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Los Angeles wildfires in January caused 440 "excess deaths" according to a study
According to a new study, wildfires in Los Angeles that ravaged parts of the area in January led to hundreds more deaths than the official 31. According to the research published in the Journal of the American Medical Association (JAMA), 440 "excess" deaths were caused by the fires between January 5 and February 1. The models used to compare predicted mortality under normal conditions to the actual numbers recorded during that time period. The study found that the additional deaths are likely due to a combination of factors. These include increased exposure for people with heart or lung diseases to smoke and toxic substances released by fires as well as delays in healthcare. Researchers wrote that the findings "underscore a need to supplement direct mortality estimates with alternative methods in order to quantify the additional death burden of wildfires as well as climate-related emergency situations more generally." The two wind-driven fires that broke out on opposite sides Los Angeles during the first weeks of January damaged or destroyed over 16,000 structures. They ravaged the Pacific Palisades seaside district and the Altadena foothill community. The fires combined scorched an area greater than Paris, 59 square miles 152 square km. After the latest set of human remains was unearthed at Altadena, six months following the fires, the official count of those who died as a result of the fires is 31. In February, Governor Gavin Newsom requested that Congress provide nearly $40 billion to help fight wildfires. According to some estimates, the economic loss from the fires is more than $250 billion. This makes the conflagration the costliest natural disaster in U.S. History. The JAMA study admitted some limitations. It said that the data could be revised upwards in the future, and that the research did reflect any deaths attributable to fires beyond February 1. Reporting by Steve Gorman, Editing by Raju Gopikrishnan
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Scientists from the EU say that July was Earth’s third-hottest month on record. This included a new record for Turkey.
Scientists said that last month was the third-warmest July on Earth since records began. This included a national record temperature of 50,5 degrees Celsius in Turkey (122.9 Fahrenheit), they added. Scientists attribute the extreme weather conditions of last month to global warming caused by humans, despite a slight pause in temperatures that broke records for the planet. According to the EU Copernicus Climate Change Service, the average global temperature surface reached 16,68 C in July. This is 0.45 C higher than the 1991-2020 monthly average. Carlo Buontempo is the director of C3S. He said, "Two year after the hottest month on record in July, the recent trend of global temperatures records has ended - at least for the moment." But this does not mean that climate change has stopped. In July, we continued to see the effects of global warming in extreme heat and devastating floods. Earth's average temperature was 1.25 C higher than the pre-industrial era of 1850-1900, when humans first began to burn fossil fuels. The 12-month period between August 2024 and July 2025 is 1.53 C hotter than pre-industrial temperatures, exceeding the maximum 1.5 C set by the Paris Agreement, which sought to curb global climate change, entered into force in 2016, The release of greenhouse gasses from fossil fuel combustion is the main cause of climate changes. The hottest year on record was last year. Officially, the world hasn't yet exceeded the 1.5 C goal. This refers to an average global temperature over several decades. Nevertheless, some scientists claim that it is not realistic to stay below this threshold. Scientists are calling on governments to cut CO2 emissions faster to curb extreme weather and reduce the overshoot. The C3S maintains temperature records going back to 1940. These are cross-referenced against global data dating as far back as 1800.
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The US is a major driver of oil prices, but sanctions remain a concern.
The oil prices rose on Friday, ending a five-day loss streak. This was due to signs of stable demand in the U.S. Brent crude futures were up 20 cents or 0.3% to $67.09 per barrel at 0039 GMT, while U.S. West Texas intermediate crude was $64.57 per barrel, an increase of 22 cents or 0.3%. After Donald Trump's comments about the progress of talks with Moscow, both benchmarks fell about 1% on Wednesday to their lowest levels in eight weeks. Could meet A White House official stated on Wednesday that the U.S. would meet with Russian President Vladimir Putin by next week. The U.S. is also preparing to impose secondary sanction, possibly on China, in order to pressure Moscow into ending the war in Ukraine. The United States is the second largest producer of crude oil in the world. Oil markets were still supported by a larger-than-expected decline in U.S. crude stocks last week. Energy Information Administration reported on Wednesday that U.S. crude stockpiles dropped by 3 million barrels, to 423.7 million in the week ending August 1. This was more than analysts expected in a poll which predicted a draw of 591,000 barrels. The United States crude exports and refinery runs increased, with the West Coast and Gulf Coast reaching their highest levels since 2023. Hiroyuki Kikakawa, Nissan Securities Investment's chief strategist, explained that the unresolved nature of these talks, as well as the general supply and demand situation, where major producers are increasing their production, has caused investors to be cautious. Investors are staying away from the market because of uncertainty over the US-Russian summit's outcome, the possibility of additional tariffs being imposed on India and China -- key buyers of Russian oil -- and the impact of U.S. Tariffs on the global economic system. He said that the planned OPEC+ output increases would likely keep WTI in the $60 to $70 range throughout the month. This refers to the Organization of the Petroleum Exporting Countries (OPEC) and its allies, including Russia. Trump imposed a 25% additional tariff on Indian products on Wednesday, citing the continued imports of Russian crude oil by India. The new import tax is set to take effect 21 days following the 7th of August. Trump said that he would also announce additional tariffs against China, similar to the 25% duties imposed earlier on India for its purchases of Russian crude oil.
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Mexico and Dominican Republic propose joint effort to combat sargassum seaweed
His office announced on Wednesday that the Dominican Republic’s Foreign Minister Roberto Alvarez, along with top Mexican officials, have proposed a bi-lateral roundtable to discuss the environmental impact of sargassum on both countries' Caribbean coasts. Why it's important As mountains of pungent decomposing sargassum pile up on Caribbean coastlines, hotel workers struggle to keep the beaches clean. This releases irritant gasses, which smother marine ecosystems, and lowers occupancy rates in seaside resorts. CONTEXT Atlantic sargassum, a type algae, has increased dramatically over the last decade. This is due to nutrient pollution, which was exacerbated by the deforestation of the oceans and the warmer temperatures. KEY QUOTE The Dominican government issued a press release saying that the two countries proposed to create a round table between their foreign and environment ministers in order to combat the threat of sargassum on the environment. By the Numbers According to the World Travel and Tourism Council, tourism could boost Mexico and Dominican Republic's economies by $281 billion and $11 billion respectively by 2025. Both would be breaking records and represent about 15% of GDP. Scientists at Mexico's UNAM University warned in June that sargassum levels could be double what they were last year. They added that 10%, or 400,000 tons, of it, could reach Caribbean coasts by 2025. Scientists said that a quarter of the sargassum could reach Mexico. What's Next? Many nations are interested in repurposing sargassum to produce useful materials, such as biofuels and fertilizers, or bioplastics. However, removing heavy metals and toxins such as arsenic is expensive, and the research process remains at an early stage. Investors seeking consistent yields are hindered by the unpredictable nature of sargassum blooms. (Reporting and editing by Jamie Freed; Sarah Morland)
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Texas Pacific Land announces a rise in profit for the quarter on higher royalties
Texas Pacific Land announced a higher core profit for the second quarter on Wednesday as higher royalties revenues offset lower oil prices. The results are coming as the energy sector braces itself for the impact of U.S. president Donald Trump's proposed tariff plans that have weakened oil prices and caused concern about global demand. The company earns money from land usage fees, construction materials sales, water treatment or sourcing services, and oil and natural gas royalty interests. The total revenue for the second quarterly increased from $172.3 to $187.5 millions, largely due to a 6% increase in oil and natural gas royalties. Brent crude was 20% lower than the previous year's second quarter, mainly due to U.S. Tariffs, their impact upon global economic growth, and increased OPEC+ production. Texas Pacific's average realized oil price for the third quarter was $63.99, a decline of 21% from $80.93 per barrel realized last year. The company reported net income of $116.1 millions, or $5.05 a share, for its second quarter ending June 30. This compares to $114.6millions, or $4.98 a share, one year ago. (Reporting from Vallari Srivastava in Bengaluru, Sumit Saha in New Delhi and Katha Kaalia in Bengaluru. Editing by Mohammed Safi Shamsi.)
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CRH expects the US market for low carbon cement alternatives to double by 2050
The head of the U.S.'s largest building materials manufacturer, CRH, said that the market for supplementary cementeditious materials, a low carbon alternative to cement, will double by 2050. CRH's CEO Jim Mintern said this after the industrial giant announced a better-than-expected 9% increase in its second quarter core profits and forecasted full-year earnings between $7.5 billion and $7.7billion, compared to a previous range of $7.3billion to $7.7billion. Last month, the Irish-based U.S. listed firm agreed to purchase U.S. SCM Supplier Eco Material Technologies for $2.1 Billion to meet the growing demand for alternative ash-based materials. Mintern stated that "we were attracted to the deal" because we believe that the SCM industry in the U.S. will double by 2050. This deal places us at the top of the list in terms size and leadership in America (and) provides us with a good growth platform." He added that the acquisition would increase CRH's ability to serve the US SCM market, which has a capacity of 135 million metric tons. CRH is North America's third largest cement producer. CRH's adjusted second quarter earnings before interest tax, depreciation, and amortization (EBITDA), of $2.5 billion, were higher than the $2.4 billion average expected by seven analysts polled in LSEG SmartEstimate. Mintern stated that the higher end of the full-year guidance range is based on the trading in July, a seasonally important month, and an increase year-over-year in volume and margins for contracted work across the major U.S. products lines. (Reporting and editing by Chris Reese; Padraic Hlpin)
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Brazil's iron ore exports in July hit a record volume
Official data released on Wednesday showed that Brazil exported 41.1 millions metric tons (metric tons) of iron ore during July, breaking its previous record of 39.5 million tons, set in December 2015. Why it's important Brazil is the second largest exporter of iron after Australia. Brazil exports iron ore, along with soybeans and oils. Brazil reported a trade surplus of $7.1 billion for July, a 6.3% decline from the previous year. By the Numbers Brazilian iron ore exports, led by Vale, grew 4.7% from July last year. However, revenues fell 8.8%, to $2.62billion, as prices dropped about 13%. KEY QUOTE In a recent statement, the Brazilian mining lobby group Ibram stated that "June-July saw a rebound in confidence in the sector because of the progress of major projects in China and the resumption in production." Ibram noted that this was one factor which may have contributed to the increase in global prices since late June. (Reporting and writing by Roberto Samora, Editing by Sarah Morland & Leslie Adler; Writing by Andre Romani)
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General Matter signs lease agreement with US Department of Energy to enrich Uranium
General Matter, an American startup that hopes to enrich uranium to fuel nuclear reactors, has signed a lease agreement with the Department of Energy to build a facility in a former federal factory in Kentucky. The project, which will cost $1.5 billion, will be located at the former Paducah gaseous diffusion plant. In the 1950s, the U.S. constructed the site to produce enriched Uranium initially for nuclear weapons. Later, the facility produced enriched Uranium for nuclear reactors. It closed in 2013. DOE stated that construction is scheduled to start in 2026 and enrichment operations will begin before the end of the decade. The company estimates that the plant will create 140 permanent jobs. Scott Nolan, CEO of General Matter, said that reactivating this site would "power an era of American independence in energy." General Matter hosted a ceremony at Paducah, attended by Kentucky Governor Andy Beshear and U.S. Senators and Representatives, as well as DOE officials. The company has not stated how much enriched Uranium it will be producing. The U.S. relies heavily on foreign suppliers including Russia, even though Urenco, based in the UK, has the capacity to meet about a third (or more) of the U.S. needs for enriched uranium. The former president Joe Biden imposed a ban on Russian imports of enriched uranium that allowed waivers up until 2028. General Matter is among several companies who have received DOE grants for the production of both low-enriched or LEU and a special fuel known as high-assay, low-enriched or HALEU. These companies must obtain licenses from Nuclear Regulatory Commission. HALEU may be used for high-tech reactors, which are expected to begin operating in 2030. General Matter has not revealed the technology that it will use to enrich the uranium nor the funding for the project. The company said that it "incubated" the project within Founders Fund - a venture capital firm in which Nolan was a partner. The DOE stated that the lease will provide General Matter with at minimum 7,600 cylinders uranium fluoride fuel to be used for enriching into reactor fuel. The DOE claims that the process will save Americans $800 million by avoiding disposal costs. Global Laser Enrichment (a company owned jointly by Silex Systems, Cameco, and Cameco) is also planning to enrich uranium at Paducah. It was one of the six companies that were awarded initial U.S. government contracts for domestic uranium production. It will use lasers instead of centrifuges to enrich uranium. Nima Ashkeboussi said, "From the standpoint of technology readiness and regulatory timeline, nobody is going to get a NRC license faster than us." GLE intends to enrich waste byproducts or tailings from DOE's enrichment program. General Matter stated that the "vast" majority of the uranium they will enrich will come from domestic sources. It said that the DOE reserves tailings to enrich uranium in case of a shortage.
S&P lowers Nippon Steel's rating to 'BBB" due to debt pressure from US Steel deal
S&P, the global rating agency, downgraded Nippon Steel from 'BBB+ to 'BBB' on Thursday with a "negative" outlook. The reason given was an increase in financial stress following Nippon Steel's acquisition by U.S. Steel.
The downgrade is due to concerns about Nippon Steel’s financial situation, which S&P believes will remain weak in the next year or two because of debt-raising and large-scale investment into U.S. Steel Assets.
S&P stated that "we believe the negative effects will outweigh any positive effects from the company's growth and geographic diversification in the rapidly growing North American market."
Nippon Steel will raise 800 billion yen (5.4 billion dollars) by way of two subordinated loan to fund the deal in part and refinance existing loans.
After 18 months of trying to get the U.S. Government to approve the deal due to concerns about national security, Nippon Steel finally closed its $14.9billion acquisition of U.S. Steel in June.
The acquisition includes new investments of $14 billion, including $4 billion to build a new steel plant.
This deal is crucial to Nippon Steel’s global growth strategy, and its goal to reach 100 million tons of crude steel production capacity globally. Nippon Steel, which specializes in high-grade steel, is seeing a rise in demand from the U.S. market amid increasing global trade tensions. However, demand is declining for steel products made of Japan.
Nippon Steel shares ended the day in Tokyo 0.87% lower than the Nikkei, which rose 0.6%. $1 = 148.6900 Japanese yen (Reporting and editing by Jacqueline Wong; Reporting by Katya Glubkova)
(source: Reuters)