The back-to-back hurricanes Milton and Helene have wreaked havoc on Florida, causing insured losses to skyrocket to an estimated $35 billion to $55 billion, nearly four times the initial projections. This massive financial blow highlights the increasing vulnerability of the state to severe weather events and the growing burden on Florida’s insurance market.
Goldman Sachs anticipates a significant financial impact on Walt Disney World due to Hurricane Milton, estimating a potential loss of $150 to $200 million in the current quarter. The projected hit stems from a decrease in domestic park attendance, with estimations showing a 6% decline in year-over-year growth. The investment bank draws comparisons to past hurricanes, such as Irma and Ian, and expects short-term disruptions but maintains a positive long-term outlook for Disney’s financial performance.
Boeing has announced that its production of the 737 MAX aircraft will be reduced, impacting its recovery efforts following a mid-air incident in January. The company’s CEO, Dave Calhoun, acknowledged the challenges facing Boeing but emphasized the priority of safety and quality. Despite early signs of improvement in the 737 factory, production levels remain low, affecting the company’s financial goals. Boeing also anticipates a slower increase in production and deliveries of its 787 widebody jets due to supplier shortages. However, demand for new planes remains strong, and Boeing expects to deliver its existing inventory of 737 and 787 aircraft by year-end.
Boeing’s upcoming quarterly report is expected to shed light on the financial implications of the recent 737 Max 9 door plug incident, which has resulted in a production slowdown, increased scrutiny from federal agencies, and a seventh consecutive quarterly loss for the company.
Mahindra Finance, a non-banking financial company, has detected a fraudulent scheme involving forged KYC documents and embezzlement of funds within its retail vehicle loan portfolio. The incident, which was brought to light at one of the company’s branches in the northeast region, has prompted the postponement of the board meeting where the financial results for the fiscal year 2023-24 were to be approved. Mahindra Finance estimates a financial impact of approximately Rs 150 crore as a result of this fraudulent activity.
