Rep. Devin Nunes, R-Calif., argues that China's main goal is to take away value from the U.S. dollar
Rep. Devin Nunes, R-Calif., argues that China's main goal is to take away value from the U.S. dollar
(Bloomberg) -- Colonial Pipeline Co. told federal officials it will know by late Wednesday whether it’s safe to restart gasoline and diesel flows that have been on hold since criminal hackers targeted the company last week.Beyond that deadline, given to U.S. Energy Secretary Jennifer Granholm by Colonial Chief Executive Officer Joe Blount, details about when the biggest North American fuel pipeline will recover have been scant. It’s been more than 24 hours since Colonial issued a statement pledging to be back online by the weekend, and the growing frustration among political leaders is palpable as gas stations across the East and South run dry.Granholm’s boss, President Joe Biden, is also facing increasing pressure to marshal federal resources to blunt the growing crisis that threatens to hobble the post-pandemic economic recovery. The administration, which took several measures Tuesday to ease shortages, will give a House briefing on the cyberattack at 6 p.m. Washington time on Wednesday.“This is something that demands really serious federal attention,” Florida Governor Ron DeSantis said on Tuesday, prior to declaring a state of emergency. “The U.S. government needs to be involved, they need to help mitigate this. My fear is, you have these gas shortages, it’s going to cause a lot of problems for people.”Fuel shortages that first emerged in South Carolina have metastasized across a wide swath of the South and East, shutting pumps at convenience stores and truck stops from Tennessee to Tallahassee. Granholm told a media briefing that even if Colonial decides to restart on Wednesday, it’ll take days longer to fully restore shipments.The situation across the southeastern states is “rapidly deteriorating,” Brad Jenkins, a senior vice president at truck-stop owner Pilot, said in an email.The White House relaxed some environmental rules across 12 states and Washington D.C. to help bring in more fuel, even as some Gulf Coast refiners were forced to curtail output to cope with logjams of fuel they can’t ship to eastern markets. The Department of Transportation also announced initial steps that could permit foreign tankers to transport gasoline and diesel to East Coast ports.The Colonial pipeline is the most important conduit for distributing gasoline, diesel and jet fuel in the U.S., connecting Gulf Coast refineries to population centers from Atlanta to New York and beyond. Each day, it ships about 2.5 million barrels (105 million gallons), an amount that exceeds the entire oil consumption of Germany.The vital economic lifeline has been shut since late Friday, prompting a run on filling stations by panicked motorists in several states. Even when the pipeline is restored to full service, it’ll take about two weeks for gasoline stored in Houston to reach East Coast filling stations, according to the most recent schedule sent to shippers. For diesel and jet fuel, the transit time is even longer -- about 19 days -- because they are heavier and move more slowly.End Of DayGranholm said she’s been in regular contact with the Colonial CEO in recent days to track the company’s progress in neutralizing the ransomware attack.“By the end of business tomorrow, Colonial will be in a position to make the full restart decision,” she said. “But even after that decision is made, it will take a few days to ramp up operations.”Colonial issued a statement hours later confirming the energy secretary’s account.Meanwhile, fuel shortages continued to worsen. In Atlanta, 20% of filling stations were dry by Tuesday afternoon, according to retail-fuel tracker GasBuddy.School BusesOne Washington D.C.-area fuel distributor warned that “catastrophic” shortages are imminent and called on government officials to order school buses to stay off the roads. More than four days into the crisis, Colonial has only managed to restart a small segment of the pipeline as a stopgap measure.“We have been providing daily and sometimes twice daily updates to our shippers, and have been in close contact with law enforcement and federal agencies to relay information on our restoration efforts,” Colonial’s media relations office said earlier in the day. “We will continue to keep all of our stakeholders informed and appreciate the outpouring of support we have received throughout the industry.”U.S. average retail gasoline prices have risen to their highest since late 2014 due to the disruption, almost touching $3 a gallon. That could add to broader inflationary pressures as commodity prices from timber to copper also surge. In addition to Florida, Virginia and North Carolina are under states of emergency.Two of the nation’s largest truck-stop owners --- Love’s Travel Stops & Country Stores Inc. and TravelCenters of America Inc. -- confirmed that fuel is scarce is some states. Both companies said they’re taking extraordinary measures to replenish tanks.Trucking MeasuresThe Biden administration issued an order on Sunday extending the amount of time truck drivers can spend behind the wheel when transporting fuel across 17 states and the District of Columbia. On Tuesday evening, the Transportation Department said 10 states could allow heavier-than-normal truck loads of gasoline and other fuels.Federal transportation regulators also took the first step toward waiving the 101-year-old Jones Act that prohibits foreign-flagged and -staffed ships from hauling products from one U.S. port to another.Gasoline isn’t the only oil-derived product under threat. In an effort to bolster jet-fuel inventories, Southwest Airlines Co. has begun flying supplies to Nashville, Tennessee, and other cities. So far, no Southwest flights have been affected by the pipeline closure; rather, the airline said it’s “actively managing” fuel stockpiles.United Airlines Holdings Inc. loaded extra fuel on flights to preserve local supplies in places like Baltimore and Greenville-Spartanburg, South Carolina. Problems are “relatively minor so far,” however, Chief Executive Officer Scott Kirby said at the Resources for the Future Forum.What BloombergNEF Is SayingBloombergNEF expects additional supply this week to come primarily from storage inventories, increased East Coast refinery run, other pipelines and shipments from Canada. Cargoes from Europe could also help alleviate lingering shortages next week.-- Anastacia Dialynas, BNEF analystRead the full report here.The Environmental Protection Agency moved to allow the sale of gasoline that doesn’t satisfy requirements meant to help combat smog in certain areas. An initial order allowed the sale of conventional gasoline in areas where reformulated gasoline is required across Maryland, Pennsylvania, Virginia and the District of Columbia. A second order went further by waiving low-volatility requirements governing conventional and reformulated gasoline in those areas, as well as nine other states.Emergency shipments of gasoline and diesel from Texas are already on the way to Atlanta and other southeastern cities via trucks, and at least two Gulf Coast refineries began trimming output amid expectations that supplies will begin backing up in the nation’s oil-refining nexus.The national average retail gasoline price rose to $2.985 a gallon, the highest since November 2014, according to auto club AAA. The premium for wholesale gasoline in the New York area expanded to its widest in three months.(Updates with expanded government efforts, scheduled briefing beginning in second paragraph)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
Wednesday's vote by House Republicans over ousting anti-Trump conservative Liz Cheney from her leadership role will almost certainly confirm that the party out of power in Washington is casting its lot with the former US president. Eighteen months before crucial midterms and three years before the next presidential race, the Republican Party appears intent on punishing one of its own because she refuses to embrace Donald Trump's false claim that Democrats stole the 2020 election.Republicans argue it's about unity, and that Cheney hammering on about Trump and what she calls his "dangerous and anti-democratic cult of personality" has done nothing to bring a fractured party together following a contentious election that left them in the political hinterland.Cheney, a Wyoming conservative and the daughter of former vice president Dick Cheney, is expected to be voted out of her role as the number three House Republican in a morning vote by the party's conference.On Tuesday evening she delivered a defiant speech on the House floor, warning her colleagues of the potential "unraveling of our democracy" as a former president continues to mislead millions of Americans and sow doubt about election integrity."Remaining silent and ignoring the lie emboldens the liar," Cheney told a nearly empty chamber. "I will not participate in that. I will not sit back in silence as others lead our party down a path that abandons the rule of law, and joins the former president's crusade to undermine our democracy."Trump, top House Republican Kevin McCarthy and number two Steve Scalise have all endorsed a young moderate-turned-Trumpist, Elise Stefanik, as Cheney's replacement.Stefanik does not yet have serious competition for the post, and the endorsements make her the clear frontrunner. But a vote for a new conference chair is not yet set, as some Republicans worry that Stefanik -- while a fierce Trump defender -- is insufficiently conservative.Regardless of Cheney's replacement, "it's clear that we need to make a change," McCarthy told members Monday."Each day spent relitigating the past is one day less we have to seize the future."While Cheney and a few allies, such as House Republican Adam Kinzinger, warn against clinging to the former president, many in the GOP including Senator Lindsey Graham believe their party cannot move forward without Trumpism -- whether or not Trump himself remains a force. In a Tuesday letter to fellow Republicans, congressman Chip Roy said Cheney will be ousted because she spent more time "unhelpfully engaging in personal attacks and finger-wagging towards president Trump" than building a party platform to take on Democrats."She forfeited her ability to be our spokesperson by pulling us into distraction," the Texas lawmaker said.Lies spreading like 'cancer' With Republican divisions on awkward display, President Joe Biden will court bipartisanship Wednesday when he hosts his first White House meeting with the four congressional leaders: House Speaker Nancy Pelosi and Senate Majority Leader Chuck Schumer, and Republicans McCarthy and Senator Mitch McConnell.The huddle may serve as a reminder that in the midst of a purge of a congressional leader, Washington's gears continue churning."Hopefully... they can talk about areas of agreement and things like infrastructure," White House Press Secretary Jen Psaki told reporters.Cheney nevertheless sits at the center of a crisis for a party unable to quit its defeated former president or reject his false claim of election fraud.Democrats are seizing on the discord as a chance to paint their Republican opponents as supporting a path towards autocracy."When you perpetuate or tolerate lies about the election like this, you erode our democracy," Schumer told senators Tuesday, saying Republicans are repeating the falsehood that the election was stolen "simply to placate... the most dishonest president in American history.""Unfortunately, the big lie is spreading like a cancer among Republicans," he said.(AFP)
Shohei Ohtani struck out 10 in an impressive duel with Lance McCullers Jr., and the Houston Astros broke loose against the Angels' bullpen to beat Los Angeles 5-1 Tuesday night. Ohtani allowed one run and four hits with one walk in seven innings, solving his control troubles in his longest start of the season. The two-way star then moved to play right field, and Yuli Gurriel homered during Houston's four-run eighth.
Blake Wheeler had two goals and two assists, Connor Hellebuyck stopped 24 shots for his fourth shutout of the season, and the Winnipeg Jets beat the Vancouver Canucks 5-0 Tuesday night to clinch third place in the North Division. Kyle Connor had a goal and two assists, Mark Scheifele added a goal and an assist and Mason Appleton also scored for the Jets. Hellebuyck finished with his 24th career shutout.
Lee Munson of Portfolio Wealth Advisors on recent market weakness, and what trades he likes in this environment
An EU court will rule Wednesday on an appeal by online giant Amazon against an order that Luxembourg recoup 250 million euros ($295 million) in unpaid taxes.
Thank you for standing by and welcome to Jamf's first-quarter 2021 earnings conference call. Good afternoon, and thank you for joining us on today's conference call to discuss Jamf's first-quarter 2021 financial results. With me on today's call are Dean Hager, chief executive officer; and Jill Putman, chief financial officer.
This presentation may include forward-looking statements to the extent that the information presented in this presentation discusses financial projections, information, or expectations about the company's business plans, results of operations, the impact of COVID-19, returns on equity, expected gross margins, markets, or otherwise make statements about future events. Such forward-looking statements can be identified by the use of words such as should, may, intends, anticipates, believes, estimates, projects, forecasts, expects, plans, and proposals. Although the company believes that the expectations reflected in these forward-looking statements are based on reasonable assumptions, there are a number of risks and uncertainties that could cause actual results to differ materially from such forward-looking statements.
Good afternoon, and thank you for joining us on today's call to discuss Grocery Outlet's first-quarter 2021 financial results. Joining me on today's call are Grocery Outlet's chief executive officer, Eric Lindberg; president, RJ Sheedy; and chief financial officer, Charles Bracher. Participants on this call will make forward-looking statements, including our outlook for fiscal 2021 and future performance.
‘We must speak the truth’: Liz Cheney defiant ahead of ouster from top Republican job. The Wyoming representative stands by her opposition to Trump’s election lies as she prepares to be removed from No 3 House role
Patrick Mazeika got his second walkoff RBI in four career games with a fielder's choice grounder in the ninth inning, helping the banged-up New York Mets rally to beat the Baltimore Orioles 3-2 on Tuesday night for their sixth straight win. Baltimore led 2-1 entering the ninth after John Means outdueled Marcus Stroman in his first start since throwing a no-hitter last week.
Fears about surging inflation continued to trouble Asian markets Wednesday, with investors nervously awaiting crucial US price data later in the day that could ramp up expectations the Federal Reserve will have to taper its monetary policy earlier than flagged.
The U.N. Security Council voted unanimously Tuesday to extend the mandate of the nearly 3,700-strong peacekeeping force in the disputed Abyei region on the Sudan-South Sudan border until Nov. 15. It also asked Secretary-General Antonio Guterres to provide recommendations for reconfiguring and ending the mission, although Guterres informed the council early last month that he couldn’t provide such options because of differences between the two countries. The 2005 peace deal that led to South Sudan’s independence from its northern neighbor in 2011 required both sides to work out the final status of region, but it is still unresolved.
Axonics, Inc. (Nasdaq: AXNX) ("Axonics"), a global medical technology company that has developed and is commercializing novel products for the treatment of bladder and bowel dysfunction, today announced the pricing of its public offering of 3,500,000 shares of its common stock at a public offering price of $50.00 per share, before underwriting discounts and commissions. The gross proceeds from the offering to Axonics, before deducting underwriting discounts and commissions and offering expenses, are expected to be $175 million. In addition, the underwriters have a 30-day option to purchase up to an additional 525,000 shares of common stock from Axonics on the same terms and conditions. The offering is expected to close on May 14, 2021, subject to the satisfaction of customary closing conditions.
The draft Online Safety Bill will require social media and other platforms to clamp down on abuse or face tough penalties.
Fears the shutdown of a major fuel pipeline network would cause a gasoline shortage led to some panic buying and prompted US regulators on Tuesday to temporarily suspend clean fuel requirements in three eastern states and the nation's capital. While it remained unclear the degree to which supplies would be affected, drivers lined up to fill their tanks at gas stations in the southeast, with some carrying extra containers amid fears of fuel scarcity. A ransomware attack Friday on Colonial Pipeline forced the company to shut down its entire network, but government officials on Tuesday urged calm and said the situation is only temporary.The operator of the largest fuel conduit system in the United States, Colonial Pipeline sends gasoline and jet fuel from the Gulf Coast of Texas to the populous east coast through 5,500 miles (8,850 kilometers) of ducts that serve 50 million consumers.The company said it expects to have the pipeline network fully up and running by the end of the week.Energy Secretary Jennifer Granholm said some areas "may feel a supply crunch, as Colonial fully resumes."However, "there should be no cause for hoarding gasoline, especially in the light of the fact that the pipeline should be substantially operational by the end of this week and over the weekend," she told reporters at the White House.The shutdown raised fears the shortages would cause gasoline prices to spike just ahead of the US Memorial Day holiday, the unofficial kickoff to the summer travel season.But Granholm called on station owners to act responsibly and said, "We will have no tolerance for price gouging."The Environmental Protection Agency (EPA) on Tuesday announced a one-week suspension of clean air rules in an effort to ease supply issues.The waiver is meant "to address the fuel supply emergency caused by a cyberattack on Colonial Pipeline's computer networks that led to the pipeline's shutdown," EPA Administrator Michael Regan said in a letter to the governors of Maryland, Pennsylvania and Virginia and the mayor of Washington.Regan said the EPA and Energy Department "have been actively monitoring the supply of fuel" and found that "the unusual pipeline shutdown has affected gasoline supplies."No gas by nightfall? The EPA move, effective through May 18, suspends rules that require urban areas to use fuel with additives like MTBE, which makes gasoline less polluting but also more expensive.The waiver "is necessary to take action to minimize or prevent disruption of an adequate supply of gasoline to consumers," Regan said.That followed the weekend announcement from the Transportation Department that it was easing up on time limits for drivers of tankers carrying diesel, gasoline and jet fuel to 18 of the most affected states, and is considering easing shipping rules as well."Everybody's seeing the news, you know, they get fearful, then everybody rushes out and gets gas. They're filling up gas cans and everything," one gas station manager in Raleigh, North Carolina told AFP."We'll be out of gas before the sun goes down if it stays this way."American Airlines said in a statement that two daily long-haul routes out of Charlotte, North Carolina, were impacted by the fuel shortage, without giving further details.Oil industry analyst Patrick De Haan said on Twitter the national average gasoline price reached $2.97 a gallon, "matching the highest since 2018."While he said some gasoline stations along the east coast are running out of fuel, including a little over five percent in Georgia and 7.5 percent or more in North Carolina and Virginia, he cautioned against overreacting."Rack prices, or the prices stations pay for gasoline, rose only by a couple of cents today throughout the southeastern US. There is no pending spike coming to (gas prices) in the area, folks. No reason to freak out," De Haan said.Oil prices already had been on the rise as the global economy bounces back from the Covid-19 pandemic, rebounding to just over $68 a barrel on Tuesday from less than $22 in April 2020.John Catsimatidis, CEO of United Refining Company, which processes more than 70,000 barrels per day of oil and owns more than 400 gas stations in the New York area, said on Monday that the pipeline shutdown will send prices higher, estimating an impact of "at least four cents a gallon."Colonial said late Tuesday it was making progress in "around-the-clock efforts to return our system to service."(AFP)
Vladimir Guerrero homered and drove in three runs and the Toronto Blue Jays took advantage of Atlanta's indecisive fielding in the eighth inning, rallying past the Braves 5-3 Tuesday night. Guerrero had three hits, including a tying single in a three-run eighth. Ronald Acuña Jr. hit his major league-leading 11th homer for Atlanta.
Large crowds of protesters gathered outside the Israeli consulate in New York City, on May 11, in support of Palestinians amid intensifying airstrikes in Israel and Gaza.Early on Wednesday morning, the IDF said it had hit “significant terror targets and terror operatives” across the Gaza Strip, in response to “hundreds” of rockets from Gaza in the previous 24 hours. The IDF said it was its largest strike since 2014.Gaza health officials said late on Tuesday night that the conflict had left at least 30 people dead in the Gaza Strip and more than 200 people injured.Footage uploaded by Raja Starr shows a group holdings placards and waving Palestinian flags as they chanted “free, free Palestine”. Credit: Raja Starr via Storyful
A Chinese-born political adviser on Wednesday lost his challenge in Australia’s highest court against laws banning covert foreign interference in domestic politics. John Shi Sheng Zhang also lost his High Court challenge to the validity of search warrants executed by police at his Sydney home and offices last year as part of an investigation into illegal foreign interference. Zhang was an adviser to New South Wales state lawmaker Shaoquett Moselmane, whose membership in the opposition Labor Party was suspended after he was also the target of police raids.
Republicans have focused on an extra $300 federal payment, but states are also cutting benefits for nontraditional workers and the long-term jobless.