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Park Service: 20 or more people may be missing after flooding in Grand Canyon
The National Park Service reported that at least two people were killed, and up to 20 or more others are still unaccounted for, after flash floods struck the 'Grand Canyon' in Arizona on the weekend. This forced the helicopter evacuation of dozens hikers. The heavy rains of Saturday swept trails, footbridges, and other infrastructure away as a cascade mud, rocks, and debris washed through Bright Angel Creek. Bright Angel Creek is a major canyon that runs between the North Rim and the Colorado River. The National Park Service announced on Monday that two bodies had been recovered. One of the victims was a 46-year old man, whose remains had been found Sunday. Search-and-recovery efforts continued along the canyon's floor. Uncertain was the exact number of people still missing two days after the area around Bright Angel Creek in the canyon became a torrential flood due to heavy rains. The Park Service stated in a post on social media that it was looking for "information" about at least 20 people who were missing or not accounted for following the flood of Saturday. According to the Park Service, as of Sunday morning, 62 people had been evacuated. This included a historic lodge and campground located near the confluence between Bright Angel Creek, the Colorado River, and North Kaibab Trail which follows the creek into the canyon. The Park Service reported that "the flooding caused extensive damages to the infrastructure in the inner Canyon, including the Transcanyon Waterline which supplies water for use in park from the canyon." The agency reported that the temporary shutdown of the system left the park with limited water resources, which required significant conservation measures to maintain park facilities. The South Rim of the Park was open for the public on Monday during the day, but the overnight accommodations and concessions were closed. Additional thunderstorms are expected to arrive early next week. The Park Service has asked visitors to stay away from flood-affected areas for now. David Gregory, a visitor to the park, told CBS News he and guests from the Phantom Ranch 'lodging complex' fled over a footbridge towards higher ground at the prompting of a ranger. This was just 10 minutes prior to the span being washed away. He said, "It was a whirlpool inside, with debris, cabins, and other equipment from maintenance work sites circling around." "I don’t think we’d have made it out alive... I think the game would have been over." U.S. Representative David Schweikert of Arizona, a Republican, was among the Grand Canyon National Park guests caught up in this flood. He and his friends were rafting through the canyon, near Bright 'Angel Creek, when they heard a roar approaching. Schweikert told the Arizona Republic that it sounded "like a few locomotives crashing through and smashing rocks". He said that his group was able to make it to safety by hiking. The Grand Canyon is one of the most popular national parks in the United States, attracting 4.4 million tourists last year.
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Oil prices and yields are up; US and Iran resume their military attacks
The yields on bonds rose, and the stock market fell Monday due to a jump in oil prices of more than 2%. This was accompanied by a return of military conflicts between the U.S. Worries about inflation are exacerbated by the resumption of military clashes between the?U.S. U.S. President Donald Trump promised to "hit them hard" on Monday after Iran launched missiles at two U.S. bases in Jordan overnight in response to an attack by the U.S. on Iran's Larak island. Brent crude futures rose by $2.39 or 2.71% to settle at $90.59 a barrel. U.S. West Texas Intermediate Crude climbed $2.36 or 2.83% to settle at $8576. Brent reached its highest level since August 25 during the session. This kept the possibility of future interest rate hikes by major central banks alive. Federal Reserve Chairman Kevin Warsh’s speech in Jackson Hole, Wyoming on Friday increased bets that the Fed will raise interest rates by September. Fed funds futures traders now price in 65% odds for a rate hike in September, up from 35% prior to Warsh's Friday comments. It is widely expected that the European Central Bank will raise rates at its meeting on September 9-10. U.S. Treasury rates rose, and the dollar edged down as expectations increased of a Fed rate hike in September. Wall Street saw the Dow Jones Industrial Average?fall 374.09 points or 0.70% to 53,185.90. The S&P 500 dropped 25.62 points or 0.33% to 7,686.14 while the Nasdaq Composite fell by 31.53 points or 0.12% to 26,370.89. Peter Cardillo is the chief market economist of Spartan Capital Securities, a New York-based brokerage. He also said that the market was about to enter "a month which is usually quite difficult for stocks." The stock market has historically had a poor performance in September. Trading volumes were low as London's markets were closed on a holiday. The pan-European STOXX 600 fell 0.6% to 651.1 points. The MSCI index of global stocks fell by 3.94 points or 0.34% to 1,149.22. Major indexes have posted gains in August despite the losses on the day. The Nasdaq rose 3.9% in August, as the AI trade continued to thrive despite recent weakness. The Dow Jones industrial average has now risen for five consecutive months. The MSCI Global Index is up 2.6% in August. There are dark clouds out there. Adam Sarhan is the chief executive officer of 50 Park Investments, a New York-based investment firm. He said that inflation and rate increases are two of the biggest risks. However, the market is holding up so far. The Fed's decision to move as soon as next month will depend on the U.S. August payroll report due Friday and the consumer price data that is due September 11. After July's shocking decline of 23,000 workers, economists expect payrolls will increase by 58,000. Unemployment is expected to remain at 4.1%. The yield of the benchmark 10-year Treasury bill in the United States was up 3.6 basis point at 4.758%. It had earlier reached 4.768%. This is its highest level since January 15, 2020. The yield has increased by 1.5 basis points for the month. Prior to this, the yields on French and German 2-year bonds also rose. The dollar index (which measures the U.S. currency versus six major counterparts) was down 0.24% to 99.43, after reaching 99.73 on Thursday, its highest since August 17. The index is on course for a second monthly decline following the U.S. Treasury Bond-buyback Plans earlier in the month that revived debasement trading. The yen rose on Monday, after Treasury Secretary Scott Bessent stated that he believed Japan's central bank and government would take actions to strengthen the yen. This suggests a high probability of an interest rate increase by the Bank of Japan in September. After slipping past 160 dollars on Friday, the yen gained 0.2% and is now at 159.77. Spot gold dropped 0.1% to $4.448.30 per ounce.
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US judge rules that New York can't enforce its $75 billion climate "superfund" law
A federal judge ruled Monday that New York could not enforce a state law from 2024 which aimed to force fossil-fuel companies to pay $75 billion in 25 years to a fund for damages caused by climate changes. Chief U.S. district judge Brenda Sannes, of Syracuse, New York, sided with 22 Republican state attorneys general as well as business groups, including the U.S. Chamber of Commerce in determining that the state measure was preempted under?federal laws. The New York Democratic Governor Kathy Hochul's office did not respond immediately to a comment request. Sannes, a Democratic appointee to?President Barack Obama's cabinet, stated that the Clean Air Act did not allow states to adopt emission compensation schemes like New York's. She said that enforcing New York’s Climate Change Superfund Act would risk?upsetting balance between preventing climate change, "a project which requires national standards and international participation," and promoting economic growth and energy production as well as foreign policy and 'national security. She wrote: "The Climate Act is in conflict with the need for a uniform decision-making process on issues affecting?national energy policy and environmental policy and basic interests of federalism." In a press release, West Virginia Attorney-General JB McCuskey (a Republican) who led the opposition to the law praised the decision and called the New York elites "money grabs."
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Trump claims Exxon will 'go in' to Venezuela, as the US pushes for oil deals
U.S. president Donald Trump stated Monday that ExxonMobil was part of a group of companies who planned to do business with Venezuela. Exxon declined to comment. Exxon declined to comment. The oil company operates the Stabroek block in neighboring Guyana which produces over 900,000 barrels a day. Trump stated at a press conference?inside the Oval Office that "millions of barrels" of oil are being exported to refineries across the country, including Texas and Louisiana. "We are making a fortune and they are making a Fortune." "They're beginning to make real money," Trump said, referring the American efforts to restart oil production after U.S. troops captured and removed former president Nicolas Maduro in January. Darren Woods, Exxon's CEO, drew Trump’s ire when he said Venezuela was "uninvestable" at a White House Meeting in January. He also stated that more durable protections for investment were needed. In March, the company announced that it would'send a technical team to study opportunities in Venezuela. Venezuelan and American officials are expected to seal a deal this week that would give the U.S. a chance to access a fifth Venezuela's oil reserves. Separately firms such as Chevron and GE Vernova are expected to announce new or expanded agreements in the country.
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Trump on Venezuela leaving OPEC, if it happens: 'It is up to them.'
?U.S. Donald Trump stated on 'Monday' that Venezuela is responsible for deciding whether or not it wants to leave the Organization of Petroleum Exporting countries (OPEC), which it has belonged to for over 60 years. "Well, I'm not sure." It's their decision. That's up to them. Washington has maintained strict 'oversight' of Venezuelan oil industry ever since U.S. troops?captured the then President Nicolás Maduro, in January. Both countries signed an oil supply agreement involving major trading houses shortly after. This allowed Venezuela to increase its crude exports to America. Trump announced on Friday a 'larger deal' for the U.S. that would lock in 17 oilfields located in Venezuela. These fields contain 64 billion barrels worth of proven crude reserves, which is a fifth the total of Venezuela. This could provide up to 1.5 million barrels a day to the U.S. Trump stated on Monday that Exxon Mobil, a major U.S. oil company, and Chevron are among the companies "committed" to investing in the country. He did not elaborate.
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Park service reports two deaths in Grand Canyon following flash flood
The National Park Service reported that one body was recovered after flash flooding occurred in Grand Canyon National Park on the weekend, and that recovery operations for a second were under way Monday. According to the National Park Service, heavy?rainfall on Saturday caused the canyon to flood, damaging trails and footbridges. It also damaged infrastructure that transports water throughout the park. 62 hikers were forced to be evacuated via helicopter by Sunday morning. Park officials reported that a body of 46-year old?man was?found? on Sunday. The NPS posted on X that "more than twenty individuals" may be missing or unaccounted and asked the public for information about hikers in the path of raging 'waters. The NPS did not provide any additional details on the second victim or an updated count of those missing in response to the questions asked by the media on Monday. The South Rim of the park was open for the day Monday, but the overnight accommodations and concessions were closed. Additional thunderstorms are expected to arrive early in the week. On Monday, several hiking and lodging areas affected by floods were still?completely closed. The NPS has asked visitors to stay away from closed areas as search and recovery operations continue.
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Oil prices rise as yields increase, oil stocks fall, and US and Iran resume their military strikes
On Monday, bond yields rose and stocks fell as oil prices surged with the return of military clashes in the United States. The resumption of military clashes between the?U.S. and Iran has added to concerns about 'inflation. Donald Trump, the U.S. president was quoted as saying on Monday that he would "hit them hard". This came after Iran fired missiles at two U.S. bases in Jordan overnight in response to an attack by the U.S. on Iran's Larak island. U.S. crude climbed 2.54% to $85.51 per barrel. Brent rose to $90.34 a barrel, up by 2.54% for the day. This kept the possibility of future interest rate hikes by major central banks alive. Kevin Warsh, Federal Reserve Chairman's Friday speech in Jackson Hole, boosted betting on an interest rate hike by the Fed for September. Fed funds futures trader now price in 64% odds for a rate hike in September, up from 35% prior to Warsh's comments on Friday. It is expected that the European Central Bank will raise rates at its meeting on September 9-10. The yield on the benchmark U.S. 10 year Treasury note rose 3.8 basis points to 4.764%. This is the highest yield since January 15, 2025. Japan's 2-year Government Bond Yield rose to a?high of 31 years earlier, and German and French 2-year bonds yields also increased. Wall Street saw the Dow Jones Industrial Average fall 356.59 points or?0.67% to 53,203.40. The S&P 500 fell 37.75 points or 0.49% to 7,674.22 while the Nasdaq Composite dropped 103.71 or 0.39% to 26,298.72. Peter Cardillo is the chief market economist of Spartan Capital Securities, a New York-based brokerage. He also said that the market was about to enter into September, which is "usually a tough month for stocks." Trading volumes were low as London's markets were closed on a bank holiday. The pan-European STOXX 600 fell 0.6% to 651.1 points. The MSCI index of global stocks fell by 5.01 points (0.43%) to 1,148.15. The Fed will decide if it moves next month based on the August U.S. payrolls data and consumer prices due September 11. The economists predict that payrolls will increase by 58,000 following July's shocking decline of 23,000 and unemployment will remain at 4.1%. To reduce the expectation of a rate increase in September, a significantly worse outcome is likely to be required. As traders awaited jobs data, the dollar fell. The dollar index, which measures greenbacks against a basket including the yen, the euro and other currencies, dropped 0.21% to 99.43. At $1.1614, the euro rose 0.26%. The dollar fell 0.21% against the Japanese yen to 159.71. U.S. Treasury secretary Scott Bessent stated on Sunday that the recent yen movements had been "pretty much contained" and he expects Bank of Japan Governor Kazuo Ueda "to do the right thing" in monetary policy. When G20 central banks and finance ministers meet in North Carolina, Monday and Tuesday, inflation and interest rates will likely dominate the discussions. Spot gold dropped 0.45% to $4432.84 per ounce.
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Sony and Warner Music sue Anthropic for songs used in AI training
The music publishing divisions of Sony Music 'and 'Warner Music sued Anthropic at the federal court in California for allegedly using their copyrighted compositions as a basis to train Claude AI models. Sony and Warner stated in their complaint filed on Friday that Anthropic had pirated hundreds song lyrics and sheet songs from The Beatles to Taylor Swift to Michael Jackson to train Claude to respond to human prompts. This lawsuit is part of a series of similar cases filed by copyright holders, including publishers, authors, music labels, and news outlets, against tech companies for using their work in AI training. Universal Music Group filed lawsuits against Anthropic and Anthropic AI in 2023, as well as earlier this year. These cases are still ongoing. Anthropic was the first AI firm to settle a dispute last year, paying $1.5 billion?to resolve a lawsuit brought by a group authors. Sony and Warner stated in their complaint that Anthropic considers this to be a cost of doing business, given that the company's entire business model is built on copyright infringement. "And $1.5 Billion is clearly not enough to deter infringement by a company who has parlayed mass infringement into an astounding 2-trillion dollar valuation," Sony and Warner said in their complaint. Anthropic's spokesperson stated on Monday that this is the third case brought by the same attorneys, recycling accusations from previous cases before the court. The spokesperson stated that the company would defend itself "robustly", and that AI training made fair use of copyrighted material, citing the judge in the case against them. On Monday, neither a spokesperson nor an attorney from Sony Music or Warner Music responded to requests for comment on the case. The complaint claims that Anthropic obtained illegally the publishers' sheet music and lyrics through torrent downloads in order to train Claude. Claude is able to reproduce copyrighted songs "verbatim", when prompted. Sony and Warner said that Claude was taught by Claude to "generate vast amounts of purportedly new' AI generated song lyrics" which compete with Music Publishers legitimate copyrighted work as harmful market alternatives. The labels want damages up to $150,000 per copyright infringed and an order from the court barring Anthropic's use of their works.
Officials say that US oil company will take over Venezuelan oilfields that were previously operated by Chinese and Russian firms
Two U.S. officials said on Monday that the U.S. company North American Blue Energy Partners would take over oilfields controlled by several Chinese firms and a Russian firm.
They said that the 'takeover' will be part of an oil production agreement President Donald Trump has announced with Venezuela.
According to officials, the projects were part of 14 new contracts awarded to U.S.-backed North American Blue Energy Partners. NABEP, owned by U.S. oil magnate Harry Sargeant, is now controlled and managed by Venezuelan Alejandro Betancourt.
Last week, Trump said that the U.S. has secured access to 64 billion barrels (or a quarter of Venezuela's proven reserves) through a partnership with private businesses.
This arrangement allows U.S. firms to gain a foothold on some of Venezuela's strategic oil assets, while dislodging Chinese and Russian interests that have played a significant role in the energy sector for many years. Washington will also have a say in who sells and produces Venezuelan oil. The Trump administration is trying to reshape Venezuela's energy industry to better serve U.S. geopolitical and economic interests.
NABEP will control 17 projects in Venezuela, which it intends to develop.
The officials stated that five of the fourteen fields were operated by Chinese firms under a model promoted at the time by Nicolas Maduro. One field was operated previously by a Russian firm.
China Concord Resources operated two of the projects, and was sanctioned in 2019 by the U.S. for Iran-related activities. The officials stated that Sinopec operated another project and China National Petroleum Corp. was responsible for a third.
The official stated that "not only do we open up new opportunities for U.S. Government and operators, but we also open up the United States market as a place to sell this oil that was previously sent to China."
Officials said that two other projects were run by affiliates who are affiliated with?Alex Saab?, an ex-close associate of Nicolas Maduro, the ousted Venezuelan president, currently held in U.S. custody.
Officials said that another oilfield had been?linked' to the nephew of Maduro’s wife Cilia Flores.
Trump said to reporters on Monday morning that the U.S. is taking "millions and thousands of barrels" of oil that are currently being shipped to refineries, including those in Texas and Louisiana. On Tuesday, he will meet with oil and gas retailers and refineries.
Officials said that talks between Venezuelan interim authorities and members of the 2015 National Assembly were aimed at restoring constitutional order and addressing legal questions surrounding the transition of the country.
The Trump administration views the 2015 assembly, which was elected and operates under Venezuela's constitution but has no formal ruling power, as the last Venezuelan legislature.
An official stated that an agreement reached with the 2015 assembly would provide a legal and constitutional basis for a broader transition. This could include economic decisions, such as the revival the Venezuelan oil industry.
(source: Reuters)