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Rain in Northern China kills 2 and forces thousands of people to relocate
Authorities have warned that further rain could bring disasters such as landslides, flooding and landslides. CCTV, the state broadcaster, reported that two people were missing and two others dead in Hebei Province on Sunday morning. Fuping, a city in Baoding's industrial district, received 145 mm (5.8 inches) of rain per hour overnight. China's Water Resources Ministry issued flood warnings for 11 provinces, including Beijing and the neighbouring Hebei region, due to small and midsize river flooding and mountain torrents. CCTV reported that floods and landslides have affected many villages within the Miyun district in the capital. The rural town of Fengjiayu was the most severely affected, and in some villages electricity and communication has been cut off. Beijing News Radio reported that more than 3,000 people had been evacuated from the area. Beijing has issued a warning for geological disasters including mudslides and landslides after heavy rains unleashed a second year's worth in Baoding. In recent years, the north of China has seen record rainfall, which puts densely-populated cities like Beijing at risk of flooding. Scientists attribute the increase in rainfall in China's normally arid north region to global warming. These storms are part a larger pattern of extreme weather in China caused by the East Asian Monsoon. This has led to disruptions for the second largest economy of the world. Baoding Xizhuang's station recorded 540 mm over an 8-hour period. This is more than Baoding average annual rainfall, which is 500 mm. CCTV reported that the deluge forced 4,655 people to evacuate. It affected over 46,000 people. Chinese authorities closely watch extreme rainfall and severe floods as they threaten to displace thousands and wreck havoc on China’s $2.8 trillion agriculture sector. (Reporting and editing by William Mallard; Farah master, Farah)
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Ziad Rahabi, Lebanese music giant and sardonic sarcastist, has died at the age of 69
Ziad Rahbani was a Lebanese musician and composer who created an original Lebanese musical sound by combining Western and Arabic roots. His sardonic criticism of the country's political sectarian divisions resonated with Lebanese from all walks of life. He was 69. Rahbani's words were relevant to all generations, whether they were those who knew him from the Civil War of 1975-1990 or the post-war generation that has struggled to overcome the legacy of the war. The hospital reported that he died at a Beirut hospital on Saturday morning, after a long illness. Ziad Rahbani is the son of Fairuz Rahbani - a living legend and one of the most innovative composers in the Arab world - and Assi Rahbani. His talents range from playing the piano to writing plays and acting. Rahbani, who pioneered oriental jazz, which blended Western standards and Arabic quarter-notes in 1978's Arabic funk album Abu Ali exemplified this style, once described Lebanon as "Falafel combined with Hamburger", a tiny country on the eastern border of the Mediterranean, between Europe an the Arab World. He was dubbed a musical genius by composers who knew him. His satire on the Lebanese culture was a huge cultural critic for Arabic-speaking people. Lubnan Bálbaki, conductor at the Lebanon National Orchestra, said: "You just feel like you're not able to comprehend some of Ziad's works, or write anything similar to them." Rahbani is best known for his 1985 song, "I am Not an Infidel", which was re-released by the same label in 2008. The lyrics of this song urge both Muslim and Christian leaders to help the poor. One song mentions that Lebanese sold gold and diamonds to buy food during the war, whereas "O, the Era of Sectarianism", notes the ease with which money is transferred between the military barricades keeping people apart. Jad Ghosn is a Lebanese film maker who created a documentary about Rahbani in 2021. He said that Rahbani was "a middle finger raised to this system reminding it of their true worth, and reminding us our potential". 'THE WILDERNESS' Ziad Rahbani, born in 1956, grew up hearing his father compose songs on the piano. By the age of 12, a collection of his poems was published, and at 18, he performed his first play. Rahbani’s parents’ music was influenced by Lebanese Folklore, including traditional stone arches and mountain villages. It also reflected the return of overseas emigrants. It was the soundtrack to the "golden age", or 1960s, in which Beirut became known as the Paris of Middle East. Before Rahbani reached the age of 20, Lebanon was engulfed in a 15-year Civil War that lasted from 1975 to 1990. His music took on a critical, lamenting tone that reflected his fall from grace. Rahbani, according to those who knew him, became reclusive and depressed as he aged. He called Lebanon's power outages, which destroy musical instruments, "the wilderness". Rahbani, a Greek Orthodox Christian living in Antelias (a coastal town north of Beirut), was a leftist communist who had been devoted to the cause for his entire life. He attributed his political awakening to the siege and murder of Palestinians in 1976 by right-wing Christian militants at the Tal el-Zaatar Camp. He was a staunch advocate of the Palestinian struggle for independence until his death. Some of Rahbani’s fans were turned off by his political alignment during the Syrian Civil War with Hezbollah, and the Syrian Government of Bashar al-Assad. Many people continued to enjoy his comedic, bitter musings about life. In his later years he said in an interview with Hezbollah’s Al-Manar TV that the corruption of Lebanon was so bad that it contaminated Seven Spice, which is a popular Levantine spice mixture. He says, "There are not seven spices." "There are only three spices, and nobody knows what the others are." (Reporting and editing by Jan Harvey; Laila Basam and Timour Azhari)
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Phillies win another game against Yankees with Kyle Schwarber
Kyle Schwarber was named MVP for his three home runs in the All-Star Game swing-off. Schwarber has been on a roll since the All-Star Break. He will try to continue this power surge when the Philadelphia Phillies host the New York Yankees Saturday afternoon. Schwarber hit two home runs of at least two runs Friday night, as Philadelphia won the first game in the three-game set 12-5. Schwarber hit his 35th, 36th and 37th home runs by hitting a tie-breaking shot off New York rookie Will Warren in the fifth and a drive against Ian Hamilton in eighth. Schwarber has now hit six home runs in seven games after the break, his second multiple-homer performance of the season. This was his fourth three-hit outing this season. Schwarber has hit 10-for-29 since the break (.345) and reached 1,000 career home runs with his first homer in the Friday game. J.T. Realmuto hit a three-run homer in the seventh. The catcher has batted.388 in his last 16 games (26-for67). Since Cody Bellinger's three homers during an 11-0 win over the Chicago Cubs, on July 11, the Yankees have gone 3-6. New York made two more mistakes on Friday. This brings the total to nine in their last four games. Paul Goldschmidt made a throwing mistake at first base, two pitches before Luke Weaver's homer. Bellinger, Austin Wells and Giancarlo Stanton all homered for the Yankees. However, their bullpen allowed 10 runs over four innings. New York's pitching staff has a 6.20 ERA, the worst in all of Major League Baseball. Goldschmidt stated, "It's easy to play better." "Mistakes like I made tonight. We need to reduce the number of mistakes we have made. We're trying to have those conversations, but we made too many mistakes." After being acquired by the Colorado Rockies, Ryan McMahon will debut at third base. Ranger Suarez (7-4 with a 2.66 ERA) will be the Phillies' starter on Saturday. He is 0-2 and has a 5.62 ERA over his last three starts. Suarez had allowed three runs in his previous 12 starts, but gave up six in four and a third innings in Sunday's 8-2 loss at home to the Los Angeles Angels. Suarez has a 4.50 ERA and a 0-1 record in his two career appearances, both relief appearances in 2021. Schwarber has a 3-for-14 record (.214) against Marcus Stroman, New York's scheduled starter for Saturday (2-1, 5.64). Stroman has a 2-0 record with a 3.00 ERA after four starts following a two-month hiatus due to left knee inflammation. Stroman's best performance of the season came in Sunday's 4-2 victory over Atlanta, when he gave up just one run and five hits across a season high six innings. He threw 95 pitches, a new season high. Stroman has a 6-4 record with a 2.26 ERA over 13 appearances (11 starting) against Philadelphia. He has limited the Phillies' offense to no more than two runs 11 times. Field Level Media
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Thailand's PTTEP purchases full control of offshore gas block from Chevron at $450 million
PTT Exploration and Production, a Thai oil and natural gas company, has purchased full ownership of Block A-18 within the Malaysia-Thailand Joint Development Area. The transaction was worth $450 million and involved Chevron unit. PTTEP announced in a late Friday statement that it had signed the deal with Hess Asia Holdings and Hess (Bahamas), both of which are now owned by Chevron after a recent merger between Hess Corp. PTTEP announced that the acquisition gave it 100% of Hess International Oil Corp's outstanding shares, which hold a 50% participation interest in Block A-18. Chevron is reorganizing its global operations to reduce costs and streamline operations. This could result in the company laying off as much as 20% of their workforce by next year. Chevron, as reported in June, is also looking for buyers for its 50 percent stake in the Singapore refinery. PTTEP stated that natural gas from Block A-18 was fundamental for the generation of electricity in southern Thailand. The block produces approximately 600 million standard cubic foot of gas per day which is distributed equally to Thailand and Malaysia. In a statement, Montri Rawanchaikul, Chief Executive Officer of PTTEP said: "PTTEP looks forward to expanding our operations in MTJDA. This area is known for its oil potential and strategic importance to Thailand's security in energy." According to a statement, the MTJDA is a 7,250 sq km (2.800 sq mile) area in the southern Gulf of Thailand. It is regarded as a major source of condensate and natural gas for Thailand and Malaysia. (Reporting and editing by Tom Hogue; Yantoultra ngi)
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Scottish Floating Wind Farm Gets Construction and Operation Go-Ahead
The Scottish Government has granted joint venture partnership between Ørsted, Simply Blue Group and Subsea7, the developers of Salamander floating offshore wind farm, a go-ahead to build and operate the 100 MW floating wind array.Salamander offshore wind farm has been awarded Section 36 Consent and associated Marine Licences, securing all approvals for the construction and operation of the project, sited approximately 35 km off the coast of Peterhead in Scotland.The 100 MW project is expected to play a crucial role in unlocking the full potential of Scotland’s deepwater wind resources and setting the stage for future ScotWind developments by demonstrating cutting-edge floating wind technology at a commercial scale.Salamander is the first of the innovation (IN) projects from the INTOG leasing round to reach this stage. Combined with the recent award of onshore Planning Permission in Principle for the project’s onshore works in March 2025, the latest consent ensures that the project remains on track for deployment before the end of 2030.Focus will now shift to working with Crown Estate Scotland to secure the Option Agreement and then preparing to secure a Contract for Difference for the project.“Coming hot on the heels of the onshore consent, this is yet another major achievement by the project team. While we worked proactively with MD-LOT in an attempt to achieve offshore consent - including compensation plans - within the 12-month target window, award within 15 months reflects our team’s expertise, passion, commitment and seamless teamwork,” said Hugh Yendole, project director for Salamander.
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US Looks Into Allowing Limited Oil Operations in Venezuela
The United States is preparing to grant new authorizations to key partners of Venezuela's state-run PDVSA, starting with Chevron, to allow them to operate with limitations in the sanctioned OPEC nation and swap oil, five sources close to the matter said on Thursday.If granted, the authorizations to the U.S. oil major, and possibly also to PDVSA's European partners, would mark a policy shift from a pressure strategy Washington adopted this year on Venezuela's energy industry, under U.S. sanctions since 2019.President Donald Trump's administration might now allow the energy companies to pay oilfield contractors and make necessary imports to secure operational continuity.Some imports could be swapped for Venezuelan oil, as authorized in previous licenses, three of the sources said.A senior State Department official said in a statement they could not speak about any specific licenses to PDVSA's partners, but added the United States would not allow President Nicolas Maduro's government to profit from the sale of oil.A source in touch with U.S. and Venezuelan officials said it was difficult to understand how Maduro's government would not benefit from cargoes Chevron can sell to the U.S., and later on Thursday Maduro hailed work done to keep Chevron in the country."There are already working groups so that Chevron can re-incorporate its functions," Maduro told an interview with Telesur, adding that Chevron's top leadership had already been informed of licenses so it can keep operating in Venezuela.Chevron shares touched $155.93 on Thursday, their highest level since April 3, according to LSEG data."Chevron conducts its business globally in compliance with laws and regulations applicable to its business, as well as the sanctions frameworks provided for by the U.S. government, including in Venezuela," a company spokesperson said.The move to ease some restrictions on Venezuela’s oil sector follows a prisoner swap this month in which Maduro released 10 American detainees while accepting the return of more than 200 Venezuelans who had been deported from the U.S. and held in an El Salvador prison.Relations between the two countries have been tense for years, and the Trump administration has publicly supported opposition leaders who say their candidate won last year's election, not Maduro.Trump in February announced the cancellation of a handful of energy licenses in Venezuela, including Chevron's, and gave until late May to wind down all transactions.The move left all operations in oil and gas joint ventures with Chevron and other partners in PDVSA's hands, but the companies were authorized to preserve their stakes and output remained almost unchanged.The U.S. State Department, which in May blocked a move by special presidential envoy Richard Grenell to extend the licenses, is this time imposing conditions on any authorization modifications, so that no cash reaches Maduro's coffers, the three sources said.In the past, U.S. officials have promised no money would reach Maduro from oil proceeds despite licenses. But it did because PDVSA demands tax and royalties to be paid before granting exports permits. Even if parties agree to oil swaps, those arrangements save PDVSA, and ultimately Maduro's government, millions of dollars per year in imports.Secretary of State Marco Rubio is not expected this time to ban the authorizations, but is negotiating their scope, they added.It was not immediately clear if the terms of the license that could be granted to Chevron would be reproduced for other foreign companies in Venezuela, including Italy's Eni ENI.MI and Spain's Repsol REP.MC, which have been asking the U.S. to allow them to swap fuel supplies for Venezuelan oilThe authorizations might remain private, one of the sources said.The U.S. Treasury Department's Office of Foreign Assets Control and PDVSA did not immediately respond to requests for comment.Where Will the Oil Go?Following the cancellation of Chevron's license earlier this year, Trump announced the imposition of secondary tariffs on buyers of Venezuelan oil.But the measure, expected to severely hit Venezuela's main crude buyer China, has not been enforced, allowing the South American country to divert to Asia crude grades that were previously sold to U.S. and European refiners through PDVSA's joint-venture partners.The reshuffle, which has maintained Venezuela's oil output and exports close to the levels they were at before the license cancellations, has been criticized by politicians in Washington and was discussed as part of talks for the new authorizations, the sources said.During former U.S. President Joe Biden's administration, targeted licenses to PDVSA's partners allowed Western refiners to regain access to Venezuelan supplies, but they also granted a stable source of cash to Maduro's administration as the companies were required by Venezuela to pay royalties and taxes.(Reuters - Reporting by Marianna Parraga in Houston and Timothy Gardner and Matt Spetalnick in Washington and Deisy Buitrago in Caracas; additional reporting by Sheila Dang, Rodrigo Campos and Andrea Shalal; Editing by Marguerita Choy)
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Zelenskiy: Ukraine faces fierce fighting in the eastern city of Pokrovsk
Volodymyr Zelenskiy, the president of Ukraine, said that on Friday the Ukrainian forces were fighting fiercely around Pokrovsk. This is a logistical hub in the east where Russia has announced the capture of villages almost every day. Zelenskiy said in his video nightly address that Ukraine's top general, Oleksandr Syrskyi, had told a senior official meeting the situation in Pokrovsk is the main focus of the war. The war began in February 2022 when Russia invaded Ukraine. Pokrovsk was given special attention. Zelenskiy stated that it receives the greatest attention. He said that Ukrainian forces were "continuing to operate" in border zones in the northern Sumy Region, where Russian troops had gained a foothold over recent weeks. In a separate Telegram report, Syrskyi described Pokrovsk as one of the most difficult theaters along the 1,000 km (620 miles) front. Syrskyi wrote that "The Russian Federation pays the maximum price for trying to launch a summer offensive." Since months, Russian forces have been closing in on Pokrovsk. This road and rail hub's pre-war population has been almost completely evacuated. Syrskyi reported in May that Kyiv had stabilized the situation in the area, which is also home to the only coal mine in Ukraine that produces coking coal used in the steel industry. The Russian Defence Ministry announced on Thursday that two villages to either side of Pokrovsk - Zvirove in the west and Novoekonomichne in the east - had been captured. Moscow declared Novotoretske, a third village in proximity to the city, "liberated" on Wednesday. The Ukrainian government has not acknowledged that villages have changed hands. In an evening report, the General Staff of Ukraine’s military stated that two of these villages -- Zvirove et Novoekonomichne -- were in areas where Russian soldiers were trying to penetrate Ukrainian defenses. The popular Ukrainian military blog DeepState reported that Kyiv forces had recaptured a village in Sumy, where Russian troops were trying to establish a "buffer area" as Kremlin Leader Vladimir Putin has called it. DeepState, a website that relies on reports from open sources to track the presence and movements of Russian troops, reported that Ukrainian troops had regained control of the village of Kindrativka. No official comments were made by either side. (Reporting and editing by Rosalba o'Brien, Oleksandr kozhukhar)
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Investors eye possible US-Europe trade deal as deadline looms
Investors hope that a possible trade agreement between the U.S., and European Union will bring more certainty to the markets before next Friday's deadline for tariffs. Ursula von der Leyen, the European Commission president, was scheduled to meet Donald Trump in Scotland on Sunday after EU officials and diplomatics had said that they were expecting to reach a framework agreement this weekend. Trump said on Friday that there was only a 50-50 or less chance of the U.S. and EU reaching a trade deal. The trade tensions between Europe and the U.S. may have given some investors a reason to be cautious. This is according to Sameer Samana. He is the head of global equity and real assets for the Wells Fargo Investment Institute. It's our largest trading relationship... If that last piece falls in place, you will probably have at least a few more people who need to return to the markets," Samana explained. It's a source that will disappear. The officials and diplomats stated that a deal would include a baseline 15% tariff on all EU products entering the U.S., and likely a 50% duty on European steel and aluminium. The optimism about easing trade tensions in general has pushed U.S. stock prices to record highs. Stocks fell in the immediate wake of Trump's "Liberation Day," April 2, announcement that sweeping tariffs would be applied to all countries. This was due to fears about recession, which have since subsided. Investors have braced themselves for an increase in volatility as the U.S. sets August 1 as a deadline to raise levies against a wide range of trading partners. Trump said that he will increase the tariffs to 30% by August 1 on all EU goods. The EU faces U.S. duties on more than 70 percent of its exports. These include 50% on steel, aluminum and cars, and 25% on car parts. After Trump's trade deal with Japan, hopes for a deal in Europe increased. Capital Economics analysts said that the deal with Japan, and likely the one with the EU soon afterward, are of particular importance because both countries are important U.S. trade partners. They account for about a quarter each of the country's goods imports. The agreement with Japan will reduce the existing tariffs on the auto sector of the United States, which account for more than 25% of the exports. Previously, these levies were as high as 27.5%. Capital Economics stated that an agreement lowering EU auto tariffs by 15% would be a "big deal" not only for the region, but also because about 10% of the region's shipments to the U.S. fall into the same category. Over the weekend, investors were also keeping an eye on developments in the trade between the U.S.A. and China. Next week, officials from both countries will meet in Stockholm to discuss the extension of an August 12 deadline to negotiate a deal. (Reporting and editing by Alden Bentley, Edward Tobin and Lewis Krauskopf)
PMI data shows that Saudi Arabia's growth in the non-oil sectors accelerated in June due to strong demand.
A survey released on Thursday showed that the expansion of Saudi Arabia's private non-oil sector activity increased in May due to a strong client demand as well as a spike in hiring.
The Riyad Bank Saudi Arabia Purchasing Managers' Index, which is adjusted for season, rose from 55.8 in May to 57.2 this month. This puts it above the 50 point line that indicates growth.
The subindex rose to 64.3 from 62.5 in may, indicating a rapid acceleration in new order growth. This upturn was primarily driven by domestic sales, which were supported by client acquisitions that went well and improved marketing strategies. Export sales were marginally up.
"Firms have largely attributed the improvement in activity to improved sales, new projects starting, and better conditions for demand, even though the pace of growth was slower than previous highs," Naif Al Ghaith said, chief economist at Riyad Bank.
Private non-oil companies have hired more staff than ever since May 2011 as they expand their teams to handle increased workloads.
The input prices rose as well, in line with the trend of the second quarter, which led firms to pass higher costs on to their customers. The output prices rose strongly, marking the biggest increase in over a year and a half, after months of declines.
The survey revealed that despite cost pressures, Saudi firms in the non-oil sector remained confident about the future. In fact, the Future Output Index reached a record high of two years. The resilient economic conditions in Saudi Arabia and robust demand boosted confidence.
The International Monetary Fund increased its forecast of Saudi Arabia's GDP growth in 2025 to 3.5%, from 3%. This was partly due to the demand for government-led initiatives and the OPEC+ plan to gradually end oil production cuts. Hugh Lawson, Editor (Reporting)
(source: Reuters)