Latest news with #MariaMartinez
CBS News
7 days ago
- Climate
- CBS News
Gas service to be restored in some Palos Verdes communities impacted by land movement
As landslide movement on the Palos Verdes Peninsula has slowed, Southern California Gas Co. is restoring natural gas service to some areas where the utility was cut last year out of safety concerns. In 2024, accelerating landslide movement wreaked havoc in some communities on the peninsula, damaging homes, cutting off utility services, and even forcing some residents in impacted areas to relocate. The Portuguese Bend Landslide has impacted about 650 homes and is considered an ongoing natural disaster. Beginning Tuesday, SoCalGas will begin upgrading and testing its infrastructure in the Seaview area of Rancho Palos Verdes to complete gas restoration for homeowners who request it. The restoration of natural gas to the Seaview community is expected to take four to five weeks. The city of Rancho Palos Verdes noted that red-tagged and yellow-tagged properties will not be considered for restoration. "We are grateful to these communities for their patience during what we know has been a difficult time," said Maria Martinez, director of gas engineering for SoCalGas in a statement. "Given the sustained decreases in land movement, we look forward to the safe restoration of natural gas service for those who are ready to reconnect." The land movement in the Seaview, Portuguese Bend Beach Club, and Rolling Hills communities has drastically slowed since October 2024. The utility company reported that extensive monitoring over the past seven months shows that land movement in these communities is now minimal, with no measurable land movement in Seaview and Portuguese Bend Beach Club since February. Additional safety equipment, such as automatic shut-off valves is part of the upgrade to SoCalGas infrastructure. The restoration of natural gas services does not include the Portuguese Bend Community Association neighborhood, according to the city of Rancho Palos Verdes. Related: FEMA, Cal OES announce $42 million voluntary buyout program to Rancho Palos Verdes homeowners impacted by land movement
Yahoo
7 days ago
- Business
- Yahoo
German army must use new funds responsibly, auditors say
By Maria Martinez BERLIN (Reuters) - The German army must undergo significant organisational and personnel reforms to effectively utilise increased defence spending, the country's federal audit institute said on Tuesday in a special report. In March, Germany's parliament approved plans for a massive spending surge, largely removing defence investment from the rules that cap borrowing. The Bundesrechnungshof report highlights that despite relaxed debt rules, the Bundeswehr must prioritise its core mission of national and alliance defence while reducing administrative processes. "'Whatever it takes' must not become 'money doesn't matter!'" said Kay Scheller, president of the institute, emphasising the need for responsible financial management and increased efficiency in defence spending. Key recommendations include a thorough review of tasks, prioritisation of defense-critical duties, and restructuring the Bundeswehr to focus on "more troops, less administration." The Bundesrechnungshof recommends careful justification of financial needs, conducting efficiency analyses, as well as maintaining a balance between time, cost and quality. "It is crucial that these funds are used responsibly to significantly increase the effectiveness of defence spending," Scheller said.
Yahoo
23-05-2025
- Business
- Yahoo
German Q1 GDP upgraded as orders rush to beat tariffs
By Maria Martinez BERLIN (Reuters) -The German economy grew significantly more in the first quarter than previously estimated due to export and industry frontloading ahead of U.S. tariffs, according to a second estimate published on Friday. The economy grew by 0.4% in the first quarter of 2025 compared with the previous quarter, the statistics office said, revising a preliminary reading of 0.2%. Germany had contracted in the final quarter of last year by 0.2%, reigniting recession fears. A recession is defined as two consecutive quarters of negative growth. Manufacturing output and exports registered stronger growth than initially assumed in March, said Ruth Brand, president of the statistics office, explaining the revision. U.S. importers brought their purchases forward in anticipation of tariffs. Europe's biggest economy outperformed the euro zone average growth rate of 0.3% in the first quarter, the statistics office noted. "Today's numbers finally brought back an almost forgotten relic from the past: the German economy can still surprise to the upside," said Carsten Brzeski, global head of macro at ING, although he added that this will likely be a one-off. Germany's sluggish economy has not grown at that pace since the third quarter of 2022, when it expanded by 0.6%. The big question is whether at least part of this momentum can be carried into the coming quarters. In terms of exports and manufacturing production, the second quarter is likely to be more subdued, as preemptive effects due to announced tariffs have played an important role, said Cyrus de la Rubia, chief economist at Hamburg Commercial Bank. However, a cyclical component is also observable in manufacturing - as early indicators up to May show - and the strength in consumption is what could have been expected for some time given real wage increases, de la Rubia said. "Therefore, there are several reasons to believe that the upward trend will continue here," he said. Brzeski said that in the short run, the negatives will outweigh the positives, even though there are finally tentative signs of a turning inventory cycle, which normally bodes well for industrial production over the coming months. "In the longer term, however, there are good reasons to be more optimistic," Brzeski said, mentioning the 500-billion-euro infrastructure fund approved by Germany's parliament in March. German economic growth in the first quarter was driven by trade and consumption. Exports rose by 3.2% compared to the previous quarter and household consumption saw stronger growth than in the preceding quarters, rising by 0.5%. By contrast, government spending declined by 0.3% in the first quarter compared to the previous one. According to the statistics office, this is due to the provisional budget. After former chancellor Olaf Scholz's coalition collapsed in November, the last government ran out of time to pass the 2025 budget. Germany has instead been operating on a provisional budget since the start of the year. Investment also increased by 0.9% in the first quarter, compared to the last quarter of 2024. ($1 = 0.8834 euros) Error while retrieving data Sign in to access your portfolio Error while retrieving data Error while retrieving data Error while retrieving data Error while retrieving data
CBS News
23-05-2025
- Business
- CBS News
SoCalGas to begin restoration process for Rancho Palos Verdes neighborhood
After roughly eight months, the first homes in Rancho Palos Verdes could have their natural gas service restored by July. The restoration process will begin on May 27 in the Seaview neighborhood, specifically homes on Dauntless Exultant and Admirable Drives, according to the utility company SoCalGas. The process is expected to finish in about four to five weeks. Once completed, SoCalGas crews will evaluate the homes along Palos Verdes Drive South and determine if they can restore services to residents there. The utility company added that engineers are developing designs and plans to restore service to Portuguese Bend Beach Club communities and Rolling Hills. "We are grateful to these communities for their patience during what we know has been a difficult time," said Maria Martinez, director of gas engineering. "Given the sustained decreases in land movement, we look forward to the safe restoration of natural gas service for those who are ready to reconnect." Over the last two years, land movement has severely damaged roads, homes and utilities in Rancho Palos Verdes, eventually leading the region's major natural gas and electricity providers to shut off their services to hundreds of residents. Since August, the Portuguese Bend slide has impacted about 650 homes. The ongoing natural disaster prompted FEMA and the California Governor's Office of Emergency Services to implement a $42 million voluntary buyout program, allowing residents to sell their homes at "fair market value." In October, geologists gave residents a small glimmer of hope after confirming that the slide had decelerated from an average of 13 inches a week to 8 inches, a roughly 38% decrease. Further studies conducted by researchers at NASA's Jet Propulsion Laboratory showed that the movement slowed to about 4 inches a week in the fall of 2024. SoCalGas stressed that if land movement increases in the future, the company may be forced to shut off services again. For more information about the restoration process, click here.
Yahoo
20-05-2025
- Business
- Yahoo
US tariffs dampen mood of global exporters, study shows
By Maria Martinez BERLIN (Reuters) -The wave of new U.S. tariffs has severely dampened the mood among exporters and 42% of companies now expect their export revenues to decline markedly, according to a global survey by Allianz Trade published on Tuesday. The credit insurer surveyed 4,500 exporters in Germany, France, Italy, Spain, Poland, Britain, the United States, Singapore and China about global trade in March and April, before and after the tariffs spiral on April 2. Before Donald Trump's 'Liberation Day', when the president announced new tariffs against almost all trading partners, only 5% of companies had expected their export revenues to decline. "In stark contrast to the great optimism before 'Liberation Day', this year's Global Survey confirms what we're observing in all markets: uncertainty and fragmentation will be with us for a long time," said Aylin Somersan Coqui, CEO of Allianz Trade. Globally, export losses of $305 billion are expected in 2025, she added. Germany had been expected to be badly affected by tariffs due to its export-oriented economy. In Germany, 39% of respondents expect a decline in their export revenues following the tariff announcement. German exporters were significantly more concerned about geopolitical risks and protectionism (35%) than their counterparts in other countries (29%). Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
