2025-08-16 10:21
Aug 16 (Reuters) - Hurricane Erin has developed into a dangerous Category 4 hurricane, the U.S. National Hurricane Center (NHC) said on Saturday, adding that maximum sustained winds have increased to 130 mph (215 km/h) with higher gusts. Erin is expected to produce areas of heavy rainfall through Sunday across the northern Leeward Islands, the Virgin Islands, and Puerto Rico, NHC said. Sign up here. https://www.reuters.com/business/environment/erin-now-category-4-hurricane-nhc-says-2025-08-16/
2025-08-16 08:10
Hundreds killed in deadliest downpour of monsoon season Flash floods sweep away homes Death toll expected to rise as many still missing Rescue efforts underway for victims made homeless PESHAWAR, Pakistan, Aug 16 (Reuters) - More than 300 people are dead in northwest Pakistan after two days of heavy rains and flash floods, local officials said on Saturday. The deluge hit the remote mountainous northern part of the Khyber Pakhtunkhwa region, with cloud bursts, flash floods, lightning strikes and landslides in the deadliest downpour of this year’s monsoon season. Sign up here. By Saturday, 307 were confirmed dead, with more people missing, according to the Provincial Disaster Management Authority. Parts of neighbouring India and Nepal have also been hit hard by heavy rains, flooding and other rain-related incidents over the past week. In Bajaur district, close to the Afghan border, Saeedullah was asleep in the yard of his home on Thursday night when he was woken by loud thunder. He rushed to his house where his family were sleeping to find the roof had collapsed. Helped by neighbours, he dug through the debris and found the bodies of his wife and five children. He said he suspected the house was hit by lightning, with parts of it on fire before the rain came down. He said he buried his family on Friday, with the help of the community. "There is destruction everywhere, piles of rubble," Saeedullah, 42, said. Bilal Faizi, a spokesperson for the country's official 1122 rescue service, said that he expected the death toll to climb as more bodies are recovered from under the debris of homes. Buner district, north of Pakistan's capital Islamabad, was the worst-hit, with 184 confirmed killed so far. Faizi said there was a cloud burst in Buner early on Friday creating a torrent of water that swept down to the villages below. "There was no time for anyone to react," Faizi said. Zahid Hussain, 62, a resident of Beshonrai village, in Buner, said that more than 60 people had lost their lives in his village and more than 20 were missing. He said he told his family to flee when he noticed water rising quickly in a stream near his house that swept towards his front door. One of his nephews got trapped and broke his leg as the waters rose. Hussain rescued him and took him to a hospital in Buner. "The floodwater washed away our house in front of our eyes,” Hussain told Reuters from the hospital. “Within minutes, we were made homeless." More than 30 homes in the village were swept away. Ishaq Dar, the deputy prime minister and foreign minister, said that civilian and military teams were carrying out rescue and relief operations, while the prime minister had chaired an emergency meeting. Provincial Chief Secretary Shahab Ali Shah said that local officials had been dispatched to the flooded areas to supervise relief operations and assess the damage. He said medical camps were being set up for the flood victims, along with arrangements to provide food for families who lost their homes. On Friday, a rescue helicopter crashed, due to bad weather, killing the five crew members. Zaheer Babar, Pakistan's chief meteorologist, said the country has seen an increase in the frequency and destructiveness of extreme weather events. He said heavy rainfall in the mountains meant people in lower-lying areas were not aware of the strength of the downpour until it reached them as a flash flood. Climate change was one factor, he said, but it was made worse by homes being built next to rivers and streams, while some waterways were constricted by construction activity and garbage dumping, making it harder for the rainfall to disperse. https://www.reuters.com/business/environment/more-than-300-people-dead-pakistan-after-heavy-rains-floods-2025-08-16/
2025-08-16 06:02
Aug 16 (Reuters) - The death toll from heavy rains and flooding in Pakistan has crossed 300, local officials said on Saturday. Hundreds have been killed in recent weeks as Pakistan experienced more rain than usual during the current monsoon season, washing away roads and buildings. Sign up here. https://www.reuters.com/business/environment/more-than-300-people-killed-due-heavy-rain-floods-pakistan-2025-08-16/
2025-08-15 23:42
Aug 15 (Reuters) - The Trump administration on Friday widened the reach of its 50% tariffs on steel and aluminum imports by adding hundreds of derivative products to the list of goods subject to the levies. In a Federal Register notice late on Friday, the Commerce Department said the Bureau of Industry and Security was adding 407 product codes to the Harmonized Tariff Schedule of the United States that identify the goods to be hit with the additional duties on the steel and aluminum content of those products. Sign up here. The non-steel and non-aluminum content will be subject to the tariff rates President Donald Trump has imposed on the goods originating from specific countries, the notice said. The levies on the goods on the expanded list go into effect on August 18. Earlier on Friday, Trump told reporters aboard Air Force One as he headed to a meeting with Russian President Vladimir Putin in Alaska that he planned additional announcements on steel tariffs and on levies for semiconductor imports. https://www.reuters.com/business/us-commerce-dept-widens-products-subject-steel-aluminum-tariffs-2025-08-15/
2025-08-15 23:34
Aug 15 (Reuters) - San Francisco Federal Reserve Bank President Mary Daly, in an interview following economic reports showing stronger-than-expected retail sales and an unexpected jump in wholesale prices last month, signaled that she is still on board for beginning to ease policy as soon as next month. A softening labor market, an economy that's slowing but not slow, as weighed against inflation that is still above the Fed's goal "would warrant a couple of cuts sometime this year," Daly told Fox Business' Maria Bartiromo in the interview, which aired late on Friday. "Of course, we will wait to see the data and maybe it'll be fewer, maybe it'll be more, but ultimately, I think two remains a good projection. Sign up here. "What I don't want to do is be so worried that inflation might come up again or be persistent that we wait for that clarity and don't support the labor market," she said. https://www.reuters.com/business/feds-daly-two-rate-cuts-more-or-less-appropriate-this-year-2025-08-15/
2025-08-15 22:22
Filing comes 2 days after strong Bullish debut IPO proceeds to repay third-party debt Plans to list on Nasdaq under "GEMI" ticker Aug 15 (Reuters) - Gemini’s revenue fell and losses widened in the first half of 2025, the cryptocurrency exchange said in a U.S. IPO filing, joining a wave of digital-asset firms seeking to tap public markets. Terms of the offering were not disclosed in the filing, made public on Friday. Sign up here. The company reported a net loss of $282.5 million on a total revenue of $68.6 million in the six months ended June 30, compared with a net loss of $41.4 million on a revenue of $74.3 million year earlier. U.S. IPO activity has rebounded in recent months following a slowdown earlier this year caused by uncertainty over trade policy changes, with several new listings drawing strong investor demand. Digital asset companies have also featured prominently in the IPO market in recent months, including blockbuster debuts from stablecoin issuer Circle (CRCL.N) , opens new tab and cryptocurrency exchange Bullish (BLSH.N) , opens new tab. Bullish's debut on Wednesday made it the second listed cryptocurrency exchange in the country after Coinbase Global (COIN.O) , opens new tab. Gemini will become the third public crypto exchange once it goes public. "The question for investors regarding Gemini revolves around the business mix and moat of trading versus custody, how they differentiate on trust and growth, and what they do that Coinbase can’t copy by Tuesday," said Michael Ashley Schulman, partner and CIO at Running Point Capital. Gemini said it will use IPO proceeds for general corporate purposes and to repay all or part of its third-party debt. The exchange also supports stablecoins on its platform, a segment that has drawn attention following last month’s signing of the GENIUS Act, a new U.S. law establishing a regulatory framework for stablecoins. Gemini issues the Gemini Dollar (GUSD), a stablecoin pegged 1:1 to the U.S. dollar. The company, which also supports more than 70 cryptocurrencies and operates in over 60 countries, confidentially filed for an IPO in June. Gemini, which was founded in 2014 by billionaire twins Tyler and Cameron Winklevoss, plans to list on Nasdaq under the ticker symbol "GEMI." Goldman Sachs and Citigroup are acting as lead bookrunners. The Winklevoss twins rose to prominence after suing Facebook (META.O) , opens new tab, and its CEO Mark Zuckerberg, alleging he stole their idea for the social network. They settled in 2008 for cash and Facebook stock. REGULATORY BOOST Regulatory clarity under the Trump administration, rising institutional adoption, and increasing ETF inflows have bolstered investor confidence and helped integrate crypto into mainstream finance. In a watershed moment for the industry, Coinbase became the first blockchain-focused company to join the S&P 500 earlier this year. Block (XYZ.N) , opens new tab, which facilitates bitcoin purchases, joined the index in July. The shift marks a turnaround for an industry that spent more than a decade under heavy regulatory scrutiny worldwide. "We've seen a shift from speculation to sustainability. Institutional investors are looking for proof points - real clients, regulated products, and long-term market alignment. This is how the sector matures, and it will likely set the stage for other crypto firms keen to list their shares," said Nick Jones, founder of crypto firm Zumo. https://www.reuters.com/business/finance/winklevoss-twins-gemini-reveals-lower-revenue-wider-loss-us-ipo-filing-2025-08-15/
