.3°F Coldest year on record: 1916, with an average temperature of 37.1°F Record lowest temperature: -38°F, January 31, 1950 Within the Rocky Mountains, near the Canadian border, Kalispell, Montana, experiences cooler weather due to a combination of northern latitude and mountain elevation. It is also in a lower area between mountains, sometimes allowing cooler air to sit here for a while. Kalispell has hot and dry summers, but the winters are long, cold, and snowy. 14. Minot, North Dakota The Great Plains leave Minot, North Dakota, exposed to both summer heat and brutal winter cold. Average temperature, 1991-2020: 43.1°F Coldest year on record: 1950, with an average temperature of 37.3°F Record lowest temperature: -49°F, February 15, 1936 Minot is located in North Dakota, near the Canadian border. This means that it experiences the lower temperatures of northern latitudes and arctic air masses that sweep down from Canada. The Great Plains’ wide open spaces also allow winds to sweep across the city. Although summer in Minot can be hot, winter in Minot can be harsh, with long stretches of cold weather with high winds and snow. 13. Dickinson, North Dakota The sunny summer streets of Dickinson, North Dakota, will eventually give way to brutal winter winds that blow over the Dakota Prairie Grasslands. Average temperature, 1991-2020: 43.0°F Coldest year on record: 1950, with an average temperature of 35.7°F Record lowest temperature: -47°F, February 16, 1936 Another North Dakota city, Dickinson, lies in the Northern Great Plains. Arctic air masses are funneled down from Canada, along the Rockies, and over the Dakota Prairie Grasslands. Though the city is prone to drought and warm summers, the cold winters more than make up for it. 12. Alamosa, Colorado Alamosa, Colorado’s dry mountain air gives way in winter to dry, bitterly cold arctic air. Average temperature, 1991-2020: 42.6°F Coldest year on record: 1979, with an average temperature of 37.9°F Record lowest temperature: -50°F, January 28, 1948 Like many Colorado cities, Alamosa is elevated, sitting at over 3,500 feet above sea level. This contributes somewhat to its cooler temperatures. It is also in a semi-arid region with dry air, which can be cooler than humid air. Night skies in Colorado can be clear, allowing warmer air to escape. Finally, it sits in a valley, which allows cold air to get trapped beneath warm air masses. 11. Sault Ste. Marie, Michigan Sault Ste. Marie, Michigan, gets its cold climate from the intersection of three of the Great Lakes. Average temperature, 1991-2020: 42.6°F Coldest year on record: 1936, with an average temperature of 38.4°F Record lowest temperature: -37°F, February 8, 1934 Sault Ste. Marie, Michigan, sits at the intersection of three Great Lakes on the border between the U.S. and Canada. This exposes the city to polar air masses and lake-effect snow in the winter, while the lakes keep the city cool in the warmer months. 10. Fargo, North Dakota Although Fargo is not the arctic wasteland depicted in Hollywood, it is susceptible to long, harsh winters. Average temperature, 1991-2020: 42.4°F Coldest year on record: 1950, with an average temperature of 35.6°F Record lowest temperature: -39°F, February 1, 1996 The city of Fargo, North Dakota, sits on the eastern edge of the Northern Great Plains. The flat nature of the surrounding plains means there is very little to block out winds. Its northern latitude and interior continental position make it susceptible to northern air masses channeled down from Canada along the eastern side of the Rocky Mountains. 9. Juneau, Alaska Juneau would be much colder than it is if it weren’t for the warm coastal waters of the Pacific Ocean. Average temperature, 1991-2020: 42.2°F Coldest year on record: 1966, with an average temperature of 37.2°F Record lowest temperature: -22°F, January 12, 1972 Juneau’s presence on this list may not be surprising due to it being in Alaska, but it is surprising due to its location on the Pacific coast. The ocean’s warm waters offset its northern latitude to some degree, placing it lower than other Alaskan cities. However, it is still susceptible to arctic fronts, and Alaska’s shorter days and longer nights also keep the temperatures down year-round. 8. Caribou, Maine The brief periods of warm weather experienced in Caribou, Maine, are no match for its long, snowy winters. Average temperature, 1991-2020: 40.7°F Coldest year on record: 1943, with an average temperature of  36.8°F Record lowest temperature: -41°F, February 1, 1955 At one of the most northern points of the contiguous U.S., Caribou, Maine, experiences the reduction in daylight common to northern cities. It is also in the path of cold, arctic air masses from Canada, and cold air can become trapped in the low-lying areas enclosed within the region’s rolling hills. Though it is near the Atlantic, it is far enough inland to remove it from the ameliorating effects of the warm ocean air. 7. Duluth, Minnesota Duluth’s location on the shores of cold Lake Superior impacts temperatures year-round. Average temperature, 1991-2020: 40.2°F Coldest year on record: 1950, with an average temperature of 33.2°F Record lowest temperature: -39°F, February 2, 1996 Duluth, Minnesota, is located in the Upper Midwest at the western end of Lake Superior. Of course, the shorter days and increased angles of the sun’s rays reduce temperatures for cities at this latitude. The city’s position on Lake Superior, the coldest of the Great Lakes, also has a cooling effect in summer and produces lake-effect snow in winter. 6. Grand Forks, North Dakota On a pleasant, warm day like this, one would have no idea how harsh winters in Grand Forks, North Dakota, can be. Average temperature, 1991-2020: 39.8°F Coldest year on record: 1950, with an average temperature of 32.9°F Record lowest temperature: -43°F, January 11, 1912 Located in North Dakota, Grand Forks is affected by many of the same climate patterns as Fargo, such as the arctic air masses sweeping down from Canada along the backside of the Rocky Mountains. Grand Forks is even colder than Fargo because it is further north. It is also a bit more exposed to the flat terrain of the Northern Great Plains. 5. Anchorage, Alaska With snow-clad mountains in the background, it is no surprise that Anchorage is one of the U.S.’s coldest cities. Average temperature, 1991-2020: 37.6°F Coldest year on record: 1956, with an average temperature of 31.1°F Record lowest temperature: -38°F, February 3, 1947 While the Pacific Ocean does much to mitigate the cold temperatures of Juneau, Alaska, its northern neighbor, Anchorage, is in a less favorable position regarding temperature. The north portion of the Pacific can average a few degrees colder than the waters of Juneau. Additionally, the mountains surrounding Anchorage can trap large pockets of cold air for extended periods. Finally, the fact that Anchorage is further north makes a significant difference between the two cities. 4. Bethel, Alaska Arctic air can roll over the Bethel, Alaska landscape, unimpeded by mountains, hills, or forests. Average temperature, 1991-2020: 31.3°F Coldest year on record: 1939, with an average temperature of 24.6°F Record lowest temperature: -52°F, January 18, 19, and 25, 1947 Cities in Alaska are naturally cold due to Alaska’s proximity to the Arctic Circle. Bethel has additional factors that contribute to its record lows. Its extreme northwest location is near the Bering Sea, a frigid body of water between Alaska and Russia. Arctic fronts, which sweep out of the Arctic Circle and sometimes out of Siberia, pass unimpeded by mountains, hills, or forests across the flat terrain of western Alaska. Ten of Bethel’s 20 coldest days on record occurred between January 16 and February 3 in 1947. 3. Fairbanks, Alaska Fairbanks, Alaska, an elevated city surrounded by mountains, is located in a natural heat sink, trapping cold air. Average temperature, 1991-2020: 28.2°F Coldest year on record: 1956, with an average temperature of 21.3°F Record lowest temperature: -66°F, January 14, 1934 Even further north than Bethel, Fairbanks, Alaska, is located in the state’s interior. It is located at a high elevation and is surrounded by mountains, which trap cold arctic air around the lower-lying city. Summer is of no help to offset these climate extremes, and the winter temperatures can drop to as low as -66°F, which it did on January 14, 1934—as a matter of fact, the three coldest days on record for Fairbanks occurred between January 13 and 15, 1934. 2. Nome, Alaska Nome, Alaska, is one of America’s northernmost cities, susceptible to arctic blasts. Average temperature, 1991-2020: 27.8°F Coldest year on record: 1920, with an average temperature of 21.2°F Record lowest temperature: -54°F, January 27-28, 1989 Though Nome has the advantage of being a coastal town, the ocean waters do not neutralize its extreme northern location. Nome sits at a slightly higher latitude than Fairbanks. It is also extremely close to Russia, which lies just across the Bering Strait, allowing Siberian air to reach this ocean town. 1. Utqiagvik (Barrow), Alaska America’s northernmost city, Utqiagvik (Barrow), Alaska, is within the Arctic Circle. Average temperature, 1991-2020: 13.6°F Coldest year on record: 1964, with an average temperature of 4.6°F Record lowest temperature: -56°F, February 3, 1924 Utqiagvik (Barrow), Alaska, is the northernmost city in the U.S., sitting 320 miles within the Arctic Circle. This part of northern Alaska sees over 240 days with temperatures below freezing annually. Sea ice surrounds this coastal city, and its chief industries are whaling, fishing, and hunting. The average temperature in Utqiagvik was only 4.6°F in its coldest year, 1964. Methodology The National Centers for Environmental Information (NCEI) archives data gathered by the NOAA from the bottom of the sea to the sun’s surface. This includes climatological data concerning weather. The NCEI City Mapping page contains data from over 200 weather stations, most of which are in U.S. cities. 24/7 Wall Street has sifted through this data to find the yearly average temperature for these stations from 1991-2020 and selected the 20 cities with the lowest annual averages. Rather than look at the average lows for these cities, we are looking at the overall averages. This means that some cities with colder lows may rank higher if they have warmer highs. Also, though Mt. Washington, New Hampshire, is included in the NCEI data, it is a weather station rather than a city or town, so it was not included in this list. Sponsored: Attention Savvy Investors: Speak to 3 Financial Experts – FREE Ever wanted an extra set of eyes on an investment you’re considering? Now you can speak with up to 3 financial experts in your area for FREE. By simply clicking here you can begin to match with financial professionals who can help guide you through the financial decisions you’re making. And the best part? The first conversation with them is free. Click here to match with up to 3 financial pros who would be excited to help you make financial decisions. The post Discover the 20 Coldest Cities in America appeared first on 24/7 Wall St.......»»

Category: blogSource: 247wallstFeb 12th, 2024

22 Dangerous Places Overseas Americans Should Not Visit in 2024

An American passport will open doors to some 188 countries for you, but just because you can go somewhere doesn’t mean you should. In 2024 the U.S. State Department is advising Americans to avoid 22 countries and territories, a list that seems to grow every year. As of January 2024, travel advisories for these dangerous places are at Level […] The post 22 Dangerous Places Overseas Americans Should Not Visit in 2024 appeared first on 24/7 Wall St.. An American passport will open doors to some 188 countries for you, but just because you can go somewhere doesn’t mean you should. In 2024 the U.S. State Department is advising Americans to avoid 22 countries and territories, a list that seems to grow every year. As of January 2024, travel advisories for these dangerous places are at Level 4 “Do Not Travel.” So what happens if you go there anyway? You may be at increased risk of crime, kidnapping, terrorism, or getting caught up in civil unrest, and the U.S. government may not be able to help you. So for now, consider these destinations your travel “anti-bucket list.” 1. Afghanistan Afghanistan has desperate poverty and human rights issues.   It might be shorter to list problems Afghanistan doesn’t have than all the ones it does. Recovery from decades of war has been stymied by intense drought and large earthquakes in 2023. The Taliban has reinstated many of their most oppressive policies, like restrictions on women’s rights, floggings, and public executions. Detention and kidnapping are particular risks for Americans, and there is no U.S. embassy in the country to assist. 2. Belarus The close affiliation between Belarus and Russia makes it a place American citizens should avoid. No U.S. embassy is in operation in Belarus. The country is closely aligned with Russia in the Union State, a supranational organization that many observers see as a slow-motion annexation of Belarus. The Level 4 advisory for Belarus reflects the fact that Russia has used it as a staging point for its war on Ukraine and may do so in the future. There is also the danger of civil unrest and arbitrary detention. 3. Burkina Faso The potential for terrorist activity makes Burkina Faso an unsafe travel destination. The West African country of Burkina Faso is roiled by violence linked to al-Qaida and the Islamic State organization. The northern and eastern regions of the country are in a state of emergency, with rebels operating near the border with neighboring Mali. Crime, terrorism against civilian targets, and kidnapping make this one of the most dangerous places for foreigners to visit. 4. Central African Republic The security situation is dangerously unsettled in the Central African Republic. The State Department warns travelers to this Saharan nation may get caught up in civil unrest, demonstrations, election-related violence, and violent crime. Large areas of the country are under the control of various armed groups that attack civilians routinely. Airport, road, and border closures can happen without warning. 5. Gaza The situation in Gaza is so dangerous the U.S. State Department advises completing a will and leaving DNA samples with your doctor before traveling there. Gaza is not internationally recognized as a country but is included in this list as one of the world’s most dangerous places for Americans. Since the Oct. 7, 2023 terrorist attack by Hamas, the Israeli Defense Forces (IDF) have been conducting extensive military operations in Gaza against Hamas. Anyone choosing nevertheless to go to Gaza should be prepared for an indefinite stay, as there is no guarantee border crossings will remain open. The U.S. government advises taking food and medical supplies for at least a week for each member of the family, drafting a will, and providing DNA samples to your medical provider in case they are necessary to identify your remains. 6. Haiti Natural disasters have displaced thousands of people in Haiti and contributed to social unrest. Travelers are advised not to go to Haiti due to civil unrest, violent crime, and poor healthcare facilities. There are shortages of gasoline, medicine, and other supplies. American citizens are frequently the target of kidnapping for ransom. Even those traveling in larger numbers in conveys have been targeted. Robbers often wait near the international airport for foreigners to arrive, then follow their cars and violently attack them. 7. Iran Dual Iranian-American citizens visiting family and friends in Iran may be especially vulnerable to harassment and or false detention. Iran’s hostility to the United States government is no news. But the threat also extends to individual Americans who may become pawns in the struggle between the two countries. U.S. citizens in Iran have been kidnapped, detained, or arrested on false charges. Dual-national American-Iranians are particularly at risk. Terrorist groups are not only funded by Iran but sometimes carry out attacks inside the country. 8. Iraq Iraq suffers frequent terrorism, such as the car bomb that created this explosion. The State Department has a multitude of security concerns about Americans traveling to Iraq. The Baghdad International Airport is not secure, so the U.S. government has instructed its personnel not to use it. Throughout the country, Americans need to be wary of possible civil unrest, terrorism, kidnapping, and military combat. Insurgent groups and terrorists regularly attack Iraqi security forces and civilians. Northern Iraq is an area of particular risk, as neighboring countries have regularly bombed targets there. Americans are strictly warned not to enter Syria from Iraq to participate in armed conflict. The Kurdistan Regional Government imposes 10-year prison sentences on people who illegally cross the border. The United States government will impose prison sentences and large fines on any citizens who fight for a designated terrorist organization. 9. Lebanon Beirut is a beautiful seaside city, but the security situation makes it a place to avoid traveling. The United States embassy has returned to normal staffing levels but American citizens are still warned not to travel to Lebanon. This is due to the threat of combat operations, crime, terrorist attacks, and protests against the government. The border areas (with both Syria and Israel) and refugee camps are areas of particular danger. Terrorist attacks may target hotels, restaurants, and shopping areas frequented by tourists. Protests there have blocked major roadways making it difficult to get to the airport and government facilities. 10. Libya Tripoli, Libya’s capital and largest city, is beset by crime and violence. Since the ouster of dictator Muammar Gaddafi in 2011, peace has been elusive in Libya. Two civil wars ended in an uneasy truce in 2020, but the central government is still weak, and armed groups control large areas of the country. Americans should not travel there due to the high risk of kidnapping and other crimes, terrorism, armed conflict, and civil unrest. Hotels and other establishments frequented by foreigners are often the targets of unexpected attacks. Some airports have been closed because of fighting. Others are open sporadically and may close without warning. 11. Mali Americans should avoid travel to Mali due to the unsettled political situation there. Americans should not travel to Mali due to the danger of terrorism and crime, including kidnapping. Targets of terrorism include government facilities, places of worship, and facilities visited by foreigners. Random police checks and roadblocks, especially at night, are common. 12. Mexico Some parts of Mexico suffer from heightened gang activity and violence that make them places for Americans to avoid. The U.S. State Department issues separate travel advisories for each state of Mexico. Level 4 advisories exist for each of the following states due to the danger of crimes such as kidnapping, carjacking, robbery, and homicide: Colima, Guerrero, Michoacan, Sinaloa, Tamaulipas, and Zacatecas. 13. Myanmar Thousands of people are internally displaced in Myanmar due to natural disasters and fighting between the government and rebel factions. Myanmar has been under military rule since 2021. Since then, it has been common for protests and demonstrations against the government to break out, followed by harsh repression of protesters and bystanders. Various armed groups are fighting against the government in different parts of the country. The State Department warns of the danger of becoming caught up in armed conflict, civil unrest, arbitrary and wrongful detention, land mines, and other unexploded ordinance, as well as a lack of healthcare and medical resources. 14. North Korea Kim Jong-un, the mercurial leader of North Korea, keeps tensions with South Korea and its allies at a fever pitch. The Democratic People’s Republic of Korea is undoubtedly one of the most dangerous places on Earth for Americans. There is a high risk of wrongful arrest and long-term detention by the North Korean regime, which likes to take hostages as bargaining chips. The United States has announced that American passports are invalid for travel to, in, or through the DPRK. Sweden is the protecting power for the United States in North Korea, but the Swedish embassy is severely limited in the amount of assistance it can provide for American citizens who run afoul of authorities in the DPRK. 15. Russia Aggression against Ukraine, including this missile attack on a school, has made Russia into an international pariah.   Since it invaded Ukraine in 2022, Russia has been under stringent international sanctions. Tensions with NATO are at a post-Cold War high. Debit and credit cards and other banking services are no longer available. Flights into and out of Russia are sporadic, laws may be enforced sporadically, and authorities may particularly single out U.S. citizens for harassment or wrongful detention. As the war has continued, drone attacks and explosions have happened in western and southern Russia as far north as Moscow and St. Petersburg. The Russian government has placed limitations on the movements of embassy personnel, so their ability to respond to the needs of U.S. citizens is limited. 16. Somalia Piracy off the coast of Somalia is a significant problem for international shipping through the busy Gulf of Aden. Somalia earned a spot on the “do not travel” list due to the danger of crime, civil unrest, terrorism, kidnapping, poor access to medical facilities, and piracy. Illegal roadblocks are common and terrorist attacks can take place anywhere in the country by suicide bombers, car bombs, or mortar fire. Another thing that makes Somalia one of the world’s most dangerous places is piracy. Pirates actively operate in international waters off the coast – a problem that is now spreading to the west coast of Africa as well. 17. South Sudan People in South Sudan, one of the world’s newest countries, live in desperate poverty. Violent crime, kidnapping, and armed conflict are the key concerns the U.S. State Department has about South Sudan. Independent from Sudan only since 2011, South Sudan is one of the world’s newest countries and still has weak central authority. Rape, armed robbery, and other serious crimes are some of the dangers foreigners have experienced there. Guns are widely available to the population and rival political and ethnic groups are fighting in various parts of the country. 18. Sudan Sudan is wracked by crime, armed conflict, natural disasters, and a refugee crisis. Due to the unstable security situation in Sudan, the U.S. Embassy suspended operations in April 2023. Heavy fighting is going on throughout the country. The international airport in the capital and the border with Chad are closed. Electricity and communications are sporadic. Kidnappings, home invasions, carjackings, robberies, terrorism, and civil unrest are common. Due to the unrest and natural disasters, large numbers of people are internally displaced as refugees. 19. Syria Multiple factions and foreign nations are engaged in military action in Syria. Civil war broke out in Syria in 2011 and the United States has not had an embassy there since 2012. The Czech Republic is the protecting power for the United States. Crime, civil unrest, and armed conflict are a danger all over the country. Shelling, missile attacks, and aerial bombardment are dangers. The government violently puts down protests and demonstrations. Terrorist groups of different factions carry out bombings, and assassinations, and set off improvised explosive devices (IEDs). The American government particularly warns its citizens against going to Syria to participate in armed conflict on any side. 20. Ukraine With its peace shattered by the Russian invasion, Ukraine is no longer a safe travel destination for Americans. Since Russia invaded Ukraine in February 2022, Americans have been in danger of falling victim to armed conflict there. Mortar, missile, or drone attacks can happen anywhere in the country, not only in the active combat zones in the east and south. In occupied areas, Russian authorities have singled out American citizens for harassment and detention. Americans who nonetheless decide to go to Ukraine should familiarize themselves with the location of emergency shelters and follow the safety guidelines issued by regional officials. 21. Venezuela The slums of Caracas, Venezuela are home to thousands of people who struggle to support themselves under the government’s disastrous economic policies. The United States withdrew its diplomatic personnel from Venezuela in 2019. Americans there may fall victim to violent crimes or get caught up in spontaneous political demonstrations. It is not unusual for the Venezuelan authorities to break these up with tear gas, pepper spray, and rubber bullets. The Venezuelan government has been accused of human rights abuses such as torture, killings, disappearances, and illegal detentions. The regime has detained Americans without notifying the U.S. government or giving American authorities access to them. Colombian terrorist groups are also active in Venezuela’s border areas, not only with Colombia but with Brazil and Guyana as well. 22. Yemen The Old City of Sanaa, the Yemeni capital, is no longer safe for tourists because of the country’s brutal civil war. The United States has not had an operating embassy in Yemen since 2015. Terrorist groups are active in the country, engaged in bombings and kidnappings. Yemen is one of the most dangerous countries in the world because it is still struggling through a civil war. The central government is weak and has limited ability to assist civilians. Foreigners are often targets of kidnappings and carjackings. The kidnapping of young people is often for forced marriage. Many areas of the country still have landmines. Utilities are sporadic or unavailable. Medical care facilities and supplies have been decimated and there is a danger of epidemic disease. Common Themes Some of the common themes in the most dangerous places in the world for Americans are the absence of a fully functioning American embassy, high levels of crime often specifically targeted at foreigners, civil unrest, armed conflict, and the lack of basic utilities and medical services. These are the types of issues Americans would do well to investigate no matter where in the world they are traveling. The U.S. State Department provides details on every country of the world at Travel.State.Gov – get informed before you travel! URGENT – New Seats Available (sponsored) Top financial advisors are now accepting new clients for 2024! Finding the right advisor can be the difference between retiring early, or working forever. Don’t waste a moment matching with the right advisor for you. Every moment today can mean riches tomorrow, with the right advisor by your side. Use the advisor match tool below, or click here now, to find your financial freedom! The post 22 Dangerous Places Overseas Americans Should Not Visit in 2024 appeared first on 24/7 Wall St.......»»

Category: blogSource: 247wallstFeb 7th, 2024

The 8 Best Hondas To Drive Forever

Founded in 1949, Honda (NYSE:HMC) is a vehicle manufacturer based in Japan. The first vehicle Honda developed was actually a motorcycle, before they moved on to sedans in 1976. Known for their predictability, reliability and longevity, Honda is currently one of the top automobile brands in the world. While the company still manufactures ATVs, lawn […] The post The 8 Best Hondas To Drive Forever appeared first on 24/7 Wall St.. Founded in 1949, Honda (NYSE:HMC) is a vehicle manufacturer based in Japan. The first vehicle Honda developed was actually a motorcycle, before they moved on to sedans in 1976. Known for their predictability, reliability and longevity, Honda is currently one of the top automobile brands in the world. While the company still manufactures ATVs, lawn equipment, solar cells, aircraft, mountain bikes, and watercraft, we’ve picked eight Honda passenger vehicles you could drive forever. Honda was established in Japan, but most vehicles are now made in the United States. More than 30 million cars have been built since founding, and the company expanded into a more luxurious vehicle option with the Acura brand. For now, we’ll focus on the best Honda vehicles and discuss why they seem to last forever. 1. Accord The Accord is one of Honda’s longest-lasting sedans. Price: starts at $27,895 Miles per gallon: 46 city/41 highway Number of seats: five The first Accord was a hatchback, and was Honda’s first foray into passenger vehicles. By 1979, Honda ditched the hatchback model and went with a more traditional sedan design, and it is now one of the best-selling cars in America, selling over 12.5 million since the original production. The Accord comes in a hybrid model, and the newest model has eight colors to choose from. It also boasts amenities like heating and cooling ventilated seats and a 12-speaker Bose premium sound system. Those who want the comfort of a sedan but prefer a faster, more powerful engine can choose the 192-hp turbocharged engine. 2. Civic The Honda Civic is a great commuter car that still has style. Price: starts at $23,950 Miles per gallon: 31 city/40 highway Number of seats: five Named the 2022 North American Car of the Year the Civic is the smaller sedan option that Honda offers. Available in seven colors, the Civic is a great commuter car because of its gas mileage. The Civic comes in four trim options: the LX, Sport, EX, and Touring. 2024 models offer LED headlights with a dual low-beam design, heated seats for front passengers, and redesigned contoured high-wall carpet floor mats that keep debris and dirt in one space. The Civic is the quintessential commuter sedan on the inside, but the outer sleek style and customization options give the illusion of a sports car. There is also an option for a 180-horsepower turbocharged engine and paddle shifters depending on which package you choose. 3. Pilot The Honda Pilot is a reliable crossover SUV with better gas mileage than those with larger engines. Price: starts at $37,090 Miles per gallon: 18 city/23 highway Number of seats: up to eight The Pilot is the ultimate crossover SUV with seating for up to eight but the gas mileage of a much smaller vehicle. Available in eight colors, the Pilot has an all-wheel-drive option that allows you to take it through rocky terrain. You can toggle between several driving modes, including Tow, Sand, Trail, Sport, ECON and normal. Although the Pilot is smaller than many traditional SUVs, it has a towing capacity of up to 5,000 pounds. Newer models include roof boxes, crossbars, and roof rails to add additional storage. The exterior comes with fender flares, tube-step running boards, and a black trailer hitch. In some packages, the 2nd-row center seat is storable, which allows you to choose between having an extra seat or more storage. 4. CR-V The Honda CR-V seats 5 and is a great option for drivers who want 4WD or AWD. Price: starts at $29,500 Miles per gallon: 28 city/34 highway Number of seats: five The CR-V also comes in a hybrid option that boasts gas mileage of 40 city/34 highway. With several different package options, you can choose all wheel drive for off roading or to increase safety in bad weather. The CR-V also comes with a Bose premium sound system and Centerpoint surround-sound technology in certain packages. Despite being a smaller SUV, there’s plenty of room for big items in the 76.5 cubic feet of cargo space. The CR-V comes in six different packages: LX, EX, Sport Hybrid, EX-L, Sport-L Hybrid, and Sport Touring Hybrid. Add additional convenience with the hands-free access power tailgate, allowing you to open the back by simply moving your foot over the sensor. Starting with the standard model, roof rails allow you to add travel or sports accessories without giving up valuable cargo space. 5. Odyssey The Honda Odyssey provides the convenience of a van with all the bells and whistles of a luxury vehicle. Price: starts at $38,240 Miles per gallon: 18 city/23 highway Number of seats: up to eight The Odyssey comes in seven different colors and three different trim options: Elite, Touring, and Sport. Designed for families, it comes equipped with smartphone technology for both Android and Apple users. The 11-speaker audio system ensures that kids can hear movies and music on long trips, while the touch screen display makes it easy to quickly send and receive messages, get directions, and pick from your music library. The Odyssey is most often a family vehicle, and Honda focused on peace of mind when designing it. It uses radar sensors to detect vehicles in other lanes or behind you, and sends a warning to avoid accidents. While the Odyssey is not a 4WD vehicle, newer models come with snow mode, recalibrating the traction-control system when it’s snowy or icy. 6. Passport Honda’s smaller crossover SUV, the Passport is great for road trips and offroading. Price: starts at $41,900 Miles per gallon: 19 city/24 highway Number of seats: five The Passport is another crossover SUV by Honda, and comes equipped with all wheel drive and a 5,000 pound towing capacity in some models. Specially equipped with a torque-vectoring AWD system that assesses each wheel’s traction, the Passport is a great vehicle to take in the hills for a bit of fun. Storing cargo is easy with a sensor to open the tailgate, and passengers enjoy extra leg room in the back seat. The Passport offers three trim models: EX-L, Trailsport, and the Black Edition. It’s also equipped with the vehicle detection system to keep you safe during lane changes by noticing cars around you. Each vehicle comes with connectivity options for Android and Apple phones, with an easy to use navigation screen in the console. 7. Ridgeline The Ridgeline is Honda’s only truck but is known for its longevity and reliability. Price: starts at $39, 750 Miles per gallon: 18 city/24 highway Number of seats: five The Ridgeline is Honda’s current foray into the world of trucks. With dual-action tailgate, a lockable in-bed trunk, and off-road tuned suspension, the Ridgeline has comfortable seating for five people. The cabin is extremely versatile with 60/40 lift-up rear seats, and the truck comes in seven different colors. With the ability to tow up to 5,000 pounds, the Ridgeline has a 280-horsepower, V-6 engine. The bed is scratch resistant, making it easy to keep your vehicle in good shape without too much work. Honda includes the Intelligent Traction Management system, which allows drivers to switchin into mud, sand, or snow mode. 8. Prelude The Prelude is set to return to Honda’s lineup as part of the company’s commitment to electrification. Price: Unknown Miles per gallon: Unknown Number of seats: Unknown First sold in 1978, the Prelude was discontinued in 2001. A popular, reliable car, Honda plans to reintroduce the Prelude 45 years later. Honda’s goal of electrification is prevalent here, as the Prelude will be a hybrid vehicles. A two door coupe, the Prelude has a sleek design and was a favorite of car enthusiasts. The Prelude makes it debut after the Honda Prologue, which is the company’s first all-electric SUV. It is expected to be a favorite with Honda lovers everywhere. (Click here to learn more about how the Honda Prelude Concept Made Its Surprise North American Debut) Honda’s Long-Lasting Engine Honda engines are known for going more than 200,000 miles with minimal repair, when regular maintenance is performed. From boats to lawnmowers to race cars, Honda has solidified its place in the world market for people who want a car that looks great and drives forever. With vehicles and equipment running on all seven continents, the company’s goal is zero vehicle collisions with models built after 2040, and to cut 50% emissions from products by 2050. Honda places its focus on mobility and safety, and designers and creatives are currently looking ahead to what transportation will look like in 2088. URGENT – New Seats Available (sponsored) Top financial advisors are now accepting new clients for 2024! Finding the right advisor can be the difference between retiring early, or working forever. Don’t waste a moment matching with the right advisor for you. Every moment today can mean riches tomorrow, with the right advisor by your side. Use the advisor match tool below, or click here now, to find your financial freedom! The post The 8 Best Hondas To Drive Forever appeared first on 24/7 Wall St.......»»

Category: blogSource: 247wallstFeb 7th, 2024

US Cities That Don’t See The Sun During Winter

February is a strange month in the United States. During the second month of the year, we arm a naked baby with a bow and arrows in the name of romance. We also usurp the birthdays of our two most famous presidents to sell mattresses. And, if all of that wasn’t strange enough, we allow […] The post US Cities That Don’t See The Sun During Winter appeared first on 24/7 Wall St.. February is a strange month in the United States. During the second month of the year, we arm a naked baby with a bow and arrows in the name of romance. We also usurp the birthdays of our two most famous presidents to sell mattresses. And, if all of that wasn’t strange enough, we allow a groundhog to act as a meteorologist. This is what qualifies as a normal February in America! We can’t definitively say why so many odd things happen in February, but maybe a collective Vitamin D deficiency is at least partially to blame. The winter season in some parts of the country means a serious lack of sunshine. There are portions of the U.S. where clouds almost perpetually dominate the skies. By the time we turn the calendar to February, many Americans have endured months of endless clouds, but they also know that they have another month and a half until spring. The interminable gloom can cause anyone to act a bit peculiar (although we’re still not sure that fully explains allowing a rodent to forecast the weather). All jokes aside, this relentless drear can cause feelings of malaise or the “winter blues.” When we don’t get enough sunlight, our serotonin levels drop. Serotonin is a natural chemical in our bodies that is believed to play a role in regulating our moods. In more serious cases, lack of sunlight can contribute to Seasonal Affective Disorder. Why So Cloudy? Winter is cloudy around the Great Lakes, as seen in this rural area of New York State. We compiled a list of the ten cloudiest U.S. cities in the winter. The skies in every city on this list are affected by large bodies of water. When colder air flows over relatively warmer water, that moisture rises and cools, forming clouds. This is why cities in the Pacific Northwest and cities in close proximity to the Great Lakes experience an inordinate amount of cloud cover in the winter. The low angle of the sun during the winter is also to blame. Typically, the air is cooler in the higher parts of the atmosphere. However, because of the sun’s low angle in the winter, the surface remains cooler while warmer air remains aloft. This phenomenon, known as temperature inversion, traps moisture between the cold surface air and the warmer air higher in the atmosphere. So, while the summer sun can cause clouds to dry and dissipate, the winter sun can’t do that and clouds hold strong throughout the season. Some of the cloudiest cities in America during the winter might surprise you. For example, Seattle is often believed to be the cloudiest city in the U.S. It is close, but it doesn’t quite snag the top spot. It is also not the rainiest city in the nation, contrary to the popular stereotype. That title belongs to Hilo, Hawaii. In fact, Seattle is not even in the top ten rainiest U.S. cities. 24/7 Wall St. compiled this list using information provided by the meteorology team at WKRC, a local television news outlet in Cincinnati, Ohio. The figures listed below represent the percentage of winter days when over 25% of the sky in each city is covered with clouds during the winter. Do you live in one of these rayless and dreary cities? Hang in there! Spring arrives next month. 10. Indianapolis, Indiana More than eight out of ten winter days bring cloudy skies to Indianapolis. Cloudy Winter Days: 81% 9. Cincinnati, Ohio Clouds from Lake Michigan and Lake Erie can extend as far south as Cincinnati, keeping the Queen City gray for much of the winter. Cloudy Winter Days: 83% 8. Columbus, Ohio If you’re looking for winter sunshine, Columbus is not the place. Cloudy Winter Days: 87% 7. Detroit, Michigan Detroit winters can seem interminable. Cloudy Winter Days: 88% 3. (tied) Portland, Oregon Clouds dominate the skies of Portland during the winter months. Cloudy Winter Days: 91% 3. (tied) Pittsburgh, Pennsylvania Gray is usually the dominant color of a Pittsburgh winter. Cloudy Winter Days: 91% 3. (tied) Seattle, Washington The Emerald City is clouded over for nearly the entire winter. Cloudy Winter Days: 91% 2. (tied) Rochester, New York Along with its almost constantly dreary skies, Rochester receives around 90 inches of snow each winter. Cloudy Winter Days: 93% 2. (tied) Cleveland, Ohio Lake Eries keeps Cleveland shrouded in clouds virtually all winter long. Cloudy Winter Days: 93% 1. Buffalo, New York Buffalo experiences more cloudy days during the winter months than any other city in the nation. Cloudy Winter Days: 96% How to Retire Early With Dividends (sponsored) Finding a good financial advisor today may be the key to a richer tomorrow. With bonds yielding 5% (or more!), and some stocks paying 7%, finding the right one can be the key to retiring early. Use the advisor match tool below, or click here now, to find your financial freedom! The post US Cities That Don’t See The Sun During Winter appeared first on 24/7 Wall St.......»»

Category: worldSource: nytFeb 2nd, 2024

Discover the 10 Wettest States in the United States

The United States is certainly not among the rainiest nations on Earth. Colombia receives more rainfall than any other country in the world. Some places in this South American nation receive 127.5 inches (3,240 millimeters) of rain each year. It rains nearly every day in parts of western Colombia, meaning some areas of the country […] The post Discover the 10 Wettest States in the United States appeared first on 24/7 Wall St.. The United States is certainly not among the rainiest nations on Earth. Colombia receives more rainfall than any other country in the world. Some places in this South American nation receive 127.5 inches (3,240 millimeters) of rain each year. It rains nearly every day in parts of western Colombia, meaning some areas of the country are permanently flooded. While it is not even close to the wettest nation, the U.S. is also nowhere near the driest country on the planet. That title belongs to Egypt, which averages less than one inch of rain annually. Nevada, the driest state in the U.S., receives over nine times more rain than Egypt. Instead of being near the wet or dry extremes on this spectrum, the U.S. lies firmly in the middle of the pack regarding annual precipitation. The U.S. is the third largest country in the world by area, though, trailing only Russia and Canada. Due to its large size, the annual precipitation in the U.S. varies widely depending on the region in question. Here is a look at where it rains the most in the U.S. These ten states receive more precipitation each year than the rest of the nation. (While we’re on this rainy subject, here’s a look at the largest rainstorms in world history. And yes, the rainiest state in the U.S. experienced one of these record storms.) 24/7 Wall St. compiled this list using a study from Current Results. This science and meteorology website compared data from the National Oceanic and Atmospheric Administration over a nearly 30-year span. We also gathered additional information from the State Climate Summaries provided by the North Carolina Institute for Climate Studies. The numbers below represent yearly precipitation averages for each state as a whole. The actual amount of precipitation varies throughout different regions in each state. 10. South Carolina Planning a trip to South Carolina? Have a rain plan, just in case. Annual Precipitation: 49.8 inches (1,265 millimeters) The wettest place in South Carolina is near Lake Jocassee in the mountains of northwest South Carolina. Around 80 inches of precipitation falls in that region each year. 9. (tie) Connecticut The jet stream, often located near Connecticut, brings abundant rain and snow to to the state. Annual Precipitation: 50.3 inches (1,278 millimeters) Along with abundant rainfall, Connecticut also receives snowfall ranging from 30 inches along the coast to 50+ inches in the Northwest Hills. 9. (tie) North Carolina Use extra caution when driving the Blue Ridge Parkway in the rain. Annual Precipitation: 50.3 inches (1,278 millimeters) July is typically the wettest month in North Carolina. 8. Arkansas Arkansas experiences wicked thunderstorms, especially in the summer months. Annual Precipitation: 50.6 inches (1,285 millimeters) Arkansas’ wild weather includes severe thunderstorms, tornadoes, deluges that cause localized flooding, and winter ice storms. 7. Georgia The Peach State is the seventh rainiest state in the U.S. Annual Precipitation: 50.7 inches (1,288 millimeters) The mountainous region in northeastern Georgia is the wettest part of the state, receiving  70 inches of rain every year. 6. Tennessee Gatlinburg is a favorite vacation destination for many Americans, but you better pack your rain gear just to be on the safe side. Annual Precipitation: 54.2 inches (1,377 millimeters) It rains so often in the upper elevations that parts of the Great Smoky Mountains in Tennessee are considered a temperate rainforest. 5. Florida Ironically, the Sunshine State is the fifth rainiest state in the nation. Annual Precipitation: 54.5 inches (1,384 millimeters) Florida experiences more thunderstorms each year than any other state in the U.S. 4. Alabama Summer storms are common over Mobile Bay in Daphne, Alabama Annual Precipitation: 58.3 inches (1,481 millimeters) The Gulf of Mexico consistently pumps moisture into Alabama’s atmosphere. 3. Mississippi Thunderstorms can create wild skies in Jackson, Mississippi. Annual Precipitation: 59 inches (1,499 millimeters) The United States Drought Monitor map was created in 2000. The state of Mississippi was completely drought-free approximately 48% of the time from 2000 to 2020. 2. Louisiana New Orleans is one of the rainiest cities in the United States. Annual Precipitation: 60.1 inches (1,527 millimeters) Louisiana receives the most precipitation of any state in the conterminous U.S. 1. Hawaii As the only U.S. state in the tropics, Hawaii receives more precipitation than any other state. Annual Precipitation: 63.7 inches (1,618 millimeters) While Hawaii is the rainiest state in the U.S., precipitation totals vary greatly throughout the state. The windward slopes of mountains can see upwards of 300 inches of rain per year, while the leeward coastal areas may only receive around 20 inches of annual rainfall. How to Retire Early With Dividends (sponsored) Finding a good financial advisor today may be the key to a richer tomorrow. With bonds yielding 5% (or more!), and some stocks paying 7%, finding the right one can be the key to retiring early. Use the advisor match tool below, or click here now, to find your financial freedom! The post Discover the 10 Wettest States in the United States appeared first on 24/7 Wall St.......»»

Category: blogSource: 247wallstFeb 2nd, 2024

Here are the craziest and most picturesque photos from the brutal cold that swept the US last week

In last week's cold snap, some areas of the country were finally relieved of a snow drought while others got a chilly treat. People sled at Sevier Park in Nashville, Tennessee on January 16, 2024.George Walker IV/APA cold front recently swept the nation with snow and freezing temperatures. In some areas, it broke a years-long snow drought that left many, especially northerners, confused.Other states, such as Texas, got an inch of snow, something Texans seldomly see.Freezing temperatures swept the nation – and parts of the globe – last week with snow, ice, and sleet.Some areas of the country were finally relieved of a snow drought that had persisted for several years, ending a streak of short, dry winter days. Other states that rarely see snow got a chilly treat.These images, both lively and picturesque, show what it looked like across the nation.TexasSnow covers the shore of Joe Pool Lake in Texas during a winter storm on January 15, 2024.Julio Cortez/APTexas rarely sees snow, but the cold front left a lake in the Dallas-Fort Worth area looking like a frosty wonderland covered in light snow. The area saw over an inch of snow during the cold front.Washington, DCChildren race each other down the sledding hill at the U.S. Capitol, following a snowstorm that closed schools on January 16, 2024.Jacquelyn Martin/APThe nation's capital saw its first snowstorm in two years to the gleeful delight of children who finally got to pull their sleds out of the garage.New JerseyMist from the Great Falls created a frozen wonderland around the waterfalls in Paterson, New Jersey on January 18, 2024.Ted Shaffrey/APIn Paterson, New Jersey, ice blanketed portions of the 77-foot waterfall, turning it into an icy dreamland. Some disregarded warnings of the freeze to capture photos in the ice.New York A horse and carriage are seen in the snow in Central Park in New York City on January 16, 2024.Peter K. Afriyie/APNew York City also saw its first serious snow in two years, ending a dry spell that set a record for a city which usually sees two feet of snow.Oregon Ice covers flowers in Lake Oswego, Oregon on January 17, 2024.Gillian Flaccus/APOregon saw freezing rain and icy conditions that caused school and airport closures along with days-long power outages. The weather conditions caused over a dozen deaths in the state and dozens more nationwide.AlaskaPeople take photos in front of Snowzilla, a snowman measuring more than 20 feet tall, in Anchorage, Alaska.Mark Thiessen/APIn Alaska, a 20-foot-tall snowman returned from its hibernation, allowing locals to smile for pictures. An Anchorage family erected the giant snowman again in 2023 after a 10-year break. The tradition started in 2005, per the Anchorage Daily News.TennesseePeople sled at Sevier Park in Nashville, Tennessee on January 16, 2024.George Walker IV/APChildren took to sledding in Sevier Park in Tennessee's capital last week when temperatures dipped to as low as -1 degrees Fahrenheit, per the National Weather Service. The area saw over half a foot of snow.IllinoisSnow-covered vehicles sit in a parking lot at the O'Hare International Airport in Chicago, Illinois on January 14, 2024.Nam Y. Huh/APSnow and ice in the Chicago area are certainly not rare, though this year was warmer than most for areas along the Great Lakes, according to the National Oceanic and Atmospheric Administration.Read the original article on Business Insider.....»»

Category: dealsSource: nytJan 21st, 2024

Baltimore-Philadelphia In "Hammer Zone" Of Next Winter Storm

Baltimore-Philadelphia In "Hammer Zone" Of Next Winter Storm A winter storm earlier this week ended a nearly two-year snow drought in cities including Washington, DC, Baltimore, and New York City. Another storm threatens metro areas along the I-95 Corridor on Friday morning.  Private weather forecaster NY NJ PA Weather wrote on social media platform X that a "winter storm is developing from Philadelphia to the New Jersey coast."  "Tranquil and cold conditions today will give way to a significant winter storm by tomorrow for the Philadelphia metropolitan areas to the New Jersey Coast," the weather firm said.  The forecast calls for the bulk of the snow just north of Baltimore City to Philadelphia to Trenton; those areas are labeled in different zones with corresponding snowfall estimates.  In a separate forecast, meteorologist Mike Masco expects intense snowfall rates between Baltimore and Philadelphia.  FRIDAY'S STORM WILL HAVE 3 ZONES TO CONSIDER... ONE ZONE WILL GET NEAR NOTHING WHILE THE OTHER GETS DUMPED ON WITH SNOW.. The dynamics of this system will dictate the forecast outcome. I've highlighted 3 zones as it relates to what the upper air pattern will be doing Friday- Friday Night and how it develops our #Norlun trough -- which will be responsible for "Intense" snow rates. If you've been following me.. I've been very specific that I like an area around #Philadephia esp it's NJ suburbs and northern DE into central NJ (mostly south of #NYC and the Driscoll Bridge). Here's my 3 zones I'll be focusing in on. Zone 1 (Lehigh Valley, NNJ, Northern Philly Suburbs): Is in the left front quadrant of the jetstreak allowing for enough lifting to produce light to moderate zone. This area will high MUCH higher snow ratios (nearing 20:1) during the event which will yield 2-4" (possibly localized more) as the area will work off limited moisture .15-.20" of QPF Zone 2 (Central NJ, Southern NJ, Northern DE): Is the Hammer zone! It's the area that will see focused lifting at 700mb and 800mb, located in the left front quadrant of the jet streak, and have maximum moisture .20-.40" of QPF Zone 3 (DMV/Baltimore): Is the "screw zone". This area is underneath the 500mb vorticity lobe but in the right front quad of the jetstreak thus sinking air will be prominent. The other factor is the intense snowrates and lifting over SNJ/DE/PA will lead to sinking air in another area and I do feel that will be over #Baltimore # DC area. I may need to revise my totals here a couple times once we get into now casting. Another cold blast is expected this weekend for parts of the Lower 48.  The next Arctic Blast 2 -- which climate scientists say is caused by climate change -- will be weaker or "less worse" than Arctic Blast 1. Iowa will see the coldest temperatures > 40°F below normal Saturday morning. Actual temperatures in the -20s °F in Iowa. But cold air… pic.twitter.com/vXpwnLfc01 — Ryan Maue (@RyanMaue) January 18, 2024 After more than a week of most Americans freezing...  ...global warming returns early next week across the nation.  Tyler Durden Thu, 01/18/2024 - 18:40.....»»

Category: blogSource: zerohedgeJan 18th, 2024

A small group of farms in California use more water than entire cities, and it"s mostly going to a single crop, according to a new report

An investigation by ProPublica found that some farming families in California use massive amounts of water from the Colorado River to grow hay. The Colorado River flows into Lake Mead.George Rose/Contributor/Getty Images An investigation from ProPublica and The Desert Sun focused on farmers' water use in California. They found that 20 farming families used a majority share of one region's water. Those families used the water mainly to grow hay to feed livestock, the investigation found. The Southwest United States is slowly losing access to its foremost source of water — the Colorado River, which provides over 40 million people across seven states access to water for drinking, irrigation, hydropower, and more.Warmer temperatures due to human-driven climate change reduced the river's flow by more than 10% from 2000 to 2021, according to a study from the University of California.Other estimates predict that if greenhouse gas emissions are not quickly curbed, there won't be enough snow to melt and contribute to the river, which could lead to the flow dropping more than 20% by 2050.As the Colorado River dries up, scrutiny about its use has increased. This has left governments, activists, and locals searching for ways to cut water use and save what's left of this critical resource. Hay is a water-intensive crop to grow.Rafael Elias / Getty ImagesAccording to an investigation from ProPublica and The Desert Sun, one farming region in southern California, the Imperial Valley, uses more water than the rest of the entire state. Most of the water in the valley is used by just 20 farming families, the investigation found.And most of those farms use that water to grow just one crop — hay.A small group in Imperial Valley soaks up billions of gallonsThe winter growing season in Imperial Valley.halbergman/Getty ImagesHay is an especially water-thirsty crop because of its deep roots, long growing season, and dense vegetation.In Utah, its 9,300 hay operations devour most of the state's water resources, The Salt Lake Tribune reported. For their investigation, reporters at ProPublica and The Desert Sun estimated the water consumption of farming families in the Imperial Valley by combining satellite data with records of who owned and farmed each field.The reporters calculated that the family with the thirstiest farm used over 84 billion gallons in 2022, which is more than the city of Las Vegas, and about 3% of the Colorado River's entire flow to this region. Aside from using exorbitant amounts of water compared to the rest of California, the families export a significant portion of the hay outside the valley, according to the report. Critics told outlets that exporting that hay is basically the same as exporting billions of gallons of valuable water away from drought-ridden regions that need it most.Where the hay goesHay is used to feed livestock.John Harper/Getty ImagesHay is mainly used to feed livestock, which contributes between 11% to 20% of greenhouse gas emissions, according to The Breakthrough Institute.Yet, the incentive to keep growing water-thirsty hay to continue supporting greenhouse-gas-emitting livestock will likely continue if changes aren't made to the cost of water.The Imperial Valley district gets its water for free from the US Bureau of Reclamation, ProPublica reported. The bureau then sells that water to farmers for cheap."Cheap water helps make growing hay in the Imperial Valley profitable," ProPublica and The Desert Sun wrote.In an effort to reduce farms' water use, the Biden administration earlier this year allocated $125 million to help pay Colorado River farmers to stop farming and let their crops go dry.But farmers previously told Business Insider it wasn't enough money to stop them from growing.The federal government has created initiatives to assist farmers who are willing to curb their water use by using new irrigation techniques, like using sprinklers instead of flooding fields. Other states have begun dealing with this reckoning too. Troy Waters, a fifth-generation Coloradan farmer, previously told BI that he's doing his best to conserve water to save the river, but wished he saw similar efforts in California."Gosh damn, independent farmers now are having to start thinking politically," he said. Read the original article on Business Insider.....»»

Category: topSource: businessinsiderNov 15th, 2023

Russia"s ruthless minefields aren"t just handcuffing Western tanks. Each day the war drags on the mines get more buried — and are likely to haunt Ukraine for many years to come.

The minefields Russia left in Ukraine are getting buried under dirt and snow, and the demand for medical care and therapy could be overwhelming. Soldiers prepare to clear an anti tank mine by using rope to remove the detonator during a mine clearance training exercise on July 11 2023, in Zaporizhzhia region, Ukraine; Unexploded munition collected by de-mining unit of National Guards of Ukraine before they will be destroyed seen in near Kherson.Ed Ram/For The Washington Post/Getty Images; Lev Radin/Pacific Press/LightRocket/Getty ImagesUkraine is now believed to be one of the most mined country in the world since the Russia invasion.It could takes years to clear the minefields, allowing them to get more buried under dirt and snow.The demand for prosthetics and therapy could also overwhelm Ukraine long after the fighting stops.Russia's prolific use of land mines has indiscriminately maimed Ukrainians and hamstrung Western tanks, but the challenges posed by the minefields won't end once the war does."I highly doubt the Russians will ever tell the rest of the world where all the mines were laid," Dr. Aaron Epstein, a former defense contractor and doctor with expertise in military medicine, told Insider. "It's going to be a really unfortunate, nasty discovery process."An organization Epstein founded, the Global Surgical and Medical Support Group, sent physicians to Ukraine last year to train military medics, physicians, surgeons, and even civilians on how to treat combat injuries. GSMSG ran combat casualty care courses out of gymnasiums and schools for a hundred people at a time and gave Ukrainian surgeons with other specializations crash courses in how to be trauma surgeons.Some of the worst injuries coming out of the war have been amputations, many caused by the countless land mines Russia placed across broad swaths of Ukraine. Ukraine is now one of the most mined countries in the world, with an area roughly the size of Florida littered with the weapons, according to The Washington Post, which cited data from the Ukrainian government and from an independent organization. The minefields have posed issues for the much-anticipated counteroffensive that Ukraine launched in June. Western tanks have struggled to advance through them, with some getting so badly damaged that Ukrainian soldiers were abandoning them and proceeding on foot, according to a top Ukrainian general."What Russia did throughout the war was just scatter these things everywhere," Epstein said, adding Russia has tiny mines purposefully made to look like leaves that can barely even be spotted on the ground. "You step on it, it kind of blows your foot off and it doesn't kill you, but it maims you."The use of anti-personnel land mines in war was banned by the 1997 Mine Ban Convention. Despite having signed the treaty, Ukraine has been accused by Human Rights Watch of using banned "butterfly" mines against Russia. Russia, on the other hand, has never signed on to the treaty, nor has the US.Even if the war ended tomorrow, it would take years of tedious, dangerous work to clear the minefields, but the longer it drags on, the worse the situation gets. Epstein said that the mines are only going to get more and more buried under dirt and snow."Even if a city is liberated, it will take a very long time to just make it so it's really safe to live there," he said. For all the towns, fields, and farmlands where mines have potentially been laid, he said there will also be a difficult question to answer: "How deep do we need to scrape the surface of the Earth to really make these places safe to live?"It could be several years before the mine-clearing operations make it safe in some areas of Ukraine. At that point, even scraping away the top three feet of dirt might not be enough to feel safe, he said. What if the mines are now buried six feet underground? Or eight?Serhii, a Ukrainian soldier who lost a leg from a land mine while fighting in Ukraine, is assisted by Rebecca Gonzalez at the physical therapy department at Staten Island University Hospital on July 21, 2023 in New York City. The soldier, who is preparing to return to the war against Russia, was brought to New York through a program with the non-profit Kind Deeds.Spencer Platt/Getty ImagesThe other long-term issue mines pose for Ukraine is the care that's going to be required for those who have been injured. Between 20,000 to 50,000 Ukrainians are estimated to have had an amputation since Russia invaded, reaching levels not seen since World War I, according to The Wall Street Journal. While Epstein said Ukraine has a good medical system, the demand for care will likely be overwhelming."The prosthetics and the prosthetic therapy services that are going to be required for this population are going to be something on the scale that the US military has for all of the veteran populations," Epstein said, noting the US dwarves Ukraine in population size and GDP. Ukraine might simply not have enough resources for everyone who needs it.There are also the psychological services and therapy that many Ukrainians will need, even those who have not been physically injured, after living under the fear of Russian artillery fire and trying to dodge mines placed in everyday items like toys and refrigerators.Tanisha Fazal, a professor at the University of Minnesota who studies medical care in war, told Insider that war-induced psychological trauma is a hidden cost of war that often gets overlooked. The issue has been compounded in recent decades because advancements in medical care mean people are "surviving injuries they would not have survived in the past," she said.Right now Ukrainians are, understandably, focused on the present, or winning the war and treating the wounded, but injuries like amputations are going to be a "long term-cost of war for the Ukrainians.""This is something that's going to have to be part of rebuilding in Ukraine, dealing with veterans but also I think probably civilians with serious wartime injuries, both physical and mental," she said.Have a news tip? Contact this reporter at kvlamis@insider.com.Read the original article on Business Insider.....»»

Category: personnelSource: nytAug 25th, 2023

The Driest Places in the Country Right Now

Tropical Storm Hilary recently struck southern California in an extremely rare weather event that dumped a massive amount of rain in a short period of time, causing flash flooding and mudslides but also bringing relief to a part of the country that has been wrung dry by years of epic drought. Extreme drought conditions in […] Tropical Storm Hilary recently struck southern California in an extremely rare weather event that dumped a massive amount of rain in a short period of time, causing flash flooding and mudslides but also bringing relief to a part of the country that has been wrung dry by years of epic drought. Extreme drought conditions in much of America’s most populous state had already ended after high amounts of rain and snow last winter. Still, sporadic heavy bouts of precipitation common in this era of global warming is not ideal. Steady streams of lighter rainfall are more favorable and manageable. For now, at least, California is faring better than other parts of the country when it comes to drought conditions — including parts of the country’s second most populous state. In August, Texas Gov. Greg Abbot ordered 75% of his state under a wildfire disaster declaration, putting equipment and manpower on standby. Wildfires are not the only concern. Nearly 3.5 million Texans are currently also under extreme drought conditions.  For example, Edwards Aquifer, the main water source for San Antonio, the country’s seventh most populous city, has dropped to its lowest level in more than three decades. (Here are 20 famous lakes that are going dry.) To find the most intense U.S. drought conditions, 24/7 Wall St reviewed data on drought conditions from Aug. 15 through Aug. 21, 2023 in U.S. counties from the U.S. Drought Monitor, which is produced through a partnership between the National Drought Mitigation Center at the University of Nebraska-Lincoln, the United States Department of Agriculture and the National Oceanic and Atmospheric Administration.  Counties are ranked by the share of area in “exceptional” drought, or D4, the highest level of drought measured. We also included the level of D4 drought in each county during the same week one year ago as well as the current level of “extreme” drought (D3).  Half of the 28 most-parched counties are located in central Texas, while the rest are distributed across eastern Nebraska, southeastern Kansas, and northern Wisconsin. More than 3.7 million people live in these areas, most of them in and near the Texas cities of San Antonio, Georgetown, Belton, and New Braunsfels. (This American city ranks as having the best weather.) Larger cities suffering from the country’s most intense drought conditions outside of Texas include Independence, Kansas; Grand Island, Nebraska; and Superior, Wisconsin. Here are the driest places in America right now. Sponsored: Find a Qualified Financial Advisor Finding a qualified financial advisor doesn’t have to be hard. SmartAsset’s free tool matches you with up to 3 fiduciary financial advisors in your area in 5 minutes. Each advisor has been vetted by SmartAsset and is held to a fiduciary standard to act in your best interests. If you’re ready to be matched with local advisors that can help you achieve your financial goals, get started now......»»

Category: blogSource: 247wallstAug 24th, 2023

Pure Cycle Corporation (NASDAQ:PCYO) Q3 2023 Earnings Call Transcript

Pure Cycle Corporation (NASDAQ:PCYO) Q3 2023 Earnings Call Transcript July 13, 2023 Operator: Greetings. Welcome to the Pure Cycle Corporation Third Quarter 2023 Earnings Call. At this time, all participants are in a listen-only mode. A question-and-answer session will follow the formal presentation. [Operator Instructions] Please note this conference is being recorded. I will now […] Pure Cycle Corporation (NASDAQ:PCYO) Q3 2023 Earnings Call Transcript July 13, 2023 Operator: Greetings. Welcome to the Pure Cycle Corporation Third Quarter 2023 Earnings Call. At this time, all participants are in a listen-only mode. A question-and-answer session will follow the formal presentation. [Operator Instructions] Please note this conference is being recorded. I will now turn the conference over to your host, Mark Harding. You may begin. Mark Harding: Thank you, Holly. I’d like to welcome you all to our third quarter earnings call. We do have a slide deck for this. So for those that want to follow along with the slide deck, you can go to our website at purecyclewater.com. On the landing page there you will find the ability to join the slide deck as well. So with that, I also have Kevin McNeill, our CFO, joining me today; Dirk Lashnits, who is our Vice President of Land Development is on family vacation. So I will pinch hit into his land development segment. So with that, let me get started. Our first slide will be our Safe Harbor statement that highlights the fact that statements here are that are not historical facts contained or incorporated by reference from this presentation are forward-looking statements with the meaning of the Private Securities Litigation Reform Act of 1995, I think you’re all familiar with the Safe Harbor statement. Let me put a little overview of the company for those that are new or listening into the call for the first time.. We operate in three multiple complementary business segments. We operate a water, wastewater resource development segment, which is kind of the utility segment. The key investment themes in this segment is we own large amount of water in a water-short area. We’ve owned those assets for quite some time. So we have a very low cost basis in that. And those assets continue to rise in value we develop those assets, cradle to grave from developing the water resources, all the way through collection and processing wastewater. In our land development segment, we own about 900 volume – we’re developing a 930-acre master plan community. The key investment theme here is again owning the land with a very low-cost basis. We acquired this land during The Great Recession in about 2010 very favorable basis in the land. Held that for a number of years until it was timely for development started developing that in about 2018 and it happens to be in probably one of the hottest submarkets of the Denver metropolitan area for development activities. So great investment team on the land development segment. And then our third segment, which is still in its infancy is our single-family home rental business and we receive rent on income from homes that we build on lots that we already own at Sky Ranch and the real key theme here is kind of the vertical construction costs on lands that we already own. It provides accelerated positive cash flows to each unit. It’s a tax advantage way to develop these significant appreciating assets, because we own and can carry forward the equity of the land in the lot, as well as the water utilities on that. So it provides us some very attractive returns on a cash flow standpoint. So with that, let me kind of just briefly touch on each of these themes and then we’ll move on to some of the financial metrics and then get into some of the color through some Q&A. The water utility, wholesale water and wastewater segments, again, as I mentioned, we really take it from owning the water rights, the wells, the diversion structures. We treat it, we distribute it to our customers. We collect that back once they use that. We process that wastewater and then we’re able to reuse that water supply. So we have a use and reuse model theme there. Did get some very good press on that recently in the Denver market. So if you can go to our website, we had a feature story from the local news channel here that talked about water scarcity in the West, water scarcity in Denver, and how the Company is really taking a proactive role on reusing its water supply within its development area. And so, moving forward, we really look at a water balance system here. And this kind of shows you an animated version of how we take that water supply from its source. We treat it, we distribute it to our customers. We have a little bit of loss through evaporation, but then we collect that back and we reuse that system. So it really is a use and reuse model. We really want to protect and preserve those assets in a water-short region. Talking a little bit about the water infrastructure. We continue to grow our utility segment assets. You’ll continue to see more of this as we get into year-end. We’re making more investments into our water supply. Right now, we’re drilling additional wells to help meet the production capacity and the demand that we’re seeing in the industrial segment, in the oil and gas segment. So we continue to add to this in a broad category of all of our assets, whether that’s wells, treatment, transmission, distribution, collection, all those elements, we continue to add to the system. Talking a little bit about our customer growth. We continue to have organic growth within our service areas. We have three principal service areas. The Wild Pointe service area, which is a service area we acquired a number of years ago, relatively small. We have about 180, I think, residential connections, about 100 or 71, close to 100 commercial connections. We have a little bit more capacity in that system. And that system is probably around 85%, 90% built out. Sky Ranch, which we’ll highlight in our land development segment as well. But we’ve got about 700 now connections on the residential side and about 135 commercial irrigation connections. Our capacity there is about 5,000. So we’re right around that 20% built out Sky Ranch and then the Lowry Ranch, which is our service area. It’s a 24,000-acre service area that’s really right at the edge of the metropolitan area and that’s really still undeveloped. Excellent organic growth both at Sky Ranch and Wild Pointe with tremendous demand potential out of the Lowry Ranch. Let’s talk a little bit about our oil and gas. Had a kind of a record quarter for oil and gas deliveries. We happen to sit right on top of a very prolific oil and gas play, heavy oil play, not a lot of gas. We have roughly 80% of the resource there is going to be oil. We have multiple operators in the segment. The largest operator is Civitas, but they’re very active in that. And they’re really kind of getting to the unincorporated areas. They’ve been focusing in on developing the areas which were closest to development that are going to be within the city of Aurora, where they’re required to get their water from the city of Aurora. As they get outside the city of Aurora on Lowry, which is our service area, and the surrounding properties around Lowry, then we – Aurora does not like to provide service to extraterritorial areas. And those are areas that are either within our service area or areas that we can assist them in providing water. And so, you’ll continue to see growth in this segment. We continue to expand our supply side to make sure that we can continue to meet that demand. But there’s tremendous amount of growth potential yet in this segment as well. And it’s likely to continue to be a large customer for us for decade into the future – or decades into the future. Next slide. Slide 10 really has a depiction of kind of where our service areas are, kind of the sandbox that we operate in in the metropolitan area. The pink areas are going to be Sky Ranch and the Lowry Ranch, which development has significantly encroached into both of those areas as we’ll define in our land development segment. Sky Ranch is really seeing tremendous demand for housing, mostly to our price point area. But this kind of illustrates the growth of the metropolitan area and the key positioning that the Lowry Ranch has as potential within the Denver market. It is the right place to be in the Denver market. Both of these assets and both of these development opportunities are excellently positioned within the metropolitan area. So with that, let me highlight a little bit about the land development segment. As I highlighted, developing a 930-acre property. It’s called Sky Ranch. It’s a master plan community and it’s a well-balanced master plan community. We have multiple single-family lot size products and price points. We have great trails, open space, recreational opportunities that are on site. We have great transportation access. We’re right adjacent. We have about 160 acres, which is frontage along I-70 with outstanding proximity to DIA and other employment centers in the area. Great schools. We have a charter school that we partnered with an operator – charter operator out of Michigan, National Heritage Academy. And we are opening the first phase of that school, a K8 facility, we will be offering grades through seven, this August. We’re excited that the school is opening and it’s a great regional asset that’s really going to be a center pivot point for us in the community. And then we have great commercial opportunity, given the proximity that we have to the interchange and to an interchange on the interstate. It’ll give us a terrific opportunity to continue to build out that in a multiple field master planning community. Taking a look at some of the residential products that we’ve been working on. We have our first phase, which was about 509 lots. It’s fully complete. If you take a look at our single-family rental segment, we had really our introduction into that kind of proof of concept on building these units taking a look at the rental side and the demand for rental side. So, tremendous success on that rolling into the second phase. The second phase was a total of about 850 lots. We have nothing but great portfolio of national publicly traded homebuilders. You can see these. These are all top 10 homebuilders in the Denver market as well as nationally. Great partners to work with. They’re very consistent, they’re able to get their product up. Great sales force, really pulling in a tremendous amount of demand to the community. Right now we are working on Phase 2A and Phase 2B. So we’ve got two overlapping projects going on at the same time. 2A is about 90% complete from our perspective, where we’ve delivered the lots, all of the infrastructure, the horizontal infrastructure that go into those lots. We’re punching out some of the landscaping and irrigation and the park and the play structures on the park right now. Homebuilders themselves, we’ve got about 200 starts in that 200 and, say, 30 lots there. So a lot of demand in that in what was otherwise a soft or a slowing housing market. We’re certainly not seeing that. And then we are also seeing tremendous opportunity rolling into the second phase, to the next 211 lots. We’re right now currently developing the utility package on that, which is the water, the sewer, the storm drain systems on that. Those should be complete towards the November time frame. And in Colorado, we sort of chased that weather issues to make sure that we can get some pavement down to start making some of those lots available in that same time frame towards the end of our first quarter next year, our fiscal year end being 8/31. And then because of the demand that we’re seeing, we’re also moving forward with our Phase 2C. So we’ve got the recordation of those plats coming up in August and then we’ll be taking a look at the earthwork on that one. So what you’re going to see is we’re really going to have three overlapping projects going on at the same time as we’re punching out Phase 2A, getting into the meat of Phase 2B, we’re really going to start Phase 2C. So it kind of gives you an indication of the level of interest that we have from our homebuilders as well as the sale and velocity of sales from single-family units. This is kind of a mix of the builders, a little bit of detail on the lot sizes, the different product levels that we have, and kind of the gross numbers on each of the phases per lot. And so we have attractive margins with the well-balanced land plan between the residential and commercial. As you’ve heard us talk in the past, we collect not only the revenue from the sale of the lot, but then also reimbursables from the public improvements that we put on this. So when we’re building the water, the sewer, the storm drains, the roads, curbs and gutters, all of that stuff accrues under the governmental structure that we operate under here in Colorado. And then we get repaid that through – typically through bond offerings. We did a bond offering last summer, so you did see a recollection of about $23 million there. We continue to accrue those fees. We have an interest component associated with that. So we have a time value money component with that as well. Let me move to the next slide and talk a little bit about some of the market conditions. I know there’s a lot of talk about what the market is and the subsets of the market. And really what we’re seeing, the biggest key driver here is that demand continues to exceed supply and particularly for entry level housing. And so that’s continuing to put wind in our sale and in our project because we’re offering very affordable houses in that entry level housing here in Denver. And it’s hard to – hard to have that pass by your lips, but to say an entry level house in Denver is $400,000, but that is it and very small segment of the supply. There’s less than 4% of the housing product in Denver metropolitan area that can meet that price target. And it’s not that we’re not operating profitably at that level, we just have a better structure to that. I will say we do a better job, but at the end of the day, we do deliver a very good product to our homebuilders, and our homebuilders carry forward our price advantage into their finished products. So we have a great relationship on meeting that market conditions in our market segment. The other key driver in the market conditions are probably the declining sale of some of the existing homes and those will be mortgage locked product where you’ve got a lot of mortgages that are at that very low mortgage rate. The move-up buyer is probably a little bit more cautious on the decision making just because they have a very low basis in their interest rate. Some of the headwinds in the market, things have started to normalize. You have that uptick in interest rates. But I think folks are recalibrating to the interest rate markets and understanding that the current interest rates are not the anomaly. It was maybe a 3% interest rate. That’s more than anomaly. They’re still in the historical averages for the last 30 years as we all know. We’re seeing – traffic site wide at Sky Ranch is pretty consistent. But if you look at the national statistics, you have kind of weakening traffic mostly because of those interest rate and the mortgage locked buyers out there. So we’re delighted for our price segmentation in that entry level. Let me talk – well I do want to highlight, don’t want to – not highlight our opportunity for opening our school. That was one of the key things that when we started this project, we were very cognizant about how we can provide that educational alternative here at Sky Ranch. And so we are happy and delighted to partner with National Heritage on the Sky Ranch Academy. We’ve got about more than 400 students that will be opening up this August. The school is really finished. They’re putting in furniture and making sure the final touches. Staffing has gone very well for building that into the community and we’re looking forward to that grand opening. Move on to the single-family rental segment. If you take a look at this segment, really the key investment theme here is that we’re retaining lots within the community that we fully recovered the lot cost, the horizontal costs, as well as tap fee cost from that, from the sale of the lots in the land development segment. And then we go vertical with that. We’re able to finance that vertical, the additional investment in that vertical cost, with mortgage type money. It’s not as cheap as it was when it was at 3%, but still it’s going to be the cheapest money that we can use some very attractive leverage on that. Our loan to values are typically about 70%, loan to asset value there. So our banks, they love that product because they know what our equity value is in that. Almost every single home that we’re putting up, we’ve got about $200,000 in equity value in that and then the whole house value. If we’re looking at this entry level market, something in the high $400,000, low $500,000 range, continues to appreciate at that 4% per year. We have very attractive margins. We have asset growth and we have free cash flows on each of these units. So we have kind of a triple threat in each of the single-family units that we’re building. This – Slide 19 will be kind of a distribution of where our single-family units are. You see the four units that are in our first phase and then we went a little bit more aggressive in the second phase with 10. And then we got even more aggressive. We almost doubled the portfolio or 50% increase in the portfolio from where we were in Phase 2A into the rest of the project. So our next phase is going to have, I think, around 18, then 20, then 23. So we continue to increase our appetite for this product just because of the value proposition that it provides for our shareholders. All right. This will be kind of the metrics on the single family. You’ve seen this before, but the key highlights here are each unit provides approximately $20,000 in free cash flow, as well as having our renters continue to – continue to provide the principal and interest payments to the leverage that we have in the vertical construction side. So it’s a very attractive segment for us. And we’re pricing these – we – we’re pricing these at an attractive level. It’s interesting when we get these applications for everyone, we get – we get just a ton of applications coming in on that. They are all very financially healthy applicants and they’re typically people that don’t have to rent, they just choose to rent. And so we were delighted to provide this opportunity to them. We have multiple product segments here where they range from a townhome product in some of these to a duplex product to the larger four bedroom, two and a half, three bathroom, single family detached product. So we kind of price each of those accordingly. But we’re seeing very strong demand in here and we like this segment a lot. Okay, let me turn the presentation over to Kevin, who can give you some highlights on the financial results for Q3. Take it away, Kevin. Kevin McNeill: Thank you, Mark. Yes, the first slide we’re on here really reiterates what Mark said, highlights our three segments and just shows the growth in each one. Obviously, we’re starting with the water and wastewater. Continue to add customers through Sky Ranch, had a great year, especially the last quarter for water sales to oil and gas operators, almost 263 million gallons of water. Land development, as Mark noted, we have two of our development – two of our sub phases in Phase 2 going at the same time. It was a pretty tough winter. A lot of snow stayed on the ground, a lot of rain. So hopefully we’ll get Phase 2 going – Phase 2B going even faster in the summer months. That’s – obviously in Colorado typical development time is out in the summer when it’s sunny and not raining. And then the single-family rental market, as Mark pointed out, continued growth in that. We’ve got another 19 units in the next phase that we’re going to start, which will – once Phase 2 is all done, between the two phases, we’ll have 69 rental homes in total. The next one from a standpoint of the financial results, which we’ll – we sent out a press release last night with financial results, and then we’ll be issuing our Form 10-Q tomorrow. You can see the three – the nine months ended revenue on the left pretty consistent the last three years. So we’re pretty happy with – 2021 through 2023 are showing pretty consistent results, which is really indicative of the Sky Ranch community continuing to grow at a typical standard pace, what we feel pretty sustainable pace. It hasn’t taken off, it hasn’t dropped despite the market challenges through the year. 2020 revenue was a little bit higher because we had the completion of Phase 1, which by itself was larger than any of the individual sub phases of Phase 2. And that’s how we recognize revenues under this percentage of completion method, where the more we construct and the more we develop lots in the infrastructure, the more revenue we recognize. And then looking off to the right, you can see the segment revenue has continued to expand into that rental market, the rental houses of the yellow. And the other two segments, the water and wastewater and land development, have remained fairly consistent now the last few years, which we like. Net income wise, so the nine months ended this year and last year are pretty consistent, $4.1 million to $3.6 million. You can see in 2021 we had a very large net income year, and that was because of these public improvements that we get that are reimbursed. We used to run those through the P&L until we were sure we were getting paid in 2021 based on the growth of Sky Ranch and the amount of tax revenue that was coming into the Community Authority Board out there. We recognized all of that past due stuff through revenue, and now we take that through the balance sheet. So it won’t be as lumpy through our P&L as long as we can continue to collect on that. You see diluted earnings per share, same thing that 2021 was impacted by that pretty heavily, but 2022, 2023 are remaining pretty consistent and showing a nice trend there. Balance sheet and income statement are the next two pages, next two slides, that you’ll see, obviously when we get to – when the 10-Q gets issued and through our press release yesterday. Won’t go through this in a lot of detail. Just point out a few items. You can see cash. We’ve maintained a pretty good cash run rate. We’re at $26 million at the end of the quarter and that’s not all in one bank. Obviously with the bank problems the last few months, we’ve diversified that out pretty well. We use two separate banks. We also invest in what’s called an ICS product that separates all of it up into multiple banks and gets us the FDIC insurance at literally hundreds of banks, and it does it automatically every night. So that’s a product that pays a very good interest rate. Continuing down through the balance sheet, you’ll see in the notes receivable section that reimbursable public improvements at $23 million. That really is the development of public improvements that are donated to other government bodies that we get paid back for over time, whether it’s through bonding or fees or property taxes through the Community Authority Board. So that will continue to go up as we continue to develop that property and until we get payments. We did get about – a little over $400,000 in payments from the Community Authority Board so far this year. That was on top of the $23 million-ish that we got last year. So that continues going. And then we do have the revenue that will – from builders paying us in advance, and then we’ll recognize that revenue as we continue developing the property. Looking at the income statement, which again I won’t spend a lot of time on, but you can see lot sales have, for the most part, remained fairly consistent. When you look at the period over period, last year was a little bit slow, the May 31, 2022, the three months ended there. Really it’s a timing thing. It all depends on how many phases we have going, like I said, this year we have two phases going. Phase 2A and 2B are both going at the same time, and the way we recognize revenue. As we construct, we get to recognize the revenue from the homebuilders as we sell those lots. Again, the public improvements don’t run through there, it just runs through the margin. Continuing down our G&A expenses. If you look at those, you can see a pretty sharp decline this year for the three months ended May 31. Not because we had any tremendous layoffs or anything like that. It was actually the opposite. We’re still hiring people. We had some employment retention credits that we received from not laying off people and continuing to do what was right through COVID. So that was – that we got a bunch of money this quarter. We also continue to operate as streamlined as we can. We try – we’re very efficient about the employees we hire. We do as much work in house as we can and don’t try to outsource a lot of work. Interest income, like we were talking about, you can see obviously with the interest rates up quite a bit this year and we were very cognizant about getting with our bank and making sure we had FDIC insurance at good rates. Our interest income was pretty good. The stock at the bottom, the weighted average common shares, I’ll point out we haven’t had much change. There is not – hasn’t been much dilution. We do some stock offerings to employees and Board members and options and stuff like that, but nothing tremendous. We fund all of our operations with our earnings. A few dates coming up. We obviously talked about the stock repurchase program before, but then the 10-Q will get filed tomorrow. We’re holding an Investor Day next week, next Wednesday, so I think we have a number of people signed up for that already. We’ll also host – so it’s in person. So if you want to join on our website, there’s a place to sign up or you can email us at info@purecyclewater.com. We will also have a Q&A session over the lunch hour. So we’ll broadcast that through Teams and that’ll be available on our website next week or through email. We can also email you the link. And then Mark is presenting at the IDEAS conference in Chicago in August. And so we’ll get more information on that as it’s available. Now I’ll turn it back to Mark for some questions and answers. Mark Harding: Great. So again a great quarter. We’re thrilled that all these – each segment is continuing to grow, continuing to demonstrate terrific margins, capitalizing on the legacy value of the assets and we look forward to continuing to deliver results. So with that, I’ll turn it back to Holly and she can open it up for Q&A. Q&A Session Follow Pure Cycle Corp (NASDAQ:PCYO) Follow Pure Cycle Corp (NASDAQ:PCYO) We may use your email to send marketing emails about our services. Click here to read our privacy policy. Operator: [Operator Instructions] Your first question for today is coming from Greg Roeder at Adirondack Funds. Greg Roeder: Hi, Mark, can you hear me? Mark Harding: I can. Good morning, Greg. Greg Roeder: Good morning. How are you? I’ve got a question for you on. Once you complete Sky Ranch and fully complete it. How much book-value of your water rights will you have partnered West as a result of that project. Mark Harding: Yes, we really wouldn’t have parted with them. What I would say is that we put about 12% into service. So when you take a look at it, we’ll have about 5,000 of 60,000 connections in service. We will have collected the tap fee. And the interesting thing about that segment is the recurring revenues related to it, right? We’re going to continue to get water and sewer revenue. It’s hard to say perpetual. But it is one of those asset classes that in a 100 years they’re going to be doing the exact same thing with it, right? I mean, we will have that revenue stream and our systems are built and maintained for those very, very multigenerational aspects of delivery of. So we’re not in the business of buying and selling water rights. We want to provide that as a perpetual service. And what I can tell you is we’ll have customers for 12% of the total portfolio. That’s the way to think about it. Greg Roeder: Right. So technically, you will own the rights subject to a service agreement. Is that kind of how it works? Mark Harding: Yes, that’s right. Greg Roeder: Okay. So if you ever to want to sell that to a utility, you could – those type of transactions are common. Mark Harding: Yes, they are. I mean private water utilities, it would be a peer of ours, publicly traded private water utility to come in and they say, I want to buy the customer base and the portfolio that goes with it, whether they buy the existing customers, that water would stay with the account or they buy the whole portfolio, where they want the unallocated together with the allocated, I mean there’s any number of combinations. But typically, if you’re – once we sell a tap, infrastructure that goes with it, there’s customers that go with it, there’s operation and maintenance responsibilities that go with it. Greg Roeder: Got you. And one last question, on the 69 rentals that you plan to own, what – how should we look at that by product type? Mark Harding: Really, it’s all single family. And so the various categories of the single family are going to range from probably a higher concentration of detached single-family, but they’ll be attached. There’ll be duplex attached paired product, as they call it. They’ll be townhome product, where we may own a few of the units or we may own the entire – these get developed in maybe five or six pack building segments of that. We’ll take a look as to we do have multifamily as part of this development as well. That will be a transition between the commercial area and the residential area. And we’ll take a look at what opportunities exist for us to play in that field as well. There’s very good players in that area where we may partner with some of those folks on how we develop some of that. But right now, I think our concentration is going to be on the single family right now and not the multifamily. We’ll see the multifamily together with the commercial over the next, say, two or three years. Greg Roeder: And is there a big spread in rents between detached and townhome? Mark Harding: Not so much. I mean we do have price segmentation on it. But our spreads right now are somewhere between 2,800 and 3,100. So a big four-bedroom, three-bedroom half or three bath house might be at the high end of that, where you might have, say, a two-bedroom, two-bath duplex townhome that might be on the low end of that. Greg Roeder: Okay. Okay. That’s all. Thanks. Mark Harding: You bet. Operator: [Operator Instructions] Your next question for today is coming from Elliot Knight at Knight Advisors. Elliot Knight: Good morning, Mark. Mark Harding: Good morning, Elliot. Elliot Knight: Two pleasant surprise that I’ve heard this morning. One is I noticed cap fees are now up to $38,000. It wasn’t that long ago that they were much closer to 30. So that’s just an observation. Second surprise is that apparently, the Denver market is a lot stronger, particularly for first-time owners than I had thought. In an earlier call, you speculated that Pure Cycle might take back some lots from builders. Has the market been strong enough so that the builders don’t want to sell lots back to you Mark Harding: Good question. It’s not so much that they don’t want to sell the lot back to us because they haven’t actually paid for it at that time. What became an opportunity for both them and us was particularly when interest rates were rising fast, and we moved into the winter months and everybody got all dark and cold and concerned about what the market was or wasn’t going to do. It was – I made a little hay out of that. And I said, instead of you worrying about it on the start time of our next phase, why don’t we do this? Why don’t I take back a few of these lots that you’re yet to have paid for and I’ll enter into an agreement with you so that you’ve actually got a customer for a percentage of the next phase. You presold these. And it was an interesting exercise for both them and their management team on, okay, we do. We don’t have to buy the lot. We can still do what we’re going to do on the building side, and it gives us confidence that if they had picked the number, they had 50 lots in there that they had maybe one of the builders would have had five or six lots that we would have taken and entered into a contract for them to build on those lots. And so it was a great opportunity for both of us. So that’s kind of how it worked in terms of – it wasn’t that they were being iced out of the opportunity. It was actually that they were getting presales in the opportunity. So very good relationship for both them and us. Very astute and your observations on the tap fees. One of the advantages, and I think we highlight that in our investment thing, but we’ve had these water rights for a very long time, and they’ve appreciated significantly in the value. And where we see that value is in tap fees. And our tap fees really are competitive to the local markets, right? Customers can either choose to develop in our area or not. And so that tap fee – that tap fee from a market-based reaction of the availability of water resources, and we’ve seen a big pressure on those staff fees. You’ve been with the company and tracking the company not to see tap fees go from 30 to 38, but you’ve seen them go from 15 to 38. So it has had tremendous growth, and there will be continued growth in that area as resources become more constrained. Elliot Knight: Actually, I don’t know where tap fees were in 1993, but that’s when I started with the company. Mark Harding: They were slightly less. Elliot Knight: But it’s so interesting, the first questioner made the very salient observation that 88% of the company’s water reserves are still going to be available. It’s the largest undedicated water supply in the Denver area. Multiply that by $38,000 and you get a big number. But what you’re doing is you’re taking that water and making it far more valuable through build to rent and that sort of thing. It’s fascinating exercise that you’re going through and you’re doing it well. Thanks Mark. Mark Harding: Thank you. That’s on the back like that keep me going. Operator: We have reached the end of the question-and-answer session, and I will now turn the call over to Mark for closing remarks. Mark Harding: For those of you that either had a technology issue and getting in for a question or that you’re listening in on a replay of this and if a question pops up, don’t hesitate to give me a call. We look forward to seeing those of you who are going to come out and kick the tires next week. It shows much better than in-person than it does on the slide deck. It’s very – the tremendous velocity that we’ve got on the land side, the development side and what we continue to do to enhance the community through assets as the investment that we make in trails and open space and parks and then ultimately charter schools, rec centers, commercial development, everything we’re doing continues to add value to the community to each individual homeowner, and we’re looking, as Elliot highlighted, we’re looking to participate on vertically integrating all sides of that. So that we’re doing what we’re doing, we’re also doing a for own account. And so that helps motivate all these investment decisions, and we continue to expand the water utility segment, the land development segment. As I’ve said before, we like that land development and pairing land development with water utilities. So our nets are out for additional opportunities on land development and bringing our water and increasing the value of the opportunity by adding water resources, horizontal expertise and then maybe even some of our vertical expertise. So again, I want to thank you all for your continued support and confidence in the company and look forward to seeing those of you that can make it next week. So I’ll sign off. Operator: This concludes today’s conference, and you may disconnect your lines at this time. Thank you for your participation. Mark Harding: Thank you, Holly. Follow Pure Cycle Corp (NASDAQ:PCYO) Follow Pure Cycle Corp (NASDAQ:PCYO) We may use your email to send marketing emails about our services. Click here to read our privacy policy......»»

Category: topSource: insidermonkeyJul 16th, 2023

California Braces For Another Significant Storm

California Braces For Another Significant Storm California seems to be having a three-month streak of bad weather luck as yet another atmospheric river is expected to pound the state on Tuesday through Wednesday, bringing along strong winds, heavy rainfall, flooding, and feet of snow in the mountains. From the Mexico border to San Luis Obispo County, which lies north of Los Angeles, and across the southern half of California's Central Valley, the National Weather Service has issued a flood watch and wind advisory. Additionally, the weather agency has posted winter storm warnings for the high-elevation areas in Riverside and San Bernardino Counties. Models are starting to converge on a bomb cyclone making landfall near the Bay Area tomorrow as California gets hit by yet another significant storm. Widespread heavy rain, flooding, damaging winds, and heavy mountain snowfall is likely, especially for Central CA/SoCal. pic.twitter.com/7RfNTnD3u6 — Colin McCarthy (@US_Stormwatch) March 21, 2023 According to NWS, coastal areas and valleys could receive 1-3 inches of rain through Wednesday, with a possibility of 3-6 inches in the lower mountains and foothills. "Snow levels will be particularly low, starting at 6,000 feet but dropping to 3,500 to 4,000 feet by Wednesday morning," said KTLA weather reporter Kacey Montoya. She expects wind gusts to range around 40-55 mph.  "We're going to see widespread, potentially damaging gusts pretty much the entire day Tuesday," Montoya said. The same storm is expected to cause severe weather across 16 other states. By Thursday and Friday, it will traverse from Texas to Alabama.  The series of atmospheric rivers hitting California since late December has been a blessing for the state, as almost half of it is no longer in a drought. Though there are concerns with so much Sierra Nevada Mountain snowpack, flooding could be a significant problem -- something just months ago.  Tyler Durden Tue, 03/21/2023 - 17:45.....»»

Category: blogSource: zerohedgeMar 21st, 2023

I"m a cruise director for Holland America. Our crew lives in its own little world that passengers don"t see.

A cruise director who started as an onboard performer in her 20s and worked as a fitness instructor and hostess shares the pros and cons of cruising. Kimberley Wells has been to Alaska and the Caribbean with Holland America, and will soon embark on a 73-day trip around Africa.Kimberly Wells Kimberly Wells started working on cruises as a performer in 1987 when she was 20 and fell in love.  After a hiatus on Broadway and the Home Shopping Network, Wells returned to cruise work in 2020.  She shares the pros of working on cruises: the people, the places, and the cons: no days off.  This as-told-to essay is from an interview with Kimberly Wells about working as a 57-year-old cruise director. It has been edited for length and clarity.I sang and danced my way into my first job on a cruise ship at age 20, working as part of the entertainment team in 1987. I fell in love during that first voyage, with a man and with a way of life. After that contract ended, I knew I had to figure out a way to stay aboard. I became a fitness director, then a social hostess.My biggest passion is the stage, and I couldn't say no when I received the call from Broadway. I worked in New York City for 10 years, before becoming a host on the Home Shopping Network. My job with HSN ended a couple years ago, and I wasn't ready to retire. I'd stayed in contact with friends and my former bosses in the cruise industry and made some calls. I was quickly connected with Holland America, who flew me out to audition for a cruise director role in April 2020. I got the job but, due to COVID, had to sit through a two-year waiting period before returning to the seas.As cruise director, Wells often hosts the evening entertainment.Kimberly WellsNow, as of 2022, I'm the cruise director for Holland America, working aboard several ships, including most recently on Zuiderdam. A day in my life as a cruise director As the cruise director, I'm the first and last face that any guest sees on any sailing. They serve as the main connection point between ship crew and guests, keeping all passengers up to speed on all available entertainment and goings-on as well as the nuts and bolts of days at port.My day starts at 6 a.m. I hit the ship's gym, then I'm out on the floor at 8 a.m., grabbing a coffee and chatting with guests before my first meeting at 8:30 a.m. Then I host a coffee chat to meet guests, make my first announcement of the day to all the passengers, and then the day just keeps on – boom, boom, boom – from there.My superpower is that I can go from zero to full glam makeup in 30 minutes. I do this most nights, hitting the floor right before an event, and greeting guests. Wells can go from zero to "full glam" in 30 minutes before she hits the cruise floor.Kimberley WellsEvery night, I give what's called the "today, tonight, tomorrow" talk that recaps the day and let the guests know what to expect for the night and the next day. Then I introduce the show, be it a comedian, magician, or dance show. Then I take down the show. I'll repeat that with every evening performance. Then it's back to my cabin by midnight.What most people don't realize is that cruise ship workers don't ever have a day off during their contract. We only have hours off. The hardest part of this job is learning to power nap. You also get great at arranging your schedule so that you have downtime. Every day no matter how tired I am, I work out, meditate and practice yoga because those things give me strength internally. If I want to recharge further I'll get facials and massages in the ship's spa where the treatments aren't free but are heavily discounted for staff.I love traveling to new places My last three contracts have taken me to Alaska, the Caribbean, and New England.On my first cruise this season in Alaska, we were touring the Margerie Glacier and saw so many baby seals. We witnessed one seal give birth. I can't wait for my next contract: a 73-day cruise around Africa. We start in the Caribbean, pass through the Panama Canal, and go on to spend nearly three months exploring Africa. I've been to Africa before, but this is such a unique opportunity to see so much of it. As much as cruising is about the destinations, it's also about the peopleI love this aspect of my job because I'm a people person. I live for making magical moments for others. One time, at Half Moon Cay, Holland America's private island in the Bahamas, a guest was planning a proposal. I'd arranged for him to ride a white horse down the beach to meet his girlfriend. We'd set everything up and then got a call that he'd forgotten the ring on the ship. I had to jump on a tender back to the ship. He gave housekeeping his room number and safe info and they were able to bring the ring to me. I ran down that beach to get it to him just in time. It was amazing to be part of that.The crew section of the ship is its own worldThere's a corridor that runs the entire length of the ship in the crew quarters. Along the hall,  we have barbershops, pop-up shops, massage therapy, girls making jewelry – you name it. We are a city on the sea, with a lot of diversity. My last ship had 55 nationalities on board.This job keeps me busy, but it's rewarding every day. Just a few weeks ago, my friends from back home in Minnesota shared that they had five feet of snow, and I was on the beaches of the Galapagos. Bigger than the places we see, I love that I make so many friends through this job. I'm still connected to many people I met during my first week on board.Read the original article on Business Insider.....»»

Category: topSource: businessinsiderMar 3rd, 2023

Export Grain Shippers Mull Options Amid Limited Barge, Rail Capacity

Export Grain Shippers Mull Options Amid Limited Barge, Rail Capacity By Joanna Marsh of FreightWaves Grain shippers have been scrambling to consider all their export options in the wake of low water levels on the Mississippi River and its tributaries.  “Because of the low water conditions on the river, which is a major conduit for soybean and grain exports, there are a lot of farmers and a lot of agricultural shippers who are asking themselves, ‘What is my plan B? What is my plan C?’” Mike Steenhoek, executive director of the Soy Transportation Coalition, told FreightWaves. “And that answer is going to be different depending on your region of the country and what that market looks like.”  Rail is one option for grain shippers affected by low water levels. (Photo: Jim Allen/FreightWaves) The low water levels have reduced the capacity to ship grain exports via barge, sending those rates to their highest levels in years. According to the U.S. Department of Agriculture, barge rates for agricultural transport along key points of the U.S. waterway system have fallen for the week of Nov. 8 after experiencing pricing spikes in October. “The barge rates right now are the highest they’ve ever been,” said Max Fisher, chief economist for the National Grain and Feed Association.  When faced with low water levels, grain and soybean shippers are presented with several options. Two of those options include storing their soybeans or grain for longer than they normally would or trucking a portion of them to local livestock markets, according to Steenhoek. Freight rail is also an option, particularly if the agricultural products need to be exported, Steenhoek said.  Indeed, the Association of American Railroads recently noted that grain volumes have increased in October as grain producers seek alternatives to the Pacific Northwest and Gulf Coast. Mexico is also one of the U.S.’s key export markets, according to Steenhoek.  But relying on rail offers its own issues. While rail service has improved over the course of this year, “it’s still not the effective lifeline that we really need it to be right now,” Steenhoek said.  Fisher agreed with that assessment of the ongoing challenges. “What we’re hearing is that grain shippers are not in the clear just yet,” Fisher said. “They’re still experiencing challenges on rail, but they are not as dire as they were earlier in 2022.” Furthermore, a potential rail strike due to an inability to ratify labor contracts between the railroads and two to four unions could prove disastrous for grain shippers. “[A strike] really does come at an unwelcome time because, within certain industries like agriculture, the decisions you’re making today relate in many cases to where you’re going to ship soybeans and grain next month, two months from now,” Steenhoek said. “It’s not like a cupcake shop where you’re asking, ‘How many chocolate cupcakes should I make tomorrow? How many do I think I’ll sell?’ For certain industries, you’ve got to have more of a greater predictability. You operate on more of a long-term demand-and-supply forecast. And so therefore you need to make sure you’ve got a predictable supply chain.” Recent rainfall in the Midwest has helped increase water levels in the last several weeks, although the land is soaking up the precipitation and there is not enough runoff to fill streams and rivers to where water levels are needed to be. As winter approaches, any kind of moisture in the ground becomes frozen, so it doesn’t move to the waterways.  If snow melts quickly enough and the ground is frozen, that runoff water could go to the streams and rivers. But if a region sees sustained cold temperatures, the snow just piles up and it won’t be until early spring to see what impact snow might have on the inland waterways.  “Lack of water is the culprit and abundance of water will be the elixir,” Steenhoek said. “… It is going to require a pretty elongated and sustained amount of rainfall and precipitation [to raise water levels to be suitable enough for navigation].”  Harvest yields for the U.S. are expected to be under historical levels because of hot and dry conditions experienced during the growing season. In a monthly report published Nov. 9, the Department of Agriculture anticipates U.S. exports for corn, soybeans and wheat will be lower in the 2022-23 crop year when compared with previous years. The U.S. crop year runs from Sept. 1 to Aug. 31. Yet even though exports are expected to be down this year because last year’s harvest levels were much higher, the low levels of the inland waterways have not helped shippers, according to Fisher. “There’s also probably more grain going out to the Pacific Northwest by rail than otherwise would be the case because grain companies have to get grain to the foreign markets no matter what,” Fisher said. “In some cases, the market sometimes just demands it, so they’re willing to go ahead and pay a little more freight costs to go ahead and get it there [but] still not offsetting what’s being lost on the river.”  Both large and small companies have been impacted by low levels in the U.S. waterway system, which not only includes the Mississippi River but the Missouri, Illinois and Ohio rivers as well. “It’s going to have a negative [volume] impact in ag services [in] North America,” Juan Luciano, CEO of grain producer ADM (NYSE: ADM), said during the company’s third-quarter 2022 earnings call on Oct. 25. ADM produces grain in both North America and South America. A portion of North American soybean export volumes will likely be lost this season, while the window for the corn exports will probably be extended into the first quarter, Luciano said.  ADM’s South American operations may also be able to export more grains, which should help offset any declines in North America. But Luciano said North American products could see a “pop” in their margins since the scarcity makes the products and destination more naturally valuable. For their part, North American railroads say they are working with customers to ship more grain. “[Kansas City Southern customers] continue to have the same great options they have always had, including direct access to the Gulf of Mexico at multiple locations,” KCS said in a statement to FreightWaves. “Historically, barge freight was the most cost effective option. However, this year, due to drought conditions, shippers have needed alternatives. As a result, KCS has converted some business to rail. “While minimal volumes have been converted, we continue to have conversations with customers. In all cases, KCS is looking for win-win opportunities and solutions for new and existing customers, which in some cases means nontraditional KCS destinations.” In its Q3 2022 earnings call, Canadian railway CN (NYSE: CNI) said it expects to handle some grain volumes that would have otherwise used barge transport in the inland waterway system.  “It’s a great opportunity and we do parallel the [Mississippi] River,” CN Chief Marketing Officer Doug MacDonald said.  CN is working with customers, although the railway also has to be mindful of terminal capacity, according to MacDonald. The railway operates both to western Canadian ports and to New Orleans via a north-south line that originates in Canada and cuts through the U.S. Midwest.  Union Pacific (NYSE: UNP) is also shipping additional grain, but, like CN, the railroad has to be mindful about not overselling capacity, according to comments this week.  “We are in a position to be able to help our customers because of our franchise,” UP President and CEO Lance Fritz said Tuesday at the Stephens Annual Investment Conference in Nashville, Tennessee. “They came to us because we have a wonderful shot from the Great Lakes, from the growing regions down to the Gulf. [But] we have to be careful because with our constrained crew base, there’s limited capacity. And if we wholesale shift to grain, somebody else — who we’ve committed to — is having a bad time. So there’s a lot of moving parts there.” Norfolk Southern (NYSE: NSC) President and CEO Alan Shaw confirmed at the same investor conference that NS has been handling additional grain and that the company has been able to participate in grain export opportunities that weren’t previously available.  Tyler Durden Mon, 11/21/2022 - 10:30.....»»

Category: dealsSource: nytNov 21st, 2022

Futures Flat As Crushing 37bps Curve Inversion Screams Recession

Futures Flat As Crushing 37bps Curve Inversion Screams Recession US futures are mixed on Thursday, first trading in the red, then turning green before moving unchanged, as investors shrugged off growth warnings from the bond market while Taiwan war fears faded further despite drills launched by China overnight. Oil bounced back from the lowest level in almost six months. Contracts on the S&P 500 were flat while Nasdaq futures were modestly green, suggesting the tech-heavy Nasdaq will extend an advance of 19% from its June 16 low on the back of a massive CTA, buyback and retail-driven buying frenzy. In premarket trading, Alibaba gained 3.4% after reporting revenue for the first quarter that beat the average analyst estimate. Adjusted earnings per American depositary receipt also topped expectations. Altice USA shares jumped 5% after the cable television provider reported second-quarter results and announced it received inquiries for its Suddenlink assets. US-listed Chinese tech stocks including JD.com, Pinduoduo and Baidu rise in premarket trading Thursday as Alibaba shares jump 3.9% after reporting better-than-expected revenue in the first quarter. Here are some other notable premarket movers: AMTD Idea (AMTD) shares slump 11.5% putting the Hong-Kong based financial services firm on track to slump for a second straight day after a wild 237% jump earlier this week. Eli Lilly (LLY) falls 2% after the company cut its adjusted earnings per share forecast for the full year. Equinox Gold Corp. (EQX) slides 2.5% after reporting second quarter results that missed consensus analyst estimates for revenue and posted a loss per share, and announced a CEO change. Fastly Inc. (FSLY) shares are down 7% after the infrastructure software company reported second quarter revenue that beat expectations. Gannett Co. Inc. (GCI) shares plunge 5% after the company lowered its full-year revenue and Ebitda outlook, citing “current economic conditions.”. Kohl’s Corp. (KSS) was downgraded to market perform from outperform at Cowen, with analyst Oliver Chen saying a “weakening and inflationary consumer backdrop” could drive EPS downside. Shares decline 3%. Pacific Biosciences (PACB) 2Q results look broadly in line but guidance has been cut significantly, albeit this is not a major surprise, analysts say. Shares down 4% in US premarket trading. Revolve Group Inc. (RVLV) shares are down 13% after the e-commerce fashion company reported quarterly net sales and earnings per share that fell short of analysts’ expectations. Skillz (SKLZ) shares tumble 11.6% after the mobile games platform operator cut its full-year guidance for revenue, with Citi noting that revenue and user metrics disappointed. Under Armour (UAA) is downgraded to neutral from outperform at Baird, which says its view of the athletic-wear retailer’s near-term prospects has “deteriorated materially” over the past two quarters, and faces further pressure from an uncertain macroeconomic environment. The stock declines 0.5% in premarkettrading. Yellow Corp. (YELL) shares jump 37% after the logistics company reported earnings per share for the second quarter that beat the average analyst estimate. So far US stocks have proven resilient to heightened bond market anxiety and an inverted Treasury yield curve flashing warnings on economic risks, as the S&P 500 climbs back toward the highest level in two months ignoring the screaming recession warning from the 2s10s curve which is now 37bps inverted. But a global wave of monetary tightening risks upending those gains. The Bank of England unleashed its first half-point hike since 1995 in an effort to control inflation, joining some 70 other institutions around the world moving rates up in outsized steps. “There’s an intense tug-of-war happening in the economy and markets,” said Dan Suzuki, deputy chief investment officer at Richard Bernstein Advisors. “On one side, you have a narrative that reasonable growth is going to support continued inflation pressure and keep the Fed hiking. The other narrative is that slowing growth is going to ease inflation and allow the Fed to stop hiking.” Meanwhile, US-China tension remains among the uncertainties clouding the outlook. Taiwan braced for the Chinese military to start firing in exercises being held around the island in response to US House Speaker Nancy Pelosi’s visit. Here are the latest headlines surrounding Taiwan/Pelosi: China's Taiwan Affairs Office said the Taiwan issue is not a regional issue but is a China internal affairs issue, while it added that punishment of pro-Taiwan independence diehards and external forces is reasonable and lawful. Taiwan's Defence Ministry said unidentified aircraft which were likely drones, flew above Kinmen Islands on Wednesday night, while the military fired flares to drive away the aircraft, according to Reuters. Taiwan's Defence Ministry said troops will continue to reinforce alertness level and are carrying out daily training as usual, while the military will react appropriately to an enemy situation and safeguard national security and sovereignty, according to Reuters. ASEAN Foreign Ministers are concerned about international and regional volatility and are concerned volatility could lead to a miscalculation, serious confrontation, open conflicts, and unpredictable consequences among major powers, according to Reuters. US House Speaker Pelosi plans to visit an inter-Korean border area jointly controlled by the American-led UN Command and North Korea, according to a South Korean official cited by Reuters. China's PLA has added an additional zone for its military exercise encircling Taiwan starting Thursday, exercises have been extended until Monday at 10:00, via dwnews' Yang citing Taiwan's port authority. Now seven zones around Taiwan. Gains in the Stoxx Europe 600 Index were led by retailers, leisure and technology firms, alongside an advance in shares of Chinese tech companies.  Among individual stock moves, Glencore Plc shares fell as much as 2% as its capital return plans overshadowed solid first-half results. Ubisoft shares surged as much as 21% after Tencent reached out to Ubisoft’s founding Guillemot family and expressed interest in increasing its stake, according to Reuters. Here are the most notable European movers: Rolls-Royce drops as much as 12% in London. Jefferies highlights that 1H adjusted Ebit came in 24% below consensus, is disappointed Civil margin “once stripped of a number of one-offs, remains well below breakeven.” SES shares drop as much as 10%, the most intraday since April 2020, as some analysts raised doubts about a potential combination with Intelsat after the FT reported deal talks between the two companies. Ambu falls as much as 16%, the most intraday since May 6, after the company slashed its organic revenue forecast for the full year and said it will cut about 200 jobs from its global workforce. Lufthansa gains as much as 7.4% after the airline forecast a “significant increase” in earnings in the third quarter compared to the second and provided a clearer outlook for full-year profit, predicting adjusted Ebit of more than EU500m. Next shares climb as much as 3.2% after the UK apparel retailer reported better-than-expected 2Q sales and raised its profit outlook for the year. Adidas shares gain as much as 4.4% after the German sportswear company reported 2Q results that were largely in line with expectations, following last week’s profit warning. Merck KGaA shares rise as much as 1.7% after the German pharmaceutical group’s 2Q report showed stable growth for its Life Science division despite abating Covid-19 tailwinds, with Jefferies saying it sends a “positive message” for the rest of 2022. Earlier in the session, Asian stocks rebounded as easing tensions over Taiwan and overnight gains on the Nasdaq fueled a rally in Chinese tech shares ahead of key earnings reports. The MSCI Asia Pacific Index climbed 0.5%, set for its first gain in three sessions. Alibaba, which is scheduled to release earnings later Thursday, and e-commerce peers Meituan and JD.com helped boost the Hang Seng Tech Index as much as 3.4%, most in more than a month. Other benchmarks in Hong Kong and South Korea’s tech-heavy Kosdaq were among the region’s outperformers.  “Hong Kong stock markets are getting re-rated after seeing the risk-off mood due to Taiwan tensions, as there were no military conflicts,” said Xuehua Cui, a China equity analyst at Meritz Securities in Seoul.  US House Speaker Nancy Pelosi left Taiwan after reaffirming US support for the democratically elected government in Taipei. China responded with trade curbs and military drills.  Elsewhere in Asia, the main Philippine index reached its highest since June 10 on foreign inflows. Asia’s key stock benchmark has rebounded from its July low, but its recent recovery has been lagging behind US peers amid a property crisis in China and heightened geopolitical risks. Japanese equities erased earlier gains and slipped as Toyota announced first-quarter earnings that missed estimates and as investors continue to evaluate corporate earnings both domestically and abroad.  The Topix Index was virtually unchanged at 1,930.73 with Toyota Motor leading declines as of market close Tokyo time, while the Nikkei advanced 0.7% to 27,932.20. Toyota Motor shares dropped during market hours as the automaker reported disappointing first quarter earnings and kept its conservative outlook for the current year. Out of 2,170 shares in the index, 1,198 rose and 849 fell, while 123 were unchanged. “Toyota Motor’s financial results confirmed that the impact of high raw material and fuel prices was strong enough to offset the effects of the weak yen,” said Shuji Hosoi, an analyst at Daiwa Securities. “The fact that the company didn’t change its full-year operating income forecast negatively impacted the markets, which had been expecting an upward revision.” India’s Sensex index snapped a six-session rally, dragged by Reliance Industries and leading lenders, on risk-aversion ahead of a monetary-policy announcement on Friday.  The S&P BSE Sensex fell 0.1% to 58,298.80, in Mumbai, after paring decline of as much as 1.3% in the session. The NSE Nifty 50 Index was flat. Both gauges posted early gains and appeared headed for their longest winning streaks since October 2021, but reversed course.  “The sudden drop in indexes is most likely led by ‘basket selling’ from foreign portfolio investors ahead of the central bank’s rate decision on Friday,” said Abhay Agarwal, a fund manager at Piper Serica Advisors. “Stocks have gained for six straight sessions and investors may want to reap gains ahead of a major policy event.” Reliance Industries fell 1.3%, while State Bank of India and Axis Bank led declines among lenders.  Economists expect the Reserve Bank of India to raise rates for a third consecutive time on Friday but remain divided on the level of the hike aimed at fighting inflation and supporting a weakening currency.  Of 30 shares in the Sensex index, 17 rose and 13 fell. Both of India’s equity benchmarks had gained least 5.5% in previous six sessions driven by $1.7 billion of net purchases by foreigners since the end of June amid signs that inflationary pressures are cooling.  Eight of the 19 sector sub-indexes compiled by BSE Ltd. declined on Thursday. A measure of telecom stocks was the worst performer among the sectoral measures. In FX,  the dollar consolidated as traders awaited US payrolls data due later in the day for clues on the pace of future Federal Reserve rate hikes. Sterling tumbled after the BOE delivered its biggest rate hike in 27 years, pushing rates up by 50bps, however it also warned of a devastating stagflation, hiking its inflation forecast to 13.3% in October even as it predicted a harrowing 5-quarter long recession. In rates, Treasuries were moderately cheaper across the curve - which continues to invert deeply with the 2s10s now -37bps, the biggest yield curve inversion since 2000 as traders increased wagers on Federal Reserve rate hikes ahead of Friday’s US jobs data - as US stock futures added to Wednesday’s gains.  The US 10-year yield dropping to 2.70% as Federal Reserve officials indicated they were resolute on aggressive hikes to cool inflation, dashing market hopes they were ready to embark on a shallower rate path. Treasuries offered little initial reaction to Bank of England decision to hike rates 50bp in an 8-1 vote while warning of a 5 quarter-long recession. Front-end yields cheaper by ~2bp on the day, flattening 2s10s and 5s30s spreads by ~1.5bp and ~0.5bp; 10-year yields around 2.71% trade cheaper by 5bp vs bunds.  European long-end bonds nudged higher. In the UK, focus is on the Bank of England’s rate decision, with a majority of economists anticipating a 50-basis-point hike. In commodities, oil drifted 0.2% lower to trade at the $90 level as investors weighed weaker US gasoline demand and rising inventories against a token supply increase from OPEC+. Spot gold rises roughly $20 to trade near $1,787/oz. Base metals are mixed; LME lead falls 1.1% while LME zinc gains 1.2%. Bitcoin slips back below the USD 23k mark but remains in relative proximity to the level in a tight range. Looking to the day ahead now and we have US June trade balance and Initial Jobless Claims, Germany June factory orders, July construction PMI, UK July new car registrations, construction PMI, Canada June building permits and international merchandise trade. Earnings will include Alibaba, Eli Lilly, Toyota, ICE, ConocoPhillips, Bayer, Glencore, Cigna, Rolls-Royce, adidas, Cheniere, DBS, Apollo, Lyft, Expedia, Deutsche Lufthansa, Warner Bros Discovery, Vertex Pharmaceuticals, DoorDash, Atlassian, Amgen, Block, EOG, Kellogg and AMC. Market Snapshot S&P 500 futures little changed at 4,153.75 STOXX Europe 600 up 0.2% to 439.32 MXAP up 0.4% to 159.68 MXAPJ up 0.6% to 521.36 Nikkei up 0.7% to 27,932.20 Topix little changed at 1,930.73 Hang Seng Index up 2.1% to 20,174.04 Shanghai Composite up 0.8% to 3,189.04 Sensex down 0.6% to 57,993.23 Australia S&P/ASX 200 little changed at 6,974.93 Kospi up 0.5% to 2,473.11 German 10Y yield little changed at 0.89% Euro up 0.1% to $1.0178 Brent Futures little changed at $96.78/bbl Brent Futures little changed at $96.75/bbl Gold spot up 0.4% to $1,773.19 U.S. Dollar Index down 0.13% to 106.37 Top Overnight News from Bloomberg China’s military fired missiles into the sea on Thursday in live-fire military exercises around the island in response to US House Speaker Nancy Pelosi’s visit, even as Taipei played down the impact on flights and shipping. The Bank of England on Thursday is expected to push through the biggest interest-rate increase in 27 years despite growing risks of a recession. European stocks edged higher on Thursday as investors continued to weigh the path of corporate earnings, while attention turned to the Bank of England’s policy decision later in the day. The dollar is close to a 20-year high, despite talk of its inevitable demise. While reluctant to add another article that ends up in traders’ trash cans, current pricing is extreme. Asia’s emerging economies are drawing on large foreign exchange reserves to help prop up their currencies rather than going all-out with interest-rate hikes. A more detailed look at global markets courtesy of Newsquawk Asia-Pac stocks were firmer as the positive momentum rolled over from global peers. ASX 200 was kept afloat by tech after similar outperformance of the sector stateside. Nikkei 225 briefly reclaimed the 28k level amid recent JPY weakness and as the earnings deluge continued. Hang Seng and Shanghai Comp conformed to the heightened risk appetite with firm gains in tech including Alibaba ahead of its earnings and with Hong Kong set to provide HKD 2k in consumption vouchers from Sunday. Top Asian News   China’s Yiwu city will conduct mass testing and China's Sanya city is on lockdown amid a COVID flare-up, according to state media. China Cancels Japan Meeting Over G-7 Criticism of Taiwan Drills SoftBank Raises $22 Billion Through Alibaba Derivatives: FT China State-Backed Builder’s Dollar Bonds Slump as Worries Mount Tiger Global Fund Halves Stake in India Food Platform Zomato Additional Share Sales Break Asia’s Usual Summer Lull: ECM Watch Li Ka-shing’s CK to Sell AMTD Stake After Unit Soars 14,000% European bourses are firmer across the board, Euro Stoxx 50 +0.9%, with the general tone constructive though the FTSE 100 lags pre-BoE amid GBP strength. Stateside, US futures have lifted from initial rangebound action, ES +0.3%, with specific newsflow limited pre-data/Fed speak Top European News Next Raises Profit Outlook as Hot Spell Spurs Fashion Buying French Tech Startup Back Market Said to Start Early IPO Prep Goldman, Bernstein Strategists Say Stocks Rally Can Fizzle Out European Retailers Outperform, Fueled by Zalando Relief Rally Czech Finance Minister Attending Central Bank’s Rate Meeting Credit Agricole’s Investment Bank Drives Earnings Beat FX DXY remains subdued in early European trade following a relatively contained APAC session; fresh session lows are seen heading into the US entrance. GBP/USD and EUR/USD are currently buoyed, but seemingly more as a function of the Dollar with the former gearing up for the BoE. A mixed session thus far for the non-US Dollars, with the Antipodeans leading the charge whilst the Loonie remained suppressed by crude prices. JPY resides as the current G10 laggard with recent Fed rhetoric fuelling a retracement of last week’s USD/JPY downside. Fixed Income Core consolidation after recent rampant upward move, knife-edge BoE looms; Bund Sep'22 towards mid-point of a +100 tick range. USTs are following suit with the yield curve flattening modestly but generally quite contained ahead of Mester (2022 voter, Hawk) who has provided commentary recently. Pre-BoE Gilts are supported, but in narrower parameters than EGB peers, as participants look for clarity on the 25/50bp debate as pricing implies a 90% chance of 50bp and circa. 150bp total by end-2022. Commodities Crude consolidates and moves with broader sentiment post-OPEC & pre-JCPOA. Currently, benchmarks are firmer by circa. USD 1.00bbl and towards the top-end of relatively/comparably narrow ranges. Saudi Arabia OSPs (Sep) vs Oman/Dubai average: Arab Light to Asia at USD +9.80/bbl (exp. 9.80-11.10/bbl), according to Reuters sources. Spot gold is bid and benefitting from a USD pullback that has sent the yellow-metal above the 50-DMA at best; base metals somewhat mixed. US Event Calendar 07:30: July Challenger Job Cuts YoY, prior 58.8% 08:30: June Trade Balance, est. -$80b, prior -$85.5b 08:30: July Initial Jobless Claims, est. 260,000, prior 256,000; Continuing Claims, est. 1.38m, prior 1.36m DB's Jim Reid concludes the overnight wrap One thing we can say for sure is that August hasn’t been dull so far and we’ve only had three days. This is all before the biggest BoE hike for 27 years (50bps) likely today, and then US payrolls tomorrow. Indeed, there have been some remarkable ranges in treasuries so far in the three days of August. In just over 24 hours from mid-afternoon London time on Tuesday, 2yr US yields moved from 2.83% to 3.18%, 5yrs from 2.58% to 2.96% and 10yrs from 2.52% to 2.83%. These all marked the high points as the three closed at 3.07% (+1.4bps on the day), 2.83% (-2.4bps) and 2.71% (-4.5bps) respectively, 11bps to 13bps off their intra-day highs immediately after a strong US services ISM yesterday. This led to a big curve flattening as 2s10s closed c.6bps lower at -36bps. This morning in Asia, treasury yields are pretty much unchanged. If that wasn’t enough, the Nasdaq 100 (+2.73%) surged to finish the day at a level last seen on May 4th leaving a strong S&P 500 (+1.59%) slightly behind. The narratives at the moment are struggling to be consistent though as equities have recently rallied on weaker growth that has been seen as helping to limit how far the Fed can hike. However yesterday equities rallied on stronger economic data regardless of the potential Fed impact. Discretionary (+2.52%), IT (+2.69%) and communications stocks (+2.48%) were the major drivers of the S&P. The broad rally lifted 79% of benchmark’s members with energy (-2.97%) being the only sector to close in the red as oil plummeted. Speaking of which, although the OPEC+ agreed to increase its September output by 100k bpd, way below the July and August increases north of 600k, crude’s short-lived almost +3% gain unwound fairly quickly, with both WTI (-3.87%) and Brent (-3.60%) weaker on lower US gasoline demand as consumers seem to be driving less. Oil is very slightly higher in Asia. In terms of earnings, Moderna (+16%), PayPal (+9.25%) and CVS (+6.3%) were among top performers in the S&P 500 after a combination of upbeat results and perhaps more importantly buy back announcements. Another interesting snippet from this earnings season came when Bloomberg reported that Meta is looking for a potential debut in bond markets. News of debt sales by Apple and Intel already came through earlier this week as well, supporting narratives of resilience in corporate debt markets. Dissecting the data, just before the ISM services was released, we got a slight upward revision for the US services PMI (47.3 vs 47.0) but the real surprise was the ISM services index itself. The print showed an unexpected expansion from 55.3 in June to 56.7 last month, the highest since April, while the median Bloomberg estimate stood at 53.5. The employment index also improved to 49.1 from 47.4 and business activity and new orders indicators were the highest since January, while prices paid plunged from 80.1 to 72.3. Another strong reading came from June factory orders that increased +2.0% (vs +1.2% expected), up from May’s revised reading of +1.8% (from +1.6% previously). This data dovetailed with comments from a list of Fed speakers over the last 24 hours, including Bullard, Daly, Barkin and Kashkari, all saying that the central bank is not close to finishing its work and markets shouldn’t expect a quick reversal to cuts. This all supports our view that the US isn’t in recession yet. As we’ve said many times before we think it’s almost inevitable it does go into one within say 12 months but that we still might need the lagged impact of an aggressive (but necessary) series of rate hikes first to get us there. The risks to this view in terms of an earlier recession would probably be due to a sudden self fulfilling loss of confidence as everyone talks about imminent recession risk, or if financial conditions dramatically collapse. To be fair the latter was very worrying by mid-June but we’ve seen a tremendous loosening since. Over to Asia and the strong gains in US equities are echoing in Asia with all the key markets trading higher. As I type, the Hang Seng (+1.78%) is leading the way across the region helped by gains in Chinese technology companies with shares of Alibaba climbing around +5.0% ahead of its earnings results later today. Elsewhere, the Nikkei (+0.54%), and the Kospi (+0.36%) are trading higher in early trade. Over in Mainland China, the Shanghai Composite (+0.15%) and the CSI (+0.40%) are both trading in the green. Outside of Asia, stock futures in the US are pausing for breath with contracts on the S&P 500 (-0.10%) and NASDAQ 100 (-0.20%) moving slightly lower. Early morning data showed that Australia’s trade balance swelled to a record high of A$17.67bn in June (v/s A$14.0bn expected) from A$15.97bn in May driven by strong prices of key exports from grains to metals and gold. Elsewhere, although Pelosi left Taiwan yesterday without incident, remember that China will start 4 days of military drills today around the island. So be prepared for headlines to come through. Back to yesterday and European shares rallied but missed the main part of the US climb with the STOXX 600 closing with a +0.51% advance for the day after a steady march higher throughout the session. It was an across-the-board rally led by IT (+2.78%), financials (+1.60%) and discretionary (+1.52%) stocks. The few sectors in the red - utilities (-0.94%), healthcare (-0.92%) and communications (-0.35%) - were left behind by a risk-on mood. Speaking of European utilities, it is a sector that has faced challenges not only amid the Russian gas story but also the extreme heat in Europe. Our European economists cover implications of the drought-driven low water levels for the German economy here. As a reminder, it was an important topic back in 2018 but today’s situation with gas supplies reinforces its effect given coal plants’ reliance on waterways for supplies. Linked in, yesterday’s announcement by Uniper about potentially limiting output at a coal plant in Germany sent gas futures in New York up by almost +10%, with contracts holding on to a +7.71% gain by the close of US markets. Other companies depend on water traffic too and water-intensive industries are likely to get affected as well. Earlier this week EDF has warned about potential further nuclear power cuts as river water, used for plant cooling, becomes too warm. Expect this to be an increasingly pertinent and market-moving issue across industries. Diving back into market movements, the bullish sentiment in European stocks was strong enough to overpower surging yields. In Germany the belly of the curve surged, with 5y yields (+7.6bps) racing ahead of both the front end (+6.9bps) and the 10y (+5.6bps) that was mainly upheld by higher breakevens (+6.1bps). While a similar story was seen in France (OATs +3.4bps), Italy stood out with an across the curve decline in yields. 2s10s still flattened as the 2y yield (-1.5ps) fell by less than the 10y (-4.1bps). We should note that US yields rallied 7-8bps after Europe closed. Central banks and yields will be in focus today as well since today’s BoE’s meeting will likely be top of the list in terms of events for European markets and our UK economists expect the Bank to hike by +50bps (taking the Bank Rate to 1.75%). Their full preview is here. This hike would imply the largest single Bank Rate increase since 1995 and come amid the 9.4% CPI print for June, a 40-year high. They also updated their growth outlook for the country yesterday (link here) and now expect the economy to contract in Q4-22 and Q1-23 in a short and mild technical recession. Gilts behaved similar to other European bond markets yesterday, with the 2y yield (+7.1bps) rising by more than the 10y (+4.4bps) but both lagging the 5y (+9.0bps). Staying with Europe and briefly returning to yesterday’s other data releases, Germany’s exports accelerated to +4.5% in June, way ahead of the +1.0% median estimate on Bloomberg’s and May’s revised +1.3% (from -0.5% previously). Imports came in softer than expected, however, slowing to just +0.2% (+1.3% expected). Elsewhere, Eurozone’s retail sales contracted -3.7% yoy in June, missing estimates of -1.7%. The PPI accelerated to a monthly gain of +1.1% in June relative to the prior +0.5% (revised from +0.7%). To the day ahead now and we have US June trade balance, Germany June factory orders, July construction PMI, UK July new car registrations, construction PMI, Canada June building permits and international merchandise trade. Earnings will include Alibaba, Eli Lilly, Toyota, ICE, ConocoPhillips, Bayer, Glencore, Cigna, Rolls-Royce, adidas, Cheniere, DBS, Apollo, Lyft, Expedia, Deutsche Lufthansa, Warner Bros Discovery, Vertex Pharmaceuticals, DoorDash, Atlassian, Amgen, Block, EOG, Kellogg and AMC. Tyler Durden Thu, 08/04/2022 - 08:25.....»»

Category: smallbizSource: nytAug 4th, 2022

Bomb Cyclone To Unleash Atmospheric River Over Northern California

Bomb Cyclone To Unleash Atmospheric River Over Northern California A "bomb cyclone" will unleash an atmospheric river Saturday night into Sunday across Northern California.  "By Saturday night, a rapidly intensifying Pacific cyclone directing a powerful atmospheric river squarely at the West Coast delivers a fire hose of rich subtropical moisture into California," the Weather Prediction Center (WPC) said Friday.  These two simultaneous weather phenomenons will result in the season's first snow event in the Sierras and torrential rains for the coastline and valleys across central and Northern California.  "You might hear this term referencing the Sunday-Monday storm coming our way. A bomb cyclone is simply a storm that gets very strong very quickly. It drops at least 24 mb (a unit of pressure) in 24 hours. The lower the pressure, the stronger the storm," said Sacramento-based KTXL's Adam Epstein.  In Northern California, rainfall estimates through the end of the weekend are around 2-4 inches. In San Francisco, estimates are upwards of 3 inches.  WPC warns that some areas could receive 8-10 inches. ⚠️A HIGH Risk of Excessive Rainfall is in effect for portions of Northern California tomorrow. A strong atmospheric river will produce rainfall of 8-10 inches in the region, leading to significant and life-threatening flash floods and mudslides, particularly over burn scar areas. pic.twitter.com/FvACBTpNID — NWS Weather Prediction Center (@NWSWPC) October 23, 2021 The rare level 5 atmospheric river event could be enough rain to alleviate drought-stricken areas ravaged by wildfires.  "An atmospheric river marked as a category 4 or a 5 is capable of producing remarkable rainfall totals over three or more days, likely to exceed 10% to 15% of a typical year's precipitation in some locations," said Marty Ralph, director of the Center for Western Weather and Water Extremes at the University of California San Diego. In higher elevations, wet snow across the Sierras could amount to 1-3 feet.  SEVERE STORMS: Tens of millions of Americans across the west are bracing for heavy rain, mudslides and more than a foot of snow. Here’s what you need to know: pic.twitter.com/AZqN0qCUTZ — CBS Evening News (@CBSEveningNews) October 23, 2021 The news gets better for Northern California and the Pacific Northwest as WPC has declared La Niña conditions, which means wetter than average conditions will ease areas plagued by drought. As for Southern and Central California, La Niña means a drier than average winter.  Tyler Durden Sat, 10/23/2021 - 13:00.....»»

Category: worldSource: nytOct 23rd, 2021

Luongo: Energy Subsidies, Bitcoin, & The Socialist Takeover That Isn"t

Luongo: Energy Subsidies, Bitcoin, & The Socialist Takeover That Isn't Authored by Tom Luongo via Gold, Goats, 'n Guns blog, “When you subsidize something, you get more of it." - RON PAUL I have a friend who once described Bitcoin to me as an organism which feeds on electricity subsidies. Bitcoin searches out the lowest cost of electricity available and consumes as much of it as it can to produce profit for the miners, since electricity costs are their biggest costs. This is partly why China, for years, attracted the lion’s share of Bitcoin mining. Miners could co-locate next to hydroelectric power plants in China and suck up every extra available cheap and subsidized kilowatt-hour. This is the essence of the free market. It finds inefficiencies and exploits them as capital flows to where it is treated best. It may be ‘predatory’ from the central planners’ point of view, but they opened themselves up to this effect the moment they intervened by subsidizing the market in the first place. Bitcoin exposed a structural weakness in China’s electricity grid this summer which was under massive stress thanks to drought conditions there dimming the output of its hydroelectric generators. This is partly why Chairman Xi Jinping took the aggressive steps to kick the Bitcoin miners out of China this summer. He could see the real costs of electricity rising as coal, oil and natural gas prices skyrocketed but, because of rate subsidies to end-users, revenue to power generating companies was flat. It served him in other strategic ways, like kicking out the flow of Bitcoin within the Chinese economy, cutting down would-be mining company financial oligarchs and ultimately lessening competition for the Digital Yuan. The response from the Socialist is always the same, however. Today Russia is getting blamed for gas prices in Europe. Price gouging in a crisis a moral failure, not the original wealth transfer (itself a theft) from one group of people to another, which is what an electrical subsidy is. They see this as a market failure because to them the greater good is served by subsidizing certain aspects of the economy to achieve political and/or social goals. And, in some ways, they may be correct, but you’ll never know it because there can be no rational calculation of the costs versus the benefits, c.f. Mises’ critique of Socialism from 1921. You see, the market is neutral. It doesn’t have a perspective other than expressing the very human response of seeing an arbitrage opportunity and exploiting it. Rather than being a failure of the free market, Bitcoin miners seeking out and exposing the unsustainability of electricity subsidies is a massive success of market principles. It is firmly rooted in actual human behavior rather than some fantastical one created by a central committee and the force of the gun. China kicking out the Bitcoin miners only forestalled the day of reckoning for its energy industry because their presence was a symptom of a deeper problem not the source of the problem itself. Today, four months later China is now rationing electricity to force demand down. Rather than let market forces raise the prices, divert capital away from energy intensive (and possibly uneconomic) activity and give accurate signals to producers and consumers, China will do the authoritarian thing to blame the people and take away a basic function of a first world society. This is a simple, yet dramatic, example of what’s fundamentally wrong with the world we live in today. China isn’t the only one guilty of this. Subsidies like these are everywhere and they do nothing except create pricing dislocations which attract massive amounts of capital creating economic bubbles in price. If you’re wondering where this headline could come from: Zerohedge answers it with the pullquote. In fact, it is the Austrian School critique of these subsidies which is its core competency; to explain in real terms why government intervention in a market ultimately subsidizes overinvestment in one activity at the expense of another. Capital at any given moment is finite. That means there is competition for it ceteris paribus. That competition means that if better profits can be made mining Bitcoin in China rather than building a new road or gas pipeline, then that’s what will happen. We can create more capital but that requires time, ingenuity and labor. Capital compounds at a pretty linear rate and all we do with things like deficit spending is pull forward capital from the future to subsidize production in the present. Today we produce far more electricity than we use. It’s estimated that as much as 30% of global electricity goes to ground. Bitcoin uses up less than 0.5% of that wasted electricity. It’s actually performing a major market function to blow apart these layers of bureaucratic insanity by preying on a fraction of this over-production. Since prices are set at the margin, small demand or supply shocks can create massive spikes or drops in price if the market is operating at peak capacity. If you really stop to think about it, it’s quite astounding that the world’s economic system is this vulnerable to this basic application of free market principles. Today Bitcoin mining is co-locating next to the cheapest electricity produced on the planet, next to volcanos and nuclear power plants. It’s coming to America in a big, big way where it will further expose rural electrical subsidies here in the U.S. just like it did in China. But, for now, this organism is healthy, strong and in no danger of dying from the heavy hand of inept socialists. French Fried Grid Lines What prompted this article was my reading with a certain perverse glee that France is dealing with the same problem China has but in a different way. They are now suspending a planned tax hike in electricity tariffs because prices to the French consumer are spiking thanks to rising gas, oil and coal prices that its nuclear power infrastructure can’t overcome. Even if France fully passed on the input cost rises to the consumer, the tariffs the government charges for using electricity are another form of subsidy, not to the electricity generator, but to government itself. Why was France considering raising taxes on electricity during a global energy price spike? Because its government spends too much money, doing what…? …regulating its economy, which it has done an objectively miserable job of. So, to subsidize its bloated and now openly tyrannical government France wanted to squeeze its citizens for more money to keep that arrangement in place: to fund The Davos Crowd’s mandates about COVID-9/11 vaccines, restrictions on travel, blasting protestors with water cannons… you know, protecting and serving the public. But with massive protests around the country and the people’s falling confidence and patience with its government, France had to back off lest this latest tax hike enflame passions there even more six months out from a Presidential election. In typical central planner Newspeak they called the simple act of not raising taxes, the ultimate form of government aggression, ‘price protection.’ It’s patently absurd for them to frame it this way when the last thing the French government actually does is protect its people, except those that work for it, from, well, anything. He {French Prime Minister Jean Castex} said any new natgas tariffs following Friday’s scheduled 12.6% hike would be postponed until prices decrease in late March/April, adding that it will shield 5 million households who are on floating-rate contracts. Castex said the French government would lower taxes on power prices, capping the scheduled increase in residential electricity tariffs at 4% in February. In the midst of an energy price crisis the French government, in a blatant pander to voters for the 2022 election, not only scrapped raising taxes but also further subsidized lower income households, encouraging them to use even more electricity and worsening the government’s fiscal position. Someone has to pay to move those electrons around just not those that might vote to re-elect Emmanuel Macron. These are decisions not made with any long-term economic benefits in mind, but rather the most crass short-term political consequences trying to put a band-aid on a government-inflicted wound on the people themselves. “The government is good at one thing. It knows how to break your legs, and then hand you a crutch and say, ‘See if it weren’t for the government, you wouldn’t be able to walk.” - HARRY BROWNE Capital Gone Walkabout Meanwhile, Germany is now running out of coal, as a major coal power plant there had to shut down because it ran out. German utility Steag halted its coal-fired power plant Bergkamen-A after it ran out of hard coal supplies amid an energy crunch globally and logistics challenges domestically, the company told Bloomberg on Friday. “We are short of hard coal,” Steag spokesman Daniel Muhlenfeld told Bloomberg via email. Germany has been the poster child for Europe’s Quixotic quest for carbon-neutrality. What it’s wound up with is windmills not spinning (and the birds chirped in excitement), solar panels covered in snow when the cloud cover clears and gas prices never before seen in history, at over $1200 per thousand cubic meters. Oil prices keep trying to fall and new conflicts and controls keep trying to push the price higher, be it from OPEC+ members trying to subsidize their national governments, or the U.S. actively pushing supply off the market to subsidize its LNG exports. But, none of the price rise is because we’re running out but because supply is being artificially restricted by central planners wanting to create a false reality. How does anyone expect the mighty German industrial economy to absorb these costs without some kind of output slowdown? The answer is no one. In fact, if you think through the situation, it’s clear Davos is happy about this because this puts downward pressure on growth, starving out Germany’s powerful industrial and middle class, who stand confused as to the cause, if the results of the election there are any indication. Because those people produce wealth. Growing wealth to those of limited understanding is problematic. If the world is finite, they argue, growth must be finite. That’s only true, however, at any single point on the timeline of our understanding of the universe. Tomorrow we’ll figure out some new thing, some new efficiency, material or overcome some obstacle we didn’t have time for yesterday. We’ll take our surplus time we earned as profit today and deploy it to fix some other problem tomorrow, opening up new pathways for growth. But this type of growth, where it isn’t directed by oligarchs and governments who stand in front of them, is somehow evil or unsustainable. Yeah, for them. For the past fifty years they’ve been telling us peak oil would end modern civilization and yet, absent their manipulations of energy markets through lockdowns, wars, currency manipulation and regulation, the real price of oil has risen just 12% over the past fifty years, when indexed for inflation, which they manipulate to the downside to sustain their power. One could easily argue that today’s price shocks aren’t any more sustainable than any other commodity whose supply and demand fundamentals are driven by politics more than they are the markets themselves. Remove those obstacles and I bet we’ll see oil production subsidies driven out of the market the same way that bitcoin drove China and France to ‘protect consumers’ from electricity subsidies. We had to invent a new word to describe the fight over energy, geopolitics, because of our adherence to the socialists’ maleducation on basic human behavior. We also had to invent a new definition of inflation in the age of money unmoored from the stored energy of gold and other hard assets, based on prices not the supply of money. Instead of basing our money on our past work, tokenized by gold, they gave us a money based on what we will produce for them, debt. What I didn’t show in the above graph is the stability of oil in real terms before we entered this era. All Malthusian arguments about the end of cheap energy are themselves indefensible and unsustainable and yet that is all we are ever told is coming. They deny the Marginal Revolution (1871-74) in economics, which negated all of Marx’s complaints about capitalism before his death (1883), and yet his idiotic ideas fuel the unquenchable thirst for power of midwit oligarchs and the envy of their socialist useful idiots. When someone is lying to you, you really owe it to yourself to ask why. Davos has broken the world supply chain for energy for the sole purpose of proving a point that history itself has already debunked, Facebook be damned. They do this, nominally, in the name of sustainability, arguing the wastefulness of capitalism is the end state of it. But, as I’ve already shown with bitcoin and electricity, oil and money printing, it is the over-production of something through subsidization that creates unsustainable waste and malinvestment which eventually has to be liquidated in a rational system. But instead of bowing to the rational, ending that system of privilege for them, they make the monetary system ever more irrational to the point of absurdity. Last year, Paul Krugman was calling the $1 trillion coin “an accounting gimmick” that “wouldn’t even fool anyone”, now he’s all in on the illegal power grab with a New York Times column headlined, “Biden Should Ignore the Debt Limit and Mint a $1 Trillion Coin”. That only took a little over a year.   The End of Socialism This brings me to the final point of this essay. They are losing. They are losing not because they aren’t powerful or aren’t making our lives miserable but because their system of subsidy, which produces unearned wealth (or rent) for them is failing rapidly. They embarked on this Great Reset solely for the purpose of defaulting on their socialist promises made by buying off present generations with the labor of future generations. We call this in modern parlance debt. Now that the debt is unpayable and the future liabilities of their governments overwhelming everything they have unleashed a torrent of policies around the world to starve, freeze and kill off entire generations of taxpayers who they can’t afford to bribe anymore. COVID-9/11, no matter how you look at it, as a political operation has shortened lifespans in the U.S. by 18 months in 2020, according to the CDC. What will those numbers look like in 2021? This is a radical contraction which lifted trillions of unfunded liabilities in Social Security and Medicare payments from future U.S. governments. And they call libertarians heartless? Draw your own conclusions from this but I think you know what it means. Davos is purposefully shrinking the division of labor in order to prove the Marxist critique of capitalism correct when it has done nothing but lift billions out of poverty which the Malthusian central planners told us a century ago then was unsustainable. Central planners aren’t rational. They are simply tyrants who prey on the fear and weakness of people grown soft through abundance. Because in their mind sustainability is only measured by the continuity of their power over society not the actual economics of that society. The instability, chaos and conflict come from their inability to accept that someone else may have a better solution to society’s problems than they do. And what truly keeps them up at night is the gnawing feeling that the best system is the one where no one person or group of people could ever manage a system as complex and dynamic as seven-plus billion people acting in their own self-interest creating a spontaneous and self-correcting order which doesn’t need their help. When I look out today and see bills in the U.S. Congress to deny unvaccinated people from flying or children from getting an education all I see is a failing system of energy distribution and subsidy trying to protect itself from the ravages of its own stupidity. I’ve said it before and I’ll say it again here, power doesn’t prove you’re smart, it simply makes you stupid. Bitcoin, among other technologies, is slowly eating away at these unsustainable markets while the socialists in China, France and yes, Washington D.C. scramble to keep the central planners’ dream alive of a world where they control access to everything you need to live your most productive life. They are scared to death of a private banking system that doesn’t need them or a division of labor that coordinates production where their toll booths can’t collect. To them we are just livestock to be farmed, batteries to be discharged and liabilities on their balance sheets to be written down. Energy isn’t scarce, it is abundant. Human energy, that is. Oil is finite. So is gas. So is coal. But until we properly price its costs, we’ll never figure out what’s the best replacement for them and at what point in time that change should occur. Between now and then it will be a long, cold winter. “I know you’re out there. I can feel you now. I know that you’re afraid. You’re afraid of us. You’re afraid of change. I don’t know the future. I didn’t come here to tell you how this is going to end. I came here to tell you how it’s going to begin. I’m going to hang up this phone, and then I’m going to show these people what you don’t want them to see. I’m going to show them a world without you, a world without rules and controls, without borders or boundaries, a world where anything is possible. Where we go from there, is a choice I leave to you.”. - NEO, THE MATRIX *  *  * Join my Patreon if you want to subsidize the truth BTC: 3GSkAe8PhENyMWQb7orjtnJK9VX8mMf7ZfBCH: qq9pvwq26d8fjfk0f6k5mmnn09vzkmeh3sffxd6rytDCR: DsV2x4kJ4gWCPSpHmS4czbLz2fJNqms78oELTC: MWWdCHbMmn1yuyMSZX55ENJnQo8DXCFg5kDASH: XjWQKXJuxYzaNV6WMC4zhuQ43uBw8mN4VaWAVES: 3PF58yzAghxPJad5rM44ZpH5fUZJug4kBSaETH: 0x1dd2e6cddb02e3839700b33e9dd45859344c9edcDGB: SXygreEdaAWESbgW6mG15dgfH6qVUE5FSE Tyler Durden Sun, 10/03/2021 - 13:32.....»»

Category: blogSource: zerohedgeOct 3rd, 2021

Most Popular Sports Teams in Kansas

The man who invented basketball is a coach who came straight from the state of Kansas. Dr. James Naismith coached at the University of Kansas, and ironically enough, he’s the only coach in program history with a losing record. Because of his willingness to be so creative in the athletic realm, basketball is the most […] The post Most Popular Sports Teams in Kansas appeared first on 24/7 Wall St.. The man who invented basketball is a coach who came straight from the state of Kansas. Dr. James Naismith coached at the University of Kansas, and ironically enough, he’s the only coach in program history with a losing record. Because of his willingness to be so creative in the athletic realm, basketball is the most popular sport in the state. It also helps that the program is one of the most successful in the nation. However, they’ve had to go up against their biggest rival (Kansas State) every year. The Wildcats have one of the most consistent athletic programs in the nation. It feels as though they’re always in the thick of it, while still looking to get over every hump. Along with Central Florida and West Virginia, the Wildcats don’t have a championship in any sport to their credit. Their constant dominance and quality play make these truths hard to believe. These two teams aren’t from the only powerful programs in Kansas, by the way. Back in 2013, the Shockers announced their presence in the world of college basketball by advancing to the Final Four. While they lost to Louisville by four points, they showed the nation they were serious about returning to relevancy. Another sport that’s taken off in popularity in the Sunflower State is soccer. Sporting Kansas City is the only professional team to play their home games in Kansas, which means fans across the state show up for them. The Kansas City Chiefs and Kansas City Royals play in Missouri, but there are rumblings of the Royals relocating to Kansas in the future. For coverage on talented individuals born in Kansas, click here to read about the 10 biggest movie stars from the state. To gather this list of most popular teams in Kansas, 24/7 Tempo consulted sports-centered websites. These include MLS.com, ESPN and FOX Sports.  Kansas Jayhawks Basketball The Jayhawks are always one of the best basketball teams in the nation. Few teams have had the same dominance level in sports as the Kansas Jayhawks men’s basketball team. In fact, the team won or tied for winning the Big 12 Conference fourteen years in a row between 2005 to 2018. They’ve won six national championships and they’ve been the runner-up six additional times. Legendary players like Wilt Chamberlain and Joel Embiid honed their skills at the college level in Kansas before moving on to the NBA. When it comes to college basketball, few teams have the same respect next to their name like Kansas. Every year, the team and its fans expect to win the championship, which Bill Self intends on doing for the rest of his career.  Kansas Jayhawks Football The Kansas Jayhawks beat the UNLV Rebels in the Guaranteed Rate Bowl. Up until 2022, the Jayhawks football team was an after-thought. They struggled to place a competitive team on the field for years. In fact, between 2010 and 2021, the Jayhawks won a total of 23 games. That’s an average of about two games per season. However, Lance Leipold turned the program around with the help of players like Jalon Daniels. In just three seasons, Leipold brought the team back to its first bowl game in a while, a victory against UNLV. He’s also talked about how much it means to him to build his own program, not inherit one. Jayhawks fans should be happy and excited for what the future has in store for the team.  Kansas Jayhawks Women’s Basketball Kansas and Kansas State have an intense rivalry in both men’s and women’s basketball. Women’s basketball has taken off in popularity over the last couple of years. Talent like Angel Reese and Caitlin Clark helped propel the sport to new heights. While the Jayhawks women’s team hasn’t had the same level of success the men’s has, they’re certainly headed in the right direction. While it isn’t the NCAA Tournament, coach Brandon Schneider guided the team to the women’s NIT championship in 2023. The NIT championship is still an impressive feat. Hall of fame player Lynette Woodward played her college basketball at Kansas back in the day. She once played for this incredible team. The Jayhawks have a plan to keep the success going, which should give fans confidence going forward.  Kansas State Wildcats Basketball One of the best college basketball players in the 2000s was Michael Beasley, who played for Kansas State. There’s nothing quite like college basketball rivalries. Unlike football, basketball fans are seated right next to the court and players. Basketball stars can easily hear what fans are screaming in their ears. The Kansas State Wildcats are the ultimate rival for the Kansas Jayhawks. Fans line up outside the building hours before tipoff, even in the freezing temperatures Kansas is known to have. In his first season as coach in 2023, Jerome Tang helped the Wildcats get to the Elite Eight. That’s where they suffered a crushing loss to Florida Atlantic. However, Coach Tang has instilled work ethic and pride amongst his team fans have been wanting. The Wildcats are still looking for their first championship, and Coach Tang intends on delivering that sooner than later.  Kansas State Wildcats Football One of the teams to play in the meme filled Pop-Tarts Bowl in 2023 was the Kansas State Wildcats. Finding a good football coach is hard to do. Keeping them around is even more challenging. The Kansas State Wildcats are coached by Chris Klieman as if now. He had some of the biggest shoes in the world to fill after Bill Snyder retired. Coach Klieman won four national championships at North Dakota State, and has brought that same level of success to the Wildcats. He’s already won a Big 12 title, but is still looking for his first playoff appearance. With the playoff expanding to 12 teams, the Wildcats will be one of the teams likely to make it. Once they’re in, all that matters is winning your next game. The playoff has been the best thing to happen to college football, and plenty of Wildcat fans are excited to see what comes from it.  Kansas State Wildcats Women’s Basketball The Kansas State Wildcats are on the hunt in 2024, putting themselves high on the list of teams who could win it all. The 2024 season has been special for the Kansas State Wildcats women’s basketball team. They’re going to make the tournament and have dominated the competition all season. Coach Jeff Mittie has the Wildcats looking right, after a few years of struggling to make a deep postseason run. This could be the season the team breaks past the Sweet Sixteen. One of the best parts of college basketball (both men’s and women’s) is the tournament. While it’s easier to say who the dominant teams are on the women’s side, all it takes is one bad day for a team to win. The Wildcats are searching for their first title, and thanks to their ability to click on all cylinders, 2024 may very well be the year for it to happen.  Wichita State Shockers Basketball Wichita State has given Kansas a run for their money in multiple matchups since their Final Four run in 2013. America loves an underdog story. That’s just what the Wichita State Shockers provided in their 2013 season. As the nine seed, they beat teams like Gonzaga to make it to the Final Four for the second time in school history. A crushing defeat to Louisville didn’t allow them to see their first title game, but it was still a wildly successful season overall. The Shockers were able to build off that intense run. They turned it into quite the college program from there. Basketball is “king” throughout Kansas, so there’s no shortage of talent to scout locally. The Shockers want to get back to where Gregg Marshall had them in the 2010s.  Wichita State Shockers Women’s Basketball The Wichita State women’s basketball team is working hard to get to the pinnacle of college sports. The Wichita State Shockers women’s team is looking to find the same fiery spark the men’s team did in 2013. Other than 2013, 2014, and 2015, the team hasn’t made it to the NCAA Tournament. It’s been difficult for the Shockers along the way. For a long time, they shared a conference with UConn. During that stretch, UConn was arguably the most dominant team in all of sports. Getting an automatic bid is the easiest way to make the tournament, which is what Wichita State would have needed to do. However, the Shockers have been cycling through coaches like no other. This reality should give fans some sort of peace that the athletic department does want to see success. As of 2024, Terry Nooner is getting the program back on track and where it should be.  Sporting Kansas City Sporting Kansas City takes pride in going into every game with the intention of winning. The only professional sports team to play their home games in Kansas is Sporting Kansas City. Their stadium is constantly packed, thanks to how easy it is to get to for locals. Instead of being in a busy downtown district, they play near a mall in the suburbs. That’s what helped cultivate a massive soccer following in the city. Another win is that Sporting Kansas City is one of the best teams in all of MLS. They’ve won two MLS Cups and four U.S. Open Cups. The soccer passion that runs through the state helped secure Kansas City as one of the host cities for the 2026 World Cup when it comes to North America.  Wichita Wind Surge The Wichita Wind Surge have only played two seasons, but have already made quite big waves. One of the most important parts of any successful Major League Baseball team is how good their minor leagues are at developing talent. The Wichita Wind Surge are part of the Minnesota Twins organization. Over the last five years, the Twins have been a highly consistent team in the baseball world. While the Wind Surge have only been associated with the team since 2021, they’ve helped the top talent in the Twins organization get ready to play ball at the next level. Ramon Borrego, the manager of the team, won Manager of the Year in 2022. His win goes to show how vital lower level teaching is.  Kansas Speedway Drivers like Bubba Wallace race around the track at Kansas Speedway each year. One of the biggest weekends in Kansas happens whenever NASCAR (or any other racing event) comes to town. This race, in particular, takes place at the Kansas Speedway. The 1.5 mile course provides unique turning angles and different circumstances than other tracks. Because of how hot and humid it is during the summers in Kansas, tires get worn down quicker. Drivers have to be cautious and drink tons of water during the race in order to stay hydrated. These variables provide some of the most memorable moments in racing for fans. Over the years, Joey Logano has taken home the most victories of any driver at Kansas Speedway. Another perk to the track is the fact there’s a casino right next door. Since sports gambling is legal in Kansas, fans are welcome to place bets before heading over to the track to watch the events.  Kansas Jayhawks Baseball The Kansas Jayhawks baseball team wants to have the same level of success as the basketball team. College baseball provides a trusty place for players to prepare their skills for the next level. Baseball is one of the few sports athletes can get drafted in after high school. The Jayhawks baseball team is helping college students turn their dreams into a reality. The program’s best player in history was Bob Allison. During his professional career, Allison won the AL Rookie of the Year in 1959 and enjoyed three All-Star appearances during his 12 year career. The Jayhawks are still in search of their first College World Series victory. It’s been a while since they last made it out of the regionals, but manager Dan Fitzgerald has his eyes set on the big picture.  Kansas State Wildcats Baseball Fans pack stands like this during baseball season for the Kansas State Wildcats. In his five years as manager, Pete Hughes has helped the Wildcats improve every season. The Wildcats are still looking for their first College World Series title as it stands today. They’re aiming to achieve that before the Jayhawks do, thanks to their fierce rivalry against each other. Playing in the Big 12 means they have to play powerhouse teams like West Virginia to come out on top. Conference re-alignment is going to make things interesting this season and beyond. The Wildcats have shown that they can produce big league players over the last decade. Nick Martini, Jordan Wicks, and Will Brennan are all established players in the MLB who played their college ball at Kansas State.  Wichita State Shockers Baseball Few names are engrained in every baseball fan’s mind like Joe Carter, who played for Wichita State in college. The most successful college baseball team in Kansas is the Wichita State Shockers. They won the championship in 1989, with three appearances in the title game. However, this all took place in the 1980s and 1990s. The Shockers are looking to get back to their dominant ways in this modern era. Joe Carter is a player who’s remembered for his walk-off homerun to win the 1993 World Series. Alec Bohm of the Philadelphia Phillies played college baseball at Wichita State as well. Brian Green is in his first year managing the Shockers, and fans are excited to see where the team can get to under his watch. For more sports related content, click here to read the 22 most famous baseball quotes. The Modern Investment App For a Richer Tomorrow (Sponsored) Robinhood set out to democratize investing to individuals, and it’s not slowing down. The app makes it possible to buy and sell stocks, mutual funds, trade options, and even cryptocurrencies like Bitcoin (BTC) and Ethereum (ETH). With FDIC insurance ,an award winning design, and benefits like IRAs and more, Robinhood could be your path to a richer tomorrow. Sign up today using the link below or click here to start your journey. The post Most Popular Sports Teams in Kansas appeared first on 24/7 Wall St.......»»

Category: blogSource: 247wallst12 hr. 54 min. ago

With sale of Baltimore Orioles and Angelos law firm, an empire dismantles and an era fades

People who worked with Peter Angelos over the years acknowledge that the recent deals to sell the Orioles and his law firm secure the future of those companies, but say they don't transfer the kind of community engagement that one of Maryland's most prominent citizens used to make. John Pica thought about that hot summer when Baltimore didn’t have enough money to open its public swimming pools and Peter Angelos anonymously wrote a check. For Alan Rifkin, it was the drawerful of thank-you notes from not just law clients, but those who had reached out for help with their rent or getting into college. And for former Democratic Gov. Parris Glendening, the memory was Angelos complaining to him about how little the state had paid him for his legal services and using the word “only” in reference to “$150 million.” Those were among what sprang to mind when, in the space of the past four weeks, the family of the now-incapacitated Angelos sold first the Baltimore Orioles and then the renowned law firm that had won hundreds of millions of dollars for victims of asbestos. The two local institutions were the source of much of the wealth the 94-year-old Angelos amassed over his active lifetime, as well as the political power he came to wield and the largesse he spread around. But, while the dual sales secure the future of the team and the law firm, they don’t transfer the generosity and community and political engagement of one of Maryland’s most prominent citizens, say those who have worked with him over the years. “In some respect, there will be a void,” said Rifkin, himself an influential attorney. “Someone like Peter Angelos, who was larger than life and so civic minded and philanthropic and a champion of so many folks who needed his help, is irreplaceable.” Angelos retreated from his once high-profile public life as his health deteriorated, and as of about six years ago could no longer work or handle his affairs. A family feud erupted in 2022 in Baltimore County Circuit Court over control of his assets, and in its wake, pieces of his self-made fortune were sold off. At the end of January, news emerged that David Rubenstein, a Baltimore native and private equity billionaire, had agreed to buy the Orioles in a deal that valued the team at $1.725 billion. And on Wednesday, a judge approved the sale of the law firm to three of its senior attorneys. The family also has sold several properties from Angelos’ large real estate portfolio, with One Charles Center, the downtown architectural landmark where the law firm is headquartered, still on the market. The dismantling of the Angelos empire strikes Pica, a former Democratic state senator, as one more loss of “homegrown business leadership.” Baltimore once had a slew of banks, retailers and other major businesses that were locally owned and led, Pica said, harkening back to a time when, for example, a Mason ran Legg Mason. “I think those individuals are not around any more,” said Pica, a former member of the Angelos law firm. “I think Peter’s the last one. “It’s one less person who can pick up the phone and call the governor or call the mayor,” Pica said. “Peter made it an issue to become involved in civic activities and civic problems. He forged his will on Baltimore and Maryland politics.” Bears training campBrian Cassella/Chicago TribuneIn this file photo, Orioles owner Peter Angelos and then-Gov. Parris Glendening speak at a news conference at Oriole Park at Camden Yards. Famously workaholic and loathe to delegate, Angelos not only ran his legal and baseball businesses, but was ubiquitous beyond the courtroom and the owner’s suite at Camden Yards. He was a major Democratic political donor locally and nationally — with former Gov. Robert L. Ehrlich the rare Republican to receive his support — and was not shy about promoting his own interests in Annapolis and Washington. On one occasion, he brought Orioles star Cal Ripken Jr. for extra clout as he pressed state lawmakers for legislation so narrowly targeted to benefit him that it was known as “the Angelos bill.” A one-term Baltimore City Council member himself, from 1959 to 1963, his subsequent tangles with mayors and governors could be epic, over such things as his efforts to build a hotel near the convention center, downtown redevelopment plans that would threaten his own real estate holdings and a host of issues affecting the state-owned Camden Yards or his law firm’s litigation. “Quite a character,” Glendening said dryly. Glendening had to negotiate several disputes Angelos had with the Maryland Stadium Authority over issues like parking at Camden Yards and parity with the Ravens, and over how much the lawyer would be paid for handling the state’s litigation against tobacco companies. Angelos’ initially was to receive 25% of any money recovered. But after the state received about $4 billion, it ultimately negotiated the fee down to $150 million. Glendening said he subsequently saw Angelos at an event in Baltimore, where the lawyer griped that he had been “cheated.” While Angelos could sometimes be “plain nasty,” Glendening said, he was also generous. He expressed respect for all Angelos accomplished. “I think the city owes him a lot, the state owes him a lot,” he said. “He was a mover. He was a shaker.” Lainy LeBow-Sachs, a top aide to Democrat William Donald Schaefer during his terms as Baltimore mayor and Maryland governor, recalled the two men’s personal friendship and politically useful alliance. Angelos was Schaefer’s point man, for example, in the fight to get an NFL team back in Baltimore during some of the drought years after the Colts slipped away in the dead of night in 1984 and before the Browns were lured to town to become the Ravens in 1996. “Schaefer knew he couldn’t do the job himself,” LeBow-Sachs said of the late politician’s approach to getting things done. “If you could do something for him, he loved you.” “It’s one less person who can pick up the phone and call the governor or call the mayor.” — Former state Sen. John Pica Loyal to the city he grew up in, the son of a Highlandtown tavern owner, Angelos gave generously to institutions like the Baltimore Symphony Orchestra and the University of Baltimore, whose law school building bears the name of his parents. Beyond his wide range of institutional contributions and service on multiple boards were the often quiet donations to people who found themselves in a pinch and sought his assistance. “Peter took enormous pride in the success of the Angelos law firm,” Rifkin said. “It wasn’t the financial success. He had a drawer in his desk of handwritten letters from people who he had helped. That gave him the most pride.” The fate of the Angelos law firm was among the battles fought by his wife and sons. In June 2022, younger son Louis, a lawyer who had been managing the practice in his father’s absence, sued his older brother John, the Orioles’ CEO, and their mother, Georgia, over what he claimed were their efforts to control the family assets and deny him a fair share. Georgia Angelos then sued Louis for transferring the law firm to his name, which he said was necessary because of his father’s disability. The fight landed the law firm in conservatorship in January 2023 and, the following month, family members settled the suits under undisclosed terms. John J. Kim/Chicago TribuneOrioles vs. Kansas City for opening day. as Cal Ripken, Peter Angelos, and then-Gov. William Donald Schaefer pose for a picture after throwing out the first pitch. With Peter Angelos incapacitated and his firm transferring to three of its attorneys and the team to Rubenstein, it remains unclear what kind of public role his family might play in the future. The family members did not return requests for comments for this article. It’s hard to imagine that they, or anyone really, would similarly dominate the civic and political landscape in quite the same way, some believe. Life in the “fishbowl,” said longtime marketing executive David Nevins, “that’s clearly not for everyone.” Nevins, during his time as president of the Center Club downtown, turned to Angelos, a member, with a proposal to create an Orioles pub within the fancy space. Angelos footed the bill and let the club use the Orioles name. “Peter obviously enjoyed the very public stage of being a major league sports owner,” Nevins said, while the sale of the team and the law firm suggests his sons have chosen “to move on to do other things with their lives. “Nothing lasts forever. Life goes on, and the world changes,” he said. “Sometimes your kids follow in your footsteps and sometimes they march to their own drummer.”.....»»

Category: topSource: chicagotribuneMar 2nd, 2024