Latest News
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Northern China flash flood kills 8, Xinhua reports
State media reported that at least eight people died in a flash flooding in northern China on Sunday. Four others are still missing. The East Asian monsoon is continuing to create atmospheric chaos in the second largest economy in the world. Reports said that the banks of a river flowing through grasslands in Inner Mongolia burst around 10:00 pm (1400 GMT) Saturday night, washing 13 campers away on the outskirts Bayannur city, a major agricultural center. One person was rescued. Since July, China has been hit by weeks of extreme weather. The monsoon is stalling in the north and south. As flash floods threaten to displac thousands of people and cause billions in economic losses, weather experts are putting officials under pressure. Bayannur, a major national base for grain and oil production as well as a centre of sheep breeding and processing, is a key location in the country. At the other end of the country, a three-and-a-half-month fishing suspension in the southern province of Hainan ended on Saturday, state media reported, after agricultural affairs officials ordered ships to shelter in port owing to persistent, heavy rain. A police report on Saturday stated that "severe" weather caused two deaths and three injuries at a beer fest in Mianzhu on Friday. The truss had fallen on the festival attendees. Inner Mongolia is experiencing a deluge after a deadly rainstorm in Beijing, just over 1,000 km away. Last month, the downpour killed 44 people in Beijing and forced more than 70,000 residents to evacuate. Last week, the central government allocated 430 million yuan (59.9 millions) for new funding to help with disaster relief. This brings the total amount of funds allotted since April up to at least 5,8 billion yuan.
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Northern China flash flood kills 8, Xinhua reports
State media reported that at least eight people died in a flash flooding in northern China on Sunday. Four others are still missing. The East Asian monsoon is continuing to create atmospheric chaos in the second largest economy in the world. A report stated that the banks of the river flowing through grasslands in Inner Mongolia burst around 10:00 pm (1400 GMT) Saturday night, washing away thirteen campers near Bayannur, a major agricultural center. One person was rescued. Since July, China has been hit by weeks of extreme weather. The monsoon is stalled over the north and south. As flash floods threaten to displac thousands of people and cause billions in economic losses, weather experts are putting officials under pressure. Bayannur, a major national base for grain and oil production as well as a centre of sheep breeding and processing, is a key location in the country. At the other end of the country, a three-and-a-half-month fishing suspension in the southern province of Hainan ended on Saturday, state media reported, after agricultural affairs officials ordered ships to shelter in port owing to persistent, heavy rain. Inner Mongolia is experiencing a deluge after a deadly rainstorm in Beijing, just over 1,000 km away. Last month, the downpour killed 44 people in Beijing and forced more than 70,000 people to evacuate. Last week, the central government allocated 430 million Yuan ($59.9 millions) for new funding to help with disaster relief. This brings the total amount of funds allotted since April up to at least 5,8 billion yuan.
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Houthi TV claims that a power plant in the south of Yemen's capital was hit by an 'aggression.'
Al Masirah TV, a Houthi-run channel, reported early on Sunday that a power plant located south of Sanaa in Yemen was struck by "aggression" which knocked out some of its generators. The Yemeni channel failed to identify the source of "aggression" reported. Al Masirah, citing civil defence sources, added that teams were working to extinguish a fire caused as a result of the incident. Residents reported hearing at least two explosions earlier in Sanaa. Israel bombed Yemen, claiming that it was in response to attacks by the Iran-aligned Houthis on Israel. Yemeni group fired missiles at Israel. Most of them were intercepted. They claim to be supporting Palestinians in the Gaza war. The U.S.A. and U.K. also had Previous Launched Attacks against the Houthis of Yemen The U.S. announced in May that it would be launching a new program. a surprise deal The deal was that the US would stop bombing the Houthis in exchange for a halt to their attacks on ships. However, the Houthis claimed the deal didn't include Israel. Mohammed Ghobari, Jaidaa T. Taha and Sonali Paul edited the report.
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Oil prices are down after Trump-Putin Alaska Meeting
The oil markets will open with a muted reaction on Sunday following the meeting between U.S. president Donald Trump and Russian leader Vladimir Putin in Alaska. Trump stated that a full-fledged ceasefire was not his goal for Ukraine, but rather a peace agreement. Trump said that he and Putin agreed to go directly to a settlement, not through a ceasefire as Ukraine, Europe, and the U.S. have demanded. Trump announced that he would not impose tariffs on nations such as China who buy Russian oil after his meeting with Putin. Trump has threatened to impose sanctions against Moscow as well as secondary sanctions on countries like China and India who buy Russian oil, if the Ukraine conflict is not resolved. Ajay Parmar, ICIS analyst, said: "This means that Russian oil will flow unhindered and this will be bearish for the oil prices." It is important to note that this news will have a minimal impact on oil prices. Prices will probably see a slight dip in the near future. Oil market participants will be watching for any developments following the meeting between President Trump and Ukrainian president Volodymyr Zelenskiy, which took place in Washington on January 29. A source with knowledge of the matter said that European leaders were also invited to the event. Giovanni Staunovo is an analyst at UBS. He said: "Market participants will be watching the comments of European leaders, but for now Russian disruption risks will still remain contained." Brent settled at $65.85 per barrel on Friday and U.S. West Texas Intermediate was at $62.80, both down by nearly $1 prior to the talks in Alaska. According to Phil Flynn of Price Futures Group, traders are waiting for an agreement. Until then, the crude oil prices will likely remain in a small range. He said: "What we know is that for the time being, the threat of immediate or secondary sanctions against Russia and other countries has been put on hold, which is a bearish sign." After Western sanctions were imposed, including an oil embargo on ships and price caps for Russian oil, Russia redirected oil flows to China, and India. (Reporting and editing by Nina Chestney, Jane Merriman and Seher Dareen)
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Floods and heavy rains in Pakistan kill more than 300 people
Local officials reported on Saturday that more than 300 people were dead in the northwest Pakistan region after two days intense rains and flooding. They said that emergency funds were being released to help with rescue efforts and the clearing of blocked roads. The heavy rains will continue until August 21, they added. The most deadly monsoon spell this year was caused by cloud bursts and flash floods. Landslides, lightning, and collapsed buildings were also involved. According to the Provincial Disaster Management Authority, by early Saturday morning, 307 people were confirmed dead and more are missing in the mountains and hills of Khyber Pakhtunkhwa. In the last week, heavy rains and flooding have affected not only Pakistan but also India and Nepal. Local officials reported that Buner, which is a normal three-and-a half-hour drive from Islamabad, Pakistan's capital, was one of the worst-hit districts in Pakistan, with 184 deaths and extensive damage to crops, infrastructure and orchards. Cloud bursts, falling trees and flash flooding swept people and their possessions away. In some parts of Buner, people, including women, children and elderly, were trapped by floodwaters. 93 bodies have been recovered. According to Shahab Ali Shah, provincial chief secretary, many of the 34 fatalities occurred in another area of Shangla due to the collapse of a roof on a building caused by the rain. He stated that local officials were dispatched to assess damage and supervise relief efforts in the affected areas. He said that medical camps were being set up for flood victims. Also, families who had lost their homes would be receiving cooked meals. Shah stated that heavy machinery will be used to clear roads and restore them. Ishaq dar, deputy prime minister and Foreign Minister, stated that both civilian and military teams are conducting rescue and relief efforts, and the prime minister has chaired an urgent meeting. Dar posted a social media statement saying, "Our hearts go to the families that have lost loved ones and to those injured. Many whose homes and livelihoods were swept away." Five crew members were killed when a rescue helicopter crashed on Friday due to bad weather. Reporting by Mushtaq Al in Peshawar, and Saud Mehsud at Der Ismail Khan. Writing by Saeed Sha; Editing Muralikumar Aantharaman.
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US Court of appeal grants Argentina's request to halt YPF share sales
The U.S. Court of Appeals granted Argentina's request on Friday to temporarily suspend a judge’s order that the country turn over its 51 percent stake in oil company YPF as partial satisfaction for a $16.1 billion verdict won by two investors. The 2nd U.S. The 2nd U.S. Circuit Court of Appeals, Manhattan, stayed U.S. district judge Loretta Preska’s June 30, 2010 turnover order until Argentina appeals. Argentina warned it could suffer irreparable damage and destabilize its economy if it sold its stake in YPF - the country's biggest energy company. The court of appeal did not give any reasons for its decision. Preska awarded $16.1 billion to Petersen Energia Inversora & Eton Park Capital Management in September 2023. They sued Argentina for its 2012 decision to take the YPF stake away from Spain's Repsol, without making a tender to minority shareholders. The lawyers for Petersen & Eton Park have not responded to our requests for comment. The spokesperson for Argentina said that the government was confident that the $16.1 billion verdict would be overturned on appeal. (Reporting and editing by Leslie Adler, Edmund Klamann, and Jonathan Stempel)
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Pemex preparing Texas refinery for "big block" overhaul, sources claim
Pemex, Mexico's national oil company, is preparing for the "big block" overhaul at its 312,500-barrel-per-day (bpd) Deer Park, Texas, refinery to begin in early October, people familiar with plant operations said on Friday. Sources said that the 270,000 barrel-per-day (bpd) DU-2 crude distillation unit (CDU) at the refinery will be closed for the planned 60-day overhaul. Pemex did not respond to a comment request immediately. DU-2 converts crude oil to feedstocks that are used by most of the other refinery units. The sources say that the fluid catalytic unit (FCCU), the hydrocracking unit producing diesel (HCU) (70,000 bpd), and the 92,000 bpd coker, will all be shut down because there are no feedstocks. The DU-1 CDU, which has a capacity of 70,000 bpd, will continue to operate while DU-2 undergoes an overhaul. FCCUs convert unfinished gasoline from gas oil using a catalyst and high temperatures. In the presence of hydrogen, HCUs convert gas oil to gasoline by using a catalyzer under high pressure and heat. Cokers convert tar-like, residual crude oil to motor fuel feedstocks, or petroleum coke that can replace coal. (Reporting and editing by Paul Simao; Erwin Seba)
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Trump Administration unveils stricter subsidies rules for solar and wind projects
The U.S. Treasury Department announced on Friday stricter rules regarding how solar and wind energy projects qualify for federal tax incentives that will be phased out by President Donald Trump’s new tax law and spending plan over the next two-year period. The new rule requires that utility-scale projects must show continuous and substantial physical work in order to qualify for the 30% tax credit. However, they still have 4 years to claim it. In the past decade, developers of projects were able to "safe-harbor" their projects for four year by incurring only 5% of costs. A document from an agency states that "substantial work" does not include design, permitting or keeping components in stock. Solar industry trade group says the rules will harm businesses and undermine the legislators' intentions with One Big Beautiful Bill Act. Abigail Ross Hopper, CEO of the Solar Energy Industries Association, said in a press release that "this is another act of energy subtraction by the Trump administration which will further delay" the development of reliable and affordable power. "American families will be paying more for electricity because of this decision, and China will continue outpacing us in the race to provide electricity for AI." (Reporting and editing by Nichola Adler, Diane Craft and Leslie Adler)
NHC: Erin is now a Category 5 Hurricane
The U.S. National Hurricane Center announced on Saturday that Hurricane Erin has now become a Category 5 hurricane.
The storm was located about 175 miles (280 km) north of San Juan in Puerto Rico. Maximum sustained winds were 160 mph.
Erin was forecast to turn west-northwest Saturday night, slow down its progress and then turn northwards early next week. On Monday, a slow weakening is expected to start.
Erin is expected to continue strengthening into the next week, according to previous statements by NHC.
On Sunday, the hurricane's centre was predicted to move eastwards to the Turks and Caicos Islands and southeastern Bahamas, and then pass north of northern Leeward Islands and Puerto Rico.
The NHC stated that Erin's swells will continue to affect the Virgin Islands and Puerto Rico as well as parts of the Turks and Caicos Islands and northern Leeward Islands over the weekend.
It said that the swells would spread to the Bahamas and Bermuda early next week.
The Bahamas, who provide some meteorological services to the Turks and Caicos Islands provided a Tropical Storm Watch in the British Islands located southeast of the Bahamas.
Erin also raises concerns about wildfire risk if sparks caused by humans ignite parched vegetation, and strong winds fan the fires. BMS Group Senior Weatherologist Andrew Siffert stated that these conditions may arise if Erin becomes a powerful storm offshore fueled by colliding cold and warm air instead of tropical seas. Twelve Securis, an insurance-linked securities manager, said that Erin would remain offshore enough to avoid significant impacts on the U.S. East Coast.
The NHC stated that Erin will produce heavy rains through Sunday in the northern Leeward Islands as well as the Virgin Islands and Puerto Rico.
(source: Reuters)