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Crews search flood-ravaged central Texas for missing persons
On Wednesday, search teams continued to sift through piles of debris and mounds in Texas Hill Country as the hopes of finding survivors diminished five days after flash flooding ravaged through the area, killing at least 120 people, many of them children. According to the figures released by Texas Governor Greg Abbott, as of Tuesday evening there were still more than 170 missing people. Since Friday, no one has been found alive. Kerr County was the site of most fatalities and missing persons. Kerrville was completely devastated by torrential rains that swept through the county early Friday morning, July 4. The rains dropped more than one foot of rain in under an hour, and flooded the Guadalupe River up to nearly 30 feet (9 metres). At a press briefing on Wednesday, Sheriff Larry Leitha informed reporters that the death toll for Kerr County had reached 95, which included three dozen children. This figure includes at the very least 27 girls and their counselors who attend Camp Mystic on the Guadalupe, a Christian summer retreat for girls. Authorities have warned the death toll is likely to continue rising as floodwaters recede. In New Mexico, a flash flooding on Tuesday killed three people, including two young children. The village of Ruidoso is located in the mountains, around 135 miles (216 km) south of Albuquerque. The village released a statement that the flooding was caused by heavy rains that fell over burn scars from wildfires. This led to a rapid runoff that saw the Rio Ruidoso River reach a new record of 20 feet. That's five feet higher than the previous high. Scientists claim that climate change is causing extreme flooding events to be more damaging and frequent by creating warmer, wetter weather patterns. The public officials in Texas were questioned for days about whether they should have warned the people earlier, allowing them to get to higher ground before the floodwaters raged. The sheriff was pressed again at Wednesday's press conference to answer questions about the time it took officials to respond to the "Code Red" warnings regarding the flash floods that occurred in the early morning hours of the 4th. He refused to directly respond, stating that his main focus was finding the missing victims. A full analysis on what went wrong in the response will come later. He said, "We will respond to those questions." I can't say when, but it will be in a few weeks or days. We will get them. "We're not trying deflect them." Dalton Rice, the city manager of Kerrville, said that the amount and speed of rain fell exceeded forecasts. There was no time to evacuate people without putting them in further danger. Abbott announced on Tuesday that Texas lawmakers would convene a session special later this month in order to investigate emergency response and provide funds for disaster relief. (Reporting from Jane Ross in Kerrville, Additional reporting by Rich McKay, Andrew Hay and Joseph Ax. Writing by Joseph Ax. Editing by Frank McGurty & Bill Berkrot.
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Trump hosts five African leaders amid tariffs and aid cuts
On Wednesday, President Donald Trump met with leaders of five African countries as the U.S. president intensified a trade conflict that threatens developing countries that depend on the trade with the largest economy in the world. A White House official confirmed that Trump will host leaders from Gabon and Guinea-Bissau as well as Liberia and Mauritania for a lunch and discussion at the White House. The discussions are expected to be focused on business opportunities. Africa experts await Trump's announcement of dates for a larger summit with African leaders. This could be in September, around the time for the United Nations General Assembly. The mini-summit this week is the latest attempt by successive U.S. Administrations to counter perceptions that the U.S. has neglected a continent on which China has made increasing economic inroads. Since Trump's inauguration in January, the Trump administration has imposed steep cuts on foreign aid to Africa as well as waged a tariff-war against U.S. trading partner. Melania Trump, Trump's wife, visited Africa during Trump's first term. In 2018, some African politicians branded Trump as a racist after he was reported to describe immigrants from Africa and Haiti coming from "shithole countries". During a heated White House meeting in May, Trump made explosive false accusations of white genocide during which he accused Ramaphosa of land seizure and stealing. The focus of the meeting on Wednesday was likely to be economics. The U.S. International Development Finance Corporation announced earlier that day it would provide funding for project development at the Banio Potash Mine, Mayumba in Gabon. This will help Gabon to reduce its dependency on imported goods. Conor Coleman, DFC's head of investments, said: "DFC’s efforts benefit not only the countries and communities in which they invest, but also U.S. interests by opening up new markets, strengthening trading relationships, and promoting an increasingly secure and prosperous global economic environment." Trump's government has continued to send letters informing trading partners that higher tariff rates will take effect on August 1. He also launched a new front of his trade war with members of the BRICS developing country group. The Obama administration also cut large swaths from U.S. Foreign Aid for Africa in an effort to reduce spending that it deems wasteful, and focus on a "America First" agenda. The Lancet Medical Journal published a study last week that showed these cuts could lead to an additional 14 million deaths by 2030. The U.S. government has stated that it will prioritize trade and investments over charitable assistance, and focus on increasing opportunities for U.S. companies. The five countries that were invited all have an abundance of natural resources including gold, cobalt and lithium, as well as manganese ore, diamonds and iron ore. These are vital for the use of current technologies. China has invested heavily in Africa, particularly in the extraction of resources, in recent years. African Union officials are questioning how Africa can deepen its trade relations with the U.S., given what they call "abusive tariff proposals" and visa restrictions that primarily target travelers from Africa. The top U.S. ambassador for Africa, Troy Fitrell has denied allegations of unfair U.S. trading practices. (Reporting and editing by Deepababington, Matt Spetalnick, Andrea Shalal)
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Kenya's President orders police to shoot violent demonstrators in the leg
William Ruto, Kenya's president, said that the police should shoot vandals who damage businesses in their legs to incapacitate. This comes two days after 31 people died during nationwide antigovernment protests. Police dispersed the crowds by using tear gas and water cannons. Some businesses, supermarkets and hospitals have been looted or damaged. Ruto, in a recent speech, said that anyone who burns other people's belongings should be shot and taken to hospital. The legs should be broken, not the body. Last month, the death of a Kenyan political blogger while in police custody sparked a new protest movement fueled by anger about the rising cost of living as well as what they claim is police brutality. This comes a year after protesters against proposed tax increases stormed the parliament. The protesters' rallying cry, which is mostly made up of young adults who are desperate for work and who have been organised via social media, is that Ruto would only be in power for one term. His government, which won power in almost three years as a champion for the poor and a promise to end extrajudicial murders, has defied public dissatisfaction. Kipchumba Mukomen, his interior minister, called the protests of last month a "coup" attempt by "criminal anarchists". Kenya National Commission on Human Rights, a government-funded organization, said that criminal gangs with whips and machetes were operating in Nairobi and Eldoret (a town located in the Rift valley) during Monday's protests. The police have not yet commented on the observations of the commission, but they have said in previous statements that they do not deal with "goons". "Those who attack Kenyans and police officers as well as security installations, businesses, and business establishments are terrorists." Ruto later posted on Wednesday that such criminal acts were a declaration. We will not let retrogressive elements who are looking for shortcuts to power destroy our country." (Reporting and writing by Vincent Mumo, Hereward Holland, Ammu Kanampilly, Alison Williams).
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What can LA teach us as wildfires threaten Europe?
Experts say that the LA fires provide lessons on urban wildfires Fires are more likely to start in areas of urban sprawl and land abandonment Experts advise focusing on long-term prevention Joanna Gill According to a report published in May by the European Academies Science Advisory Council (which advises European policymakers), more than twice as many cities in Europe are at high risk of wildfires as in North America or Asia. Experts say that the ferocious fires which ravaged Los Angeles last January, killing 22 people and destroying 12,000 homes provide a powerful lesson and warning to European policymakers. The myth of fire suppression has collapsed in California, said Elias Tziritis. He is a veteran firefighter, and coordinator for forest fires at WWF Greece. "Fires have become more intense." He said that we need to build a society that is fire resistant. FIREBELT SUBURBS According to a U.N. report, the global warming will increase extreme fire risk by 50% by the year 2050. Environment Programme. She said that "the human element is managed in certain areas, with projects to reduce abandon land, and managing the vegetation to decrease the fuel availability." Vandecasteele stated that "but still, not enough is being managed to manage the present, let alone the future, expected effects of climate change." What began as a wildland blaze in Los Angeles quickly became an urban fire as powerful winds blew flames from one house to another across parched terrain. Experts say that the destruction was caused by the urban sprawl in California and the wood construction of many homes. Urban sprawl is a risk, even though Europe's buildings made of mostly concrete and stone would be more resistant. Lindon Pronto is a senior fire management specialist at the European Forest Institute. He was a former firefighter. "But it's not necessarily the full-on house-to-house scenario that we saw in Los Angeles." California's fire-resistant materials rules were credited for reducing the damage and stopping the chain reaction. However, houses outside of the regulated zone were still vulnerable because they weren't bound by the same codes. Vandecasteele stated that Europe should learn from Los Angeles by noting, for instance, the importance of mapping risks in borderlands where people and forests or fields meet, to ensure regulations are up-to-scratch. You can implement lower vegetation green buffer strips to stop fires spreading. Unregulated construction is another challenge. Tziritis said that illegal construction in areas prone to wildfires increases the risk of fires in Greece. Living with Fire Mediterranean countries share a similar climate with Los Angeles: hot, dry summers; mild winters; and long fire season. But other European countries also face a growing threat, as was seen in 2022, when hundreds of fires broke into London on one day due to record temperatures. Experts say that climate change will likely intensify extreme weather. A shift in mentality is therefore needed. Thomas Elmqvist is a professor of Natural Resource Management at Stockholm University. He said EU regulations to promote sustainable agriculture and restore ecosystems in order to make forests resilient and reduce wildfire risks must be applied. "Because L.A. taught us that the city had neglected its landscape." He said that although they had regulations, they were not implemented. Experts also said that nature protection laws must be updated so as to allow prescribed burning in order to clear vegetation, and to help slow down the spread of wildfires. Pronto said that "most national legislations in Europe do not recognise the use (of fire) as a tool for management" to clear vegetation. He said that if you don't clear it, there is "more fuel" for the wildfire to play with. He said that forests should be allowed to regrow after fires rather than being replanted. "Nature is able to correct itself." It is also important that European policymakers think beyond the next election. Elmqvist said, "As an elected official you can buy an aeroplane to show off what you have done."
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Zimbabwe's forex rule is a cost to gold miners despite price rise
The country's mining industry group said that while the gold price is on the rise, the foreign currency retention rules of the government are reducing the income and output of the producers. Gold prices have risen by more than $850 since the beginning of the year. They reached a high of $3,500 per ounce in March before falling to the current level of around $3300. The gold price has been driven mainly by central bank purchases, geopolitical tensions, and uncertainty in the global economic environment. In the first five months this year, Zimbabwe's gold export revenues increased by 25% to $740 millions. Official data shows that its output increased by 43% on the year to 20 metric tonnes in the six-month period ending June. The miners are under pressure due to a rule that requires exporters to keep only 70% of their profits in U.S. Dollars and convert the rest into a volatile local currency. The local currency, say critics of the policy, is overvalued. This causes miners to lose significant amounts of income when they convert their foreign exchange earnings. Zimbabwe is in a severe foreign currency crisis and relies on the proceeds of mineral exports to finance imports like electricity and grains. John Musekiwa, Chamber of Mines president, said that most mining companies struggle to meet their import needs even though they earn foreign currency. This is because many suppliers of goods and service demand payment in foreign currency. Zimbabwe has reintroduced the local currency to combat hyperinflation in 2019. It had been abandoned for a decade. In September 2018, the local currency suffered a 43% decline in value. It is now shunned by many departments, including government, for domestic transactions. Miners currently pay half of their taxes in foreign currency. They would prefer to pay these expenses in local currency.
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Stocks climb as Nvidia rises to $4-trillion valuation; euro dips vs. dollar
The major stock indexes rose Wednesday, as Nvidia reached a valuation of $4 trillion. Meanwhile, the euro fell against the dollar. This was despite the European Union stating that it would be able to reach an outline trade agreement with the United States within the next few days. U.S. president Donald Trump has promised to deliver more tariff notices against unnamed nations. Trump expanded his trade war on Tuesday by announcing that he would impose an import copper tariff of 50%. This move caused the copper price in the United States to soar and stock prices in America to fall. He said that he will soon introduce pharmaceutical levies up to 200%. The premium of U.S. Copper Futures to the London benchmark grew on Wednesday. Oliver Pursche is a senior vice president with Wealthspire Advisors, based in Westport, Connecticut. "Certainly, President Trump and his administration have shown their willingness to change direction, but what's currently on the table does not necessarily mean that it will remain on the same table tomorrow," he said. Investors aren't paying attention to the noise because they don't believe that tariffs will cause a lot of inflation and economic chaos. This hasn't been the case. Investors will be watching for further developments on Trump's trade dispute in the days to come, after he warned 14 countries that they would face higher tariffs as of a new deadline set at August 1. Artificial intelligence leader Nvidia, the first publicly traded company to achieve this milestone, helped boost U.S. stock prices. The Dow Jones Industrial Average rose by 32.69 points or 0.07% to 44,272.15, while the S&P 500 rose by 10.39 points or 0.16% to 6,235.46, and the Nasdaq Composite gained 82.75 or 0.4% to 20,499.80. The MSCI index of global stocks rose 3.15 points or 0.34% to 922.46. The pan-European STOXX 600 gained 0.68%. The dollar index (which measures the greenback versus a basket including the yen, the euro and other currencies) rose by 0.03% at 97.58. Meanwhile, the euro fell 0.1% to $1.1712. The dollar reached its highest level against the yen in over two weeks, with Japan, which is heavily dependent on exports, being the most far away from a deal between Washington and Washington. The dollar last fell 0.13% against the Japanese yen at 146.36. Investors who are concerned that tariffs may increase inflation and slow the economy will be paying close attention to the minutes of the Federal Reserve's latest meeting, which is due to come out later on Wednesday. U.S. Treasury rates fell, but benchmark 10-year yields were near a two-week-high as investors waited for a $39 billion sale of notes to provide further insight on the demand for longer-dated bonds. The yield of the benchmark 10-year U.S. notes fell 3.6 basis points to 4.381% after hitting 4.435% on June 20, which was its highest level since then. The yield on the benchmark German 10-year bond was 2.637%. U.S. crude oil rose by 0.09%, to $68.38 per barrel. Brent increased to $70.19 a barrel, an increase of 0.06%.
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The top 10 wheat producing regions in Russia
In 2024, Russia will be the top exporter of wheat. Here are the top 10 regions in order of production reported for 2024: 1. ROSTOV Harvest: 10,1 million metric tonnes, or approximately 12% of Russia’s total harvest. Geographical location: located in southern European Russia on the border of the Sea of Azov Area: Approximately 100,800 sq km (38,900 sq miles) Population: Approximately 4.2 Million 2. KRASNODAR Harvest: 9,9 million metric tonnes, or just over 12%. Geography: Located in the southwest on the Black Sea Coast and borders the Caucasus Mountains. Area: Approximately 75,500 sq km (29,200 sq miles) Population: Approximately 5.7 Million 3. STAVROPOL Harvest: 6.5 millions metric tons or 7.8%. Geography: The city is located in the North Caucasus, to the northeast of Krasnodar. Area: Approximately 66,500 sq km (25,700 sq miles) Population: Around 2.8 million 4. ALTAI Harvest: 3.5 millions tons or 4.2% total. Geographically, it is located in southwest Siberia on the border with Kazakhstan. It is known for its mountains, steppe, and desert. Area: Approximately 167,600 sq km (64,700 sq miles) Population: Around 2.2 Million 5. ORENBURG Harvest: 2.9 millions metric tons or 3.5%. Geography: Bordering Kazakhstan, located in the southern Urals. Area: Approximately 124,000 sq km (47,900 sq miles) Population: Around 1.9 million 6. SARATOV Harvest: 2.8 millions metric tons or 3.4%. Geography: Situated along the Volga River, in southwest Russia. Area: Approximately 100,200 sq km (38,700 sq miles) Population: Around 2.4 million 7. KURSK Harvest: 2.5 Million tons or 3.0%. Geography: Located in western Russia and bordering Ukraine. Part of the fertile Black Earth Belt. In August 2024, the region was targeted by a major Ukrainian assault. Area: Approximately 29,800 sq km (11,500 sq miles) Population: Around 1.1 million 8. LIPETSK Harvest: 1,97 million metric tonnes, or 2.39%. Geographical location: Central Russia, just south of Moscow. Part of the fertile Black Earth Belt. Area: Approximately 24,100 sq km (9,300 sq miles) Population: Around 1.1 million 9. VORONEZH Harvest: 1,94 million metric tonnes, or 2.35 percent of total. Geography: Situated in southwest Russia, northeast of Don River and part of fertile Black Earth Belt. Area: Approximately 52,200 sq km (20,200 sq miles) Population: 2.3 Million 10. SAMARA Harvest: 1.8 millions tons or 2.24%. Geography: The Volga River basin is located east of Saratov. Area: Approximately 53,600 sq km (20,700 sq miles) Population: Approximately 3.1 million Source: Rosstat, the state statistical agency (reporting by Gleb Brynski; editing Jason Neely).
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Crews search for missing dozens after Texas floods
On Wednesday, search teams continued to sift through debris in Texas Hill Country as hopes for finding more survivors dimmed. This was five days after flash flooding ravaged the area, killing at least 100 people, many of them children. According to the figures released by Texas Governor Greg Abbott, as of Tuesday evening there were still more than 170 missing people. Since Friday, no one has been found alive. The majority of fatalities and missing persons were in Kerr County. Kerrville, the county seat was devastated by torrential rains that flooded the area on Friday morning, July 4. This caused the Guadalupe River's level to reach nearly 30 feet within a few hours. At a press briefing on Wednesday, Kerr County sheriff Larry Leitha informed reporters that the death toll was 95 in Kerr, including 30 children. This figure includes at the very least 27 girls and their counselors who attend Camp Mystic on the Guadalupe, a Christian summer retreat for girls. Authorities warned that the death count will continue to rise as floodwaters receded and search teams discovered more victims. The public has been questioned for days about whether officials could have warned people of flood-prone areas earlier. Reporting by Jane Ross and Joseph Ax, both in Kerrville; editing by Frank McGurty
European stocks ignore tariff news as US copper soars
The European stock market opened Wednesday slightly higher, with little reaction to the announcement by U.S. president Donald Trump that he will impose a tariff of 50% on imported copper as well as levies up to 200% on pharmaceuticals.
Trump's remarks on Tuesday caused the price of Copper to reach record highs, and Wall Street to close down.
The equity markets quickly shrugged the news off. Asian stocks were mixed over night and the MSCI World Equity Index rose 0.1% at 0835 GMT.
The London FTSE 100 rose 0.1%, while the pan-European STOXX 600 increased by 0.4%.
The U.S. Dollar Index was unchanged at 97.574, and the euro dropped 0.1% to $1.1715.
The dollar reached its highest level against the yen in over two weeks, with Japan, which depends on exports, being the most far away from a deal between Washington and Washington among the major U.S. trade partners.
U.S. Copper Futures have risen by over 10%, reaching a new record, after Trump threatened to increase duties on this metal, which is essential for electric vehicles, military equipment, the power grid, and many consumer products.
The traders are waiting to see what Trump does in his trade war. He told 14 countries on Monday that their tariffs will be significantly higher from August 1, a new deadline.
Trump said that he will "probably" inform the European Union in two days of the rate they can expect on their exports to the United States. The Financial Times reported Wednesday that EU negotiators were close to a deal that would set higher tariffs for exports than the UK.
Investors are worried that tariffs could increase inflation and slow down economic growth. They will be watching the minutes of the U.S. Federal Reserve's latest meeting, which will be released on Wednesday.
Amelie Derambure is a senior multi-assets portfolio manager at Amundi. She said: "We are in the dark about tariffs because it is very difficult to determine the impact of the tariffs on the end-inflation or the margins on U.S. corporations, or on corporates in general."
She added, "The uncertainty is enormous."
Derambure stated that although equity markets expect tariffs to manageable, and are supported by the underlying expectation of growth. The impact of tariffs can be seen through the rising yields of fixed income.
The yields on U.S. Treasury bonds rose Tuesday and the auction for three-year Treasury notes saw a weak demand.
Treasury will be selling $39 billion of 10-year notes and $22 billion of 30-year bonds this Thursday.
The benchmark German 10-year yield was 2.635%.
Gold is in its third consecutive day of declines. It was down 0.4% for the day, at $3,286.17 an ounce.
Brent crude futures rose by 0.7% to $70.61.
(source: Reuters)