Latest News
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Kyiv is under Russian missile attack. One dead and two injured, the mayor claims
Vitali Klitschko, the mayor of Kiev, said that Russian forces launched ballistic missiles at the Ukrainian capital early Thursday morning. One person was killed and two medical personnel were injured as debris fell on various districts. "One dead and 2 injured in the capital." Klitschko posted on Telegram that both the wounded are medics who are currently being treated at a hospital. Klitschko stated that debris had fallen in three districts and a part of a house was destroyed. Klitschko wrote: "In the Dniprovskyi District, debris fell onto the yard of a privately owned property." People may be trapped beneath rubble. He advised residents to remain in shelters. Witnesses reported that several explosions resounded around 1 a.m. Unofficial 'Telegram' channels showed a fire that was said to be lighting up the horizon. According to Klitschko, Russian forces 'continued their attacks against the city throughout Wednesday, killing two and injuring 45 people.
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Venezuela's Rodriguez promises to hold elections in order to transition into a 'full democratic'
Delcy Rodriguez, Venezuela's interim president, told the UN General Assembly on Wednesday the country will hold elections as part of the transition to "full democracy" but she did not give a date. "I want this to be very clear in this General Assembly: There will be elections for Venezuela," said Rodriguez. He came to power in January after American forces had captured Nicolas Maduro, then the President of Venezuela. Rodriguez stated that the government would ensure 'the participation of all political parties' in her remarks. She also added that the national institutions were being prepared for?the electoral process. Rodriguez said that Venezuela has begun a democratic transformation process for its rebirth. This is an orderly process with institutional checks and balances. The goal is to build a more prosperous country, one where everyone can live in freedom. Critics claim that Washington has marginalized the Venezuelan opposition by dumping its demands for free and fair elections in favour of oil and investment agreements with the interim government. Some US legislators have also called elections amid criticisms that the Trump Administration has failed to obtain meaningful democratic concessions? from Rodriguez's Government. "We've opened a dialogue with the opposition to create a process that is fair for everyone," said Rodriguez. Rodriguez met briefly with US President Donald Trump Tuesday on the sidelines of the?the UN?General Assembly and praised him on his decision to restart dialogue with Venezuela. Trump and Rodriguez discussed, among other things, restructuring the South American nation’s sovereign debt of billions. Rodriguez said that the economic recovery will "take time" but warned that it would take time. Rodriguez called for the support of the international community as it moves away from "a phase of uncertainty and conflict towards a full democracy."
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Women volunteers in Borneo are fighting the worst wildfires since 11
Indonesia's Borneo Island is orange-colored and thick with smoke due to the worst wildfires that have occurred in over a decade. They have blackened large areas of forest, causing respiratory problems for many residents. The birds are also silent due to the choking smoke and fires, as observed by farmer Juniarni. The birds are a common sight in Sungai Awan Kiri, a village in West Kalimantan, where she lives. Their chirping is a constant reminder that they're there. She says that now there is silence. This is another sign of how the fires have affected the environment. They haven't done any wrong. Why are they victims?" "Why are they the victims?" asked Juniarni, 48-year-old mother of three who goes by one name as do many Indonesians. There were fires all around us. In the dry season, fires are a constant risk. They have raged longer than normal this year, particularly on the islands Borneo, Sumatra and Sumatra. Juniarni is one of the 140 women that make up The Power of Mama, a?all-woman firefighting team. She observed the loss of birdsong while she and the other women patrolled 10 villages, which included?farmers as well as stay-at home mums. Unpaid volunteers, dressed in protective red suits, patrol motorcycles to identify hotspots and extinguish fires. They also warn neighbours not to use fire to clear land to plant palm oil, which is a staple crop of many farmers. This practice increases the risk of blazes. Securing the Forests In 2022, the non-government 'environmental group Yayasan Inisiasi Alam Rehabilitasi Indonesia, which translates as Indonesia Nature Rehabilitation Initiative Foundation brought together the women from four villages of the Ketapang area and trained them on how to fight fires. Mita Anggraini of YIARI, the supervisor for the group, said, "These women felt that the forests were theirs and protected them with their whole heart." YIARI also provides mobile phones to the women, as well as lunch allowances. YIARI doesn't allow the women to deal with large fires. Mita stated that one of the reasons women volunteer to help is because they want to reduce the respiratory problems of many people who are affected by the thick smoke which blankets the island during fire season. Elly Marlina (46), a firefighting volunteer, told how her children suffered from respiratory infection in the past. She said that it took them over a whole year to recover. Irma is a 38-year old mother of two who farms in Borneo. She said that putting out visible fires was only half the battle. The fires are also burning underground in Borneo's peat, which is highly combustible. She said, "Our land is most vulnerable to fires." "This year has been particularly bad because of our dry water supply." Indonesia's forestry ministry said that the fires may last longer than usual, this time up until early November due to the late arrival of rainy season. Indonesia has deployed more than 50 aircraft to water bomb and seed clouds in order to combat the spread of wildfires. Fires in Indonesia?burned 202,000 hectares of land (almost 500,000 acre) from January to July of this year. This is an area that is almost as large as metropolitan Tokyo. West Kalimantan was the most affected province with over 38,000 hectares of land burned. Elly reports that the fires this year are more severe than usual and have affected forests and peatlands still recovering from seasonal fires. This has led to concern for their future. Our hope is fading because, as you can clearly see, there are now no forests.
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Mexico Beach towns prepare for storms when Polo hits the coast
Residents of Mexico's Pacific coast beach towns prepared for heavy rains and dangerous surf as Hurricane Polo, an intense Category 4 storm, moved northwestward offshore. The hurricane threatened flooding and mudslides on the southwest coast. US National Hurricane Center: Polo will continue to move slowly along the coast, between fishing town Zihuatanejo (and port hub Manzanillo), with maximum sustained wind speeds of 145mph (230kph). This is at 3 pm local time. It was predicted that the center of the storm would track along the edge southwestern Mexico until Thursday morning, before turning out to sea. The outer rainbands of the hurricane were already hitting the coast where tropical storm watches and warnings were still in effect. In the resort town of Acapulco the beach was battered by rough surf, the bay was swept with rain and the palm trees were bent. Merchants strengthened stall roofs while boats remained in the bay. Andrea Tenorio, a local resident, said, "As soon as they warned us yesterday, I began to get my documents in order, and started packing my belongings half-way, just in case." She stated that a nearby elementary was being used as a temporary shelter. Tenorio, when asked if she was afraid, said that Hurricane Otis haunted the residents. She said, "With Otis we were left traumatized." "We've never been able overcome it." Hurricane 'Otis' slammed Acapulco as a Category 5-storm in October 2023, killing dozens of people and destroying the coastal town. The NHC stated that Polo will bring 4 to 6 inches of rain (10 to 15cm) to the coastal state of Guerrero, with some areas receiving up to 8 inch (20cm). This could trigger dangerous flooding and mudslides in mountainous regions. Parts of Michoacan and Jalisco were expected to receive significant but lower rainfall. The NHC stated that "Fluctuations of intensity are expected, but Polo will remain a powerful major hurricane for the next few day,"
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US stocks drop as 10-year Treasury yield reaches highest level since 2007
On 'Wednesday', US shares dropped and 10-year Treasury yields rose to their highest levels since 2007. This was after data revealed that US business activity had risen?to more than five-year highs in September. Fueled by an increase in new orders. S&P Global said that its US Composite PMI Output Index (which tracks manufacturing and service sectors) increased to 58.4 in this month. This is the highest level recorded since July 2021. Will Compernolle is a macro-strategist at FHN. The yields are at multi-year highs due to traders pricing in the possibility of more Federal Reserve interest rate increases, while inflation remains stubbornly above the central banks' 2% target. The yield on the 2-year Treasury bond, which is sensitive to interest rates, rose by 11.4 basis points, from 4.947% to 4.891%. This was the highest level since May 2024. The benchmark 10-year rate jumped 13.89 basis point to 5.106%. This is the highest yield since 2007 and its biggest increase in a single day since April 2025. Fed funds futures traders now price in a 66% probability of an October rate increase, up from a 53% chance earlier in the day. Fed Governor Michael Barr, who added to the hawkish tone, said the central bank had taken an important step to "recalibrate", short-term borrowing rates to bring down inflation. He also indicated that future rate increases will be necessary. Analysts said that a break through technical levels? amplified the rate rise. Compernolle stated that "it appears for now that the technical boundaries which had held yields in check for the past few weeks have just been?broken. Once this momentum begins, it could make traders very reluctant to get in front of the market." In the midst of the recent bond market crash, the US Treasury Department saw very low demand for its auction of $70 billion in 5-year notes. The notes sold at their highest yield since 2007. Stocks fell as yields rose. Rates can affect equities by increasing the cost of corporate investment as well as by luring investors back to the bond market. The Dow Jones Industrial Average dropped 0.68%, and the S&P 500 fell 0.75%. The Nasdaq Composite fell 1.13% after reaching a record-high on Tuesday. The pan-European STOXX 600 Index fell by 0.44% and an MSCI global index fell by 0.73%. This ended four days of consecutive gains. Focus on GEOPOLITICS The mood was further dampened on Wednesday by the comments of Iranian leaders, who highlighted that US and Iran are still far apart in their efforts to reach a peace agreement. After Iranian President Masoud Pezeshkian said that Tehran would not bow to US pressure, a senior Iranian official stated that diplomacy must continue despite the fact the two sides are still divided over how to end the conflict. In his speech at the same forum, President Donald Trump threatened on Tuesday to "annihilate Iran", but also stated that his envoys held productive discussions with mediators who were seeking to end conflict. Cole Smead is the CEO and portfolio manager of Smead Capital Management. He said, "We have been through a number of starts and stoppages like this." We're in an incredibly momentum-driven market. "I don't believe most people are comfortable with stepping into the way of headlines." US crude climbed 2.3% to $92.60 per barrel. Brent rose 4.28% to $103.50 a barrel. Investors also look forward to a meeting between Trump and Chinese president Xi Jinping, which is expected to take place in 'Washington. There, tensions regarding trade, technology, and Tehran will be played out amid pomp and ceremony. DOLLAR GAINS The prospect of higher rates boosted the dollar's value against the Canadian, British and Euro dollars to new highs. The euro fell 0.55% at $1.1384, and reached $1.1367 - the lowest level since July 28. Dollar was 0.61 percent stronger against yen, at 158.33. Speculators were wary that a push beyond 160.00 would invite more Japanese intervention. Spot gold dropped 1.64%, to $4283.40 per ounce.
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White House denies reports that the US was considering a ban on diesel exports
A White House official denied on Wednesday a report that claimed the US was preparing to ban diesel exports for 90 days in order to curb record fuel prices. The price of diesel has risen to a record high of $6.50 per gallon due to the conflict in Iran and Ukraine, which is affecting oil and fuel deliveries. This poses a risk for President Donald Trump as he prepares for the midterm elections. US Energy Secretary Chris Wright stated earlier that such an ban would not be effective and could increase gasoline and jet fuel costs. The US is currently discussing voluntary measures. Wright responded to the Politico article that said the US is planning a 90-day export ban. He said, "Nobody?is?considering?a ban on fuel shipments." Wright did not provide any further details.
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Official: Colombia could adopt Argentina's tax incentives to encourage investment
Armando Cuello, the Deputy Minister of Energy in Colombia, said that the country could adopt a model for tax incentives similar to one used in Argentina to 'attract large scale investments in energy and mining. Cuello, speaking at an economic forum in Bogota said Colombia was studying if it could replicate "aspects" of Argentina's Incentive Regime for Large Investments (RIGI), which offers tax, foreign exchange and customs benefits to major projects. The program was launched in 2024 by the Argentine president Javier Milei. Cuello stated that there was a 'political will' to create an investment-friendly environment, which he knew would take time. Abelardo De La Espriella, the Colombian president, announced that his government will resume signing hydrocarbon exploration contracts, and allow fracking. This is a reversal of a ban placed by former President Gustavo Petro. Cuello stated that the lack of?new project development during the previous administration had pushed Colombia's?energy sector into crisis. He said that the country's?deficit in power had increased to 8.6%, from?7.2% just a week before. He said that the government is taking every?possible step to prevent widespread?power outages during?the El Nino phenomenon affecting Latin America.
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US diesel futures drop after White House denies export ban report
US ultra-low sulfur?diesel?futures fell 4% on?Wednesday?after Politico reported the White House was preparing a 90-day ban on diesel exports, which Trump Administration denied. According to AAA, the average US diesel price is nearing record levels at $6.52 per gallon. This puts pressure on farming, transportation, and other industries that depend on this fuel. The wars in Iran and Ukraine has led to a sharp drop in exports by some of the largest?producers, such as Russia and Saudi Arabia. White House officials said that a report that the US is considering a temporary flat export ban wasn't correct. The October futures contract traded at $4.7437 per gallon last, down 4% after falling more than 6% earlier. Trump announced on Tuesday that he supports a ban of diesel exports. Republican candidates running in some of the most tight races in November had called for this measure to help curb fuel prices. Diesel's surge' has coincided with a drop in US?diesel stocks to less than 95 million barrels or 13% below the seasonal average of the last five year. US Energy Secretary Chris Wright stated on Wednesday, however, that a ban on US diesel exports will not work and may increase gasoline and jet fuel costs. Wright stated that the administration is working with the refinery industry to increase supply of US diesel in "a simpler, voluntary and cooperative manner, without using blunt tools that would reduce the refining process." He said that any plan will be voluntary. He didn't elaborate on the plan and said that no decisions had been taken. A ban on exports of diesel would increase prices for?diesel worldwide. After Trump's remarks, the European diesel?refining industry saw its margins reach a new record on Wednesday. Analysts have warned that it could also hurt the margins of US refineries and push prices down in the United States. If a ban were to be imposed, refineries would most likely reduce the amount of crude that they process. Analyst and traders say that if US refineries reduce runs, this would lead to a reduction in the supply of gasoline, and other products. This could potentially push up prices for these fuels. U.S. Interior Secretary Doug Burgum stated earlier this month that a ban on oil, diesel or gasoline exports may lead to retaliatory measures from other countries. This could harm consumers in California, whose energy imports are partially dependent on.
Both parties of senators ask Trump to release emergency heater oil due to price surge
Two US Senators from Maine, a state that is heavily reliant upon 'home heating oil', have asked President Donald Trump to tap into the emergency fuel stockpile of the country as diesel prices are soaring and pushing up household costs.
In a letter sent to Trump on Tuesday, Senators Susan Collins (a Republican) and Angus King (an independent who is a member of the Democratic caucus) asked him to release the home heating oil held in the Northeast Home Heating Oil Reserve. This would protect Mainers against the high prices which are imposing a financial burden.
Collins, who has a tight race to win her seat in the midterm elections in November, said in a press release that the cost of energy was a "huge problem in my state" and tapping the reserve would "help put downward pressure on the prices."
The senators said that Maine households pay about $675 more than last year to fill a heating oil tank. They cited a Maine Department?Energy Resources study. Diesel, which is similar in price to heating oil has risen to an all-time high of $6.50 per gallon due to the conflict in Iran and Ukraine that has impacted fuel production and petroleum shipments.
The White House didn't immediately answer a question about the letter.
Collins joined Senator?Jack Reed of Rhode Island in asking that the administration release money from its home heating program to assist low-income families.
Bill Clinton created the reserve in 2000, which stores 1 million barrels in four locations from Maine to New Jersey. The reserve holds approximately 10 days worth of heating oil in the region. It has not been used since 2012 when it was used to fuel emergency responders after Hurricane Sandy.
Trump's budget for last year proposed closing the reserve. It is costly to maintain.
The rising diesel price has prompted calls for a ban?on the export of the fuel. However, the White House denied on Wednesday a report that the administration was preparing to ban diesel exports for 90 days.
(source: Reuters)