I hope you enjoy this week’s articles. So, let’s get to it:
Who is Mariner Energy?:
• Link
• Two Sentence Overview: The company who owns the oil rig (Vermilion 380) that caught fire in the gulf yesterday has 328 employees (most of whom reside in the great city of Houston). The rig fire could complicate a pending merger between Mariner and Apache Corporation (Apache was going to pony up $2.7 Billion for Mariner pre rig explosion).
• One Sentence Takeaway: As my colleague Mike Fransen pointed out, the most damaging effect this explosion could have is one that gives the current administration more fodder to feed the desire to pursue job reducing policies like the drilling moratorium.
Texas Economic Indicators:
• Link
• Two Sentence Overview: Texas added 5,700 jobs in July staying at an unemployment rate of 8.2% ( US rate is 9.5%). Exports from Texas rose 3% (26% higher than this time last year), housing indicators weakened, and manufacturing leveled off.
• One Sentence Takeaway: This is just part of my weekly “The economy is bad, but at least we are in Texas” trend I like to incorporate.
Office Vacancy Expected to peak in 4th Quarter
• Link
• Two Sentence Overview: Office sector appears to be hitting a cyclical bottom. Demand remains weak but the rate of vacancy is slowing.
• One Sentence Takeaway: More “crystal ball stuff here” but it seems like everyone I have been reading is pushing out their recovery prognosis to second half of 2011 and beyond.
Hope everyone has a great Labor Day Weekend.
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