As Hurricane Harvey blasted Texas Monday, local hospitals and other businesses were among those dealing with the fallout. Many offices were closed, and the focus was on staying safe. Here's a look at the coverage from Crain.
Texas hospitals have been preparing for Harvey for years
As Hurricane Harvey made landfall this weekend, Texas hospitals tried to stay safe and operational using such tools as submarine doors and elevated power supplies, both improvements set in motion after Tropical Storm Allison struck in 2001.
Financial advisers in Harvey's path ride out the Texas storm
Financial advisers and their clients weathered Tropical Storm Harvey in classic Texas style: by hunkering down and helping each other as much as possible. "A lot of people are checking in to see how other people are doing, but nobody is worried about their money right now," said Tom Samuels, a portfolio manager at Palantir Capital Management in Houston, which manages $100 million in client assets.
Harvey tests whether advisers need more emergency planning
Hurricane Harvey will be a noble test of whether financial advice firms need stiffer emergency planning rules. The Securities and Exchange Commission proposed a rule in June 2016 that would require registered investment advisers to not only have written business continuity plans but also details for how they would transition client accounts, should a disruption like the devastation in Houston occur. Officials have said damage from widespread flooding and power outages could continue to shutter businesses for weeks.
Texas public pension funds deal with Hurricane Harvey aftermath
Public pension funds in Texas are dealing with the remnants of Hurricane Harvey, which made landfall Aug. 25. The offices of the $2.3 billion Houston Municipal Employees Pension System and $4 billion Houston Firefighters' Relief and Retirement Fund were closed Monday, according to announcements on the pension fund's website and Facebook page, respectively.
Houston agencies cope with Harvey: 'Pray for Our City'
Brenda Love, president of independent, Houston-based creative agency Love Advertising, and a native Houstonian, wrote in an email that she had never before seen anything like Harvey: "Our client Jim McIngvale of Gallery Furniture opened his two huge stores as shelters [and is] using his furniture delivery trucks to rescue people. Our PR department has been busy getting the word out. Our new building had flooding. Please pray for our city."
Harvey blasts brands: Could cost more than $1B in sales
The economic impact of Harvey, the Category 4 hurricane expected to drop more than 50 inches of rain on Houston, Texas, will be substantial, according to a new report. Lost revenue to area restaurants and retailers alone will total around $1 billion, said Planalytics, which provides weather analytics for businesses.
Michigan organizations set to help in Harvey aftermath
While some companies are evacuating the areas in Texas flooded by Hurricane/Tropical Storm Harvey, several Michigan organizations are among those headed toward it. With food and water, blankets, diesel fuel, restoration equipment and modular temporary housing, those companies and nonprofits such as the American Red Cross are lining up along the perimeter of the flooding near Houston to move in as soon as the rain stops, the floodwaters recede and the roads are passable.