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  • Damage and Aftermath in Florida, Updates

    Damage and Aftermath in Florida, Updates

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    At Eye on the Storm, meteorologist Jeff Masters notes that Tampa–St. Petersburg has been rated the most vulnerable metropolitan area in the country to storm-surge damage, to the extent that a Category 4 storm that makes landfall just north of the area could do an estimated $230 billion in damage. Adds Masters:

    Most of the population in the four-county Tampa Bay region lives along the coast in low-lying areas, about 50 percent of it at an elevation of less than 10 feet. More than 800,000 people live in evacuation zones for a Category 1 hurricane, and 2 million people live in evacuation zones for a Category 5 hurricane, according to the 2010 Statewide Regional Evacuation Study for the Tampa Bay Region. Given that only 46% of the people in the evacuation zones for a Category 1 hurricane evacuated when an evacuation order was given as 2004’s Category 4 Hurricane Charley threatened the region, the potential exists for high loss of life when the next major hurricane hits.

    Two weeks ago, Helene didn’t even get all that close, but still walloped the metro area:

    Despite its center passing 130 miles (205 km) to the west of Tampa Bay on Sep. 26, Hurricane Helene brought the bay its highest storm surge since record-keeping began in 1947, with water levels 5-8 feet above dry ground. According to local station fox13news.com, damage was heavy in the four-county Tampa Bay region: Pinellas County (home of St. Petersburg) had 28,000 damaged buildings, Pasco County had 9,900, and there were 8,600 in Manatee and Sarasota counties combined. Twelve storm-related deaths occurred in Pinellas County, two in Manatee County, and two in Hillsborough County.

    Masters outlined the most troubling possible scenarios for Tampa:

    Our five top hurricane-specific forecast models – the HWRF, HMON, HAFS-A, HAFS-B, and COAMPS-TC – have been painting some extremely ugly possible futures for Tampa Bay from Hurricane Milton. At least one run in recent days from all of these models have predicted Milton would achieve Cat 4 or Cat 5 strength on Tuesday or Wednesday. Many of the runs have shown a landfall just north of Tampa Bay, which would maximize the surge in the bay. However, many recent runs of these models have predicted that high wind shear and dry air would combine to disrupt Milton’s core before landfall, causing rapid weakening, with a potential Cat 1 or Cat 2 landfall resulting. Unfortunately, such a rapid weakening would allow the hurricane’s strongest winds to spread out over a larger area, resulting in a damaging surge characteristic of a Cat 3 hurricane affecting a larger portion of the coast. The most devastating scenario for Tampa Bay painted by any of the model runs from 6Z (2 a.m. EDT) Monday was from the new HAFS-B model, which showed Milton hitting as a large Cat 3 with 115 mph (185 km/h) winds just north of Tampa Bay (Fig. 3). Such a storm would likely generate a storm surge in the bay in excess of 10 feet, causing over $10 billion in damage. The HAFS-B model outperformed all the other models for 3-, 4-, and 5-day forecasts last year. …

    With the new 6Z Monday runs of the HWRF, HMON, HAFS-A, HAFS-B, COAMPS-TC, GFS, and European models, all painted variations of a dire scenario for Milton for Tampa Bay, showing a landfall just to the north of or over Tampa Bay. The only model showing a best-case scenario for them was the 0Z Monday run of the UKMET model, which depicted a landfall near Fort Myers, about 80 miles south of Tampa Bay.

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  • 'Hopefully I will be going back to U21s' | Does Carsley doubt himself for England job?

    'Hopefully I will be going back to U21s' | Does Carsley doubt himself for England job?

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    Lee Carsley raises questions of self-doubt over being named permanent England manager after stating has just three games left as interim manager.

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  • African nation of Eswatini releases design for tokenized retail CBDC

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    The tiny kingdom, formerly known as Swaziland, is looking at better domestic accessibility and cross-border trade with a proposed CBDC.

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  • AMD Shares Slide as Investors Wait for Signs of AI Payoff

    AMD Shares Slide as Investors Wait for Signs of AI Payoff

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    (Bloomberg) — Advanced Micro Devices Inc. suffered its biggest stock decline in more than a month after the company unveiled new artificial intelligence chips but didn’t provide hoped-for information on customers or financial performance.

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    The stock slid 4% to $164.18 on Thursday, making the biggest single-day drop since Sept. 3. Shares of the company, which hosted an event in San Francisco on Thursday, remain up 11% this year.

    AMD has emerged as the biggest contender to Nvidia Corp. in the lucrative market for artificial intelligence processors, and Chief Executive Officer Lisa Su argued that its latest chips will exceed some capabilities of its rival. Computer systems based on AMD’s MI325X processors will be available soon and have an edge over machines running Nvidia’s H100, she said at the event. The MI325X’s use of a new type of memory chip will give it better performance at running AI software — a process known as inference — she said.

    “This is an incredibly fast-growing market,” Su said during an interview with Bloomberg Television’s Ed Ludlow. “We view this as a multiyear opportunity.”

    The Santa Clara, California-based company is trying to crack Nvidia’s dominance in so-called AI accelerators — chips that have become essential to the development of artificial intelligence systems. Like Nvidia, AMD has committed to bringing out new accelerators every year, stepping up its pace of innovation.

    Still, AMD has a long way to go to match Nvidia, and Wall Street has been waiting for signs of progress. That may not come until the company’s quarterly earnings report, which is expected around the end of this month.

    Under Su, who just marked her 10th anniversary in the top job at AMD, the company has eclipsed its longtime nemesis Intel Corp. in market valuation. But both companies were caught off guard by how ferociously the industry embraced AI accelerators.

    Of the two, AMD has responded far more quickly and established itself as the closest rival to Nvidia. AMD has set a target of $4.5 billion of revenue from the new type of chips for this year, a rapid increase.

    Su has said the overall market for such chips will hit $400 billion in 2027. On Thursday, she said that the company expects that number to reach $500 billion in 2028.

    At the event, Su also said the company is releasing a new line of server processors based on its “Turin” technology, making a fresh push into a market once dominated by Intel.

    Computers are going on sale with AMD’s fifth-generation EPYC central processing units, or CPUs, she said. The chips have as many as 192 processor cores and can outperform the latest Intel products, she said.

    The company said that it now has 34% of the market for this category of chips when measured by revenue. Though Intel still dominates the segment, it once had a 99% share.

    Su said that she expects continued growth in demand for AI and that the industry is still “just getting started” in its use of the new technology.

    Separately, Su said AMD has no current plans to change the suppliers it uses for cutting-edge manufacturing. But the company wants more geographical diversity in terms of its production, and is looking to work with Taiwan Semiconductor Manufacturing Co.’s new Arizona facility. Su refused to rule out using either Samsung Electronics Co. or Intel in the future. She said AMD is keeping an open mind.

    “We’re always looking at the manufacturing landscape and will always think about how we can have the most resilient supply chain,” she said in the Bloomberg Television interview.

    AMD has a different strategy than Nvidia and it’s resonating with customers, Su said. Her larger competitor is offering complete systems, including models and software, that AMD believes are closed and proprietary. AMD is far more open to working with other companies, even Intel and Nvidia, she said.

    “The difference is that we don’t think we’re the only ones who have good ideas,” she said.

    –With assistance from Ed Ludlow.

    (Updates with CEO interview remarks starting in fourth paragraph.)

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    ©2024 Bloomberg L.P.

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  • ‘She can’t even buy groceries or put gas in her car’: My friend’s husband died, leaving her with three young children, no job and $15,000 in credit-card debt

    ‘She can’t even buy groceries or put gas in her car’: My friend’s husband died, leaving her with three young children, no job and $15,000 in credit-card debt

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    “She is planning to sell their house and should net between $75,000 and $100,000 on the sale of the property.”

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  • How Workers Believe the Presidential Election Will Impact Their Careers

    How Workers Believe the Presidential Election Will Impact Their Careers

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    Election voting booths
    Studio Romantic / Shutterstock.com

    In today’s political climate, finding a company that aligns with your core values and supports your personal and professional growth is more important than ever. From increased stress and economic uncertainty to shifting career goals and company values, today’s professionals are facing unprecedented challenges. Between Aug. 5, 2024, and Aug. 18, 2024, FlexJobs surveyed more than 3,000 U.S.

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  • Wynn UAE Casino to Benefit from Demographics, Taxes

    Wynn UAE Casino to Benefit from Demographics, Taxes

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    Posted on: October 10, 2024, 04:05h. 

    Last updated on: October 10, 2024, 04:05h.

    Wynn Resorts’ (NASDAQ: WYNN) integrated resort in the United Arab Emirates (UAE) is poised to benefit from attractive demographics and a favorable tax regime, according to JPMorgan analysts.

    Al-Marjan Island
    Al-Marjan Island in the UAE, site of Wynn’s casino resort. JPMorgan believes the venue will be a long-term success. (Image: Arabian Business)

    In a new report to clients, analysts led by Joseph Greff noted Wynn Al Marjan Island in Ras Al Khaimah (RAK) could draw from a lucrative client pool. At an investor event in Las Vegas earlier this week, Wynn noted the casino hotel is a 50-minute drive from Dubai International Airport, putting it within an eight-hour flight for 96% of the world’s population. Greff and team narrowed that pool.

    Core target markets represent approximately 25 percent of the world’s population, 20 percent of global GDP, and nearly 20% of the world’s millionaires,” wrote the JPMorgan analysts.

    The Wynn venue, which will be the first regulated casino hotel in the Arab world, is under construction and expected to open in early 2027. With the UAE’s vast oil wealth and its rising number of ultra-high-net-worth citizens coupled with Dubai’s status as a playground for the elite, demographics are relevant to Wynn Al Marjan Island and explain why some analysts are comparing the UAE’s still nascent casino market to Singapore’s.

    UAE Regulatory Setup Favorable for Wynn Casino

    At the investor event, Wynn said the budget for the UAE venture has expanded to $5.1 billion and its expected capital contribution will be $1.1 billion. Looking further out, the operator expects the UAE casino hotel to generate adjusted property earnings before interest, taxes, depreciation, and amortization (EBITDA) of $390 million to $570 million on sales of $1.38 billion to $1.88 billion.

    A free cash flow forecast of $170 million to $350 million and expected return on invested capital of 9.8% to 15.7% are in-line with analyst estimates. Greff said those forecasts aren’t particularly aggressive and the UAE’s gaming regulatory environment appears hospitable.

    “The regulatory framework compares favorably with some of the largest IR markets in the world, sporting a 10 percent to 12 percent tax rate on gross gaming revenue (GGR),” added the analyst.

    That compares with the 40% rate in Macau. Speaking of Macau where Wynn’s Wynn Macau arm runs two casino hotels, there’s a 10-year licensing period in the Chinese territory, but Wynn Al Marjan Island has been granted a 15-year permit.

    UAE Could Be ‘License Constrained’

    Wynn rival MGM Resorts International (NYSE: MGM) has declared an intent to bid for a casino license at what’s currently a non-gaming hotel complex in the UAE, but Wynn Al Marjan is expected to have lengthy head start on other gaming venues in the region and regulators there are likely to be pragmatic in issuing new permits.

    “We think this market [UAE], which will likely be license constrained and focused on the high-propensity-to-spend luxury consumer in the region, has the potential to have similar characteristics as the attractive and high return-on-investment Singapore IR market,” according to Greff.

    The analyst added that estimates of $3 billion to $5 billion for UAE’s total addressable gaming market could prove conservative over the long term and the Wynn property  will hold a monopoly there “for at least a couple of years.”

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