Latest News
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Peru consumer prices increased by 0.29% in July
Data from 'the national?"statistics "agency INEI on Saturday showed that?peruvian _monthly_ consumer prices rose 0.29% during?July. This was slightly below the median forecast of 0.30% in a poll, and follows a 0.23% increase in June. INEI?said that the increase in prices was primarily due to a rise of 0.67% in food and non-alcoholic drinks,?led mainly by higher prices for poultry meat and cuts, eggs and?some fruits and vegetables. Fuel prices fell, but transport prices rose 0.20%. This was due to increased demand during Fiestas Patrias for air and interprovincial travel. Restaurant and hotel prices increased by 0.18%. Gas, electricity, and housing prices all fell 0.12%. This was due to lower gas prices and lower electric tariffs after a new rate system that went into effect on July 4. The annual inflation rate in Lima, the nation's primary inflation benchmark, increased to 4.07% from 4.01% in June. This is still above the central banks' 1%-3% target range. Preetika parashuraman, Bengaluru. Edited by Hugh Lawson.
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Turkey, Iraq sign one-year oil pipeline deal
Alparslan Bayraktar, Turkish Energy Minister announced on Saturday that Turkey and Iraq had signed an agreement for a year to maintain the crude oil pipeline between 'the two countries. The agreement extends a bilateral arrangement dating back decades that expired Monday, which allowed the operation of Baghdad’s only export pipeline (ITP), the Iraq-Turkey Pipeline. The minister stated: "While we continue to work towards a long-term agreement on this 'pipeline..., we have implemented a transit arrangement that covers a daily?capacity of 750,000 barrels." Bayraktar stated that he met with Iraq's Oil Minister and his delegation in Ankara and signed a one-year agreement between the Turkish state energy companies BOTAS and Iraqi state oil companies SOMO and NOC. The extension gives time to talk about a?more comprehensive agreement. The Turkish government wants to use the 1.5 million barrels of oil per day (bpd) capacity 'pipeline to its fullest and extend it to southern Iraqi oilfields. Turkish data indicates that the pipeline carrying oil to the Turkish port of Ceyhan carries approximately?170,000 barrels per day.
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Israeli strikes kill 2 in Gaza and destroy medicines storage warehouses
In separate strikes, Israel's military killed two Palestinians and destroyed two 'warehouses' near a hospital storing medicine. The strikes came amid uncertainty about whether Israel had accepted the Hamas-negotiated disarmament deal. Palestinian officials confirmed that two Palestinians died in an Israeli airstrike in the Sheikh Radwan area of Gaza City, central 'Gaza. The Israeli military claimed that the militants targeted by their airstrike were Hamas, but refused to give further details. The Palestinian Health Ministry in Gaza released a statement stating that an Israeli airstrike destroyed two warehouses used by the Al-Aqsa Martyrs Hospital to store medicines in Deir al-Balah, a southern Gaza suburb. The military has not yet commented on the attack. The strike also damaged two other warehouses that housed medicine and the hospital's outpatient clinic. No immediate reports have been made of injuries. The hospital stated that the warehouses contained essential?medical supply used to treat dialysis patients with kidney failure, as well as other materials such gauze used for wound care and routine treatments. Khalil Al-Daqran said that the Israeli occupation had committed a "heinous crime" during the strike. He said that "in the middle of night (the military) destroyed a warehouse which contained medical supplies for the hospital." Witnesses reported that the military issued an evacuation order for the area before the strike. Under international humanitarian law, hospitals and other civilian sites can be protected. However, this protection may be lost if the site is used for military purposes. Israel's military claims that Hamas, and other armed group operate within civilian facilities and areas. Fatima Sharab said that many people who needed medical attention were sheltering near the warehouses to be close to the hospitals. She said, "The strike struck and then we returned to the camp - there was no camp." Israel has continued to strike Gaza after agreeing to a ceasefire last October, mediated by the United States. In the nine months since then 1,222 Palestinians have been killed. Palestinian health officials claim that the majority of those killed were civilians including women and kids. Hamas does not usually announce its casualties. Donald Trump, the U.S. president, appeared to announce on Thursday a breakthrough in his plan to end the conflict. Israel and Hamas had agreed to it last year. The ceasefire was the first step. Trump stated that Hamas had agreed to lay its weapons down. Hamas ruled Gaza for?nearly 20 years before launching the attack on Israel in October 7th, 2023 that sparked the Gaza?war. Benjamin Netanyahu, the Israeli prime minister, has not yet made a public comment. However, his National Security Minister Itamar Bin-Gvir called the agreement "inacceptable" and said that Israel should continue its policy of assassinating Hamas leadership. The Board of Peace, Trump's appointed body to implement the plan for ending Gaza war, published a roadmap Thursday that outlines the final steps in implementing the initiative. In the document, it is stated that Israel has committed to Trump's plan of 20 points which was signed by Israel last year. (Writing and editing by Hugh Lawson; Alexander Cornwell)
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India's record renewable power generation in July reduces coal's share to a 1-year low
In July, the share of coal in India's power generation mix fell to its lowest level?in an entire year as renewable energy production surged?to a new record high. The data revealed that renewable power has risen to 20% of India's total mix. The data showed that the number of kilowatt hours (kWh) consumed in July was 36.25 billion, up 30% on last year. Grid-India, the state-run regulator, calculated that coal-power generation dropped to 65.7% from 69% in July. India's clean energy generation has risen as solar and wind output have exceeded 100 gigawatts. This is the first time that this figure was higher than 42.8%. Manoj Kumar, analyst at the Centre for Research on Energy and Clean Air said that the majority of peak power demand occurs during the daytime, when solar contributes more. He cited a rising renewable share in the nation's electricity generation. The data revealed that coal-fired electricity generation increased by 12.8% on an annual basis to 119.40 Gigawatt Hours in July. Analysts attribute the rise in coal-power production to a decline in hydropower and due to an El Nino pattern where "searing heat" is driving the demand for cooling at night. El Nino has caused a significant shift in rainfall patterns and elevated temperatures. This is why hydropower generation fell for the second consecutive month. CREA stated that the lower hydro generation due to El Nino combined with increased power demand could result in a gap in power generation of nearly 18 billion kWh. This will lead to an increase in coal-fired energy in India. Data showed that India's electricity production in July increased 10.4% compared to a year ago, reaching 181.79 billion kWh. Sethuraman N.R.; William Mallard, Editor
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Bangladesh garment workers pay hidden cost of rising heat
The rising temperatures are affecting household budgets as well as factory floors Heat is forcing Bangladeshi workers to spend a larger share of their wages Experts warn that the true cost of heat is not well-measured. Tahmid Zami Tahmid Zami Begum can't spare much money, but staying cool to her is a must. It is a matter of survival. Begum, 32 is one of Bangladesh’s 4 million garment and textile workers, who must set aside a part of their meager income to cope with the rising heat. According to a World Bank report released in 2025, the average summer temperature in Bangladesh has increased by 1.1 degrees Celsius since 1980. This is slightly higher than the global trend of 0.8 to 1 Celsius. The study found that high humidity pushed up the temperature of the air by 4.5 Celsius. Researchers and labour advocates have noted that Bangladesh does not currently have a policy which sets national standards to manage heat risk in its most vulnerable communities. This includes outdoor workers and industrial workers. Ameena Kiwdai, from the workers' rights group, People's Courage?International, said: "These workers pay an invisible heat tax, which is an additional cost burden that results from their effort to bear with the heat." Kidwai wrote a report in 2026 on South and Southeast Asia workers. Begum's garment factory in the Konabari area of the industrial city Gazipur employs less than 1,000 people. Begum, despite the exhaust fans and ceiling fans that cool the factory, is forced to take frequent breaks to cool down. Researchers at Australia's Griffith University found that temperatures in Bangladeshi factories during the summer months regularly exceeded 30 Celsius. Begum's homecoming is also no relief. She can't get enough sleep because the ground is warm and radiates heat all night. A 2024 study published in the journal Computational Urban Science found that the average land surface temperature in Gazipur (located just north of Dhaka) increased by approximately 2.01 Celsius from 2000 to 2020, as more green space was built. Last month, to offset the government's?subsidy to the power sector, it raised electricity prices by over 16%, increasing the cost of cooling homes and factories. Begum said, "The cost of electricity is increasing and this has an impact on my monthly household expenditure." Women workers are at particular risk of heat stress. The national guideline for heat-related illnesses states that mothers in Bangladesh are more likely to deliver babies with cramps, heatstroke or headaches when the weather is hotter. This is because infants have less ability to deal with heat. "Work was especially harder when I had my youngest child. Begum explained that she would have to take frequent breaks or half-day leaves during her pregnancy. She was docked 100 takas when she missed a half-shift. PROFIT HIT As workers suffer heat stress, factories owners are also faced with additional costs because they have to invest in cooling. In a report published in February 2026, the nonprofit Apparel Institute stated that climate-related risk, such as carbon pricing, volatile raw material prices, and rising energy costs could reduce worldwide company profits up to 34% in 2030. Mohiuddin Rubel, the managing director of Denim Expert Ltd. said that he had added more fans to his factory's production area and improved the?ventilation. He has also taken other measures, including better access to drinking salts and water as well as more frequent breaks for hydration and first aid support for heat-related illness. He said that these?measures' have increased Rubel's factory operating costs between?2% and 5% due to the higher electricity consumption. Workers are responsible for a significant portion of the costs. Md. Safiqul, a garment worker who has his own routine, buys cold drinks and sodas to quench his thirst during hot days. He spends an average of 2,500 taka per month on drinks and hydration salts. Health risks affect productivity as well. Rubel stated that workers who are unable to sleep well due to the heat or have a long commute may be fatigued when they arrive at their workplace. Delays at work can also affect income. Islam said that if I'm late by three days, a day's pay, or "hajira", is taken from my salary. Rubel, however, said that the cost of increasing heat can't be covered by factories. He said that government investment in reliable healthcare, electricity and water services is necessary to improve the well-being of workers and industrial resilience. Further research is also needed on heat tax. He said that a stronger policy to support workplace adaptation would benefit businesses, and protect the health and productivity of workers.
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Caribbean Bets on biofuel, boats and barriers as sargassum piles up
Each day, hundreds of Mexican hotel employees, tractor operators, and Navy personnel with specialized training head out to the beach at dawn to remove massive amounts of rotting seaweed from Caribbean beaches near popular tourist resorts. Hotels in the Caribbean have slashed rates and invested millions of dollars to remove the foul-smelling algal blooms from their beaches. Governments and businesses are also looking for solutions. How it all began Sargassum, a brown seaweed which forms floating'mats' on the ocean surface, was previously confined to the 'Sargasso Sea in?the North Atlantic. However, unusually strong winds in 2010 blew sargassum out into the nutrient rich tropical waters of West Africa where it thrived. The seaweed that was displaced became a belt of self-sustaining algae, which travelled on ocean currents through the Caribbean and north Brazil, bringing a mass of algae to Caribbean island nations and the Riviera Maya, as well as the Gulf of Mexico. Sargassum is a tropical Atlantic sargassum that feeds off nutrients from rivers like the Amazon, Orinoco, and Congo, upswells of the deep oceans, Saharan dust, and rising sea temperatures. WHERE IS IT GOING? The University of South Florida’s?Optical Oceanography Lab anticipates that 2026 will be the second largest year in terms of sargassum, and more seaweed is likely to accumulate around the Caribbean region and southeastern Florida over the coming months. Brian Barnes, a research assistant professor at the University's College of Marine Science who works in the laboratory, said that the novelty of this phenomenon and its seasonality make it difficult to predict its future course. He said that the seaweed's mass could double every five years. MEXICO RECORD NUMBERS Mexico is looking to protect the tourist attractions along its Riviera Maya, including Cancun and Tulum, by purchasing more boats for picking up sargassum, and deploying larger barriers off of the coast. According to data from the government, Mexico has collected 96,151 tons of sargassum this year. This is up from 92783 tons in 2012. Mara Lezama said at a Thursday press conference that the best way to combat sargassum was to intercept it before it reaches our coastlines. Federal Mexican officials expect a new open sea sargassum ship to arrive in a month. They are also looking for more ships to be sourced from Japan, and to supply smaller Mexican vessels to Dominican Republic. CREDITS FOR CARBON Some companies are attempting to get carbon credits by sending out boats that make bales from sargassum, which releases methane when it decomposes. They then sink these to the ocean floor. However, this practice has raised concern about possible abuses, impacts to deep-sea eco-systems and over-harvesting of offshore clusters. Barnes explained that it's important to strike a balance, because the sargassum off-shore is a habitat for turtles and other fish. If you want to clean up the Caribbean, you will have many collateral damages. Barnes stated that many companies contacted him to ask for his advice on carbon credits projects. However, he wasn't convinced they would produce positive results. When life gives you a sargassum Sargassum's abundance has prompted a number entrepreneurs to attempt to transform the seaweed into lucrative commercial products or new energy sources. They have overcome challenges, such as safely removing the toxic metals that are absorbed by the algae. Alicia Barcena, the Environment Minister, said that out of 200 projects, at least 11 could be industrialized and 39 are already producing products. These include fuel, bioplastics, laminates, and fertilizers. Felix Navarrete is an executive with sargassum refiner Carbonwave. He said that his company already sold fertilizer overseas and after receiving regulatory approval from Mexico's sanitation watchdog was now looking to market to local farmers. Carbonwave is also interested in supplying materials to the textile and cosmetic sectors. Quintana Roo's state government plans to expand a Cancun biofuel?plant. What's Next? The Caribbean Government and Industry Leaders have warned about the severity of the crisis. They also encourage tourists to continue visiting their beaches, make the most out of their vacations and stay up-to-date by choosing less affected areas. Mexico will host a conference in Cancun in early October, which is a joint European Union and Caribbean conference on Sargassum. Representatives from both regions will discuss ways to increase sargassum collections while protecting coral reefs and beaches. (Reporting and editing by Tom Hogue; Sarah Morland)
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Egypt increases most household electricity tariffs by an average of 12%
The Electricity and Renewable Energy Ministry in Egypt announced on Friday that the rates would remain unchanged for households within the first consumption category, but increase them by an average of 12 percent for all other residential customers. The ministry stated that it had approved the new accounting rate "in order to ensure the stability and financial sustainability" for Egypt's electricity and renewable energy network. This includes production, transmission, and distribution. Egypt spends about 100 billion pounds ($1.9 billion) a year to bridge the gap in production costs and consumer tariffs. The state subsidy is shrinking with increasing household consumption. Customers pay 25% at 50 kWh per month, increasing to 50% at 300kWh, 60% at 500-600kWh and 88% at 700-1,000kWh. According to the ministry, households that consume 2,000 kWh are required to pay for their entire bill without any subsidy. Egypt raised electricity prices in April for commercial and residential users who use more energy. The increase was attributed to a global energy crisis caused by the Gulf War, which had doubled Egypt's import bill. A drone attack, which caused damage to Egypt's Floating Store Regasification Units (FSRU), prompted the government to increase prices.
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Exxon and Chevron warn that fuel prices will continue to rise due to the Iran war
ExxonMobil, Chevron and other top U.S. oil companies warn that global supplies of refined products and diesel will remain tight and lead to high prices for the rest of the year. The Iran war is causing major disruptions in energy supply. The two companies both reported huge increases in their second-quarter profits for refining on Friday, as they saw an increase in margins due to declining fuel stocks combined with reduced exports from China and refinery problems in Russia. Mike Wirth, CEO of Chevron, said in an earnings call that "we'll see some upward pressure on product pricing... into the third and possibly beyond that." He also added that the demand for distillates such as diesel and heating oils is unlikely to decrease over the long-term. As U.S. gas prices continue to rise, the margins and resulting?profits will increase. This is a challenge for President Donald Trump as well as the Republican Party who are battling to keep their majority in Congress during the November midterms. The largest?U.S. The oil majors claim that they are doing all they can to maintain output. HIGH PRODUCTION Exxon reported that it operated its U.S. refining plants at full capacity, and had a second quarter record for diesel production. Chevron also said that it had achieved a record throughput of over 1 million barrels / day at its U.S. refining facilities. Exxon CEO Darren Woods still said that it was critical to resume shipping through the Strait of Hormuz in order to?supply crude oil to the market. "The usage that we have seen cannot be sustained on a long-term basis." "I think that this refining problem will be with us for a long time," he told CNBC. Woods said that the company's largest refining footprint outside of China is in the United States, and that disruptions to crude supply have made it difficult for the downstream business. Chevron estimated that downtime during the third quarter would cost downstream earnings between $175 and $225 million. Exxon said scheduled maintenance will be lower in the third quarter than the previous three month period. RBC Capital Markets' Biraj Borkhataria, an analyst at RBC Capital Markets, said that some investors might have expected Exxon, given its large refinery footprint, to report even stronger results in refining. Exxon's second-quarter earnings were just below consensus expectations, but Chevron exceeded them. Exxon's shares fell 1% while Chevron rose about 2%. Sheila Dang, reporting from Houston; Nathan Crooks & Rod Nickel, editing.
Officials: Nirmal Purja, a well-known climber in Pakistan, is among the 10 people killed in an avalanche.
Nirmal Purja died on Saturday in an avalanche in Pakistan during an expedition. He was a celebrated Nepali mountaineer who had set a world record for fastest ascents of the 14 highest mountains.
Elite Exped, the company that organised his expedition, posted on Instagram: "It is with great sadness and heartbreak that we confirm Nirmal Nimsdai Purja tragically lost his life after the avalanche at Broad Peak."
The report added, "We also received confirmation from other members of this expedition that they unfortunately did not survive."
Balendra Shah, the Prime Minister of Nepal, expressed shock at the death of climbers including Purja.
"Only the physical journey of climbers has ceased. Shah said in a post on social media that the courage, dedication and contributions of these climbers will remain inspiring and alive. Purja, 43 and nine other climbers had been missing since Thursday, after an avalanche struck Broad Peak in Pakistan, which is the world's 12th-highest peak at 8,051 metres (26,414 feet).
Officials said the bodies of Purja, and other climbers, were located at a difficult location and still had to be recovered.
Purja, a former Gurkha soldier in the British army, and then a member of the Special Forces, achieved his record-breaking feat within six months, in 2019. Purja became internationally known after the Netflix documentary "14 Peaks : Nothing is Impossible" was released two years later.
Wes Streeting, UK defence minister, said that he was "incredibly sad" to hear of the deaths of Purja and other climbers. Streeting wrote: "He was a man of inspiration who served in our Armed Forces over many years - whose incredible adventures are well known around the globe." Around midday, the 10 mountaineers got caught in a avalanche. Six were Nepalis, and the rest were from Pakistan (Oman), the U.S., and China.
Three bodies were found by search crews on Friday.
Chhang Dawa Sherpa is a board member of Seven Summit Treks, which included three Sherpa climbers among the dead. He said that the rest of the bodies had been "spotted and identified" using drone footage, and were yet to be recovered.
Chhang said, "They're in a tough spot and still haven't been recovered."
He stated that unlike Nepal Pakistan does not practice long-line rescues by helicopters in the mountains.
We?must take into consideration the safety of those going to retrieve the bodies."
Sajid Hussain said that the rescue operation is ongoing.
He said: "Rescue Teams have identified the location of victims, but they haven't been able yet to recover them and bring them safely down."
He said that while drone surveillance and aerial recon helped to pinpoint the exact location of the victims, it was still difficult to reach the deceased and recover them safely.
Purja scaled Annapurna in 2019. It is the 10th highest mountain on the planet. Then he began to climb other 8,000-metre mountains. Eight of the 14 highest mountains in the world are located in Nepal, while five others are in Pakistan, and the last one is in the Tibet region in China.
Purja was described as a "charismatic colorful" character by elite climbers. Kenton Cool of the UK, who is the first non-Sherpa to have climbed Everest 20, said that he would be hard pressed not to mention his role in reshaping high altitude climbing. (Reporting and editing by Alex Richardson, Hugh Lawson, and Mushtaq Al in Peshawar)
(source: Reuters)