Latest News
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As floodwaters recede in Central Texas, 27 people have been confirmed dead
Authorities confirmed that 27 people including nine children were dead following flash floods across central Texas. Rescuers are still searching for survivors, including the dozens of girls who remain missing from their summer camp. As floodwaters receded around the Guadalupe River in Kerr County in Texas, approximately 85 miles (137 kilometers) northwest of San Antonio, 800 people were evacuated. The majority of the missing people are young girls. Near the camp, river levels rose rapidly by 29 feet. After thunderstorms dumped up to a foot of rainfall early Friday, the U.S. National Weather Service announced that the flash flooding emergency had largely been lifted for Kerr County. This was the epicenter of this flooding. The NWS Weather Prediction Center, College Park, Maryland, has issued a flood watch for the San Antonio and Austin, Texas region until 7 pm on Saturday. Donald Trump, the U.S. president, said that the federal government was working with local and state officials to combat the floods. Melania and I pray for the families affected by this terrible tragedy. "Our Brave First Responders have been on the scene doing what they do best," said he on social media. Dalton Rice, Kerrville's city manager, told reporters that extreme flooding occurred before dawn, with little or no notice, preventing authorities from issuing evacuation orders in advance as the Guadalupe River quickly rose above major flood level. Rice stated that "this happened very rapidly, in a very brief period of time, which could not have been predicted even by radar." "This occurred in less than two hours." Early Thursday, state emergency management officials warned that heavy rains in west and central Texas and flash flooding were possible "in the next few days" citing National Weather Service predictions ahead of the holiday. W. Nim Kidd of the Texas Division of Emergency Management said at a Friday night news conference that the weather forecasts "didn't predict the amount of rainfall we saw". According to the National Weather Service summary of the storm in 1987, the weekend disaster is reminiscent of a devastating flood that occurred along the Guadalupe River almost 40 years earlier. A bus and van trying to leave a church camp were flooded and ten teenagers drowned while trying to get out. It said that hundreds of people had been evacuated.
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Sky News reports that UK's Octopus energy weighs $14 billion in demerger of Kraken's tech arm.
Sky News reported Saturday that Britain's Octopus energy is nearing the hiring of bankers to oversee an $13.7 billion ($10 billion) separation from its technology arm Kraken Technologies and a stake sale. The report was based on sources who are familiar with this matter. The report stated that a minority stake of up to 20 percent in Kraken is expected to sold to external investors to validate the technology platform’s valuation. According to the report, Octopus Energy shareholders will receive shares in Kraken, the newly independent business, when the demerger is completed within the year. The report cited a source to say that a valuation of 10 billion pounds for Kraken implied the entire group, including the retail supply business is worth 15 billion pounds and more. Octopus Energy refused to comment on the article, while Kraken Technologies was not able to be contacted immediately. Sky News reported that investment banks were invited to bid for the demerger contract in recent weeks.
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Sources say OPEC+ will continue to increase output.
OPEC+ is likely to agree on further accelerating oil production increases at its first Saturday meeting since oil prices jumped and then retreated following Israeli and U.S. attack on Iran. Since 2022, the group that pumps half the oil in the world has curtailed production to help support the market. It reversed its course in order to gain market share this year and after U.S. president Donald Trump asked the group to pump more oil to keep gasoline prices low. Two sources familiar with the talks said that two groups may agree to increase output by up to 550,000 barrels a day in August. This is an increase from the monthly increases of 411,000 barrels a day (bpd) they approved in May, June, and July and 138,000 in April. The eight members of the group, Saudi Arabia, Russia and the UAE, Kuwait Oman, Iraq Kazakhstan and Algeria, will meet online at 9am GMT on Saturday to decide the policy for August. In April, the eight countries began to unwind their latest output cut of 2,2 million bpd. Then, in May, they increased the increases again, despite crude prices being impacted by the additional supply. The increase in production came after certain OPEC+ countries, like Kazakhstan and Iraq, exceeded their production targets, which angered other members who were still sticking to the cuts. Kazakh production returned to growth in the last month, and reached a new high. Sources have stated that OPEC+ - which is the Organization of the Petroleum Exporting Countries (OPEC) and its allies, led by Russia - wants to increase its market share in the face of increasing supplies from other producers, such as the United States. OPEC+ announced a production increase of 1,37 million bpd from April to July. This represents 62% of the 2.2 million bpd production cut that is being unwinded. There are still other layers of reductions that total 3.66 million bpd. Reporting by OPEC Newsroom. Dmitry Zhdannikov wrote the article. Mark Potter (Editing)
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FT reports that the EU is stockpiling critical minerals in response to geopolitical threats.
Financial Times, citing an EU draft document, reported that the European Union intends to stockpile essential minerals to protect against possible supply disruptions caused by geopolitical tension. The draft said that "the EU faces a complex and deteriorating landscape of risk marked by increasing geopolitical tensions including conflict, the mounting impact of climate change, environment degradation, hybrid and cyber threats." The FT reported that the document warned of a higher-risk environment driven by "increased activities from hacktivists and cybercriminals", as well as state-sponsored groups. The European Commission didn't immediately respond to an inquiry for comment. According to the newspaper, the draft document is still subject to changes and will be published next Monday. It states that there are "limited understandings of the essential items needed to prepare for a crisis in the context of a rapidly changing risk landscape". The European Commission released its EU Preparedness Union Strategy in March. It urged member states to increase their stockpiles and encouraged citizens to have 72 hours worth of essential supplies on hand for emergencies. The strategy aimed to prepare the EU for possible risks, such as cyberattacks, geopolitical crises and natural disasters. It also included the possibility of an armed attack against EU member states. (Reporting and editing by Tom Hogue, William Mallard, and Surbhi Misra from Bengaluru)
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There are at least 13 deaths in Texas flash floods; more than 20 young campers have gone missing
Authorities in Texas said that torrential rains caused deadly flash floods on the Guadalupe River, south-central Texas, Friday. At least 13 people were killed and nearly two dozen girls are reported missing after a riverside summer camp. After thunderstorms with heavy rains, the U.S. National Weather Service declared an emergency flash flood warning for certain areas of Kerr County in Texas Hill Country. This is located about 65 miles (105 kilometers) northwest of San Antonio. Dalton Rice, Kerrville's city manager, told reporters that extreme flooding hit before dawn without much or any warning. This prevented authorities from issuing evacuation orders in advance as the Guadalupe quickly rose above the major flood stage. Rice stated that "this happened very rapidly, in a very brief period of time, which could not have been predicted even by radar." "This occurred in less than two hours." State emergency management officials warned on Thursday, citing National Weather Service predictions ahead of the holiday weekends, that heavy rains would be expected in the west and central Texas "in the next few days" and could cause flash flooding. In flood-affected communities, the Fourth of July fireworks displays were canceled, including in Kerrville where the planned U.S. celebration on Friday night was to be held at the waterfront. The river was flooded by rain, and the Independence Day celebrations were submerged. Kerr County Sheriff Larry Leitha said that 13 people had been found dead in the area due to flooding. He added, "I believe there will be many more after this thing is done." At an earlier press briefing, Texas Lieutenant Governor Dan Patrick stated that six to ten bodies of adults and kids had been discovered. Some were found in cars that had washed downriver. Pray for the Missing The authorities are also searching for 23 girls who were listed as missing among over 700 children in several summer camps near the Guadalupe River. This was when floodwaters inundated the area at 4 am local time. Patrick said, "We pray that all missing people are found alive." The sheriff did not reveal whether any unaccounted-for girls at Camp Mystic – a Christian private summer camp for young women – were included in the county-wide total of deceased victims. Authorities said that all campers were otherwise safe. However, they could not evacuate the campers immediately because of high water levels. In a message to reporters, Camp Mystic’s director stated that power, water, and internet services had also been shut off. At a press conference on the disaster, Kerr County Judge Rob Kelly said that everyone was doing their best to rescue the children. Kelly stated that a number residential subdivisions as well as RV parks and campgrounds had been severely affected. Kelly, when asked by reporters to explain why more precautions weren't taken due to the stormy weather forecast, said that a disaster this magnitude was unforeseeable. "We get floods every day." He said that this is the most dangerous valley of the river in the United States, and added, "We didn't have any reason to think it would be as bad as what happened here." "None at all." The Texas Division of Emergency Management issued an alert on Thursday stating that it has increased the readiness of its operations centre and "activated more state emergency response resources", as west and central Texas prepare for "continued heavy rainfall and flash flood threats heading into holiday weekend". Patrick reported that the Guadalupe River rose 26 feet (8 meters) in just 45 minutes, amid the heavy rains soaking up the area. Search teams flew 14 helicopters, a dozen drones, and hundreds of emergency personnel to the area. They were also conducting rescues on the ground from trees and fast-moving water. The Llano River, which flows through Mason County adjacently, was also reported to be at flood stage. This posed "a life-threatening scenario," according to the weather service. Patrick warned of a continuing threat of flash flooding from San Antonio to Waco in the next 48 to 72 hours. Officials said that the U.S. Coast Guard, the Federal Emergency Management Agency and other personnel were mobilized to help local authorities deal with the crisis. Steve Gorman, Los Angeles (Writing and reporting; additional reporting by Ismail Shakil and Jasper Ward; Acharya Bhargav and Toronto; editing by Matthew Lewis).
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Unspecified number of deaths and missing in Texas flash flood
Local authorities report that flash floods caused by torrential rainfall and thunderstorms along the Guadalupe River, in south-central Texas on Friday killed an unknown number of people, and left many others missing. Unknown numbers of children were caught in floodwaters which swept across campgrounds. At a press conference on the disaster, Kerr County Judge Rob Kelly stated that "everyone is doing their best to get these children out." Kelly stated that authorities have preliminary figures on fatalities but refused to release specific numbers until they know more about the extent of the casualties. Local media reported at least six deaths. After heavy rains of up to one foot, the U.S. National Weather Service has declared a flash flooding emergency in parts of Kerr County located in south-central Texas Hill Country about 65 miles north of San Antonio. Kerr County Sheriff's Office has reported "catastrophic floods" in the area. This resulted in "confirmed deaths and missing persons." Dalton Rice, Kerville's city manager, told reporters that the extreme flooding occurred without much or any advance warning. This prevented authorities from issuing evacuation orders. Rice stated that "this happened very rapidly, in a very brief period of time, which could not have been predicted even by radar." "This occurred in less than two hours." He said that scattered residential subdivisions and recreational vehicle parks, as well as campgrounds, were the hardest hit. Texas Lieutenant Governor Dan Patrick stated that he is working with the emergency response team of the state to coordinate the floods. "Another rainy day is predicted in these areas." Even if it is a light rain, flooding may occur. "There is a continuing threat of possible flash floods from San Antonio to Waco in the next 24-48 hours, in addition to continued risks in West and Central Texas," Patrick wrote in a social media post. Officials said that the U.S. Coast Guard, the Federal Emergency Management Agency and local authorities were all mobilized to help the local authorities deal with the crisis. Steve Gorman, Los Angeles (Writing and Reporting); Additional reporting by Ismail Shakil, Ottawa; Editing done by Matthew Lewis).
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Sources say that China is investing in the Brazil-led Global Forest Fund
Two people familiar with the negotiations said that China had signaled the Brazilian government it would invest in the Tropical Forests Forever Facility. This is a multilateral fund to conserve endangered forests all over the world. China's investment in the fund that Brazil proposed first in 2023 would be a significant shift in climate financing, which relied on funding coming from wealthy nations responsible for global warming up to this point. China's commitment could allow emerging economies to contribute to climate change mitigation financially, going beyond the requirements of the 2015 Paris Agreement that were imposed on developed countries. This new approach is being adopted as wealthy countries such as the United States back away from their ambitious pledges of funding projects to curb climate change. However, poorer nations are increasing pressure on these nations to do so as they struggle to deal with the effects of a warming climate. Last year, at the United Nations Climate Summit, leaders from developing countries criticized wealthy nations for their $300 billion annual global finance target. This was only a fraction of $1.3 trillion economists claim is needed. Sources say that Chinese Finance Minister Lan Fu'an, who met with his Brazilian counterpart Fernando Haddad, on Thursday, expressed his intention to contribute to TFFF (the Forest Fund for the Future), a fund to support the conservation of forests. The two spoke at a side meeting of finance minsters ahead of the BRICS summit, which begins in Rio de Janeiro this Sunday. One source who was present at the conversation said that Lan told Haddad that he thought the fund idea was important and that China would contribute. The discussion, however, did not include specific values. Sources say that the Brazilian government took the message of China's finance ministry as a sign that Beijing would contribute funds. However, a public announcement will not be made until the U.N. Climate Summit, COP30 in November. The Chinese embassy in Brasilia, as well as the Brazilian Finance Ministry, did not respond immediately to a comment request. Sources claim that Brazilian President Luiz Inacio Lula da Silva discussed the fund in May with Chinese President Xi Jinping. Brazil is also looking to attract other developing nations with rich resources, especially from the Middle East. The Brazilian government believes that the TFFF could be the main new deliverable for COP30 in Belem, an Amazonian city. Policymakers envision TFFF to be a $125 billion endowment fund that combines contributions from the private and sovereign sectors. The fund would be managed as an endowment, with countries receiving annual stipends based upon how much of their rainforests remain standing. Although sources don't expect the fund will launch at this scale, initial indications of support came from the U.K. France, Germany Norway, Singapore, and the United Arab Emirates. After President Donald Trump backed out of the Paris Agreement, the initial support from the United States has evaporated. The TFFF is a good example of the growing attention being paid to the conservation of tropical forests. These forests are rich in carbon that can help combat climate change. They also protect biodiversity. (Reporting from Lisandra paraguassu, Rio de Janeiro. Writing by Manuela andreoni. Editing by Brad Haynes & Chizu Nomiyama)
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Karabakh Summit: Regional powers adopt economic integration strategy
Seven leaders from west and central Asia met on Friday and agreed to promote trade liberalisation, increase foreign investment and cooperation in green energy as a way to enhance regional economic integration. As part of its long-term strategy for development up to 2035 the Economic Cooperation Organization meeting also agreed to enhance transport connectivity in the region and restore areas that were affected by conflict. The summit was held under the theme of "A New Vision for ECO for a Climate-Resilient and Sustainable Future." Participants included the Turkish President Tayyip Erdoan, his Azerbaijani colleague Ilham Aliyev as well as Shavkat Miziyoyev from Uzbekistan, Masoud Peshkian from Iran, Sadyr Japarow, Emomali Ramon in Tajikistan, and Pakistani PM Shahbaz Sharif The roadmap builds upon ECO 2025 a previous strategy that focused on regional integration, trade, and transport. Hikmet Hajiyev, Azerbaijan's presidential aide in charge of foreign policy, said that the ECO 2035 plan expands on ECO 2025 to include digitalization, social inclusion, and green energy. Hajiyev stated that Azerbaijan intends to establish a regional centre for green energy and a transport-energy hub as part of the new framework. However, investment figures are yet to be finalised. Aliyev, in a speech, highlighted Azerbaijan as a regional hub for energy and investments, noting that $350 billion was invested in the economy of the country in the last two decades. The meeting took place in the capital city of the former Nagorno Karabakh enclave. Azerbaijan recaptured the entire enclave in 2023. Although both Armenia and Azerbaijan backed the peace treaty between their two neighbours, tensions still remain. Erdogan expressed his hope that Khankendi could in the future become a "centre for peace and development in South Caucasus." The ECO-2035 strategy will be formally adopted by the Council of Foreign Ministers of the organization in Kazakhstan, this November. (Reporting and editing by William Maclean, Nailia Bagirova)
How Trump's proposed tariffs may impact products and energy
Presidentelect Donald Trump on Monday promised tariffs on the United States' 3 biggest trading partners Canada, Mexico and China. The proposed tariffs would affect a wide range of markets, consisting of oil, natural gas, agriculture and production, potentially modifying longestablished trade patterns and supply chains.
Here are products and energy sectors which may be affected:
OIL
Canada exported some $177.19 billion in energy items to the United States in 2023, according to government information.
Unrefined imports from Canada comprise more than a fifth of all the oil that U.S. refineries process. About 70% of imported Canadian barrels go to Midwest U.S. refiners that provide a location that consists of Chicago and Detroit.
Many of those Midwest refiners are set up to run much heavier oil and would either struggle to discover a direct replacement for Canadian oil or face paying a higher rate if that oil is subject to tariffs. That could drive up fuel expenses in the Midwest.
The U.S. imported about 5.2 million barrels of crude and petroleum products daily (bpd) from Canada and Mexico in 2024, with more than 4 million bpd of that from Canada, data from the U.S. Department of Energy showed.
In 2023, Canadian crude oil exports to the United States were above $110 billion, according to the Canada Energy Regulator.
GAS
The U.S. imported about 8.5 billion cubic feet daily ( bcfd) of natural gas throughout the very first 8 months of 2024 from Canada and Mexico, according to the latest information available from the EIA.
Overall natural gas exports were about $6 billion in 2023, according to data from the Canada Energy Regulator.
The majority of this year's gas imports - about 8.4 bcfd - came via pipelines from Canada. That compares to an annual average of 8.0 bcfd of gas imports from Canada in 2023 and approximately 7.6 bcfd over the past five years (2018-2022).
The remaining approximately 0.1 bcfd of gas imports so far this year came from pipelines from Mexico, liquefied natural gas ( LNG) from Canada and Trinidad and Tobago, and compressed natural gas (CNG) from Canada.
The U.S., meanwhile, exported about 20.8 bcfd of gas throughout the very first eight months of 2024, including about 2.7 bcfd going to Canada via pipeline, 6.4 bcfd going to Mexico by means of pipeline and approximately 11.7 bcfd going to different nations through LNG, according to the EIA.
The worth of those U.S. gas exports during the very first eight months was around $11.0 billion, according to Reuters calculations utilizing the U.S. Henry Center << NG-W-HH-SNL > benchmark as the area price of the gas.
AGRICULTURE
The U.S. imported $40.1 billion of Canadian farming items last year, making Canada the second-largest origin of U.S. agricultural imports behind Mexico, according to data from the U.S. Department of Agriculture.
The United States imported almost $3 billion of Canadian beef last year, $1.1 billion of pork and another $2 billion of live animals as part of an incorporated, cross-border animals producing and processing industry.
Canada likewise supplies the United States with nearly half of its imports of veggie oils and lumber and other forest items.
In 2023, the U.S. imported $45.4 billion of agricultural items from Mexico.
About two-thirds of all U.S. veggie imports and half of fruit and nut imports originate from Mexico, according to the USDA: almost 90% of its avocados, as much as 35% of its orange juice, and 20% of its strawberries.
U.S. imports of Mexican tequila and mezcal - both utilized for making mixed drinks, such as margaritas - amounted to $4.66 billion in 2023, up 160% given that 2019.
Each year, Mexico exports more than 1 million cows across the border to become part of the U.S. beef supply.
SUGAR
The U.S. imported 521,000 short lots of sugar from Mexico in the 2023/24 season (Oct-Sept), under a bilateral trade deal that reduces the import taxes on sugar from Mexico. It was nearly 15%. of all U.S. sugar imports of 3.76 million brief loads in the last. season.
POTASH
The U.S. imported about 13 million lots of potash in 2015,. of which 85% originated from Canada, according to data from the USDA.
(source: Reuters)