To power Tesla’s electric car empire, the company has joined hands with Vestas, a top wind turbine manufacturer, to create a storage system that would make power generated from wind useful during quiet days in the jetstreams. Vestas has been on this quest for a while already. Its research and development team already has ten projects lined up to tackle this issue. Both solar and wind power have this same drawback: a dark day or a windless morning can throw off power generation for entire communities. Natural gas turbines replaced solar…
Appending to an earlier announcement by House Majority Leader Kevin McCarthy, according to whom the House would not add Harvey disaster funds to the debt ceiling bill, Dow Jones reports that Republican lawmakers are set to vote on the Harvey aid bill on Wednesday, and instead of raising the debt ceiling, they will suspend it, likely kicking the can until some time in December when the whole farce would have to repeat itself again, although the exact length of the extension remains under discussion.
According to Bloomberg, the House still plans to pass a Harvey aid bill without debt language, leaving Senate to add it in. Keeping the House’s hands clean, Senate Majority Whip (R. Tex) John Cornyn told reporters that debt limit raise, or rather extension, will likely to be tied to Harvey aid and approved by the Senate.
“It’s imperative that we get that supplemental passed. And the leader has made the decision to attach the debt limit to that, and I support that,” Cornyn, whose state was hit hard by the hurricane, told reporters.
The reason to simply extend, instead of raise the debt limit, is because the former is considered a politically less difficult vote than raising it by a specific dollar figure, which would likely be well over $1 trillion; Such a move would also provide more predictability on the timing of next action and would come as House conservatives have warned against attaching the two issues.
To be sure, with the Treasury rapidly running out of cash, and down to just $32 billion as of today’s close, some sort of Federal debt extension would need to be taken to unlock the funding needed for the Texas recovery efforts.
Earlier, the White House suggested that lawmakers attach a debt ceiling measure to the Harvey bill, but the request stopped short of explicitly asking for that, due to opposition from House conservatives. Instead, White House budget director Mick Mulvaney suggested that relief operations could be disrupted if the debt limit isn’t addressed quickly.
“If the debt ceiling is not raised, it may not be possible to outlay the requested supplemental appropriations or funds for other critical government operations,” Mulvaney wrote Friday night in a letter to Ryan.
It’s unclear whether Republican lawmakers will go along with the idea of pairing the two measures. The Senate could add a debt ceiling provision to the Harvey bill after the House passes it, but House conservatives have demanded spending cuts or other cost-cutting changes in return for raising or suspending the debt limit. Representative Mark Walker of North Carolina, who heads the conservative Republican Study Committee, on Monday said his stance hasn’t changed.
Potentially complicating matters, Cornyn, the No. 2 Senate Republican, added it was his “understanding” that the increase in the debt ceiling would be “clean”, or that it won’t be tied to spending cuts, a move that could antagonize conservatives according to the Hill. Cornyn also downplayed any conservative backlash over the move, while noting that “none of this is easy.”
Senate Majority Leader Mitch McConnell (R-Ky.) listed passing money for Hurricane Harvey recovery, raising the debt ceiling and funding the government as the three biggest priorities as Congress returns from its August recess. Republicans will need at least eight Democratic votes in the Senate to clear any of the proposals.
But McConnell didn’t signal if the debt ceiling vote and Harvey aid would be linked. Asked about Cornyn’s comments, a spokesman for McConnell noted they “have not made any announcements on procedure.”
Finally, if a debt limit provision isn’t added to the Harvey bill, GOP leader could still add it to the stopgap spending bill, which is also likely to contain necessary extensions for other expiring programs like federal flood insurance and the Federal Aviation Administration, and whose passage could be just as problematic.
Meanwhile, sensing the a near-term resolution is at hand, the Bil “fear premium” for October Bill posted its first notable drop today as the market appears to have breathed a sigh of relief that a technical default has been if not avoided, then delayed for at least a few months.
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As devastating as Hurricane Harvey was to Texas, reconstruction is now expected to be ultimately positive for U.S. oil demand in a few months as fuel consumption is expected to increase as people rebuild homes, Goldman Sachs said in a report on Tuesday published by Bloomberg. “The potential for some U.S. onshore production curtailment and the likely demand recovery during the reconstruction suggest that the impact on the balance may become slightly positive after a few months,” Goldman analysts said in the report. “Such an outcome…
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BANGALORE, India: An Indian journalist was fatally shot Tuesday by unidentified attackers in the southern Indian city of Bangalore, police said.
The assailants pumped bullets into Gauri Lankesh as she left her car after reaching her home in Bangalore, the Karnataka state capital. The attackers fled the scene.
Top police officer R.K. Dutta said it was too early to say who killed her. He said he had met Lankesh recently, but she did not mention any threat to her life.
She edited a local magazine, “Lankesh Patrike,” and was found responsible in a defamation case by a lawmaker of India’s ruling Bharatiya Janata Party for her writing about Hindu nationalists in 2016.
In 2015, an Indian scholar, Malleshappa M. Kalburgi, was killed in a similar way, also in Bangalore. He had received death threats from angry right-wing Hindu groups after he criticized idol worship and superstitious beliefs by Hindus.
He was the third critic of religious superstition to be killed in the country in three years.
India has long held secularism to be a keystone of its constitution — and a necessity for keeping the peace among its cacophony of cultures defined by caste, clan, tribe or religion, including Islam, Christianity, Judaism, Hinduism, Sikhism, Jainism and Buddhism.
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UNITED NATIONS: United Nations Secretary-General Antonio Guterres appealed to Myanmar authorities on Tuesday to end violence against Rohingya Muslims in the country’s Rakhine state, warning of the risk of ethnic cleansing and regional destabilization.
He also urged the Security Council to press for restraint and calm, sending the 15-member body a rare letter to express concern that the violence could spiral into a “humanitarian catastrophe with implications for peace and security that could continue to expand beyond Myanmar’s borders.”
Nearly 125,00 Rohingya Muslims have fled to Bangladesh from Myanmar’s northwestern Rakhine state since the violence began on Aug. 25, when Rohingya insurgents attacked dozens of police posts and an army base. The ensuing clashes and a military counter-offensive have killed at least 400 people.
When asked if the violence could be described as ethnic cleansing, Guterres told reporters on Tuesday: “We are facing a risk, I hope we don’t get there.”
“I appeal to all, all authorities in Myanmar, civilian authorities and military authorities, to indeed put an end to this violence that, in my opinion, is creating a situation that can destabilize the region,” he said.
Myanmar says its security forces are fighting a legitimate campaign against “terrorists” responsible for a string of attacks on police posts and the army since last October.
Myanmar officials blamed Rohingya militants for the burning of homes and civilian deaths but rights monitors and Rohingya fleeing to neighboring Bangladesh say the Myanmar army is trying to force them out with a campaign of arson and killings.
The UN Security Council met behind closed doors last week to be briefed on the situation at the request of Britain.
“If it continues to deteriorate then one of the things that we can do is to hold further meetings to shine a spotlight on the situation there,” Britain’s UN Ambassador Matthew Rycroft said on Monday.
The treatment of Buddhist-majority Myanmar’s roughly 1.1 million Muslim Rohingya is the biggest challenge facing leader Aung San Suu Kyi, accused by Western critics of not speaking out for the minority that has long complained of persecution.
Under the rarely used Article 99 of the UN Charter, Guterres can “bring to the attention of the Security Council any matter which in his opinion may threaten the maintenance of international peace and security.”
While Guterres’ letter does not specifically involve Article 99, he writes that “the international community has a responsibility to undertake concerted efforts to prevent further escalation of the crisis.”
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Well that escalated quickly…
Since North Korea ‘escalated’ by flying missiles over Japan, there’s only one clear winner – but today saw bonds starting to catch up…
From Friday’s close, futures show Sunday’s opening drop and then the pressure come back on as US opened after Labor Day…
All the major indices fell and stabilized relatively uniformly…
Thanks to an afternoon VIX smash…
S&P managed to cling just above its 50DMA…
VIX across all the major indices jumped today but did not fade like it did last time…
FANG Stocks were unable to stage the same epic squeeze after the NK missiles over Japan plunge…
Insurers were pummeled… (down over 7% from pre-Harvey highs
Treasury yields crashed 9-10bps today as they caught up with all the chaotic headlines of recent days… even 2Y Yields tanked 6bps after Brainard backed off her uber-dovishness…
10Y Tresasury yields tumbled today to a 2.06% handle, lowest intraday low yield since 11/10/16 – with bond bulls enjoying their best day since Brexit (June 2016)…
The drivers behind the reinvigorated rally come straight from the headlines. Tensions between the U.S. and North Korea have intensified after Kim Jong Un’s regime conducted its most powerful nuclear test. Meanwhile, Hurricane Irma is threatening to strike Florida or other areas of the country and roil an economy already dealing with the devastation from Harvey.
“The combination of North Korea worries, weakness in risk assets, and dovish Fed comments from Brainard have pressed yields back toward the bottom of the range,” Ian Lyngen, head of U.S. rates strategy at BMO Capital Markets, wrote in a report around 10 a.m. in New York.
The yield curve collapsed to its lowest in over 12 months…
With all the Trumpflation trades unwound now…
The Dollar Index tumbled today, testing the lows from Payrolls spike on Friday…
Bitcoin rebounded notably are it utter collapse over the weekend…
WTI Crude prices jumped today, testing towards $49 for the first time in 3 weeks as RBOB Gasoline prices tumbled further amid refinery and pipeline restart plans…
Finally precious metals continue to push higher as debt ceiling anxiety builds and global thermonuclear war looms… Gold nears $1350 and Silver tops $18.
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The tropical storm formerly known as Hurricane Harvey continues to dump copious amounts of rain on the Houston area. As a former Houston resident who lived there during the massive flooding from Tropical Storm Allison, I don’t think the city has ever seen anything like what it’s currently experiencing. Houston is the central hub for the energy industry in the U.S. It is important for oil and refined product imports and exports, it is an important storage area for oil and refined products, and much of the Strategic Petroleum Reserve…
WASHINGTON: Former US president Barack Obama decried his successor’s decision to end an amnesty for 800,000 people brought to America illegally as children, describing it as “wrong,” “self-defeating” and “cruel.”
In a rare re-entry onto the political stage, Obama used a Facebook post to slam Trump’s decision and call on Congress to step in.
“To target these young people is wrong — because they have done nothing wrong,” he wrote.
“It is self-defeating — because they want to start new businesses, staff our labs, serve in our military, and otherwise contribute to the country we love. And it is cruel.”
“What if our kid’s science teacher, or our friendly neighbor turns out to be a Dreamer? Where are we supposed to send her? To a country she doesn’t know or remember, with a language she may not even speak?“
Obama, who is currently finishing his memoirs, had vowed before leaving office that he would speak up if Trump moved to unravel the amnesty introduced in 2012 — during the ex-president’s first term.
Trump has argued that the policy was legally flawed, and that he must put native-born Americans first.
Obama rubbished that suggestion.
“Let’s be clear: the action taken today isn’t required legally. It’s a political decision, and a moral question.”
“Whatever concerns or complaints Americans may have about immigration in general, we shouldn’t threaten the future of this group of young people who are here through no fault of their own, who pose no threat, who are not taking away anything from the rest of us.”
“It’s up to Members of Congress to protect these young people and our future.”
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Brazil will allow private investors willing to buy into its state-held utility giant Eletrobras to obtain a maximum of 5 percent each, regardless of whether they are domestic or foreign investors, Brazilian Planning Minister Dyogo Oliveira has told the O Estado de S. Paulo newspaper in an interview. At the end of last month, Brazil proposed a plan to put up for privatization 57 major state infrastructure assets, including selling some or all of its 51-percent stake in Centrais Eletricas Brasileiras—as Eletrobras is officially named—by…
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PetroChina Co. Ltd.—the publicly listed arm of state-owned China National Petroleum Corp.
(CNPC)—has completed a project to retrofit an existing pressure-swing
adsorption (PSA) unit at subsidiary CNPC Guangxi Petrochemical Co.’s 10
million-tonne/year Qinzhou integrated refining complex in China’s
Gaungxi province with proprietary process technology from Honeywell UOP
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