Latest News
-
Aftershocks hinder rescue efforts after 53 people are killed in Indonesia earthquake
Authorities said that around 5,000 people were evacuated following a magnitude-7.7 quake in eastern Indonesia, which killed at least 53 and caused landslides. They added that more than 130 people were injured, including many with broken bones. The quake that struck Southeast Asia on Saturday was the deadliest in the nation since a quake in West Java, Indonesia, killed hundreds of people back in 2022. According to Indonesia's national agency for disaster mitigation, BNPB, more than 3,300 people were either in a sport arena or self-evacuated from the eastern Sikka region. Residents were left stranded in tents made of tarpaulin outside homes that had collapsed. Others received medical treatment outside hospitals. Indonesia is a sprawling archipelago of over 290,000,000 people that straddles the "Pacific Ring of Fire", an earthquake-prone zone where tectonic plate collisions cause frequent volcanic eruptions and earthquakes. Fear of Aftershocks Residents in Maumere told of their fear of aftershocks at a port that is now closed, with its debris left behind from walls and roofs that collapsed. On Sunday, the disaster agency reported that nearly 1,000 aftershocks have been recorded since the earthquake. Nearby, residents crowded a nearby sports stadium that was designated as an "evacuation site". Residents waited in line for warm drinks as the sun set. Some mothers sewed pieces of clothing onto tent frames to create makeshift cradles. Some children played outside soccer. Margaretha Movaldes Da Maga Bapa said that the residents of the region were reminded of the 1992 quake. "We've experienced quakes many times." "But this one brings back the trauma from the one in 1992," she said as aid, such as tents and food, filled her office. Suryaman, an official of the rescue agency, said that the priority was to clear rubble from the worst-affected areas in Manggarai East Manggarai?Nagekeo, so as to locate people who may still be trapped. Suryaman stated that the agency has not received any missing person reports, but added that aftershocks and landslides were hampering the search. 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. State utility firm Perusahaan Listrik Negara reported Sunday that power supply was nearly restored but that authorities are still working to fix distribution lines. BNPB reported that the East Nusa Tenggara Government declared an emergency in the province. This allows authorities to mobilize resources and funding. Dwikorita Karanawati, a geology expert, said that the region was at risk for earthquakes because of the "Flores?back-arc-thrust fault", a system of major west-east thrust-faults. Geophysics Agency of Indonesia said that the area was devastated by a magnitude 7.5 earthquake in 1992.
-
Kyiv attacks Moscow region after Kyiv launches new offensives against Russia, which includes a strike on a steel plant.
Overnight, Russia launched a series of airstrikes in?Ukraine?, killing two at a steel mill. Kyiv, meanwhile, launched a drone attack against the Moscow region, which killed one person, and destroyed a warehouse that was used by Russia's largest e-commerce retailer. Romania, which borders Ukraine said that an F-18 fighter participating in a NATO air patrol mission shot down a drone during the recent attacks. The NATO spokesperson did not give any details about the origin of this drone that entered the country from Moldova. Russia attacked Ukraine's biggest grain export port near the Romanian frontier on the River Danube last week, after intensifying its attacks against Ukraine in recent months. Ukraine has intensified its attacks against Russian targets, including oil refineries. Both sides have also struck commercial vessels on the Black Sea. The latest attack since Russia invaded Ukraine in February 2022 was the overnight strike on the largest steel plant in Ukraine, in Kryvyi Rih - the industrial city where President Volodymyr Zelenskiy grew up. Ukrainian officials have said that at least two people died and 14 were injured. "As a consequence of the attack, the key production facilities within the power generation sector and blast furnace have been damaged and the plant's?production processes?have been partially halted," said ArcelorMittal, Kryvyi Rih, on Telegram. Vitali Klitschko, the mayor of Kyiv, said that a Russian missile attack on Kyiv early Sunday morning caused fires to break out in at least two districts. Three people were reported injured by the city's military administration. Tymur Tkachenko said that three other people, including a young child, had been injured by drone attacks in the Kyiv Region. DRONE SHOT DOWN OVER ROMANIA The Russian Defence Ministry announced that it has destroyed 822 Ukrainian drones in its latest attacks. The governor of Moscow's region, Andrei Vorobyov, said that an 83 year old man was killed in what he called?one of the largest Ukrainian drone strikes on the Moscow area since the beginning of the conflict. He also said that several people had been injured in Podolsk, and that a Wildberries warehouse, Russia's biggest online retailer, was?struck. After the strike at Wildberries' Koledino Warehouse, video footage showed a plume of smoke rising over the site. This was about 45 km (28 miles), south of Moscow. In recent weeks, Ukraine has targeted Wildberries which it claims is handling military goods as part of an effort to harm the Russian economic infrastructure that it believes underpins Moscow's military campaigns. The regional governor confirmed that one person was also killed by a drone attack on a bus in the vicinity of the southern Russian town of Belgorod. The Belgorod area borders eastern Ukraine. The Ukrainian military has confirmed that it also struck a production facility for missile fuel in the Rostov region of Russia overnight. Russia has not yet commented on the report. The Romanian Defence Ministry said that in?the fourth incident of this year where a 'drone' has crossed into its territory an F-18 - part of the Spanish NATO contingent - shot down a UAV over Romania at 5 a.m. (0201 GMT). According to the ministry, fragments of the drone that was destroyed appeared to have fallen between two villages in a place where there is no human habitation. Russia has not yet commented on the incident.
-
The largest wildfire in Belgium's history is heading towards Germany
Local authorities reported that firefighters worked through the night to combat the largest wildfire in Belgium history, which had by Sunday morning burned over 3,000 hectares and was headed towards the German border. 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 east. Stephanie Ernoux is the spokesperson for the Belgian region Wallonia. She told reporters that the Belgian authorities were hoping to contain the fire by Sunday, as it was moving towards Germany. Data from the European Forest Fire Information System revealed that the fire was more than twice as large in size?as a 2011 blaze which?burned nearly 1,400 hectares. Monschau in Germany, near the Belgian border, announced on Sunday that although the fire would not likely spread into German territory, it was expected to cause significant smoke pollution. A statement posted on the website of the town said: "It was decided that residents living in areas near the border should leave the area." After Belgium requested emergency reinforcements, the EU dispatched three helicopters and water bomber aircrafts from all over Europe on Saturday. Residents who were evacuated from their homes on Saturday have been told not to return yet. The office of the Governor of Liege released an update that stated "No homes were affected at this time, although the fire is still close and the smoke levels are high." The fire broke out as Europe, including Belgium, experienced their "fifth heatwave" of the summer. Scientists claim that climate change caused by humans has made it more likely that wildfires will spread and burn faster. (Reporting and editing by David Goodman; Additional reporting and editing by Christoph Steitz)
-
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.
-
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.
-
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.
-
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.
-
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.
Singapore's oil products stocks fall to their lowest level since mid-June
Singapore's oil product inventories, Asia’s main fuel trading hub, continued to decline as both residual fuel and middle distilates inventories fell, according to government data released on Thursday.
Enterprise Singapore's data shows that total?onshore?oil products stocks were around 37.95 millions barrels during the week ending July 29. This compares to 39.64million barrels one week earlier.
The Middle East conflict has continued to engulf the oil and product markets. Shipping risks in both the Bab el-Mandeb Strait and the Hormuz Strait remain high in the short-term. This could lead to a reduction in global refinery 'runs' and production.
MIDDLE DISTRILLATES, RESIDUAL FUEL FELT
The Middle Distillates Inventory fell for the second week in a row, to its lowest level in over two months?of about 7.7 million barrels.
The net exports of jet fuel, kerosene and gasoil increased by two to three times compared with a week ago.
Inflows of diesel and gasoil cargo were mostly from South Korea and India, and exports went to New Zealand, Malaysia and Vietnam.
Preliminary shiptracking data showed that India's July diesel loadings into Singapore were at their lowest level for five months. More shipments are expected to arrive in the West for now. Preliminary shiptracking data showed that more South Korea- and China's origin barrels will be arriving in the next couple of weeks.
The data revealed that despite an increase in net imports the level of residual fuel oil inventories fell to a six week low. They were down 6.8% on a week-to-week basis at 18,13 million barrels (2,86 million tons).
Total fuel oil imports increased 12.1%, to about 971 000 tons. Saudi Arabia was the largest supplier of fuel oil in the past week with imports totaling nearly 160,000 tonnes. The UAE came second at 90,000 ton.
Total fuel oil exports to Singapore tanks dropped 57.4%, reaching about 150,000 tonnes. Bangladesh and Vietnam became the main destinations for?the week.
Singapore's fuel markets remain steeply backwardated in the front months. This means that immediate prices are higher than future prices.
LIGHTS?RISE
The inventories of light distillate, including naphtha, gasoline and other liquids, increased to 12,084 million barrels for the first week in July after dropping for four consecutive weeks. This was due to the fact that imports of naphtha, which totaled 255,000 metric tonnes (2.3 millions barrels), far outweighed exports, which only amounted to 2,800 tons.
Malaysia, with around 35,000 tonnes, was the second largest source of naphtha, after Russia.
Singapore's gasoline imports totaled?about 194,000 tonnes (1.6million barrels), and exports reached?roughly 438,000 tons. This makes the city-state an?net exporter? of about 244,000 tons.
Indonesia led the way with about 131,000 tonnes, followed by Australia with nearly 117,000. Taiwan led the gasoline inflows at almost 60,000 tons. Saudi Arabia was second at around 38,000 tons. (Reporting and editing by David Holmes, Trixie Yap, Jeslyn lerh and Mohi narayan)
(source: Reuters)