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British Columbia receives federal assistance when wildfires force evacuations
The Canadian federal Government said that it would assist British Columbia in the wake of a raging wildfire forcing thousands to flee. It will provide shelter and accommodation for residents who are displaced around Summerland, Peachland. Bald Range Wildfire has spread over 10,300 hectares as firefighters continue to fight the fire. Eleanor Olszewski is Canada's Minister of Emergency Management and Community Resilience. She said in a post on social media that she approved British Columbia's request for federal assistance to provide accommodation for those who were forced to flee their homes because of wildfires. The minister stated that he had asked federal officials to work with the provincial government to make sure the support reached those in need. Wildfire Service of British Columbia said that the hot, dry weather in southern British Columbia has continued to cause fires to spread. It said that poor visibility and "increasing" fires created new challenges for aviation and ground crew response. The turbulence, thick smoke and large fires hampered the operation of ten helicopters, including a night vision helicopter. It said that the province has 34 firefighters from Australia, five from New Zealand and 214 from Mexico who support 'hundreds' of provincial firefighter. Additional international resources are expected to arrive in the next few days. Reporting by Nivedita Balu, Toronto; Editing and proofreading by Alison Williams
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After 18 months of negotiations, Syria and Russia have reached an agreement on the future of Tartous & Hmeimim Bases
After?18 months? of intensive negotiating, Syria and Russia have reached an agreement to settle the future of Russian base?at Tartous?and Hmeimim?, according the Syrian Foreign Ministry. The ministry announced that the Syrian state will take over the management of civil facilities, such as Hmeimim Airport and the commercial berth at Tartous Port, allowing for their gradual integration into the civilian administration. The military sites would be converted into joint training and qualification centres, under new arrangements that preserve the interests of both parties. This transition was to be completed in three months. The Russian naval base at Hmeimim and?Tartous air?base has long been Moscow's main military footholds throughout the Middle East and Mediterranean. Since former President Bashar Al-Assad's ouster in December 2024, their future has been a subject of negotiation with Syria’s new leadership. In a separate statement, Syria's General Authority for Ports and Customs announced that Syria would assume control of the commercial sites operated by Russia in Tartous Port, including Pier No. In a separate?statement, Syria's General Authority for Ports and Customs said that the country would take over the commercial sites previously operated?by Russia at Tartous port, including Pier No. Last month, it was reported that Russia wanted to create a 'commercial logistics hub' at Tartous Port using the pier No. The restricted zone 4 is located outside the naval base. Both sides agreed that the hub would remain under Syrian control and all operations would be subject to approval from Syria's General Authority for Ports and Customs. Reporting by Tala Ramadan, Kinda Makieh, and Feras Dalatey; editing by Alison Williams
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Aramco Jazan facility fire extinguished, Saudi Arabia reports
The Saudi Energy Ministry reported that firefighters extinguished the fire at Saudi Aramco Jazan refinery, which broke out early Sunday morning. The fire was brought under control by Aramco's Industrial Security Teams and the authorities are completing the procedures to handle the incident. This is what the Saudi Energy Ministry said on X. The ministry did not say what started the fire. Jazan lies on the Red Sea, near the border of Yemen. Aramco closed its 400,000 barrels-per-day Jazan'refinery' on July 27, following an attack from Yemen's Houthi militants, which damaged the plant’s Integrated 'Gasification Combined Cycle' (IGCC) and tank farm 'area. The Houthis claimed to have struck Aramco facilities in Jazan and Yanbu at the time. The attacks raised concerns that the U.S./Israeli war on Iran, and Iranian attacks against shipping around the Strait of Hormuz could cause global disruptions. Amin Nasser, Aramco's chief executive officer, said that recent attacks on Aramco facilities caused production interruptions. However, he is confident that operations can be quickly restored. He claimed that the attacks had no financial or operational impact. Houthis have declared a blockade on Saudi Arabia at the Red Sea in response to what they claim is a Saudi siege against Yemen. Riyadh has denied this allegation. Reporting by Hatem Mahar; Editing and proofreading by William Mallard & Lincoln Feast.
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Wildfires are causing wildfires to spread in British Columbia’s wine region.
On Saturday, a wildfire that was rapidly spreading in the western part of Canada forced thousands of residents to leave their homes. Bald Range was out of control, and had grown to approximately 9,500 hectares (23,500 acres). This prompted evacuation orders for Summerland, Peachland, and other districts located west of Okanagan Lake. This region produces the majority of B.C. The?region produces most of B.C. Summerland declared a state-of-emergency and has a population of 12,000 people according to the census of 2021. Peachland has a population of 6,500. "A?lot of farms were affected. We do not know how many buildings have been destroyed. Summerland Mayor Doug Holmes told a reporter that firefighters were still fighting the fire. "We must prepare for the worst." Terry Fries, of Summerland?was watching a game of football on Friday night. A neighbor told him to prepare a bag as the fire was growing. He said that at the time the fire was further back and could be seen behind the hills. B.C. When B.C. Summerland District, located about 45km (28miles) away from Kelowna lost power due to a wildfire on Saturday. Residents were issued a boil-water notice. The municipality stated that untreated water entered the system because it bypassed a water treatment plant due to the wildfire. This year, wildfires have raged in several Canadian provinces including Ontario and Quebec due to hot, dry weather. Firefighters from Mexico and Australia have been helping to fight the fires. About 1,500 firefighters are on the ground in B.C. where dry and hot conditions increase the danger of fires spreading. The province has issued 39 alerts and 38 orders of evacuation in relation to more than 100 fires. According to the Canadian Interagency Forest Fire Centre, fires have consumed 4 million hectares (9.9 millions acres) of land in Canada so far this year. Paige Taylor White reported from Penticton in British Columbia, and Nivedita Bali in Toronto. Susan Fenton and Rod Nickel edited the story.
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Fijian Rugby player dies in Japan after suspected heatstroke
The Fijian side said that Saimoni 'Vunilagi', a professional rugby player, died on Saturday after suffering from a'suspected case of heatstroke? while training with his team in southern Japan. After training with his Fukuoka-based team,?Kyushu Electric Power Kyuden Voltex - also known as Kyushu KV, the back rower was admitted to hospital with symptoms of severe heatstroke on Monday. The club confirmed that he died on Friday morning. In recent weeks, Japan has experienced a heatwave with temperatures in some cities exceeding 40 degrees Celsius (104 Fahrenheit). The government has now designated this as a "brutally warm day." The club in Japan's second division said that "Saimoni has only just joined Kyushu KV but his generous spirit and powerful playing style have raised high expectations for his contribution in the coming season." The club said: "We extend our sincere condolences and pray for his soul's repose." Japan's national team?suffered a narrow defeat to Australia in an evening match on Saturday, played in humid conditions?in Osaka. Due to the extreme heat, both teams took mandatory water breaks in between each half. (Reporting and editing by Pritha Sakar in Osaka)
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British Columbia district issues evacuation orders amid wildfires
The district of Summerland in British Columbia declared a state of emergency early Saturday morning as a rapidly-moving fire swept across western Canada forcing thousands of residents to evacuate. As of early Saturday morning, the 'Bald Range' wildfire had spread to approximately 5,000 hectares and prompted evacuation orders for other districts in this region. According to BC Wildfire Service, the fire began about 15 kilometers (9 miles) west of Summerland. Summerland district, which is located about 45 km from Kelowna said that it lost power due to wildfires on Saturday. It also issued a boil-water notice to residents, saying that untreated water entered the system when the water treatment plant had been bypassed because of the threat of wildfire. According to the census of 2021, Summerland's population is approximately 12,000 people. This year, wildfires have raged in several regions of Canada including Ontario and Quebec due to hot, dry conditions. Mexico, Australia France and New Zealand have all offered assistance to Canada in the fight against these fires. Around 1,500 firefighters are on the ground in British Columbia where hot, dry conditions can increase the likelihood of new fires. Lightning could also spark old fires. The province has also issued 49 alerts and 39 orders of evacuation. Premier David Eby stated earlier this week that he was prepared with additional international?and national firefighters and aircraft. According to the Canadian Interagency Forest Fire Centre, fires have consumed 3.9 million hectares of land in Canada so far this year. (Reporting and editing by Susan Fenton in Toronto, Nivedita Balu from Toronto)
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UAE: Iran fired missiles at ADNOC vessel in Strait of Hormuz
The United Arab Emirates condemned on Saturday what they said was an Iranian attack against a carrier connected to its state oil company, as it passed through 'the Strait of Hormuz. They accused Tehran of committing "acts?of piracy". Initial reports from the state news agency WAM stated that ADNOC had said one of their vessels was targeted by a rocket early Saturday morning and that everything was under control. Later, the UAE Foreign Ministry condemned what it termed "the hostile Iranian attacks" on an ADNOC ship. No details were given about the tanker, its cargo, or any possible damage. There were no injuries reported. Before the conflict, a fifth (or more) of the world's oil and gas liquefied was transported through the narrow waterway that connects Oman to Iran. Shipping has been disrupted repeatedly since the U.S. and Israeli war against Iran began on February 28. This has led to higher freight rates and security concerns. The ministry stated that the attack was in violation of a 'U.N. The Security Council's resolution on freedom of navigation accused the Iranian Revolutionary Guards (IRG) of "piracy", accusing them of targeting commercial ships and using waterways as a means of economic pressure. The statement called on Iran stop the attacks and open the Strait unconditionally and fully. Iran's Guards had previously threatened to take action against vessels that transited the Strait of Hormuz?if they were linked to Tehran's enemies, or if failed to follow Iranian directives. ADNOC stated on Friday that they had been "significantly affected" by unprovoked attacks against their personnel and assets while continuing to meet the needs of customers in an "exceptionally difficult environment". The company reported that 15 of their vessels were 'attacked' by drones and missiles while they transited the strait, including three in the last week. One crew member was killed and 20 others injured. ADNOC's statement of Friday did not identify those responsible for the attacks. ADNOC is the state oil company of Abu Dhabi and one of the largest energy producers in the world. It exports crude oil and natural gas to customers around the globe.
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Zelenskiy: Russian drones killed a 3-year-old child and his grandparents near Kyiv
Volodymyr Zelenskiy, the president of Ukraine, said that Russian drones had killed a 3-year-old child and his grandparents, in a village?in the Kyiv Region, and another person was killed by a ballistic attack?overnight?on the capital. In recent months, Russia has intensified its attacks on Kyiv. Ukraine has also targeted Russian oil infrastructure and logistical infrastructure in an effort to reduce Moscow's war-fighting capability. Both Russia and Ukraine deny that they deliberately target civilians during their attacks. The Ukrainian air force reported that Russia had launched six ballistic rockets and 151 unmanned aerial vehicles at Ukraine over night. Ukrainian General Staff also stated on Saturday that its military attacked Russia's Ilsky?oil refineries and Syzran oil refineries overnight, causing both fires. Local authorities have also confirmed that five people were injured in the Krasnodar Region in southern Russia after a Ukrainian drone strike. UKRAINE'S SHORTAGE of Air Defence Missiles Zelenskiy said on Telegram that "Europe, America and Ukraine have wanted to stop the Russian war for a long time," "Only the Russian President Vladimir Putin does not want to do that, and he desperately clings to his ballistic missiles and robots to keep the war going. "More pressure is required." Zelenskiy, who is visiting Serbia for the first time, is seeking to join the European Union. The President has been pressing for additional help, as the country is chronically lacking air defence missiles to support U.S. Patriot Systems. Defence ministry reported that only 29 of 195 missiles were intercepted during July. The Ukrainian air defenses were able to shoot down 135 drones but not ballistic missiles. This was announced by the Ukrainian air force on Saturday. Tymur Tkachenko is the head of Kyiv's regional administration. He said that three places in the Brovarskyi District, near the capital, had been hit by Russian missiles. In the region, 10 private homes, commercial and production sites were damaged. After Russian drones killed a child and his grandparents, a private house in Puhivka village, located about 30 kilometres from?Kyiv was set blaze. Zelenskiy reported that his parents, 15-year old brother and neighbour were also injured. Officials reported that fires had been reported in Kyiv's three districts. Damage was caused to commercial?premises, warehouses, and other buildings. Witnesses heard "several powerful blasts" that rocked the city centre. The Russian Defence Ministry announced on Saturday that Russian forces had taken over the settlement of Ivanivka, in Ukraine's Kharkiv Region. The report could not be independently confirmed. Ukraine has not yet commented. Reporting by Dan Flynn, Olena Hartmash and Barbara Lewis.
Mike Dolan: Trump's biggest problem could be the 'true cost of living.'
Most households include the cost to live in the cost of their money. If borrowing costs increase again to "choke off inflation", the political fallout may rival the cost of living backlash that plagued Democrats in the 2020 election.
For many reasons, the U.S. In his first term and second, President Donald Trump repeatedly called for lower interest rates. No doubt, the mood of electorate is one of them.
The Iran War and the energy shock that accompanied it have, most likely, pushed inflation above 4% in this month. Gas prices are also more than 40% higher compared to a year earlier. This mood has already soured.
The University of Michigan’s monthly consumer survey revealed that its main sentiment reading plunged to a new record low in the month of May. This was lower than any other point in the series, which dates back to 1960.
Even among Republican voters, public opinion polls show a similar picture.
According to the most recent /Ipsos survey, only 47% of Republicans approve of Trump's performance on cost of living. 46% disagree. Just one out of five Americans approve of Trump's performance on cost of living.
This puts a spotlight on Trump's apparent softening of his stance this week regarding interest rate cuts, as Kevin Warsh takes over the Federal Reserve.
Trump said to the Washington Examiner that Warsh could do whatever he wanted on interest rates. This is in stark contrast with the previous year when he lambasted the outgoing Jerome Powell.
This may have been just another throwaway comment from Trump.
It may also be an acknowledgment that Warsh will have to lead Fed actions to reign in rising inflation. This could mean holding off on any further rate cuts or, if the futures markets are correct, increasing rates by year's end.
The White House may have calculated that the public wants some assurances the Fed can do its job.
There is a tense situation that Trump's predecessor Joe Biden, and Democratic candidate Kamala Harris faced as they approached the 2024 elections.
Consumer sentiment and approval ratings of the administration sagged in the run-up to the election despite a recovering economy, stock market and declining inflation. The "cost of living" was the top complaint of voters.
SICK AND CURE?
There are two main economic reasons that are frequently cited.
First, even though inflation rates had dropped by half from their peak in 2022 at the time of the election, the rise in prices cumulatively over the past four years was still a concern for households whose wages hadn't kept pace.
Regardless of the rate at which prices rose, the consumer price indexes increased by 17% during Biden's tenure. Since Trump's return, they have risen by 4% more.
Second, the Fed's solution to curbing price inflation is higher borrowing costs.
In a 2024 paper, Larry Summers Marijn Bolhuis Judd Cramer discussed how the "true cost-of-living" has affected household sentiments over time. This complicates any assessment on voter pain because it captures both the inflation-disease and the interest rate cure.
They wrote: "The cost of money for consumers is part of cost of living."
The "alternative cost of living" measure that includes home loans, car financing, and credit card borrowing, rose 14% by 2023, while consumer price indexes only increased 4%.
As inflation increased, markets began to question whether the Fed might be forced to increase policy rates. This has increased consumer borrowing costs.
Even though the Fed rate has fallen well below its 2024 peak, credit card, auto loan, and fixed-rate mortgage costs are still more than 50% higher than they were before COVID-19.
The Misery Index, a measure of inflation and unemployment that combines the 10-year Treasury borrowing rates, is at its highest level since February 2023.
The Fed might feel that it must act immediately to curb inflation expectations and regain credibility in meeting its 2% target, which it has missed for many years. The markets understand the logic, but not everyone does.
Even if the Fed's tightening of monetary policy eventually brings inflation under control, political backlash among Americans may be exacerbated by doing what policymakers "think" is right.
Trump could be in a difficult position. He may have to decide whether he wants to support the Fed's actions or not. Biden's approval ratings were not boosted by Biden's support for the Fed's late, but severe action to control inflation between 2022 and 2023. But it is anyone's guess what the inflation rate might have been if they hadn't taken any action.
The temptation for Trump to use the Fed to blame the public's dissatisfaction with the economy could be too much in the end.
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)