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Wildfires in Britain reach record levels following intense heat
Fire chiefs warned that wildfires have reached a record in England and Wales. They also said that rescue services are struggling to keep up with the rising risks. This comes a day after wildfires swept from tinder dry fields to engulf homes on the hottest day. Britain may not have faced the same devastation as Spain, France, and other parts of Europe, but it has seen more fires than ever before. Phil Garrigan is the chair of the National Fire Chiefs Council. He said that the number of fires has now exceeded the total of last year, which was 1,017. Garrigan, without revealing the latest figures for this year, said: "We have far exceeded the previous high from 2025." We're still in the middle of August and it seems that the wildfire season will continue into November. We're expecting this to be not only a "record-breaking" year, but also a significant increase in the number of fires. Residents tell of trees exploding in flames As fires raged in central England, hundreds of homes were destroyed on Thursday. Stourbridge resident describes the moment his family and he decided to leave their home. "I heard a shout, and the trees were exploding along the railroad track. The trees weren't only on fire; they were also exploding. Paul Nash said, "We just grabbed all the stuff and left." Nash stated that his house remained standing despite the damage to his garden. This was in contrast to other homes on his street which had been destroyed by fire. According to government figures, Britain is on course for its hottest ever summer. Five heatwaves have caused around 45 million people to live in drought-hit areas and 27 millions people face restrictions on their water usage. Met Office reports that temperatures in London reached 38.2 degrees Celsius on Thursday. This is the fifth-hottest day ever recorded for the United Kingdom. Pershore, a market town in central England, reached 38 C. This was one of many areas where flames ravaged houses and fields. On Thursday, a major motorway had to be temporarily closed and the train schedules were also affected. Officials are yet to confirm if the heat was a factor in causing a derailment of a southern England train. Garrigan stated that "we've declared eleven major incidents?over the past 24 hours." The UK Fire and Rescue Service has struggled to meet the demands of fire and emergency services.
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Brazil police target former Rio governor Castro in new investigation, say sources
Two sources familiar with this investigation said that the Brazilian federal police carried out search warrants on Friday targeting former Rio de Janeiro Governor Claudio Castro. Castro's attorney said that the authorities did not search his home in a written statement. Brazil's Federal Police said in a?statement that did not identify suspects it was investigating allegations of fraudulent and...reckless management. It also investigated money laundering, tax avoidance, capital flight, manipulations on the market, and crimes against economic order. It added that the probe was examining money laundering in relation to the scheme as well as the alleged irregularity of the issuance of environmental permits for the refinery. In May, the former governor was also targeted by a second investigation into alleged tax evasion. Castro resigned in March. A court ruled that Castro could not hold office for the next eight years due to abuse of political and economic power and illegal fundraising. (Reporting and writing by Rodrigo Viga Gaier, Isabel Teles, Editing by Alex Richardson).
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Wildfires sweeping across Europe force hundreds of people to evacuate from resorts located in Croatia and Greece
Wildfires ravaged?homes overnight in a picturesque Croatian town, injuring forty people and forcing 1,200 residents to evacuate. EU officials warned that "extreme" wildfire conditions were spreading across the continent. Officials said that hundreds more people were evacuated from a resort in northern Greece, a village in southwest France and a large grass fire in England. Scientists attribute the record-breaking heat in Europe and the drought to climate change. This summer, wildfires have been raging across Europe, particularly in France, Spain, and Greece. The Balkans has also experienced several heatwaves. CROATIAN RESERVE: FLAMES TAKE OVER NIGHT-SKY RED Officials said that flames engulfed settlements and trees covering a total of?over 1000 hectares around Omis. Omis is a picturesque town located on Croatia's Dalmatian Coast, surrounded by trees, hills and rocks. The fire turned the night sky red. Slavko Slavkovic, Chief Fire Commander said that the fire "swept all in its path... There has been enormous material damage." He added that the fire seemed to have calmed down on Friday morning, with no visible flames. Health officials reported that seven of the 40 patients treated by ambulances were in serious condition. DINGHIES HELP RESCUE FROM GREEK SEASIDE TOWN People wearing masks, many with children or pets in tow, boarded boats and dinghies at the seaside town of Siviri, as a forest burned and smoke columns turned the clear sky dark grey. The coastguard said that over 300 people were evacuated from the town by boat. The town is located on a peninsula with woodlands, olive groves, and beaches, south of Greece's largest city, Thessaloniki. In addition to 140 firefighters, seven helicopters and nine aircraft, fishing boats were also used in the evacuation. Authorities in France evacuated 525 residents from Luglon after a wildfire broke. The fire was located near an area that had been devastated by major fires earlier this summer. Authorities in Spain removed remains of three kings from a monastery that was threatened by wildfire in the 11th century. Wildfire conditions in Europe are 'VERY EXTREME.' In its forecast for the week ending August 19, Copernicus?Climate Change Service of the European Union warned of "very?extreme conditions" across a large region of central and east Europe. Additional pockets were also noted over southern Britain, Ireland and northern France, as well as southern Sweden. Climate Monitor data showed that the average high temperature in Western Europe was expected to be 31.2° Celsius (88° Fahrenheit) on Friday. This is 8 C (14 F), or 14 F, above the 1961-1990 norm. It said that the temperature in Europe was 1.6 C (2.9 F), or 8 C, above 1961-1990's average. The dry, hot summer has also taken a toll on the agriculture. The French grain maize crop is expected to reach its lowest level since the 1970s as a result of severe heat and drought this summer, according to growers' association AGPM. Reporting by Alexandros Lisardakis and Antonis Pohitos in Greece; Daria Sito Sucic in Bosnia and Herzegovina; Stephanie Lecocq and Gus Trompiz, in France and Spain, and Conor Humphries, in Spain.
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Oil rally eclipsed by US inflation as stocks nudge to record highs
Oil prices rose on Friday as faltering negotiations to end the Iran war pushed global stocks higher. As the impasse in the peace talks continued, oil and gas prices are still expected to make a significant weekly gain. Investors are not showing any signs of panic. This week, short-dated bond rates have increased, but modestly. Meanwhile, several market-based inflation expectations measures have continued their downward trend. Gold, which is hurt by rising interest rates, has reached two-month highs. The focus is now on AI as a whole, following strong earnings which have helped to calm investor concerns about massive AI spending. GEOPOLITICAL UNCERTAINTY REMAINS The MSCI All-World Index, which has been up for the third week in a row, is trading just below records highs. In Europe, the STOXX600 gauge was a tad lower than the previous day as losses in tech were largely offset by gains among capital-intensive stocks such as automakers and defence. The markets ended the week with a 'positive note,' as the corporate and economic calendar was relatively free of event risks. It's Friday and, as is typical, geopolitical risk, or at the very least, bombastic rhetoric between the U.S. "At the moment, geopolitical uncertainties remain the only major macro-roadblock for a market that is experiencing'strong tailwinds due to earnings and monetary policy outlook. Brent crude futures remained steady at $87 per barrel and were on track for a weekly gain of 6%. European natural gas futures are expected to rise by 10%, while U.S. Gas futures will see a 3.2% increase. The VIX volatility index - which many see as the "fear index" of the market - was on track for its fourth consecutive weekly decline, the longest stretch of this kind since May 2025. This reflects the decreasing level of concern among equity investors. A measure of bond market volatilty is also heading for a second successive weekly drop. John Sidawi is a senior portfolio manager at Federated Hermes for fixed income. He said that a puzzling trend in the markets over the past few months has been a growing disconnect between geopolitical uncertainties and asset price volatility. For now, the markets seem to be willing to accept a considerable amount of uncertainty before demanding higher premiums. This equilibrium is not likely to last forever," Sidawi stated. "A meaningful escalation of conflict or a clearly defined?path towards resolution could finally force the investors to leave, potentially triggering much greater volatility than current market prices suggest." The yen is stuck in an intervention loop. According to three sources who are familiar with the policymakers' thoughts, the Bank of Japan may raise interest rates as early as September. It is still within reach of the 160 level, which traders believe could trigger a second round of yen purchases from Tokyo after a joint intervention by the U.S. Last month, the Japanese currency was not supported. Padhraic G Garvey, ING's head of global rates strategy and debt, explained that the yen is weak because of "an uber cautious Bank of Japan" and a policy interest rate which remains too low. Garvey said that rate increases can ease this tension. The sooner they are implemented, the better. While that may be seen as a negative for the economy, there is also a choice. Do you want to protect the yen or not? Prioritise the protection of the yen, or not? (Additional reporting from Ankur Banerjee, Singapore; editing by Sonali Paul and Alex Richardson)
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Tata Steel, the Indian soccer giant, sells top-flight team Jamshedpur to a rival for $1
Tata Steel has sold its entire stake in Indian Super League club Jamshedpur FC for 100 Indian Rupees ($1.05) to Goa-based Churchill Brothers on Friday. This comes two weeks after the conglomerate announced that it would be 'pulling out' of the ISL. Tata Steel announced that Churchill Brothers, the two-time national champions, will be taking over Jamshedpur’s sports licence to compete in the ISL and the contracts for 12 players and 2 coaches. Tata Steel Vice President of Corporate Services D. B. Sundara Ramam said, "We're glad this agreement allows our players and coaches to continue playing club soccer." Jamshedpur's players made an emotional appeal to their club's owners earlier this month to reconsider the decision to close the club. The club won the ISL League Winners' Shield for 2021-22, and the domestic Super Cup in the past year. Jamshedpur's fans flooded the streets in the days that followed to plead with the Tata Group to save the club. But Friday's announcement ended all their hopes. Churchill Brothers, located in the soccer-mad state Goa, is now the sole team in Jamshedpur. Jamshedpur is still in the Durand Cup and will play Mohun Bagan on Monday in the quarterfinals. TATA EXIT AMID UNCERTAINTY ISL Jamshedpur entered the ISL league in 2017, when it was sponsored by the Indian conglomerate Reliance. They are leaving the league less than one year after All India Football Federation's commercial partnership ended with Reliance. The ISL is yet to announce the fixtures for this season and the broadcaster. Sundara Ramam said, "We are grateful to AIFF and Churchill Brothers who have made this transition smooth." The AIFF has declined to comment. "BACK TO WHERE WE BEONG" SAY THE CHURCHILL BROTHERS Churchill Brothers, who played in India's top division last in 2013-14, hoped to get promoted to the ISL in 2024-25 after winning the second-tier I-League. The?AIFF appeals panel ruled Inter Kashi forfeited several matches because they fielded an ineligible player. Kashi won their appeal at the Court of Arbitration for Sport and overturned the decision. They became champions. Churchill Brothers withdrew the following season from the league. The club posted a picture on Instagram saying, "We needed to be back home where we belong." "Our President Churchill Alemao... never stopped believing. He always finds a solution. While others saw decline, opportunity was what we saw. "While some saw the end of things, we saw a new beginning."
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HEALTH RUNDS-An experimental blood test detects high-risk lesions of the colon before cancer develops
In lab tests, we also found that a flavoring chemical in e-cigarettes damages human embryonic cells. A BLOOD TEST CAN DISCOVER PRE-CANCEROUS COLORECTAL LEES Researchers say that an experimental blood test for the detection of colorectal carcinoma also has promise as a way to prevent it. Commercially, there are several blood tests for colorectal screening. However, the new test can also detect precancerous polyps called advanced adenomas. The removal of these polyps may prevent cancerous cells from developing. The Lancet Gastroenterology & Hepatology reported that they tested the assay on more than 1,500 adult participants in colonoscopy programs in China. Japan and Spain. They found that it detected 92% colorectal cancers in stage I, II or III and 81% advanced adenomas. The test also had a 85% accuracy rate in identifying those without precancerous lesion. In an editorial, researchers who were not involved in the study stated that "developing an acceptable, feasible and non-invasive test which can accurately detect precancerous colorectal lesions" could be a valuable tool in preventing colorectal carcinoma, as opposed to only detecting it. Researchers said that because the blood test can differentiate between low-risk and high-risk cancers and adenomas the test could be used to stratify the risk of patients who need an urgent colonoscopy. Colonoscopy is still the best method to screen for colorectal cancer. Blood tests and stool tests are only recommended for those who refuse or cannot comply. Studies have shown that patients who test positive for colonoscopies will be more likely to follow through. Researchers believe that larger trials of this new blood test is still required, mainly because it detected polyps (small bumps or growths) but was less effective in identifying flat or sessile areas of concern. E-CIGARETTE FLAVORING MAY IMPAIR EMBRYO DÉVELOPMENT Laboratory experiments indicate that a flavoring chemical used in high concentrations by e-cigarettes can disrupt the normal embryonic development in women who are pregnant and vape. Researchers investigated the effects on the flavoring vanillin using test tubes, as it would have been unethical to use the chemical in human embryos or pregnant women. The experiments showed that the human embryonic stem cell lines, which are similar to the ones found in embryos of three-week-old embryos, could differentiate into any kind of cell. Researchers found that when cells were exposed to micromolar amounts of vanillin they would tend to die, while nanomolar levels caused them to lose the ability to develop into all cell types. In a press release, Prue Talbot of University of California Riverside stated that "these changes?could be very serious and prevent normal development of an embryo." On the surface of embryonic cells, a protein known as TRPV4?binds to vanillin. Researchers found that when they blocked the action of the protein, vanillin's effect on?stem cell was also blocked. This led them to conclude that TRPV4 is responsible for the flavor's effect on cells. Researchers warn that test tube results do not guarantee the same effect would be seen in women or their embryos. In a report in Human Reproduction, researchers said that the study could 'help explain why vaping is linked to women who have?difficulty in conceiving or miscarriages. Talbot stated that women are not always aware of the chemicals contained in vape products. Our findings suggest that women should be cautious, and doctors should advise them not to vape while pregnant. This is especially true if they have trouble conceiving.
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Could Germany operate some of its coal-fired plants longer?
Germany has delayed its interim report on the impact of the 'lignite-out' in its largest state. This is fueling market expectations that the government may decide to run some plants a little longer than originally planned. Here is a brief summary?of the issue: What has happened? Germany and its largest power producer RWE agreed in 2022 to phase out lignite-fired electricity production in North Rhine-Westphalia by March 2030, eight years earlier than the national coal phase-out goal. By 2026, it can determine if the plan is working or if the security of supply of RWE's coal plants is in danger. This week, the economy ministry delayed the release of an interim report on impact of phase-out by August 15 to wait until the results of the tenders for gas-fired?power?plants that are taking place this year. Lignite is one of the most polluting fossil fuels. Why does it matter? Market expectations have been stoked by the delay. Germany may choose to place some RWE lignite plant with a capacity of 3.6 gigawatts until 2033 on'security standby' to meet demand. When asked about the issue?on Thursday?, RWE Chief executive Markus Krebber stated that the 2030 date had not changed and the government hadn't contacted the company for an extension. CAN GERMANY DO WELL WITHOUT?COAL? Technically, yes. There are?266 GW installed, but two thirds of this capacity is intermittent, as it comes from wind and solar farms that cannot provide a continuous supply. The planned coal-exit in Germany has led to a heated debate about whether Germany has sufficient baseload capacity. This was a major factor?in the decision to tender for new gas-fired plant?capacity. The far-right Alternative for Germany,?Germany’s largest opposition party, which currently leads national polls, is against the country's coal, nuclear, and other energy exit. They demand a reversal in order to avoid blackouts. (Reporting and editing by Clarence Fernandez; Holger Hansen, Christoph Steitz)
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Spain extends Almaraz Nuclear Plant Operation through 2030
According to an official order published on Friday, the?Spanish Government has extended the operation of?the?Almaraz Nuclear Plant by more than 2 years until June 2020. According to Spain's plan, which aims to decommission its five nuclear plants by 2035 the two reactors at Almaraz would be the first ones to start in 2027. Document: The extension will not affect the remainder of the decommissioning plan, but some analysts expect that other plants' operations may also be extended. The widespread blackout that occurred in Spain and Portugal between April 2025 and May 2025 re-ignited the debate about nuclear power in Spain. The order did not mention the blackout, but rather the more recent impact of the Iran War on fossil fuel supply. The decision was made after the owners of the plant, Iberdrola Endesa and Naturgy filed a request for an extension last year. Also, the nuclear safety council issued a report stating that the conditions must be met. GOVERNMENT STILL BACKS ZERO CARBON ECONOMY Spain’s socialist-led government has established ambitious green targets. It champions a rapid transition to a carbon-free economy, and bases its energy policies on a large deployment of renewable energy sources such as wind and solar. Nuclear power plants provide a steady source of baseload electricity to complement intermittent renewable energy sources and generate carbon-free power. Document published on Friday stated that the expansion of nuclear power would only limit the deployment renewable energy sources by?1.4% in comparison to current climate plans. The natural gas-fired generation of electricity should decrease by 7%. The nuclear industry has been campaigning for lower taxes for nuclear energy for years, claiming that the taxes are a barrier to the competitiveness of the plants. Energy Ministry said that the extension would not be accompanied by a tax cut and wouldn't?increase costs for taxpayers. RBC analysts stated in a note that the decision was widely anticipated and "should imply an automatic extension of the Spanish nuclear plants", due to the logistical difficulties of dismantling multiple nuclear plants at once. Reporting by Pietro Lombardi, editing by Charlie Devereux and Andrei Khalip. Barbara Lewis.
Take Five: A Crude Summer
This week, it's all central banks. Rising energy prices are likely to keep rate-setters in Tokyo, Washington and London alert even if oil is below $100.
Tariffs from the United States are now back on the list of worries for markets that worry about inflation and growth risks due to war.
Rae Wee, Dhara Ranasinghe and Alun John are in London. Lewis Krauskopf is in New York.
1/ DOUBLE THREAT
Investors are now watching two chokepoints for energy shipping to see how much oil and natural gas comes out of the Middle East.
Houthi attacks may make the Bab el-Mandeb strait inaccessible, linking the Indian Ocean with the Red Sea. This could eventually lead to the Strait of Hormuz being squeezed. Brent crude surpassed $100 per barrel for the first since May on Thursday. The U.S. and Iran stopped their strikes on Monday, which caused the price to drop to about $90. However, they are still up more than 20% for this month.
Last week, European gas prices reached their highest level since March.
Investors will also be checking Truth Social for news on the Gulf, as a U.S. peace deal with Iran is still elusive. The U.S. imposed new tariffs on Friday of 10% and 12.5% on 60 trading partners including the European Union, China and others. This has added to the uncertainty in the market.
Earnings Tests 2/ FED
The U.S. market is in for a busy week, thanks to a U.S. Federal Reserve Meeting and a number of earnings reports from technology giants.
It is expected that the Fed will hold rates at their second meeting on Wednesday under Kevin Warsh. Warsh is not giving any guidance, but has vowed to get inflation to the target. This uncertainty persists as it's possible that rate increases will be necessary at some point. The recent consumer and producer prices were lower than expected, which helped to calm down rate-hike betting. However, a rise in oil prices has caused traders to increase their bets. Investors are focusing on AI trends and a strong U.S. quarter of corporate profits as they await the earnings reports from Apple, Microsoft, and Amazon. Alphabet shares have been under scrutiny since last week, when investors questioned the company's cash flow and capital expenditure plans.
3/ IN DOLDRUMS When the Bank of Japan convenes on Friday, much depends on the policymakers' ability to send a hawkish signal that could lift the yen from its four-decade low versus the U.S. Dollar. The yen has not been lifted by a well-telegraphed increase in interest rates last month, $73billion worth of currency interventions, or the hope that money will return home. It recently fell below 163 per dollar for the very first time since 1986. Some BOJ sources said that they see room to increase rates faster than the 'dominant market view' of twice a years if a weaker yen or rising energy prices continue to put pressure on prices.
Tokyo's July Inflation figures are due ahead of the BOJ's Friday policy decision. However, market participants do not expect that the data will change the BOJ's outcome.
What's the hurry?
Unlike the European Central Bank or Bank of Japan, the Bank of England, has so far, resisted policymakers' urges to raise rates due to oil price pressure. The Bank of England is widely expected to raise rates again on Thursday. The markets expect at least one increase in interest rates this year, as inflation is expected to pick up. However, signs of weakness on the jobs market could lead the BoE to adopt a more dovish stance. The rate-setters met just days after Andy Burnham, the new Prime Minister of Britain, entered Downing Street with a promise to reshape Britain. Andrew Bailey, the BoE's?chief Andrew Bailey will likely be asked about his views on Burnham’s agenda for monetary policies in the briefing that follows policy-meeting. Economists believe that a decision to reduce the tax on electricity would be able to slow inflation by 0.1%. Bond markets will also assess the new finance minister John Healey to determine whether he is a friend or foe.
Barclays says that Europe is experiencing its busiest earnings week this year, with 40 percent of the STOXX600 market cap reporting. AstraZeneca is on the list, along with LVMH and Shell, as well as Airbus?and UBS. The second-quarter profit for Europe will increase by 17.3% if you combine the results of the companies who have already announced with those that are pending.
This would be the highest growth rate since the 4th quarter of 2022. The surge in oil prices is largely responsible for this growth. If you exclude them, LSEG I/B/E/S predicts a modest 7.2%. The ECB's decision to raise interest rates this year will be influenced by the latest inflation and growth figures for the euro zone.
(source: Reuters)