Colonial Pipeline announced late on Wednesday that it had restarted operations of the largest fuel pipeline network in the US, which had been shut down after a ransomware attack, leading to fuel shortages across the eastern US for almost a week.
The ransomware attack last week halted 2.5 million barrels per day of fuel shipments. The pipeline stretches 5,500 miles (8,850 kilometres) from US Gulf Coast oil refineries to consumers in mid-Atlantic and south-east states.
The company warned that service would still be rocky in the days to come as the pipeline came back online.
"Following this restart, it will take several days for the product delivery supply chain to return to normal," a company statement read. "Colonial will move as much gasoline, diesel and jet fuel as is safely possible and will continue to do so until markets return to normal."
Colonial, which each day normally ships about 2.5 million barrels, warned the line may go down again from time to time while it’s in the process of restarting.
In a separate bulletin to its shippers, it said the company was physically starting operations even before its business systems –which process nominations for space on the pipeline and schedule them – are back up and running. As a result, it’ll be using schedules that were set five days ago until its systems are back in service, the notice shows.
As the shutdown of the pipeline network entered its the sixth day, Washington officials pledged to help alleviate supply issues.
Shortly before the Colonial announcement, President Joe Biden said he was expecting good news on the situation and touted the steps he had taken to relieve supply disruptions.
“I’ve lifted some of the restrictions on the transportation of fuel as well as access to the United States military providing fuel, and with vehicles to get it there, places where it’s badly needed,” Mr Biden told reporters at the White House.
The White House said top officials were considering new ways to alleviate the shortages, following several waivers easing quality standards for petrol and extending working hours for fuel lorry drivers to boost shipments.
Congressional committee members have asked for a formal briefing from a White House inter-agency task force about the federal response to the most disruptive cyberattack on US energy infrastructure.
Privately owned Colonial Pipeline opened portions of the line manually in Georgia, Maryland, New Jersey and North and South Carolina. It also accepted two million barrels of fuel to begin a restart that would "substantially" restore operations by week's end, the company said.
The supply crunch sparked panic buying in the US south-east, bringing long lines and high prices at fuel stations before the Memorial Day holiday weekend at the end of May, the traditional start of the peak summer driving season.
The average national petrol price rose to above $3.00 a gallon on Wednesday, the highest since October 2014, the American Automobile Association said.
Nearly 60 per cent of fuel stations in metro Atlanta were without gasoline on Wednesday, tracking firm GasBuddy said.
More than 70 per cent of stations were out in metro Charlotte and Raleigh, North Carolina, and Pensacola, Florida. Virginia and South Carolina also saw relatively high outages.
The US Consumer Product Safety Commission posted a Twitter thread issuing guidance to Americans shopping for gas, starting with, "Do not fill plastic bags with gasoline."
Stevenson Rosslow, 47, was filling up his Lexus with regular gas at a BP station in south Atlanta on Wednesday morning.
"This takes premium, but they're out," said Mr Rosslow, the owner of the Wrecking Bar Brewpub in Atlanta's Reynoldstown neighbourhood. "Even at that, the price jumped to what, $3.39?"
The station Mr Rosslow stopped at was the fourth he had tried. "I think we're having a problem here because of hoarding," he said.
Four south-eastern states — Florida, North Carolina, Virginia and Georgia — joined federal regulators in relaxing driver and fuel restrictions to speed deliveries of supplies. Georgia suspended sales tax on petrol until Saturday.
The Federal Bureau of Investigation has accused a shadowy criminal gang called DarkSide of the ransomware attack. DarkSide is believed to be based in Russia or Eastern Europe.
Russia's embassy in the US rejected speculation that Moscow was behind the attack. Mr Biden on Monday said there was no evidence so far that Russia was responsible.
It is unknown how much money the hackers are seeking and Colonial has not commented on whether it would pay. However, Bloomberg reported on Thursday that a ransom of almost $5m had been paid.
Gulf Coast refiners that move fuel to market on the Colonial Pipeline have cut processing. Total trimmed petrol production at its Port Arthur, Texas, refinery, and Citgo Petroleum pared back at its Lake Charles, Louisiana, plant.
Citgo said it was moving products from Lake Charles and "exploring alternate supply methods into other affected markets". Marathon Petroleum said it was "making adjustments".
Colonial also serves US airports including Atlanta's Hartsfield-Jackson Airport, the world's busiest by passenger traffic.
Several airlines have been transporting fuel by lorry or fuelling planes at destinations rather than at East Coast origins. American Airlines has made changes to two long-haul flights out of Charlotte, North Carolina – one of its hub airports – through to Friday.
Who was Alfred Nobel?
The Nobel Prize was created by wealthy Swedish chemist and entrepreneur Alfred Nobel.
- In his will he dictated that the bulk of his estate should be used to fund "prizes to those who, during the preceding year, have conferred the greatest benefit to humankind".
- Nobel is best known as the inventor of dynamite, but also wrote poetry and drama and could speak Russian, French, English and German by the age of 17. The five original prize categories reflect the interests closest to his heart.
- Nobel died in 1896 but it took until 1901, following a legal battle over his will, before the first prizes were awarded.
How%20to%20avoid%20getting%20scammed
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Dengue%20fever%20symptoms
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The biog
Family: wife, four children, 11 grandchildren, 16 great-grandchildren
Reads: Newspapers, historical, religious books and biographies
Education: High school in Thatta, a city now in Pakistan
Regrets: Not completing college in Karachi when universities were shut down following protests by freedom fighters for the British to quit India
Happiness: Work on creative ideas, you will also need ideals to make people happy
FIXTURES
All times UAE ( 4 GMT)
Saturday
Fiorentina v Torino (8pm)
Hellas Verona v Roma (10.45pm)
Sunday
Parma v Napoli (2.30pm)
Genoa v Crotone (5pm)
Sassuolo v Cagliari (8pm)
Juventus v Sampdoria (10.45pm)
Monday
AC Milan v Bologna (10.45om)
Playing September 30
Benevento v Inter Milan (8pm)
Udinese v Spezia (8pm)
Lazio v Atalanta (10.45pm)
The%20specs
%3Cp%3E%3Cstrong%3EPowertrain%3A%20%3C%2Fstrong%3ESingle%20electric%20motor%0D%3Cbr%3E%3Cstrong%3EPower%3A%20%3C%2Fstrong%3E201hp%0D%3Cbr%3E%3Cstrong%3ETorque%3A%20%3C%2Fstrong%3E310Nm%0D%3Cbr%3E%3Cstrong%3ETransmission%3A%20%3C%2Fstrong%3ESingle-speed%20auto%0D%3Cbr%3E%3Cstrong%3EBattery%3A%20%3C%2Fstrong%3E53kWh%20lithium-ion%20battery%20pack%20(GS%20base%20model)%3B%2070kWh%20battery%20pack%20(GF)%0D%3Cbr%3E%3Cstrong%3ETouring%20range%3A%20%3C%2Fstrong%3E350km%20(GS)%3B%20480km%20(GF)%0D%3Cbr%3E%3Cstrong%3EPrice%3A%20%3C%2Fstrong%3EFrom%20Dh129%2C900%20(GS)%3B%20Dh149%2C000%20(GF)%0D%3Cbr%3E%3Cstrong%3EOn%20sale%3A%3C%2Fstrong%3E%20Now%3C%2Fp%3E%0A
Farage on Muslim Brotherhood
Nigel Farage told Reform's annual conference that the party will proscribe the Muslim Brotherhood if he becomes Prime Minister.
"We will stop dangerous organisations with links to terrorism operating in our country," he said. "Quite why we've been so gutless about this – both Labour and Conservative – I don't know.
“All across the Middle East, countries have banned and proscribed the Muslim Brotherhood as a dangerous organisation. We will do the very same.”
It is 10 years since a ground-breaking report into the Muslim Brotherhood by Sir John Jenkins.
Among the former diplomat's findings was an assessment that “the use of extreme violence in the pursuit of the perfect Islamic society” has “never been institutionally disowned” by the movement.
The prime minister at the time, David Cameron, who commissioned the report, said membership or association with the Muslim Brotherhood was a "possible indicator of extremism" but it would not be banned.
THREE POSSIBLE REPLACEMENTS
Khalfan Mubarak
The Al Jazira playmaker has for some time been tipped for stardom within UAE football, with Quique Sanchez Flores, his former manager at Al Ahli, once labelling him a “genius”. He was only 17. Now 23, Mubarak has developed into a crafty supplier of chances, evidenced by his seven assists in six league matches this season. Still to display his class at international level, though.
Rayan Yaslam
The Al Ain attacking midfielder has become a regular starter for his club in the past 15 months. Yaslam, 23, is a tidy and intelligent player, technically proficient with an eye for opening up defences. Developed while alongside Abdulrahman in the Al Ain first-team and has progressed well since manager Zoran Mamic’s arrival. However, made his UAE debut only last December.
Ismail Matar
The Al Wahda forward is revered by teammates and a key contributor to the squad. At 35, his best days are behind him, but Matar is incredibly experienced and an example to his colleagues. His ability to cope with tournament football is a concern, though, despite Matar beginning the season well. Not a like-for-like replacement, although the system could be adjusted to suit.
Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.
Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.
“Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.
Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.
“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.
Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.
From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.
Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.
BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.
Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.
Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.
“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.
Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.
“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.
“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”
The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”
Company%20profile
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The specs: 2017 Ford F-150 Raptor
Price, base / as tested Dh220,000 / Dh320,000
Engine 3.5L V6
Transmission 10-speed automatic
Power 421hp @ 6,000rpm
Torque 678Nm @ 3,750rpm
Fuel economy, combined 14.1L / 100km
How much do leading UAE’s UK curriculum schools charge for Year 6?
- Nord Anglia International School (Dubai) – Dh85,032
- Kings School Al Barsha (Dubai) – Dh71,905
- Brighton College Abu Dhabi - Dh68,560
- Jumeirah English Speaking School (Dubai) – Dh59,728
- Gems Wellington International School – Dubai Branch – Dh58,488
- The British School Al Khubairat (Abu Dhabi) - Dh54,170
- Dubai English Speaking School – Dh51,269
*Annual tuition fees covering the 2024/2025 academic year
PREMIER LEAGUE FIXTURES
Saturday (UAE kick-off times)
Watford v Leicester City (3.30pm)
Brighton v Arsenal (6pm)
West Ham v Wolves (8.30pm)
Bournemouth v Crystal Palace (10.45pm)
Sunday
Newcastle United v Sheffield United (5pm)
Aston Villa v Chelsea (7.15pm)
Everton v Liverpool (10pm)
Monday
Manchester City v Burnley (11pm)
SPECS
%3Cp%3E%3Cstrong%3EEngine%3C%2Fstrong%3E%3A%202-litre%20direct%20injection%20turbo%20%0D%3Cbr%3E%3Cstrong%3ETransmission%3C%2Fstrong%3E%3A%207-speed%20automatic%20%0D%3Cbr%3E%3Cstrong%3EPower%3C%2Fstrong%3E%3A%20261hp%20%0D%3Cbr%3E%3Cstrong%3ETorque%3C%2Fstrong%3E%3A%20400Nm%20%0D%3Cbr%3E%3Cstrong%3EPrice%3C%2Fstrong%3E%3A%20From%20Dh134%2C999%26nbsp%3B%3C%2Fp%3E%0A
New schools in Dubai
THE DETAILS
Kaala
Dir: Pa. Ranjith
Starring: Rajinikanth, Huma Qureshi, Easwari Rao, Nana Patekar
Rating: 1.5/5
'The Sky is Everywhere'
Director:Josephine Decker
Stars:Grace Kaufman, Pico Alexander, Jacques Colimon
Rating:2/5