Days before Hurricane Harvey barrelled into the Texas coast on Friday, home improvement retailers were preparing truckloads of lumber, shingles and other materials that property owners in the storm-raked communities will need to rebuild.
The deliveries will have to wait, however, as 56 stores between Home Depot and Lowe's in south-east Texas remained closed as of Sunday amid widespread flooding. Once they reopen, the chains could be among the biggest beneficiaries of the post-storm recovery.
Lowe's has sent "500 truckloads" of supplies to the storm zone, its spokeswoman Sarah Lively told Reuters. "We are reopening those stores as quickly as possible."
For the moment, the biggest storm to hit Texas in 50 years is posing a major disruption to one of the most important economic crossroads in the United States and the heart of its oil industry. Ports, railways and motorways are closed or clogged, potentially blocking movement of key parts of the US manufacturing supply chain.
Catastrophic flooding triggered by now Tropical Storm Harvey inundated Houston on Sunday, forcing residents of the fourth most populous US city to flee their homes in anticipation of more days of "unprecedented" rainfall.
The home improvement retailers, well versed in the business of disaster, are probably steps ahead of most companies.
At Home Depot, the spokesman Matt Harrigan said preparations began "as soon as the storm was on the radar".
Both Home Depot and Lowe's said they have set up command centres to manage the response. Both companies also said they will freeze prices for lumber, roofing and other rebuilding materials for a time in the affected zone.
Other US companies, including cR makers, railroads and insurers, will probably be trying to send investors similar reassuring messages as trading starts the week.
Texas is a significant vehicle market, particularly for highly profitable pickup trucks built by the big three Detroit car makers.
In the short term, the storm will hamper operations at dealers and could dampen August sales. But longer term, "it seems there has been enough flooding to damage thousands of light vehicles that will need replacing", said Nick Colas, an independent analyst based in New York City.
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For insurers, the storm could be a mixed blessing.
"Insurers - from a long-term point of view they can raise their rates, but some insurers, if they have a particular geographic or sector concentration can get really beaten up," said Michael Purves, the chief global strategist at Weeden & Co.
"Maybe the winners are the companies that have the least damage but the most licence to increase their premiums."
It was not clear on Sunday how the storm would affect supply chains for car makers and other manufacturers that depend on goods flowing to and from northern Mexico.
Ford Motor, General Motors and Fiat Chrysler Automobiles said on Sunday they had thus far not seen any impact or issues with getting parts across the storm zone but were monitoring the storm closely. The area of Mexico south of the storm zone is a major centre for car parts manufacturing.
BNSF Railway and Union Pacific told customers they would probably curtail operations in flooded areas.
The storm has led to record flooding across Houston. Elected officials, meteorologists and emergency managers all say there has never been anything like this there, and the downpour could last for days.
“Houston has another 100 hours of this,” Todd Crawford, the chief meteorologist at The Weather Company in Massachusetts, told Bloomberg. “Words really can’t express the impacts this will have, when all is said and done. There is no historical comparison. It is simply a tragedy of epic proportions.”
Harvey smashed ashore near Rockport, Texas, Friday as a Category 4 hurricane. As the winds subsided Sunday to about 64ph, from 180kph earlier, rain and flooding took over as the main threat from the storm. As much as 25 inches of rain had already fallen by Sunday and another two feet is possible, the National Hurricane Center said at 5pm New York time.
The National
Specs
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Company%20profile
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Drivers’ championship standings after Singapore:
1. Lewis Hamilton, Mercedes - 263
2. Sebastian Vettel, Ferrari - 235
3. Valtteri Bottas, Mercedes - 212
4. Daniel Ricciardo, Red Bull - 162
5. Kimi Raikkonen, Ferrari - 138
6. Sergio Perez, Force India - 68
COMPANY PROFILE
Name: Almnssa
Started: August 2020
Founder: Areej Selmi
Based: Gaza
Sectors: Internet, e-commerce
Investments: Grants/private funding
VERSTAPPEN'S FIRSTS
Youngest F1 driver (17 years 3 days Japan 2014)
Youngest driver to start an F1 race (17 years 166 days – Australia 2015)
Youngest F1 driver to score points (17 years 180 days - Malaysia 2015)
Youngest driver to lead an F1 race (18 years 228 days – Spain 2016)
Youngest driver to set an F1 fastest lap (19 years 44 days – Brazil 2016)
Youngest on F1 podium finish (18 years 228 days – Spain 2016)
Youngest F1 winner (18 years 228 days – Spain 2016)
Youngest multiple F1 race winner (Mexico 2017/18)
Youngest F1 driver to win the same race (Mexico 2017/18)
Building boom turning to bust as Turkey's economy slows
Deep in a provincial region of northwestern Turkey, it looks like a mirage - hundreds of luxury houses built in neat rows, their pointed towers somewhere between French chateau and Disney castle.
Meant to provide luxurious accommodations for foreign buyers, the houses are however standing empty in what is anything but a fairytale for their investors.
The ambitious development has been hit by regional turmoil as well as the slump in the Turkish construction industry - a key sector - as the country's economy heads towards what could be a hard landing in an intensifying downturn.
After a long period of solid growth, Turkey's economy contracted 1.1 per cent in the third quarter, and many economists expect it will enter into recession this year.
The country has been hit by high inflation and a currency crisis in August. The lira lost 28 per cent of its value against the dollar in 2018 and markets are still unconvinced by the readiness of the government under President Recep Tayyip Erdogan to tackle underlying economic issues.
The villas close to the town centre of Mudurnu in the Bolu region are intended to resemble European architecture and are part of the Sarot Group's Burj Al Babas project.
But the development of 732 villas and a shopping centre - which began in 2014 - is now in limbo as Sarot Group has sought bankruptcy protection.
It is one of hundreds of Turkish companies that have done so as they seek cover from creditors and to restructure their debts.
COMPANY%20PROFILE
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The specs
Engine: 3-litre twin-turbo V6
Power: 400hp
Torque: 475Nm
Transmission: 9-speed automatic
Price: From Dh215,900
On sale: Now
Kanguva
Director: Siva
Stars: Suriya, Bobby Deol, Disha Patani, Yogi Babu, Redin Kingsley
SPEC%20SHEET%3A%20NOTHING%20PHONE%20(2a)
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The specs
Engine: Direct injection 4-cylinder 1.4-litre
Power: 150hp
Torque: 250Nm
Price: From Dh139,000
On sale: Now
Electoral College Victory
Trump has so far secured 295 Electoral College votes, according to the Associated Press, exceeding the 270 needed to win. Only Nevada and Arizona remain to be called, and both swing states are leaning Republican. Trump swept all five remaining swing states, North Carolina, Georgia, Pennsylvania, Michigan and Wisconsin, sealing his path to victory and giving him a strong mandate.
Popular Vote Tally
The count is ongoing, but Trump currently leads with nearly 51 per cent of the popular vote to Harris’s 47.6 per cent. Trump has over 72.2 million votes, while Harris trails with approximately 67.4 million.
AIDA%20RETURNS
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Moon Music
Artist: Coldplay
Label: Parlophone/Atlantic
Number of tracks: 10
Rating: 3/5
Company profile
Company: Verity
Date started: May 2021
Founders: Kamal Al-Samarrai, Dina Shoman and Omar Al Sharif
Based: Dubai
Sector: FinTech
Size: four team members
Stage: Intially bootstrapped but recently closed its first pre-seed round of $800,000
Investors: Wamda, VentureSouq, Beyond Capital and regional angel investors
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Tell-tale signs of burnout
- loss of confidence and appetite
- irritability and emotional outbursts
- sadness
- persistent physical ailments such as headaches, frequent infections and fatigue
- substance abuse, such as smoking or drinking more
- impaired judgement
- excessive and continuous worrying
- irregular sleep patterns
Tips to help overcome burnout
Acknowledge how you are feeling by listening to your warning signs. Set boundaries and learn to say ‘no’
Do activities that you want to do as well as things you have to do
Undertake at least 30 minutes of exercise per day. It releases an abundance of feel-good hormones
Find your form of relaxation and make time for it each day e.g. soothing music, reading or mindful meditation
Sleep and wake at the same time every day, even if your sleep pattern was disrupted. Without enough sleep condition such as stress, anxiety and depression can thrive.
If you go
Where to stay: Courtyard by Marriott Titusville Kennedy Space Centre has unparalleled views of the Indian River. Alligators can be spotted from hotel room balconies, as can several rocket launch sites. The hotel also boasts cool space-themed decor.
When to go: Florida is best experienced during the winter months, from November to May, before the humidity kicks in.
How to get there: Emirates currently flies from Dubai to Orlando five times a week.
Company%20Profile
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COMPANY PROFILE
Name: Qyubic
Started: October 2023
Founder: Namrata Raina
Based: Dubai
Sector: E-commerce
Current number of staff: 10
Investment stage: Pre-seed
Initial investment: Undisclosed
Company%20Profile
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