Reuters: Top News

Trump says deal reached on spending, debt limit (Mon, 22 Jul 2019)
President Donald Trump said on Monday a two-year deal had been reached with congressional leaders to raise the Treasury Department's borrowing authority and to set budget spending caps.
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Hundreds of thousands in San Juan demand Puerto Rico's governor resign (Mon, 22 Jul 2019)
Hundreds of thousands of people filled San Juan streets on Monday to demand Puerto Rico Governor Ricardo Rosselló resign over offensive chat messages, the latest scandal to hit a bankrupt island struggling to recover from deadly 2017 hurricanes.
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SRN News

Philadelphia Energy Solutions files for bankruptcy after refinery fire (Mon, 22 Jul 2019)
By Laila Kearney and Jarrett Renshaw NEW YORK/PHILADELPHIA (Reuters) – Philadelphia Energy Solutions filed for Chapter 11 bankruptcy protection, the company said on Monday, its second such filing in less than two years, after a fire last month prompted it to close the largest refinery on the U.S. East Coast. Following the June 21 explosions and blaze, PES started shutting down the 335,000 barrel-per-day Philadelphia plant without a planned restart. Some 1,000 workers are being laid off. The company’s lenders agreed to provide up to $100 million in new financing to PES to usher it through the bankruptcy, it said. The agreement allows PES to “safely wind down our refining operations and, with the support of our insurers and stakeholders, best position the company for a successful reorganization, the rebuilding of our damaged infrastructure, and a restart of our refining operations,” Mark Smith, chief executive officer of PES Energy, said in a statement. “The success of our plan is critical to energy supply and security for the region, the Commonwealth of Pennsylvania and the City of Philadelphia,” Smith said. PES could receive payouts of $1.25 billion in insurance claims connected to the fire and business closure, according to two sources briefed on the company’s policies. The potential payouts include $1 billion for property damage and $250 million for loss of business, the sources said. The insurance payouts were expected to be used as collateral for the new bankruptcy financing, the sources said. PES has multiple owners, including investment bank Credit Suisse and investment firm Bardin Hill, and has both assets and liabilities between $1 billion and $10 billion, court filings show. PES also asked to continue making insurance payments. Its premiums cost about $1.4 million each month on 39 policies, according to filings with the U.S. Bankruptcy Court for the District of Delaware. The refinery has struggled financially for years, slashing worker benefits and scaling back capital projects to save cash. PES filed for bankruptcy in January 2018 to reduce debt, but cash on hand dwindled even after the company emerged from the process later in the year. It was not clear whether re-entering Chapter 11 bankruptcy, which allows the company to restructure as opposed to liquidate its assets, would alter the interest of prospective buyers. The company began selling its oil supplies and some equipment since announcing it would seek to shut the plant, triggering employee concerns PES no longer aimed to find a buyer willing to restart the refinery as it had initially said. More than 600 union refinery workers will be laid off on Aug. 25. Others were let go shortly after the fire. Hundreds of contractors that do business with the refinery are also expected to be affected by the shutdown. Ryan O’Callaghan, head of the refinery union, said he was not surprised by the latest Chapter 11 filing. “We went through it before and came out of it,” O’Callaghan said. “And the refinery kept going.” (Additional reporting by Akshay Balan in Bengaluru and Jessica DiNapoli in New York; editing by David Gregorio and Lisa Shumaker) Brought to you by www.srnnews.com
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Ford to upgrade Chicago plant for SUVs, hire 450 workers (Mon, 22 Jul 2019)
By Nick Carey DETROIT (Reuters) – Ford Motor Co <F.N> said on Monday it would invest $50 million upgrading a Chicago facility to partially assemble hybrid electric SUVs and vehicles for police use, creating 450 jobs. The plant currently modifies vehicles for police use. That work will be transferred to a nearby facility. After retooling, the new production line will later this year start partially assembling hybrid versions of the Ford Explorer sport utility vehicle and the luxury Lincoln Aviator Grand Touring SUV. It will also partially assemble the Police Interceptor SUV. On Friday, Ford said it would lay off about 200 workers in September at a Canadian manufacturing plant in Oakville, Ontario, with more layoffs possible in January, because of slowing sales of the sedans that the plant manufactures. Overall, U.S. new vehicle sales are expected to fall this year, although pickup trucks and SUVs remain more popular than traditional passenger cars. Last week, Ford also kicked off talks on a new four-year contract with the United Auto Workers union, with job security, healthcare costs and the use of temporary workers expected to be major sticking points. (Reporting by Nick Carey; Editing by Peter Cooney) Brought to you by www.srnnews.com
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Reuters: Top News

Trump says deal reached on spending, debt limit (Mon, 22 Jul 2019)
President Donald Trump said on Monday a two-year deal had been reached with congressional leaders to raise the Treasury Department's borrowing authority and to set budget spending caps.
>> Read more

Hundreds of thousands in San Juan demand Puerto Rico's governor resign (Mon, 22 Jul 2019)
Hundreds of thousands of people filled San Juan streets on Monday to demand Puerto Rico Governor Ricardo Rosselló resign over offensive chat messages, the latest scandal to hit a bankrupt island struggling to recover from deadly 2017 hurricanes.
>> Read more

Reuters: World News

Strong winds reignite wildfires in central Portugal (Mon, 22 Jul 2019)
More than 1,000 firefighters battled wildfires in central Portugal on Monday, forcing the evacuation of several villages as the authorities hoped to limit the number of residents at risk.
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EU countries agree to new migrant influx mechanism: Macron (Mon, 22 Jul 2019)
Fourteen member countries of the European Union have agreed to a new "solidarity mechanism" proposed by Germany and France to allocate migrants across the bloc, French President Emmanuel Macron said on Monday.
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Audio News – SRN News

SRN Hourly News 07-22-19 – 05:00 PM CDT (Mon, 22 Jul 2019)
Top News Stories Jul 22, 2019 – 05:00 PM CDT Brought to you by www.srnnews.com
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SRN Hourly News 07-22-19 – 04:00 PM CDT (Mon, 22 Jul 2019)
Top News Stories Jul 22, 2019 – 04:00 PM CDT Brought to you by www.srnnews.com
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