Afternoon Coffee: Puerto Rico to Feel Toll of Hurricane Maria for Months, HPE Slashes Workforce in Pursuit of Agility

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Hurricane Maria slammed into Puerto Rico two days ago but its effects could be felt for quite some time, CBS News reports. The death toll has risen to 13, and the island’s governor said it could be without electricity for months.

Harvey and Oil

Meanwhile, the effects of Hurricane Harvey, which struck Houston nearly a month ago, are still playing out in oil markets. As the Wall Street Journal reports, U.S. oil is trading far below the global price. Nymex crude, for example, “sank to as much as $6.30 a barrel below its European counterpart, Brent—the widest gap since August 2015.”

Hewlett Layoffs

Hewlett Packard Enterprise is planning to cut 5,000 jobs, or about 10% of its workforce, to reduce expenses and refocus its strategy, Bloomberg reports. The company is targeting $1.5 billion in savings over a five-year period.

“With fewer lines of business and clear strategic priorities, we have the opportunity to create an internal structure and operating model that is simpler, nimbler and faster,” CEO Meg Whitman said on a call with analysts earlier in September.

Eurozone Growth 

And finally, an economic update: The IHS Markit purchasing managers’ index (PMI) rose this month to 56.7 from 55.7 in August, according to the BBC, pointing to strong growth heading into the final quarter of the year.

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