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Noem defends FEMA response in Texas floods amid scrutiny
Kristi Noem, Homeland Security Secretary on Sunday, defended FEMA’s response to the deadly floods that struck Texas last week. She said her agency had acted quickly and Texas officials had praised FEMA’s actions. During an appearance on NBC News "Meet the Press," Noem denied the claim that a June memo that required her to approve FEMA expenses over $100,000 caused the agency's slowdown. Noem stated that the claims were false. "Within an hour or so after the flooding, the Department of Homeland Security had sent resources there." Donald Trump, who took office in January, suggested that his administration will abolish FEMA. The Federal Emergency Management Agency is the official name of FEMA. The Republican President said that the Federal Emergency Management Agency had failed to respond effectively to past disasters, and federal assistance should be directed directly at states. Trump and his top officials are taking a more tolerant tone in the wake of the Texas flooding and hurricane season. Noem told the newspaper on Sunday, "I believe he would like it remade." On July 4, flash floods hit parts of Texas Hill Country, killing at least 140 people. Another 160 are still missing. The disaster brought to light Trump's efforts to reduce the importance of FEMA. By mid-May, FEMA had lost 2,000 employees full-time - one third of the staff - as a result of terminations and buyouts. Noem sent a memo to FEMA on June 11, asking them to submit any contract exceeding $100,000 for her review. The memo was reviewed by and stated that agencies should give her office at least five working days to review funding requests. We spoke to several former and current FEMA officials, who were concerned that the spending cap would slow down the agency’s response to natural disasters. Four current and former FEMA officials claimed that the spending cap slowed down the deployment of the national search and recovery teams. After the Texas floods, a former FEMA official stated that Noem had to approve resources which would have previously been deployed faster, such as law enforcement officers for security or crews using saws to remove debris from roads. The former official stated that "FEMA has never been fast." This is slowing the speed that they used to have. Noem denied on Sunday a New York Times article that claimed thousands of victims of Texas floods were unable to reach FEMA because Noem hadn't renewed their contracts. Noem stated that "these contracts were in effect and no employees were absent from work." "Everyone was answering the phone." A FEMA internal briefing document that was reviewed by Noem stated Noem approved contracts for support of call centers as of 10 July, but provided no further details. FEMA's bulletin stated that new flash flood warnings had been issued on Sunday in central Texas and Texas Hill Country. U.S. Rep. Tony Gonzales, who represents a Republican district that includes flood-hit areas in Texas, warned CNN's "State of the Union" that the area could face a long recovery. He said, "We're still not out of trouble yet." (Reporting Ted Hesson, Additional reporting Leah Douglas, Editing Scott Malone and Deepa Babyington)
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EU wants China to take more ambitious climate action
Wopke H. Hoekstra, EU Climate Commissioner, said that the world needed China to take a more proactive role in climate action. She also stressed the need for China's economy to be less dependent on coal and reduce the planet-heating emission. Hoekstra, a Dutch politician, is in Beijing to hold high-level discussions with Chinese officials about environmental and climate concerns. He also hopes to encourage China not to build any new coal-fired plants and to phase out the use of fossil fuels. Hoekstra said in an interview that "we do encourage China" to play a more active role in the future and reduce emissions in a meaningful way in the coming years. According to the World Economic Forum, China is the largest emitter of greenhouse gases in the world. A report from environmental group Greenpeace in June showed that China's approval rate for new coal power plants was higher than the rate of the first half 2024. Hoekstra said to the Financial Times last week that the EU would not sign a joint declaration on climate change with China until Beijing made a stronger commitment to reduce its emissions. When asked about this issue, he stated, "We are willing to look into a possible declaration. But... what is most important is the content of the statement." He did not specify the commitment that the EU expects to see from China. Hoekstra stated that the EU was interested in finding areas of cooperation with China in advance of the COP30 U.N. Climate Conference in Brazil, which will take place in November. (Reporting and editing by Gareth Jones, Helen Popper and Kate Abnett)
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Trump threatens Rosie O'Donnell's U.S. Citizenship
The U.S. president Donald Trump said on Saturday that he may revoke the citizenship of talk show host Rosie O'Donnell after she criticised his administration's handling weather forecasting agencies following the Texas floods. This is the latest salvo of a long-running feud between the two over social media. Trump said on his Truth Social page that he was seriously considering removing Rosie O'Donnell's citizenship because she is not serving the interests of America. He cited a rationale for deportation the administration used to try to remove foreign born protesters from the United States. "She is a threat to humanity and should stay in the wonderful Country of Ireland if they wish her. "GOD BLESS THE USA!," he said. According to U.S. laws, a president can't revoke citizenship from an American who was born in the United States. O'Donnell was a New York State native. O'Donnell moved to Ireland with her son, 12, after Trump's second-term began. She had been a target of Trump's insults for years. In a TikTok clip from March, she said that she would move back to the U.S. when it was safe for Americans to enjoy equal rights. O'Donnell replied to Trump's threats in two posts posted on her Instagram page, saying the U.S. President opposes her "because she stands in direct opposition to all that he represents." Trump's dislike for O'Donnell goes back to 2006. At the time, O'Donnell was a comedian on The View and mocked Trump's handling of a scandal involving a Miss USA winner, which Trump owned. Trump's latest jab against O'Donnell was in response to a TikTok clip she posted in this month, in which she mourned the 119 people who died in the Texas floods on July 4, and blamed Trump's cuts to agencies that forecast major natural disasters. O'Donnell stated in the video, "What a nightmare in Texas." "And, you know, if the president guts the early warning system and the weather forecasting abilities of the federal government, this is what we're going to start seeing on a regular basis." Trump's administration as well as state and local officials have faced increasing questions about whether they could have done more to protect and warn the residents of Texas before the flooding that struck in pre-dawn U.S. hours. At least 120 people, including children, were killed during the Independence Day holiday of July 4. Trump visited Texas on Friday and defended his government's response, saying that they "did an amazing job under the circumstances." (Reporting and editing by Joey Roulette, Don Durfee, Alistair Bell).
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India relaxes the sulphur emissions rules for coal-fired power plants, reversing a decade-old mandate
A government order stated that India reversed its ten-year-old mandate for the installation of $30 billion in clean-air equipment and lowered sulphur emissions rules at most coal-fired plants. In December, it was reported that the government is reviewing 2015 standards that require nearly 540 coal based power plants to install flue gas desulphurisation systems (FGD), which removes sulphur in the exhaust gases of the plants in phases beginning in 2027. The Federal Environment Ministry issued a gazette notice late Friday that exempted from the 2015 mandate 79% of coal-fired plants outside of a 10-km radius (6 miles) of populated and pollution-prone cities. In the notification, it was stated that the decision to install FGD in another 11% plants located near cities would be made on a case-by-case basis. According to the new directive, the remaining 10% of coal-fired plants located closer to New Delhi or other cities with more than a million people will have to install desulphurisation equipment before December 2027. About 50% of units have either ordered desulphurisation equipment or are installing it. The notification of Friday did not mention any impact on competitiveness or cost recovery by these power plants. The Central Pollution Control Board had conducted a detailed study of the increased "carbon dioxide emissions into the atmosphere as a result of control measures being implemented." (Reporting and editing by Sarita Chandanti Singh)
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Workers at Thyssenkrupp Steel agree to site closures and reduced working hours
Thyssenkrupp, the largest German steelmaker, and the trade union IG Metall announced on Saturday that they had reached an agreement on reduced work hours, lower bonuses and site closures. The agreement with steelworkers marks a significant step in Thyssenkrupp’s restructuring. Under this plan, the former German industrial giant plans to become a holding company. It comes after tensions between management and labor representatives were renewed. The implementation of the new collective agreement, which will run until September 30, 2030 at Thyssenkrupp’s steel unit TKSE, is subject to approval by IG Metall's members and a future agreement regarding the financing of the division, according to the company. Thyssenkrupp announced that it would have to cut up to 11,000 positions at its steel unit, TKSE. It also said that the annual production capacity of 11.5 million tonnes to 8,7-9,0 million tons. Tekin Nasikkol is the head of Thyssenkrupp’s work council and a member of the supervisory board. Nasikkol stated in a press release that "we have created the conditions to allow the company itself to come out of the difficult situation." Thyssenkrupp wanted to conclude a restructuring agreement by the summer. Both sides are aiming to finalise their current agreement by September 30. The wage agreement is seen as a major hurdle that must be overcome before Thyssenkrupp sells an additional 30% of TKSE shares to Czech billionaire Daniel Kretinsky as planned. The investor owns 20% of TKSE via a holding firm. (Reporting and editing by Sharon Singleton, Tomaszjanowski and Christoph Steitz)
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Shell Secures Drilling Permit off South Africa's West Coast
Shell has been granted environmental authorisation to drill up to five deep-water wells off South Africa's west coast, the company said on Friday.The oil major applied for authorisation last year and plans to drill exploration or appraisal wells in the Northern Cape Ultra Deep Block in the Orange Basin, at water depths ranging between 2,500 metres (8,200 ft) and 3,200 metres (10,500 ft).Oil companies, including TotalEnergies, are aiming to drill off South Africa's west coast, where the prolific Orange Basin extends southwards into the country's waters, with hopes of replicating significant discoveries made in neighbouring Namibia."Should viable resources be found offshore, this could significantly contribute to South Africa’s energy security and the government’s economic development programmes," Shell said in a statement without providing any timelines.Shell's previous exploration programme along South Africa's east coast has been disrupted by court litigation over concerns about lack of public consultation and that seismic surveys may harm the marine environment.The long-running case is expected to be heard in South Africa's highest court later this year and could either help usher in a new exploration boom or dampen expectations.Mounting environmental pressures, including a bevy of court actions to halt drilling, and cumbersome bureaucracy have stifled South Africa's ambitions to develop its oil and gas potential.Africa's most industrialised economy has lost around half of its refinery capacity over the last few years and depends even more now on imports of refined petroleum products to meet rising demand.(Reuters - Reporting by Wendell Roelf. Editing by Sfundo Parakozov and Mark Potter)
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After cannabis raid, one California worker is killed and hundreds are arrested
According to a farmworker advocate group, a California farmworker was killed on Friday after suffering injuries a day before when U.S. Immigration agents raided and arrested hundreds workers at a cannabis plantation. On Thursday, dozens of migrant rights activists clashed with federal agents on the rural Southern California coast. This was the latest in President Donald Trump's mass deportation campaign of illegal immigrants living in the U.S. According to estimates, the Trump administration has given contradictory statements on whether it will target farm workers, of whom about half are not authorized to work in the U.S. In a press release, the U.S. Department of Homeland Security stated that 200 people who were in the country illegally had been arrested during the raid. The raid targeted two locations of Glass House Farms. The statement also stated that agents found ten migrant children at the farm. Customs and Border Protection commissioner Rodney Scott said in a X post that the facility was under investigation for violations of child labor. The company didn't immediately respond to our request for a comment. According to pictures and videos, the scene on the farm was chaotic on Thursday, as federal agents in helmets and masks used tear gas and smoke cannisters against angry protesters. Elizabeth Strater said that several farmworkers suffered injuries and one of them died after falling 30 feet from a building in the raid. Strater stated that U.S. citizens had been detained and some were still missing. UFW President Teresa Romero said that some citizen workers detained in custody were only released after they deleted photos and videos from their phones. Romero stated that "These violent, cruel, and criminal federal actions terrorize American Communities, disrupt the American Food Supply Chain, threaten lives, and separate families." The DHS didn't immediately respond to an inquiry for comment about the group’s statements. Farm groups have warned against the mass deportation farmworkers, saying that it would cripple Canada's food supply. Brooke Rollins, the Agriculture secretary, said in her latest comments that there will be "no amnesty" Farmworkers are protected from deportation. Trump has, however, said that migrant workers Should be allowed Stay on the farm. Reporting by Leah Douglas, Washington; editing by David Gregorio
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As Trump announces tariffs against imports from Canada, stocks and the Canadian dollar fall
The major stock indexes fell slightly on Friday, as U.S. president Donald Trump's announcement that tariffs would be imposed on Canadian imports sparked concerns about trade tensions. Meanwhile, the Canadian dollar was down against the US dollar. Investors also awaited an announcement by Trump regarding tariffs against the European Union. This move will likely trigger a tit for tat response from Europe and create new market uncertainty. Trump announced late Thursday that the U.S. will impose a tariff of 35% on Canadian imports in one month. He also said he planned to impose tariffs blankets of 15% or 20 % on most other trading partner. The reaction to tariff news has been more muted than it was in April when Trump started his trade war. Jake Dollarhide of Longbow Asset Management, Tulsa in Oklahoma, stated that this may change if there is no progress on tariffs. "I don’t think the market is able to take Trump's tariffs forever and on repeat." He said that the market's resilience in the face the tariffs, all the changes to the rules and rates, the delays, the extensions, the surprises and pauses was remarkable. If we don't see more results, the market could have another tariff meltdown similar to April. He said that the second-quarter results could still benefit stocks. Dollarhide stated that "that could be a salvation for the markets, if they started paying attention to earnings once again." JPMorgan Chase will release its results on Tuesday. This marks the beginning of the reporting period. The Dow Jones Industrial Average dropped 279.13 points or 0.63% to 44,371.51, while the S&P 500 fell 20.71 points or 0.33% to 6,259.75, and the Nasdaq Composite lost 45.14 points or 0.22% to 20,585.53. The three major U.S. indexes of stocks were all down this week. Nvidia shares rose by 0.5%, reaching a new high. The stock market value of Nvidia now stands at $4.02 trillion. AeroVironment, a drone manufacturer, rose by 11% following an order from U.S. Secretary of Defense Pete Hegseth to increase drone production and deployment. The MSCI index of global stocks fell by 3.85 points or 0.42% to 922.37. The pan-European STOXX 600 ended the day down by 1.01%. "Today you are seeing a slight pullback due to the tariffs announced overnight." Three consecutive days have passed since the announcement of tariffs. They seem to come at random, so it's hard to predict what's going to happen," said Wasif latif, chief executive officer of Sarmaya Partners. The Canadian dollar fell 0.25% against the greenback, to C$1.37. The dollar index (which measures the greenback in relation to a basket currency) rose by 0.33%, reaching 97.91. The euro fell 0.15% to $1.1682. Bitcoin reached another record high and was last up by 3.84%, to $117,946.74. Crypto investors believe that the expected policy changes for the industry next week could attract new investment into the asset class. Trump had earlier in the week pushed back to August 1, his deadline for tariffs for many trading partners, to give more time for negotiation. But he also expanded his trade war by setting new tariffs for several countries, including Japan and South Korea. He also imposed a 50% copper tariff. The London Metal Exchange reported a 0.4% decline in the price of three-month copper, which is $9,664 per ton. Gold spot rose 1%, to $3,355.89 per ounce as investors sought safe-haven assets in the face of trade tensions. Investors focused on the consumer price index report due next week, which may show that prices increased in June. As it awaits the impact of tariffs, the Federal Reserve will likely keep interest rates at current levels. The yield of the benchmark 10-year U.S. notes rose 7.7 basis points to 4.423%. The yield on interest rate-sensitive 2-year notes climbed 4.4 basis to 3.912%. The International Energy Agency said that the market is tighter than it appears. Brent crude futures gained $1.72 or 2.5% to settle at $70.36 per barrel. U.S. West Texas Intermediate Crude gained $1.88 or 2.8% to settle at $68,45.
US stocks fall, Treasury yields increase; Trump tax-cut plan in sight
The major stock indexes showed mixed results on Tuesday with U.S. shares easing, but U.S. Treasury Yields rising as investors focused their attention on the critical U.S. Presidential vote that took place in Washington.
Donald Trump
Tax cuts for all.
Go to
Capitol Hill urged Republican legislators to settle their differences on a bill to extend tax cuts for 2017 from Trump's initial term.
Investors worry that the bill could increase the U.S. deficit faster than expected.
Moody's Investors Service, a credit rating agency in the United States, downgraded its credit rating on Friday evening. This sparked concerns over the U.S. government's debt.
"With the Republican Bill still in the air, it's just enough to make people a bit more cautious, and maybe use this recent rally to trim a bit of their portfolio (of stocks)," said Rick Meckler.
S&P 500 registered a six-day streak of gains on Monday.
Investors awaited comments from Federal Reserve officials. Traders currently expect at least two rate cuts of 25 basis points from the Fed before the end 2025.
The Dow Jones Industrial Average dropped 74.64, or 0.1%, to 42.717.94. The S&P 500 declined 13.78, or 0.2%, to 5,950.01, and the Nasdaq Composite was down 64.75, or 0.3%, at 19,150.81.
Home Depot's sales for the first quarter were better than Wall Street expectations, but the retailer was still down 0.1% compared to the overall market.
European
stocks edged
Utilities and telecom companies lead the gains.
MSCI's global stock index rose by 0.11 points or 0.01% to 882.50. The pan-European STOXX 600 rose by 0.68% while Europe's FTSEurofirst 300 rose by 14.86 points or 0.68%. Germany's DAX reached a new record high.
China's blue chip index rose 0.54%, after the central bank of China cut its benchmark lending rates for first time since October.
The yield on the benchmark 10-year U.S. notes increased 1.2 basis points from late Monday to 4,487%.
After touching 5.037% Monday, the 30-year bond yield has gained 4 basis points and is now at 4.981%.
The yields of Japanese government bonds with a super-long maturity date reached all-time records on Tuesday. A poor auction of securities with a 20-year maturity was the immediate cause of this.
The Japanese yield on the 20-year bond JP20YTN=JBTC> has jumped up to 15 basis points, reaching 2.555%. This is its highest level since 2000. And, for the 30-year bond, it reached a new record of 3.14%.
Investors waited for more Fed officials to comment before the U.S. Dollar declined.
The dollar fell against the yen in late morning trading. It reached a two-week low at 144.095 yen. Last down 0.1%, at 144.64yen. It has fallen in five out of six sessions.
The Australian dollar plunged against the U.S. Dollar after the Reserve Bank of Australia lowered benchmark interest rates 25 basis points. The Aussie last fell 0.9% to US$0.6401.
Canada's inflation rate slowed to 1.7% annually in April, which was higher than the 1.6% economists had predicted. The Bank of Canada closely monitors two of the three key measures of inflation. They also reached 13-month highs due to underlying price pressures.
U.S. crude dropped 0.69%, to $62.26 per barrel. Brent was down to $65.11 a barrel on the same day.
Spot gold increased by 0.42%, to $3243.21 per ounce.
(source: Reuters)