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ACC PM 12/14/2018
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(ACC Mentioned) John G Ullman & Associates Raised Ciena (CIEN) Holding; Soroban Capital Partners LP Has Trimmed Its Norfolk Southern (NSC) Position
Dec 14, 2018 | The Financial Examiner
By Leslie Harms
Soroban Capital Partners Lp decreased Norfolk Southern Corp (NSC) stake by 45.68% reported in 2018Q3 SEC filing. -
(ACC Mentioned) As Amtrust Finl Svcs (AFSI) Shares Were Volatile, Shareholder Water Island Capital Has Decreased by $366,800 Its Holding; Soroban Capital Partners LP Position in Norfolk Southern (NSC) Decreased by $336.21 Million
Dec 14, 2018 | The Financial Examiner
By Justin Emery
Water Island Capital Llc decreased its stake in Amtrust Finl Svcs Inc (AFSI) by 3.16% based on its latest 2018Q3 regulatory filing with the SEC. -
EPA Consults on TSCA Science Committee Nominees
Dec 14, 2018 | Chemical Watch
The US EPA is accepting comments on a slate of candidates for participation and possible membership on the TSCA Science Advisory Committee on Chemicals (SACC). -
Judge Extends EPA's Perchlorate Deadline to April
Dec 14, 2018 | Inside EPA
A federal judge has signed off on EPA's request for an additional six months -- until April 2019 -- to propose a drinking water standard for the rocket fuel ingredient perchlorate, the first such standard the agency will propose since Congress amended the drinking water law in 1996. -
How US LNG May Create New Pricing Fundamentals Over the Coming Five Years
Dec 14, 2018 | McKinsey & Company (via Real Clear Energy)
By Gillian Boccara, Renjun Chong, and Dumitru Dediu
In 2017, the US exported 12.4 million tons of LNG, a significant increase from the 3.1 million tons of LNG export in 2016. This rise has already begun to change the global LNG flow patterns. -
Saudi Arabia Could Target U.S. with Sharp Export Cut
Dec 14, 2018 | E&E Energywire (via Bloomberg)
By Javier Blas and Tina Davis
After flooding the U.S. market in recent months, Saudi Arabia plans to slash exports to the world's largest oil market in the coming weeks in an effort to dampen visible build-ups in crude inventories. -
Court Weighs FERC's Oversight of Pa. Project
Dec 14, 2018 | E&E Energywire
By Pamela King
A panel of judges yesterday considered what level of scrutiny federal energy regulators must dedicate to an alternative to a natural gas pipeline project. -
White House Panel Urges New Approach to Grid Disaster
Dec 14, 2018 | E&E Energywire
By Blake Sobczak
A group of White House advisers has signed off on sweeping recommendations for responding to a drawn-out, devastating blackout. -
Secure Rail 2019 Seeks Presenters for Expanded Agenda
Dec 14, 2018 | Progressive Railroading
The Secure Rail Conference Advisory Committee met earlier this week to discuss an expanded agenda for the 2019 conference, which will be held May 1-2 in Orlando, Florida. -
California Sets Rules for Post-2020 Cap-and-Trade Program
Dec 13, 2018 | Environmental Defense Fund
By Katelyn Roedner Sutter
California today unanimously adopted amendments to the cap-and-trade program that set major market rules after 2020. -
Pricing Emissions Could Reduce Deficit — CBO
Dec 14, 2018 | E&E Greenwire
By Nick Sobczyk
A price on greenhouse gas emissions would be one of the most effective ways to address the ballooning U.S. budget deficit, according to the Congressional Budget Office. -
The Paris Accord Promised a Climate Solution. Here’s Where We Are Now.
Dec 14, 2018 | The New York Times
By Somini Sengupta
World leaders struck an agreement three years ago in Paris to avert the worst effects of climate change, accepting not only that greenhouse gases were dangerously heating the planet, but also that every single country needed to do its part to curtail emissions.
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Dec 14, 2018 | The Financial Examiner
By Leslie Harms
Soroban Capital Partners Lp decreased Norfolk Southern Corp (NSC) stake by 45.68% reported in 2018Q3 SEC filing. Soroban Capital Partners Lp sold 1.87 million shares as Norfolk Southern Corp (NSC)’s stock declined 13.46%. The Soroban Capital Partners Lp holds 2.22M shares with $400.94 million value, down from 4.09M last quarter. Norfolk Southern Corp now has $42.90 billion valuation. The stock increased 0.52% or $0.82 during the last trading session, reaching $157.52. About 2.23M shares traded. Norfolk Southern Corporation (NYSE:NSC) has risen 10.53% since December 14, 2017 and is uptrending. It has outperformed by 10.53% the S&P500. Some Historical NSC News: 03/04/2018 – Norfolk Southern multi-state safety train tour underway; 30/04/2018 – Norfolk Southern receives American Chemistry Council award as industry-leading partner in responsible chemical transport; 16/03/2018 – Norfolk Southern Remaining Neutral Toward TRC’s Offer; 09/05/2018 – NORFOLK SOUTHERN SAYS PARTNERS WITH PLUG AND PLAY TO DRIVE INNOVATION IN SUPPLY CHAIN LOGISTICS; 01/05/2018 – CFO Earhart Gifts 175 Of Norfolk Southern Corp; 18/04/2018 – Norfolk Southern recognizes 52 chemical customers for safe rail-shipping practices; 24/05/2018 – Norfolk Southern Announces Blockchain in Transport Alliance Membership; 25/04/2018 – NORFOLK SOUTHERN SAYS OUTLOOK FOR 2018 IS `PROMISING`; 06/03/2018 Norfolk Southern rolls out next-generation AccessNS online customer portal; 26/04/2018 – NORFOLK SOUTHERN CORP NSC.N : UBS RAISES TARGET PRICE TO $192 FROM $186
John G Ullman & Associates Inc increased Ciena Corp (CIEN) stake by 7.44% reported in 2018Q3 SEC filing. John G Ullman & Associates Inc acquired 19,034 shares as Ciena Corp (CIEN)’s stock rose 0.95%. The John G Ullman & Associates Inc holds 275,000 shares with $8.59M value, up from 255,966 last quarter. Ciena Corp now has $4.93B valuation. The stock decreased 0.89% or $0.31 during the last trading session, reaching $34.6. About 133,549 shares traded. Ciena Corporation (NYSE:CIEN) has risen 53.47% since December 14, 2017 and is uptrending. It has outperformed by 53.47% the S&P500. Some Historical CIEN News: 26/04/2018 – CIENA DOESN’T EXPECT ANY CHANGES TO AT&T’S FIBER TO TOWER PLANS; 06/03/2018 – Ciena Trading Activity Surges to 13 Times 20 Day Average; 03/05/2018 – DekaBank Adds Ciena, Exits Booking, Cuts Deutsche Bank: 13F; 06/03/2018 – Ciena 1Q Rev $646.1M; 06/03/2018 – CIENA CORP CIEN.N : NOMURA RAISES TARGET PRICE TO $30 FROM $26; 06/03/2018 – CIENA 1Q REV. $646.1M, EST. $641.8M; 31/05/2018 – Ciena 2Q EBITDA $77.1M; 15/05/2018 – GLOBENET IN PACT WITH CIENA FOR LATAM SUBMARINE NETWORK; 26/04/2018 – CIENA COMMENTS IN E-MAIL TO BLOOMBERG NEWS; 26/04/2018 – CIENA JOB REORGANIZATION PLAN UNRELATED TO AT&T
Since August 13, 2018, it had 0 buys, and 3 insider sales for $6.41 million activity. 34,077 shares were sold by Squires James A, worth $5.85M on Monday, August 13. 801 shares were sold by Wheeler Michael Joseph, worth $138,216 on Wednesday, November 7. Another trade for 2,370 shares valued at $414,954 was made by Earhart Cynthia C on Wednesday, August 29.
Among 11 analysts covering Norfolk Southern (NYSE:NSC), 8 have Buy rating, 1 Sell and 2 Hold. Therefore 73% are positive. Norfolk Southern had 16 analyst reports since June 25, 2018 according to SRatingsIntel. The stock of Norfolk Southern Corporation (NYSE:NSC) earned “Buy” rating by Stifel Nicolaus on Thursday, October 25. The firm has “Buy” rating given on Tuesday, July 31 by Argus Research. Morgan Stanley maintained Norfolk Southern Corporation (NYSE:NSC) rating on Tuesday, October 9. Morgan Stanley has “Underweight” rating and $116 target. The stock of Norfolk Southern Corporation (NYSE:NSC) has “Neutral” rating given on Thursday, October 18 by Bank of America. UBS maintained the shares of NSC in report on Thursday, July 26 with “Buy” rating. The firm has “Hold” rating given on Thursday, July 26 by Stifel Nicolaus. The rating was upgraded by Loop Capital on Wednesday, October 24 to “Buy”. The stock of Norfolk Southern Corporation (NYSE:NSC) has “Buy” rating given on Monday, October 1 by Bank of America. As per Wednesday, August 15, the company rating was upgraded by Deutsche Bank. As per Thursday, October 25, the company rating was upgraded by TD Securities.
Analysts await Norfolk Southern Corporation (NYSE:NSC) to report earnings on January, 23. They expect $2.33 earnings per share, up 37.87% or $0.64 from last year’s $1.69 per share. NSC’s profit will be $634.57M for 16.90 P/E if the $2.33 EPS becomes a reality. After $2.52 actual earnings per share reported by Norfolk Southern Corporation for the previous quarter, Wall Street now forecasts -7.54% negative EPS growth.
Soroban Capital Partners Lp increased Mohawk Inds Inc (NYSE:MHK) stake by 1.12 million shares to 1.46M valued at $256.38 million in 2018Q3. It also upped Nxp Semiconductors N V (NASDAQ:NXPI) stake by 1.86M shares and now owns 5.77M shares. United Technologies Corp (NYSE:UTX) was raised too.
Investors sentiment increased to 0.92 in Q3 2018. Its up 0.12, from 0.8 in 2018Q2. It is positive, as 32 investors sold NSC shares while 354 reduced holdings. 111 funds opened positions while 245 raised stakes. 187.99 million shares or 3.43% less from 194.66 million shares in 2018Q2 were reported. Highbridge Capital Management Limited Liability has invested 0.14% of its portfolio in Norfolk Southern Corporation (NYSE:NSC). Raymond James Assoc owns 0.07% invested in Norfolk Southern Corporation (NYSE:NSC) for 256,883 shares. Moreover, Marco Investment Mngmt Limited Liability Company has 0.03% invested in Norfolk Southern Corporation (NYSE:NSC) for 1,320 shares. Maryland Cap Mngmt has 2,452 shares for 0.06% of their portfolio. California-based L And S Advsrs has invested 1.21% in Norfolk Southern Corporation (NYSE:NSC). Caprock Group Inc accumulated 4,405 shares. Edgemoor Invest accumulated 0.08% or 3,448 shares. Great Lakes Advisors Limited Liability Corporation reported 305,297 shares. 30,082 were accumulated by Cullen Frost Bankers. Plancorp Ltd Liability reported 0.09% of its portfolio in Norfolk Southern Corporation (NYSE:NSC). Markel holds 229,500 shares. Natixis LP owns 0.04% invested in Norfolk Southern Corporation (NYSE:NSC) for 25,716 shares. Barclays Public Ltd Co accumulated 604,235 shares. Srb Corp holds 0.06% or 3,089 shares in its portfolio. Strs Ohio accumulated 0.13% or 165,213 shares.
More notable recent Norfolk Southern Corporation (NYSE:NSC) news were published by: Seekingalpha.com which released: “Norfolk Southern: Is This As Good As It Gets? – Seeking Alpha” on November 28, 2018, also Bizjournals.com with their article: “Watch: Atlanta’s Super Bowl challenge; Hartsfield’s new manager navigating challenges (Video) – Atlanta Business Chronicle – Atlanta Business Chronicle” published on December 13, 2018, Bizjournals.com published: “Norfolk Southern HQ would anchor 1-million-square-foot project in Midtown – Atlanta Business Chronicle” on November 15, 2018. More interesting news about Norfolk Southern Corporation (NYSE:NSC) were released by: Bizjournals.com and their article: “Cousins Properties files plans for giant Norfolk Southern HQ in Midtown – Atlanta Business Chronicle – Atlanta Business Chronicle” published on November 19, 2018 as well as Benzinga.com‘s news article titled: “Norfolk Souther Corporation (NYSE:NSC), CSX Corporation (NYSE:CSX) – The Word On Norfolk Southern: Wait Until February – Benzinga” with publication date: October 24, 2018.
Since June 15, 2018, it had 0 insider purchases, and 52 insider sales for $5.35 million activity. McFeely Scott also sold $24,796 worth of Ciena Corporation (NYSE:CIEN) on Friday, June 15. $58,309 worth of stock was sold by Rothenstein David M on Monday, October 15. FRODSHAM JAMES sold $54,140 worth of stock or 2,119 shares. $288,385 worth of Ciena Corporation (NYSE:CIEN) was sold by SMITH GARY B on Wednesday, October 3. Shares for $54,984 were sold by MOYLAN JAMES E JR on Thursday, June 21. $14,921 worth of stock was sold by PETRIK ANDREW C on Thursday, June 21. On Monday, September 17 ALEXANDER STEPHEN B sold $77,354 worth of Ciena Corporation (NYSE:CIEN) or 2,500 shares.
Investors sentiment increased to 1.34 in 2018 Q3. Its up 0.18, from 1.16 in 2018Q2. It improved, as 25 investors sold CIEN shares while 86 reduced holdings. 56 funds opened positions while 93 raised stakes. 146.14 million shares or 1.83% more from 143.51 million shares in 2018Q2 were reported. Catalyst Limited Liability stated it has 0.06% in Ciena Corporation (NYSE:CIEN). Comerica Fincl Bank holds 0.02% or 90,223 shares. Engineers Gate Manager Limited Partnership has 167,226 shares. Gemmer Asset Management Limited Co stated it has 0% in Ciena Corporation (NYSE:CIEN). Mercer Capital Advisers Inc reported 100 shares. Amer Century has invested 0% in Ciena Corporation (NYSE:CIEN). Advsr Asset Management owns 0.02% invested in Ciena Corporation (NYSE:CIEN) for 32,644 shares. Rhumbline Advisers invested 0.02% of its portfolio in Ciena Corporation (NYSE:CIEN). Jane Street Gru Ltd Com reported 165,943 shares. Bnp Paribas Arbitrage Sa has 42,020 shares for 0% of their portfolio. Friess Limited Liability Company holds 703,299 shares or 1.53% of its portfolio. Her Majesty The Queen In Right Of The Province Of Alberta As Represented By Alberta Investment stated it has 0.01% in Ciena Corporation (NYSE:CIEN). Teachers Retirement System Of The State Of Kentucky stated it has 0.01% in Ciena Corporation (NYSE:CIEN). Blair William And Co Il reported 9,800 shares. Sit Associates Inc accumulated 173,875 shares.
Among 12 analysts covering Ciena Corp (NYSE:CIEN), 7 have Buy rating, 0 Sell and 5 Hold. Therefore 58% are positive. Ciena Corp had 14 analyst reports since June 21, 2018 according to SRatingsIntel. The stock has “Outperform” rating by BMO Capital Markets on Friday, August 31. Northland Capital downgraded the shares of CIEN in report on Monday, October 1 to “Market Perform” rating. On Tuesday, November 20 the stock rating was maintained by M Partners with “Buy”. The rating was initiated by Goldman Sachs with “Buy” on Thursday, June 21. Deutsche Bank maintained it with “Hold” rating and $23 target in Friday, August 31 report. The stock of Ciena Corporation (NYSE:CIEN) earned “Buy” rating by UBS on Thursday, July 26. The rating was maintained by FBR Capital on Friday, August 31 with “Buy”. The firm has “Buy” rating by Nomura given on Friday, August 31. The rating was downgraded by Morgan Stanley on Thursday, September 13 to “Equal-Weight”. Morgan Stanley upgraded the shares of CIEN in report on Monday, June 25 to “Overweight” rating.
John G Ullman & Associates Inc decreased Blue Bird Corp (NASDAQ:HCAC) stake by 16,400 shares to 26,600 valued at $652,000 in 2018Q3. It also reduced Honeywell International Inc (NYSE:HON) stake by 4,798 shares and now owns 50,022 shares. Brooks Automation Inc (NASDAQ:BRKS) was reduced too.
https://finexaminer.com/2018/12/14/john-g-ullman-soroban-capital-partners-lp-has-trimmed-its-norfolk-southern-nsc-position/
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Dec 14, 2018 | The Financial Examiner
By Justin Emery
Water Island Capital Llc decreased its stake in Amtrust Finl Svcs Inc (AFSI) by 3.16% based on its latest 2018Q3 regulatory filing with the SEC. Water Island Capital Llc sold 26,200 shares as the company’s stock 0.00% . The hedge fund held 803,100 shares of the finance company at the end of 2018Q3, valued at $11.66M, down from 829,300 at the end of the previous reported quarter. Water Island Capital Llc who had been investing in Amtrust Finl Svcs Inc for a number of months, seems to be less bullish one the $2.92B market cap company. It closed at $14.75 lastly. It is down 0.00% since December 14, 2017 and is . It has by 0.00% the S&P500. Some Historical AFSI News: 21/05/2018 – Icahn Began Litigation Against AmTrust, CEO Barry Zyskind, and Board Members, George Karfunkel and Leak Karfunke; 04/05/2018 – AmTrust Has Been Under an SEC Investigation for Five Years; 21/05/2018 – Carl Icahn, One of AmTrust’s Largest Shareholders, Files Lawsuit Against AmTrust and Zyskind/Karfunkel Families; 17/05/2018 – Carl C. Icahn, Affiliates Report Stake In AmTrust Financial; 17/05/2018 – AMTRUST FINANCIAL HOLDER ICAHN OPPOSES PROPOSED GOING-PRIVATE; 17/05/2018 – CARL ICAHN SAYS REGARDING VOTE SCHEDULED FOR JUNE 4, AMTRUST FINANCIAL BOARD SHOULD IMMEDIATELY CHANGE RECORD DATE AND SPECIAL MEETING DATE; 17/05/2018 – Carl Icahn Says AmTrust Financial Deal Is Unfair to Noncontrolling Shareholders; 25/05/2018 – ISS RECOMMENDS AMTRUST HLDRS VOTE AGAINST MERGER PACT; 21/05/2018 – CARL ICAHN SAYS COMPLIANT ALLEGES THAT ZYSKIND/KARFUNKEL GOING-PRIVATE DEAL UNDERVALUES AMTRUST; 25/05/2018 – Carl C. Icahn Issues Statement Regarding AmTrust
Soroban Capital Partners Lp decreased its stake in Norfolk Southern Corp (NSC) by 45.68% based on its latest 2018Q3 regulatory filing with the SEC. Soroban Capital Partners Lp sold 1.87 million shares as the company’s stock declined 13.46% with the market. The hedge fund held 2.22 million shares of the railroads company at the end of 2018Q3, valued at $400.94M, down from 4.09M at the end of the previous reported quarter. Soroban Capital Partners Lp who had been investing in Norfolk Southern Corp for a number of months, seems to be less bullish one the $42.90B market cap company. The stock decreased 0.52% or $4.67 during the last trading session, reaching $157.52. About 2.23 million shares traded. Norfolk Southern Corporation (NYSE:NSC) has risen 10.53% since December 14, 2017 and is uptrending. It has outperformed by 10.53% the S&P500. Some Historical NSC News: 25/04/2018 – NORFOLK SOUTHERN CORP – QTRLY COAL REVENUE $434 MLN VS $420 MLN; 25/04/2018 – NORFOLK SOUTHERN CORP – QTRLY RAILWAY OPERATING RATIO, OR OPERATING EXPENSES AS A PERCENTAGE OF REVENUES, WAS 69.3 PERCENT; 21/03/2018 – CFO Earhart Gifts 135 Of Norfolk Southern Corp; 07/05/2018 – NORFOLK SOUTHERN RESPONDS TO FRA REQUEST FOR INFO ON AUTOMATION; 27/03/2018 – Norfolk Southern appoints McClellan, Elkins to new positions; 05/04/2018 – DOT STB: Case Title: NORFOLK SOUTHERN RAILWAY COMPANY–ABANDONMENT EXEMPTION– IN PRINCE EDWARD COUNTY, VA; 25/04/2018 – Norfolk Southern 1Q Rev $2.72B; 22/05/2018 – Norfolk Southern Presenting at Conference Tomorrow; 25/04/2018 – NORFOLK SOUTHERN SAYS OUTLOOK FOR 2018 IS `PROMISING`; 30/04/2018 – Norfolk Southern receives American Chemistry Council award as industry-leading partner in responsible chemical transport
Since August 13, 2018, it had 0 insider buys, and 3 sales for $6.41 million activity. Wheeler Michael Joseph sold $138,216 worth of Norfolk Southern Corporation (NYSE:NSC) on Wednesday, November 7. $5.85M worth of stock was sold by Squires James A on Monday, August 13.
Among 31 analysts covering Norfolk Southern Corp. (NYSE:NSC), 12 have Buy rating, 4 Sell and 15 Hold. Therefore 39% are positive. Norfolk Southern Corp. had 124 analyst reports since July 28, 2015 according to SRatingsIntel. On Thursday, January 28 the stock rating was maintained by RBC Capital Markets with “Sector Perform”. As per Thursday, August 4, the company rating was initiated by Loop Capital. The firm has “Hold” rating by RBC Capital Markets given on Tuesday, April 10. The rating was maintained by Credit Suisse on Thursday, October 12 with “Buy”. The firm has “Neutral” rating by Citigroup given on Tuesday, September 13. On Monday, October 2 the stock rating was maintained by RBC Capital Markets with “Sell”. Stifel Nicolaus maintained Norfolk Southern Corporation (NYSE:NSC) on Thursday, May 24 with “Hold” rating. Robert W. Baird maintained it with “Hold” rating and $15000 target in Tuesday, April 10 report. The stock of Norfolk Southern Corporation (NYSE:NSC) earned “Buy” rating by Susquehanna on Monday, April 2. The company was maintained on Thursday, September 14 by BMO Capital Markets.
Analysts await Norfolk Southern Corporation (NYSE:NSC) to report earnings on January, 23. They expect $2.33 EPS, up 37.87% or $0.64 from last year’s $1.69 per share. NSC’s profit will be $634.57M for 16.90 P/E if the $2.33 EPS becomes a reality. After $2.52 actual EPS reported by Norfolk Southern Corporation for the previous quarter, Wall Street now forecasts -7.54% negative EPS growth.
More notable recent Norfolk Southern Corporation (NYSE:NSC) news were published by: Bizjournals.com which released: “Cousins Properties files plans for giant Norfolk Southern HQ in Midtown – Atlanta Business Chronicle – Atlanta Business Chronicle” on November 19, 2018, also Bizjournals.com with their article: “Norfolk Southern HQ would anchor 1-million-square-foot project in Midtown – Atlanta Business Chronicle” published on November 15, 2018, Bizjournals.com published: “Watch: Atlanta’s Super Bowl challenge; Hartsfield’s new manager navigating challenges (Video) – Atlanta Business Chronicle – Atlanta Business Chronicle” on December 13, 2018. More interesting news about Norfolk Southern Corporation (NYSE:NSC) were released by: Bizjournals.com and their article: “Atlanta Norfolk Southern HQ project continues rolling, as Cousins Properties buys land for project – Atlanta Business Chronicle – Atlanta Business Chronicle” published on November 23, 2018 as well as Benzinga.com‘s news article titled: “Norfolk Souther Corporation (NYSE:NSC), CSX Corporation (NYSE:CSX) – The Word On Norfolk Southern: Wait Until February – Benzinga” with publication date: October 24, 2018.
Investors sentiment increased to 0.92 in Q3 2018. Its up 0.12, from 0.8 in 2018Q2. It is positive, as 32 investors sold NSC shares while 354 reduced holdings. 111 funds opened positions while 245 raised stakes. 187.99 million shares or 3.43% less from 194.66 million shares in 2018Q2 were reported. 17,596 are held by Stock Yards Natl Bank And Tru Com. 18,113 were reported by Hendley Co. First Heartland Consultants holds 0.08% or 1,379 shares in its portfolio. Howe And Rusling stated it has 234 shares. 5,959 were accumulated by Zwj Invest Counsel. 1,325 are held by Nelson Roberts Invest Advsrs. Webster Bancorp N A has 0.01% invested in Norfolk Southern Corporation (NYSE:NSC). Stevens Cap Mngmt LP invested in 0.29% or 44,313 shares. Tiverton Asset Mgmt Limited Liability Corp stated it has 0.06% of its portfolio in Norfolk Southern Corporation (NYSE:NSC). Massmutual Tru Fsb Adv stated it has 0% in Norfolk Southern Corporation (NYSE:NSC). Ohio-based Wealthtrust Fairport Ltd has invested 0% in Norfolk Southern Corporation (NYSE:NSC). Investec Asset Mngmt North America Inc reported 20,710 shares. Assetmark Incorporated accumulated 986 shares. Metropolitan Life reported 40,543 shares or 0.15% of all its holdings. Highbridge Capital Mngmt Llc reported 32,747 shares stake.
Soroban Capital Partners Lp, which manages about $10.82 billion and $6.54B US Long portfolio, upped its stake in Grace W R & Co Del New (NYSE:GRA) by 1.14M shares to 3.16M shares, valued at $225.58 million in 2018Q3, according to the filing. It also increased its holding in Nxp Semiconductors N V (NASDAQ:NXPI) by 1.86 million shares in the quarter, for a total of 5.77M shares, and has risen its stake in Mohawk Inds Inc (Call) (NYSE:MHK).
Water Island Capital Llc, which manages about $3.48B and $1.85 billion US Long portfolio, upped its stake in Corepoint Lodging Inc by 96,749 shares to 432,153 shares, valued at $8.41M in 2018Q3, according to the filing. It also increased its holding in Wyndham Hotels & Resorts Inc by 8,553 shares in the quarter, for a total of 277,403 shares, and has risen its stake in Travelport Worldwide Ltd (NYSE:TVPT).
Investors sentiment decreased to 0.92 in Q3 2018. Its down 0.43, from 1.35 in 2018Q2. It dived, as 14 investors sold AFSI shares while 47 reduced holdings. 21 funds opened positions while 35 raised stakes. 70.05 million shares or 3.37% more from 67.77 million shares in 2018Q2 were reported. Renaissance Ltd Llc stated it has 270,012 shares or 0% of all its holdings. Gabelli Funds Lc invested in 133,476 shares or 0.01% of the stock. Jpmorgan Chase &, New York-based fund reported 3.73 million shares. Invesco Ltd holds 0% or 243,280 shares in its portfolio. Gam Holdg Ag owns 0.11% invested in AmTrust Financial Services, Inc. (NASDAQ:AFSI) for 211,898 shares. Moreover, Deutsche Bank & Trust Ag has 0% invested in AmTrust Financial Services, Inc. (NASDAQ:AFSI). Principal Fin has invested 0% of its portfolio in AmTrust Financial Services, Inc. (NASDAQ:AFSI). Goldman Sachs Gru reported 806,540 shares or 0% of all its holdings. Dupont Capital Management has 207,000 shares. Wolverine Asset Mgmt Limited Liability Corporation owns 157,112 shares for 0.03% of their portfolio. Moreover, Exane Derivatives has 0% invested in AmTrust Financial Services, Inc. (NASDAQ:AFSI). Zurcher Kantonalbank (Zurich Cantonalbank) invested in 0% or 6,641 shares. Utd Services Automobile Association has 0% invested in AmTrust Financial Services, Inc. (NASDAQ:AFSI) for 14,768 shares. Pnc invested in 698 shares. D E Shaw And Co Inc, New York-based fund reported 19,401 shares.
More notable recent AmTrust Financial Services, Inc. (NASDAQ:AFSI) news were published by: Benzinga.comwhich released: “40 Biggest Movers From Yesterday – Benzinga” on November 29, 2018, also Seekingalpha.comwith their article: “AmTrust deal gets another proxy advisory firm’s backing – Seeking Alpha” published on May 29, 2018, Seekingalpha.com published: “CRM, ACAD, ALS among premarket gainers – Seeking Alpha” on November 28, 2018. More interesting news about AmTrust Financial Services, Inc. (NASDAQ:AFSI) were released by: Nasdaq.com and their article: “Notable Wednesday Option Activity: MCD, AFSI, FCX – Nasdaq” published on November 28, 2018 as well as Nasdaq.com‘s news article titled: “AmTrust Financial Services’ Preferred Stock, Series B Shares Cross 14% Yield Mark – Nasdaq” with publication date: December 04, 2018.
Since June 27, 2018, it had 0 insider buys, and 1 sale for $61,708 activity.
Among 8 analysts covering Amtrust Financial Services (NASDAQ:AFSI), 3 have Buy rating, 0 Sell and 5 Hold. Therefore 38% are positive. Amtrust Financial Services had 26 analyst reports since August 5, 2015 according to SRatingsIntel. Citigroup initiated AmTrust Financial Services, Inc. (NASDAQ:AFSI) on Thursday, January 14 with “Buy” rating. Keefe Bruyette & Woods maintained AmTrust Financial Services, Inc. (NASDAQ:AFSI) rating on Monday, June 5. Keefe Bruyette & Woods has “Hold” rating and $1600 target. The rating was downgraded by FBR Capital on Tuesday, October 24 to “Hold”. The rating was downgraded by JMP Securities on Monday, November 13 to “Market Perform”. Compass Point maintained the shares of AFSI in report on Friday, February 5 with “Buy” rating. On Monday, October 23 the stock rating was maintained by SunTrust with “Buy”. The stock of AmTrust Financial Services, Inc. (NASDAQ:AFSI) has “Hold” rating given on Monday, December 4 by Keefe Bruyette & Woods. Keefe Bruyette & Woods maintained AmTrust Financial Services, Inc. (NASDAQ:AFSI) rating on Thursday, July 6. Keefe Bruyette & Woods has “Hold” rating and $17.5000 target. The firm earned “Hold” rating on Thursday, September 14 by Keefe Bruyette & Woods. The stock of AmTrust Financial Services, Inc. (NASDAQ:AFSI) has “Buy” rating given on Friday, June 9 by FBR Capital.
https://finexaminer.com/2018/12/14/as-amtrust-finl-svcs-afsi-shares-were-volatile-shareholder-water-island-capital-has-decreased-by-366800-its-holding-soroban-capital-partners-lp-position-in-norfolk-southern-nsc-decreased-by-3/
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EPA Consults on TSCA Science Committee Nominees
Dec 14, 2018 | Chemical Watch
The US EPA is accepting comments on a slate of candidates for participation and possible membership on the TSCA Science Advisory Committee on Chemicals (SACC).
Fifty nominees came in response to a public call for scientific experts. Candidates for the committee – which provides independent advice on science and technical issues to assist the agency in its implementation of the Lautenberg Act – include representatives from academia, industry, consultants, state and federal agencies and NGOs.
All nominees are being considered for serving in an ad hoc capacity for reviewing risk evaluations under TSCA, and potentially to "fulfil short term needs when a vacancy occurs on the chartered Committee".
Comments will be accepted until 14 January.
https://chemicalwatch.com/72793/epa-consults-on-tsca-science-committee-nominees
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Judge Extends EPA's Perchlorate Deadline to April
Dec 14, 2018 | Inside EPA
A federal judge has signed off on EPA's request for an additional six months -- until April 2019 -- to propose a drinking water standard for the rocket fuel ingredient perchlorate, the first such standard the agency will propose since Congress amended the drinking water law in 1996.
“A six-month extension is suitably tailored to the delays that EPA has experienced. The Court expects that the EPA will work diligently to meet its revised deadline,” Judge Edgardo Ramos of the U.S. District Court for the Southern District of New York writes in his Dec. 10 order extending EPA's deadline to April 30, 2019.
Ramos' order in Natural Resources Defense Council (NRDC) v. EPA reiterates environmentalists' grudging agreement that EPA is not prepared to develop the proposed perchlorate rule now, based on a series of delays in developing and peer reviewing a complicated model that is a central component of EPA's analysis for the rule.
EPA last August asked to extend the Oct. 31, 2018 deadline to propose the standard by six months. The request triggered an automatic extension of three months or until a judge's ruling, included in the agency's 2016 consent agreement with NRDC.
That settlement sought to end NRDC's February 2016 suit, which charged that EPA missed a two-year Safe Drinking Water Act (SDWA) deadline for proposing a national drinking water goal after then-Administrator Lisa Jackson's 2011 determination that perchlorate should be regulated.
But EPA's efforts have been hobbled since then by challenges in expanding a model as directed by agency science advisors, and in seeking peer review of the updated model.
NRDC responded to EPA's request by asking to depose EPA staff to determine the need for the extension. After deposing an employee in his personal capacity, NRDC last month agreed to the extension, writing that it “will not oppose Defendants’ motion … enforcing the consent decree’s terms without modification would be futile, and would not serve the public interest."
But the group added that its “consent to an extension should not be mistaken for an endorsement of the agency’s efforts to meet the consent decree’s deadline.”
NRDC pointed to language in SDWA directing that consultation with EPA science advisors “shall, under no circumstances, be used to delay final promulgation of any national primary drinking water standard.” NRDC suggested that “The years of delay that have been spent developing a model for deriving an MCLG for perchlorate violate both the text and the purpose of this clear directive.”
https://insideepa.com/daily-feed/judge-extends-epas-perchlorate-deadline-april
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How US LNG May Create New Pricing Fundamentals Over the Coming Five Years
Dec 14, 2018 | McKinsey & Company (via Real Clear Energy)
By Gillian Boccara, Renjun Chong, and Dumitru Dediu
In 2017, the US exported 12.4 million tons of LNG, a significant increase from the 3.1 million tons of LNG export in 2016. This rise has already begun to change the global LNG flow patterns.
Since the startup of the first US gas liquefaction and export plant, Sabine Pass, in 2016, 15.5 million tons of US LNG were produced and shipped overseas. As much more US LNG is scheduled to come online in the coming 5 years, the US may reshape global LNG flows and price dynamics for the foreseeable future.
2017 LNG trade and flow pattern
In 2017, the US exported 12.4 million tons of LNG, a significant increase from the 3.1 million tons of LNG export in 2016. According to the McKinsey Energy Insights LNGFlow model that tracks daily shipping patterns, this rise in US exports has already begun to change the global LNG flow patterns: US LNG has reached European markets where it has displaced Middle Eastern supplies, and some volumes have already reached Asian markets.
Strong LNG demand in Asia has attracted LNG flows from the Atlantic basin. The flows from Atlantic to Pacific basin increased from 15 million tons in 2016 to 23 million tons in 2017. As a result, in 2017 the Atlantic basin became self-supplied with net imports of 2 million tons only (down from net 11 million tons imports in 2016). In 2018, the Atlantic basin is expected to flip into a sustained export mode to the Pacific basin as more LNG plants come online in the US.
LNG demand growth driven by Pacific buyers
Looking forward to 2022, global LNG demand is expected to reach 318 mtpa, up by 41 mtpa or +15% from 277 mtpa in 2017. Of the 41 mtpa demand growth, 40 mtpa is driven by buyers in the Pacific basin, of which China will take the lion’s share with 18 mtpa of LNG demand growth over the next 5 years.
In their 13th Five Year Plan (2016), the Chinese government has set a target to reduce the share of coal consumption in the total energy mix from 63% to 55% by 2020. The focus on gas across the residential, power, and industrial sectors was one of the main agenda items outlined in the plan with a target to increase the gas share to 10.5% of the domestic energy mix by 2020.
The impact of this policy was clearly felt in the winter of 2017. The residential sector started switching to gas boilers or electric heaters, gas-to-power consumption rose at the expense of coal, and the industrial sector also followed suit. As a result, gas demand in China grew by 17% YoY in 2017, double the growth rate in 2016, and China imported 37 million tons of LNG in 2017 (+39% versus 2016).
In Europe, LNG competes with piped gas in meeting European gas demand to offset declining domestic gas production which limits its growth rate. Further, the overall Atlantic basin LNG demand is anticipated to be flat because of reduced LNG import needs in several regions:
-Egypt: new domestic gas production, primarily from the Zohr field
-Mexico: increased pipeline gas imports from the US
-South America: the growth of renewables (e.g., hydro in Brazil)
How will Pacific demand be met?
In 2022, LNG Pacific supply will add up to 222 million tons, well short of the 252 million tons of the Pacific LNG demand, creating a 30 million tons net import need.
Moreover, from the 222 million tons LNG supply in the Pacific, a total of 40 million tons is expected to be shipped to the Atlantic basin due to contractual agreements. The total import deficit in the Pacific, therefore, will amount to 70 million in the Pacific basin.
This 70 million tons LNG supply shortfall in the Pacific basin will be fulfilled by incremental LNG supply from the Atlantic basin - thus opening the space for the US to play a greater supply role.
The US becoming a critical balancing LNG supplier
Our models highlight that the US is not only is becoming a major LNG producer but may have a critical role to balance LNG supplies and influence pricing dynamics.
Three important factors contribute to this change in commercial dynamics:
1. The current technical recoverable resources in North America (the US and Canada) are capable of supplying more than 860 Tcf of gas at less than $3/MMbtu, equivalent to more than 30 years of North American demand, based on the McKinsey Energy Insights North American Supply Model. This continues to provide highly competitive feed gas for liquefaction plants in the US for at least the next decade to compete globally.
2. The availability of natural gas to feed liquefaction projects from a deep and liquid market to any credible investor has made the US a distinct and attractive location. Access to this gas comes at a considerably lower cost compared to the other liquid market in Europe. Moreover, the US offers the opportunity to buyers and investors to decouple investments in liquefaction plants from the upstream, thus reducing investment costs compared to traditional integrated projects where upstream costs are a considerable part of the overall investment. These factors have encouraged investments in US-based LNG plants. In the coming years, LNG plants currently under construction are expected to add 52 mtpa of LNG volume to the market.
3. In 2022, LNG volumes from the US are expected to offer a high degree of flexibility in terms of destination, as 96% of the volumes have flexible destinations. This will provide the flexibility for primary offtakers to direct the volumes to the most attractively priced region and benefit from basin arbitrage. This is expected to initially drive volumes to Asia and shape the US supplies into marginal LNG supplies changing destination when arbitrage opportunities arise.
The emergence of flexible LNG supplies at scale from the US may shift how the market price will evolve over the next 5 years and have an impact on LNG global pricing and trade patterns in the future.
1. US projects, unlike many conventional integrated LNG projects, have a relatively high cash cost for feed gas and liquefaction charge, which may place them as the marginal supplier shaping global LNG pricing
2. The spread between Europe and Asia may be based on the differential in shipping costs from the US FOB LNG cargoes, as these volumes have significant flexibility to be directed to supply either Europe or Asia
3. Middle Eastern volumes are increasingly expected to stay within the Pacific region to maximize profit due to lower shipping costs
Beyond 2024 when market supply and demand are in balance, the long-term LNG market may continue to stay linked to the US market: pre-FID US liquefaction projects will continue to compete with each other to enter the market to meet further growing LNG demand.
Our LNG Cost Curve identifies US LNG projects as the marginal projects balancing supply in the market. It is becoming apparent that buyers and suppliers need to adapt to some fundamental new investment and commercial dynamics in the market.
We have increasingly been working with clients to assess relevant changes for them and formulate responses. What will it take for projects elsewhere to take FIDs? What commercial and contract structures are emerging? How can they bring the delivered cost of LNG below the bar set by US LNG projects? What preferences do new LNG Buyers bring that are different from or similar to traditional JKT buyers?
Such client questions are addressed through a suite of distinctive, state-of-the-art tools, insights, and methodologies, including our proprietary LNG buyers survey that identifies buyer needs, our Cost Curve to benchmark projects, and our contract and commercial perspectives to detail pricing implications. Where current positions need to be renegotiated, clients seek expert support for arbitration.
The stakes are high due to existing contracts, contracts under re-contracting, and new positions buyers and sellers should fully embrace the future pricing logic to enable them to make informed decisions.
https://www.mckinsey.com/industries/oil-and-gas/our-insights/how-us-lng-may-create-new-pricing-fundamentals-over-the-coming-five-years
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Saudi Arabia Could Target U.S. with Sharp Export Cut
Dec 14, 2018 | E&E Energywire (via Bloomberg)
By Javier Blas and Tina Davis
After flooding the U.S. market in recent months, Saudi Arabia plans to slash exports to the world's largest oil market in the coming weeks in an effort to dampen visible build-ups in crude inventories.
American-based oil refiners have been told to expect much lower shipments from the kingdom in January than in recent months following the OPEC agreement to reduce production, according to people briefed on the plans of state oil company Saudi Aramco.
Saudi crude shipments to the U.S. next month could even test the 30-year low set in late 2017 of 582,000 barrels a day, down about 40 percent from the most recent three-month average, the same people said, asking not to be named as the information isn't public. The final figure could still change, they added.
By shifting the focus of Saudi export reductions toward the U.S., Riyadh hopes to show to the market it's making good on its promise to cut supplies. Fluctuations in U.S. crude imports and stockpiles have an outsize impact on the market because data are available on a weekly basis. In other regions, oil traders only get official figures on a monthly basis, or not at all in the case of stockpiles in big consumers such as China and India.
The Saudi energy ministry didn't reply to a request for comment.
While the plan to slash Saudi exports to America may ultimately convince a skeptical oil market about the kingdom's resolution to bring supply and demand inline, it may anger President Trump, who has used social media to ask the Saudis and OPEC to keep the taps open.
Saudi total exports are set to drop to around 7 million barrels a day in January, down from about 8 million barrels a day in November-December, one of the people said. Khalid Al-Falih, the kingdom's energy minister, told reporters last week that Saudi production will drop in January to 10.2 million barrels a day, down from 11.1 million barrels a day in November.
The oil market has so far largely ignored the production cuts that OPEC and its allies announced in early December, a larger-than-expected 1.2 million barrels a day — or just over 1 percent of global demand. Despite the OPEC+ curbs, benchmark Brent crude has fallen below $60 a barrel.
The export curbs, if fully implemented, will affect big U.S. refiners such as Valero Energy Corp., Phillips 66, Chevron Corp., Exxon Mobil Corp. and Marathon Petroleum Corp., forcing them to buy similar crude elsewhere, such as Mexico, Canada or Venezuela. They could also hit Motiva Enterprises LLC, the Saudi-owned company that operates the largest refinery in the U.S.
Saudi Arabia has shipped 860,000 barrels a day of crude to the U.S. on average so far this year, according to Bloomberg calculations based on weekly customs data. Saudi exports into America had run even higher in the second half of the year, with July-to-December shipments rising to an average of 975,000 barrels a day, according to Bloomberg calculations.
https://www.eenews.net/energywire/2018/12/14/stories/1060109617
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Court Weighs FERC's Oversight of Pa. Project
Dec 14, 2018 | E&E Energywire
By Pamela King
A panel of judges yesterday considered what level of scrutiny federal energy regulators must dedicate to an alternative to a natural gas pipeline project.
At issue in the case is a proposal by Kinder Morgan Inc.'s Tennessee Gas pipeline to build and operate its "Orion Project," which includes 12.9 miles of new pipeline near its existing 300 Line through Pennsylvania. The Delaware Riverkeeper Network contends that the Federal Energy Regulatory Commission did not adequately consider an alternative that would have allowed Tennessee to expand its capacity by adding new compressor stations instead.
Chief Judge Merrick Garland, a Clinton appointee, asked Delaware Riverkeeper whether FERC's authorization of Tennessee's application, which included the compression alternative, would suffice.
No, said Aaron Stemplewicz, who argued on the environmental group's behalf at the U.S. Court of Appeals for the District of Columbia Circuit. The lack of discussion by federal regulators is at issue, he said.
"There is value in FERC explaining the compression alternative," Stemplewicz said.
Review of that alternative, which was not included in FERC's final environmental analysis, only came to light through a separate lawsuit with the Army Corps of Engineers.
Judge Stephen Williams, a Reagan appointee, questioned Delaware Riverkeeper's argument that review was up for public scrutiny. He noted at one point that the document "fortuitously" fell in the group's hands.
"What does it really add?" he asked during Stemplewicz's plea for a deeper discussion by FERC of the compression alternative.
Williams also sought clarity on arguments that Tennessee and FERC improperly segmented Orion from two other gas transmission projects by the company. Delaware Riverkeeper argued that all three projects were interconnected, while Tennessee said the projects were distinct.
During briefing, Delaware Riverkeeper wrote that the compression alternative was "environmentally preferable" to the proposed Orion Project. Tennessee, an intervenor in the case, wrote in its brief that building the compressor stations would introduce more significant impacts, such as the need to permanently clear vegetation from the project sites.
James Danly, general counsel for FERC, took issue with Delaware Riverkeeper's claim that the commission discussed the compression alternative in a draft environmental analysis. There was no such document, he said — only an internal, pre-decisional document that was not subject to public comment.
"It is the order that is the issue," Danly said.
Judge Gregory Katsas, a Trump pick, asked whether the FERC order's "arguably perfunctory and ambiguous citation" of the compression alternative was sufficient.
FERC issued its certificate of public convenience and necessity for the Orion Project in February 2017. The order required Tennessee to bring the project into service within two years.
https://www.eenews.net/energywire/2018/12/14/stories/1060109625
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White House Panel Urges New Approach to Grid Disaster
Dec 14, 2018 | E&E Energywire
By Blake Sobczak
A group of White House advisers has signed off on sweeping recommendations for responding to a drawn-out, devastating blackout.
Members of President Trump's National Infrastructure Advisory Council yesterday unanimously approved a study on "surviving a catastrophic power outage" that called for building protective "community enclaves," clearing up federal authorities and shoring up pipeline security, among other steps (Energywire, Dec. 10).
The NIAC report received a warm reception on the White House grounds yesterday, where senior National Security Council staff, Department of Homeland Security officials and critical infrastructure executives gathered for NIAC's last quarterly business meeting of the year.
Chris Krebs, director of DHS's new Cybersecurity and Infrastructure Security Agency, called the document "an excellent road map for many of the things we've been thinking through."
He credited the U.S. energy sector for gaming out how to respond to widespread outages, citing recent exercises like the biennial GridEx grid security event.
"Generally speaking, we're in good shape," Krebs said. "But we need to be thinking through and preparing for that next-level event. ... We owe that to the citizens of the United States."
The NIAC report singled out the power, natural gas and communications sectors as particularly essential. Members of the federal advisory committee hail from a variety of industries and include Xcel Energy Inc. Chairman and CEO Ben Fowke, former Massachusetts public transit executive Beverly Scott, and former acting Homeland Security Secretary Rand Beers.
A weekslong outage would be "unprecedented but totally possible," said NIAC member Connie Lau, president and CEO of Hawaiian Electric Industries Inc. She pointed out that an event of that magnitude could "cause the federal government to exercise authorities that have rarely or never been used."
"While this is understood conceptually, it remains unclear how authorities would change — who would make the decisions and how resources would be coordinated," she said.
A catastrophic power outage would likely trigger a response from the Federal Emergency Management Agency under the Stafford Act, which outlines FEMA's statutory authority to coordinate emergency response during a major disaster.
The 2015 Fixing America's Surface Transportation Act granted new authorities to the Department of Energy during a presidentially declared grid crisis, empowering the secretary of Energy to issue emergency orders to utilities.
DHS and DOE have issued memoranda outlining how they would work together during a never-before-seen blackout, but jurisdictional overlap among DHS, DOE and the Department of Defense has never been put to the test in the real world.
"A first step" for the Trump administration should be "to examine and clarify the authorities that may be exercised during catastrophic power outages," Lau said.
To that end, the NIAC also called on the federal government to plan additional exercises, including tests of "black start" capabilities that simulate how utilities would restore electricity from a total blackout.
"Exercises are absolutely critical as we look at this," said Patricia Hoffman, principal deputy assistant secretary of DOE's Office of Electricity. Hoffman also called on attendees at the meeting to weigh engineering challenges like ensuring the security of spare power transformers and supply chain products. "How do we, truly, not only harden the system, but design the energy system moving forward?" she asked.
While the NIAC report recommended clarifying and consolidating the federal response to a grid disaster, the document called for a more decentralized approach to planning at the community level.
The report calls for helping local governments set up "community enclaves," perhaps leaning on existing facilities like schools or stadiums, to prevent mass migration during a worst-case outage. Allowing residents to shelter in place at a familiar location would cut down on chaos and save lives, the thinking goes.
The federal government could offer tips for those communities, perhaps by sharing the results of a recently announced DHS effort to locate "critical functions" most in need of protection, NIAC members suggested.
Scott, who now helms her own transportation consultancy, said the American people would ultimately be the "cornerstone" for recovering from a grid catastrophe.
"It will take a massive cultural shift to make people — each of us — more self-reliant and thoughtful," she said.
https://www.eenews.net/energywire/2018/12/14/stories/1060109629
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Secure Rail 2019 Seeks Presenters for Expanded Agenda
Dec 14, 2018 | Progressive Railroading
The Secure Rail Conference Advisory Committee met earlier this week to discuss an expanded agenda for the 2019 conference, which will be held May 1-2 in Orlando, Florida.
Entering its fifth year, the annual event for rail security professionals will be expanded to include a greater emphasis on the topics of risk, legal issues, future trends and regulatory updates, conference planners said in a prepared statement.
Presented by Progressive Railroading, Secure Rail's mission is to bridge the gap between the future of rail technology and rail security.
The conference advisory committee's discussion centered on key trends, such as the impact of autonomous technologies on railroads; collaboration between local and federal agencies in support of emergency response initiatives; and the increasingly blurred line between cyber and physical security.
The emerging topics of process configuration management and the role staffing plays in maintaining security throughout a rail organization also were discussed.
Although several sessions have been placed on the conference's 2019 agenda, conference planners are accepting presentation proposals through Dec. 28. Interested parties can review and complete the online form to submit their ideas.
Conference organizers are seeking presenters with expertise in rail security emergency preparedness, hazardous materials transportation, positive train control, information technology, signaling and communications, border control, bridges and tunnels management, and capital infrastructure programs.
Presenters should provide a rail security perspective on their chosen topics.
https://www.progressiverailroading.com/security/news/Secure-Rail-2019-seeks-presenters-for-expanded-agenda--56321
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California Sets Rules for Post-2020 Cap-and-Trade Program
Dec 13, 2018 | Environmental Defense Fund
By Katelyn Roedner Sutter
California today unanimously adopted amendments to the cap-and-trade program that set major market rules after 2020. These amendments update the program based on AB 398 (E. Garcia), which was passed by the Legislature in 2017 and directed state regulators to extend the cap-and-trade program until 2030. Today’s regulatory action makes important and impactful updates to the program but also represents consistency and continuation of a successful limit on carbon pollution. With cap and trade in place, emissions in 2016 fell below levels required by 2020 while the state’s economy was growing to become the fifth largest in the world.
“Today’s regulatory action shows California continues to set the carbon market gold standard. The California system is helping cut pollution ahead of schedule while the economy thrives. The Air Resources Board understands that details matter, and EDF is eager to work with them and other partners to continuously refine this groundbreaking program.”
https://www.edf.org/media/california-sets-rules-post-2020-cap-and-trade-program
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Pricing Emissions Could Reduce Deficit — CBO
Dec 14, 2018 | E&E Greenwire
By Nick Sobczyk
A price on greenhouse gas emissions would be one of the most effective ways to address the ballooning U.S. budget deficit, according to the Congressional Budget Office.
That's just one of a slew of options considered in CBO's "Options for Reducing the Deficit: 2019 to 2028" report, released yesterday.
Imposing a $25-per-metric-ton tax on greenhouse gas emissions would provide $1.099 trillion in revenue from 2019 through 2028, according to the report. CBO has long examined carbon pricing as one of the options for addressing the deficit and raising revenue.
Though U.S. emissions are already on a downward trend, the most recent CBO report suggests a tax would help accelerate that decline by accounting for the environmental costs of greenhouse gases across the economy.
"An argument in favor of this option is that it would reduce U.S. emission of greenhouse gases and would do so in a cost-effective way," the report says. "In particular, the tax would reduce emissions in a more cost-effective manner than regulations because such a tax would create uniform incentives for businesses and households throughout the economy to reduce their emissions."
The report is an encouraging sign for carbon tax backers on the eco-right, but it also highlights some of the challenges for policymakers hoping to price emissions.
"I think we've been pushing off dealing with carbon pollution and our deficits, and eventually those twin challenges will have to be confronted," said Alex Flint, a former Senate staffer who now directs Alliance for Market Solutions, a conservative carbon tax group. "When they are, there are very difficult political decisions that are going to have to be made."
For one thing, as CBO notes in its report, climate change is global, so any decrease in U.S. emissions could theoretically be offset by industry moving overseas.
A tax on emissions could also "burden the economy by raising the cost of producing emission-intensive goods and services while yielding uncertain benefits for U.S. residents," according to CBO.
CBO does not specify where the money would go. But, what, exactly, to do with the revenue from a carbon price and how to offset its negative economic effects have long been the biggest areas of debate for carbon tax backers.
What's more, some environmentalists on the left have suggested in recent months that they favor government investment as a solution to climate change, rather than pricing emissions.
For instance, the "Green New Deal" platform outlined by Rep.-elect Alexandria Ocasio-Cortez (D-N.Y.) and progressive activists is largely a spending plan, though it's not inconceivable that it could eventually include some sort of carbon price.
Sen. Brian Schatz (D-Hawaii), the co-sponsor of a carbon tax bill with Sen. Sheldon Whitehouse (D-R.I.), said pricing emissions is not out of the picture.
"But 'what's in it for me?' is a reasonable question to ask if you're a regular voter," he told E&E News this week. "And while most people believe climate action is urgent, they're also very much interested in their current economic situation."
Flint said that taken as a whole, the CBO report highlights how big a challenge the budget deficit is. The report also lays out a long list of other options, including reducing energy technology investment at the Department of Energy and adjusting federal motor fuel taxes for inflation.
"I know it's total nerdville," Flint said. "But for somebody like me, when I read that I go, 'Oh man, this is going to be really hard.'"
https://www.eenews.net/greenwire/2018/12/14/stories/1060109723
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The Paris Accord Promised a Climate Solution. Here’s Where We Are Now.
Dec 14, 2018 | The New York Times
By Somini Sengupta
World leaders struck an agreement three years ago in Paris to avert the worst effects of climate change, accepting not only that greenhouse gases were dangerously heating the planet, but also that every single country needed to do its part to curtail emissions.
Now, emissions are rising in the United States and China, the world’s two largest economies. Other countries are backsliding on their commitments. The world as a whole is not meeting its targets under the Paris pact. As diplomats meet in Katowice, Poland, this week to bring the deal into effect, the world’s 7.6 billion people face mounting risks from more severe and more frequent floods, droughts and wildfires.
The Paris Agreement, it seems, is only as good as the willingness of national leaders to keep their word.
“We have the ways,” António Guterres, the United Nations secretary general, said this week in Katowice. “What we need is the political will to move forward.”
Champions of the accord point out that the diplomatic process is alive and well and that all of the world’s 195 countries are still in the deal, including the United States, which can exit only at the end of 2020. The science is sharper than before on the dangers of unchecked emissions, and a great many countries, including the poorest, are pushing for more ambitious targets.
The Katowice talks are facing a Saturday deadline, and Mr. Guterres has visited twice to push diplomats to bridge their still-large differences on the details of a “rule book” that will allow countries to implement the Paris Agreement.
“To waste this opportunity in Katowice would compromise our last best chance to stop runaway climate change,” Mr. Guterres said. “It would not only be immoral, it would be suicidal.”
How did we get here?
Things started to change with the election of Donald J. Trump. Less than six months after taking office, he announced the United States would withdraw from the Paris Agreement. At home, his administration has pushed to overturn pollution regulations, making it far less likely that the United States will meet its Paris pledge to cut emissions sharply by 2025.
In August, an effort in Australia to transition away from coal, the dirtiest fossil fuel, resulted in the ouster of the prime minister. The man who succeeded him, Scott Morrison, endeared himself to the industry by bringing a lump of coal into Parliament.
In November, Brazilians elected Jair Bolsonaro, who had pledged to promote agribusiness interests in the Amazon forest, the world’s largest carbon sink.
In Poland, the host country of the latest United Nations talks, the right-wing president, Andrzej Duda, opened the negotiations by saying flatly that his country did not intend to abandon coal.
Other leaders face their own domestic difficulties. Emissions in China have grown for the past two years, signaling the difficulties of shifting the country away from its coal-dependent industrial economy. Germany is having a hard time moving away from lignite because of political opposition in the country’s coal-rich east. The French president, Emmanuel Macron, faces unrest at home over a layer cake of taxes that working-class people say burdens them unfairly.
All the while, the science has become clearer. A United States government report issued last month concluded that if significant steps were not taken to rein in global warming, it would put a huge dent in the American economy by century’s end.
And an exhaustive report issued weeks before by the Intergovernmental Panel on Climate Change, compiled by hundreds of scientists from around the world convened by the United Nations, said emissions would have to decline significantly by 2030 for the world to avoid a world of worsening food shortages and wildfires.
“The I.P.C.C. has sounded many alarms, and the world just keeps smashing the alarm and keeps on sleeping,” said Hans Joachim Schellnhuber, founder of the Potsdam Institute for Climate Impact Research, on the sidelines of the talks in Katowice.
The world as a whole is not on track to meet the broad goal it set for itself in Paris: to keep the increase in global temperatures “well below” 2 degrees Celsius, or 3.6 degrees Fahrenheit, over preindustrial levels. Under the agreement, each country put forward a voluntary pledge to curtail its own emissions.
So far, those voluntary pledges have not been sufficient. New data made public in Poland this week by the group Climate Action Tracker estimated that current climate policies put the world on pace for somewhere around 3.3 degrees Celsius.
“If we are serious about the Paris Agreement, we need to see different numbers,” Petteri Taalas, head of the World Meteorological Organization, told the delegates in Katowice this week. He noted that global emissions had risen in 2018.
The negotiations in Katowice are aimed at setting out the rules by which countries will regularly update their emissions-reductions pledges and assess one another’s progress. But even those technical discussions about the rule book have been bogged down by intense political differences.
“We are in a planetary emergency and the longer we waste time in the negotiating room not acknowledging this fact, we do so at the cost of our people and our communities,” a statement from a bloc of poor countries, led by Ethiopia, urged on Thursday.
For its part, even though the United States has said it intends to withdraw from the Paris deal, the country has still sent a delegation to the negotiations. “These global energy and environmental policies will have an impact on U.S. interests, and we want to make sure we protect those so they’re not hamstringing economic growth, innovation, entrepreneurship in the U.S.,” said Wells Griffith, Mr. Trump’s international energy and climate adviser.
The Trump administration pointedly refused to embrace the United Nations’ scientific report, siding with three other major oil- and gas-producing countries — Russia, Saudi Arabia and Kuwait — to block a resolution in Poland to “welcome” the report.
An installation promoting coal at the conference.
To be sure, the Paris pact, and the growing scientific clarity about global warming, has spurred countries and businesses to reorient themselves. From shipping to fast food to insurance, companies are setting their own targets to reduce carbon footprints. Solar and wind energy is expanding rapidly. Within the United States, a number of cities and states have dissented from the Trump administration’s planned exit and created their own local plans to green their economies.
Christiana Figueres, the former United Nations climate chief who led the Paris negotiations to their conclusion in December 2015, argued that the pact had set into motion a fundamental transformation of the global economy away from fossil fuels. It would be naïve, she said, to not expect pushback.
“Not to fall into Pollyanna land here, one has to recognize that of course there are huge, huge very powerful, very well endowed vested forces that are very threatened by this,” Ms. Figueres said in a podcast streamed on her website. “Let’s not get paralyzed by that,” she said.
https://www.nytimes.com/2018/12/14/climate/paris-climate-future-poland.html
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