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Iran threatens to attack other nations' energy field if US launches new attacks
Iran warned against "adventurous actions" by the United States this weekend. Iran said it would respond if American forces followed through on President Donald Trump’s 'threats' of fresh attacks against Iranian targets. Iran's Foreign minister Abbas Araqchi made his comments on Saturday in separate telephone calls with senior Turkish officials, Pakistani officials and Saudi officials just hours after Kuwaiti army claimed it destroyed hostile drones that Iran had launched against several vital infrastructures. Araqchi, speaking to Pakistani Army Chief Field Marshall Asim Munir, and Turkish Foreign Ministry Hakan Fidan on Telegram, said Iran would react decisively to "aggressions" and discussed consequences of U.S. "destabilizing action" as well as prospects for increased regional insecurity. Araqchi told Saudi Foreign Minister, Prince Faisal bin Farhan, that any attack by the U.S. or?Israel and/or participation by countries in the region would be met by a "proportionate reaction." Nournews, an outlet of Iran's leading security agency, stated on Saturday that the U.S. Attacks on Iranian energy infrastructure will lead to Iranian strikes against oil fields in Saudi Arabia, the United Arab Emirates and Israel. Trump told his cabinet members at a meeting held on Friday, Camp David, that he still believed U.S. negotiators - including Jared Kushner and Steve Witkoff, the special envoy, as well as Secretary of State Marco Rubio - could reach an agreement with Iran. Trump said that he had lost faith in Iran, saying they "break their word so many times" -- an accusation Tehran has made against Washington frequently -- and that he would "hit them." STRAIT of HORMUZ Since U.S. forces and Israeli forces began the war on Iran with strikes on February 28, oil prices have remained high. Trump claims that the stated goal to prevent Iran from developing nuclear weapons is worth higher fuel prices 'in the short term. But the economic pain has forced him to find an end to the war. Benchmark Brent crude prices rose by 24% in July and according to analysts polled, they expect the price to increase 'further' this year. Since the start of the conflict the threat of Iranian attacks has stopped most shipping from using the Strait of Hormuz as an important conduit for global energy supplies. This has sent shockwaves throughout the world's economy. The Kuwaiti army reported that a government facility located in the north of Kuwait, and a civilian property owned by a company located on Bubiyan Island, were both hit Saturday. Falling?shrapnel caused material damage, but there were no injuries. Iran's Houthi ally in Yemen has recently begun to threaten the Bab el-Mandeb strait, which is at the opposite end of the Red Sea, from the Suez Canal and another route for Saudi crude export. On Saturday, the United Kingdom Maritime Trade Operations announced that it had'received reports about two maritime incidents near Oman. One of them involved a tanker being struck by an unknown object which damaged its engine room. The master of another tanker saw a large explosion and splash close to his vessel. However, no damage was reported.
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Officials: Nirmal Purja, a well-known climber in Pakistan, is among the 10 people killed in an avalanche.
Nirmal Purja died on Saturday in an avalanche in Pakistan during an expedition. He was a celebrated Nepali mountaineer who had set a world record for fastest ascents of the 14 highest mountains. Elite Exped, the company that organised his expedition, posted on Instagram: "It is with great sadness and heartbreak that we confirm Nirmal Nimsdai Purja tragically lost his life after the avalanche at Broad Peak." The report added, "We also received confirmation from other members of this expedition that they unfortunately did not survive." Balendra Shah, the Prime Minister of Nepal, expressed shock at the death of climbers including Purja. "Only the physical journey of climbers has ceased. Shah said in a post on social media that the courage, dedication and contributions of these climbers will remain inspiring and alive. Purja, 43 and nine other climbers had been missing since Thursday, after an avalanche struck Broad Peak in Pakistan, which is the world's 12th-highest peak at 8,051 metres (26,414 feet). Officials said the bodies of Purja, and other climbers, were located at a difficult location and still had to be recovered. Purja, a former Gurkha soldier in the British army, and then a member of the Special Forces, achieved his record-breaking feat within six months, in 2019. Purja became internationally known after the Netflix documentary "14 Peaks : Nothing is Impossible" was released two years later. Wes Streeting, UK defence minister, said that he was "incredibly sad" to hear of the deaths of Purja and other climbers. Streeting wrote: "He was a man of inspiration who served in our Armed Forces over many years - whose incredible adventures are well known around the globe." Around midday, the 10 mountaineers got caught in a avalanche. Six were Nepalis, and the rest were from Pakistan (Oman), the U.S., and China. Three bodies were found by search crews on Friday. Chhang Dawa Sherpa is a board member of Seven Summit Treks, which included three Sherpa climbers among the dead. He said that the rest of the bodies had been "spotted and identified" using drone footage, and were yet to be recovered. Chhang said, "They're in a tough spot and still haven't been recovered." He stated that unlike Nepal Pakistan does not practice long-line rescues by helicopters in the mountains. We?must take into consideration the safety of those going to retrieve the bodies." Sajid Hussain said that the rescue operation is ongoing. He said: "Rescue Teams have identified the location of victims, but they haven't been able yet to recover them and bring them safely down." He said that while drone surveillance and aerial recon helped to pinpoint the exact location of the victims, it was still difficult to reach the deceased and recover them safely. Purja scaled Annapurna in 2019. It is the 10th highest mountain on the planet. Then he began to climb other 8,000-metre mountains. Eight of the 14 highest mountains in the world are located in Nepal, while five others are in Pakistan, and the last one is in the Tibet region in China. Purja was described as a "charismatic colorful" character by elite climbers. Kenton Cool of the UK, who is the first non-Sherpa to have climbed Everest 20, said that he would be hard pressed not to mention his role in reshaping high altitude climbing. (Reporting and editing by Alex Richardson, Hugh Lawson, and Mushtaq Al in Peshawar)
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Peru consumer prices increased by 0.29% in July
Data from 'the national?"statistics "agency INEI on Saturday showed that?peruvian _monthly_ consumer prices rose 0.29% during?July. This was slightly below the median forecast of 0.30% in a poll, and follows a 0.23% increase in June. INEI?said that the increase in prices was primarily due to a rise of 0.67% in food and non-alcoholic drinks,?led mainly by higher prices for poultry meat and cuts, eggs and?some fruits and vegetables. Fuel prices fell, but transport prices rose 0.20%. This was due to increased demand during Fiestas Patrias for air and interprovincial travel. Restaurant and hotel prices increased by 0.18%. Gas, electricity, and housing prices all fell 0.12%. This was due to lower gas prices and lower electric tariffs after a new rate system that went into effect on July 4. The annual inflation rate in Lima, the nation's primary inflation benchmark, increased to 4.07% from 4.01% in June. This is still above the central banks' 1%-3% target range. Preetika parashuraman, Bengaluru. Edited by Hugh Lawson.
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Turkey, Iraq sign one-year oil pipeline deal
Alparslan Bayraktar, Turkish Energy Minister announced on Saturday that Turkey and Iraq had signed an agreement for a year to maintain the crude oil pipeline between 'the two countries. The agreement extends a bilateral arrangement dating back decades that expired Monday, which allowed the operation of Baghdad’s only export pipeline (ITP), the Iraq-Turkey Pipeline. The minister stated: "While we continue to work towards a long-term agreement on this 'pipeline..., we have implemented a transit arrangement that covers a daily?capacity of 750,000 barrels." Bayraktar stated that he met with Iraq's Oil Minister and his delegation in Ankara and signed a one-year agreement between the Turkish state energy companies BOTAS and Iraqi state oil companies SOMO and NOC. The extension gives time to talk about a?more comprehensive agreement. The Turkish government wants to use the 1.5 million barrels of oil per day (bpd) capacity 'pipeline to its fullest and extend it to southern Iraqi oilfields. Turkish data indicates that the pipeline carrying oil to the Turkish port of Ceyhan carries approximately?170,000 barrels per day.
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Israeli strikes kill 2 in Gaza and destroy medicines storage warehouses
In separate strikes, Israel's military killed two Palestinians and destroyed two 'warehouses' near a hospital storing medicine. The strikes came amid uncertainty about whether Israel had accepted the Hamas-negotiated disarmament deal. Palestinian officials confirmed that two Palestinians died in an Israeli airstrike in the Sheikh Radwan area of Gaza City, central 'Gaza. The Israeli military claimed that the militants targeted by their airstrike were Hamas, but refused to give further details. The Palestinian Health Ministry in Gaza released a statement stating that an Israeli airstrike destroyed two warehouses used by the Al-Aqsa Martyrs Hospital to store medicines in Deir al-Balah, a southern Gaza suburb. The military has not yet commented on the attack. The strike also damaged two other warehouses that housed medicine and the hospital's outpatient clinic. No immediate reports have been made of injuries. The hospital stated that the warehouses contained essential?medical supply used to treat dialysis patients with kidney failure, as well as other materials such gauze used for wound care and routine treatments. Khalil Al-Daqran said that the Israeli occupation had committed a "heinous crime" during the strike. He said that "in the middle of night (the military) destroyed a warehouse which contained medical supplies for the hospital." Witnesses reported that the military issued an evacuation order for the area before the strike. Under international humanitarian law, hospitals and other civilian sites can be protected. However, this protection may be lost if the site is used for military purposes. Israel's military claims that Hamas, and other armed group operate within civilian facilities and areas. Fatima Sharab said that many people who needed medical attention were sheltering near the warehouses to be close to the hospitals. She said, "The strike struck and then we returned to the camp - there was no camp." Israel has continued to strike Gaza after agreeing to a ceasefire last October, mediated by the United States. In the nine months since then 1,222 Palestinians have been killed. Palestinian health officials claim that the majority of those killed were civilians including women and kids. Hamas does not usually announce its casualties. Donald Trump, the U.S. president, appeared to announce on Thursday a breakthrough in his plan to end the conflict. Israel and Hamas had agreed to it last year. The ceasefire was the first step. Trump stated that Hamas had agreed to lay its weapons down. Hamas ruled Gaza for?nearly 20 years before launching the attack on Israel in October 7th, 2023 that sparked the Gaza?war. Benjamin Netanyahu, the Israeli prime minister, has not yet made a public comment. However, his National Security Minister Itamar Bin-Gvir called the agreement "inacceptable" and said that Israel should continue its policy of assassinating Hamas leadership. The Board of Peace, Trump's appointed body to implement the plan for ending Gaza war, published a roadmap Thursday that outlines the final steps in implementing the initiative. In the document, it is stated that Israel has committed to Trump's plan of 20 points which was signed by Israel last year. (Writing and editing by Hugh Lawson; Alexander Cornwell)
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India's record renewable power generation in July reduces coal's share to a 1-year low
In July, the share of coal in India's power generation mix fell to its lowest level?in an entire year as renewable energy production surged?to a new record high. The data revealed that renewable power has risen to 20% of India's total mix. The data showed that the number of kilowatt hours (kWh) consumed in July was 36.25 billion, up 30% on last year. Grid-India, the state-run regulator, calculated that coal-power generation dropped to 65.7% from 69% in July. India's clean energy generation has risen as solar and wind output have exceeded 100 gigawatts. This is the first time that this figure was higher than 42.8%. Manoj Kumar, analyst at the Centre for Research on Energy and Clean Air said that the majority of peak power demand occurs during the daytime, when solar contributes more. He cited a rising renewable share in the nation's electricity generation. The data revealed that coal-fired electricity generation increased by 12.8% on an annual basis to 119.40 Gigawatt Hours in July. Analysts attribute the rise in coal-power production to a decline in hydropower and due to an El Nino pattern where "searing heat" is driving the demand for cooling at night. El Nino has caused a significant shift in rainfall patterns and elevated temperatures. This is why hydropower generation fell for the second consecutive month. CREA stated that the lower hydro generation due to El Nino combined with increased power demand could result in a gap in power generation of nearly 18 billion kWh. This will lead to an increase in coal-fired energy in India. Data showed that India's electricity production in July increased 10.4% compared to a year ago, reaching 181.79 billion kWh. Sethuraman N.R.; William Mallard, Editor
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Bangladesh garment workers pay hidden cost of rising heat
The rising temperatures are affecting household budgets as well as factory floors Heat is forcing Bangladeshi workers to spend a larger share of their wages Experts warn that the true cost of heat is not well-measured. Tahmid Zami Tahmid Zami Begum can't spare much money, but staying cool to her is a must. It is a matter of survival. Begum, 32 is one of Bangladesh’s 4 million garment and textile workers, who must set aside a part of their meager income to cope with the rising heat. According to a World Bank report released in 2025, the average summer temperature in Bangladesh has increased by 1.1 degrees Celsius since 1980. This is slightly higher than the global trend of 0.8 to 1 Celsius. The study found that high humidity pushed up the temperature of the air by 4.5 Celsius. Researchers and labour advocates have noted that Bangladesh does not currently have a policy which sets national standards to manage heat risk in its most vulnerable communities. This includes outdoor workers and industrial workers. Ameena Kiwdai, from the workers' rights group, People's Courage?International, said: "These workers pay an invisible heat tax, which is an additional cost burden that results from their effort to bear with the heat." Kidwai wrote a report in 2026 on South and Southeast Asia workers. Begum's garment factory in the Konabari area of the industrial city Gazipur employs less than 1,000 people. Begum, despite the exhaust fans and ceiling fans that cool the factory, is forced to take frequent breaks to cool down. Researchers at Australia's Griffith University found that temperatures in Bangladeshi factories during the summer months regularly exceeded 30 Celsius. Begum's homecoming is also no relief. She can't get enough sleep because the ground is warm and radiates heat all night. A 2024 study published in the journal Computational Urban Science found that the average land surface temperature in Gazipur (located just north of Dhaka) increased by approximately 2.01 Celsius from 2000 to 2020, as more green space was built. Last month, to offset the government's?subsidy to the power sector, it raised electricity prices by over 16%, increasing the cost of cooling homes and factories. Begum said, "The cost of electricity is increasing and this has an impact on my monthly household expenditure." Women workers are at particular risk of heat stress. The national guideline for heat-related illnesses states that mothers in Bangladesh are more likely to deliver babies with cramps, heatstroke or headaches when the weather is hotter. This is because infants have less ability to deal with heat. "Work was especially harder when I had my youngest child. Begum explained that she would have to take frequent breaks or half-day leaves during her pregnancy. She was docked 100 takas when she missed a half-shift. PROFIT HIT As workers suffer heat stress, factories owners are also faced with additional costs because they have to invest in cooling. In a report published in February 2026, the nonprofit Apparel Institute stated that climate-related risk, such as carbon pricing, volatile raw material prices, and rising energy costs could reduce worldwide company profits up to 34% in 2030. Mohiuddin Rubel, the managing director of Denim Expert Ltd. said that he had added more fans to his factory's production area and improved the?ventilation. He has also taken other measures, including better access to drinking salts and water as well as more frequent breaks for hydration and first aid support for heat-related illness. He said that these?measures' have increased Rubel's factory operating costs between?2% and 5% due to the higher electricity consumption. Workers are responsible for a significant portion of the costs. Md. Safiqul, a garment worker who has his own routine, buys cold drinks and sodas to quench his thirst during hot days. He spends an average of 2,500 taka per month on drinks and hydration salts. Health risks affect productivity as well. Rubel stated that workers who are unable to sleep well due to the heat or have a long commute may be fatigued when they arrive at their workplace. Delays at work can also affect income. Islam said that if I'm late by three days, a day's pay, or "hajira", is taken from my salary. Rubel, however, said that the cost of increasing heat can't be covered by factories. He said that government investment in reliable healthcare, electricity and water services is necessary to improve the well-being of workers and industrial resilience. Further research is also needed on heat tax. He said that a stronger policy to support workplace adaptation would benefit businesses, and protect the health and productivity of workers.
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Caribbean Bets on biofuel, boats and barriers as sargassum piles up
Each day, hundreds of Mexican hotel employees, tractor operators, and Navy personnel with specialized training head out to the beach at dawn to remove massive amounts of rotting seaweed from Caribbean beaches near popular tourist resorts. Hotels in the Caribbean have slashed rates and invested millions of dollars to remove the foul-smelling algal blooms from their beaches. Governments and businesses are also looking for solutions. How it all began Sargassum, a brown seaweed which forms floating'mats' on the ocean surface, was previously confined to the 'Sargasso Sea in?the North Atlantic. However, unusually strong winds in 2010 blew sargassum out into the nutrient rich tropical waters of West Africa where it thrived. The seaweed that was displaced became a belt of self-sustaining algae, which travelled on ocean currents through the Caribbean and north Brazil, bringing a mass of algae to Caribbean island nations and the Riviera Maya, as well as the Gulf of Mexico. Sargassum is a tropical Atlantic sargassum that feeds off nutrients from rivers like the Amazon, Orinoco, and Congo, upswells of the deep oceans, Saharan dust, and rising sea temperatures. WHERE IS IT GOING? The University of South Florida’s?Optical Oceanography Lab anticipates that 2026 will be the second largest year in terms of sargassum, and more seaweed is likely to accumulate around the Caribbean region and southeastern Florida over the coming months. Brian Barnes, a research assistant professor at the University's College of Marine Science who works in the laboratory, said that the novelty of this phenomenon and its seasonality make it difficult to predict its future course. He said that the seaweed's mass could double every five years. MEXICO RECORD NUMBERS Mexico is looking to protect the tourist attractions along its Riviera Maya, including Cancun and Tulum, by purchasing more boats for picking up sargassum, and deploying larger barriers off of the coast. According to data from the government, Mexico has collected 96,151 tons of sargassum this year. This is up from 92783 tons in 2012. Mara Lezama said at a Thursday press conference that the best way to combat sargassum was to intercept it before it reaches our coastlines. Federal Mexican officials expect a new open sea sargassum ship to arrive in a month. They are also looking for more ships to be sourced from Japan, and to supply smaller Mexican vessels to Dominican Republic. CREDITS FOR CARBON Some companies are attempting to get carbon credits by sending out boats that make bales from sargassum, which releases methane when it decomposes. They then sink these to the ocean floor. However, this practice has raised concern about possible abuses, impacts to deep-sea eco-systems and over-harvesting of offshore clusters. Barnes explained that it's important to strike a balance, because the sargassum off-shore is a habitat for turtles and other fish. If you want to clean up the Caribbean, you will have many collateral damages. Barnes stated that many companies contacted him to ask for his advice on carbon credits projects. However, he wasn't convinced they would produce positive results. When life gives you a sargassum Sargassum's abundance has prompted a number entrepreneurs to attempt to transform the seaweed into lucrative commercial products or new energy sources. They have overcome challenges, such as safely removing the toxic metals that are absorbed by the algae. Alicia Barcena, the Environment Minister, said that out of 200 projects, at least 11 could be industrialized and 39 are already producing products. These include fuel, bioplastics, laminates, and fertilizers. Felix Navarrete is an executive with sargassum refiner Carbonwave. He said that his company already sold fertilizer overseas and after receiving regulatory approval from Mexico's sanitation watchdog was now looking to market to local farmers. Carbonwave is also interested in supplying materials to the textile and cosmetic sectors. Quintana Roo's state government plans to expand a Cancun biofuel?plant. What's Next? The Caribbean Government and Industry Leaders have warned about the severity of the crisis. They also encourage tourists to continue visiting their beaches, make the most out of their vacations and stay up-to-date by choosing less affected areas. Mexico will host a conference in Cancun in early October, which is a joint European Union and Caribbean conference on Sargassum. Representatives from both regions will discuss ways to increase sargassum collections while protecting coral reefs and beaches. (Reporting and editing by Tom Hogue; Sarah Morland)
Mike Dolan: The stress of the long-term bond issue in the G7 is intensifying.
The rise in government borrowing costs over the long term is not slowing down, and there are more aggravators every day. If you have been enthralled by the gravity-defying markets of this year, then look no further for where stress is growing in world markets.
The debt, oil, inflation and interest rate risks, combined with the domestic political and geopolitical uncertainties, as well as the waning demand from the private and public sectors for long-term bonds, have pushed borrowing costs in the Group of Seven (G7) advanced economies to their highest level in over 20 years.
According to ICE Bank of America's indexes, the implied yield of buckets of G7 Government Debt with maturities of ten years or more has risen this week above 4,6% for the first since 2004. This is the latest in a series of events that have culminated in the end of decades-long government borrowing rates that were ever cheaper.
Bloomberg's long-term G7 Bond Investment Index has almost halved its price since its peak 10 years ago and is still falling.
The 30-year U.S. Treasury's borrowing costs have topped 5% this week, the highest level in nearly two decades. Britain's gilt yields for 30-years reached their highest levels since the 1990s. Japan's equivalents also are on the verge of new record highs.
The Iran War and its associated energy shock ended some stabilization in early this year. The impact of the Iran war is highlighted by Tuesday's news that U.S. inflation surged to its highest level in almost three-years in April. After 11 weeks of war, the hopes for a peaceful agreement have once again been dashed, and crude futures year-end are now climbing towards $100 per barrel.
U.S. Treasuries, which account for almost half of the total G7 government's debt, are the elephant of the room. This is despite the fact that the grouping of rich countries has a number of domestic concerns.
Futures have wiped out all expectations of Federal Reserve rate cuts in this year. Inflation is now expected to be higher than 4% by May, which is more than double the central bank's goal. The markets are almost 80% pricing in the next Fed rate hike to occur as early as April next year.
This is despite President Donald Trump's appointee Kevin Warsh, who will be taking over as Fed chair later this week.
Whatever the outcome of?Warsh’s view on interest rates, his position on the Fed's $6.7 billion balance sheet of bonds will cause the long end to shake. Over a third (33%) of the debt on the Fed's balance sheet is made up of bonds with a maturity of at least 10 years.
LONG BOND SHIVER
The long-term debt situation in Japan is even worse. Its government debt exceeds a fifth the total of the G7.
The return of inflation after a long absence, the normalization of Bank of Japan rates following decades of near-zero interest rates and a new round of government spending stimulus from newly-installed Prime Minister Sanae Takaichi sent borrowing costs for long-dated loans soaring. The yields on 30-year bonds have more than doubled over the past two years.
The BoJ is pushed to tighten its belt by the ongoing battle to stabilize Japan's ailing yen. Meanwhile, Japan's life insurers and pension funds are losing their appetite for long-term debt due to ageing demographics.
The energy shock in the eurozone has been felt more than anywhere else. Markets are already pricing rate increases from the European Central Bank as early as next month.
This puts even more pressure on France's worrisome debt dynamics. The 30-year French debt rates are nearing their highest level in 17 years, amid ongoing political and budget tensions. Even in Germany, the 30-year yields on bunds have reached 15-year-highs following its sudden defense spending spree.
The UK gilt market will also be rattled by a rise in interest rates from the Bank of England.
Even that would have been acceptable if Keir's predicament as Prime Minister this week hadn't made it so.
The bond market was shaken by a possible challenge to his leadership from the left-wing of the ruling Labour Party, similar to what happened in Japan last year. This was due to?concerns about the UK's budget being loosened.
In recent years, the demand for super-long-duration bonds has been structurally shifted away in Europe. Dutch pension funds can now invest beyond this sector. British defined-benefit funds have also?retreated' since the budget and bonds shock of 2022.
The frantic rush by the so-called hyperscaler tech companies to invest hundreds of billions in the artificial intelligence datacenter boom is also prompting significant bond sales, many of which are in multiple currencies with super-long maturities.
The competition between governments to raise long-term bond finance is also increasing.
But markets have not yet viewed this as a true crisis.
One unavoidable result may be to front-load national debts with shorter maturities. Without a reduction in the overall debt, this will only increase refinancing risks, rollovers and potential volatility for sovereign borrowers.
Some say that the woes of government bonds are part of why savers and investment firms?seem to have no other choice than high-flying stock prices. A deepening squeeze in the bellwether government lending markets, which are the foundation of global finance would be difficult to ignore by any investor or wider economy.
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)