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Club World Cup is a 2026 warm-up for the World Cup amid concerns about heat and pitches
The first 32-team Club World Cup concluded on Sunday, and FIFA learned a lot. Chelsea won the tournament, which was a preview for the World Cup in 2026. The quadrennial event will be held next year in the co-hosts of the United States, Canada, and Mexico, with a record 48 teams. This is up from the 64 teams that competed in the last tournament in Qatar in 2022. FIFA has expanded this year's Club World Cup to 32 teams, more than four-times its original size. This format is a preview of what fans can look forward to next year. Alan Rothenberg, former president of U.S. Soccer, who oversaw the World Cup in 1994, said that it is a "dry run" for FIFA. There were mistakes and issues in the beginning, but they've learned from their mistakes. They know how to organize a tournament across multiple cities of this huge country. It's going be a lot easier for '26, because they have more experience." The organizers faced criticism from the players, coaches and fans for a variety of issues, from the pitch conditions, to scheduling, to heat. Some games were played in packed stands, while others had sparse crowds, baking at temperatures as high as 85 degrees Fahrenheit. The global players' union FIFPRO stated that the heat in particular should "serve a wake-up" call, with the organisers being pressured to schedule earlier matches to accommodate the enormous scale of the event. Enzo Fernandez, Chelsea's midfielder, described temperatures as "very hazardous" for players. "Every criticism we receive is an opportunity for us to study and analyse it, in order to find out what we can improve on," FIFA President Gianni infantino told journalists ahead of the final. The heat is a problem. "It's a problem all over the globe." Infantino stated that the 2026 tournament would be using stadiums with climate control and roofs to accommodate more daytime matches. Atlanta, Dallas Houston and Vancouver are the four World Cup stadiums with roofs. "We must look at how we can improve." We introduced cooling breaks. We must water the pitch. "We can look at how we can improve things in America and Canada to prepare for the next Vancouver Olympics," said Infantino. Rothenberg, now the chairman of Premier Partnerships a division within Playfly Sports, stated that FIFA will have greater operational control of the 2026 tournament than previous editions. Rothenberg's forthcoming book, "The Big Bounce", explores the popularity of soccer in the U.S. 'HISTORIC EVENT' In preparation for the World Cup in 2018, the global soccer governing body set up offices in Miami, New York and the Trump Tower. The trophy was presented to Chelsea by U.S. president Donald Trump at the MetLife Stadium in New York on Sunday, after Chelsea defeated Paris St. Germain 3-0. еликие доолнители FIFA will have a broadcast center in Dallas, Texas from January to the end of the tournament next year. The parking lot of the MetLife Stadium, New Jersey, was a smaller version. Oscar Sanchez, the head of host broadcast, told reporters that this was not a trial run. We'll learn a lot from '25, but it is an historic event. It's huge - but the year 2026 will be humongous. MetLife Stadium in East Rutherford will host the World Cup 2026 finale. Research is underway to optimize pitch conditions. Coaches and players have criticised the pitch quality at Club World Cup venues despite efforts to improve it, such as transporting Bermudagrass overnight in refrigerator trucks. Blair Christensen said that the pitch manager would report on this tournament after it and apply lessons to 2026. The players who work with me on the pitch are much sharper than they were in 35 days and we will take this forward into next year. Reporting by Amy Tennery, with additional reporting by Fernando Kallas in New York and Kurt Hall, Miguel Lo Bianco, and Kurt Hall, in New York. Editing by Toby Davis.
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Fire at senior living facility in Massachusetts leaves multiple dead and many injured
A spokesperson for the Massachusetts state fire department confirmed on Monday that multiple people were killed and numerous others injured in a fire at an assisted-living center that broke out on Sunday. "We will not release the exact number until we have received updates about some patients' condition. This is a tragic event for the city of Fall River, and the families affected. In an email, Jake Wark, spokesperson for the Massachusetts Fire Department said that his heart was with them. Wark stated that approximately 70 people lived in the building before the fire. Wark stated that approximately 50 firefighters attended the incident to tackle the fire at Gabriel House assisted living facility. He added that firefighters rescued many occupants but several residents were declared deceased at the scene. Many others were transported to hospital. Wark stated that five firefighters were transported to hospital for injuries which were not life-threatening. Investigations are underway to determine the cause and origin of the fire. Reporting by Gnaneshwarrajan and ShivaniTanna in Bengaluru, editing by Toby Chopra
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Sources say that the US Justice Department has fired several more employees of Jack Smith's team.
Five people with knowledge of the situation say that U.S. attorney general Pam Bondi fired several Justice Department employees on Friday who were working for Special Counsel Jack Smith, an investigator looking into President Donald Trump's retention and use of classified documents as well as his efforts to re-shape the 2020 elections. Around 20 attorneys, support staff, and U.S. According to a source, the Marshals involved in Smith's investigation were terminated. At least two of those fired were former prosecutors from other U.S. states. Three sources said that the offices of attorneys in Florida and North Carolina were affected. Since January, the Justice Department has dismissed employees who have worked on issues involving Trump or supporters of Trump. They cite Trump's executive power under the U.S. Constitution. A spokesperson from Smith did not respond immediately to a comment request. Fourteen attorneys from Smith's team, who had worked on Trump-related cases, were terminated on January 27, becoming the first employees of the Department to be fired. In termination letters, department leadership informed the attorneys that they couldn't be trusted to implement Trump's agenda due to their work on Smith’s investigation. Since Trump's inauguration on January 20, at least 37 members of Smith's team, including those fired on Friday have been dismissed. In recent months, the Justice Department has fired employees who worked on cases involving defendants accused of storming the U.S. Capitol in January 2021 in an effort to prevent Congress from certifying Joe Biden’s election victory in 2020. Three prosecutors were terminated in late June. One of them had worked on Proud Boy cases. Bondi fired earlier this month a career veteran who was a spokesperson for U.S. Attorney's Office Washington. The Justice Department fired all probationary prosecutors in late January who worked on the January 6 cases. Smith filed two criminal charges against Trump in the year 2023. He accused him of illegally keeping national security documents, and plotting to reverse his election loss from 2020. Both cases were dropped before Trump returned. (Reporting and editing by Tom Hogue, Diane Craft and Tom Hogue; Sarah N. Lynch & Andrew Goudsward)
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Trump's Trade War as it Develops
The tariffs imposed by Donald Trump since his inauguration on January 20, 2017 have sent shockwaves through financial markets, and uncertainty has spread throughout the global economy. This timeline shows the major events: Trump imposes tariffs of 25% on Mexican imports, 10% on Chinese goods and most Canadian imports from February 1. He demands that they reduce the flow of illegal immigrants and fentanyl into the United States. Trump agrees to a 30-day suspension of his tariff threat against Mexico and Canada in exchange for concessions made on border security and criminal enforcement. The U.S. doesn't reach a similar deal with China. Trump delays tariffs until the Commerce Department confirms that systems and procedures are in place for processing low-cost packages from China and collecting tariff revenue. Trump increases tariffs on aluminum and steel to 25%, "without any exceptions or exclusions". March 3 - Trump announces that 25% tariffs will be imposed on imports from Mexico and Canada from March 4, and that all Chinese imports will face a 20% tariff on fentanyl. After a phone call with General Motors, Ford and Stellantis' chairperson and CEOs, he agrees to defer tariffs on certain vehicles manufactured in Canada and Mexico for a month. Trump exempts Canadian and Mexican goods under the North American Trade Pact from 25% tariffs for one month. Trump announces a 25% import tariff on cars and light trucks. He announces global duties with a base of 10% on all imports, and much higher duties for some of the United States’ biggest trading partners. Trump suspends most of the country-specific tariffs he had imposed less than 24 hours before, following a financial market upheaval that saw trillions of dollars disappear from global bourses. The 10% blanket duty on nearly all U.S. imported goods remains in place. Trump has announced that he will increase the tariffs on Chinese imports from 104% to 125%, which was the level in effect the day before. The extra duties on Chinese products, including those related to fentanyl, will now be 145%. The U.S. government grants exemptions to steep tariffs on some electronics, including smartphones and computers, imported from China. In an effort to impose tariffs in both sectors, the Trump administration launched national security investigations under Section 232 of Trade Act of 1962 on imports of pharmaceuticals and semiconductors. May 4, Trump imposes 100% tariffs on all films produced outside of the U.S. May 9 - Trump announces a limited bilateral agreement with British Prime Minister Keir starmer that keeps 10% tariffs in place on British exports and modestly increases agricultural access to both countries. It also lowers U.S. prohibitive duties on British auto exports. On May 12, the U.S. & China agreed to temporarily reduce reciprocal tariffs. The U.S. and China agree to temporarily reduce reciprocal tariffs. May 13: The U.S. reduces the "de minimis", or low-value tariff, on China's shipments. Duties for items up to $800 are reduced to 54% instead of 120%. May 23 - Trump announces he will recommend a 50% tariff on all goods imported from the European Union, starting June 1. He warns Apple that it will face a 25% tariff on phones sold in the U.S. if they are manufactured outside the country. Trump retracts his threat to slap tariffs of 50% on EU imports. He agrees to extend the deadline to July 9 for negotiations. May 28 - The U.S. Trade Court blocks Trump's tariffs in an sweeping ruling, saying that he overstepped his authority when imposing duties across the board on imports of U.S. trading partners. The Trump administration has announced that it will appeal this ruling. May 29: A federal appeals Court temporarily reinstates Trump's most comprehensive tariffs. The court suspends its ruling in order to hear the government's appeal. It also orders that the plaintiffs and administration respond to the court by June 5, and by June 9, respectively. Trump signs an executive order activating the increase in tariffs for imported steel and aluminium to 50%, up from 25%. Trump warns he could soon increase auto tariffs. He argues that this would encourage automakers to accelerate U.S. investment. Trump announces a 20% tariff for many Vietnamese exports. Trans-shipments through Vietnam from other countries will be subject to a 40% tax. Trump said on Truth Social, July 6, that countries who align themselves with BRICS' "anti-American policies" will be subject to an additional 10% tariff. Trump on Truth Social: The additional duties announced earlier in the year will be delayed to August 1 as the U.S. completes several trade agreements. In letters to 14 countries, including Japan, South Korea, and Serbia, he said he would introduce tariffs between 25 and 40 percent from August 1. Trump announced on July 10 that the U.S. would impose a tariff of 35% on Canadian imports next month, and planned to impose tariffs blankets of 15% or 20 % on most other trading partner. Trump threatens a 30% tariff starting August 1 on imports coming from Mexico and Europe (Compiled in Gdansk by Paolo Laudani, Mateusz Rabiega, and Milla Nissi Prussik, Jamie Freed and Lincoln Feast; edited by Matt Scuffham and Milla Nissi Prussik)
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Gold reaches three-week high; silver reaches over 13-year-high
Gold reached a three-week-high on Monday, driven by demand for safe-haven assets after U.S. president Donald Trump threatened to impose tariffs on Europe and Mexico. Silver also hit a record high of more than 13 years. As of 0829 GMT spot gold rose 0.4% to $3,367.89 an ounce after reaching its highest level since the June 23 session earlier in that session. U.S. Gold Futures increased 0.4% to $3378.20. Trump announced on Saturday that he will impose a 30 percent tariff on the majority of imports from Mexico and the EU as of August 1. He also issued similar warnings to other countries. The European Union and Mexico both described the tariffs, as unfair and disruptive. However, the EU announced that it would suspend its countermeasures against U.S. Tariffs until the beginning of August and will continue to push for a negotiated solution. "Trump's tariffs threatens are supporting demand for safe-haven assets and gold is the main beneficiary," said UBS commodity analysts Giovanni Staunovo. The Federal Reserve will be able to determine the interest rate path based on the U.S. producer and consumer price indexes this week. Investors expect a 50 basis point Fed rate cut by the end this year. This will begin in October. In a low rate environment, gold tends to flourish. Silver spot rose 1.5% to $38.89 an ounce, the highest since September 2011. Staunovo stated that the silver rally is driven by speculative flow, as the metal has moved above technical resistance levels. In a note ANZ said that if silver breaks the range of $35-$37, it could trigger new technical purchases and push prices up to $40. ANZ stated that if this resistance is not overcome, it may lead to a fallback with an initial support of around $35. Platinum remained at $1,398.75. Palladium rose 1.2% to $1.229.44 and reached its highest level since October 2024.
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India's palm oil imports in June jump 60%, reaching an 11-month high
An industry group said that India's imports of palm oil reached an 11-month peak in June, as refiners increased purchases because they were offered a discount on soyoil or sunflower oil and also to replenish their depleted stocks. India's increased palm oil imports, as the world's largest buyer of vegetable oil, will help to reduce stocks in top producers Indonesia, and Malaysia, and support benchmark Malaysian Palm Oil futures. Solvent Extractors' Association of India said that palm oil imports increased by 60% in June compared to May, reaching 955,683 metric tonnes, a record high since July 2024. The industry association reported that imports of sunflower oil increased 17.8%, to 216.141 tons. Imports soyoil fell 9.8%, to 359.504 tons. It said that domestic vegetable oil stockpiles rose for the first month in seven to 1,568 million tonnes on July 1. This was up from the previous month's 1,33 million tons which was the lowest level since nearly five years. Rajesh Patel of GGN Research, a trader in edible oils, stated that palm oil imports will likely remain above 900 000 tons for the second consecutive month in July, as the oil can be purchased at a discounted price compared to other oils. Patel stated that the imports of soyoil would increase to 450,000 tons by July. This is because vessels which were unable unload their cargo at Kandla Port in Gujarat's western state in June are expected to discharge this month. India imports mainly palm oil from Indonesia and Malaysia. It also imports sunflower oil and soyoil from Argentina, Brazil and Ukraine. India reduced the import tax for crude edible oil by half to 10%, in an effort to lower food prices and support the domestic refinery industry.
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Fire at senior living facility in Massachusetts leaves multiple dead and many injured
A spokesperson for the Massachusetts state fire department confirmed on Monday that multiple people were killed and numerous others injured in a fire at a Fall River assisted living facility on Sunday. "We will not release the exact number until we have received updates about some patients' condition. This is a tragic event for the city of Fall River, and for the families affected. In an email, Jake Wark, spokesperson for the Massachusetts Fire Department said that his heart was with them. Wark stated that approximately 50 firefighters attended the incident to tackle the fire at Gabriel House assisted living facility. He added that firefighters rescued many occupants but several residents were declared deceased at the scene. Many others were transported to hospital. Investigations are underway to determine the cause and origin of the fire. Reporting by Gnaneshwarrajan and ShivaniTanna in Bengaluru, editing by Toby Chopra
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G20's Financial Watchdog Lays Out Climate Plan But Presses Pause Amid Divisions
The G20 financial stability watchdog released a new plan to combat climate risks on Sunday, but has paused any further policy work in the wake of a U.S. retreat that has tested attempts to advance a united policy on climate-related financial risks. The U.S. withdrew from several groups that were exploring the impact of climate change-related policy changes and flooding, wildfires, and other factors on financial stability. The G20 Financial Stability Board has pledged in its medium-term plan to increase coordination and data-sharing on climate-related risks. It said that while there had been progress in integrating climate risks into the financial system, some members, including central bank governors, and ministers were eager to stop further climate work. The FSB updated its climate roadmap for 2021, which was presented to the G20 Finance Ministers in South Africa. "As we move forward, the FSB... will make decisions about which projects it will undertake, if any." Last week, it was reported that U.S. Treasury secretary Scott Bessent would not attend the G20. Next year, the United States will lead the G20 group that it helped to found after the global financial crises. The FSB stated that it would continue to examine climate-related issues each year, and would concentrate on its role as a facilitator of international work on risks related to climate. The watchdog stated that it had no plans to undertake any additional significant policy work in order to integrate climate-related financial risk into its supervision and regulatory work. It said that many of its members are working on this issue. The FSB published a report on the effectiveness of transition plans in promoting financial stability earlier this year. In 2024, it will present a review of the supervisory and regulatory activities on financial risks related to nature. The FSB said that it would leave the decision to the annual work program process, rather than identifying these vulnerabilities as a priority. The report details progress made by international standard-setters and global banking regulators, such as the Basel Committee, on climate disclosure since 2023. The report also outlined efforts to provide banks and businesses with forward-looking data in order to quantify the economic losses caused by climate shocks, such as heatwaves.
Oil edges up, investors eye Trump statement on Russia
Oil prices increased on Monday adding to the gains of over 2% made on Friday as investors regarded further U.S. Sanctions on Russia, which may have an impact on global supplies. However, a surge in Saudi production and tariff uncertainty restrained gains.
Brent crude futures increased 8 cents, to $70.44 per barrel at 0011 GMT. This extends a gain of 2.51% on Friday. U.S. West Texas Intermediate Crude Futures rose to $68.50 up 5 cents after closing 2.82% higher the previous session.
Donald Trump, the U.S. president, said Sunday he would send Patriot missiles for air defence to Ukraine. He will make a major statement on Russia on Monday.
Trump expressed his frustration at Russian President Vladimir Putin over the lack of progress made in ending the conflict in Ukraine, and Russia's increasing bombardment of Ukrainian city.
Last week, in an effort to pressurize Moscow into good faith peace negotiations with Ukraine a bipartisan U.S. Bill that would target Russia with sanctions gained momentum in Congress. However, it still needs Trump's support.
Four EU sources reported that after a meeting on Sunday, the European Union's envoys were on the verge to agree on an 18th package against Russia. This would include a lower cap on Russian crude oil.
Brent gained 3% last week while WTI saw a weekly gain around 2.2%. This was after the International Energy Agency stated that the global oil markets may be tighter then they appear, and demand is being supported by the peak summer refinery run to meet travel needs and power generation.
Analysts at ANZ said that the price increases were largely limited by the fact that Saudi Arabia had increased its oil production above the quota set under the Organization of Petroleum Exporting Countries' and its allies' agreement on supply.
Saudi Arabia exceeded the implied OPEC+ goal of 9.37m barrels per day by 430,000 barrels a day, according to the IEA.
Saudi Arabia's Energy Ministry said Friday that the Kingdom had met its voluntary OPEC+ production target. It added that Saudi marketed oil supply in June was 9,352 million bpd in accordance with the agreed quota.
ANZ stated in a report that the release of China’s preliminary commodity trade figures later on Monday will highlight any signs of a weaker demand.
Investors also watch the outcome of U.S. trade talks with key trading partner that could affect global economic growth.
(source: Reuters)