Aug 31, 2017

Harvey could cost more than Katrina and Sandy combined

Homes are surrounded by floodwaters from Tropical Storm Harvey Tuesday, Aug. 29, 2017, in Spring, Texas. (David J. Phillip / AP)

Accuweather projects Harvey could be "the most costly natural disaster in United States history," and estimates that its economic impact on GDP is $190 billion, which exceeds that of Katrina and Sandy combined.

  • "Much of the damage ... is uninsured." (Bloomberg Businessweek)
  • "Harvey is straining the global superhighway of the energy trade," per WSJ: "More than a dozen refineries are affected — including the country's two biggest, Saudi Arabian Oil Co.'s Motiva facility in Port Arthur and Exxon Mobil Corp.'s Baytown facility — cumulatively representing more than 30% of U.S. refining capacity."
  • "Katrina Survivors Relive Ordeal," per WSJ: A dozen years ago, "Katrina uprooted residents to cities across the U.S., but Houston received the largest share outside Louisiana. Of the 150,000 to 200,000 evacuees who initially arrived in Houston, as many as 40,000 remain."
  • Houston Chronicle banner: "THREATS RISE FROM RESERVOIRS, RIVERS: As sun finally returns, a devastated region tallies the damage." (Read the digital paper free.)

Go deeper

How Big Tech has responded to the protests

A protester holds a sign in downtown Minneapolis to protest the death of George Floyd on May 31. Photo: Stephen Maturen/Getty Images

An explosive weekend in America sent Silicon Valley grasping for moral clarity. While many companies and executives spoke out against racial inequities, critics and even some of the rank-and-file found some of the companies' responses lacking.

Why it matters: Tech companies have giant platforms, and their leaders have become public figures, many of them household names. History will record their words and actions — which, in the case of platforms like Facebook, Twitter and YouTube, directly shape the bounds of public discourse.

Pandemic and protests can't stop the stock market

Traders work on the floor of the NYSE. Photo: Spencer Platt/Getty Images.

United States equities were on pace to open higher Monday following big gains in Asia and Europe and a risk-on bid in currency markets.

Why it matters: Stock markets could continue to rise despite an unprecedented global pandemic, violent protests over police violence in the U.S. not seen since the 1960s, and spiking tensions between the world's two largest economies.

2 hours ago - Sports

The sports world speaks up about death of George Floyd

Celtics guard Jaylen Brown. Screenshot: Jaylen Brown/Instagram

There was a time when a months-long sports absence would have silenced athletes, leaving them without a platform to reach fans or make their voices heard.

Why it matters: But now that athletes boast massive social media followings and no longer need live game broadcasts or media outlets to reach millions, they're speaking out en masse amid protests over the death of George Floyd and other police-related killings of black people — delivering messages of frustration and unity, despite their leagues not currently operating.