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Scientist warns that hurricane risk to Gulf Coast is increasing 20 years after Katrina
A new study warns that the Gulf Coast of America is becoming increasingly vulnerable to hurricanes. This comes 20 years after Katrina destroyed New Orleans and hundreds of kilometers of coastline. Marc Bove is a German Reinsurer Munich Re meteorologist who warned that with time, the likelihood of major hurricanes making landfall in the area will increase and the effectiveness post-Katrina of flood defense systems would diminish. Katrina, the worst hurricane to ever hit the United States, made its debut in August 2005. It began in Florida, then intensified when it reached the Gulf of Mexico. The storm caused nearly 1,400 fatalities and a total of $205 billion, inflation-adjusted, in damage. "The hurricane risk is increasing, and it's not just in the Gulf area." Bove told. Bove stated that today's Katrina would cost more, and not just due to inflation. The flood protections in New Orleans will gradually erode due to rising sea levels and sinking ground levels. (Reporting and writing by Alexander Huebner, editing by Rachel More).
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Gold falls with Fed Chair Powell's Speech on Radar
Gold prices fell on Friday, as the U.S. Dollar strengthened. Investors were also awaiting Federal Reserve Chair Jerome Powell to speak at the Jackson Hole Symposium for clues about the central bank's policy. Spot gold fell 0.5% to $3,322.43 an ounce at 8:43 am EDT (1243 GMT) while U.S. Gold Futures fell 0.5% to $3,364.20. Investors backed off rate-cut bets in anticipation of Powell's address at 10:00 a.m. ET (1400 GMT). Powell's speech at the annual Jackson Hole Economic Conference comes amid unprecedented pressure from President Donald Trump on the central banks. However, mixed economic data could pull Powell towards a middle-ground that leaves many major questions unresolved. David Meger is director of metals and futures trading at High Ridge Futures. Any signals about possible rate cuts this year may have a significant impact on gold prices. Even subtle hints will have an impact. "I believe we will see (Powell), take a more cautious stance, considering that two important pieces of economic information, the PCE report and the jobs report, still need to be submitted before the September meeting." CME's FedWatch showed that traders now see a 71.5% probability of a rate cut of 25 basis points in September. This is down from 85.4% one week ago. Gold is usually more profitable in low-interest rate environments, since it offers no yield and looks more attractive compared to other assets that pay interest. In other parts of Asia, gold demand was subdued as price volatility held buyers back. However, jewellers have resumed their purchases in India ahead of the festival season. Silver spot fell 1% to $37.78 an ounce. Platinum fell 1.1% to 1,338.25 and palladium dropped 0.5% to 1115.77. Ashitha Shivaprasad, Bengaluru (Reporting and Editing by Jan Harvey).
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Aldebaran, a Canadian company, plans to invest $1.5 billion in Argentina's copper project
Javier Robeto, the country manager of Aldebaran Resources Canada, said that at least $1.5 billion will be needed to develop the Altar copper project located in northern Argentina. Robeto stated that the company will include this figure in its preliminary assessment of September. This will show Altar has about 32 billion pounds copper resources and approximately 6.7 million ounces gold resources. Aldebaran does not know if it will be able to spend the money in time to qualify under RIGI (the government's incentive program), which provides long-term tax breaks as well as access to international dispute tribunals for investments above $200 million. The scheme will continue to accept applications until July 2026. There is a possibility of an additional year. It's not sure we'll make the cut. What happens if RIGI is stopped? Robeto explained that the tax burden would automatically return to 54%. RIGI has approved only two lithium mining projects so far, both of which were implemented in October by President Javier Milei. Glencore and McEwen Mining, among others who are working on copper projects, have also applied for the program. Robeto has not provided a timeline for the construction and production of Altar. The estimated lifespan is 20-25 years. The economic assessment includes two scenarios of copper production in either cathode or concentrate form. Robeto explained that the idea was to do a trade-off, examining both pros and cons. (Reporting and Writing by Lucila SIGAL, Editing by Jan Harvey).
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Rainforest to retail - Indonesian women protecting nature through work
Women use flowers and plants for ecoprinting Sustainable livelihoods protect at-risk rainforest Families can get help with food and school fees by receiving income By Leo Galuh A group of women who work in a conservation park located in Citalahab Sentral - a small village inside Gunung Halimun-Salak National Park - aims to show that nature protection and earning a living can be compatible. Ambu Halimun (which means "Mothers Of Halimun" is Sundanese) gathers foliage rich in natural colours and tannins. Ecoprinting is a technique that uses the flowers and leaves to transfer pigments onto the fabric. Ambu Halimun sells the skirts, scarves, and tote bag made from the intricately-printed fabric in international markets. The women have carved out a livelihood that is sustainable from the rainforest, without having to cut down trees or hunt wildlife. The group is still a small force, but it is growing. It is aiming to become a powerful enough force to make a difference in protecting Indonesia's natural environment. According to United Nations statistics, Indonesia is a biodiversity hotspot. It has a large share of the global flora, fauna and flowering plants, including 17% of bird species. Orangutans and Javan gibbons, Sumatran Tigers and Sumatran tigers are just a few of the critically endangered species that live in its rainforests. Deforestation caused by mining, agriculture and infrastructure is a serious threat to biodiversity. Global Forest Watch reports that between 2002 and 2024 the country lost 10.7 millions hectares (26,4 million acres) in humid primary forest. The human population is growing but the land is limited. They will now be the ones to lead the conservation effort because they have the knowledge and skills to do so," says Rahayu Oktaviani. She is the co-founder of the Javan Gibbon Conservation group, Konservasi Ekosistem Alam Nusantara. JAVAN GIBBONS Citalahab Sentral, with fewer than 300 inhabitants, relies on small-scale farming and tea farming. Tourism through homestays, forest treks, and other activities is also available but it provides inconsistent income. The KIARA group started offering training to residents in ecoprinting and sewing, natural fertilizer production, English, and public speaking after the pandemic devastated local tourism. Tourism earnings are still far below the pre-pandemic level, despite a slow return of guests since 2022. Yuliana is a mother of 4 and a member of Ambu. She said that the income she received from her husband's homestay was not enough to cover daily expenses. She now prints fabrics with motifs of the flora. Yuliana (who goes by one name) said, "I had no idea that leaves would produce natural colors to make ecoprint." KIARA, together with the women, has identified at least 24 rainforest plants species that contain tannins - natural compounds which bind colors to fabrics and prolong their life. Members of Ambu Halimun sell their products through social media, as well as to tourists. They accept orders via Instagram, and prices range from 250,000 Rupiah ($15) up to 700,000. The group's ecoprint signature is a Javan Gibbon motif. Sharing stories about the gibbon habitat and the threats that it faces due to deforestation, hunting and other factors helps raise awareness of conservation in the local community. The gibbon, a small ape that has silver-grey hair and a black facial pattern, is in danger. According to the International Union for Conservation of Nature (IUCN), there are only 4,000-4500 gibbons left in Indonesia. FOOD AND SCHOOL FEE Ambu Halimun's Wulan says her ecoprint earnings have made a real difference. She said that the majority of her family's expenditure is on food and school fees for her children. If he works for 20 days, her husband, who is a tea picker earns between 800,000.00 ($49) to 1,140.000 ($70). Many families borrow money in order to survive, and end up in debt. Ecoprint pays me 2 million Rupiah (122 dollars) every quarter. "It's enabled me to save," Wulan said as she removed the boiled marigold flower from the fabric. KIARA plans to expand its ecoprinting efforts, but its artisanal character means that its size will be restricted. Harumi Supit is vice president of Amartha Financial's public relations department. Amartha Financial provides services to more than 3.3 million women owned businesses in rural Indonesia. She said that to reach and sell in bigger markets, they require resources, transport and channels of distribution as well as careful planing. She said that maintaining quality standards is a challenge when you want to reach a wider audience. Ambu Halimun sold 41 pieces in 2020, and 237 the previous year. By mid-2025 it had reached 130 sales. Oktaviani said that KIARA’s role is to expand the group, encourage residents – especially women – to adapt to the post-pandemic changes in the economy and to find solutions within the environment. She said that they have an in-depth knowledge of the native plants. She said that the leaves used in ecoprint were often the same ones used traditionally for herbal remedies or as raw food. It's rooted into traditional knowledge which is slowly disappearing. She said that the project is not only helping to keep the forest intact but also empowers women, who "used to be tucked in the kitchen."
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Stocks on hold as traders wait for Powell's speech
The stock market was largely flat on Friday, as traders awaited the key speech by Federal Reserve Chairman Jerome Powell this weekend at the annual Jackson Hole Symposium that could shed some light on future monetary policy. Powell's previous speeches at this event have often moved the markets. This year's remarks will be closely scrutinized as his position is under heavy scrutiny from U.S. president Donald Trump. There are concerns that the Fed's autonomy could be threatened. Investors have reduced their bets that the Fed will cut rates at its September meeting due to a surge in U.S. Producer prices. This is down from 85% a week earlier. The Jackson Hole event also featured other Fed speakers who were lukewarm about the idea of a cut in September, despite recent signs that the U.S. labor market is weakening. Nabil Milali said that a cautious tone from Powell regarding the prospects of a September rate cut, deferring to future jobs and inflation data, could be enough to reduce market pricing down to a 50/50 call. Milali said that Powell could also decide to defend the Fed’s independence. He said that he believed the unofficial topic of this meeting was central banks' autonomy. MSCI's broadest global stock index was essentially flat for the day after European stocks rose in the morning before the speech. Wall Street futures are up between 0.1-0.2%. China's CSI 300 Index rose 2.1% after DeepSeek upgraded its flagship V3 AI Model and reported that Nvidia asked Foxconn suspend work on the H20 AI Chip, lending support for Chinese rivals. The dollar index (which measures the greenback versus six peers) edged up 0.1%, while the euro fell 0.1% to $1.15985, after an official revision showed that Germany's second-quarter economy contracted by 0.3%. Data from Japan showed that core consumer prices fell for the second consecutive month in July, but they remained above the central banks' 2% target. This has kept alive expectations of a rate increase in the near future. This did not help the yen much, as it was on track for a 1% drop for the week. BOJ Governor Kazuo Ueda is also scheduled to speak in Jackson Hole, Wyoming this weekend. Brent crude oil prices fell, Brent crude trading at $67.5 a barrel last, down 0.2% from Thursday's gains as Russia and Ukraine blamed one another for the stalled peace processes. Gold spot fell 0.2% to $3,330.9 an ounce.
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Copper prices rise on strong demand in advance of Powell's speech
The copper price rose for the third time in a row as China, the world's largest metals consumer, remained strong and investors hoped that a speech from U.S. Central Bank chief John Williams would indicate interest rate reductions. The benchmark three-month copper price on the London Metal Exchange rose 0.2% to $9,745 per metric ton. This is down from a high of $10,020.50 reached on July 2. It was its highest in more than three months. The Chinese demand for the metal remains healthy, according to Nitesh Sha, a commodity strategist with WisdomTree. Last month, U.S. president Donald Trump imposed tariffs of 50% on copper products. However, he excluded ores, concentrates, and cathodes. The Yangshan Copper Premium is a premium in China Since August 11,, which represents the demand for imported copper into China, is up 13% at $51 per ton. Investors await the speech of U.S. Federal Reserve chair Jerome Powell at the annual Jackson Hole Conference in Wyoming, due to start at 1400 GMT. Shah said that if there is any indication of a dovish tilt, it could be a very positive for copper prices because that would keep demand up. The dollar index was firmer on Friday, after some Fed officials were hesitant to cut rates next month. The dollar is stronger, and therefore the prices of commodities in U.S. dollars are higher for foreign buyers. LME aluminum also increased, adding 0.15%, to $2,589 per ton. Analysts at Guosen Futures on Friday said that the anticipation of a seasonal increase in demand next month could have helped to boost aluminium prices. Other metals include LME Zinc, which rose 0.8% to $2.787.50 per ton. Lead gained 0.6% at $1.981, Tin increased 0.1% at $33,465, while Nickel fell 0.1% at $14,920. (Reporting and editing by Jan Harvey; Additional reporting in Beijing by Amy Lv; Reporting by Eric Onstad)
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Dollar firms as gold falls, but Powell's Jackson Hole remarks are in the spotlight
The dollar's strength caused gold to fall on Friday. Markets are awaiting Jerome Powell's address at the annual Jackson Hole Symposium for further insight into the Fed's monetary policies. By 0817 GMT spot gold had fallen 0.4% to $3,326.35, while U.S. Gold Futures for December Delivery were down 0.4% to $3,368.80. UBS analyst Giovanni Staunovo stated that the moderately stronger U.S. dollar was playing a significant role in the current gold pullback. Gold becomes more expensive to overseas buyers when the dollar is stronger. Investors reduced their expectations of a Fed rate reduction in September, causing the dollar index to rise to a two-week high. According to CME's FedWatch, futures markets now indicate that there is a 71% probability of a rate cut by a quarter point next month. This is down from over 90% a week ago. In a low-interest rate environment, non-yielding gold tends to perform well. Fed officials appeared to be lukewarm on the idea of a cut in rates next month, as investors prepared for Powell's Friday 1400 GMT speech. Staunovo stated that their comments indicate the next U.S. Central Bank meeting will be "intense, with some favoring large cuts while others (favor) no movement at all". Fed policymakers face a challenge because, despite signs of a weakening labour market, inflation is still above the central banks' 2% target. It could even go higher as a result of the Trump administrations aggressive tariff increases. Recent data on the US labour market showed that unemployment claims in the United States rose by nearly three months last week, and the week before they reached a four-year high. Silver spot was down 0.4% to $38.03 an ounce. Platinum fell 0.6% to 1,343.80 and palladium increased 0.2% to 1,112.85. (Reporting Ishaan Arora in Bengaluru; Editing by Jan Harvey)
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China tightens its grip on rare earth supply quotas
China, which is the dominant supplier of rare earths in the world, announced on Friday new measures to regulate mining, smelting, and separation of these critical minerals that are key to the energy transition. This will further tighten its grip on supply. Beijing regulates, manages and controls rare earth mining and smelting via a quota-based system. In a recent statement, the Ministry of Industry and Information Technology announced that these new rules would include imported raw materials within that system. The process of public consultation began in February. Analysts said that the inclusion of imported iron ore indicates a tightening in supply. Companies were concerned that they might lose their access to feedstock. Rare earths is a grouping of 17 elements that are used in products ranging from magnets in wind turbines, electric vehicles and consumer electronics to lasers in military equipment. In April, in response to the U.S. tariff increases, China added several rare earth products and magnets on its export restriction list. The first 2025 mining and smelting license was quietly released Quotes Without making its usual public statements, reported last year, citing sources. Reporting by Beijing Newsroom and Lewis Jackson, Editing by Muralikumar Aantharaman and Kate Mayberry
Wildfires rave out of control near Los Angeles, killing a minimum of two
A minimum of 2 individuals were eliminated as numerous fastgrowing wildfires raved out of control on Wednesday near Los Angeles, damaging hundreds of structures, scorching hillsides and prompting officials to buy some 70,000 individuals to evacuate their homes.
Fierce winds were impeding firefighting efforts and sustaining the fires, which have actually broadened unobstructed because they started on Tuesday.
The biggest blaze has taken in more than 5,000 acres in Pacific Palisades, a stunning neighborhood in west Los Angeles County in between the beach towns of Santa Monica and Malibu that is home to numerous movie, television and music stars. More than 1,000 structures have actually been ruined, Los Angeles County Fire Chief Anthony Marrone stated at a press conference on Wednesday.
Another fire, the Eaton fire, had grown to more than 2,000 acres as it burned some 30 miles (50 km) inland in Altadena, near Pasadena. 2 fatalities were reported there, though officials stated they did not have more information.
The Hurst fire, in Sylmar in the San Fernando Valley northwest of Los Angeles, had exceeded 500 acres. All 3 fires were 0% contained, authorities stated.
A high number of significant injuries had actually occurred among residents who did not follow evacuation orders, Marrone said.
Officials warned that the gusty winds were anticipated to persist throughout the day.
We are never out of risk yet, with the strong winds that continue to press through the city and the county today, Los Angeles City Fire Chief Kristen Crowley said.
The winds have made it difficult to provide aerial assistance for firefighting operations, officials said, putting municipal water systems under immense strain. Locals were advised to conserve water use.
The fire department needs the water to fight the fires, and we're battling a wildfire with metropolitan water systems, and that is actually challenging, stated Janisse Quinones, the chief executive of the city's water and power department.
The skies above Los Angeles glowed red and were blanketed by thick smoke as the sun increased on Wednesday.
As the flames spread and citizens began evacuating after the fires broke out on Tuesday, roadways were so jammed that some individuals deserted their automobiles to leave the fire. Emergency situation responders were going door to door to press evacuation orders.
California Governor Gavin Newsom stated a state of emergency on Tuesday. President Joe Biden planned to go to a. Santa Monica station house for a briefing from fire authorities on. Wednesday, the White House stated.
President-elect Donald Trump, who takes office in 2 weeks,. blamed Newsom's environmental policies for the disaster in a. post on his Truth Social website.
The
Los Angeles area had actually been ripe for fire
going into the fall, when seasonal winds get here in the. region, after successive wet winter seasons developed an abundance of. turf and plants that turned to fuel throughout an extremely hot. summer season, environment scientists said.
' THIS CLOSE'
Around 100 of the 1,000 public schools in the Los. Angeles Unified School District were closed down, Superintendent. Alberto Carvalho told journalism conference.
Pacific Palisades resident Cindy Festa stated that as she. left, fires were this near to the cars, demonstrating. with her thumb and forefinger.
Individuals left their cars and trucks on Palisades Drive. Burning up the. hillside. The palm trees - whatever is going, Festa stated from. her automobile.
David Reed stated he had no choice however to leave his Pacific. Palisades home when law enforcement officer showed up at his door. They laid down the law, Reed said. He collected his essential ownerships and accepted a. trip from officers to the evacuation center at the Westwood. Recreation center. I grabbed my trombone and the current book I've been reading,. which is my Jack Kerouac anthology here, because I'm a beatnik,. he said, including that he could see flames approaching his home.
Pacific Palisades is one of the most expensive areas. in the country. A typical home was valued at $3.7 million since. the end of 2023, according to Zillow, more than all however four. other postal code in the United States.
The fleeing evacuees included Hollywood stars such as. Jamie Lee Curtis, Mandy Moore and Mark Hamill.
AT LEAST THREE BLAZES
In the Pasadena location, the Eaton fire swallowed up homes, a. synagogue and a McDonald's restaurant.
Almost 100 homeowners from a retirement home in Pasadena were. left, CBS News stated. Video revealed elderly citizens, numerous. in wheelchairs and on gurneys, crowded onto a smoky and. windswept parking area as fire engine and ambulances addressed. them.
Around 188,000 homes and services in Los Angeles county. were without power on Wednesday, information from PowerOutage.us. showed.
Numerous burn victims were dealt with after walking towards. Duke's dining establishment in Malibu at night, the Los Angeles. Times reported, mentioning a fire official.
We're dealing with a historical natural disaster. And I believe that. can't be stated strong enough, Kevin McGowan, director of. emergency situation management for Los Angeles County, stated at the press. conference.
Firefighting aircraft scooped water from the sea to attempt to. drop it on the flames as they swallowed up homes. Bulldozers cleared. deserted automobiles from roads so emergency situation cars might pass,. television images showed.
The fire singed some trees on the premises of the Getty. Vacation home, a museum loaded with priceless masterpieces, but the. collection stayed safe mainly since nearby bushes had been. cut as a preventive measure, the museum stated.
Before the fire started, the National Weather Condition Service had. issued its greatest alert for extreme fire conditions for much of. Los Angeles County from Tuesday through Thursday.
With low humidity and dry plant life due to a lack of rain,. the conditions were about as bad as it gets in terms of fire. weather condition, the service said.
(source: Reuters)