Venice braces for more floods, strong winds

Venice was on red alert for more floods and fierce winds on Saturday after an exceptionally high tide swamped the city of canals, where authorities have declared a state of emergency.

Mayor Luigi Brugnaro ordered the iconic St Mark’s Square closed on Friday as the latest sea surge struck with strong storms and winds battering the region. The square was open again on Saturday, but the city forecast a high water of 160 centimetres (over five feet) for Sunday, lower than Tuesday’s high of 187 centimetres but still dangerous. Civil protection authorities issued a weather “red alert” for the Venice region, warning of violent winds which can whip up the sea, although Saturday’s midday high was forecast to be a manageable 105 centimetres. Churches, shops and homes in the city, a UNESCO World Heritage site, have been inundated by unusually intense “acqua alta”, or high water, which on Tuesday hit their highest level in half a century. “We’ve destroyed Venice, we’re talking about one billion (euros) in damage and that’s just from the other day, not today,” Brugnaro said. The crisis has prompted the government to release 20 million euros ($22 million) in funds to tackle the devastation. Surveying the damage, Culture Minister Dario Franceschini warned the task of repairing the city would be huge. More than 50 churches had suffered damage, he said.  Prime Minister Giuseppe Conte declared a state of emergency for the city on Thursday. Residents whose houses have been hit are eligible for up to 5,000 euros in immediate government aid, while restaurant and shop owners can receive up to 20,000 euros and apply for more later. Mayor Brugnaro on Friday also announced the opening of a fund where people in Italy and around the world could contribute to the historic city’s repair. One tourist, Italian Nicole Righetti, said she would be willing to pitch in.  “It would be a shame to no longer be able to see these places, and I think everyone should give,” Righetti said. Most of the city’s cash machines were no longer working because of the water, making life even more difficult for tourists and Venetians. Despite being used to the inconvenience of their city’s rising waters, some inhabitants expressed frustration. “All the stock in the basement is lost,” lamented Luciano, a worker at a shop along St. Mark’s Square. He said he remembered well the infamous “acqua alta” of 1966, when the water rose to a level of 1.94 metres, the highest-ever since records began in 1923.  “These so frequent high waters have never happened before… this time there’s so much more damage than in the past,” he said. Hotels reported cancelled reservations, some as far ahead as December, following the widespread diffusion of images of Venice underwater. Tuesday’s high waters submerged around 80 percent of the city, officials said. Many, including Venice’s mayor, have blamed the disaster on global warming and warned that the country prone to natural disasters must wake up to the risks posed by ever more volatile seasons. The Serenissima, as the floating city is called, is home to 50,000 residents but receives 36 million global visitors each year. A massive infrastructure project called MOSE has been under way since 2003 to protect the city, but it has been plagued by cost overruns, corruption scandals and delays. Nick Note: Venice has been sinking and flooding (they built in on a swamp) before the invention of  the internal combustion engine. Way back before the normal wide oscillations  of the earths climate was blamed on Co2 emissions. Back then people believed the earth was flat and they sacrificed virgins to stop volcanic eruptions and bring back the sun during eclipses. Come to think of it a much better utilization of virgins then drugging them to force them to fuck ugly members of the Royal Family!

Its all about a gas pipeline

Trump lawyer Giuliani ties to Ukrainian projects

WASHINGTON (Reuters) – Federal prosecutors are examining whether U.S. President Donald Trump’s personal lawyer Rudy Giuliani stood to profit from a Ukrainian natural gas business pushed by two associates who aided his efforts to launch investigations that could help the president, the Wall Street Journal said on Friday, citing people familiar with the matter. The associates, Lev Parnas and Igor Fruman, pitched their company, and plans for a Poland-to-Ukraine pipeline carrying U.S. natural gas, to Ukrainian officials and energy executives this year, and said the project had White House support, the newspaper said, citing people briefed on the meetings.

Parnas and Fruman also told Ukrainian officials that Giuliani was a partner in the pipeline venture, a project of their company Global Energy Producers, the newspaper said, citing one of the people.

Giuliani has not been accused of criminal wrongdoing. In a Friday interview with the newspaper, he denied involvement in the energy company and pipeline pitch, and said he had no indication prosecutors were looking into the matter. “Mr. Giuliani was never a partner in GEP and any reports to the contrary are false and categorically denied,” Robert Costello, a lawyer for Giuliani, told Reuters. Citing some of the people briefed on the meetings, the Journal also said Parnas and Fruman pushed for help on an investigation into Democratic presidential candidate Joe Biden. The federal prosecutors, in New York, are examining whether Giuliani violated lobbying laws in connection with his Ukraine work, the newspaper said, citing people familiar with the investigation.Lawyers for Parnas and Fruman did not immediately respond to requests for comment. John Dowd, a lawyer who has represented them in the past, declined to comment. A spokesman for U.S. Attorney Geoffrey Berman in Manhattan also declined to comment. Parnas and Fruman were arrested in October on charges of illegally funneling money to U.S. politicians, including to an election committee for Trump. They have pleaded not guilty. Giuliani is central to a Democratic-led U.S. House of Representatives impeachment inquiry into whether Trump, a Republican, abused his office for political gain. He told the Journal that had Parnas and Fruman sought his legal advice, he would have told them to avoid involvement in any “ownership situation” in Ukraine while working alongside him. “I am not a part of the ownership, or any other involvement with GEP,” Giuliani said. “I never agreed to be part of it. I’m not even sure I was ever asked to be part of it.” Bloomberg News, citing three unnamed U.S. officials, on Thursday said federal prosecutors in Manhattan were examining Giuliani’s financial dealings that could include possible campaign finance violations and a failure to register as a foreign agent.

Saudi Aramco’s IPO valued at $1.7T

DUBAI (Reuters) – Saudi Aramco is worth up to $1.7 trillion at the price range set by the oil giant on Sunday, below the $2 trillion sought by Saudi’s crown prince but putting it in the running to become the world’s biggest IPO. Saudi men check the prospectus of Aramco IPO, in Riyadh, Saudi Arabia, November 17, 2019. REUTERS/Ahmed Yosri Aramco cannot sell its shares directly to investors in the United States and other markets, as the initial public offering (IPO) will be restricted to Saudis and those foreign institutions permitted to invest in the kingdom’s stock market. The oil giant said it plans to sell 1.5% of the company, or about 3 billion shares, at an indicative price range of 30 riyals to 32 riyals, valuing the IPO at as much as 96 billion riyals ($25.6 billion) and giving the company a potential market value of between $1.6 trillion and $1.7 trillion. This could just beat Chinese e-commerce giant Alibaba’s record $25 billion New York stock market debut in 2014.Aramco’s IPO size could be bigger if there is enough demand for it to use a 15% “greenshoe” over-allotment option.