Latest News
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All bodies found in Washington State chemical accident: 11 confirmed dead
The death toll in the United States from a ruptured?chemical tank has risen to 11. The death toll from a?chemical tank rupture in the United States has risen to 11 as crews have recovered all nine bodies, according authorities. The tank that contained "white liquor", a chemical mixture of sodium hydroxide and sulfide, used to make 'paper pulp, imploded on Tuesday at the Nippon Dynawave Packaging plant. Kurt Stitch, Cowlitz 2 Fire & Rescue deputy chief, stated that the search for missing persons continued throughout the week as crews cleared debris from indoor?areas, and drones were flown over the perimeter. Officials have confirmed that the ruptured tank held about 900,000.000 gallons of white liquor. Tests also showed contamination of the nearby Columbia River. However, no negative health effects were detected in the air or drinking water of the city of Longview. Nippon Dynawave Packaging, Japan's wholly-owned subsidiary, was established in 2016 by Nippon Paper Industries, Japan's second largest paper manufacturer. The company acquired the Longview plant from Seattle-based Weyerhaeuser Timber for $225m. (Reporting and editing by William Mallard in Bengaluru)
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PSG wins the Champions League with a shoot-out victory over Arsenal
Paris St Germain reclaimed their Champions League 'title' with a penalty-shootout victory? over Arsenal, after a 1-1 stalemate in a tense final at the Puskas arena on Saturday. Gabriel, of Arsenal, blasted his penalty over the?crossbar to give PSG a?4-3 victory? on spot-kicks. The French champions had the worst start possible after Kai Havertz scored an Arsenal goal?in just the sixth minute. He whipped a?rising shot?past PSG's goalkeeper Matvey Safonov. The PSG defence looked to be the most formidable in Europe, but Ousmane dembele equalized from the spot after a foul was committed by Cristhian Moquera against Khvicha Kvaratskhelia in the 65th minutes. PSG won the Champions League trophy for the second consecutive year after a scrappy extra-time period that could not separate both sides. (Reporting and editing by Christian Radnedge.)
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Russia's Rosatom says Ukrainian drone struck Zaporizhzhia nuclear plant
Rosatom, the Russian state-owned nuclear energy company, said that a Ukrainian drone 'hit' the Zaporizhzhia nuclear 'plant', Europe's biggest, on Saturday. The drone did not damage any key equipment but left a hole in a wall of the turbine hall. The building housing the turbine hall of Power Unit No. 6 was struck by a Ukrainian combat drone kamikaze this afternoon. The explosion was caused by the subsequent detonation of 6. The explosion did not cause any damage to the primary equipment, but it tore through a wall in the turbine hall. Ukraine has not yet commented. Likhachev described the incident as "deliberate". The Zaporizhzhia Nuclear Plant was captured by Russia on March 20, 2022. It remains close to the frontline of the Zaporizhzhia area in the south-east Ukrainian region. It has?come in for some fire at times during the four-year war, raising?fears about a nuclear incident. Likhachev stated, "We are a step closer to an incident which?will affect those who live beyond the borders of 'Russia and Ukraine but still think they are totally safe." (Reporting by Anastasia Lyrchikova. Felix Light wrote the article. Mark Potter (editing by Felix Light)
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Authorities claim that Ukrainian drones have struck a port and oil depot in southern Russia.
Authorities in the southern regions Rostov-Krasnodar reported that Ukrainian drones had struck a tanker overnight at Taganrog, a Russian port. They also reportedly hit an oil depot?in?Armavir. Yury Slyusar, Governor of the Rostov Region, said via Telegram that the fires in Taganrog's port and on the tanker had been put out. No oil spillage was reported. He said that two people were injured. Svetlana kambulova, the mayor of the?city, announced that a local emergency state, which was introduced on May 27th, had been prolonged. The Russian Defence Ministry announced that its forces?had?downed 127 drones over night. Authorities in Armavir in Krasnodar, which has 185,000 residents, reported that the fire in an oil depot located in the industrial zone of the city had been put out and there were no injuries. Slyusar, governor of Rostov, said that nearly 50 drones had been brought down in the region. Attacks were reported "across" the province, which borders Ukraine’s Donbas and is the focal point of the fighting between Russia & Ukraine. He said that only minor damage had been reported outside Taganrog. The commander of Ukraine’s drone forces claimed that they had hit Taganrog as well as an oil depot in Feodosiya, in Russian-controlled Crimea. He did not mention a strike against Armavir. Reporting by Felix Light, Writing by Ros Russell, and Kevin Liffey.
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Authorities claim that Ukrainian drones have struck a port and oil depot in southern Russia.
Authorities in the southern regions Rostov and Krasnodar reported on Saturday that Ukrainian drones had struck a tanker overnight at the port of Taganrog in Russia and also hit an oil depot in Armavir. Yury Slyusar, Governor of Rostov Region, said via Telegram that the fires in Taganrog (a city with a population of 240,000) and on the tanker had been put out. No oil spillage was reported. He said that two people were injured. Svetlana kambulova, the mayor of the?city, confirmed that a local state of emergency introduced on May 27 had been extended. Authorities in Armavir in Krasnodar, a city with a population 185,000 people, reported that a fire at an oil depot located in the industrial zone of the city had been brought under control. Slyusar, Rostov's governor, said that nearly 50 drones were downed by the region. Attacks have been reported in the entire province which borders Ukraine’s Donbass, the focal point of the fighting between Russia and Ukraine. Only minor damage had been reported outside Taganrog. Reporting by Felix Light, Writing by Ros Russell; Editing by Ros Russel
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Concerns about consumer demand lower LIVESTOCK CME cattle futures
Chicago Mercantile Exchange?cattle futures and feeder cattle?ticked down on Friday due to a technical setback.?As a result, 'Americans' concerns about their ability to afford beef grew. Gas prices are high and consumer sentiment is gloomy, raising fears that Americans will reduce their beef purchases. Beef is the most expensive protein in grocery stores. Dan Basse is the president of 'AgResource' Company. He said that they are 'looking at consumers' disposable income and wondering if they will 'pay higher beef prices'. Oil futures dropped more than 2% Friday, marking their steepest weekly decline since early April. Traders awaited news that the U.S.?Israel and Iran reached an agreement on a truce. Live cattle for August fell by 1.95 cents, to 239,05 cents a pound. August feeder cattle futures dropped 4.60 cents at 348.425 per pound. The U.S. Department of Agriculture reported on Friday that the value of 'boxed beef' had dropped by 26 cents, to $392.06 a hundredweight. Select?cuts, however, fell by $2.26, to $382.32 a hundredweight. According to HedgersEdge.com, the Packers lost about $266.90 per head of cattle they slaughtered last Thursday. This is an improvement from the previous week. CME's lean-hog market saw a drop of 2.625 cents to 99.50 cents for each pound. According to USDA, the wholesale price of pork cutout has risen 91 cents per cwt to $100.02. Reporting by Heather Schlitz, Editing by Daniel Wallis
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IMF, World Bank and others warn that Middle East war strains energy supplies
The heads of the International Energy Agency, the International Monetary Fund (IMF), the World Bank, and the World Trade Organization warned on Friday that the war in the Middle East is straining the global energy supply and affecting vulnerable economies the most. The U.S. and Israel war against Iran has disrupted the trade, rattled the financial markets, and raised 'concerns about global energy supply, especially through Strait of Hormuz. This is a major route for oil and natural gas shipments. Global?institutions stated that the world's economy was resilient. However, the conflict disproportionately affected poorer countries by increasing fuel and fertilizer prices, increasing uncertainty, and creating job risks. In a joint press release, the heads of these groups met Thursday to discuss the economic impact of war. U.S. president Donald Trump said that he will decide on Friday whether to extend the ceasefire with Iran. This would include?opening up the waterway? and dismantling Tehran’s nuclear weapons capability. The institutions warned that if shipping 'flows' do not return to normal, the rapid depletion in global oil stocks ahead of the peak summer 'oil demand - in the Northern Hemisphere - would pose a heightened risk for fuel security and market conditions.
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USITC says Russian palladium does not harm America cos, ends probe
The?U.S. has stated that Russian unwrought Palladium, which is used to reduce emissions from gasoline vehicles, doesn't?harm American companies. The International Trade Commission announced a decision?on Friday to end Washington's antidumping investigation. Last week, the U.S. Department of Commerce decided on a separate countervailing duty of 109.1%. Sibanye Stillwater, which produces in South Africa as well as the United States, and the United Steelworkers Union had asked Washington to consider imposing duties so that they could 'protect the long-term sustainability of U.S. supplies. The USITC has now concluded the investigation with its negative determination. USITC stated in a press release that its full report would be released on July 8th. "The U.S. industry is not materially harmed or threatened with a material injury by reason of the?imports from Russia of unwrought Palladium, which Commerce determined were sold at subsidized prices and below fair value in the United States," it said. Russian palladium exports to the U.S. increased from 23.8 tons a year ago - and 20.4 tons a year earlier - to 27.6 tonnes in 2024. Nornickel of Russia, the largest palladium producer in the world with a market share of about 40%, refused to comment on USITC's decision. As of Friday, palladium spot prices had fallen by?17% from the beginning of the year. They were currently at $1,355 an ounce. Reporting by Susan Heavey and Anastasia Lyrchikova, with additional reporting from Katharine Jackson and Ismail Shakil. Editing by Ismail Shakil & Chizu Nomiyama.
Donald Trump's trade threats and tariffs
Since Donald Trump returned to office in the United States last month, he has imposed numerous tariffs on imported goods and threatened to do so more frequently.
These can be broad - such as a tariff on all imported goods from abroad - or targeted at certain sectors, countries, or regions to try and get them to comply with his demands.
Trump's threats changed over the years, from small levies up to those exceeding 200%. Other nations and businesses are unsure of what will happen next.
Here's a summary of Trump’s threats and actions in relation to trade.
BROAD TARIFFS
Trump's vision is based on a gradual rollout of tariffs that will apply to all U.S. imported goods. According to the Financial Times, Treasury Secretary Scott Bessent is pushing for a 2.5% tariff that will increase each month.
Trump, however, has said that tariffs may be higher. In the past, tariffs accounted for a large portion of U.S. taxes. However, they have decreased in recent years to just a small fraction. Economists claim that Trump's policies are inflationary, as businesses who import goods and pay tariffs will pass on the costs to consumers.
Trump announced on Friday that he would impose "reciprocal tariffs" against countries who levy duties on U.S. products. Trump has not yet specified the tariffs that he will levy.
Global trading partners may impose counter-tariffs on U.S. agricultural and energy exports. This could lead to a global trade war that would create uncertainty for investors and businesses.
Specific COUNTRIES
Trump's tariff proposals are aimed at several key trading partners.
MEXICO AND CANADA : Mexico and Canada were the two largest trading partners with the U.S. from 2024 to November. Trump announced that he would impose 25% tariffs on imports coming from Mexico and Canada, which will go into effect February 4, as a retaliation against migration and drug trafficking.
Trump, however, canceled the tariffs just before they were implemented, delaying them until March 1, pending negotiations between these two nations. Trump claimed that neither country was doing enough to stop the flow of drugs or migrants.
Canada exports primarily crude oil, other energy products and cars and auto parts as part the North American automotive manufacturing chain. Mexico exports a variety of goods to the U.S., including industrial and automotive products.
CHINA: Trump has imposed a tariff of 10% on China in order to keep his promise. China announced that it would begin levying levies against some U.S. products on Monday. During Trump's first tenure, both countries were involved in a lengthy trade war which hurt their economies.
Trump has said that the EU, and other countries, have alarming trade surpluses against the United States. He said that the products of the other countries will be subject to tariffs, or he would demand they purchase more oil and natural gas from the U.S. despite the fact that U.S. export capacity for gas is close to its limit.
RUSSIA: Trump threatened to hit Russia and "other participating countries" with tariffs, taxes and sanctions if an agreement to end the conflict in Ukraine was not reached soon.
INDIA/BRICS NATIONS During his election campaign, Trump called India a “very big abuser” on trade and vowed that tariffs would be used to correct imbalances in trade. He also threatened to impose tariffs on the BRICS nations if they didn't agree not to create a new currency.
COLOMBIA - Trump announced that he would impose 25% tariffs on Colombian products after the country refused flights with migrants who were to be deported by the U.S. The two sides reached an agreement.
PRODUCTS
Trump said on Sunday that he would impose tariffs on all imports of steel and aluminum used by automakers and aerospace companies as well as in construction and infrastructure.
According to World Bank statistics, the U.S. imports more aluminum than any other country in the world. According to the International Trade Administration, it has been running a steel trade deficit for over a decade. The International Trade Administration reports that it is the world's second-largest steel importer, with over half of its volumes coming from Canada.
SEMICONDUCTORS : Trump said that he wanted to impose tariffs against imported computer chips. He pointed to Taiwan where Taiwan Semiconductor Manufacturing Co., the world's biggest contract chipmaker, produces semiconductors for Nvidia and Apple, among other U.S. customers. TSMC will generate 70% of its revenue by 2024, from North American customers.
Trump has proposed tariffs on pharmaceuticals, including medicines. This would be a significant change. In the past few decades, pharmaceuticals were generally exempted from tariffs.
Trump has proposed a tariff of up to 100% on all other vehicles including EVs. In 2024, the automobile industry will account for more than $200 billion in imports from Canada and Mexico. (Reporting and editing by Maju Samuel, Lincoln Feast and Anjana Anil in Bengaluru.
(source: Reuters)