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Irma Zeroes in on Florida With $200 Billion Damage Bill Forecast

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  • Irma Zeroes in on Florida With $200 Billion Damage Bill Forecast

Hurricane Irma was strengthening ahead of an all-but-certain collision with southern Florida after devastating the Caribbean islands and threatening to become the most expensive storm in U.S. history.

With top winds of 155 miles (249 kilometers) an hour, the life-threatening storm grew in size, meaning most of Florida will face hurricane-force winds as it cuts a path through the peninsula into Georgia. Now a Category 4 system, Irma is forecast to regain power through Sunday when it may reach Category 5 again, the U.S. National Hurricane Center said late Friday. It has already left at least 21 people dead, thousands homeless across the Caribbean and threatens to rack up as much as $200 billion in damages.

“Much of Florida, especially the southern half, is in for a really long and horrible day on Sunday,” said Todd Crawford, lead meteorologist at The Weather Company in Andover, Massachusetts. Another example of “the power of nature on a heavily populated part of the U.S. coastline is imminent, and the costs will be great.”

Mandatory evacuations were issued across Florida, with around 650,000 people fleeing Miami-Dade as part of the largest evacuation the county’s ever attempted. President Donald Trump’s Mar-a-Lago estate was evacuated, along with the rest of Palm Beach.

“Prepare for the worst possible,” Trump said Friday as he boarded Marine One, bound for Camp David.

Irma is one of three hurricanes churning in the Atlantic Basin. Jose, the third major one of the 2017 season with top winds of 150 miles per hour, is forecast to turn northeast and miss the U.S. In the Gulf of Mexico, Katia was expected to come ashore in Mexico by early Saturday, delivering a dangerous storm surge. The country was just struck by a powerful earthquake on Friday, shaking buildings in the capital and triggering a tsunami warning.

Irma’s hurricane-force winds now extend for 140 miles, creating a danger zone that would reach from West Palm Beach on the Atlantic coast to Fort Myers on the Gulf of Mexico. That’s an “insurance industry nightmare” as every county in the state could see damaged roofs and power outages so vast it overwhelms repair efforts, said Chuck Watson, a Savannah, Georgia-based disaster modeler with Enki Research.

Damages could easily top $135 billion in Florida, with other economic losses pushing the price tag as high as $200 billion, Watson said. Preliminary estimates show losses across the Caribbean nearing $10 billion. CoreLogic said 8.5 million properties in Florida may be damaged by Irma’s winds.

Total losses from Katrina reached $160 billion in 2017 dollars after it slammed into New Orleans in 2005.

“Wind damage is totally going to throw a wrench into the insurance industry,” Watson said. “You are talking about companies failing.”

About 9 million of Florida’s 20.6 million people may lose power, according to the state’s largest utility Florida Power & Light Co. Irma may also curb natural gas demand in one of the largest U.S. markets and threaten $1.2 billion worth of crops.

Officials were taking steps to ensure adequate supplies of gasoline after residents filled up cars, boats and back-up generators ahead of the storm. “We’re bringing in as much supply of refined fuel as possible,” White House Homeland Security Adviser Tom Bossert said Friday.

Irma was 315 miles southeast of Miami and is forecast to approach the north coast of Cuba and the central Bahamas before striking southern Florida Sunday morning, the hurricane center said.

The hurricane comes just two weeks after Harvey smashed ashore in Texas, knocking offline almost a quarter of U.S. oil refining capacity and causing widespread power outages and flooding.

In other storm news:

  • One of the biggest evacuations of aircraft on record is under way as owners move planes out of Irma’s path.
  • Comcast Corp.’s Universal Parks and Resorts division closed three theme parks in Orlando, and Walt Disney World Resort will shut early Saturday.
  • The storm is threatening the two biggest fuel-sucking ports in Florida: Tampa and Port Everglades.
  • Gasoline demand surged in Florida ahead of the storm, and the U.S. is allowing foreign flag vessels to bring in fuel to help with shortages

Is the CEO/Founder of Investors King Limited. A proven foreign exchange research analyst and a published author on Yahoo Finance, Businessinsider, Nasdaq, Entrepreneur.com, Investorplace, and many more. He has over two decades of experience in global financial markets.

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EFCC Declares Former Kogi Governor, Yahaya Bello, Wanted Over N80.2 Billion Money Laundering Allegations

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Yahaya Bello

The Economic and Financial Crimes Commission (EFCC) has escalated its pursuit of justice by declaring former Kogi State Governor, Yahaya Bello, wanted over alleged money laundering amounting to N80.2 billion.

In a first-of-its-kind action, the EFCC announced Bello’s wanted status in connection with the alleged embezzlement of funds during his tenure as governor.

The commission, armed with a 19-count criminal charge, accused Bello and his cohorts of conspiring to launder the hefty sum, which was purportedly diverted from state coffers for personal gain.

The declaration of Bello as a wanted fugitive came after a series of failed attempts by the EFCC to effect his arrest.

Despite an ex-parte order from Justice Emeka Nwite of the Federal High Court, Abuja, mandating the EFCC to apprehend and produce Bello in court for arraignment, the former governor managed to evade capture with the reported assistance of his successor, Governor Usman Ododo.

This latest development shows the challenges faced by law enforcement agencies in holding powerful individuals accountable for their actions.

However, it also demonstrates the unwavering commitment of the EFCC to uphold the rule of law and ensure that justice is served, irrespective of the status or influence of the accused.

In response to the EFCC’s declaration, the Attorney General of the Federation and Minister of Justice, Lateef Fagbemi, issued a stern warning to Bello, stating that fleeing from the law would not resolve the allegations against him.

Fagbemi urged Bello to honor the EFCC’s invitation and cooperate with the investigation process, saying it is important to uphold the rule of law and respect the authority of law enforcement agencies.

The EFCC’s pursuit of Bello underscores the agency’s mandate to combat corruption and financial crimes, sending a strong message that individuals implicated in corrupt practices will be held accountable for their actions.

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Concerns Mount Over Security as National Identity Card Issuance Shifts to Banks

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NIMC enrolment

Amidst the National Identity Management Commission’s (NIMC) recent announcement that the issuance of the proposed new national identity card will be facilitated through applicants’ respective banks, concerns are escalating regarding the security implications of involving financial institutions in the distribution process.

The federal government, in collaboration with the Central Bank of Nigeria (CBN) and the Nigeria Inter-bank Settlement System (NIBSS), introduced a new identity card with payment functionality, aimed at streamlining access to social and financial services.

However, the decision to utilize banks as distribution channels has sparked apprehension among industry stakeholders.

Mr. Kayode Adegoke, Head of Corporate Communications at NIMC, clarified that applicants would request the card by providing their National Identification Number (NIN) through various channels, including online portals, NIMC offices, or their respective banks.

Adegoke emphasized that the new National ID Card would serve as a single, multipurpose card, encompassing payment functionality, government services, and travel documentation.

Despite NIMC’s assurances, concerns have been raised regarding the necessity and security implications of introducing a new identity card system when an operational one already exists.

Chief Deolu Ogunbanjo, President of the National Association of Telecoms Subscribers, questioned the rationale behind the new General Multipurpose Card (GMPC), citing NIMC’s existing mandate to issue such cards under Act No. 23 of 2007.

Ogunbanjo highlighted the successful implementation of MobileID by NIMC, which has provided identity verification for over 15 million individuals.

He expressed apprehension about integrating the new ID card with existing MobileID systems and raised concerns about data privacy and unauthorized duplication of ID cards.

Moreover, stakeholders are seeking clarification on the responsibilities for card blocking, replacement, and delivery in case of loss or theft, given the involvement of multiple parties, including banks, in the issuance process.

The shift towards utilizing banks for identity card issuance raises fundamental questions about data security, privacy, and the integrity of the identification process.

With financial institutions playing a pivotal role in distributing sensitive government documents, there are valid concerns about potential vulnerabilities and risks associated with this approach.

As the debate surrounding the security implications of the new national identity card continues to intensify, stakeholders are calling for greater transparency, accountability, and collaboration between government agencies and financial institutions to address these concerns effectively.

The paramount importance of safeguarding citizens’ personal information and ensuring the integrity of the identity verification process cannot be overstated, especially in an era of increasing digital interconnectedness and heightened cybersecurity threats.

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Israeli President Declares Iran’s Actions a ‘Declaration of War’

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Israel Gaza

Israeli President Isaac Herzog has characterized the recent series of attacks from Iran as nothing short of a “declaration of war” against the State of Israel.

This proclamation comes amidst escalating tensions between the two nations, with Iran’s aggressive actions prompting serious concerns within Israel and the international community.

The sequence of events leading to Herzog’s grave assessment began with a barrage of 300 ballistic missiles and drones launched by Iran towards Israel over the weekend.

While the Israeli defense forces managed to intercept a significant portion of these projectiles, the sheer scale of the assault sent shockwaves through the region.

President Herzog’s assertion of war was underscored by Israel’s careful consideration of its response options and ongoing discussions with its global partners.

The gravity of the situation prompted the convening of the G7, where member nations reaffirmed their commitment to Israel’s security, recognizing the severity of Iran’s actions.

However, the United States, a key ally of Israel, took a nuanced stance. President Joe Biden conveyed to Israeli Prime Minister Benjamin Netanyahu that, given the limited casualties and damage resulting from the attacks, the US would not support retaliatory strikes against Iran.

This position, though strategic, reflects a delicate balancing act in maintaining stability in the volatile Middle East region.

Meanwhile, Russian Foreign Minister Sergei Lavrov and his Iranian counterpart Hossein Amir-Abdollahian cautioned against further escalation, emphasizing the potential for heightened tensions and provocative acts to exacerbate the situation.

In response to the escalating crisis, the Nigerian government issued a call for restraint, urging both Iran and Israel to prioritize peaceful resolution and diplomatic efforts to ease tensions.

This appeal reflects the broader international consensus on the need to prevent further escalation and mitigate the risk of a wider conflict in the Middle East.

As Israel grapples with the implications of Iran’s aggressive actions and weighs its response options, President Herzog reiterated Israel’s commitment to peace while emphasizing the need to defend its people.

Despite calls for restraint from global allies, Israel remains vigilant in safeguarding its security amidst the growing threat posed by Iran’s belligerent behavior.

The coming days are likely to be critical as Israel navigates the complexities of its response while international efforts intensify to defuse the escalating tensions between Iran and Israel.

The specter of war looms large, underscoring the urgency of diplomatic engagement and concerted efforts to prevent further escalation in the region.

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