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Five Bosnian climbers believed dead on Russia's Mount Elbrus
A Bosnian climbing rescue team said that five Bosnian climbers were believed to have died after being caught in a violent storm on Russia's Mount Elbrus. Russian rescuers are still searching for the bodies. The Emergencies Ministry of Russia said that rescuers saved two more?climbers who were evacuated and taken to medical care. The ministry said that the bodies of two "further" members of the group were located at an altitude 5,350 metres (17,550 feet). They would be removed when the weather permitted. The ministry said that the search for three more bodies was ongoing without specifying the nationality of the victims. Mount Elbrus is famous for its sudden changes in weather conditions and climbing conditions. It rises 5,642 metres (18,510 feet) above the Georgian border. Bosnian media reported that the seven climbers were all residents of Zenica, a town in the central part of Bosnia. They included a married couple as well as a doctor working at the local hospital. Russian media reported that adverse weather conditions, including strong winds, had complicated search and recovery operations. Reporting by Daria Sucic and Anton Kolodyazhnyy, Editing by Helen Popper
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Bordeaux is threatened by wildfires as France and Spain battle the blazes
On Sunday, wildfires spread towards the outer reaches of Bordeaux in the heartland of France's winelands as France and Spain battled fires that forced hundreds of thousands of people to evacuate. Authorities have ordered the evacuation of 220,000 people from?France?, while more than 75,000 in Spain were evacuated and 30,000 others told to shelter in place. Fires in France have destroyed the Cap Ferret Peninsula on the Atlantic Coast, a popular tourist attraction. They also spread to areas around Bordeaux where firefighters are trying to stop the flames reaching the regional capital. The fire was about 15 kilometres from the city's main entry points, Bordeaux Mayor Thomas Cazenave told X on Sunday. Interior Minister?Laurent Nunez also said that the situation remained a "difficult one". Pedro Sanchez, the Prime Minister of Spain, visited areas affected by fires in Avila. Avila is one of three provinces centrally affected by major blazes, along with Madrid and Toledo. He said: "We have an opportunity to combat the wildfire this weekend and protect lives, population centers, and ultimately bring this serious wildfire as far under control as possible." SPAIN BATTLES MULTIPLE FLAZES Regional authorities in Spain's eastern Castellon Province said that a separate fire had ravaged 4,300 hectares. The regional leader of 'Valencia', Juanfran Perez told reporters that the fire was out of control and difficult to put out from a technical perspective, particularly because of the adverse conditions which will continue throughout the day. The wildfire has spread to the Sierra de Espadan Natural Park, which contains large forests of cork oaks and pine trees. Scientists say climate change has intensified heatwaves and prolonged droughts. The latest disasters are fires. According to Climate Monitor, the average July temperature in Bordeaux and Avila was 32 degrees Celsius, or 90 degrees Fahrenheit. This is almost 6 degrees Celsius above the normal maximum for the month between 1961 and 1990. International Aid Mobilised Portugal and Greece have deployed over 100 soldiers along with equipment as part of the European Union civil protection mechanism. The Spanish interior ministry announced on X that two more planes would arrive "as quickly as possible" from Turkey. Sanchez announced that his government will declare civil protection emergencies for the provinces in the Central Provinces affected by wildfires on Tuesday, unlocking additional funding. He said that more than 150,000 hectares of land have been destroyed in?Spain over the past six months, which is six times the area destroyed last year. Sanchez noted that wildfires are a common feature of Spain’s summers. However, their increasing intensity and scale, fueled by more extreme weather conditions, require policies based on climate science. Since July 15, 500 firefighters in the Scottish highlands have been battling a massive fire within?Cairngorms' National Park. Residents of Nethy Bridge were allowed to return home late Saturday night after being evacuated Friday evening due to a change in weather conditions. Pope Leo offered spiritual support from his summer home of "Castel Gandolfo" outside Rome. He said: "I want to express my closeness and solidarity with the victims and rescue workers who are engaged in relief efforts, in light of the recent devastating wildfires in France and Spain."
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Bordeaux is threatened by wildfires as France and Spain battle the blazes
On Sunday, wildfires raged in the winelands of France, near the historic city of Bordeaux. France and Spain were battling blazes which 'forced' the evacuation of hundreds if thousands of people. Authorities have reported that 220,000 people were evacuated from France and more than 75,000 in Spain. Another 30,000 people were ordered to shelter-in-place. Fires in France have destroyed the Cap Ferret Peninsula on the Atlantic Coast, a popular tourist attraction. They also spread to the areas around Bordeaux where firefighters tried to stop the flames reaching the regional capital. The fire was about 15 kilometres from the city's main entry points, Bordeaux Mayor Thomas Cazenave told X on Sunday. Interior Minister Laurent Nunez also said that the situation remained a "difficult one". Pedro Sanchez, the Spanish Prime Minister, visited areas affected by fires in Avila. Avila is one of three provinces centrally affected by major blazes, along with Madrid and Toledo. More than 45,000 hectares (111, 000 acres) were burned. He said: "We have an opportunity to combat the wildfire this weekend and protect lives, population centers, and, ultimately, bring this serious wildfire as far under control as possible." SPAIN BATTLES MULTIPLE FLAZES Regional authorities reported that a separate fire in Spain's eastern Castellon Province has destroyed over 4,300 acres. The regional leader of Valencia Juanfran Perez told reporters that the fire was "out of control" and would be difficult to put out, due to the weather conditions. The wildfire has spread to the Sierra de Espadan Natural Park, which contains large forests of cork oaks and pine trees. Scientists say that climate change has intensified the heatwaves and droughts caused by prolonged droughts. According to Climate Monitor, the average July temperature in Bordeaux and Avila was 32 degrees Celsius, or 90 degrees Fahrenheit, almost 6 C higher than the normal maximum for the month between 1961 and 1990. International Aid Mobilised Portugal and Greece have deployed over 100 soldiers along with equipment as part of the European Union civil protection mechanism. The Spanish interior ministry announced on X that two more planes would arrive "as quickly as possible" from Turkey. Sanchez announced that his government will declare a "civil protection" emergency on Tuesday for the provinces in the center of the country affected by wildfires. This will unlock additional funding to help with recovery. He said that more than 150,000 hectares of land have been destroyed in?Spain over the past six months, which is six times the area destroyed last year. Sanchez noted that wildfires are a common feature of Spain’s summers. However, their increasing intensity and scale, fueled by more extreme weather conditions, require policies based on climate science. Since July 15, 500 firefighters in the Scottish highlands have been battling a massive fire within the Cairngorms National Park. Residents of Nethy Bridge were allowed to return home late Saturday night after being evacuated Friday evening due to a change in weather conditions. Pope Leo offered spiritual support from his summer home of "Castel Gandolfo" outside Rome. He said: "In light the recent devastating wildfires in France and Spain, I would like to express my closeness and solidarity, and invite everyone to pray both for those who have been affected as well as for the rescue workers involved in relief efforts."
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Bordeaux firefighters battle to contain the flames
On Sunday, firefighters battled?wildfires that threatened the French city of Bordeaux while authorities evacuated an increasing number?of residents from its suburbs. Wildfires have swept through the southwestern French region during a heatwave that has affected many parts of Europe. Spain declared a state of emergency after a wildfire near Valencia killed an elderly man. In a Sunday statement, the local authority responsible for the Bordeaux region said that the fire had made rapid progress over the last few hours. Bordeaux is known for its wine and is one of the major transport hubs for tourists who are visiting the nearby resorts along the Atlantic coast. Wildfires that broke out in southwest France earlier this week have forced authorities to evacuate 220,000 people. The fires reached Cap Ferret - a popular holiday destination for summer holidays in Aquitaine. Farmers from the area also offered to assist firefighters. "We came to give a hand because if this were our area, we would want others to do the same." "We think that our efforts are very welcome, especially given the magnitude of the disaster," said Pascal?Roudier, a 65-year old farmer. Climate Monitor reports that so far this July, temperatures in the Aquitaine region have averaged 32 degrees Celsius (90 Fahrenheit). This is 7.3 degrees Celsius above the normal maximum temperature for July between 1961 and 1990. Reporting by Sudip K. Gupta and Jean-Stephane B. Brosse; editing by Alexander Smith.
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Climate chief at AfDB warns that a'super El Nino' could cause an economic impact of $10-20 billion dollars in Africa.
The African Development Bank's chief climate expert said that an impending "super El Nino" is likely to cause a combined hit of $10 billion to 20 billion dollars on the affected African countries and lead to mass migration out of hard-hit areas. Forecasters warn that El Nino, which is often responsible for severe droughts and flooding in Africa, could become one of the most powerful weather patterns ever if the current Pacific Ocean warming trends continue. Along with the threat to water and food security, the government's finances and banking sector could be affected if disasters cause damage to infrastructure and leave cash-strapped nations struggling to repay loans. Anthony Nyong said that the AfDB director of climate change and green development, Anthony Nyong, stated in an interview, "Just by this event, heavily affected countries will see their GDPs reduced by 1% to 2 percent on average. This is approximately $10 billion to 20 billion dollars across the continent." AfDB's latest forecasts from May indicated that Africa would experience 4.2% growth in economic output this year. This figure will rise to 4.4% by 2027, if the U.S./Israeli war on Iran is eased. This was, however, before predictions of an "super" El Nino or "Godzilla El Nino" were made. Nyong is the first major multilateral bank to estimate the impact of?El Nino' at $10-20 billion. He did not give a breakdown by country of the estimated damage, but warned that it would likely be more than a single event. Mozambique, after experiencing Cyclone Idai, in 2019, showed that it could take many years to recover. The government is also caught in the "climate financing trap", Nyong called it, where they are not able to deal with crises because of a lack of resources and have to take money from infrastructure, health or education budgets. El Nino 2023-2024 caused droughts in Southern Africa, and heavy rains and floods?in East Africa. The conditions caused widespread crop failures and a spike in food prices. They also led to record sea levels along the coasts of Africa. AfDB estimates that Africa's farmers will lose nearly $330 Million in income this year. The fishing industry could also be hard hit due to increasing sea temperatures and storms. Nyong stated that "when these shocks occur, countries take two step back." "We do not want our countries to slip into poverty." SEPTEMBER SEMMINAR In September, the AfDB will intensify its response to El Nino by holding a "seminar", as senior staff evaluates potential impacts on existing and planned investments. Nyong said that it was ready to restructure its projects in order to help countries deal with El Nino’s impacts. It would also work with these countries to access additional multilateral funding, such as the Green Climate Fund – the largest climate fund dedicated to date. He added that other possible sources of assistance could be the Adaptation Funds, Climate Investment Funds, and newer Loss-and-Damage Financing Mechanisms. A report by the United Nations in October estimated that developing countries would need to collectively spend $365 billion a year in order to combat climate change, but international public adaptation financing was only $26 billion as of 2023. Nyong stated that Africa would now require as much as 100 billion dollars this year, given the anticipated strength of El Nino. Nyong, speaking of the next year, said that "the (climate adaption finance) needed was already about $50 billion." "But that's $30 to $50 billion more". MASS MIGRATION Nyong stated that humanitarian pressures will add to the problem, and the bank has identified Sudan, South Sudan Democratic Republic of Congo Somalia Mali Burundi Burundi and Nigeria as countries which could be particularly affected. He said that when El Nino hits, there will be mass migration. The price of maize - a staple food in many countries - is expected to double. "You will not stay where you are, but move," he said. Nyong stated that the resulting shortages of resources and competition over grazing land, water, and other natural resources could 'exacerbate fragility already present in some regions. Nyong estimated that agricultural losses would be around $327million and fisheries productivity will fall by 1%-4%. He added that Africa needs to take more action in order to increase its resilience, before disasters strike. This theme will be at the center of the next round global climate talks to be held in Turkey, in November. He said, "It's cheaper to build fences around precipices than pay for expensive ambulances that wait at the bottom to see if people fall." "Let's build the fence".
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Officials say that 12 people were killed in an attack on a holiday camp in the Russian-held part Ukraine
Five children were among the 12 people killed in an overnight drone attack on a holiday camp located in a Russian-held area of Ukraine's Zaporizhzhia Region, local authorities in Russia said. They accused Ukraine of attacking civilians on purpose. Kyiv didn't immediately respond to our request for a comment. Both Russia and Ukraine deny that they are targeting civilians during the war which was launched by Russia's full scale invasion in February 2022. Yevgeny Baltsky, the Russian appointed governor, said that 19 people were injured in the attack at Kyrylivka resort, which is located near Melitopol on the coast of Sea of Azov. Russian Foreign Ministry spokesperson, Maria?Zakharova, said that Ukrainian drones were responsible for the attack against "sleeping" people at the camp. She condemned "inhuman crimes" and also mentioned an attack that took place on a factory on Thursday in Russia's Kirov Region, which resulted in the death of six people. The video of the holiday camp posted online showed shattered building, burnt-out cars and a heap of rubble near a swimming pool. Balitsky reported that crews of the Emergencies Ministry in Russia retrieved two survivors including a child and another body from rubble. He said that the rescue operation was complete. He said that the enemy knew who they were targeting. Balitsky claimed that authorities in Kyiv "ignore any morality" and were "deliberately destroying civilians -- both adults and children". The Russian state news agency RIA reported that the Investigative 'Committee' of Russia opened a terrorism?case in response to the attack. Reporting by Alessandra Prentice; Writing by Ron Popeski, Paul Simao and Kevin Liffey; Editing by Kevin Liffey.
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Tens of thousands of people fleeing French wildfires are filled with disappointment and fear
Mohammed Laabar and his family fled their home in southwest France when wildfires raged on Friday. They grabbed their son, aged three, and a survival kit that they had prepared beforehand. The winds changed within hours and carried smoke and fumes originating from the fires to Bordeaux. Laabar is a 35-year old truck driver from the town of Salaunes. The apocalyptic images that have come to define France’s scorching summer 2026 gave him a sobering look at the future. He said at a temporary evacuation centre in Bordeaux where hundreds of people spent the night Friday. The authorities have evacuated over 197,000 people in southwestern France after fires destroyed the Atlantic Coast peninsula of Cap Ferret. This is a popular tourist destination during the peak of summer. French President Emmanuel Macron has enlisted military support to help exhausted firefighters battle a tapestry of?fires throughout the country. This follows a record-breaking summer heatwave which resulted in almost 6,000 extra deaths. As people waited in the Bordeaux evacuation centre on Friday, they were filled with disbelief and disappointment, while also feeling fearful for the future. Bernadette, 71, was sitting with her husband and her two grandchildren when she worried about her home in Lege-Cap-Ferret. She evacuated it in the middle night of Wednesday, with "very little notice". She said, "I didn't take anything with me, just my two children". "I forgot a lot of things. My eye medication, everything." Her house is located in an area that firefighters have battled to save buildings and houses from flames. Bernadette - who declined to reveal her name - said that she had moved twice more as the fires grew and barely slept. "I was in Lege, then Andernos and finally Bordeaux. "And now, there's a fire here as well," she said referring to the smoke that could be seen and refelted in Bordeaux. "I'm gonna scream." "ASHES FALLING EVERYWHERE!" The Cap Ferret Fire moved inland Saturday, reaching a region about 30 km (19miles) from Bordeaux. The French Interior Minister Laurent Nunez stated that the situation had calmed down on Saturday, although the winds are expected to increase again in the afternoon. Henri Sauter, 37, from Germany was forced to leave Cap Ferret after his extended family consisting of nine adults and five children as well as a dog. He said, "There were ashes floating in our drinks while we were eating dinner. It was a strange feeling." He said that the 'family' hit heavy traffic on Friday after they abandoned their rental when they received a message telling them to leave. He said that they could see flames as they exited the peninsula along 'the only road into and out of it. Fires are becoming bigger and more frequent. Three consecutive heatwaves in Europe this season have helped to scorch more ground than they did last year. Many people who were sheltering in the evacuation centre feared that the wildfire danger was worsening. Jean-Pierre, retired computer engineer, aged 68, of Andernos, said that he had lived in the area for the majority of his life. However, this was the first evacuation he has ever experienced. He said that he had experienced fires when he was a child, but they were rare. In the last eight to nine years, fires have become more frequent. Multiple blazes are often burning at once. "It is catastrophic," he declared. (Reporting and editing by Gabriel Stargardter, Louise Heavens, and Manuel Ausloos)
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Wildfires in Bordeaux force evacuation of suburbs
Wildfires in the area around Bordeaux, southwest France, showed no sign of stopping. Sophie Brocas, the head of the local administration for La Nouvelle-Aquitaine et de la Gironde which includes the Bordeaux region, has said that the areas of Le Haillan and?Eysines are being cleared. Bordeaux is known for its vineyards, and the city of Bordeaux is a major 'transport hub' for tourists who are visiting the nearby resorts along the Atlantic coast. Sebastien Lecornu, Prime Minister of France, said that more than 141,000 people have been evacuated so far from the Gironde and Landes region near Bordeaux where wildfires erupted this week. The region was advised not to be driven in. Lecornu posted on X Saturday that "the fires that have hit our country are at a level never before seen." To?help, the army has been called in. Smoke from wildfires was seen and felt in the Haute-Vienne area north of Bordeaux. Local authorities asked people to close their doors and windows. Climate Monitor data shows that temperatures in the Aquitaine region have averaged 32 degrees Celsius (90 degrees Fahrenheit) so far this month. This is 7.3C (13.1F), compared to the norm for July 1961-1990. Reporting by Camille Raynaud and Stephane Mahe; editing by Susan Fenton, Kevin Liffey and Elizabeth Howcroft
Mike Dolan: If the war in Iran ends, the ROI-Trapdoor will creak for dollars.
The U.S. Dollar has fallen to its pre-conflict levels due to renewed optimism about a possible ending to the Iran War. If it weren't for the U.S.-focussed artificial-intelligence boom, the greenback might be a clear casualty of ?any peace deal.
The dollar exchange rate was one of few prices that rose on the onset of war, aside from the oil price itself. This happened primarily 'by default. Other major economies in Europe and Asia were considered more vulnerable to the energy crisis than America, which is oil-rich.
At the margins, Gulf States and other countries seeking dollar liquid assets also played a role. The move was mostly a relative performance play.
The gains were modest. In the first month of the war, the DXY Index against the currencies most traded rose by as much as 3 percent.
It has now given it all back.
The dollar's strength has been eroded by a tentative de-escalation, and a fragile ceasefire. The greenback's strength has been weakened by a hesitant de-escalation and a shaky ceasefire.
The question of whether a trapdoor will open under the dollar if war ends and Strait?of Hormuz reopens has become a key issue for the global markets.
In order to figure out what's going on, there are three main concerns.
First, how quickly a normalization of oil prices would bring back Federal Reserve easing to the interest rate futures stripe while eliminating summer tightening biases in Europe and Asia.
The relative rate shift is arguably cancelled out by the fact that the oil and war spikes have taken two Fed rate cuts from the horizon for this year.
The twin threats of energy and rates have cast a dark shadow on European growth. However, the euro would be better off if they were removed together.
It's a question as to how quickly inflation and expectations can be reduced to return central banks to their pre-war levels.
Kevin Warsh, Donald Trump's nominee to the Fed Chair, may bring back U.S. ease-up talk as he takes over the hot seat. The U.S. stock exchange, economy, and labor market are not conducive to rate cuts. Warsh is likely to face stiff opposition from regional Fed bosses.
The hawks in Europe have been winning the battle of the last few weeks, but the economies are still weaker and will be arguing against rate increases if the oil prices already start to fall.
Sell Dollars in May?
Second, the Beijing summit between Trump's and China's president Xi Jinping in this month - postponed due to the war – and whether or not it will revive pressure for a stronger?yuan and ease another friction point on a list of trade disputes that is already fraught. The dollar reached its lowest level in over three years against the offshore currency renminbi as the latest attempt to reach a peace agreement in Iran played out on Wednesday. The dollar has fallen over 2% this year against the yuan, compared to a DXY loss of only 0.2%.
If Trump's presumption of a bias towards a weaker currency is to have any effect, it seems that the yuan channel will be the best vehicle.
The third factor is often overlooked by the bears of the dollar: the Wall Street recovery, which has been fueled by the sharply improved U.S. profits forecasts, as well as the soaring AI investment spending.
If capital flows are as important to the dollar's performance as interest rate gaps or trade, then switching back to U.S. stocks can be a powerful boost.
The profit-growth predictions for S&P500 companies for 2026 are now as high as 23%, up from 15% at the start of the war.
The Euro Zone Stoxx equivalents also rose, but only by three percentage points. This leaves 2026 profit growth estimates 10 points behind S&P 500.
The forward price/earnings ratios of U.S. stock prices remain higher than those in Europe or historical averages. However, a new price surge and momentum can cover this as they have done for many years.
A dollar trapdoor may well exist. It appears that the drop below it is shallower than first thought.
The opinions expressed are those of Mike Dolan a columnist at. This column is great! Open Interest (ROI) is your new essential source of global financial commentary. Follow ROI on LinkedIn and X. Listen to the Morning Bid podcast daily on Apple, Spotify or the app. Subscribe to the Morning Bid podcast and hear journalists discussing the latest news in finance and markets seven days a weeks.
(source: Reuters)