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The largest wildfire in Belgium's history is heading towards Germany
Local authorities reported that firefighters fought through the night to contain Belgium's largest?wildfire ever. By Sunday morning, the fire had already burned over 3,000 hectares and was heading towards?Germany. Since Friday, firefighters from Belgium, Germany, and Luxembourg, as well as the army, have been trying to put out the fire in the High Fens nature reserve, located in the eastern part of the country. Stephanie Ernoux from the Wallonia region administration in Belgium told reporters that the authorities were hoping for cooler, humid weather to help contain the fire. Data from the European Forest Fire Information System revealed that the fire was more than twice as large in size compared to a 2011 blaze which burned nearly 1,400 hectares. After Belgium requested emergency reinforcements, the EU dispatched three helicopters and water bomber aircrafts from all over Europe on Saturday. Residents who were evacuated on Saturday have been told not to return home yet. The office of the Governor of Liege said in an update that "no?homes are affected at this time, but the fire is still close and the smoke levels are significant." This week, Europe including Belgium experienced their fifth heatwave of the summer. Scientists say that climate change caused by humans has increased the chances of hot, dry conditions which allow wildfires spread more quickly and burn longer.
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As business losses increase, Europe's heatwaves expose a gap in insurance coverage
Since more than a hundred years, the cafes of Padua, Italy, have invited customers to enjoy an aperitivo (early evening drink), encouraging them sit outside before dinner and socialise. The traditional 6-7 pm slot is all but gone as people are seeking air conditioning?inside, which has a negative impact on sales. Extreme heat is often excluded from traditional business interruption policies, which exposes a growing gap in protection for businesses across Europe. Moody's published estimates that the European heatwaves last summer cost EUR43 billion ($50billion) in lost output, while only generating about EUR500m of insurance payouts. Federica Luni is the president of the hospitality association APPE Padova. She said that in Padua aperitivo starts later. "This means the outdoor seating areas and terraces are often left unused. A survey of 600 hospitality businesses conducted in the city of?its province revealed that more than 80% of them reported a decline of 20% or more of their turnover during the recent heatwave. Luni stated that a 20% drop in margins would wipe out all your profit. Heatwaves have a growing impact on the European economy. They reduce productivity, limit consumer spending, and increase operating costs. Such losses are difficult for insurers to cover, as they usually stem from indirect disruptions of operations rather than physical damage. Swenja Surminski is the managing director of climate and sustainability for Marsh. Extreme heat does not cause physical damage as severe as a flood or storm, but it can have a similar impact on the economy. In a survey conducted by the European insurance regulator in 2023, 28% of small and medium-sized businesses had business interruption coverage as part of their insurance policy. 17% of respondents?had non damage business interruption protection that covered events like?strike actions. As the costs of extreme heat rise, so does the protection gap. The economic costs of extreme heat are increasing. Trains get delayed, farm yields drop and cooling costs in factories rise. Workers struggle to remain productive during extended periods of extreme heat. When reporting their second-quarter earnings, companies such as the Swedish shopfitting company ITAB Group and Italian cement producer Buzzi warned of the potential impact that hot weather could have in future. COMPOUND RISK Heat is often a compounding risk that interacts with drought, wildfires and water shortages, rather than triggering one identifiable loss. This makes it more difficult to model and insure compared to other natural disasters. The problem is particularly acute in Europe. It's the continent that is warming up fastest. Climate Monitor revealed that the average temperature in Western Europe on August 11 was almost 10 degrees Celsius above the 1961-1990 average. According to data compiled by the environmental disclosure platform CDP, 35% of the companies that it tracks have identified heatwaves as a major risk factor. This is led by industries such as manufacturing, services and infrastructure, followed by food-related businesses. Insurance may cover certain physical losses resulting from events like 'power outages', but businesses say that compensation is often insufficient to compensate for lost sales and customer activity. Luni stated that the real loss was the revenue and business activity you didn't have because of the outage. In order to bridge this gap, insurers?explore more parametric products which pay out automatically if temperatures exceed predefined thresholds. These policies are not indemnity-based, and do not require an extensive loss-adjustment procedure. According to KBV Research's report, the?European parametric insurance market is expected to reach $7.93billion by 2031. The growth rate between 2025-2032 was 9.5%. These policies are already used in agriculture where heat can reduce crop yields and livestock productivity. Industry experts see scope to expand these policies into other sectors, including transportation and worker protection. "Parametric Insurance can?really play a?role," said Aidan Kerr. He is the head of UK and Ireland Public Sector Solutions at Swiss Re. Surminski, Marsh's Surminski, said that many companies would need to adapt their operations in order to be able to handle more extreme heat. This could include investing in cooling technology, re-designing workplaces, and stress testing supply chains. Take action to prevent losses, rather than addressing them after they have occurred.
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After Indonesia earthquake kills 51 and cuts roads, Thousands of people evacuate
Authorities reported on Sunday that 5,000 people had been evacuated after an earthquake of magnitude 7.7 shook a region in eastern 'Indonesia. The quake killed at least 51, blocked roads, and caused landslides. Deputy Health minister Benjamin Paulus Octavianus said in a televised discussion that 36 people had suffered serious injuries in the Saturday morning quake, while 77 others sustained minor injuries. This quake was followed by 341 aftershocks and is Southeast Asia's worst in years. After a devastating earthquake that struck West Java in 2022, hundreds of people died. The disaster management agency BNPB reported that more than 3,300 people?in Sikka self-evacuated, or were stranded at a sports stadium. Some Sikka residents slept outside their collapsed homes in a makeshift tarp tent, while others received medical treatment in tents outside hospitals in Maumere. Simon Subandi told KompasTV that "almost all Sikka residents didn't want to stay inside, so they slept outside on porches or tents." In a press release, Cabinet Secretary Teddy Indra Wijaya stated that more than 3,500 police and military officers had been deployed in the region. Indonesia's search-and-rescue agency reported that rescuers had been able to?access parts of Maumere which were blocked by landslides. BNPB reported that the majority of missing people were buried?under rubble and more than 1,300 houses were damaged. Pertamina, the state-owned energy company, reported that 20?petrol station?were not operational due to power failures. BNPB reported that the East Nusa Tenggara Government is considering declaring a?emergency' for the province. This would allow authorities to?mobilise resources and funds. Geophysics agency of Indonesia said that the area was devastated by an earthquake with a magnitude of 7.5 in 1992. Indonesia is a vast archipelago of about 290 million people that straddles "Pacific Ring of Fire", an earthquake-prone zone where tectonic plate collisions cause frequent volcanic eruptions and earthquakes.
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El Nino affects Peru's farms and fishing in June, slowing down the country's economic growth.
Data from the INEI statistics agency revealed a slowdown in the economy of Peru, despite the fact that the country's economy grew by 1.75% compared to a year ago. The June data was just below the growth of 1.8% recorded in May. At the time, officials attributed the decline to the El Nino weather system, which warmed Pacific waters and increased rainfall, as well as pushing fish deeper into the ocean. The worst affected were farmers and fishermen, as their respective sectors saw a decline of 8% and 52% in June 2025. Manufacturing also declined by more than 6 percent, and mining fell by more than 2 percent. Peru is the world's third largest copper producer. The activity in some sectors has?almost disappeared compared to levels one year ago. This includes Peru's anchovy and olive farmers, who have been hit by a temporary ban on fishing due to the weather changes caused by cyclical weather phenomena. However, the rest of Peru's economic system, including its construction industry, has grown. The economy grew by 3.05% in the six-month period ending June. El Nino is likely to present challenges, but Peru's Economy minister Elmer Cuba has raised his?growth predictions for 2026 to 3.5%. This is the first time INEI has published GDP data since Keiko Fujimori became president on July 28. Moody's, a ratings agency, has stated that it expects investor confidence to increase after the victory of right-wing leader Keiko Fujimori. Fujimori announced on Friday short-term fuel subsidies for drivers in the cargo and passenger transport sectors in an effort to offset rising costs which have sparked protests across the country.
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Local authorities confirm that the German wildfire near Belgian Border is under control.
Local authorities announced on Saturday that the wildfire in west Germany, which forced thousands of people to evacuate on Friday, has stabilized. Residents are still prohibited from returning home. The largest wildfire to ever strike North Rhine-Westphalia, Germany's most populous state, is a sign that Europe's heatwave has caused damage throughout the continent. Hendrik Wüst, the German state premier, said that the floods of five years ago killed almost 200 people in Germany. This was an indication of the increasing risks associated with changing weather patterns. "This is not?the first experience we've had with extreme weather conditions. Climate change is also responsible for this. Wuest said to reporters that "no one can deny this any longer". In the future, we'll have to deal more often with extreme weather. Wuest reported that the fire covered over 300 hectares or the equivalent of about 400 football fields. Around 1,500 emergency service personnel were involved. On Friday, more than 2,000 people had to be evacuated from Gey village, located near the Belgian frontier, after a fire came within 300 metres (1,00 ft). "We're satisfied with the way?things progress." Peter Berndgen is the spokesperson for the Dueren district's fire service. "The situation is stabilising." Wuest stated that residents may soon be able return to their home if the situation stabilizes further. In a separate announcement, the Dueren district said that emergency services were also preparing for stronger winds to the north later on Saturday. However, it was unclear whether they would affect the fire. Reporting by Andreas Kranz, Huertgenwald; and Christoph Steitz, Frankfurt. Editing by Mark Potter & Alex Richardson.
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Ukraine claims to have hit a Russian rocket center linked to Starlink network
Ukraine announced on Saturday that its long-range attacks had 'hit a Russian airfield and a rocket centre, which Kyiv claims supports a nascent Starlink satellite internet network in Russia. Volodymyr Zelenskiy, the president of Ukraine, said that Flamingo missiles had struck the rocket center, located about 900 kilometers (560 miles), from Ukraine's borders, as part Kyiv’s campaign to pressurize Moscow to end its four-year long war by targeting deep within Russia. "It's important to reduce Russia's military potential." In a blog post, he stated that peace is needed in Russia and it must be visible through damage to'specific facilities. He claimed that the airfield was used by aircraft to attack Ukraine. "MASSIVE MISSILE?ATTACK" Ukraine's General Staff reported direct hits at the airfield and Progress rocket and space?centre located in the Samara region. The General Staff said that the strikes had caused fires to start at both sites. General Staff stated that the Samara plant produced rockets to launch satellites to?the Rassvet network, which Russia has developed as an alternative to SpaceX Starlink. Starlink is only available in Ukraine and not Russia. This has given Kyiv an advantage when it comes to drone operations and battlefield communication. Authorities in Nizhny Novgorod have not confirmed the airfield attack. Local officials in Samara said that air defences had stopped a "massive attack". Ivan Noskov said that "Samara’s industrial infrastructure suffered localised damages" in an online posting, without mentioning which site was affected. He said that emergency services were on the scene. Samara's regional Governor said overnight that a missile struck an unidentified facility. He said that emergency services were still dealing the aftermath seven hours later at 1215 local time. The Progress centre has played a major role in both the Soviet and Russian space programs, including the production of the Soyuz rocket family. In February 2022, Russia began its full-scale invasion. Analysts say that while battlefield progress has slowed on much of the front in this year, Russian forces continue to push towards key cities located in Ukraine's eastern Donetsk Region. Both sides have increased long-range attacks against a variety of targets. The Russian defence ministry announced on Saturday that in the last 24 hours, its drones, artillery and missiles had hit Ukrainian logistics centres, fuel, energy and transport infrastructure used by Ukrainian soldiers, as well as assembly workshops for drones with long ranges and drone boats. The ministry reported that a long-range drone facility in Ukraine's Chernihiv Region was one of the targets. Could not independently verify reports. Alessandra Prrentice, London, contributed to the reporting by Yuliia Dysa. Barbara Lewis, Mark Potter and Barbara Lewis edited the story.
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State news reports: Israeli strikes kill nine people in South Lebanon?
Lebanon's official news agency reported that at least nine people were killed by Israeli airstrikes in southern Lebanon Saturday. The National News Agency reported that seven people were killed by Israeli warplanes when they struck a home in the village of Ansar in southern Israel. Two others were also killed in an attack on Deir El Zahrani. The attacks allegedly injured 11 people. The attacks are among the most deadly in the weeks following Lebanon's agreement to a peace framework mediated by the U.S. The deal keeps Israeli troops in southern Lebanon, until Hezbollah disarms and the Lebanese Army takes control. This is a term that Hezbollah has deemed as surrender. Naim Qassem, Hezbollah's chief of staff, said that "the framework agreement" is an Israeli order in Israeli ink which the Lebanese authorities signed on Friday. In response to attacks against its soldiers, the Israeli military said that it had struck Hezbollah's infrastructure in what they called a "security zone" in south Lebanon overnight. State news reported that three of the seven people killed in Ansar were children, and two women. Lebanese officials condemn the attacks. The Israeli raid on Ansar did not result in a'military structure', and the women and children who died in the raid were not military targets. Israel says it will maintain its forces in the area to protect Northern Israel from any further?attacks. Israel?Katz, the defence minister of Israel, said that Israel will not withdraw from its controlled areas until Hezbollah has disarmed. An official from the U.S. State Department said that a permanent Israeli military presence in Lebanon was not consistent with the commitments made by the government of Lebanon. In the latest hostilities in Lebanon since March 2, at least 4,300 people were killed. Reporting by Eman Abohassira and Emily Rose. Nazih Osseiran is the author. Kirby Donovan, Mark Potter and Mark Potter edited the book.
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Japan Defence Minister visits controversial Yasukuni Shrine for war dead
Shinjiro koizumi, the Japanese Defense Minister, visited on Saturday a shrine to Japan's war dead. The shrine is seen by Asian neighbors as a symbol of aggression during wartime. Images from local media showed Koizumi wearing a dark suit with a tie while visiting Yasukuni Shrine. He visited the shrine in the past, including last year as Agriculture Minister. According to NHK, Kimi Onoda visited the country on Saturday. According to the?state broadcaster CCTV, a spokesperson for the foreign ministry said that China strongly condemned the negative actions?by the Japanese regarding the Yasukuni Shrine. It had already lodged a solemn protest and made a formal representation. China and South Korea have claimed that visits by senior Japanese officials distort Tokyo's actions during the war and harm diplomatic relations. Among the 2,5 million war dead memorialized at the shrine in Tokyo are 14 leaders convicted by Allied tribunals of the worst war crimes. They also include over 1,000 'others' found guilty after Japan was defeated in 1945. Japanese officials explained that they made previous visits to honor those who had died in their nation's wars. Kyodo News Agency reported that Prime Minister Takaichi Sanae, who assumed the role in October last year, had sent a ritual gift to the shrine. Since Shinzo Abe visited Yasukuni Shrine in December 2013, the then-U.S. President Barack Obama expressed a sense of "disappointment" at his visit. In 2006, the older Koizumi was the last premier to visit Japan on the anniversary. Reporting by Sam Nusssey and Ziyi Tan in Tokyo; Editing by William Mallard
Gold falls as Treasury yields rise and offset the focus on Warsh’s inflation message
Gold prices fell on Thursday due to higher?U.S. Markets assessed the yields on Treasury bonds, as well as comments made by Federal Reserve Chairman Kevin Warsh about tackling inflation following this week's unchanged interest rates.
As of 0714 GMT spot gold was down 0.5% to $4,045.59 an ounce after a 2% rise in the previous session. U.S. Gold Futures for August Delivery gained 0.2%, to $4043.70.
The yields on the benchmark 10-year U.S. Treasury notes increased, increasing the cost of bullion.
Soni Kumari, an ANZ analyst, said that "Yields" are a result of rate expectations. If the market believes that higher rates will be imposed due to inflation fears, then yields will rise.
The Federal Reserve, divided by its own divisions, left the interest rate unchanged on Wednesday. Warsh reiterated that the central bank is committed to controlling inflation. This uncertainty about next steps has been created for markets.
Gold is considered a hedge against inflation, but it becomes less attractive as a non yielding asset when interest rates are high.
According to CME Group’s FedWatch tool, the markets still price in a 67% probability of a rate increase in September. This is down from 81% just before the policy announcement.
Investors also await the U.S. The Personal Consumption Expenditure data (PCE), due at?1230 GMT.
The U.S. military announced that on a geopolitical level, it carried out new strikes in Iran, intensifying the 'five-month war, which was already expanding outside its main fronts to include additional countries in this region.
Analysts at TD Securities wrote in a report that "the yellow metal will likely drift back to $3,900 an ounce because?oil is still under pressure to'move higher throughout the summer."
Spot silver dropped 0.3% to $57.49 an ounce, and platinum dropped 1% to $1.595.38. Palladium increased 0.7% to $1255.67. (Reporting and editing by Harikrishnan Nair in Bengaluru, Sherry Jacob Phillips, and Pablo Sinha)
(source: Reuters)