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Israeli strikes kill 22 people in Gaza; church of late Pope is damaged
Israeli forces killed 22 people during attacks on the Gaza Strip, and several others were injured in an attack on a church where late Pope Francis spoke regularly. Airstrikes in Doha that targeted ceasefire negotiations were reported to have killed eight men who were protecting aid trucks. Two Hamas officials told a U.S. official that the talks had been going well, but they said there had been no progress in key areas and the discussions had stagnated. In a statement, the Latin Apostolate of Jerusalem confirmed that several people, including parish priest Gabriel Romanelli were injured in an early morning "raid" at the Holy Family Church. Father Romanelli was an Argentine who used to update late Pope Francis regularly about the Israeli-Palestinian Conflict. A TV clip showed him receiving treatment at Al-Ahly Hospital, Gaza. His lower right leg was bandaged. "The attacks that Israel has carried out against civilians for several months are inacceptable." "No military action can justify this attitude," Italian Prime Minster Giorgia meloni said. Vatican officials did not respond immediately to a comment request. Israel Defense Forces said they were looking into the issue. The IDF has been informed of the reports about the damage done to the Holy Family Church and the casualties that occurred at the scene. "The circumstances of the incident will be reviewed," it stated. The IDF regrets any damage done to religious sites and to civilians, and makes every effort to minimize harm. Israel is trying to eliminate Hamas from Gaza through a military operation that began in response to the deadly attack by the group on Israel in October of 2023. This has led the small enclave into widespread hunger and poverty. Palestinian medics reported that an airstrike in Jabalia, in northern Gaza on Thursday killed a man and his wife, as well as their five children. Another in the north killed eight men who were responsible for protecting aid truck. Medical personnel reported that three people died in an airstrike on central Gaza and four others in Zeitoun, eastern Gaza. CEASEFIRE TALKS Qatar and Egypt have been hosting more than ten days of talks with the United States on a 60-day truce proposed by the United States. In exchange, Israel would release Palestinians detained in Gaza. Israel would then release Palestinians detained. It is unclear how many Palestinians were released. The two Hamas officials that spoke with said that there are still disagreements over Israel's maps of withdrawal that show the military will remain in control of 40% the enclave. They also disagreed over the delivery system for aid and the guarantees that an agreement would end the war. One person, who spoke on condition of anonymity due to the sensitive nature of the discussions, said: "We haven’t received any maps." "There have been no advances on any of the topics under discussion and the talks are stalled." Steve Witkoff said on Wednesday that the negotiations for a Gaza ceasefire were progressing well. According to a Palestinian official involved in the talks, such comments are "empty." Israeli media reported that Israel told mediators it was willing to give up its insistence on maintaining a military presence near the Israeli border along the southern Gaza Strip's so-called Morag Corridor during a possible ceasefire. It also said it would be flexible about the size of a security buffer. Channel N12 quoted unnamed security cabinet members as saying that there had been progress after Prime Minister Benjamin Netanyahu softened the stance he took on army deployment lines. The Prime Minister's Office did not comment immediately on the reports. Gaza's health authorities claim that Israel's Gaza campaign has resulted in the deaths of more than 58,000 Palestinians. According to Israeli statistics, the conflict has resulted in almost 1,650 Israelis as well as foreign nationals being killed, including 1200 people killed by the Hamas attack on October 7, 2023.
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G20 Finance chiefs meet in South Africa under a tariff cloud
South Africa called on G20 nations to show global leadership and cooperation to address challenges, including the rise in trade barriers. The club's finance chiefs were meeting Thursday under the shadows of President Donald Trump’s tariff threats. The G20 has been hindered for years by disagreements among the key players, which have been made worse by Russia's conflict in Ukraine and Western sanctions against Moscow. Under its motto of "Solidarity. Equality. Sustainability", the host South Africa has sought to promote an African agenda. Topics include high capital costs and funding for climate action. Enoch Godongwana, South Africa's finance minister, said in his opening remarks that the G20 must show global leadership and cooperation to address complex challenges. He said that many developing countries, especially in Africa, are burdened with high and increasing debt vulnerabilities. They also have limited fiscal space and a high cost of capital which limit their ability to invest for their people's futures. The need for bold, cooperative leadership has never before been greater. Question However, questions remain about the ability of finance chiefs and bankers to address these issues, and others, together in Durban, a coastal city. The G20 is a group that aims to coordinate policy, but it does not have any binding agreements. The U.S. Treasury secretary Scott Bessent won't be attending the two-day event. This is his second absence at a G20 meeting in South Africa so far this year. Bessent skipped the Cape Town meeting in February, when several officials from China and Japan were absent. Washington will assume the rotating G20 presidency at the end the year. Michael Kaplan, the acting Undersecretary of State for International Affairs, will represent the United States during the meetings. Unnamed G20 delegates said that Bessent’s absence wasn't ideal, but the U.S. is engaging in discussions about trade, global economy, and climate language. The finance ministers of India, France and Russia will also miss the Durban Meeting. Lesetja Kganyago, the governor of South Africa's Central Bank, said that it was important to represent. What matters is that there is a person with a mandate behind the flag, and is everyone represented by someone behind the banner? Kganyago said. U.S. officials are not saying much about their plans to assume the presidency in the next year. However, a source close to them has said that Washington will reduce the number non-financial groups and streamline the schedule. Brad Setser said that he was expecting it to be a "scaled-back G20, with less expectations of substantive results." TARIFF SHADOW Trump's tariff policy has rewritten the rules of global trade. The tariffs will be implemented on August 1 with a 10% base rate on all U.S. imported goods and rates up to 50% on steel, aluminium and autos. The threat of further tariffs of 10% on BRICS countries -- eight of which are G20 members -- raised concerns about fragmentation in global forums. Lars Klingbeil, the German Finance Minister, said on Thursday in Durban that Europe is engaged in constructive discussions with the U.S. about tariffs and was ready to take countermeasures in case necessary. He said that Germany and Europe also need to demonstrate their safety as investment destinations. Duncan Pieterse, the director general of South Africa's Treasury Department, said that the group hopes to release the first communiqué under the South African G20 Presidency by the end the meetings. The G20 last issued a collective communique in 2024. They agreed on the necessity to resist protectionism, but did not mention Russia's invasion into Ukraine. Reporting by Olivia Kumwenda Mtambo, Kopano Goko, Colleen GOKO, Philip Blenkinsop in Durban and Andrea Shalal, Washington; Writing and editing by Olivia Kumwenda Mtambo and Emily Sithole Matarise
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Copper prices are under pressure due to rising inventories and the stronger dollar
The price of copper fell on Thursday, as the dollar strengthened. Stocks in Asian warehouses registered at the London Metal Exchange continued to rise in anticipation of the U.S. import tariff on the metal. The LME's three-month copper price fell by 0.2%, to $9,616 a metric ton, at 0955 GMT. Prices are still slipping from their recent high of $10.020 per ton, set early in July. Copper that was originally destined for the U.S. system is now returning to the LME After Washington announced last week that it would impose an import tariff of 50% on copper starting August 1. Analysts at Sucden Financial reported that "LME Copper stocks continue to increase as material is rerouted to the exchange. The window to ship before COMEX deadlines for tariffs is quickly closing." Stocks on the LME rose, easing concerns about the availability of metals for nearby supplies. The discount between the cash copper contract and the three-month contract can be seen. The price of a ton has risen to $64.5, the highest in five months. Comparing this to a $320 premium three weeks ago. The U.S. tariffs are still a source of uncertainty. The market is waiting for Washington to issue an executive order that will confirm the deadline of August 1, provide a list of copper products to which the tax would be applied, and speculate about possible exemptions to major copper-producing countries. China's data on Wednesday showed that its refined copper production rose by 14% on an annual basis in June, reaching a new record. Investors reacted to Donald Trump's recent comments about Federal Reserve Chairman Jerome Powell. The dollar's strength makes metals priced in dollars more expensive for buyers who use other currencies. Other metals: LME tin remained steady at $32,715 per ton, after reaching a low of $32,575. According to the International Tin Association, tin shipments from Myanmar’s Wa State will resume in the next few months. Lead and nickel both fell by 0.3%, to $1,970.50 each, and zinc dropped 0.2%, to $2704.50. (Reporting and editing by Alis Williams; Polina Devtt)
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Stocks cheer as dollar recovers after Fed fear
The dollar gained after U.S. president Donald Trump denied new rumors that he would fire Fed chief Jerome Powell. The STOXX 600 index in Europe had a good start, as the record profits of Taiwanese chip maker TSMC and ABB (the Swiss engineering giant) and their record orders totaled $13.5 billion. This boosted optimism for a possible EU-US deal following talks held in Washington. The traders were also waiting for the U.S. retail sale and jobless claims figures, which would give them a better understanding of how tariffs impact the economy. They were also digesting the European Commission’s proposal to increase its budget by a significant amount. The currency market was still the main focus. The dollar rose 0.4% to $1.16 per euro. This is a return to the level it was at before Wednesday's "madness", which Kit Juckes of Societe Generale described as a result of reports that Trump was preparing to remove the Fed chief, rumors he subsequently retracted. The yen strengthened further as the polls showed that Prime Minister Shigeru Shiba's government was at risk of losing the majority in the upper chamber in the upcoming elections. It fell to its lowest level since April, 148.73 per dollar. The data also showed that the Asian nation was starting to feel the effects of tariffs, with exports down for the second consecutive month. Meanwhile, the Australian dollar fell 1% over night after the weak employment figures there. Juckes stated that "the market is now solidly short of the dollar, and as we enter high summer people are beginning to buy back some." Watching NETFLIX Investors were also looking at earnings due in the future from Netflix, General Electric, and PepsiCo. Chris Weston said that with Netflix outperforming the S&P500 year-to date by 33 percentage points, and analysts remaining bullish about the company, "the firm will need to blow out the lights with a solid beating and raise." Wall Street futures pointed to a fractionally higher start in the near future. After a four-day slide, European stocks rose by a comfortable 0.7%. Nikkei in Japan and bluechips in Taiwan and China all saw overnight gains of 0.3% to 0.6%. Alimentation Couche-Tard, a Canadian retailer, withdrew a $47 billion bid to take over Seven & i Holdings. The company cited a lack constructive engagement from the operator of 7-Eleven convenient stores. Seven & i Holdings shares fell to a low of three months and finished down by over 9%. Trump's denial of Powell's speculation helped calm volatile markets. However, he left the door open for the possibility of removing him. He also renewed his criticisms of Powell as the U.S. central bank chief who has not cut interest rates. Francesco Pesole, an ING analyst, said that "after yesterday's panic, markets are probably even more resistant to headlines about this topic." In that hour we saw what we expected, namely a steepening of the U.S. Yield Curve and a sharp drop in the dollar. The short-term Treasury yields fell due to expectations that Powell's replacement would be ultra-dove, and result in faster and deeper rate reductions. In European trading, the benchmark 10-year Treasury was unchanged at 4.4714% on Thursday. German Bund yields, however, were steady at 2.695% after reaching their highest level since late March this week. Brent oil prices increased by 0.4%, to $68.78 per barrel, and the safe-haven gold price fell 0.5%, to $3,331 per ounce.
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Kremlin assistant says that Russia and Ukraine are exchanging more war dead.
A Kremlin official said that Russia and Ukraine had exchanged additional bodies of war dead. This was part of the agreement reached at the second round in Istanbul of peace talks, in June. Vladimir Medinsky said that the Russian delegation leader at the peace talks had sent the bodies of 1,000 Ukrainians soldiers to Moscow and received in return 19 of his own dead soldiers. The RIA news agency, citing a reliable source, reported that Russia intends to return the corpses of 3,000 Ukrainian troops and that Thursday's exchange was just the beginning. Since the warring parties renewed peace talks in Istanbul, after a three-year gap, in May this year they have exchanged captured soldiers and remains of dead soldiers. (Reporting and Writing by Lucy Papachristou, Editing by Andrew Osborn).
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Two killed and several injured after raid on Catholic Church in Gaza
Doctors at Al-Ahli Hospital, Gaza City, said that two women died and several others were injured after a strike hit the Catholic parish of the Gaza Strip. The Holy Family Church was damaged, as it is the only Catholic Church in the Palestinian enclave. Vatican officials did not respond immediately to a comment request. The Israeli Defense Forces confirmed that they were looking into the issue. The Italian news agency ANSA reported that six people were injured seriously, and Father Gabriele Romanelli who regularly updated the late Pope Francis on the Israeli-Palestinian Conflict, was only slightly hurt. In a press release, Italian Prime Minister Giorgia meloni stated that "Israeli raids in Gaza also hit the Holy Family Church." "Israel's attacks on civilians that it has been committing for several months are inacceptable." "No military action can justify this attitude," she said. Reporting by Alvise Armillini in Rome, Nidal Al-Mughrabi, and Giulia Segriti, William Maclean. Editing by Giulia Segriti, William Maclean.
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Gold drops on stronger dollar following Trump's statement that he will not fire Powell
Gold prices fell on Thursday as a result of a stronger dollar. Investors' concerns eased after Donald Trump announced that he would not be removing Federal Reserve Chairman Jerome Powell. As of 8:27 GMT, spot gold was down by 0.5%, at $3,330.21 an ounce. U.S. Gold Futures dropped 0.7% to $3335.70. Dollar index rose 0.3% against rival currencies on Thursday. This makes greenback bullion prices more expensive for holders of other currencies. The news comes after a Wednesday source said that Trump would be open to firing Powell. This pushed the gold price up by as much as 1.6%. Trump said later that he did not intend to fire Powell, but left it open for the possibility. He also renewed his criticisms of the Fed head over the failure to lower interest rates. Gold prices rose yesterday on the basis of unfounded rumours. Prices have fallen since the rumours have been quelled," said Nitesh Sha, commodities strategist at WisdomTree. Investors await the U.S. retail sales and jobless claims data for Thursday. They will also listen to speeches from several Fed officials who may provide insight into their policy outlook. In tariff news, Trump stated on Wednesday that the U.S. would probably "live to the letter" of tariffs with Japan. He also hinted at a possible trade agreement with India. Shah stated that if we are able to come out (of the tariff deadline on) August 1st with better trade deals then this could have a negative impact on gold prices. Analysts have noted that the gold price is showing a limited response to current trade uncertainty and is waiting for new catalysts. Prices are still confined to a range between $3,300-$3,400. Silver fell 0.4% elsewhere to $37.78 an ounce. Palladium fell 0.8% and platinum lost 0.7%. (Reporting by Anushree Mukherjee in Bengaluru; Editing by Sonia Cheema)
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S&P lowers Nippon Steel's rating to 'BBB" due to debt pressure from US Steel deal
S&P, the global rating agency, downgraded Nippon Steel from 'BBB+ to 'BBB' on Thursday with a "negative" outlook. The reason given was an increase in financial stress following Nippon Steel's acquisition by U.S. Steel. The downgrade is due to concerns about Nippon Steel’s financial situation, which S&P believes will remain weak in the next year or two because of debt-raising and large-scale investment into U.S. Steel Assets. S&P stated that "we believe the negative effects will outweigh any positive effects from the company's growth and geographic diversification in the rapidly growing North American market." Nippon Steel will raise 800 billion yen (5.4 billion dollars) by way of two subordinated loan to fund the deal in part and refinance existing loans. After 18 months of trying to get the U.S. Government to approve the deal due to concerns about national security, Nippon Steel finally closed its $14.9billion acquisition of U.S. Steel in June. The acquisition includes new investments of $14 billion, including $4 billion to build a new steel plant. This deal is crucial to Nippon Steel’s global growth strategy, and its goal to reach 100 million tons of crude steel production capacity globally. Nippon Steel, which specializes in high-grade steel, is seeing a rise in demand from the U.S. market amid increasing global trade tensions. However, demand is declining for steel products made of Japan. Nippon Steel shares ended the day in Tokyo 0.87% lower than the Nikkei, which rose 0.6%. $1 = 148.6900 Japanese yen (Reporting and editing by Jacqueline Wong; Reporting by Katya Glubkova)
China's record heat drives power demand to a new high
Energy officials reported that days of record-breaking heat in large parts of China drove power demand up to a new high of more than 1.5 billion kilowatts.
A sweltering arc of heat stretches from the densely-populated southwest cities of Chongqing, Chengdu and Guangzhou to the southern megaport. Meteorologists attribute this extreme to climate change. It presents a challenge to authorities.
State media reported on Thursday that temperatures reached their highest level ever at eight weather stations over the past two days, thanks to a subtropical weather system in the southwest and northwest.
Chim Lee is a senior energy specialist and climate change specialist with the Economist Intelligence Unit.
The real test comes as summer progresses, and there is still the risk of power rationing.
Lee stated that the surge in June power generation was largely due to solar energy. The hydropower production nationwide increased over 2023 but was still lower than 2022.
China's National Energy Administration announced on Wednesday that the country's electricity load had reached a "record-high" for the third consecutive month.
This was an increase by 55 million kilowatts compared to last year's record. Since the summer started, 36 provincial records have been broken in the second largest economy.
Temperatures above normal can cause cropland to scorch and farm incomes to plummet. They can also disrupt manufacturing hubs, and affect key ports. This puts a strain on already overburdened health care.
State media reported that in the last decade, Jiangxi province, located in southern China, has averaged 21.7 days per year with temperatures over 28 degrees Celsius. This is up from 5 to 7 at the turn-of-the century.
In a blog last week, state broadcaster CCTV highlighted a traditional of sleeping with wax gourds. These vegetables are believed to be effective at absorbing heat.
The official news agency Xinhua reported that iced watermelons were served to zoo animal in Chongqing on Wednesday.
However, there is the possibility of some relief.
The weather forecasters predict temperatures will begin to ease from Monday as a tropical disturbance east of the Philippines could strengthen into a storm that is expected to be called Wipha and track across Taiwan towards southern China.
The subtropical high could block the low-pressure systems, causing air conditioners to run at full speed and further stressing the electricity grid.
(source: Reuters)