Business impact. Jackie deangelis is in Corpus Christi watching the refineries, and Brian Sullivan is focusing on the port side of the story. We begin with brian. Hey, brian reporter hey, melissa. Thank you very much. I can confirm that it is once again raining here the rain will just not stop. And there is nowhere for the water to go. Were south of houston, by far were in texas city, which is where a lot of these major refiners are based lets focus on the ports because the galveston ship channel, which is the doorway to the port of houston. You literally, all the ships in houston have got to go through the galveston ship channel it is completely shut down it is not that far that way to us there is no, at least, word that weve gotten lately of when that will open. And there are many, many supertankers that are off the coast. The reason we care about the port of houston is not only because its going to bring in needed supplies, but its a national story, as well. According to the port bu
Good morning thanks for joining us im kristen sze. Im eric thomas. President obama has declared new york and long island disaster areas because of the damage theyve suffered from Superstorm Sandy live look at new jersey flooding is a big problem. So far 17 deaths are attributed to the storm. More than seven million up and down the east coast without power, 13 foot storm surge caused widespread flooding. Tahman bradley in maryland with an update. Reporter along the east coast, signs of sandys fury, Lady Libertys torch out Power Outages spread, five million in the dark 1. 5 million evacuated sandy made landfall along the new jersey coast, 80 mile per hour wind as and flooding high tides, rough surf battered the coastline. This morning entire sections of Atlantic City are underwater. People who decided to ride out the storm were left stranded. New jersey governor announced no rescue services until today. I cannot in good conscience send them in the dark given all the various hazards that
You why Something Else may be the key to oils next move. But first, we start with the markets. It was, of course, a tough day for stocks, i guess. The dow down 150 points at its lows. Although both the dow and s p eked out gains for the month of may. And the losses come as expectations mount for a Federal Reserve Interest Rate rise as the dollar enters a twomonth high. What do you do with your portfolio now . I dont see anything wrong with going for the protection, especially at the levels coming into today. We finished last week at 2100. But you look at the way the dow traded today. It really was something that was reflective of a couple of things. Boeing, bing turn to the down side. The energy names, chevron, exxon, you see the way oil flipped from over 50 to close underneath 49. Big flip there. Is that something thats sustainable . The way weve been trading lately on oil, it seems like the ranges seem to have a higher lows and higher highs. Youve got to be impressed with the way the
The hang sentence by 0. 75 . And hang seng slightly weaker. Right now, things are flat, relatively flat across the board. Youre looking at the dax, barely budged. The cac is slightly higher, wti was up for the second day in a row weve seen a gain of 7 over the last couple of sessions. Going back to 48. 96. These currency traders better know what theyre doing. That better indicate theyre going to stay. They better know what theyre doing. Right. But still, the polls are pretty even still. Betting markets they bet that it breaks first day. When People Get Ready to do it, they think, oh, my god, what am i they get too nervous. They say theyre going to be leaving and they dont. Obviously, the pound is hitting at 1. 47 this morning. George soros, the financier who has made a ton of money the last time it collapsed. His warning you could see the pound go to almost 30 if there is a brexit vote. Lets go to wilfred who is watching what is said on all of this, wilfred frost joins us right now fro
Oil production to boost prices. And blue water magic. Nature lovers around japan are trading ocean views for a breathtaking spot inland. Worried about the budget, tokyos governor ordered a panel to look at cost estimates for the 2020 olympics and paralympics. It crunched the numbers and says plans for the games need a major overhaul. Now governor yuriko koike is looking at what could be cut. Reporter you could say tokyos new governor is experiencing some olympicsized sticker shock. Translator the project proceeded without anyone knowing why the budget swelled up to 20 billion or 30 billion. Reporter yuriko koikes numbers were from a tokyo government panels estimates. The results of which were released on thursday. The panel says the total cost for the Tokyo Olympics could be more than four times the original estimate. To get to the bottom of the surging cost, koike had set up an Investigation Team to look at the books for the 2020 games. Controversy around the games is nothing new. The