2024-10-09 21:30
CHICAGO, Oct 9 (Reuters) - Fertilizer plants, livestock feed facilities and at least one large flour mill in Florida closed on Wednesday in preparation for Hurricane Milton's destructive winds, heavy rain and deadly storm surge. The Category 4 storm closed in on Florida's west coast as millions of people along a stretch of more than 300 miles (483 km) of coastline were under evacuation orders ahead of its expected landfall near Tampa Bay around midnight. Milton is the second major storm to hit Florida in two weeks after Hurricane Helene came ashore in the Big Bend region on Sept. 26 and carved a path of destruction across agricultural areas of the Southeast. Fertilizer maker Mosaic (MOS.N) , opens new tab said it has idled Florida operations. The company, which mines phosphate rock in the state and produces about three-quarters of North America's phosphate fertilizers, said last week that a facility in Riverview, Florida, was offline because of a storm surge from Helene. Milton is expected to affect an even larger number of Florida phosphate facilities than Helene, said Veronica Nigh, senior economist for The Fertilizer Institute, an industry group. "The lack of processing and phosphate shipments that will occur as a result of Helene and now Milton will further tighten the phosphate market," Nigh said. As much as 42% of U.S. ammonium phosphate, 32% of U.S. phosphate rock, and half of U.S. wet-processed phosphoric acid production capacity is located near Tampa Bay, Nigh said. About 40% of all U.S. phosphate fertilizer exports and 27% of total fertilizer exports go through Port Tampa Bay, she said. Flour producer Ardent Mills closed its Port Redwing mill south of Tampa. The facility, opened in 2022, can produce up to 1.8 million pounds of flour a day from imported grain or wheat grown in the Midwest and Southeast. Global agribusiness Cargill Inc (CARG.UL) preemptively closed its salt-packaging and animal-nutrition facility in Milton's path, the company said. Sign up here. https://www.reuters.com/markets/commodities/florida-fertilizer-plants-grain-mills-close-hurricane-milton-nears-2024-10-09/
2024-10-09 21:20
Oct 9 (Reuters) - Hurricane Milton became the third-fastest intensifying Atlantic storm on record as it headed towards Florida's west coast, threatening to swamp low-lying areas with a life-threatening storm surge, according to the U.S. National Hurricane Center. WHEN WILL HURRICANE MILTON HIT FLORIDA? Milton's center has been moving northeast across the Gulf of Mexico at about 16 mph (26 kph). Forecasters expect it to make landfall around Florida's Tampa Bay area late on Wednesday night or early Thursday morning, according to the hurricane center. HOW BIG IS MILTON? As of Wednesday morning, Milton had maximum sustained winds of about 155 mph (249 kph), according to the hurricane center , opens new tab. Hurricane-force winds extend outward up to 30 miles (45 km) from its center, and tropical-storm-force winds extend outward up to 125 miles (205 km). WHY IS HURRICANE MILTON SO FEROCIOUS? The unusually warm waters in the Gulf of Mexico this year have fueled Milton's rapid growth. Surface waters have reached record-high temperatures of around 90 degrees Fahrenheit (32 degrees Celsius) during the past two summers, according to the U.S. National Oceanic and Atmospheric Administration. WHERE ARE THE HURRICANE MILTON EVACUATION ZONES? Fifteen of Florida's 67 counties have issued mandatory evacuation orders , opens new tab for at least some residents, stretching along much of the west coast from Collier County to Levy County. That includes many of the 3.1 million people who live in the Tampa metropolitan area, a dense cluster of low-lying communities along the coast and on the shelter islands of Tampa Bay, which has not been in a hurricane's path in more than a century. WHAT WARNINGS ARE FLORIDA RESIDENTS GETTING? Although Floridians are accustomed to hurricanes, many state and local officials are warning residents that Milton may be the worst they have seen. Tampa Mayor Jane Castor has bluntly said that anyone who does not evacuate low-lying zones will die. The hurricane center has forecast life-threatening storm surges of between 10 and 15 feet along Florida's western coast from Anna Maria Island - on the south end of the entrance of Tampa Bay - to Boca Grande, about 70 miles (113 km) further south. It also forecast destructive hurricane-strength winds and torrential rainfall that could trigger flash flooding in much of central Florida. HOW DOES HURRICANE MILTON COMPARE TO HURRICANE HELENE? Many of the communities facing Milton are still recovering from Hurricane Helene last month, which killed more than 200 people after causing disastrous inland flooding, particularly in the mountains of western North Carolina and eastern Tennessee. At its most intense, Helene was a Category 4 hurricane, reaching sustained winds of 140 mph (220 kph) and a minimum central pressure of 938 millibars at its peak. Milton quickly surpassed that, becoming a Category 5 storm within hours with sustained winds of 180 mph (285 kph) and a minimum central pressure of 897 millibars on Tuesday. Milton was downgraded slightly on Wednesday to Category 4. WHAT ARE THE FIVE MOST INTENSE ATLANTIC HURRICANES? The lower a hurricane's minimum central pressure, the more intense it is. Milton has already become the fifth-most intense hurricane recorded in the Atlantic. The most intense hurricane on record is Wilma in 2005, with a minimum central pressure of 882 millibars, followed by Gilbert in 1988, the Labor Day hurricane of 1935, and Rita in 2005. Sign up here. https://www.reuters.com/world/us/when-will-milton-hit-florida-how-does-it-compare-with-other-hurricanes-2024-10-09/
2024-10-09 21:19
Oct 9 (Reuters) - Walt Disney World (DIS.N) , opens new tab said its theme park in Florida would remain closed on Thursday, joining other major Orlando attractions preparing for disruptions as Hurricane Milton approaches the state. Florida, a top global tourism destination, is home to major theme parks like Disney World, Universal Orlando Resort, and SeaWorld Entertainment. Hurricane Milton is forecast to make landfall in Florida on Thursday, with catastrophic damage and power outages expected to last for days. Disney's theme parks and Disney Springs will be closed in phases beginning Wednesday and will remain closed on Thursday as well. Disney World also plans to temporarily close its campgrounds and rental cabins early on Wednesday, with closures likely to extend until Sunday. SeaWorld Entertainment announced plans to close its Orlando theme park on both Wednesday and Thursday. Comcast-owned Universal Orlando Resort said it will be closed on Thursday, according to its website. Additionally, Universal canceled its Halloween Horror Nights at Universal Studios Florida for both Wednesday and Thursday, although its resort hotels will remain open. Walt Disney's (DIS.N) , opens new tab experiences segment that includes parks and consumer products accounted for just over half of total profit in the fiscal third quarter. The segment recorded an operating income drop of 3%. Sign up here. https://www.reuters.com/world/us/disney-world-close-orlando-theme-park-hurricane-milton-looms-2024-10-09/
2024-10-09 21:19
NEW YORK, Oct 9 (Reuters) - Many orange farms in Florida could be hit by Hurricane Milton when it makes landfall in the state on Thursday, according to citrus industry groups, only days after they largely escaped the destruction caused by Hurricane Helene. "While farmers can evacuate families and secure equipment, there is little we can do to prevent wind and floods from destroying groves," said Matt Joyner, Executive Vice President and CEO of Florida Citrus Mutual. "Milton has wobbled slightly south from early yesterday (Tuesday), which is worse for the three major growing regions," said in a note the Citrus Research and Development Foundation. Florida is the largest citrus producer in the United States, supplying oranges for the local juice production. Most of the farms are located in the Center-South part of the state, which is in the likely path of Milton. A large impact by the storm would be another setback for the industry and consumers, which are struggling with low orange production and high prices. Orange juice futures in New York hit an all-time high last month. Another factor was falling output in top grower Brazil due to a historic drought and losses linked to the greening disease. Florida's orange production is already going through difficult times, mostly due to greening, a bacterial infection that can spread quickly. It has reduced the planted area in the state by half in the last 20 years. The Citrus Research and Development Foundation said strong winds could help spread the disease to more groves. The hurricane will cause fruits to drop from the trees and get wasted. If trees are damaged, eventual replanting would mean no production for at least three years. Sugarcane fields could also be impacted by the storm, since they are located not far from the orange areas. Florida and Louisiana account for 40% of the U.S. sugar production. Sign up here. https://www.reuters.com/world/us/spared-by-helene-florida-citrus-industry-braces-milton-2024-10-09/
2024-10-09 21:19
Oct 9 (Reuters) - U.S. shale producer APA Corp (APA.O) , opens new tab curtailed about 103 million cubic feet per day (MMcf/d) of natural gas production in the third quarter in response to weak commodity prices, the company said on Wednesday. U.S. natural gas prices collapsed to multi-year lows earlier this year, with prices in the Waha hub , located in Permian shale basin in West Texas, turning negative a record number of times in 2024. APA has curtailed production in all quarters of fiscal 2024 so far, primarily because of weakness in natural gas prices. For the third quarter, it expects average realized natural gas prices in the U.S to be 15 cents per thousand cubic feet (Mcf) and $3.30 per Mcf worldwide. The company also curtailed 10,000 barrels per day (bpd) of natural gas liquids during the July-September quarter. APA had curtailed 78 MMcf/d of natural gas production and 7,600 bpd of natural gas liquids in the second-quarter. Sign up here. https://www.reuters.com/business/energy/apa-corp-says-it-curtailed-natgas-production-third-quarter-2024-10-09/
2024-10-09 21:02
BOSTON, Oct 9 (Reuters) - Three cryptocurrency companies and 15 people have been charged with engaging in widespread fraud and market manipulation following an investigation in which the FBI for the first time directed the creation of a new digital token to help authorities ferret out crime. Federal prosecutors in Boston charged the firms Gotbit, ZM Quant, CLS Global and the leaders and employees of those and other companies in a takedown that has led to four arrests, agreements by five people to plead guilty and the seizure of over $25 million worth of cryptocurrency. Acting U.S. Attorney Joshua Levy said the defendants engaged in sham trades to artificially inflate the trading volume of various cryptocurrency tokens before selling them off, "leaving innocent investors holding the bag." "This is a case where new age technology, crypto, meets an old school fraud, in this case a 'pump and dump' scheme, which is as old as the stock markets," Levy told reporters. As part of the investigation, the FBI directed the creation of a cryptocurrency company, NexFundAI, which had a token on the Ethereum blockchain that prosecutors said ZM Quant, CLS Global and another company, MyTrade, agreed to help manipulate. Authorities said that token was traded but that they carefully monitored to minimize the risk retail investors might buy it before disabling trading. The U.S. Securities and Exchange Commission filed related civil cases as well. Prosecutors said that Saitama, the largest of the companies involved, at one point had a market value of $7.5 billion, after its leadership began manipulating trading of its tokens and secretly sold them. Its chief executive, Manpreet Kohli , opens new tab, was arrested on Monday in the United Kingdom. Five other current or former employees were also charged, and three have pleaded guilty. Others charged , opens new tab were Aleksei Andriunin, CEO of Gotbit, a cryptocurrency "market maker" who lived in Russia and Portugal. He was arrested in Portugal on Tuesday. Two of his company's employees in Russia were also charged. Prosecutors said that from 2018 to 2024, Gotbit engaged in "wash trading," a form of sham trading, and market manipulation on behalf of several cryptocurrency clients to help artificially inflate trading volume for their tokens. Also charged were four other individuals who worked at cryptocurrency "market makers" that prosecutors said advertised market manipulation services to clients. They are Liu Zhou, the founder of market maker MyTrade, who according to court papers has agreed to plead guilty; Riqui Liu of the United Kingdom and Hong Kong and Baijun Ou of Hong Kong, who both worked at ZM Quant; and Andrey Zhorzhes of the United Arab Emirates, an employee of CLS Global. They could not be immediately reached for comment. Others charged were Michael Thompson of Virginia, who worked at a cryptocurrency company called VZZN founded by a former Saitama employee, and Bradley Beatty of Florida, who prosecutors said fraudulently promoted his crypto company, Lillian Finance. Sign up here. https://www.reuters.com/legal/us-charges-18-people-companies-cryptocurrency-fraud-2024-10-09/
