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The Death Of Cash – New Tech To Revolutionize The Payments Industry

August 29, 2017 Meredith Taylor 0

The FinTech revolution has done the unthinkable: It’s gone to war with time and distance, and it’s won. Time and distance are no longer our masters. From anywhere, at any time we can order and pay for virtually anything with the click of a mobile phone button. We can even trade stocks, obtain home loans and access our banking services in seconds, and without unwanted human interaction. Time is money, in more ways than one. In this revolution, the investor opportunities are vast, and it will be evolution that dictates who dominates this…

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DOE extends deadline to submit bids for SPR sour crude

August 29, 2017 Latest News 0

The US Department of Energy’s Fossil Energy Office extended the
deadline for bidding on crude oil it has offered for sale from the US
Strategic Petroleum Reserve until 2 p.m. CDT on Sept. 6. It cited
impacts from Hurricane Harvey along the US Gulf Coast, where the
reserve’s storage facilities are located, as the reason for its Aug. 28
move.

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As Sudan seeks sanctions relief, US presses religious freedom

August 29, 2017 Middle East Monitor 0

The United States has raised the issue of religious freedom during talks about easing sanctions on Sudan, the new head of the US Agency for International Development said in Sudan on Tuesday. Newly appointed head of the agency Mark Green held the talks with senior Sudanese officials as the US government weighs whether to ease or extend the economic sanctions, a decision that must be made by 12 October. “We have asked questions and … have received assurances,” Green told reporters after a meeting with Sudanese Prime Minister Bakri Hassan Saleh. Read More: UN moves to protect South Sudan civilians after years of criticism While human rights and religious freedom are not conditions for the permanent lifting of some Sudan sanctions, […]

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Texas Shale Hit Hard By Hurricane Harvey

August 29, 2017 Nick Cunningham 0

Crude oil prices are taking a serious hit from Hurricane Harvey, slammed on multiple fronts at a time when benchmark prices were already showing some signs of strain. As has already been widely noted, Hurricane Harvey has knocked out major refineries along the Gulf Coast. Goldman Sachs said in a research note that an estimated 3 million barrels per day of refining capacity was offline, as of Monday. On Tuesday, ExxonMobil began winding down some operations at its Beaumont, TX refinery as the storm headed east towards eastern Texas and Louisiana.…

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Giant Chemical Plant In Crosby, Texas Warns It Is In “Real Danger” Of Exploding

August 29, 2017 Tyler Durden 0

A chemical plant in Crosby, Texas belonging to French industrial giant Arkema SA, has announced it is evacuating workers on Tuesday due to the risk of an explosion, after Tropical Storm Harvey knocked out power and flooding swamped its backup generators. The French company said the situation at the plant “has become serious” and said that it is working with the Department of Homeland Security and the State of Texas to set up a command post in a suitable location near our site.

The plant, which produces explosive organic peroxides and ammonia, was hit by more than 40 inches of rain and has been heavily flooded, running without electricity since Sunday. The plant was closed since Friday but has had a skeleton staff of about a dozen in place. Following the flood surge, the plant’s back-up generators also failed.

According to the plant’s website description, it “produces methyl mercaptan, ethyl mercaptan, dimethyl sulfide (DMS) and methylmercapto-proprionaldehyde (MMP).”

Our products are key ingredients in the manufacture of biodegradable herbicides, pesticides and animal feed supplements. These products are also used in the production of pharmaceuticals, photographic chemicals and circuit boards. Ethyl mercaptan is primarily used as an odorizer for propane gas. The strong odor that ethyl mercaptan adds to propane makes gas leaks easier to detect, protecting homes and businesses. MMP is used in the production of methionine, an essential amino acid and a key component of poultry, swine and ruminant (cattle, sheep, etc.) feed.

The threat emerged once the company could no longer maintain refrigeration for chemicals located on site, which have to be stored at low temperatures. The plant lost refrigeration when backup generators were flooded and then workers transferred products from the warehouses into diesel-powered refrigerated containers.

In a statement released at 3:30pm, Arkema said “refrigeration on some of our back-up product storage containers has been compromised due to extremely high water, which is unprecedented in the Crosby area.  We are monitoring the temperature of each refrigeration container remotely.”

It then warned that “while we do not believe there is any imminent danger, the potential for a chemical reaction leading to a fire and/or explosion within the site confines is real.”

Earlier in the day, Arkema said that the company “is limited in what it can do to address the site conditions until the storm abates.  Arkema does not believe that the situation presents a risk to the community or the ride-out crew, due to the distance between the refrigerated cars and any people.  We are working without pause to keep our materials safe. We have no higher priority than the safety of our employees, neighbors and the environment.”

Just 6 hours later it admitted that the situations presents a risk after all.

Rep. Ted Poe, a Texas Republican, wrote on Twitter that the Crosby plant “is in danger of fire/explosion. The local area is being evacuated. Stay out of area.

Chemical Plant that makes ammonia in Crosby is in danger of fire/explosion. The local area is being evacuated. Stay out of area. #Harvey https://t.co/zCtnCGO5w8

— Ted Poe (@JudgeTedPoe) August 29, 2017

Meanwhile, Reuters adds that other chemical plants have also shuttered production in Texas because of the hurricane. These include Anglo-Swiss chemicals firm Ineos Group Holdings, which said it has been forced to shut down facilities in Texas. Chocolate Bayou Works and Battleground Manufacturing Complex, and INEOS Nitriles’ Green Lake facility are following hurricane procedures and are temporarily shut down, spokesman Charles Saunders said. Huntsman Corp said it has closed six chemical plants in Texas, along with its global headquarters and advanced technology center in Texas.

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Alaskan Oil Returns With A Vengeance

August 29, 2017 Haley Zaremba 0

After years of steady decline in production and bottomed-out oil prices, Alaska is in a rough spot. They’re over a billion dollars in debt, in large part thanks to unfulfilled cash incentives to oil companies, and now many of their remaining oil producers are pulling out at the same time that the North Slope and Cook Inlet oil fields face thousands of layoffs. Over the last three decades the Trans-Alaska Pipeline System, which peaked back in 1988, has been steadily draining. Where 2.1 million barrels oil once flowed through daily, now 500,000…

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Fed Study Confirms Phillips Curve Is Useless: Admitting The Bloody Obvious

August 29, 2017 Tyler Durden 0

Authored by Mike Shedlock via MishTalk.com,
The Phillips Curve, an economic model developed by A. W. Phillips purports that inflation and unemployment have a stable and inverse relationship.
This has been a fundamental guiding economic theory used by t…

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Trump Jr. Agrees To Closed Interview With Senate Judiciary Committee

August 29, 2017 Tyler Durden 0

It’s been just over a month since the New York Times dropped its ‘bombshell’ report on Trump Jr.’s now-infamous meeting with Russian lawyer Natalia Veselnitskaya.  Of course, Trump Jr.’s subsequent full disclosure on the meeting seemingly revealed it was not only completely useless for the Trump campaign but a rather obvious attempt by a Russian lobbyist to push her own political agenda, namely a repeal of the Magnitsky Act…an act which we would almost be willing to bet that Trump Jr. had never ever heard of before walking in the room.

Nevertheless, and likely because it’s pretty much the only piece of tangible information they’ve managed to find, after a year of digging, that even remotely links anyone on the Trump campaign to anyone with a Russian-sounding name, the Senate Judiciary Committee has finally secured a closed interview with Trump Jr.  Per CNN:

President Trump’s eldest son, Donald Trump Jr., has agreed to sit down for a transcribed interview with the Senate judiciary committee, as investigators continue to dig into his attendance at a 2016 meeting where he was promised Russian dirt on the Clinton campaign.

 

After weeks of discussions, Trump Jr. has agreed on a date to be interviewed by the panel in private, according to Taylor Foy, spokesman for committee Chairman Chuck Grassley. Trump Jr. will be interviewed by senior committee staff, and senators will be invited to attend, Foy said.

 

While the committee spokesman would not divulge the precise date of Trump Jr.’s attendance in private, both Grassley and ranking Democratic Sen. Dianne Feinstein have previously told CNN they expected him to appear before their panel as soon as September.

Of course, Trump Jr. already gave his full accounting of the Veselnitskaya meeting back in July when he appeared on Fox News so it’s unclear what, if any, new facts will be learned on the topic.

For those who missed it, below is our previous note on Jr.’s interview on Fox.

* * *

In his first public appearance since his tweeted emails earlier today, which seemed to confirm that the Trump campaign was aware that the Russian government was willing to help then-Mr.Trump, Donald Trump Jr. admits in retrospect I probably would have done things a little differently,” telling Fox News’ Sean Hannity that he did not tell his father about the meting because It was just a nothing. There was nothing to tell.”

 

Key excerpts include (via Axios):

On whether in retrospect he would have done things differently:

“In retrospect I probably would have done things a little differently. Again this is before the Russia mania, this is before they were building this up in the press. For me this was opposition research, they had something you know maybe concrete evidence to all the stories I’d been hearing about, probably under reported for years not just during the campaign so I think I wanted to hear it out. But really it went nowhere and it was apparent that wasn’t what the meeting was about.”

Clip from the show

Watch the latest video at video.foxnews.com

On why he decided to take the meeting with the Russian lawyer:

Honestly, my take away when all of this was going on, is that someone has information on our opponent. Things are going a million miles per hour. You know what it’s like to be on a campaign. We just won Indiana, but we’re talking about a contested convention. Things are going a million miles per hour again and hey, wait a minute, I’ve hear about all these things, but maybe this is something, I should hear him out.”

On whether he read the emails:

“I had been reading about scandals that people were probably underreporting for a long time so maybe it was something that had to do with one of those things. I mean this was her perhaps involvement with the Russian government…so, you know, again, I didn’t know if there was any credibility, I didn’t know if there was anything behind it, I can’t vouch for the information…someone sent me an email! I can’t help what someone sends me. I read it, I responded accordingly, and if there was something interesting there, I think that’s pretty common.”

On whether he told his father about the meeting:

“No. It was just a nothing. There was nothing to tell. I mean, I wouldn’t have even remembered it until you started scouring through this stuff. It was literally just a wasted 20 minutes, which was a shame.”

President Trump has finally reacted…

My son, Donald, will be interviewed by @seanhannity tonight at 10:00 P.M. He is a great person who loves our country!

— Donald J. Trump (@realDonaldTrump) July 12, 2017

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API Reports Significant Crude Oil Draw, Small Gasoline Build

August 29, 2017 Julianne Geiger 0

The American Petroleum Institute (API) reported a major draw of 5.78 million barrels in United States crude oil inventories, compared to analyst expectations of a draw of 1.75 million barrels for the week ending August 25. Gasoline inventories rose by 476,000 barrels for the week ending August 25. Crude prices fell on Monday and Tuesday as traders fear crude oil inventories will rise as Hurricane Harvey takes offline refining capacity in the United States, potentially for weeks until refineries are back running at full capacity. Although there…

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API Reports Significant Crude Oil Draw, Small Gasoline Build

August 29, 2017 Julianne Geiger 0

The American Petroleum Institute (API) reported a major draw of 5.78 million barrels in United States crude oil inventories, compared to analyst expectations of a draw of 1.75 million barrels for the week ending August 25. Gasoline inventories rose by 476,000 barrels for the week ending August 25. Crude prices fell on Monday and Tuesday as traders fear crude oil inventories will rise as Hurricane Harvey takes offline refining capacity in the United States, potentially for weeks until refineries are back running at full capacity. Although there…

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