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Rome offers free movie screenings to escape the summer heat
Rome is offering free'screenings' in 11 air-conditioned movie theaters as part of a heat relief plan that Mayor Roberto Gualtieri announced?on Wednesday. The scheme will run between?Thursday and August 4th, expanding the existing network of 'climate shelters' in the Italian capital, including public libraries?and museums. Gualtieri stated in a press conference that "beautiful films will be shown, including the latest releases." The screenings are free and will take place between 1 pm and 6.30 pm. Admission is on a first come, first served basis. The first film will be the Italian comedy drama from 2023 "C'e Ancora Domani". Gualtieri stated that "each day, a different film is shown in each of the 11 participating cinemas. This allows people to watch a movie in an air-conditioned environment because not everyone owns air conditioning." According to the Italian air force's weather service, temperatures in Rome were expected to reach 36C (97F) on Wednesday and 35C (both Thursday and Friday). (Written by Francesca Piscioneri and edited by Alvise Armellini)
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German yields on policy sensitive bonds are at their highest level in two years, while French long-end bonds hit 4%
As the Iran conflict intensified, German borrowing costs rose to a new two-year peak and French longer-dated rates rose above 4% for a first time since June 2009. This boosted expectations of higher inflation and policy rate. Brent crude oil prices surpassed $95 per barrel on Wednesday. U.S. president Donald Trump also said that the U.S. will "bomb and demolish one bridge or power station" if Iran attacks a ship near the Strait of Hormuz. German yields on two-year bonds, which are sensitive to expectations of policy rates, increased 4.5 basis points to 2.8425%. This is their highest level since July 2024. Money markets predicted that the deposit rate at the European Central Bank would be 2.70% by December 2027 and 2.78% by?February, 2027. It is currently 2.25%. Also, they fully priced in a rate increase for September. The market participants continue to expect that the ECB will leave interest rates unchanged at its meeting this week. James Bilson is a global fixed income strategist at Schroders. He said that the European Central Bank's key message after its 25 basis point rate increase in June was not to just "one and done". "However the market repricing?has already been substantial, and with no reductions now priced in for the next two-years, despite the uninspiring outlook for growth, this leaves us feeling more optimistic about the euro zone's duration." In order to be constructive about duration, you should favor longer-dated bonds in the hope that yields will fall. The benchmark 10-year German government bond yield for the euro zone was 2 basis points higher at 3.18%. It was at 3.20% by mid-May, the highest since May 2011. FRENCH AND ITALIAN ?YIELDS AT 4% The cost of borrowing long-term in France and Italy is very close to 4%. The 10-year Italian bond yield climbed 3.5 basis points, to 4.03%. It had risen above the 4% mark on Tuesday for the first time since the 30th of March. Spread between Italian government bonds & Bunds reached 82 basis points, its highest level since early May. The spread was 63 bps before the Iran War began and reached 103.62 at the end of March, its highest level since early 2025. France's 10-year yields have reached 4%, the highest since June 2009. They were up by 2.5 basis points at 3.99%. The yields on UK gilts were close to their two-month highs following data showing that inflation was lower than expected. The easing of consumer price pressures is likely to be a temporary relief for the new Prime Minister Andy Burnham, as he attempts to lower living costs. The yield gap between the government bonds of Britain and Bunds is 187 basis points, putting the fiscal trajectory in the spotlight. The UK 10-year gilt rate has reached a new two-month high of 5.0639%. This is an increase of 3.5 basis points. (Reporting and editing by Thomas Derpinghaus; Clarence Fernandez Gareth Jones, Alexander Smith, and Alexander Smith).
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Vale shareholders elect Oliveira as chairman following governance tensions
After weeks of tensions in governance, Vale shareholders elected Manuel 'Lino' Oliveira to the position of?chairman? of its Brazilian mining company?s board?. This was a decision backed by Previ, Vale?s largest shareholder. Oliveira was elected after the resignation of former Chairman Daniel Stieler earlier this month. About a month later,?pension funds Previ and?pension fund Previ had requested a meeting for shareholders to vote on his removal. Previ, a pension fund that holds a 7% stake and manages retirement funds for Banco do Brasil employees, argued that Oliveira could help improve governance at?one?of?the world's largest iron-ore producers. Oliveira (also known as Ollie) served as the lead independent director on Vale's Board. The vote follows a conflict between Previ's representatives and Vale's board regarding the proposed leadership change. The board recommended to shareholders last month that they reject Previ’s proposal to remove Stieler. However, three directors, including Oliveira, abstained. Stieler resigned as Vale chairman in July, after serving as board member since 2021 and Vale chairman since 2023. Vale shares rose more than 3% following the shareholder meeting. They outperformed Brazil's benchmark index Bovespa, and were also boosted by strong iron ore production figures for the second quarter released late on Tuesday.
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India targets five nuclear reactors by 2033, including small reactors
India announced on Wednesday that it has advanced plans to build small modular reactors in-house. It aims to have at least five of these units operational by 2033, as the country tries to reduce its dependence on fossil fuels. The Bhabha Nuclear Research Centre is working on a 220 megawatt Bharat Small Modular Reactor. It also has a 55 MW reactor, and a high temperature gas-cooled reactor that can produce hydrogen. Jitendra Singh, a minister in the atomic energy ministry, said that the Atomic Energy Commission approved Tarapur as the site of both the 220MW and 55MW projects. India, which wants to increase its use of "clean energy", opened up its nuclear sector last year to both domestic and foreign companies in the private sector. It plans to increase nuclear capacity from 8.8 GW to 100 GW in 2047. The minister stated that India intends to increase its nuclear installed capacity to approximately 22 GW by 2031-32. Small reactors are expected to play a part in the expansion plan. Several countries are developing small modular reactors, including the U.S.A., Russia, and South Korea. They're seen as a viable solution for supplying clean energy to industry. The state-run Nuclear Power Corp of India - currently India's only operator of nuclear power plants - aims to 'have 50 GW of capability' while NTPC - the top coal plant operator in India - aims for 30 GW of nuclear capacity. Adani Group, Tata Power, and Reliance Industries among others are interested in investing. Reporting by Sethuraman N.R.; editing by Alison Williams
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French modeling scout who was linked to Epstein is found dead
Prosecutors announced on Wednesday that a model scout named Daniel Siad who had ties to the late Jeffrey Epstein was found dead in his home near Paris. Siad was found dead on Monday night. The Nanterre prosecutor’s office announced that an autopsy would be performed to determine the cause. Siad was mentioned nearly 2,000 times by the U.S. Department of Justice in its Epstein files. According to French media reports, at least five women have accused Siad of rape and trafficking in human beings. Siad has denied these allegations. In an email, Siad’s lawyer said that the modelling scout had never been formally the "subject" of judicial proceedings. In France, suspects can only be placed under formal investigation after an initial?probe. This means that the investigating magistrates have reasonable grounds to suspect a crime. Siad, in May, told French broadcaster BFM that his relationship with Epstein is strictly professional. Meyna Arabic-Tigrine said that Daniel Siad had never ceased to proclaim his innocence. She added that Siad died from a heartattack. Siad is now the second person who has been publicly linked to Epstein that has died in France. In 2020, French authorities arrested'modeling agent' Jean-Luc Brunel on allegations that he had procured women to Epstein. Brunel, who had spent 14 months in prison awaiting trial for charges of rape and sexual harassment of minors, was found hanging in his cell in 2022. He denied the allegations, as well as any involvement in Epstein's sexual?trafficking. Epstein died while in prison in 2019, awaiting a trial for sex-trafficking. (Reporting and editing by Makini Boyle, Richard Lough, and Dominique Vidalon)
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French modeling scout who was linked to Epstein is found dead
Daniel Siad was found dead in his home near?Paris on Wednesday. He had ties to the late Jeffrey Epstein, who was convicted of sex crimes. Siad was found dead?on??Monday night. The Nanterre prosecutor’s office announced that an autopsy would be performed to determine the cause. Siad was mentioned nearly 2,000 times by the Department of Justice in its Epstein files. According to French media reports, at least five women have accused Siad of?rape, and human trafficking. Siad has denied these allegations. In an emailed message, Siad’s lawyer said that the modelling scout had never been the subject of formal judicial proceedings. In France, suspects are only placed under formal investigation after a preliminary probe, meaning that the investigating magistrates believe there are reasonable grounds for believing a crime was committed. Siad, in May, told French broadcaster BFM that his relationship with Epstein is strictly professional. Meyna Arabic-Tigrine said that Daniel Siad had never stopped claiming his innocence. She added that Siad died from a heartattack. Siad is now the second person publicly associated with?Epstein to die in France. In 2020, French authorities arrested 'Jean-Luc Brunel' a modelling agent on allegations that he had procured women to Epstein. Brunel, who had spent 14 months in custody awaiting trial for charges of rape and sexual harassment of minors, was found hanging in his cell in 2022. He denied the charges and any involvement in Epstein's sexual exploitation. Epstein died while in prison in 2019, awaiting trial for sex-trafficking. (Reporting and editing by Makini Boyle, Richard Lough, and Dominique Vidalon)
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Gold reaches a two-week high on a softer dollar. Fed outlook is in focus
The gold price rose on Wednesday to its highest level in two weeks, boosted by a softer dollar and technical purchases, as the markets assessed signs of lingering Middle East tensions and awaited new clues from the Federal Reserve on U.S. Interest Rates. Gold spot rose 1.3%, to $4,130.59 an ounce, by 8:32 am EDT (1232 GMT), after hitting its highest level in July at $4,141.59?per ounce, earlier that day. U.S. gold futures for delivery in August rose by 1.5% to $4135.40. "Gold has exploded higher, punching over $4,140, as a weaker Dollar and dip buyers have injected new inspiration to bulls," Lukman Otunuga said, senior research analyst at FXTM. He added that "the fundamentals could limit upside gains, especially since oil prices are up more than 3% this morning." On Wednesday, the U.S. dollar index weakened, making greenback priced bullion more accessible to overseas buyers. Marco Rubio, the US Secretary of State, said that Washington was willing to negotiate a solution to the Iran Crisis but Tehran wasn't serious about talking. Four tankers carrying Saudi crude bound for Asia were forced to turn back in the Red Sea Wednesday due to the growing conflict. The Houthis of Yemen, which are Iran-aligned and control the coast along the southern route out, had threatened them. On hearing the news, oil prices soared to their highest level in six weeks. The increased oil prices caused by the Gulf supply disruptions are affecting gold prices. They have raised expectations for higher interest rates in the future, which tends to reduce the appeal of gold that doesn't yield. The Fed will likely keep its key rate unchanged for the remainder of 2026. According to a poll, markets are pricing in two rate hikes before the end of next March. According to the CME FedWatch tool, traders expect an interest rate increase in September. Investors will be watching the FOMC's interest-rate decision next week to get more clues about the Fed's policy. Spot silver increased by 1.1%, to $59.4 an ounce. Platinum rose 1.1%, to $1.647.17, and palladium climbed 2.9%, to $1.319.74. (Reporting by Sukanya Mitra in Bengaluru; Editing by Jonathan Ananda)
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Investors watch Middle East conflict as gold climbs to a two-week high
Gold reached a two-week high on Wednesday. Supported by technical 'buying' and safe-haven demand as investors watched diplomatic efforts to ease the Middle East conflict, and prepared for the U.S. Federal Reserve Meeting next week for clues about interest rate outlook. Gold spot rose by 1.1% at 1200 GMT to $4,121.90 an ounce, after hitting its highest level since 7th July earlier in the day. ?U.S. Gold futures for August deliveries rose 1.3% to $4 128.00. Safe-haven demand, and the hope that the ongoing diplomatic 'efforts' between the U.S., and Iran, could still lead to a lowering of oil prices, are offseting the concerns that higher oil costs could fuel inflation and keep interest rates high for longer. He said that the current price rebound is likely to be hampered by volatile energy prices. However, the $4,000 an ounce level still provides strong technical support. Marco Rubio, the U.S. secretary of state said earlier on Wednesday that Washington was willing to negotiate a resolution to the Iran Crisis but that Tehran wasn't serious about talking. Three oil tankers carrying Saudi crude bound for China and India reversed their course in the Red Sea after being threatened by Iran-aligned Houthis from Yemen, driving up oil prices. Gold prices are down from the record highs reached in January. The war has stoked inflation fears, and increased the likelihood of higher interest rates for longer. Gold is often seen as a hedge against inflation, but high interest rates can make it less attractive. A poll revealed that the Fed is likely to maintain its key rate for the rest of 2026. Markets are pricing in two rate increases by the end March of next year. CME FedWatch Tool showed that traders now expect a?70% probability of an interest rate increase in September. Silver spot rose by 1%, to $59.34 an ounce. Platinum gained 0.9%, to $1.643.96, while palladium climbed 2.3%, to $1.311.00.
Former Southern Water CEO accused of fraud for'manipulating the wastewater testing'
Former Southern Water Chief Executive Matthew Wright has been charged by Britain's Environmental?Agency with conspiracy to defraud the agency. The alleged fraud was committed through the manipulation of wastewater treatment checks.
The 'Environment Agency' alleges that Wright and three other former Southern Water employees "conspired" to defraud both the Environment Agency and the water regulator Ofwat from 2012 until 2017, saving the company at least PS45,000,000 ($60 million) of penalties.
Wright had claimed that the Environment Agency did not have the authority to prosecute him on conspiracy to defraud. However, the High Court dismissed his appeal on Wednesday.
Southern Water, which has more than 4 million customers, stated that the charges related "to a historical set of failures", and the individuals charged are no longer employed by the company.
In a press release, Southern Water said that the findings were discovered during an internal investigation conducted in 2017. Southern Water notified regulators and the Environment Agency as soon as it was identified.
Ofwat didn't immediately respond to requests for comment.
Wright's attorney said in a press release that Wright denies "all wrongdoing" and has fully cooperated with the Environment Agency investigation.
The charges are made amid a growing public outrage against privatised water firms in Britain. This anger is focused primarily on sewage discharges. Also, the new Prime Minister Andy Burnham said that nationalisation was the best solution for Thames Water - Britain's biggest water company.
Angela Eagle, the Environment Secretary, said that in a press release: "The public is rightly sick of pollution and attempting to hide it is outrageous." Any person found guilty will be subject to the full force the law.
She said that the government had committed to end operator self-monitoring, "to make sure this does not happen again in the future."
The Environment Agency claims that there was a deliberate attempt to stop wastewater treatment plants from being tested properly when it was thought that the site might fail. This was done to prevent accurate results from being given.
High Court ruling: The regulator argues that Southern Water avoided penalties of approximately PS45 million on its own assessment, but the regulator claims the figure is higher.
The charges of conspiracy to defraud will now be heard at the Medway Magistrates Court. If convicted, the charge can result in a maximum of 10 years imprisonment. $1 = 0.7482 pound (Reporting and writing by Muvija and Sam Tobin; editing by Paul Sandle and Elaine Hardcastle)
(source: Reuters)