BloggingStocks http://www.bloggingstocks.com BloggingStocks http://www.blogsmithmedia.com/http://www.bloggingstocks.com/media/feedlogo.gif BloggingStocks http://www.bloggingstocks.com en-us Copyright 2012 Weblogs, Inc. The contents of this feed are available for non-commercial use only. Blogsmith http://www.blogsmith.com/<![CDATA[Gustav's insured losses could reach $10 billion, fraction of Katrina's]]>http://www.bloggingstocks.com/2008/09/02/gustavs-insured-losses-could-reach-10-billion-fraction-of-kat/http://www.bloggingstocks.com/2008/09/02/gustavs-insured-losses-could-reach-10-billion-fraction-of-kat/http://www.bloggingstocks.com/2008/09/02/gustavs-insured-losses-could-reach-10-billion-fraction-of-kat/#commentsFiled under: , ,

The losses from Gustav are significant, but not nearly as bad as they could have been.

That's the early read regarding onshore / offshore property and infrastructure damaged caused by Hurricane Gustav, with losses pegged at $4 billion to $10 billion, according to estimates by Risk Management Solutions. In contrast, Hurricane Katrina in 2005 caused about $50 billion in damages.

Risk Management said losses from Gustav were lessened by the fact that the storm weakened, and hit the coastline as a Category 2 hurricane, and the fact that it came ashore about 70 miles southwest of New Orleans. Those factors, combined with better preparation by companies with vulnerable property in the area, will result in lower damages totals, Risk Management said.

However, RMS was quick to point out that the $4-10 billion damage total does not include loses from flooding in New Orleans that could occur in the days ahead.

Gustav: Little U.S. GDP impact

Economist David H. Wang, who runs U.S. GDP models each quarter, said Tuesday he expects "only a minimal U.S. GDP impact from Gustav."

"Of course human safety is the primary concern. But regarding regional GDP, the Southeast U.S. will incur a 0.1-0.3% GDP reduction in the third quarter from the hurricane, but the overall impact on U.S. GDP will be minimal," Wang said.

Continue reading Gustav's insured losses could reach $10 billion, fraction of Katrina's

Gustav's insured losses could reach $10 billion, fraction of Katrina's originally appeared on BloggingStocks on Tue, 02 Sep 2008 11:35:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>gdpGustavHurricane GustavHurricane KatrinainsuranceinthenewsKatrinaleveesNew Orleansproperty damagerefineriesRisk Management SolutionsU.S. Army Corps of EngineersU.S. economyTue, 02 Sep 2008 11:35:00 EST<![CDATA[Gustav could cost you $5 a gallon at the pumps]]>http://www.bloggingstocks.com/2008/08/31/gustav-could-cost-you-5-a-gallon-at-the-pumps/http://www.bloggingstocks.com/2008/08/31/gustav-could-cost-you-5-a-gallon-at-the-pumps/http://www.bloggingstocks.com/2008/08/31/gustav-could-cost-you-5-a-gallon-at-the-pumps/#commentsFiled under: , , , , , ,

Beyond the torment it has already caused in the Carribbean and the stress it places on those who are evacuating the Gulf Coast, hurricane Gustav will lead to higher prices at the pumps. That's because the majority of the Gulf of Mexico's oil production is shut down in anticipation of Gustav's force.

Exactly how much production is being shut down? CNNMoney reports that "energy producers have shut in approximately 77% of oil output and 37% of natural gas production in the Gulf of Mexico." This is affecting three producers particularly hard -- Royal Dutch Shell PLC (NYSE: RDS.A), BP PLC (NYSE: BP) and Chevron Corp. (NYSE: CVX).

And the production shut-down is significant -- "nearly 1 million barrels of daily oil production is now shut down. The last time this happened was in November 2005, after Hurricanes Katrina and Rita. In addition, 2.75 billion cubic feet of daily natural gas production is now shut down" according to CNNMoney.

Continue reading Gustav could cost you $5 a gallon at the pumps

Gustav could cost you $5 a gallon at the pumps originally appeared on BloggingStocks on Sun, 31 Aug 2008 09:15:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>bpbp plcBpPlcchevronchevron corpchevron corp.chevroncorpChevronCorp.gasgas pricesgasolinegasoline pricesGasolinePricesGasPriceshurricanehurricane katrinaHurricaneKatrinahurricanesoilroyal dutchroyal dutch shellRoyalDutchRoyalDutchShellSun, 31 Aug 2008 09:15:00 EST<![CDATA[Hurricane Katrina follies in Louisiana - KB Homes (KBH) not laughing]]>http://www.bloggingstocks.com/2007/09/05/hurricane-katrina-follies-in-lousianna-kb-home-says-its-not-fu/http://www.bloggingstocks.com/2007/09/05/hurricane-katrina-follies-in-lousianna-kb-home-says-its-not-fu/http://www.bloggingstocks.com/2007/09/05/hurricane-katrina-follies-in-lousianna-kb-home-says-its-not-fu/#commentsFiled under: , , , , , ,

Amazing as it might seem the State Legislature of Louisiana has seen fit to recreate Yossarian's nightmarish experience in Catch-22 by killing legislation that might have helped house some folks in New Orleans in a more expeditious fashion. You might have read or heard that KB Homes (NYSE: KBH) has been trying to develop various projects in and around New Orleans since soon after Hurricane Katrina departed.

Clearly KB had more than altruistic goals in mind but it was quick to act, seeing the Katrina tragedy as an opportunity to help a community crushed by the lack there of.

KB Homes CEO Jeff Mezger said in a recent article in Fortune Magazine: "It's taking longer for the city to rebound than we expected," he says. One unusual problem: a severe shortage of plumbers. KB learned after it arrived that state law requires plumbers to complete more than four years of training before obtaining a license, and that Louisiana follows different plumbing codes than most other states. That means KB effectively can't bring plumbers from Houston, where it has an extensive contractor network."

If you know anything about Louisiana's political history, it might not surprise you at all to learn that after KB Homes sponsored a bill in the state legislature to loosen these arcane requirements, the state's Plumbing-Heating-Cooling Contractors Association promptly squashed it dead. Never mind that thousands of locals needed housing, and the workers pouring in to help rebuild the city needed housing. Nope. It was business as usual.

Continue reading Hurricane Katrina follies in Louisiana - KB Homes (KBH) not laughing

Hurricane Katrina follies in Louisiana - KB Homes (KBH) not laughing originally appeared on BloggingStocks on Wed, 05 Sep 2007 16:35:00 EST. Please see our terms for use of feeds.

Read | Permalink | Email this | Comments]]>Hurricane KatrinaHurricaneKatrinainthenewsKB HOME (KBH)KbHome(kbh)Lousianna State LegislatureLousiannaStateLegislaturePlumbers unionPlumbersUnionSheldon LiberSheldonLiberWed, 05 Sep 2007 16:35:00 EST<![CDATA[New Orleans ravaged anew by subprime mortgage woes]]>http://www.bloggingstocks.com/2007/05/11/new-orleans-ravaged-anew-by-subprime-mortgage-woes/http://www.bloggingstocks.com/2007/05/11/new-orleans-ravaged-anew-by-subprime-mortgage-woes/http://www.bloggingstocks.com/2007/05/11/new-orleans-ravaged-anew-by-subprime-mortgage-woes/#commentsFiled under: , , ,

Miles of New Orleans remain pretty much the way Katrina left it two years ago -- with 123,000 owner-occupied homes and 80,000 rental units damaged or destroyed. And as one of the poorest regions of the U.S., it should come as no surprise that subprime mortgages have deeply penetrated its mortgage market.

How bad are subprime woes in New Orleans? According to Bloomberg News, about 21% of Louisiana's 60,000 subprime mortgages were at least 30 days past due in last year's fourth quarter, up from 15% in 2004, the year before Katrina. Only Mississippi and Michigan had higher subprime delinquency rates.

And the subprime woes are a great example of the widening income disparity in the U.S.. That's because subprime mortgage originators are transferring these bad mortgages at a deep discount to hedge funds -- whose wealthiest owner, James Simons, took home $1.7 billion last year. For example, H&R Block, Inc. (NYSE: HRB) agreed April 20 to sell its subprime mortgage lender, Option One, to Cerberus Capital Management LP, a New York private-equity and hedge-fund manager.

Continue reading New Orleans ravaged anew by subprime mortgage woes

New Orleans ravaged anew by subprime mortgage woes originally appeared on BloggingStocks on Fri, 11 May 2007 10:55:00 EST. Please see our terms for use of feeds.

Read | Permalink | Email this | Comments]]>hrbhurricane katrinaHurricaneKatrinanew orleansNewOrleanssubprime mortgagesSubprimeMortgagessuprime mortgage marketSuprimeMortgageMarketFri, 11 May 2007 10:55:00 EST<![CDATA[State Farm to settle $80 million in Katrina claims]]>http://www.bloggingstocks.com/2007/01/09/state-farm-to-settle-80-million-in-katrina-claims/http://www.bloggingstocks.com/2007/01/09/state-farm-to-settle-80-million-in-katrina-claims/http://www.bloggingstocks.com/2007/01/09/state-farm-to-settle-80-million-in-katrina-claims/#commentsFiled under: , ,

State Farm -- the biggest home insurer in the U.S. -- will avoid an endless string of court battles as they settle on 639 lawsuits over damages sustained during 2005's Hurricane Katrina. Insurance lawyers briefed by the company say that State Farm would, under a tentative agreement, provide an average of $125,000 to homeowners, with payouts ranging from a minuscule $2,000 to a whopping $2 million.

But this deal, for some reason, is only for residents of Mississippi (one state at a time, people), with the holdup centering on flood damage not covered under the claims. Flooding during Katrina was especially severe.

Before vilifying State Farm, however, keep in mind that damages totaling $5.2 billion have already been paid out in Mississippi and damages of $10.3 billion in Louisiana.

B. Brandon Barker is the author of Operation EMU

State Farm to settle $80 million in Katrina claims originally appeared on BloggingStocks on Tue, 09 Jan 2007 10:45:00 EST. Please see our terms for use of feeds.

Read | Permalink | Email this | Comments]]>flood claimsHurricane KatrinaHurricaneKatrinaKatreinaKatrina claimsMississippi claimsMississippiClaimsState FarmState Farm InsuranceStateFarmStateFarmInsuranceTue, 09 Jan 2007 10:45:00 EST