Latest News
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Texas Mayor calls for flash flooding warning system to reduce future fatalities
The mayor of the city in Texas that was at the heart of the flash floods earlier this month, which killed more than 130 people, asked state legislators on Thursday for help to get a warning systems in place within one year. Kerrville mayor Joe Herring said to a joint Senate and House committee meeting in his town, northwest of San Antonio, that he wants a flood warning system designed and installed before next summer. Herring stated, "We must find solutions that will protect the public as well as save lives." We will need your assistance to achieve this goal. A special session of the Texas legislature was called by Governor Greg Abbott to address the flooding. Early on July 4, the flooding washed away children's camps and people who were enjoying the Fourth of July holiday in Texas Hill Country. Following a committee meeting in the capital last week, lawmakers visited the area affected by the flooding to hear Herring and other local leaders as well as local residents. Kerr County Sheriff Larry Leitha asked if a warning system had been beneficial. Leitha, a member of the legislature, said that "the water came too quickly". Speaker Dustin Burrows stated that lawmakers will come up with "some solution" during the 30-day special session but it would take some time. Burrows stated, "Our commitment will continue beyond this session, these hearings and into the next and subsequent sessions." The number of casualties is one of the highest in recent years in the United States. This raises questions about the absence of flash flood warning sirens, especially in the hardest-hit Kerr County. Many people have expressed concerns about the vacancies in National Weather Service offices as a result of staffing reductions under President Donald Trump. Residents who were affected by the flooding spoke before the committee. Many said they felt abandoned by their city, county, and state governments. (Reporting and editing by Donna Bryson, Sandra Maler and Brad Brooks from Colorado)
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Edison International's quarterly profits fall as wildfire investigations continue
Edison International announced a decline in its second-quarter profits on Thursday as it struggled to deal with increased operating costs and ongoing investigations related the Los Angeles fires that occurred earlier this year. The wildfires that ravaged Los Angeles are expected to be one of the most expensive natural disasters in U.S. History. Electric utilities in the area have been under increased scrutiny. Wildfires are a major cause of power outages, and can be caused by damage to power lines or infrastructure. However, these fires can also start from power lines that have not been properly maintained. Southern California Edison, a subsidiary of Edison International, faces multiple lawsuits alleging that its electrical equipment caused the Eaton Fire, one of the most significant wildfires to occur in the Los Angeles region. A report from June stated that SCE's internal wildfire predictions underestimated the size of the Eaton Canyon Fire in Los Angeles in the days before a deadly conflagration occurred in January by a factor ten. The company attributes the decline in earnings primarily to the higher operating and maintenance costs and the net effect of regulatory decisions made by Southern California Edison (SCE). The decrease was also attributed to higher interest costs at the parent company. The company plans to also launch A wildfire recovery program. The company confirmed its forecast of adjusted earnings between $5.94 and $6.34 for 2025. Analysts estimate them at $6.06 a share. Edison CEO Pedro Pizarro stated in a press release that he was confident policymakers would act to restore confidence and strengthen California's wildfire framework in the current legislative session. The Rosemead-based California company reported a second quarter net income of $343m, or 89c per share, down from $385m, or $1.14 a share, one year ago. Reporting by Khusbu Jennifer in Bengaluru, Editing by Leroy Leo
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Emergency declarations made in New York and New Jersey due to flash flood danger
New York Governor Kathy Hochul, and her acting counterpart from New Jersey have declared states of emergency in areas that are at risk of flash floods. These extreme flooding is forecast for Thursday along the Eastern Seaboard. The National Weather Service issued flash flood warnings in parts of the Northeast urban area stretching from Washington-Baltimore to Philadelphia, Wilmington and Delaware. It also included the New York City metropolis. The Interstate-95 corridor was also under severe thunderstorm warnings. Hochul said that the most intense bands of showers could bring up to 5 inches (12 cm) of rainfall across New York City and Long Island, as well as the Hudson River Valley. The rainfall rate may exceed 2 inches an hour. Hochul urged New Yorkers to be vigilant, informed and cautious as they expect heavy rains with flash floods. In a declaration, Tahesha Wadway, the acting Governor of New Jersey, said that New Jersey should expect rainfall totals between 1 and 3 inches in general with localized downpours causing 5 to 7 inches. She warned that extreme rainfall in New Jersey could cause landslides and rock slides, as well as flash flooding on roadways. The damaging winds of thunderstorms would also pose additional dangers. Way, lieutenant-governor, issued a statement saying that residents should stay off the roads, and inside, unless it is absolutely necessary. She temporarily serves as the chief executive of the state while Governor Phil Murphy is on vacation. The Weather Service said that the storm threat was due to a frontal cold air mass that brought a combination unstable air mass with exceptional amounts of moisture in the atmosphere to the area. (Reporting and writing by Joseph Ax, Los Angeles; Additional reporting by Steve Gorman; Editing by Sandra Maler).
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EIA: US gasoline demand in may hits lowest seasonal level since 202020
The Energy Information Administration reported on Thursday that the U.S. gas demand for May was the lowest since the coronavirus outbreak of 2020. This indicates consumers are cutting back on fuel purchases, despite the lower price. The EIA proxy for demand is the product supplied of finished motor gas, which averaged 9.06 million barrels per day in May. This represents a 3.6% decrease from last year. Donald Trump, the U.S. president, has claimed credit for lowering gas prices. They had risen to a record-high in 2022 because of supply disruptions due to Russia's invasion. Analysts have stated that the decline is partly due to the economic uncertainty caused by Trump's policies. The latest figures show that gasoline prices have fallen 8.3% in the 12 months ending June. Consumer Price Index Report The U.S. crude oil prices fell more than 20% as a result of concerns about a lackluster demand, and the trade war between China and the United States. Patrick De Haan is head of petroleum analyses at GasBuddy. He said, "Uncertainty to me, is the bigger issue." He said that the tariff/trade situation had left consumers feeling pessimistic. "Look for the figures from May to rebound in June/July, but I doubt that they will be any better than 2024." The EIA reported that the average gasoline demand in May of last year was 9.40 million barrels per day, the highest since the pandemic. Shariq Khan, New York (Reporting and Editing by Marguerita Chôy)
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Eversource's quarterly profits rise on the strength of transmission and distribution
Eversource Energy announced a higher second-quarter profit Thursday as continued investments in its electric transmission systems and rate increases throughout its New England service area helped offset higher operating expenses. The utility's earnings for the quarter ended 30 June were $352.7 million or 96 cents a share. This is up from $335.3 millions or 95 cents a share compared to a year ago. Segmentally, Eversource’s electric transmission business saw a 10% increase in profit, reaching $208 million, in the second quarter. This was largely due to ongoing upgrades of its network in New England. Electric distribution unit's earnings were up $161.5 millions in the quarter reported, compared to $149.7 in the previous year, due to base rate increases in Massachusetts and New Hampshire, which helped offset rising interest, property taxes and depreciation costs. The natural gas segment's profit jumped 30% to $35.3 Million, mostly due to distribution rate increases which took place in late 2024 in order to recover infrastructure investment. The water distribution income rose from $8 to $14.4 millions, thanks to higher revenues and reduced interest costs. The company confirmed its earnings forecast for 2025, which ranges between $4.67 and $4.82 a share. (Reporting and editing by Alan Barona in Bengaluru, Sumit Saha from Bengaluru)
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Colombian deforestation increases by 43%, fueled by land grabs and fires
According to the data released by the Colombian Environment Ministry on Thursday, deforestation increased in Colombia last year. The destruction of 113,608 ha (1,136 sq km) was mainly in the Amazon region. This is a 43% increase over the previous year. This is a dramatic reversal from 2023, when the forest area destroyed fell by 36% compared to the previous year. It now stands at 79.256 hectares (793 sq km), its lowest level for 23 years. Lena Estrada, Environment Minister in Bogota, said that "deforestation continues." "The Amazon is the most affected area, which is a fragile region." Estrada stated that the increase in 2024 is partly due to forest fires sparked by a drought fueled by climate changes. She said that the main drivers were land grabs for pastures, expansion of livestock farming and illegal road construction. Growing illicit crops like coca leaves was also a major factor. More than 65%, or 75,000 hectares, of the total losses were in the Amazon region. Colombia has the highest biodiversity in the entire world. It is home to thousands plant and animal species. However, it is losing large areas of forest every year due to deforestation. More than half of the South American nation is covered by forest. Reporting by Nelson Bocanegra, Luis Jaime Acosta and Natalia Siniawski. Editing by Brendan O'Boyle, Sarah Morland and Brendan O'Boyle.
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PPL-Blackstone joint venture secures land to meet growing demand
Executives from the company announced on Thursday that PPL Corp.'s joint venture with Blackstone, to build power plants for Big Tech Data Centers, has secured land, and is in discussion with potential customers, as well as gas pipeline companies, and turbine manufacturers. The U.S. demand for electricity is rising due to the energy-intensive data centres needed for artificial intelligence expansion. This has raised concerns about reliability and costs for power grids that are running out of supplies. PPL CEO Vincent Sorgi stated on a conference call with investors that "Meeting the unprecedented growth in demand will require an unprecedented reaction and will require everyone to be a part of this solution." PPL said separately on the call that it would extend the retirement of coal-fired generation in Kentucky due to the growing demand for electricity. PPL, an electric utility that operates primarily in Pennsylvania, announced this joint venture earlier this month during a summit on AI energy in Pittsburgh, which was attended by U.S. president Donald Trump, technology giants and executives from the power industry. Energy companies who previously only operated power lines are now looking at other options, such as developing their own power stations, to increase power supply. PPL's data center demand has risen to 14.5 gigawatts. This is equivalent to the amount of power needed to run all the homes of California, the U.S. largest state. PPL also supports state legislation in Pennsylvania which would allow utilities fully regulated to own their power generation. This is not currently allowed in Pennsylvania. PPL Electric or any of its subsidiaries regulated by the PPL Electric Corporation are not included in this joint venture.
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California imports Saudi Arabian gas for the first time since 2022
Data from oil analytics company Kpler revealed that fuel importers in California received gasoline from Saudi Arabia’s Jubail industrial port after maintenance at India's world's biggest refinery helped to open up the rare arbitrage. Kpler reports that three gasoline shipments, totaling 886,000 barrels, from Saudi Arabia's Jubail industrial port have been discharged at Southern California's Olympus terminals in the last few months. California hadn't imported fuel from Saudi Arabia since the year 2022. In 2025, about 40% of the gasoline imported by the terminal came from Jamnagar. This was because Jamnagar had a maintenance shutdown in April. Yui Torikata, Kpler's analyst, said that this forced buyers to look to Saudi Arabia for an alternative supplier. Fuel imports to California rose to the highest level in four years in may, as the state with the largest oil consumption in America sought to compensate for refinery problems at home by using other unconventional routes. California regulators are proposing investments to increase fuel import capacity as the state prepares to close refineries that provide about 17% its fuel needs. Torikata stated that "there are concerns about the upcoming closures" of two refineries. Recent favorable freight costs also encouraged the large imports. (Reporting from Seher Dareen and Shariq Khan in London; editing by Barbara Lewis.)
Gold returns to 1-month high on renewed trade uncertainty
Gold prices rose on Thursday after a session low of one month, as the trade uncertainty resulting from new U.S. Tariff announcements boosted bullion's appeal. However, expectations for a U.S. interest rate cut in September dwindled.
As of 0230 GMT, spot gold was up 0.5% to $3,292.24 an ounce. Bullion fell to its lowest level since the 30th of June at $3,267.79.
U.S. Gold Futures dropped 0.2% to $3287.
Tim Waterer, KCM Trade's Chief Market Analyst, said that gold at levels below $3,300 has drawn traders to it as a "value play", especially with the current economic uncertainty which is accompanied by Trump's secondary trade tariff threats.
The U.S. president Donald Trump issued a series of announcements regarding tariffs on Wednesday. These ranged from the removal of an exemption for low-value overseas shipments to changes in levies previously announced on copper imports and Brazilian goods.
Trump announced that he had reached a deal with South Korea, which included a U.S. 15% tariff on all imports. He also confirmed ongoing negotiations with India following his declaration of a 25% tariff for Indian goods on Friday. He expressed optimism in trade negotiations with China and said he expected a fair agreement to be reached.
The U.S. Federal Reserve kept interest rates unchanged on Wednesday. Chair Jerome Powell’s comments dampened the expectations of rate reductions in September.
In an environment of low interest rates, gold, which is often considered to be a safe haven during times of economic uncertainty, performs well.
"Support in the $3,250 area is proving to be a critical level that could protect against a more significant move to the downside." Waterer stated that any breach would open the door to a drop as low as $3,200.
A poll predicts that the U.S. Core PCE Index data will be released later today. It is expected to increase by 0.3% from month to month and 2.7% on an annual basis.
(Reporting by Anmol Choubey in Bengaluru; Editing by Subhranshu Sahu and Eileen Soreng) Spot silver fell 0.3% to $37 an ounce. Platinum rose 0.6%, to $1320.98. Palladium gained 2.5%, to $1234.77. (Reporting and editing by Subhranshu Sahu in Bengaluru, Eileen Soreng and Anmol Choubey)
(source: Reuters)