President Donald Trump said on Monday that China is ready to come back to the negotiating table and the two countries will start talking very seriously.Politicsread more
The escalating trade war between Washington and Beijing dominated discussions at the G-7 gathering in France.Politicsread more
The latest round of tariff announcements in the last few days means that by the end of the year, essentially all Chinese goods exported to the U.S. will be subject to duties.China Economyread more
Futures fell after Trump said the U.S. will raise tariffs on more than $500 billion worth of Chinese imports, increasing trade tensions.Marketsread more
As Washington and Beijing continue to up the ante in their protracted trade fight, the potential of a recession in the U.S. is now "the biggest concern," according to Standard...US Economyread more
Tensions stemming from the U.S.-China trade war escalated sharply over the last few days, with much happening as Asian markets were shut down for the weekend.China Economyread more
Clouding the G-7 gathering, which represents the world's major industrial economies, are the tit-for-tat tariffs between Washington and Beijing.Politicsread more
Neither the U.S. nor China wants to be seen as the party that derailed trade talks, says William Reinsch of Center for Strategic and International Studies.World Economyread more
China said Friday it will be resuming 25% duties on U.S. autos, and a further 5% on auto parts and components.Asia Marketsread more
World leaders, environmental groups and celebrities have publicly decried the vast swaths of forest being destroyed by the fires.World Newsread more
Education Minister Ong Ye Kung says the Singapore government has been preparing for the challenge of an aging workforce "for the past 20 years."Employmentread more
It's finally here, and it's making a mess.
After years of drought, the first El Nino storms of the season moved through California this week, and John Wolf isn't getting much sleep. "We are really busy," said the supervisor for CI Services Roofing, a 21-year-old company that specializes in commercial properties. Wolf was supervising eight crews at various locations, patching leaks in the pouring rain. Owner Bill Baley said that a year ago, his crews could have responded to requests for estimates within one week. Now they're booked through the end of February.
"That's our sold work," Wolf said as he and his crew worked quickly on the roof of a strip mall in the city of Yorba Linda. The job was an extra, one of many emergencies they were squeezing in. "With this rain, we're just gonna get phenomenally tore up here working," he said. "It's gonna be busy, busy, busy."
When it rains, it pours, in more ways than one.
Homeowners and renters up and down California are signing up for flood insurance for the first time. Between September and November, more than 28,000 new flood insurance policies were purchased in California, a 12 percent jump. Farmers Insurance saw a 1,200 percent increase.
"This is the largest jump that we've seen in at least 10 years," said Janet Ruiz of the Insurance Information Institute. Flood insurance premiums go into a federal pool administered by the Federal Emergency Management Agency. FEMA Deputy Regional Manager Ahsha Tribble said she expects to see the number of new policies rise further as December figures come in. "It really shows that Californians are taking this El Nino and flood threat very seriously," she said.
Regular homeowner policies cover damage only from water raining down from above, not rising from the ground. Hence the need for flood insurance, which Ruiz said about half of all Californians have (many lenders require homeowners to have flood policies based on their location). Flood insurance will also cover mud that flows in with the water, but it doesn't cover landslides. Coverage does not kick in until 30 days after purchase.
This reporter bought flood insurance for the first time this week through my insurer, USAA. First I logged onto floodsmart.gov to get some idea of how much a one-year policy could cost. In my case, premiums ranged from $162 for a few thousand dollars in damage to $430 for maximum coverage, which also carried deductibles totaling $2,500.
The number of policies varies widely from city to city. As of the end of October, there were more than 42,000 flood insurance policies in Sacramento, but only 64 in San Francisco. Is Sacramento so much more flood prone?
Ruiz answered that it may not matter. "More than 20 percent of claims come in from low to moderate flood risk, so it's very important that people pay attention and get the insurance even if they're not in a high-risk area."