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Several days before Katrina struck, John Walker shut down production and evacuated crews from the oil and gas fields that his company operates in the Mississippi Delta. The CEO of EnerVest, a Houston energy-asset-management firm, was luckier than most. Katrina spared four of his fields, though the damage to a fifth was ugly. The storm blew a barge five miles down the bayou from its moorings in marshy Garden Island Bay. Nearly every piece of oil equipment was destroyed, and Walker estimates it will take several months to get that field running at full capacity. "When there...
...network. You name the commodity--coffee, fertilizer, lumber, steel, wheat--it ships through the Gulf's ports, rails and riverways. All told, Katrina knocked out a region that contributes $130 billion to GDP, roughly 1% of the national total, according to Economy.com Risk Management Solutions, a leading risk-assessment firm based in Newark, Calif., estimates that damages will run up to $100 billion. Insurance companies are on the hook for some $25 billion. Our guide to the fallout...
...Daily, president of Alter Barge Lines. "It's like you've clogged the pipeline for a week." Archer Daniels Midland, a major grain exporter, operates four grain terminals in Louisiana. Several hundred of its barges are stranded in the lower Mississippi, some grounded and waiting to off-load. The firm is studying rail alternatives and considering diverting some shipments to Galveston, Texas...
...necessarily. Last year the global insurance industry paid out a record $49 billion in claims, including $23 billion for U.S. hurricane damage, according to the reinsurance firm Swiss Re. There is plenty of money sloshing around the global- insurance pool to handle Katrina claims, and the Federal Government will pick up the tab for flood damage. One concern for consumers is that many insurers, facing hurricane-related claims, may pull out of the state, setting off a homeowner scramble for new policies. Only a month after state regulators approved a 21% rate hike, Nationwide Insurance announced that it wouldn...
...Indeed, Disney continues to bet that its long-range investment plans in China will pay off, regardless of the recent headaches in Hong Kong. The firm is still in talks with Chinese officials about opening a mainland theme park, possibly in Shanghai, says Rasulo. "Have we made some mistakes?" he asks. "Absolutely. We are in a brand-new market. We have to keep listening and keep learning." Restoring Tinkerbell's health only requires a round of applause, but Hong Kong Disneyland will need a bit more work...