Afternoon Coffee: Supply Chain Fallout from Hurricane Harvey, China Creates World’s Largest Power Company

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The record flooding caused by Hurricane Harvey has closed seaports along the Texas coastline and shut down multiple energy sites, the Wall Street Journal reports. The Port of Houston will remain inaccessible at least through Monday, officials said, cutting off a key gateway for supply chains that extend from the Gulf of Mexico. Flooded streets shut down many Houston-area refineries, as well, stalling 15% of U.S. fuel-making capacity.

Energy Merger

With the merger of Shenhua Group Corp and China Guodian Corp., China is creating the world’s largest power company, according to Bloomberg. The combined entity will have $271 billion in assets and installed energy capacity that surpasses any other company.

ESM & Cal State 

Spend management provider ESM Solutions announced Monday it would deploy its e-procurement system across the entire California State University system, according to a press release. The deal expands ESM’s relationship with Cal State, which in recent years had used ESM Purchase at some of its campuses.

Durable Goods

And finally, an economic update: Durable goods orders fell 6.8% in July, CNBC reports, as bookings for transportation equipment plunged 19%.

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