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Reuters
26 minutes ago
- Reuters
Enterprise Products responding to crude oil leak from Houston terminal
NEW YORK, Aug 13 (Reuters) - Enterprise Products Partners (EPD.N), opens new tab said on Wednesday it was responding to a crude oil leak from the company's oil terminal in southeast Houston. Crude oil flows on the Seaway pipeline, which runs from Cushing, Oklahoma, to the Freeport, Texas, area and connects to the Enterprise Crude Houston (ECHO) terminal, fell early on Wednesday, four sources said. A portion of the pipeline went down on Tuesday night, three sources said. The cause of the release is under investigation, Enterprise said, adding there was no offsite impact, fire or injuries from the oil leak. Enterprise activated its emergency response plan and has begun cleanup, the company said in a statement, adding that it was coordinating with federal, state and local regulatory authorities to address the leak and resume normal operations. The price of West Texas Intermediate crude at East Houston, called MEH, climbed by as much as 35 cents to about a $1.30 premium to WTI at Cushing in early Wednesday trading, a trade source said. The ECHO terminal is a physical delivery point for Midland crude oil in Houston. It traded around 90 cents at market close on Wednesday. The ECHO terminal also provides crude oil storage to customers with access to major refineries along the Texas Gulf Coast and has connections to marine terminals that in turn supply other domestic and international refineries. The Seaway pipeline is a 50-50 joint venture between Enterprise, which operates the line, and Canada's Enbridge ( opens new tab. Enbridge did not immediately respond to questions about Seaway's operations. Operations on the pipeline are expected to be restored later on Wednesday, two sources said.
Reuters
26 minutes ago
- Reuters
Cisco sees higher-than-expected quarterly revenue on increased networking gear demand
Aug 13 (Reuters) - Cisco Systems (CSCO.O), opens new tab forecast first-quarter revenue above Wall Street estimates on Wednesday, as the artificial intelligence boom boosted demand for its networking equipment from cloud customers. Enterprises such as Cisco have been benefiting as more businesses move workloads to cloud environments and modernize campus footprints to prepare for AI technologies. "The AI infrastructure orders we received from webscale customers in fiscal 2025 were more than double our original target, indicating a massive opportunity ahead as we lead the required architectural shift and build the critical infrastructure needed for the AI era," CEO Chuck Robbins said in a statement. Cisco's AI infrastructure orders exceeded $800 million in the fourth quarter, bringing the total for fiscal 2025 to more than $2 billion, Robbins said on a post-earnings call. Cisco has not seen any pull-forward in demand for products, he added. The company expects its revenue to be between $14.65 billion and $14.85 billion for the first quarter, compared with analysts' average estimate of $14.62 billion, according to data compiled by LSEG. Its revenue for the fourth quarter ended July 26 came in at $14.67 billion, compared with estimates of $14.62 billion. Networking product orders grew in the double digits during the quarter, driven by webscale infrastructure, switching, enterprise routing, industrial IoT and servers.
The Independent
28 minutes ago
- The Independent
USDA spent thousands on giant Trump banners as it was cutting aid to schools and food banks, report says
The Agriculture Department spent thousands of dollars on giant banners featuring President Donald Trump 's face as it was cutting aid to schools and food banks, a new report has revealed. Since Trump took office, his administration has been making cuts to government spending that it sees as wasteful. In March, the USDA slashed two 'pandemic-era' federal programs that provided roughly $1 billion in funding to schools and food banks to buy supplies from local farms to help low-income families. A spokesperson for the USDA told CBS MoneyWatch at the time, "Unlike the Biden Administration, which funneled billions in [Commodity Credit Corporation] funds into short-term programs with no plan for longevity, USDA is prioritizing stable, proven solutions that deliver lasting impact.' The Commodity Credit Corporation is a government-owned entity that finances programs supporting domestic agriculture. Around the same time, the USDA spent more than $16,000 on banners of Trump and former President Abraham Lincoln, who created the department, to hang outside its Washington headquarters, according to documents obtained by Salon. The Independent has reached out to the USDA and the White House for comment. The banners were put up in May which coincided with the department's 163rd anniversary. At the time, Agriculture Secretary Brooke Rollins shared photos of the banners and wrote on X, '163 years after Lincoln founded @USDA, President Trump's bold vision is ushering in a Golden Age for our farmers.' The banners were printed and installed by Maryland contractor Timsco Graphics for $16,400, Salon reported, citing a work order. There were supposed to be three banners, according to the work order, but only two are currently hanging. At the time, Timsco CEO Keith Prichard posted a photo on LinkedIn of the Lincoln banner and another banner of Trump and Rollins. When the banners were first put up the USDA explained its decision to the fact-checking site Snopes. 'USDA has much to remember in the coming months,' the department said, noting the anniversary of its founding, Memorial Day, Flag Day and the Fourth of July. The statement continued: 'USDA is the only federal agency located on the National Mall. The banners on the building's façade observe these moments in American history and acknowledge the vision and leadership of USDA's founder, Abraham Lincoln, and the best advocate of America's farmers and ranchers, President Trump.'
