Mexico's main Pacific Ports Reopen
The major Mexican cargo port of Manzanillo was set to reopen at 4 pm (21:00 GMT) on Saturday, a port official said, after avoiding the worst of Hurricane Patricia, which slammed into the country's Pacific coast but caused less damage than expected. The port of Lazaro Cardenas, south of where the storm hit, resumed operations for cargo ships on Saturday morning, a port official said, and the smaller port in the resort town of Puerto Vallarta reopened at midday…
Houston Braces for Floods as Texas Deluged by Rain
Heavy rains fueled by the meeting of two strong storm systems, one the remnants of Hurricane Patricia, pounded southeastern Texas on Saturday, triggering flash floods and derailing a freight train as the heavy weather tracked toward Houston. Navarro County, about 50 miles (80 km) south of Dallas, was one of the hardest-hit areas, inundating the tiny town of Powell with 20 inches (50 cm) of rain over 30 hours, according to meteorologist Brett Rathbun of Accuweather.
Qatar Navigation Q3 Profit Up 1.8%
Qatar Navigation (Milaha) reported a 1.8 percent rise in third-quarter net profit on Sunday, in line with analysts' estimates. The shipper's net profit was 308 million riyals ($84.6 million) for the three months to Sept. 30, up from 302.5 million riyals in the year-ago period, according to Reuters calculations based on its financial statements. QNB Financial Services had forecast Qatar Navigation would make a third-quarter profit of 307.6 million riyals.
Hurricane Patricia weakens to a tropical storm over Mexico
Patricia, one of the strongest ever hurricanes, weakened on Saturday to a tropical storm over Mexico after slamming into the country as a very powerful hurricane on Friday evening, the U.S. National Hurricane Center said. Mowing down trees, flooding streets and battering buildings, Hurricane Patricia plowed into western Mexico as a Category 5 storm before grinding inland, where it rapidly lost power in the mountains that rise up along the Pacific coast.
Man Rescued from Fishing Boat Near Nantucket
A Coast Guard helicopter rescue crew medically evacuated a man from a fishing boat Saturday about 20 miles east of Nantucket. The master of the 67-foot fishing boat Sassy Girl, homeported in Virginia, contacted Coast Guard Sector Southeastern New England watchstanders at about 3 p.m. reporting a crewmember suffered a hand injury and needed medical attention. The Coast Guard flight surgeon recommended a medevac and a helicopter rescue crew from Air Station Cape Cod launched.
Final OTI Rules Approved
The Commission voted at its meeting 22nd October to issue a final rule on ocean transportation intermediary (OTI) licensing and financial responsibility requirements, and directed staff to prepare an advanced notice of proposed rulemaking concerning service contracts and NVOCC service arrangements. Under the new rules, OTIs will be required to renew licenses every three years through a convenient on-line portal beginning in late 2016…
Caterpillar 3Q Profits fall $ 1.63 per share
Caterpillar Inc.today announced profit per share of $0.62 for the third quarter of 2015, a decrease from $1.63 per share in the third quarter of 2014. Excluding restructuring costs, profit per share was $0.75, down from $1.72 per share in the third quarter of 2014. Third-quarter 2015 sales and revenues were $11.0 billion, down from $13.5 billion in the third quarter of 2014. “The environment remains extremely challenging for most of the key industries we serve…