2025-07-31 23:48
State of emergencies declared in New York, New Jersey At least 1,170 flights canceled at eight major airports Amtrak rail service halted between Philadelphia and Delaware NEW YORK, July 31 (Reuters) - New York Governor Kathy Hochul and her acting New Jersey counterpart declared states of emergency for areas facing the threat of flash floods on Thursday from heavy downpours disrupting rail and air travel along the Eastern Seaboard. The National Weather Service posted flash flood warnings along parts of the Northeast urban corridor stretching from the Washington-Baltimore region north through Philadelphia, Wilmington, Delaware, and into Newark, New Jersey, and the New York City metropolitan area. Sign up here. Severe thunderstorm watches were also in effect across much of the Interstate-95 corridor. The stormy weather appeared to be a key factor disrupting commercial air travel across the Northeast on Thursday. The eight major airports serving the region - Washington Dulles, Baltimore-Washington, Ronald Reagan Washington National, Philadelphia, Newark Liberty, LaGuardia, John F. Kennedy International and Boston Logan - accounted for the cancellation of at least 1,170 airline flights into, out of or within the U.S., according to online flight tracking service FlightAware. Passenger rail travel was also hampered, with Amtrak reporting service halted between Philadelphia and Wilmington due to severe storms causing high water to flood the tracks. A daily rainfall outlook map issued by the Weather Prediction Center put the risk of "excessive" showers capable of triggering flash floods at 40% or higher for a swath of the mid-Atlantic and Northeast that is home to 37 million people. Up to 5 inches (12.7 cm) of rain was forecast in the heaviest bands of showers expected across New York City, Long Island and the Hudson River Valley, with rainfall rates that could exceed 2 inches per hour, according to a statement from Hochul. "I am urging all New Yorkers to stay vigilant, stay informed, and use caution as we expect excessive rainfall with the potential for flash flooding," Hochul said. New Jersey was bracing for rainfall totals of 1 to 3 inches generally, with localized downpours that could produce 5 to 7 inches, acting New Jersey Governor Tahesha Way said in her declaration. She warned that the extreme rainfall could trigger landslides, rock slides and flash flooding of roadways across New Jersey, with additional hazards posed by damaging winds from thunderstorms. "Residents should remain off the roads and indoors unless absolutely necessary," Way, the lieutenant governor, said in a statement. She is temporarily serving as the state's chief executive while Governor Phil Murphy was out of the state on vacation with his family. The Weather Service attributed the storm threat to a cold front that was bringing a combination of unstable air mass and exceptional amounts of atmospheric moisture to the region. https://www.reuters.com/business/environment/heavy-downpours-flash-flooding-disrupt-travel-along-us-eastern-seaboard-2025-07-31/
2025-07-31 23:28
July 31 (Reuters) - The International Monetary Fund board on Thursday completed its first review of the $20 billion program with Argentina, approving a disbursement of approximately $2 billion. "Strong policy implementation has supported a smooth transition to a more flexible exchange rate regime, with declining inflation and continued economic growth," the IMF said in a statement, while acknowledging Argentina missed its mid-June target for net international reserves accumulation. Sign up here. The IMF staff said last week that understandings had been reached with the government on policies including safeguarding the fiscal anchor and rebuilding reserves. “This will be complemented by further actions to create a more open, resilient, and market-based economy,” the IMF staff said. In the wake of the $20 billion, 48-month deal Argentina reached with the IMF in April, the country loosened years-long controls that restricted access to foreign currency and has let the local peso fluctuate within a moving band. https://www.reuters.com/world/americas/imf-board-completes-first-argentina-program-review-approves-2-billion-2025-07-31/
2025-07-31 23:10
LONDON, Aug 1 (Reuters) - Britain said the European Union will remove tariffs on key steel products under a quota system from Friday as part of a reset of ties and a recent deal to ease trade barriers. In May, Britain agreed the most significant reset of defence and trade ties with the European Union since Brexit, which included a "bespoke arrangement" to protect UK steel exports from new EU rules and tariffs. Sign up here. Britain had said the European Commission would restore its country-specific steel quota to pre-2022 levels, but had not previously specified when this would take effect. Trade minister Jonathan Reynolds said the removal of tariffs was "yet another positive step forward for the UK steel sector" after the government intervened to save jobs at British Steel and struck a deal to avoid the highest U.S. steel tariffs. "Restoring our steel quota helps give producers the certainty they need to compete, grow, and maintain vital export relationships," he said. Britain said it could export up to 27,000 tonnes of steel to the EU each quarter without paying an extra tariff under the arrangement. Gareth Stace, director general of UK Steel, said the restoration of the quota was "excellent news", adding companies had been "plagued by problems" shipping items like support beams. Britain is yet to conclude negotiations with the United States after both sides agreed in May to work to eliminate steel tariffs on exports from Britain. British steel exports to the U.S. face tariffs of 25%, and avoided an increase to 50% thanks to its U.S. agreement, but talks to remove the tariffs have stalled due to discussions over supply chains and where British steel is "melted and poured". https://www.reuters.com/world/uk/britain-says-eu-is-removing-tariffs-steel-under-quota-2025-07-31/
2025-07-31 22:24
July 31 (Reuters) - Strategy (MSTR.O) , opens new tab reported its first profit in six quarters on Thursday, as the biggest corporate holder of bitcoin benefited from a remarkable quarter for cryptocurrencies. In a watershed moment of legitimacy for the crypto industry, U.S. President Donald Trump signed the GENIUS Act into law earlier this month. Sign up here. Industry anticipation leading up to the moment helped rally bitcoin — the largest cryptocurrency — past $120,000 for the first time as investors cheered Washington's long-awaited approval on digital assets. Strategy held 597,325 bitcoins as of June 30, at an average cost of $70,982. Bitcoin currently trades around $116,600. It recorded a $14 billion unrealized fair value gain on digital assets during the quarter that saw corporations ranging from major U.S. banks to payment firms embrace crypto. Until the fourth quarter of 2024, the company could only record losses when bitcoin's value fell below its purchase price, but could not recognize price increases unless it sold bitcoin. The company's net profit was $9.97 billion, or $32.60 per share, for the three months ended June 30, compared with a loss of $102.6 million, or 57 cents per share, a year earlier. Strategy began buying bitcoin with cash in 2020 and then started issuing low-cost convertible bonds and stock sales to finance its accumulation drive. Its shares are up nearly 39% this year, eclipsing bitcoin's 25% climb, a phenomenon that has now inspired several public companies to pivot their operations and mimic founder and executive chairman Michael Saylor's buy-and-hold treasury approach. "We're in a hyper-growth, hyper-adoption phase for bitcoin as a treasury reserve asset," said Saylor on a post-earnings call. A few among these companies are now also pivoting to smaller tokens like ether, often listing via mergers with blank-check vehicles to wrap crypto assets into equity. Strategy's stock nearly fivefold last year, helping it secure a spot in the Nasdaq 100 index in December. https://www.reuters.com/business/saylors-strategy-swings-quarterly-profit-treasury-strategy-gains-momentum-2025-07-31/
2025-07-31 21:58
July 31 (Reuters) - The mayor of a Texas city at the center of flash flooding that killed over 130 people earlier this month asked state lawmakers on Thursday to help get a warning system in place within a year. Kerrville Mayor Joe Herring told a joint Senate-House committee that met in his town northwest of San Antonio that he wanted a flood warning system to be designed and installed by next summer. Sign up here. "We need solutions in place that protect the public and save lives," Herring said. "We will need your help to achieve this goal." The flooding was on the agenda of a special legislative session Texas Governor Greg Abbott called. The flooding sent a wall of water down the Guadalupe River in the state's Hill Country early on July 4, washing away camps of children and Fourth of July weekend goers. After an initial committee meeting on the issue last week in the state capital lawmakers traveled to the flood-hit area to hear from Herring, several other local leaders and local residents on Thursday. Kerr County Sheriff Larry Leitha questioned whether a warning system would have done any good. "The water came too fast," Leitha told lawmakers. Speaker of the House Dustin Burrows said lawmakers would come up with "some solutions" during the special session, which lasts for 30 days, but that the effort would take time. "Our commitment is to continue beyond this session and these hearings, into the next session and the session after that," Burrows said. The high casualty toll ranked as one of the deadliest U.S. flood events in decades, raising questions about the lack of flash-flood warning sirens in hardest-hit Kerr County. Many have expressed concern about vacancies at National Weather Service offices due to staffing cuts under President Donald Trump. Several residents impacted by the flooding testified before the committee, with many saying they felt abandoned by city, county and state governments. (This story has been refiled to delete an extraneous letter in paragraph 1) https://www.reuters.com/sustainability/climate-energy/texas-mayor-calls-flash-flood-warning-system-lessen-future-fatal-disasters-2025-07-31/
2025-07-31 21:28
Phillips 66 ordered to pay Propel Fuels $195 million in punitive damages Phillips 66 to evaluate legal options after court ruling NEW YORK, July 31 (Reuters) - U.S. refiner Phillips 66 (PSX.N) , opens new tab was ordered to pay biofuel maker Propel Fuels $800 million in damages for stealing trade secrets to build up its renewable-fuel capabilities, according to a California state court document. A state court in Alameda, California, on Wednesday ordered Phillips 66 to pay $195 million in punitive damages, in addition to $604.9 million in compensation the refiner was ordered to pay following a separate verdict. Sign up here. "In summary, the court finds that Phillips 66's misconduct was 'reprehensible' from a business perspective. The evidence at trial reflects that Phillips 66 took advantage of Propel Fuels by abusing its bargaining power during due diligence," the court order said. In October, a jury in the California court decided that Houston-based Phillips 66 stole trade secrets under the guise of gathering information for a potential acquisition and then used that information to create a competing business. "We received the order and continue to evaluate all our legal options," a Phillips 66 spokesperson said on Thursday. Sacramento-based Propel Fuels specializes in low-emissions gasoline and diesel fuel. According to the legal document, Phillips 66 approached Propel Fuels in 2017 about acquiring the company to enhance its renewable fuel business in California. Phillips 66 abruptly withdrew from the deal in 2018 and began selling its own renewable fuel in 2019. Propel Fuels sued the refiner in 2022, accusing Phillips of unlawfully using trade secrets, including financial data and business strategies, that the biofuel company had shared during their talks. "This is the result of years of perseverance by our client," said Michael Ng, lawyer at Kobre & Kim and co-counsel for Propel Fuels. "It was really important to them that they stand up, not just for themselves, but for innovators generally." https://www.reuters.com/sustainability/boards-policy-regulation/phillips-66-hit-with-800-million-penalty-biofuel-trade-secrets-case-2025-07-31/
