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Trump praises Nippon Steel for being a 'great partner" of U.S. Steel at a raucous rally
At a Friday political rally, U.S. president Donald Trump praised an "agreement", between Nippon Steel & U.S. Steel. He did not clarify if he intended to approve their diplomatically sensitive merger. Trump announced that the American Steel Company would remain American on a Pittsburgh stage, Pennsylvania, decorated with signs praising "American steel." He also praised its new Japanese partner. It's unclear if he has given his approval to a merger that would give Nippon ownership as requested by the companies, or if he has formally approved the deal. Trump said to more than 1,600 people wearing hard hats, "We are here today to celebrate an agreement that will ensure that this storied American Company remains an American company." You're going stay an American business, you know that right? We're going have a great partnership." The Japanese company's proposed acquisition of U.S. Steel in 2023 divided Pennsylvania, a politically significant state, and its heavily-unionized blue-collar workers. It also brought tension to the otherwise friendly relationship between Tokyo and Washington. The transaction's supporters hoped that Trump's trip would bring an end to a turbulent 18-month attempt by Nippon Steel, which was plagued by opposition from the union leadership and by two national security reviews. Trump stated that the company will be "controlled" by the USA, that there would be no layoffs and that Nippon Steel would invest billions in modernizing U.S. mills to increase their production. He announced a new plan that will be implemented by next week. Tariffs are being raised Import steel duty increased from 25% to 50% Trump's comments on Friday did not shed any further light on whether or not he would give a formal approval to a deal. Trump added, "I will be keeping an eye on it and it's going be fantastic." Requests for comments on the current status of the deal negotiations have not been responded to by the White House or the companies. Trump announced the rally last Friday and appeared to endorse this merger in a post on social media. This pushed the share price of U.S. Steel up by over 20%, as investors bet that he would give the merger the green light soon. He sowed doubt on Sunday by describing to reporters the deal as not the takeover Nippon seeks but an investment, with "partial ownership" and control located in the United States. U.S. Steel's headquarters is located in Pennsylvania. This symbolized the strength of the U.S. manufacturing industry at one time, but also the decline as steel factories and plants along the Rust Belt lost business to foreign competitors. In presidential elections, the state that is most closely contested is often a prize. Takahiro Muri, Nippon's Vice-Chair, said before Trump: "We wouldn't be here without President Trump. He has ensured the future of our company by approving this partnership." Ryosei Acazawa, Japan's chief trade negotiator told reporters Friday that he couldn't comment yet on the deal. "I'm aware of all the reports and posts made by President Trump in social media. There hasn't been any official announcement by the U.S. Government," Akazawa said, who was in Washington to negotiate tariffs. Trump has to make a decision by Thursday, after the Committee on Foreign Investment in the U.S. completed its second review last week. The timeline may slip. The road leading up to the rally on Friday has been bumpy. Nippon Steel made an offer of $14.9 billion to U.S. Steel for December 2023. They wanted to take advantage of the expected increase in steel sales due to the bipartisan Infrastructure Law. The tie-up was doomed from the beginning, as both Biden and Trump insisted that U.S. Steel be owned by Americans to win over Pennsylvania voters ahead of the presidential election in November. Biden, after the review in December 2008, blocked the deal on grounds of national security. The companies filed suit, claiming they had not received a fair review, an accusation that the Biden White House denied. Steel giants saw an opportunity with the Trump administration. The Trump administration opened a 45-day review of the proposed merger. Trump's public remarks, which ranged from welcoming the Japanese company to "invest" in U.S. Steel to suggesting that Nippon Steel should have a minority stake, did not do much to boost investor confidence. Last week, it was reported that Nippon Steel has proposed plans to invest up to $14 billion into U.S. Steel operations. This includes $4 billion for a new mill. If the Trump administration approves its merger bid. Reporting by Jeff Mason and Alexandra Alper, Writing by Trevor Hunnicutt, Additional reporting by Makiko Yazaki in Tokyo, and Nathan Layne, in New York, and Editing by Chizu Nomiyama Alistair Bell, and Chris Reese
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Trump plans to double steel tariffs from 50% to 100%
Donald Trump, the U.S. president, announced on Friday that he would increase the tariffs on steel imports from 25 to 50 percent. This will put more pressure on steel producers around the world and intensify his trade war. "We will be increasing the tariffs by 25%." "We are going to increase the tariffs from 25% to 50% on steel imported into the United States of America. This will further secure the American steel industry," he stated at a Pennsylvania rally. Next week, the new levy will come into effect. Steel tariffs Trump's return to office in January saw him impose levies and tariffs on aluminum. Tariffs of 25% were imposed on steel and aluminum imports to the U.S. in March. He had threatened a 50% tax on Canadian steel, but eventually backed down. The import tax is imposed under the Section 232 authority. This includes both raw metals as well as derivative products such as horseshoes or aluminum fry pans. According to Census Bureau Data retrieved by the U.S. International Trade Commission Data Web System, the total import value of the 289 categories in 2024 was $147.3 billion. Nearly two thirds were aluminum and one third steel. Trump's two first rounds of punitive duties on Chinese industrial products in 2018, during his first term, totaled $50 Billion in annual imports. (Reporting and editing by Chris Reese; Jeff Mason)
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Rosneft, a Russian oil company, says its Q1 net income was $2.2 billion less than a half-year ago.
Rosneft, Russia's biggest oil producer, reported a net profit Friday of 170 billion Russian roubles (2.19 billion dollars). This is less than half the level from a year ago due to higher interest rates, sanctions, and a stronger ruble. Igor Sechin has been a staunch ally of Vladimir Putin and Rosneft CEO Igor Sechin. He has often criticised the Russian central bank's tight monetary policies. Since October, the central bank has maintained its key rate at 21% as it has fought against persistently high inflation. The rate has increased since the early 2000s when Russia was still recovering after the chaos of the collapse of the Soviet Union. Sechin stated in a press release that "during the reporting period the company operated under conditions of a further deterioration in the macroeconomic climate, including a decline in the price for Russian Urals oil, an expansion of discounts to global oil benchmarks, new sanctions as well as the strengthening of the Russian rouble." Rosneft reported that interest costs increased by 1.8 times in the first quarter. Rosneft didn't provide a comparison to the net income of the previous year, but it did report last year that its first-quarter net income for 2024 reached 399 billion Russian roubles. The company reported a net profit increase from 158 billion Russian roubles during the previous three-month period. The company also reported that the revenue for the quarter of January-March decreased by 8.5% compared to the previous one to 2.3 trillion Russian roubles, due to the lower oil prices in roubles. Rosneft reported that the EBITDA (earnings before taxes, depreciation, and amortization) fell by 15.5% compared to the previous quarter, falling to 598 billion Russian roubles.
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Moody's raises Nigeria's rating from 'B3' to 'B3' due to its improved external and fiscal position
Moody's, the credit rating agency, upgraded Nigeria's ratings by a notch from "Caa1", citing significant improvement in the country's fiscal and external positions. The World Bank announced earlier this month that Nigeria's economy had achieved its highest growth rate in about a decade, in 2024. This was due to a strong quarter and a better fiscal position. It warned, however, that high inflation is still a problem. Moody's stated that the recent overhaul of Nigeria's Foreign Exchange Management Framework... had markedly improved the CBN's reserves of foreign currency and bolstered its balance of payments. Moody's says that the inflationary risk in Nigeria has decreased due to policy changes. The nascent signs that inflation and borrowing costs will be easing are boosting confidence in these policy changes. The agency revised Nigeria’s outlook from “positive” to “stable”, as it expects the recent progress in external and fiscal areas to continue at a slower rate if oil prices drop. Moody's stated that "the stable outlook reflects Moody's expectations that external and fiscal improvement will decelerate, but not reverse completely." (Reporting and editing by Mohammed Safi Shamsi in Bengaluru, Nishara K.P.
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Stocks end lower but still post a strong gain for the month despite tariff concerns
The global stock market ended Friday with a loss, but it also recorded a gain for the week and the largest monthly increase since the end of 2023. This was despite the markets being roiled by the uncertainty surrounding the Trump administration's policies on tariffs. At the beginning of the week, sentiments were initially boosted by signs that trade tensions had eased between the U.S. Investors then focused on the earnings of artificial-intelligence chipmaker Nvidia which posted better-than expected results mid-week. The markets were temporarily shaken by an unexpected ruling of the U.S. Court of International Trade that struck down Trump's so called Liberation Day Tariffs. This triggered a court drama which saw an appeals court temporarily reinstate these tariffs. Trump claimed on Friday that China violated an agreement between the U.S. and China to roll back trade restrictions and tariffs for essential minerals. He also issued a new, veiled threat of getting tougher with Beijing. Mark Malek is chief investment officer of Siebert. "Within four day we got a compressed edition of what we had for an entire month - the tug-of war between forces that drove the markets higher last year, and the year before - namely AI and technology growth stock - and this looming problem we have with these administration tariffs." Wall Street's benchmark S&P 500 index and Nasdaq ended lower due to weakness in consumer discretionary, technology and energy stocks. The Dow finished higher after erasing its early losses. The S&P 500 and Nasdaq indexes registered their largest monthly percentage gains since November 2023. The Dow Jones Industrial Average increased 0.13% to 42,270.07; the S&P 500 dropped 0.01% to 5911.69 and the Nasdaq Composite declined 0.32% at 19,113.77. European shares ended the week with a gain of 0.14%. They also added 4% to their monthly total for May. MSCI's broadest Asia-Pacific share index outside Japan closed higher overnight by 0.74%, ending the week with a lower closing price but adding nearly 5% to the month. This is the largest monthly gain since September 20,24. MSCI's world index fell 0.07%, to 879.63. However, it gained 1.32% in a week and 5.53% for May - its biggest monthly gain since Nov. 2023. Malek continued, "We thought that the markets would be numb by now to all of this tariff talk and that it had been factored into a great deal. But that is not true." The Personal Consumption Expenditures Price Index, closely watched, rose by 0.1% in April. This was in line with expectations. Trump and Fed Chairman Jerome Powell met for the first time on Thursday. A Fed statement stated that Powell did not mention his expectations regarding monetary policy, except to emphasize that the direction of policy would depend on the incoming information about the economy and its implications for the future. The yield on the benchmark 10-year U.S. notes dropped 2.6 basis points, to 4,398%. After reversing previous losses, the 30-year bond yield increased 0.2 basis point to 4.9254%. The dollar rose against other major currencies, including the euro. It is on course to gain a month-long amount against the Japanese yen. The dollar fell 0.15% against the Japanese yen to 143.95, while the euro dropped 0.12% to $1.135050. The dollar index (which measures the greenback versus a basket including the yen, the euro and other currencies) rose by 0.14%, to 99.394. Tariff uncertainty was weighing down the market, and it was heading for a fifth consecutive month of losses. Investors are weighing the possibility of a larger OPEC+ production increase for July. Brent crude futures ended the day down 0.39%, at $63.90 per barrel. U.S. West Texas Intermediate finished at $60.79 per barrel, down by 0.25%. The dollar rose as gold prices fell. Spot gold dropped 0.7% to $3.292.78 per ounce. U.S. Gold Futures closed 0.9% lower, at $3315.40.
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Northern Manitobans fleeing wildfires head south
Winnipeg, Canada's provincial capital, scrambled Friday to provide housing and care to the thousands of people who fled areas devastated by wildfires. Fires have erupted across large areas of the western part of Canada's North due to unusually dry and hot conditions. The flames are devouring hundreds of thousands hectares (hectares) of bushland and forest that is as dry as tinder. "It's hard on everybody," said school maintenance technician Richard Korte, who had fled to Winnipeg from Flin Flon, a regional centre of 5,000 people on the Saskatchewan-Manitoba border, and wondered where his family would sleep that night. Both the neighbouring provinces of Manitoba and Saskatchewan in western Canada have declared states of emergencies to combat the fires that have spread across remote and sparsely populated areas. Chris Schultz, an evacuee, sat in the cab with his dog Stella and hoped to see friends and family arriving at a Winnipeg temporary emergency shelter in a hockey hall. Korte, his friend, had spent hours in the center trying to find housing for his entire family, which included his son with special needs, who cannot remain in an arena. As fires approach, people from Indigenous communities in the north are fleeing and their few routes south are blocked. Several communities have evacuated the most vulnerable members of their community by air, but at least one airport has been closed due to smoke. Manitoba Premier Wab Knew stated that about 17,000 Manitobans have fled the fires due to the hot, dry weather. Kinew said in a Friday afternoon press conference, "We must stay calm." He thanked the U.S. and Quebec for sending 125 firefighters to Manitoba. We cannot thank other jurisdictions for their support enough. George Fontaine, the mayor of Flin Flon, said that the weather forecast indicated that the fire would likely blow into the town. Fontaine told CBC News Network that such a scenario could be "very catastrophic". According to data from the provinces, there are currently 23 active fires burning in Manitoba and fourteen in Saskatchewan. Alberta, which is a province that produces oil, also has 51 fires active. Oil companies are evacuating their workers. Wildfires destroyed Jasper, an important tourist destination in the Canadian Rockies, last year. Schultz warned that he could cry in his truck. He hoped that Stella, his dog, would bring a smile to the faces of his fellow evacuatees.
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US Approves Environmental Review for Michigan Nuclear Plant Restart
The U.S. on Friday said Holtec's planned restart of the Palisades nuclear power plant in Michigan would not harm the environment, a needed step in its plan to become the first such plant to return from permanent shutdown. The Nuclear Regulatory Commission conducted the environmental review of the Palisades reactor restart with the Department of Energy's Loan Programs Office. Opponents of the restart had expressed concerns that steam generator tubes at Palisades are degraded because standard maintenance procedures were not followed when the plant went into shutdown. Holtec says it is plugging the tubes. The LPO, which supports nuclear projects that are unable to get bank loans, closed a $1.52 billion loan guarantee for the Palisades restart in September 2024. President Donald Trump's administration provided the third disbursement of that financing, nearly $47 million, in April. Power company Entergy shut the 800-megawatt Palisades reactor in 2022, two weeks ahead of schedule over a glitch with a control rod. It had generated electricity for more than 50 years. Holtec bought the plant to decommission it, but now hopes to reopen it. U.S. power demand has been rising for the first time in two decades on the boom in data centers and artificial intelligence. Holtec says Palisades could reopen as soon as October. But it needs additional permits from the NRC. "Pending all federal reviews and approvals, our restart project is on track and on budget to bring Palisades back online by the fourth quarter of the year," said Holtec spokesperson Nick Culp. Alan Blind, engineering director at the plant from 2006 to 2013, said in an editorial this month that if steam generator problems lead to a shutdown, it would "erode public confidence, damage investor trust, and raise serious safety concerns." The NRC is reviewing Holtec's proposed repairs, said Scott Burnell, an agency spokesperson. "Holtec must demonstrate the Palisades steam generators will fulfill their safety functions before the plant restarts," Burnell said. (Reporting by Timothy Gardner; Editing by David Gregorio)
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Japan wants another round of tariffs in June, despite its refusal to make concessions on US tariffs
Japan's top trade negotiator announced that the U.S. and Japan agreed on Friday to continue their trade negotiations ahead of next month's G7 summit. He stressed that any deal would require concessions from Washington on all tariffs including those on automobiles. In Washington, Japan's Economy minister Ryosei Acazawa spent 130 minutes with U.S. Treasury Sec. Scott Bessent and U.S. Commerce Sec. Howard Lutnick for a fourth round in the trade negotiations. Akazawa, speaking to Japanese journalists gathered in the Japanese Embassy in Washington, said that the two countries agreed to speed up the talks and have another round before the G7 Summit in June. Japan will be subject to a 24% tariff starting in July, if it cannot reach a deal with America. The Japanese government is also trying to negotiate with Washington so that its automakers are exempted from the 25% tariffs on cars, Japan's largest industry. Akazawa stated that Japan's position on tariffs has not changed and he "strongly urges" the U.S. immediately reconsider the issue and remove all tariffs including those levied against automobiles, auto components, aluminum, and steel. Akazawa said to Japanese media at the Japanese Embassy in Washington that if their requests were met, they might be able come to an understanding. If that's not possible, it will be hard for us to come to an agreement. Before the last meeting, Japanese government sources stated that a quick deal was unlikely as they would not rush to seal a deal if it did not benefit Japan and especially the automotive sector. Akazawa refused to reveal details about the latest discussions but stated that trade expansion, non tariff barriers, and cooperation on economic security were all discussed at each meeting. He added that the supply chain of semiconductors and rare earths were among economic security issues. He said that despite closely monitoring Nippon Steel’s potential deal with U.S. Steel he couldn't comment yet due to the lack of an official announcement by the U.S. Government. Reporting by Makiko Yazaki in Tokyo, Nathan Layne in New York and David Gregorio in editing.
Spain's flood disaster was its worst in current history. Here's what failed.
The water was currently kneehigh on the ground flooring of the hotel where Aitana Puchal had actually taken refugee when she got a text alert from the regional federal government of Valencia at 8 pm on Oct. 29 warning individuals to shelter in location from severe flash floods.
We could have done with (the warning) about six hours earlier, said the 23-year-old, who had actually fled with other regional citizens and visitors to the very first flooring of the hotel near the town of Paiporta. We were all relaxing down a little from the panic and drying our feet.
Others were not so fortunate.
Carlos Martinez, another Paiporta local, told local television the flood alert came when he was stranded in a tree seeing bodies floating past.
Dozens of residents of flooded communities told Reuters that by the time they got the regional federal government's alert, muddy water was already surrounding their automobiles, submerging streets of their towns and pouring into their homes.
After days of storm cautions from the national weather condition service considering that Oct 25, some towns and regional organizations had raised the alarm much previously. Valencia University had actually informed its personnel the day before not to come to work. Numerous town halls throughout the area of eastern Spain had actually suspended activities, closed down public facilities and told people to stay at home. But the combined messages and confusion cost lives, lots of regional locals and experts told Reuters. More than 220 individuals passed away and nearly 80 are still missing in what is the most deadly deluge in a single European nation considering that 1967, when floods in Portugal killed around 500. The national weather service AEMET had actually raised its hazard level for heavy rains to a red alert at 7.36 am on Oct 29, following heavy rains in mountainous locations west of the city of Valencia from the morning. In the 12 hours it considered the regional government's shelter-in-place order to come through, waters running through the usually dry Poyo gorge - the epicentre of the flooding - had risen to more than three times the circulation of Spain's biggest river.
As climate change worsens weather condition patterns along Spain's. Mediterranean coast, floods are becoming prevalent and some. previous incidents have actually been deadly. But after a minimum of five. decades without a significant catastrophe, lots of people in Valencia. were unaware of the grave risks postured by flash flooding or how. to react.
Puchal, the 23-year old who sought haven in the hotel, stated. she had actually never ever gotten much info about the dangers of. floods.
At school, they offered talks about fires, she said. However not. floods.. That, integrated with poor coordination amongst regional and. nationwide authorities as well as political decisions taken years. ago not to buy waterways infrastructure, intensified the. calamitous loss of life, 7 specialists sought advice from . stated.
It was foreseeable that we would have disastrous flooding. here, stated Felix Frances, professor of hydraulic engineering. and environment at Valencia Polytechnic University. Deaths were taped in 14 of the 24 towns that had currently been. recognized in environment ministry reports as at high risk of. flooding, a Reuters review discovered.
Specialists including hydraulic and civil engineers, geologists,. urban organizers and disaster relief specialists said succeeding. failures - to carry out flood mitigation deal with close-by rivers,. better protect homes constructed on flood plains, educate people and. warn locals quickly - added to the deaths.
With much better facilities, those deaths would have been. definitely less, said Luis Bañon, an engineer and teacher of. Transport Engineering and Facilities at the University. of Alicante.
One main federal government source stated they expect numerous. judicial queries to take a look at choices made and to attribute. responsibility for the high death toll.
As more of the world's population settles on flood plains,. environment occasions end up being more extreme and Europe warms faster than. the international average, what occurred in Valencia highlights the. need for strategic, coordinated procedures to safeguard individuals in. European cities, stated Sergio Palencia, teacher of urbanization. in Valencia Polytechnic University. Frances said he had assisted prepare a strategy 17 years ago to develop. flood works for the Poyo ravine at a cost then of 150 million. euros ($ 162 million). On Nov. 5, a week after the floods, the. nationwide federal government earmarked 10.6 billion euros to assist. victims.
The plan Frances dealt with ended in 2017 since no work. had been started, Spain's State Secretary for the Environment. Hugo Moran told Reuters. The federal government had to start from. scratch and some works are underway, he stated.
Frances said some people were so unaware of the danger they. didn't know, for example, that it would be ill-advised to decrease to. a basement to save the automobile.
SEVERAL ALERTS
AEMET
had actually currently alerted
of a storm understood locally as DANA-- a high-altitude. separated anxiety-- on Oct. 25. In following days, its. cautions ended up being more specific till Oct. 29, when the alert was. upgraded to red-- the highest level, meaning high threats for the. population.
At 8.45 am, the local branch of AEMET posted video on. the social media platform X showing cars and trucks being swept down roads. by a tide of brown water.
Simply after noon, the public body managing the area's river. basins, the Júcar Hydrographic Confederation (CHJ) emailed. regional authorities saying the flow of water through the Poyo. ravine had reached 264 cubic meters per second. That's stronger. than the average flow of the Guadalquivir river, one of Spain's. biggest.
The CHJ said it can only feed the info to regional. emergency situation services, which are responsible for issuing signals to. residents. 3 experts informed Reuters that when water started. increasing, it would take less than nine hours to reach the towns. Over the next eight hours, authorities from the regional and. nationwide federal governments, environmental authorities and emergency. services exchanged call, emails and held emergency situation. meetings.
For some time that afternoon, the information from the CHJ. suggested the flow was decreasing. Carlos Mazon, the region's president and the primary individual. responsible for issuing a shelter-in-place alert, has become a. focus for anger over authorities' response to the storm. Regardless of. indications of serious flooding, he did not change his schedule.
At a news conference at lunchtime, he mentioned a national. weather report saying the storm's strength would reduce. around 6pm, according to a tweet he later deleted.
As the day went on Mazon, a member of the conservative. Individuals's Celebration that beings in opposition to the Socialist-run. nationwide government, appeared in photos tweeted by his personnel. getting a sustainable tourist certification, and discussing. budgetary matters.
His office did not react to ask for discuss his. handling of the disaster. Mazon told press reporters on Thursday that. he had a work lunch on Oct 29 and was constantly in touch with. his team handling the situation.
At 5pm, as the authorities met again, the CHJ gave spoken. notice of a generalised boost in water streams running. through or near the towns, according to a statement.
At 6.43 pm, CHJ sent out another email warning that the flow of. water through the ravine had reached 1,686 cubic metres per. 2nd-- more than triple the pace of the Ebro, Spain's biggest. river.
Twelve minutes later on, the CHJ stated the Poyo circulation had increased. to 2,282 cubic meters per 2nd before ruining the sensor. that determined it.
That could fill an Olympic pool every second, said Nahum. Mendez, a geologist at Valencia University.
By 7pm, many towns were without power, making it difficult. to send out alerts right away to phones or radio stations,. authorities stated.
Maria Isabel Albalat, the mayor of Paiporta, which lies in. the outskirts of the city of Valencia, said she called the. nationwide federal government delegate in the area to tell her that my. town was flooding and individuals were currently passing away. Police drove. through the town with sirens, lights and speakers informing. people to stay off the bridge and leave the streets.
At 8 pm, Spain's environment secretary Moran, who was. taking a trip in Colombia, called the local authorities in charge. of the emergency services Salomé Pradas to say there was a danger. a dam would fail.
Pradas told local television on Thursday that a technical. consultant then recommended the services send a text alert.
How is it possible that with all the details that was. readily available ... the firms accountable for activating the alarms. not did anything? Moran stated.
Mazon, the local head, later on said the CHJ data revealing. water streams decreasing had actually contributed to the confusion and hold-ups. Moran, whose department supervises the CHJ, told Reuters its task. was just to provide real time details to emergency groups,. not to make decisions on their response.
Paiporta mayor Albalat stated that by the time the alert came,. we had actually depended on our necks in water for more than an hour and. a half.
FLOOD PROTECTIONS. Political choices to not invest earlier in better flood. defences to protect a broader location have actually multiplied the financial. expense by 200, said Bañon, the Alicante professor.
This type of works aren't hot, do not provide political. profitability till something occurs, he stated.
Now they have no option but to undertake the works.
In other nations such as the United States and Japan,. natural disasters are more commonplace so people have a much better. sense of how to respond, stated María Jesus Romero, 50, Teacher. of Urban Preparation Law at the Polytechnical University of. Valencia. Some Valencia residents remembered previous floods, consisting of a. major one in 1957. After that, the city of Valencia was. secured by hydraulic works finished under dictator General. Francisco Franco in 1973.
Paiporta citizens Rosario Masia, 84, and her other half. Cristóbal Martínez, 87, said past floods were nothing compared. with this one.
We had a hard time, but not like now, stated Masia. We are. in pieces.
Lots of homes struck by the floods were constructed before 2003. when modified assistance on building in flood zones was provided,. experts said. The new assistance either bans construction or. includes stringent pre-requisites consisting of that properties constructed. in flood zones ought to not have basements.
In the mainly working-class suburban areas of Valencia, the car is. important to get to work. Many of those talked to in. the flood zone said their first move when it rains is to move. their cars out of underground parking lot of their home. blocks so the engines aren't damaged by flooding.
(source: Reuters)