Bloomberg:
- Irma Weakens to Tropical Storm as Florida Damage Forecast Is Cut. (video) Florida is drenched, tattered -- but fortunate. Hurricane Irma weakened as it moved past Tampa on Monday, leaving in its wake a state that avoided the worst predictions of its destruction by sea and storm. By one estimate, the cost of total damages dropped to $49 billion from $200 billion earlier. Still, at least 5.6 million were without power, millions displaced and as much as 15 inches of rain were forecast in what may yet go down as one of the worst storms in Florida’s history. The center of the system, America’s second major hurricane in a week, was expected to soften to a tropical storm Monday morning and a tropical depression by afternoon, the National Hurricane center said in an advisory. As the storm headed north, threatening torrential rains in Atlanta, a storm-surge warning was discontinued for parts of southern Florida.
- China Set to Unveil Cap-And-Trade Auto Emission, Mileage Rules. China will soon unveil a mandatory cap-and-trade credit program for electric cars, starting the countdown for carmakers to be in compliance with stricter rules on emissions and fuel economy, according to the country’s state-backed auto association.
- VW to Build Electric Versions of All 300 Models by 2030. Volkswagen AG Chief Executive Officer Matthias Mueller announced sweeping plans to build electric versions of all 300 models in the group’s lineup as the world’s largest automaker accelerates the shift away from combustion engines and tries to draw a line under the emissions-cheating scandal. Speaking on the eve of the Frankfurt auto show, the CEO laid out the enormity of the task ahead, vowing to spend 20 billion euros ($24 billion) to develop and bring the models to market by 2030 and promising to plow another 50 billion euros into the batteries needed to power the cars.
Wall Street Journal:
- Home-Improvement Retailers Scramble to Restock in Florida. Big-box retailers are increasingly intertwined with recovery efforts after natural disasters.
- Hurricanes Add to Problems for Oil Bulls. Harvey and Irma will hurt energy demand in large areas of the South, even as drilling continues and crude in storage is abundant.
MarketWatch.com:
- European stocks jump by most in 4 weeks as North Korea, Irma fears recede. The Stoxx Europe 600 index SXXP, +1.04% jumped 1% to close at 379.43, posting its biggest gain since Aug. 14.
CNBC:
Zero Hedge:
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