Hits & Takes
By JLN Staff
Bloomberg has a story “Odds of U.S. Technical Default About 15%, T-Bills Curve Shows.” This is something to keep your eye on.~JJL
In more “millennials are wrecking things” news, J.D. Power reports “48% of millennials with $100,000 in investable assets … say they ‘probably will’ or ‘definitely will’ leave their current firm and advisor, compared with just 8% among all other generations of investors.” –SD
A week from today is the Labor Day holiday in the U.S. Expect Friday to be sparsely populated at work.~JJL
There are better ways to boost an economy than going to war; The longer a conflict lasts, the heavier the toll on GDP growth
John Authers – FT
War: could it be good for your wealth? During a long, hot summer of ever stronger rhetoric between North Korea and the US, and wider talk about a breakdown in globalisation, the subversive notion that war might actually be good has started to find its way around.
***** War is not a good answer.~JJL
Trump Administration Considering Cuts to Cultural Exchange Visas; Summer work travel, au pair visas under review
Laura Meckler – WSJ
The Trump administration is considering major reductions in cultural exchange programs, including those for au pairs and summer workers, that allow young people from foreign countries to work in the U.S., people familiar with the administration’s planning said.
******Curbing visits by innocent young people looking to learn about the U.S. is not a good policy.~JJL
Banking Against the New Age of Nuclear Terror; A Q&A with former Energy Secretary Ernest Moniz on Iran, North Korea, and a new uranium “bank” to keep peaceful energy programs peaceful.
Tobin Harshaw – Bloomberg
Arguably, nuclear weapons are now a greater threat to the U.S. and the world than at any time since the end of the Cold War. Actually, it’s not even arguable: North Korea is showering the Pacific with nuclear-capable missiles; South Korea and Japan may in turn pursue their own programs; President Donald Trump is again talking of ripping up the Iran nuclear pact; the Tehran regime is illegally testing its own ballistic arsenal; nuclear-armed Pakistan’s increasingly volatile politics raise a threat to India and beyond; Russia’s Vladimir Putin is eyeing a Soviet-style buildup; China is building nuclear-capable submarines; and there is always the worry that terrorist groups might get their hands on enough radiological material to craft a “dirty bomb.”
******Somehow duck and cover does not seem like a good solution anymore.~JJL
Bombay Stock Exchange Seeks Another 5-year Term For Ashishkumar Chauhan As CEO
PTI via Bloomberg
The board of Bombay Stock Exchange has approved another five-year term for its chief Ashishkumar Chauhan, who has steered a strong turnaround and a highly- successful IPO of the bourse with strong business expansion.
***** Congratulations to Mr. Chauhan.~JJL
Bridging the Week : August 21 to 25 and August 28, 2017 (Insider Trading; Spoofing; Canadian Regulation of Digital Tokens; Reform)
Gary DeWaal – Bridging the Week
A former portfolio manager’s conviction for insider trading was upheld by a federal appeals court, which in so ruling, admittedly stepped back from the reasoning of one of its recent decisions. Also, an investment adviser agreed to pay total sanctions of approximately US $5 million to settle an enforcement action by the Securities and Exchange Commission for allegedly failing to have and follow policies and procedures reasonably designed to prevent insider trading. Separately, ICE Futures U.S. settled another anti-spoofing disciplinary action against a trader who, on multiple occasions, purportedly placed only a single large order on one side of the market to induce the execution of a smaller order on the other side. The trader apparently did not utilize layered orders to facilitate his fills as has been more customary in spoofing cases.
How I Discovered My WILD Side – Leslie Sutphen
“I didn’t like the floor very much… It was the [CBOE], which wasn’t quite as rough and tumble as the futures floor, but I still felt kind of like this isn’t really a place for a nice girl like me.”
In this video from MarketsWiki Education’s World of Opportunity event in Chicago, Leslie Sutphen, co-founder of Women in Listed Derivatives (WILD), talks about starting her career when there were very few women working in the futures and options industry. After looking around room after room during her career with the same gender disparity, Sutphen decided to create WILD. WILD’s mission is to help women in the financial industry through mentorship and networking.
Friday’s Top Three
Friday’s top read piece focused on how FCMs were doing, from Clarus Financial Technology, FCM Rankings & Concentration: Q2 2017. Second went to the Marketswiki page on Yossi Beinart, who passed away last week. He had an interesting and varied career. Third went to the NY Times piece on coding bootcamp closures As Coding Boot Camps Close, the Field Faces a Reality Check
106,701,535 pages viewed; 22,685 pages; 208,049 edits
Harvey throws a wrench into U.S. energy engine
Ernest Scheyder and Erwin Seba – Reuters
A hurricane in the heart of the U.S. energy industry is set to curtail near-record U.S. oil production for several weeks, with the impact expected to reverberate throughout the country and across international energy markets.
NYSE owner lines up sale of energy trader
The company that controls the New York stock exchange has hired leading investment bankers to sell a British energy trading business said to be worth up to £500m.
Chicago Exchange Sale Looks Shaky as China Tensions Rise; Less than 0.5% of U.S. stocks trade on the Chicago Stock Exchange, but selling a stake to a Chinese-led group would still be risky, critics say
Dave Michaels and Alexander Osipovich – WSJ
The Chicago Stock Exchange is a relic of history, trading less than 0.5% of U.S. stocks and in such straits that it has been looking for a buyer.
Hong Kong Brokers Make Final Stand Against Trading Floor’s Demise; Hong Kong’s stock exchange played host to 906 trading booths at its peak; Today, there are only 62 active desks
Steven Russolillo – WSJ
The Hong Kong stock exchange’s 31-year old trading hall is set to close this fall, but not without some pushback from its remaining tenants.
Who is the sucker when robot trades against robot?; Quant funds struggle for returns as sector becomes more crowded
Robin Wigglesworth – FT
It turns out that the robots are human after all. There has been an explosion of interest in computer-powered investing of all kinds in recent years. Barclays estimates that the assets managed by so-called quantitative hedge funds have doubled over the past decade and hit a record $500bn last year.
NYSE owner lines up sale of energy trader
Ben Harrington – The Times
The company that controls the New York stock exchange has hired leading investment bankers to sell a British energy trading business said to be worth up to £500m.
Yellen Warns Against Erasing Regulations Made After the Financial Crisis
Binyamin Appelbaum – NY Times
Janet Yellen, the Federal Reserve chairwoman, delivered a broad rebuttal on Friday to Republican criticism that financial regulation is impeding economic growth.
Ms. Yellen said changes since the global financial crisis, which began a decade ago, have significantly improved the resilience of the financial system.
Bankers and Economists Fear a Spate of Threats to Global Growth
Binyamin Appelbaum – NY Times
In the decade since the financial crisis, economic policy makers, professors and protesters have gathered here every August to argue about the best ways to return to faster economic growth.
In a Blast From a Financial Crisis Past, Synthetic CDOs Are Back; Market for collateralized debt obligations is on the rise again after years on the decline
Christopher Whittall and Mike Bird – WSJ
The synthetic CDO, a villain of the global financial crisis, is back. A decade ago, investors’ bad bets on collateralized debt obligations helped fuel the crisis. Billed as safe, they turned out to be anything but. Now, more investors are returning to CDOsóand so are concerns that excess is seeping into the aging bull market.
Economics has a problem with women; Seminars are hostile occasions for point-scoring and aggressive challenge
Diane Coyle – FT
To most people, an economist is the chap interviewed in newspapers or on the television uttering acronym-laced incantations about 0.3 per cent this or 10 per cent that. He is usually a man, rarely stylish, mysteriously confident, and a bit dull.
Hanging on central bankers’ every word makes little sense; The obvious effect of their policies has been to make the well-off even better off
Merryn Somerset Webb – FT
This is the time of year when we all get some time to listen to various pundits carefully dissect some bland words spoken by a central banker at Jackson Hole. It is a given in all financial circles that everything said by Janet Yellen, Mark Carney or Mario Draghi is very, very important. But should it be? Should this tiny group of unelected economists be so powerful?
Wall Street Vets From Dalio to Gundlach Warn on Emerging Markets
Ben Bartenstein – Bloomberg
Emerging-market valuations ‘fairly full,’ Janus Capital says; North Korea, Venezuela and U.S. debt ceiling all seen as risks
More investors are joining the cast of Wall Street veterans from Jeff Gundlach to Ray Dalio in warning that risky assets are overvalued.
Exchanges, OTC and Clearing
Deutsche Boerse is still reeling from damage done by share inquiry
Maggie Pagano – The Times
Did the Germans shoot themselves in the foot over the Deutsche Boerse share-dealing inquiry?
New Singapore bourse eyes metals, rubber after palm olein launch – sources
Emily Chow – Reuters
Asia Pacific Exchange Pte (Apex), Singapore’s newest derivatives bourse, is targeting a fourth quarter 2017 launch for its palm olein contract and is considering rubber and metals contracts for future listings, according to two sources closely linked with Apex.
Deutsche Boerse Photography Foundation organizes an interview with Lucas Foglia at the Frankfurter Kunstverein
Deutsche Boerse Photography Foundation
Premiere for the new book project of the US-American photographer on 5 September
The Deutsche Bˆrse Photography Foundation invites you to a lecture by the American photographer Lucas Foglia in the cafÈ bar of the Frankfurt Kunstverein on 5 September. For the first time, Foglia presents his latest work “Human Nature” and reports on the development of this project.
Introduction of Eurex Market-on-Close Futures (“Eurex MOC Futures”) on EURO STOXX 50Æ Index Futures
The Management Board of Eurex Deutschland and the Executive Board of Eurex Z¸rich AG took the following decision effective 30 October 2017: Introduction of Eurex Market-on-Close Futures (“Eurex MOC Futures”) on EURO STOXX 50 Index Futures. This circular contains information on the introduction of the new product and the updated sections of the relevant Rules and Regulations of Eurex Deutschland and Eurex Z¸rich AG.
SGX announces change to Listings Advisory Committee
Singapore Exchange (“SGX”) announced that Mr Lim Chin Hu will cease to be a member of its Listings Advisory Committee (“LAC”) with effect from 20 September 2017. Mr Lim will be standing for election to be appointed as a non-executive and non-independent director of SGX, at SGX’s Eighteenth Annual General Meeting on 21 September 2017.
Adjustment of SOHO China Futures
Hong Kong Exchanges and Clearing Limited (HKEX) has announced the arrangements for the adjustment to SOHO China Ltd (SOHO China) futures to account for SOHO China’s special dividend.
How China’s AI experts can beat Google and Microsoft at their own game by 2030
South China Morning Post
According to The Economist, from 2012 to 2016, Chinese AI companies received US$2.6 billion in funding while US peers received US$17.9 billion, but this is quickly changing.
FENICS Market Data Partners with China Credit BGC Money Broking Company Ltd. to Offer Clients China Market Data, Business News
FENICS Market Data, the Market Data division of BGC Partners and China Credit BGC Money Broking Company Limited have agreed to a distribution partnership, whereby FENICS Market Data will exclusively provide CCT-BGC’s Chinese market data products to global clients.
Andy Penn’s plan for Telstra to become a global tech giant takes shape
While he has been pressed to come up with fast answers to fill the $3 billion hole in annual earnings that will emerge because of the national broadband network taking its position as a wholesale internet provider, he said Telstra was already well advanced in its push into realms inhabited by the likes of Microsoft, Amazon Web Services (AWS) and Google.
The Bitcoin Valuation Bubble; Faithful techies think in coming decades one digital coin will be worth $500,000.
Andy Kessler – WSJ
The price of a Bitcoin broke $4,000 this month. It’s up 400% in 2017, and only two years ago it stood at around $230. With 16.5 million Bitcoins in “circulation,” and the potential for 4.5 million more, the market value of Bitcoin is now a whopping $72 billion. Sister currency Ethereum is worth another $32 billion.
Trump’s cybersecurity advisors resign en masse
Mariella Moon – Yahoo Finance
Another Trump panel has taken a hit after eight out of 28 of its members resigned en masse. Members of the National Infrastructure Advisory Council (NIAC), which advises Homeland Security on matters of cybersecurity, have dropped out of the panel due to several reasons. In the resignation letter obtained by NextGov, they said the president doesn’t give enough attention to the country’s cyber vulnerabilities. “You have given insufficient attention to the growing threats to the cybersecurity of the critical systems upon which all Americans depend, including those impacting the systems supporting our democratic election process,” the letter reads.
Ailing small-caps look to Congress to deliver tax reform
Joe Rennison and Jessica Dye – Financial Times
The stocks of smaller US companies are underperforming larger companies as hopes that Congress will be able to deliver an economic stimulus package hang in the balance.
The Russell 2000, the benchmark index for small-caps, has fallen 3.6 per cent so far this month, a steeper drop than that of the S&P 500, which has fallen just 1.2 per cent. However, both remain on track for their worst month of the year.
Should the rich be taxed more? A new paper shows unequivocally yes
Larry Elliott – The Guardian
Measuring tax paid against share of income earned and wealth owned reveals the US tax system has become less progressive – and in Britain it is a similar picture
Denis Healey never actually said he intended to squeeze the rich until the pips squeaked. The man who would soon be Labour chancellor was referring solely to property speculators when he made the remark during the February 1974 election campaign.
Cohn or Yellen? Bond Traders Say Same Difference
Brian Chappatta -Bloomberg
Treasury yields contained by low inflation, investors predict; Cohn, whose fate rattled Wall Street, seen in lead for Fed
Bond traders are betting that no matter who’s leading the Federal Reserve come February, policy makers won’t stray from the path they’ve been laying out for months.
Trump’s business sought deal on a Trump Tower in Moscow while he ran for president
Carol D. Leonnig, Tom Hamburger and Rosalind S. Helderman – Washington Post
While Donald Trump was running for president in late 2015 and early 2016, his company was pursuing a plan to develop a massive Trump Tower in Moscow, according to several people familiar with the proposal and new records reviewed by Trump Organization lawyers.
Mnuchin has no doubts debt ceiling will be raised
Bob Fredericks – NY Post
Treasury Secretary Steven Mnuchin told reporters on Friday that despite President Trump’s recent squabbles with senior Republican lawmakers the nation will still be able to pay its bills come September.
Yes, Trump Could Really Set Off Shutdown And Debt Ceiling Bombs
Stan Collender – Forbes
With about a month to go before the two “I-can’t-believe-we’re-going-to-go-through-this-again” deadlines, there’s a 60 percent chance of a federal government shutdown and an only slightly lower chance of a problem with the debt ceiling.
Donald Trump’s showdown over the US debt ceiling could trigger a major meltdown; ‘In the next few weeks, negotiations are needed to overhaul the country’s tax system, keep the government running and avoid a costly default on the nation’s debt’
David Brown – South China Morning Post
Who said the “unthinkable” never happens? The 2008 financial crash, the election of President Donald Trump and Britain’s Brexit vote were all major risk events that blindsided global markets. Right now, the world seems to be sliding towards another unthinkable event – the spectre of a US government debt default and markets hardly seem that bothered. It could be a horror show of epic proportions.
Yellen warns against forgetting the lessons of the credit crisis; Fed chair defends regulation in face of Republican calls for watering down Dodd-Frank
Sam Fleming in Jackson Hole – FT
Janet Yellen stepped up the Federal Reserve’s defence of regulatory reforms pushed through after the great financial crisis, in the face of claims from some Republican lawmakers that the regime is stifling the economy.
CBA hit with second regulatory probe after money laundering claims
Paulina Duran and Byron Kaye – Reuters
Commonwealth Bank of Australia (CBA.AX), the nation’s biggest lender, has been hit with a public inquiry into its governance and culture – the second regulatory probe to be launched this month after it was accused of massive breaches of money-laundering rules.
MiFID II and Non-EU Sell-Side Firms: 6 Questions You Need to Ask Today
Bloomberg via TABB Forum
While MiFID II does not directly apply to non-EU banks and brokers, it carries material implications for non-EU brokers carrying out trade and order flow for EU clients, including certain KYC obligations, an entirely new compliance regime for research, and specific obligations with regards to reporting. Here are 6 questions to help non-EU sell-side firms understand what to ask their EU clients to better navigate the intricacies of MiFID II.
Day trader pleads guilty to market manipulation
A 31-year-old South Australian man has pleaded guilty in the District Court of South Australia to market manipulation charges under sections 1041A(c) and 1041B(1)(a) of the Corporations Act following an ASIC investigation into his trading in contracts for difference (CFDs) and shares.
ASIC reports on corporate finance regulation – January to June 2017
ASIC has today published its seventh report on the regulation of corporate finance issues in Australia.
ASIC reports on National Stock Exchange’s listing standards
ASIC has today released its assessment report on the listing standards of the National Stock Exchange of Australia Limited (NSX).
Investing and Trading
‘Sustainable’ funds lag behind booming ETFs
David Randall and Trevor Hunnicutt – Reuters
The boom in exchange-traded funds is leaving so-called sustainable investing behind.
There are just 48 exchange-traded funds that invest based on environmental, social and governance factors, which are collectively known as ESG, according to data from research firm Morningstar.
The Market Is High. Beware of Portfolio Drift.
Jeff Sommer – NY Times
Invest at the bottom of the market and sell at the top. That’s solid advice, but it’s not easy to follow.
SoftBank’s $100bn Vision Fund needs Wall St trader to come good; Son only has to repeat Alibaba trick once for Misra bet to pay off
Tom Braithwaite – FT
Rajeev Misra liked to puff cigars at Deutsche Bank. Subordinates would have to remove smoke detectors from the ceilings. In these heady days before the financial crisis, Mr Misra, as head of fixed income, recruited traders such as Greg Lippmann, later played by Ryan Gosling in The Big Short. They made gigantic bets. Losses of $100m piled up in one book in 2006, enough for those responsible to be fired at any other institution, but they were kept around and made much bigger profits.
Why Even a Partial Government Shutdown Could Disrupt Bonds
Garfield Clinton Reynolds – Bloomberg
CPI data needed for TIPS may be delayed on a partial shutdown; Treasury would need to estimate price growth, JPMorgan says
The bond market’s key tools for estimating the course of inflation could be collateral damage in this year’s wrangle over the U.S. debt ceiling, according to JPMorgan Chase & Co.
What Markets Think About the Looming Debt Ceiling Showdown
Liz McCormick – Bloomberg
Markets are pricing in a repeat of 2013 scenario over 2011; Trump introduces more uncertainty with shutdown warning
Financial markets are suggesting the political drama surrounding Congressional efforts to raise the nation’s debt ceiling will play out more like the lesser of two recent showdowns.
Was it “Black Swan” for FXCM? “Then I sent to Drew to raise margins and he said no”
Maria Nikolova – Finance Feeds
New evidence indicates that FXCM was well aware of the risks ahead of the January 15, 2015 Swiss franc events and used the “Black Swan” and “Flash crash” labels as cover-up.
RBS accused of mistreating businesses in leaked report
Joe Lynam – BBC
The RBS department set up to help companies in trouble mistreated many of its clients, a leaked report for the Financial Conduct Authority says.
World’s biggest banks square off over Noble credit default swaps; Goldman and JPMorgan among groups embroiled in dispute over claim settlements
Robert Smith and David Sheppard in London – FT
The plight of heavily indebted Noble Group is pitching some of the world’s biggest investment banks against each other in a tussle over credit default swaps written against the troubled commodity trader’s borrowings.
Wall St’s top bankers sell own groups’ shares as Trump rally reverses; Sales by insiders at big US lenders suggests former optimism about economy and policy is fading
Ben McLannahan in New York – FT
Wall Street analysts have been urging investors all year to buy stocks in the big US banks. But Wall Street itself is not listening.
Canada’s biggest banks stand by resilience of mortgage portfolios; Confidence they can cope with regulatory curbs over rampant house price growth
Ben McLannahan in New York – FT
Canada’s biggest banks are stressing the resilience of their mortgage portfolios, saying they can cope with the effects of regulatory curbs which have checked rampant house price growth in the world’s tenth largest economy.
Why the banks shouldn’t underestimate the risk of concentration in Australia’s housing market
Harry Scheule, University of Technology Sydney via Smart Company
The view of Australian banks on the risk that mortgage stress poses to our economy and the banks’ own viability is worrying.
Central Bankers Shun Policy Clues as Trade Pervades Jackson Hole
Jeanna Smialek , Alessandro Speciale , and Michael McKee – Bloomberg
Trade backlash concern overshadows annual central-bank retreat; Officials feeling pressure to respond though options scant
Leaders of the world’s most powerful central banks defended post-crisis reforms at their annual retreat in Jackson Hole, Wyoming, while discussing the causes and consequences of populist waves that have reshuffled the political order in the U.S. and Europe.
Structural shift in commodities demand reshapes EM fortunes
Michael Power, Investec Asset Management – Financial Times
In August 2015, I contributed an article to beyondbrics titled “Redefining EM: Matrix offers new perspective on definition”. In it, I set out a 2×2 bloc matrix which helped explain much of the behaviour and relative performance of currency, stock and bond markets in emerging markets.
Argentine Paper Stood Up to the Generals, but Succumbed to Market Forces
Daniel Politi – NY Times
The Buenos Aires Herald opened its doors nearly 141 years ago, but became legendary by exposing forced disappearances during the 1976-83 military dictatorship, a chapter of Argentina’s history that other papers whitewashed.
Libya’s Oil Disruptions Widen as Two More Fields Halt Output
Salma El Wardany and Hatem Mohareb – Bloomberg
El-Feel closed Sunday, Hamada being shut through Monday; Sharara, nation’s biggest oil field, shut for about a week
Two more oil fields in Libya are being closed after an armed group took over pipelines to both deposits, further disrupting the OPEC nation’s plan to boost crude production.
China’s Markets Can’t Agree on How Good Nation’s Economy Is; Strong currency, stocks and commodities contrast with bond pessimism
Shen Hong – WSJ
China’s financial markets are sending conflicting signals about the health of the world’s No. 2 economy, where a strengthening currency, buoyant stocks and soaring commodities contrast with the pessimism popular among the country’s bond investors.
Ten years on, where to now for China’s sovereign wealth fund?; Launched to much fanfare, CIC has struggle to generate returns, retain top talent and shed suspicions about its role
Frank Tang – South China Morning Post
Gao Xiqing remembers the buzz around China’s US$200 billion sovereign wealth fund when it launched in 2007.
China’s Central Bank Is Embracing a Supercharged Yuan
Justina Lee – Bloomberg
With the dollar languid in the absence of supportive rate-hike rhetoric from Jackson Hole, the People’s Bank of China set the strongest yuan fixing in a year on Monday, exceeding the average forecast of 18 traders and analysts surveyed by Bloomberg.
World’s Second-Largest Stock Market Is Getting Interesting Again
Richard Frost – Bloomberg
The bridesmaids for much of this year as surging Hong Kong-listed stocks stole the glory, mainland Chinese equities have started to pick up again.
China Money Rate Confusion Shows How PBOC Keeps Traders on Edge
Benchmark money-market rates surge before being corrected; Difficult to know if spike a mistake or policy move: analyst
The capacity of China’s central bank to surprise markets is so great that, last week, it left investors chewing over whether a data error was a policy signal.
China Is Creating the World’s Largest Power Company
Coal mining giant Shenhua Group to merge with China Guodian; Combined power company to have 1.8 trillion yuan in assets
China’s creating the world’s largest power company.
Has Brexit affected the dating scene?; Political leanings have moved higher up the list of priorities for singletons in their quest for love
Sarah Gordon in London – FT
The consequences of Britain’s departure from the EU remain a hotly debated topic. But one area has been shamefully neglected ó the impact of Brexit on the international dating scene.
Britain heads back to the Brexit table, plans in hand, economy in decline
Meat processor Tyson Foods Inc (TSN.N) said U.S regulators have not recommended any enforcement action after they concluded a probe related to allegations the company fixed chicken prices along with its peers for years.
U.K.’s Labour Backs Single-Market Membership During Brexit
Robert Hutton and Svenja O’Donnell – Bloomberg
Shift could win support from rebel pro-EU Conservatives; Davis calls for EU to use ‘imagination’ for Brexit to progress
The U.K.’s opposition Labour Party wants Britain to stay in the European Union’s single market for an extended period after it leaves the bloc, a shift in its position that could undermine Prime Minister Theresa May’s efforts to deliver her vision of Brexit.
Britain Must Accept the Hard Truth About Brexit; The interim deal it desperately needs is one it won’t like.
The Editors – Bloomberg
Britain’s exit talks with the European Union resume this week — following the release of position papers on what the U.K. government intends, and a notable change of approach by the opposition Labour Party. Up to a point, these developments are encouraging, but the basic problem remains: Prime Minister Theresa May’s government is moving far too slowly.
May Under Pressure From Labour and EU as Brexit Talks Resume
Robert Hutton – Bloomberg
Brussels wants more U.K. detail on money, Ireland and citizens; Labour pushes to stay in single market during long transition
Brexit talks resume on Monday with Prime Minister Theresa May under pressure on two fronts: European negotiators are pushing her to reveal her hand, while the opposition Labour Party has made a bid to lure May’s critics to their side.
Texas flood disaster: Harvey has unloaded 9 trillion gallons of water
Matthew Cappucci – Washington Post
Words cannot describe the catastrophic situation unfolding in Houston and Southeast Texas. As daylight dawned this morning, the scope of the devastation began to come into clearer focus, and it will probably take months, if not years, to fully recover from damage of this magnitude.