Latest News
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Six dead and 65 missing after massive Karachi fire
On Sunday, firefighter in Karachi looked for over 65 people who were missing after a massive blaze tore through a shopping center in the historic downtown area. The blaze killed six people and reduced parts of the building to rubble. Video footage showed the flames rising out of the building as firefighters battled through the night in order to prevent the fire, which began on Saturday, from spreading into the business district. Firefighters began cooling the smoky rubble after fighting the fire for more than 24 hours. The fire department told Pakistani local TV station Geo News the lack of ventilation caused the mall to fill up with smoke, slowing rescue efforts. According to Dawn News, Sindh Police Chief Javed Alam Odho said to reporters on the scene that it appeared to be caused by a faulty circuit breaker. The fire still simmers because of the layout, construction, and the products in the market, such as the carpets, blankets, and other items made from resins. Karachi Mayor Murtaza Wahab said to reporters at the scene that 65 persons were still missing. Six people were killed, and twenty others injured according to rescue officials. Media reports claim that people shouted slogans criticising Mayor who arrived at the site 23 hours after the protest began. Around the building were hundreds of people, including distraught business owners whose stores had been reduced to ashes. Yasmeen Bao, the shop owner, said: "We have been left high-and-dry,?reduced to 0; 20 years of hardwork, all gone." Fire broke out on Saturday night. Rescue services received a call from a customer at 10:38 pm (1738 GMT), reporting that the ground floor shops of the multi-storey Gul Plaza Shopping Centre were on fire. Hassanul Haseeb Khan, spokesperson for Rescue?1122, said that when they arrived the fire had already spread to the upper levels and the building was almost completely engulfed by flames. Images of the interior of the mall revealed the charred remains and bright orange glow of stores as flames continued rising throughout the building. On Sunday evening, the blackened metal frame and broken air conditioners of the building were strewn along the street. Rescue workers reported that some parts of the building were already collapsing and that it could collapse completely. Reporting by Mohammed Waseem, Ariba Sharif; Writing by Saad Saeed; Editing and proofreading by Tom Hogue, Diane Craft
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Sources: 27 killed in clashes between Colombian guerrilla groups
Military authorities in Colombia reported that at least 27 members of a leftist group were killed in clashes in which they fought a rival faction for control of an area of jungle in southwest Colombia. A military source said that the clashes in El Retorno's rural area, located in the Guaviare department, about 300 km (186 miles), southwest of Bogota. This region is strategically important for the production and trafficking of cocaine. A second source confirmed that the clashes were between a faction of Revolutionary Armed Forces of Colombia led by Nestor Gregorio Vera (also known as Ivan Mordisco) and another led Alexander Diaz Mendoza alias Calarca Cordoba. The two groups were once part of the Central General Staff, but they separated in April 2024 because of internal disagreements. According to two anonymous military sources, the casualties all came from Vera's team. According to two military sources who spoke on condition of anonymity, the deaths were all from Vera's group. Vera's group is still fighting after the government suspended a ceasefire. Both factions rejected the 2016 peace accord that allowed 13,000 FARC members to disarm and rejoin society. The conflict in Colombia, which has lasted for?over 60 years and is primarily funded by illegal mining and drug trafficking, has led to over 450,000 deaths, and millions of people have been displaced. Petro's efforts at peace are currently stuck. (Reporting and editing by Matthew Lewis, Nia Williams and Luis Jaime Acosta)
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Sources: 27 killed in clashes between Colombian guerrilla groups
Military authorities in Colombia reported that at least '27 members of the leftist guerrilla group in Colombia were killed in clashes in which they fought a rival faction for control of an area of jungle in southwestern Colombia. A military source reported that the clashes, the most violent in recent times, took place in the rural area of the municipality of El Retorno in the Guaviare department, about 300 km (186 miles), southwest of Bogota. This region is strategically important for cocaine production and trafficking. A second source confirmed that the clashes were between a 'faction of Colombian Revolutionary Armed forces (FARC), led by Nestor Gregorio Vera - also known as 'his war name Ivan Mordisco - and another, led by Alexander Diaz?"Mendoza alias Calarca Cordoba. (Reporting and editing by Matthew Lewis in Bogota)
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Chile declares a state of catastrophe after wildfires kill 16 and force thousands to flee
Early on Sunday, Chilean President Gabriel Boric declared a state of catastrophe in two areas in the southern part of the country as wildfires forced?least?20,000 people from their homes and killed at least 16 others. CONAF, the Chilean forestry agency, reported that 24 fires were active in Chile as of Sunday morning. The largest of these was located in Nuble?and Bio Bio regions, where the government had declared an emergency. These regions are located about 500 km south of Santiago, the capital. "I have declared a catastrophe in Nuble and Biobio due to the ongoing serious wildfires." Boric stated on X that "all resources are available". Security Minister Luis Cordero informed?reporters Sunday morning that 16 deaths have been confirmed, including 15 in Bio Bio. This brings the total to 16, after the government announced a death on Saturday in Nuble. The fires in these two regions have already consumed almost 8,500 hectares (21,001 acres), putting multiple communities at risk and causing authorities to issue evacuation orders. Senapred, Chile's disaster agency, said that "nearly 20,000" people were evacuated. At least 250 homes had also been destroyed. According to authorities, adverse conditions such as strong winds and high temperatures exacerbated the spread of wildfires and made it difficult for firefighters to control them. Chile's entire south was on extreme heat alerts. Temperatures were expected to reach 38 C (100 F), from Santiago to Bio Bio, between Sunday and Monday. Since the start of the year, Chile and Argentina both experienced extreme heat and temperatures. Devastating wildfires broke out in Argentina's Patagonia this month. Reporting by Alexander Villegas, Santiago; Editing and production by Matthew Lewis
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Chile declares a state of catastrophe after wildfires drive thousands to flee
As wildfires raged in the southern part of the country, the Chilean president Gabriel Boric declared a catastrophe early on Sunday. At least 20,000 people were forced to flee. CONAF, the Chilean forestry agency reports that 24 fires are active in Chile as of Sunday morning. The largest of these is located in Nuble?and Bio Bio where the government has declared an emergency. These regions are located?about 500km south of Santiago. "As a result of the'serious and ongoing wildfires in Nuble and Biobio, I have declared a catastrophe for the two?regions. Boric stated on a X post that "all resources are 'available. The fires in these two regions have burned nearly 8,500 hectares (21,001 acres) so far. This has put multiple communities at risk, and prompted authorities to issue evacuation orders. According to Chile's Senapred Disaster Agency, nearly 20,000 people have been evacuated from their homes and at least 250 of them have been destroyed. Authorities claim that adverse conditions, such as strong winds and high temperature, have exacerbated the difficulty of firefighters in controlling wildfires. Chile's central region is on extreme heat alert, with temperatures reaching up to 38 C (100 F). Since the start of the year, Chile and Argentina have both experienced extreme heat waves. Devastating wildfires broke out in Argentina’s Patagonia this month. Reporting by Alexander Villegas, Santiago; Editing and production by Matthew Lewis
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Kurdish commander asks US to intervene 'forcefully' in Syria clashes
The U.S. must intervene more aggressively to stop a Syrian offensive which has gained key territory from Kurdish militants in the past few days, according to the leader of 'the main kurdish forces. Officials and security sources reported that government troops launched an offensive Saturday in territory controlled by semi-autonomous Kurdish authority for the past decade. They captured towns on both side of the Euphrates as well as the largest oilfield as well as a gas field. Sipan Hamo, commander of the People's Protection Units(YPG), said that a meeting held on Saturday between U.S. envoy Tom Barrack (and Kurdish officials) produced no roadmap for a ceasefire. He denied that 'Syria’s Kurds want to secede from Syria or create an independent country and said they have a future in Syria. Hamo stated that "our greatest hope is for a tangible result, particularly from the United States and the coalition, which means that they will intervene with greater force in existing problems than what they are doing currently." The Syrian army has continued to advance despite an?U.S. The military Central Command has called on them to halt. Hamo stated that Kurdish authorities recognized Washington's need to balance its long-standing alliance with Kurdish troops, which helped defeat the Islamic State of Syria, and its newly found support for Syria’s government under President Ahmed al-Sharaa. The U.S. must offer protection to Kurdish people, given their "concerns" about the changes that are taking place. In the current chaos and situation, the only ones who could offer any guarantees were the United States, or the coalition, he said in a rare interview in Hasakeh, a province still under Kurdish rule. Hamo said, "We believe that Western countries and in particular the United States of America are responsible for all the current events inside Syria." Hamo denied the YPG received support from Iran or Russia while expressing hope that Israel will intervene 'on behalf of Syria’s Kurds. "Of?course, we consider Israel as a powerful country in the region with a unique agenda. Hamo stated that he hoped the same approach taken by other nations in the region to certain minorities living in Syria would be extended to the Kurds. Hamo replied, "ofcourse." When asked if he meant Israel's attitude towards the Druze minorities last summer, when Israel launched air strikes near the presidential palace of Damascus, on the defence ministry and on Syrian troops that were advancing into Druze cities, Hamo responded, "of course." Hamo replied, "of course."
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Drone strikes cut power supply to parts of Ukraine's Zaporizhzhia Region held by Russia
The regional governor, who is based in Moscow, said that more than 200,000 people were without power on Sunday after a drone strike by Ukraine on Saturday. Yevgeny Balitsy posted a statement on Telegram saying that he was working to restore power, but almost 400 settlements still remain without electricity. The temperatures are below freezing in the southeastern Zaporizhzhia area, which is a large part of Russia. Russia has repeatedly bombarded Ukraine’s power infrastructure during its four-year conflict, causing daily rolling blackouts. This winter, it has also targeted heating system. Separately?the governor in the Russian border region Belgorod which has been regularly attacked by Ukraine since 2022 said that a drone attack on the border village of Nechaevka had killed one person and injured another. The governor of the region said that two children and an adult were injured in the Caucasus Mountains region of North Ossetia when a Ukrainian Drone struck a building in Beslan. Reporting by Felix Light, writing by Guy Faulconbridge; editing by Guy Faulconbridge
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China receives its first shipment of Simandou Iron Ore
China, which is the largest consumer of iron ore in the world, received its first shipment from the Simandou Mine in Guinea in West Africa. Beijing had invested heavily in the mine to ensure supply security. China, which imports 80 percent of its iron ore, from Australia and Brazil has tried to diversify their supply by increasing domestic production and investing in overseas mines. China Baowu Steel Group, the largest steel producer in the world, announced on Saturday that a vessel carrying almost 200,000 metric tons of iron ore arrived at Majishan Port in East China's Zhejiang Province on January 17, after a 46 day voyage. Simandou is owned by Rio Tinto, Chinese state-owned Chalco and Winning Consortium Simandou(WCS),?a Singaporean and Chinese partnership. China Baowu has also become a major shareholder following the completion of WCS' transfer?of shareholdings rights. Beijing has also established China's?Mineral Resources Group in order to centralise the iron ore purchase and obtain better terms from miners. Liu Guozhong, Vice-Premier of China, attended the commissioning ceremony for the mine in Guinea last November to show how important Simandou is to Beijing. China Baowu said that a second Simandou iron-ore shipment left Guinea in December. Reporting by Amy Lv and Lewis Jackson, Editing by Tom Hogue
Stocks extend slide; dollar rides Treasury yields higher
Asian shares extended a. global selloff on Wednesday, while the dollar and Treasury. yields jumped as traders pared back expectations for the speed. and scale of rate cuts by the Federal Reserve this year.
The latest shift in rate expectations came after a benefit. surprise in U.S. inflation on Tuesday which showed the consumer. cost index (CPI) increasing 3.1% on an annual basis, above. projections for a 2.9% boost.
Futures now point to about 90 basis points of easing priced. in for the Fed this year, compared to 110 bps prior to the information. release and 160 bps at the end of in 2015.
That kept pressure on worldwide stocks, which had rallied. highly towards completion of in 2015 on aggressive bets for. rate cuts by major reserve banks worldwide in 2024.
MSCI's broadest index of Asia-Pacific shares outside Japan. fell 0.3% and was headed for a fifth straight. day of losses.
S&P 500 futures edged 0.06% higher, while Nasdaq. futures gained 0.11%. EUROSTOXX 50 futures lost. 0.23%.
The stronger data presses back on the hope of a rate cut. from the Federal Reserve any time soon, stated Daniela Hathorn,. senior market expert at Capital.com.
We'll likely need to await the second half of the year. for the Fed to begin cutting, however the problem isn't so much. whether the bank will cut rates this year, as that is a nearly. certainty at this moment, but the number of rate cuts there will be.
Even Japan's standout Nikkei was not spared from the. beating and fell 0.7%, after getting 2.9% in the previous. session and topping the 38,000 level.
The current relocation higher in the Nikkei was helped in part by a. sliding yen, which had actually compromised past the key 150 per. dollar level for the very first time this year on Tuesday.
The yen last stood at 150.53 per dollar.
If they do attempt intervention, I think it'll be near ... the. ( dollar/yen) high from October 2022 and the high we saw in. mid-November, stated Tony Sycamore, a market expert at IG,. referring to intervention efforts from Japanese authorities to. fortify the currency.
Japan's top currency authorities alerted on Wednesday against. what they referred to as rapid and speculative yen moves. overnight.
In other places, stocks in Hong Kong reversed early losses to. trade greater after returning from the Lunar New Year vacations. The Hang Seng Index increased 0.9%.
Mainland China's financial markets stay closed for the. week.
HIGHER FOR LONGER
The possibility that U.S. rates are likely to remain raised for. longer than at first expected pushed the benchmark 10-year. Treasury yield to an over two-month high of 4.3320%. on Wednesday.
The two-year Treasury yield, which typically. reflects near-term rates of interest expectations, last stood at. 4.6286%, having similarly scaled a two-month top of 4.6730% in. the previous session.
That's helped the greenback company near a three-month peak. against a basket of currencies at 104.76. The dollar. index hit its greatest level considering that November on Tuesday.
The attendant, broad-based U.S. dollar rise admittedly. reflects (the) corresponding rise in U.S. Treasury yields,. stated Vishnu Varathan, primary financial expert for Asia ex-Japan at. Mizuho Bank.
Sterling steadied at $1.26085, ahead of UK. inflation information due later Wednesday.
The pound surged briefly in the previous session on data. revealing British pay grew at the weakest pace in more than a year. at the end of 2023, however the downturn was probably not. substantial sufficient to spur the Bank of England into quicker. action towards cutting rates of interest.
In cryptocurrencies, bitcoin pulled back from the. $ 50,000 level and last purchased $49,600.
Oil rates meanwhile edged lower, reversing some of. Tuesday's gains as geopolitical tensions lingered in the Middle. East and eastern Europe.
U.S. crude edged partially lower to $77.86 a barrel. Brent futures eased eight cents to $82.69.
Gold was little bit altered at $1,991.89 an ounce.
(source: Reuters)