Latest News
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A blast in a village in Myanmar has reportedly killed 55 people and injured dozens of others
A rebel army claimed that at least 55 people died in an explosion in Kaung Tat, Myanmar. The blast was caused by a?accidental explosive of material to be used in mining. The Ta'ang National Liberation Army (Ta'ang NLA), which controls the village close to the Chinese border and is currently in a truce with the Myanmar military, has confirmed that there have been fatalities without specifying how many. BBC and Shwe?Phee Myay News Agency, a local news outlet, reported that at least 55 people, including 30 women and 25 men, had been killed, and dozens of others were injured. The group expressed its condolences in a telegram post to the families of those killed, injured and damaged by the explosion. The explosion, which occurred at 12 noon local time (0530 GMT), is being investigated. Anyone found responsible will be held accountable. The statement said that the affected families would receive immediate relief, rehabilitation and healthcare. Reporting by Chandni Ghoshal and Devjyot Abraham Writing by Rhea Rosa Abraham Editing and Barbara Lewis by David Goodman
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All bodies found in Washington State chemical accident: 11 confirmed dead
The death toll in the United States from a ruptured?chemical tank has risen to 11. The death toll from a?chemical tank rupture in the United States has risen to 11 as crews have recovered all nine bodies, according authorities. The tank that contained "white liquor", a chemical mixture of sodium hydroxide and sulfide, used to make 'paper pulp, imploded on Tuesday at the Nippon Dynawave Packaging plant. Kurt Stitch, Cowlitz 2 Fire & Rescue deputy chief, stated that the search for missing persons continued throughout the week as crews cleared debris from indoor?areas, and drones were flown over the perimeter. Officials have confirmed that the ruptured tank held about 900,000.000 gallons of white liquor. Tests also showed contamination of the nearby Columbia River. However, no negative health effects were detected in the air or drinking water of the city of Longview. Nippon Dynawave Packaging, Japan's wholly-owned subsidiary, was established in 2016 by Nippon Paper Industries, Japan's second largest paper manufacturer. The company acquired the Longview plant from Seattle-based Weyerhaeuser Timber for $225m. (Reporting and editing by William Mallard in Bengaluru)
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PSG wins the Champions League with a shoot-out victory over Arsenal
Paris St Germain reclaimed their Champions League 'title' with a penalty-shootout victory? over Arsenal, after a 1-1 stalemate in a tense final at the Puskas arena on Saturday. Gabriel, of Arsenal, blasted his penalty over the?crossbar to give PSG a?4-3 victory? on spot-kicks. The French champions had the worst start possible after Kai Havertz scored an Arsenal goal?in just the sixth minute. He whipped a?rising shot?past PSG's goalkeeper Matvey Safonov. The PSG defence looked to be the most formidable in Europe, but Ousmane dembele equalized from the spot after a foul was committed by Cristhian Moquera against Khvicha Kvaratskhelia in the 65th minutes. PSG won the Champions League trophy for the second consecutive year after a scrappy extra-time period that could not separate both sides. (Reporting and editing by Christian Radnedge.)
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Russia's Rosatom says Ukrainian drone struck Zaporizhzhia nuclear plant
Rosatom, the Russian state-owned nuclear energy company, said that a Ukrainian drone 'hit' the Zaporizhzhia nuclear 'plant', Europe's biggest, on Saturday. The drone did not damage any key equipment but left a hole in a wall of the turbine hall. The building housing the turbine hall of Power Unit No. 6 was struck by a Ukrainian combat drone kamikaze this afternoon. The explosion was caused by the subsequent detonation of 6. The explosion did not cause any damage to the primary equipment, but it tore through a wall in the turbine hall. Ukraine has not yet commented. Likhachev described the incident as "deliberate". The Zaporizhzhia Nuclear Plant was captured by Russia on March 20, 2022. It remains close to the frontline of the Zaporizhzhia area in the south-east Ukrainian region. It has?come in for some fire at times during the four-year war, raising?fears about a nuclear incident. Likhachev stated, "We are a step closer to an incident which?will affect those who live beyond the borders of 'Russia and Ukraine but still think they are totally safe." (Reporting by Anastasia Lyrchikova. Felix Light wrote the article. Mark Potter (editing by Felix Light)
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Authorities claim that Ukrainian drones have struck a port and oil depot in southern Russia.
Authorities in the southern regions Rostov-Krasnodar reported that Ukrainian drones had struck a tanker overnight at Taganrog, a Russian port. They also reportedly hit an oil depot?in?Armavir. Yury Slyusar, Governor of the Rostov Region, said via Telegram that the fires in Taganrog's port and on the tanker had been put out. No oil spillage was reported. He said that two people were injured. Svetlana kambulova, the mayor of the?city, announced that a local emergency state, which was introduced on May 27th, had been prolonged. The Russian Defence Ministry announced that its forces?had?downed 127 drones over night. Authorities in Armavir in Krasnodar, which has 185,000 residents, reported that the fire in an oil depot located in the industrial zone of the city had been put out and there were no injuries. Slyusar, governor of Rostov, said that nearly 50 drones had been brought down in the region. Attacks were reported "across" the province, which borders Ukraine’s Donbas and is the focal point of the fighting between Russia & Ukraine. He said that only minor damage had been reported outside Taganrog. The commander of Ukraine’s drone forces claimed that they had hit Taganrog as well as an oil depot in Feodosiya, in Russian-controlled Crimea. He did not mention a strike against Armavir. Reporting by Felix Light, Writing by Ros Russell, and Kevin Liffey.
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Authorities claim that Ukrainian drones have struck a port and oil depot in southern Russia.
Authorities in the southern regions Rostov and Krasnodar reported on Saturday that Ukrainian drones had struck a tanker overnight at the port of Taganrog in Russia and also hit an oil depot in Armavir. Yury Slyusar, Governor of Rostov Region, said via Telegram that the fires in Taganrog (a city with a population of 240,000) and on the tanker had been put out. No oil spillage was reported. He said that two people were injured. Svetlana kambulova, the mayor of the?city, confirmed that a local state of emergency introduced on May 27 had been extended. Authorities in Armavir in Krasnodar, a city with a population 185,000 people, reported that a fire at an oil depot located in the industrial zone of the city had been brought under control. Slyusar, Rostov's governor, said that nearly 50 drones were downed by the region. Attacks have been reported in the entire province which borders Ukraine’s Donbass, the focal point of the fighting between Russia and Ukraine. Only minor damage had been reported outside Taganrog. Reporting by Felix Light, Writing by Ros Russell; Editing by Ros Russel
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Concerns about consumer demand lower LIVESTOCK CME cattle futures
Chicago Mercantile Exchange?cattle futures and feeder cattle?ticked down on Friday due to a technical setback.?As a result, 'Americans' concerns about their ability to afford beef grew. Gas prices are high and consumer sentiment is gloomy, raising fears that Americans will reduce their beef purchases. Beef is the most expensive protein in grocery stores. Dan Basse is the president of 'AgResource' Company. He said that they are 'looking at consumers' disposable income and wondering if they will 'pay higher beef prices'. Oil futures dropped more than 2% Friday, marking their steepest weekly decline since early April. Traders awaited news that the U.S.?Israel and Iran reached an agreement on a truce. Live cattle for August fell by 1.95 cents, to 239,05 cents a pound. August feeder cattle futures dropped 4.60 cents at 348.425 per pound. The U.S. Department of Agriculture reported on Friday that the value of 'boxed beef' had dropped by 26 cents, to $392.06 a hundredweight. Select?cuts, however, fell by $2.26, to $382.32 a hundredweight. According to HedgersEdge.com, the Packers lost about $266.90 per head of cattle they slaughtered last Thursday. This is an improvement from the previous week. CME's lean-hog market saw a drop of 2.625 cents to 99.50 cents for each pound. According to USDA, the wholesale price of pork cutout has risen 91 cents per cwt to $100.02. Reporting by Heather Schlitz, Editing by Daniel Wallis
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IMF, World Bank and others warn that Middle East war strains energy supplies
The heads of the International Energy Agency, the International Monetary Fund (IMF), the World Bank, and the World Trade Organization warned on Friday that the war in the Middle East is straining the global energy supply and affecting vulnerable economies the most. The U.S. and Israel war against Iran has disrupted the trade, rattled the financial markets, and raised 'concerns about global energy supply, especially through Strait of Hormuz. This is a major route for oil and natural gas shipments. Global?institutions stated that the world's economy was resilient. However, the conflict disproportionately affected poorer countries by increasing fuel and fertilizer prices, increasing uncertainty, and creating job risks. In a joint press release, the heads of these groups met Thursday to discuss the economic impact of war. U.S. president Donald Trump said that he will decide on Friday whether to extend the ceasefire with Iran. This would include?opening up the waterway? and dismantling Tehran’s nuclear weapons capability. The institutions warned that if shipping 'flows' do not return to normal, the rapid depletion in global oil stocks ahead of the peak summer 'oil demand - in the Northern Hemisphere - would pose a heightened risk for fuel security and market conditions.
China's commodity imports are soft, even those that look strong: Russell
China's. imports of significant products were either openly weak in May,. such as the decline in crude oil, or those revealing apparent. signs of strength were deceptive and mostly driven by factors. aside from increasing usage.
Arrivals of crude dipped into unfavorable area for the. first five months of the year, with computations based on. main custom-mades data launched on June 7 showing imports of 11.0. million barrels each day (bpd) in the January to May duration, down. 1.2% from 11.13 million bpd in the very same duration last year.
China, the world's largest crude importer, landed 11.06. million bpd in May, which was somewhat up from April's 10.88. million bpd, however massively below the 12.11 million bpd in. May 2023.
The decrease in year-on-year imports has actually been put down to. weak refining margins crimping throughput, and the 7.7% drop in. fuel exports in the first 5 months of 2024 has also. contributed to lower demand for crude.
China's imports of crude are down 130,000 bpd in the first. five months of the year, an outcome that is starkly at odds with. the expectations of the Company of the Petroleum Exporting. Countries (OPEC).
The exporter group projection in its May monthly outlook that. China's crude demand will increase 710,000 bpd for 2024 as an entire,. the greatest contributor to world need development of 2.25 million. bpd.
To be reasonable to OPEC, the group does anticipate a stronger 2nd. half for China's oil demand, but however, development in imports is. running up until now behind the OPEC projection that the 2nd half. will need to be remarkably strong.
Expectations of a stronger 2nd half are likewise most likely a. aspect driving iron ore imports.
China, which purchases about 75% of all international seaborne iron ore,. saw imports of 102.03 million metric lots in May, up from 101.82. million in April and the third straight month arrivals of the. steel basic material surpassed 100 million.
That appears like a strong performance, but the additional. iron ore isn't being used to pump up steel production, rather. it's generally going into inventories.
INVENTORIES GET
Port stockpiles monitored by SteelHome << SH-TOT-IRONINV > hit. 147.3 million lots in the week to June 7, the greatest in 26. months and up 40 %from the seven-year low of 104.9 million,. reached in October last year. Steel mills and traders have actually been
encouraged to raise. inventories by lower rates, with Singapore futures. dropping to an 18-month low of$ 98.36 a lot in April. While the cost has actually recovered somewhat to end at$ 108.70 a. heap on June 7, it's still well listed below the $143.08 reached in. early January. Copper imports also looked somewhat strong in May with.
imports of unwrought metal rising to 514,000 loads, up from. 438,000 in April. For the first 5 months of the year copper imports have.
acquired 8.8% to 2.327 million loads. But comparable to iron ore, it's stock constructs that are.
representing the extra imports, with stockpiles.
< CU-STX-SGH > in storage facilities kept an eye on by the Shanghai Futures.
from Russia, which is fighting to offer a few of its production of.
the industrial metal since of tighter sanctions by Western.
countries enforced as part of steps following Moscow's.
invasion of Ukraine. The major commodity where need is greater is coal, with. China's imports of all grades can be found in at 43.81 million heaps in. May, below April's 45.25 million, however greater than the 39.58.
million from May in 2015. For the first five months of the year China's coal imports. were 204.97 million lots, up 12.6 %from the very same period in 2023.
The gain has actually mostly been driven by weak domestic output,. with production down 3.5 %in the very first four months of the year.
after security checks were purchased in significant coal-producing.
areas. With the outlook for coal production unsure in coming. months, it's possible that imports will stay robust, although.
much will depend upon China's hydropower and renewable generation,.
both of which are anticipated to increase over the rest of 2024. The general message
from China's product imports is that. while they aren't dire, they are hardly indicative of a strong. recovery worldwide's second-biggest economy. The opinions revealed here are those of the author, a columnist. . (source: Reuters)