2025-07-06 23:08

LONDON, July 7 (Reuters) - British finance minister Rachel Reeves will announce on Monday a 28.6 million pound ($39 million) investment by the National Wealth Fund in a carbon capture project that could create jobs in central and northern England. Last year, Britain said it would provide funding of up to 21.7 billion pounds over 25 years to develop carbon capture and storage projects to curb emissions from industry and create new jobs. Sign up here. Britain has a climate target to reach net zero emissions by 2050 and has said CCS will be needed to curb emissions from energy-intensive industrial sectors. On Monday, Reeves will hail the funding as the first step towards the development of a carbon capture pipeline between cement and lime companies in Britain's Peak District, which will store emissions below the Irish Sea, according to a statement from her ministry. "The National Wealth Fund is a force for growth, investing 3 billion pounds into the British economy and securing 12,500 jobs," Reeves said in a statement. "We're modernising the cement and lime industry, delivering vital carbon capture infrastructure and creating jobs across Derbyshire, Staffordshire and the North West to put more money into working people's pockets." Reeves and the rest of Prime Minister Keir Starmer's cabinet are keen to show what the Labour government is doing to change Britain by announcing new projects after being forced into a series of embarrassing U-turns and a major rebellion from within the party over welfare reforms. Those have raised questions about the government' ability to cut spending and about party control. ($1 = 0.7325 pounds) https://www.reuters.com/sustainability/climate-energy/uks-reeves-announces-national-wealth-fund-investment-carbon-capture-2025-07-06/

2025-07-06 22:25

OPEC+ to raise output by 548,000 bpd in August Goldman expects a final 550,000 bpd OPEC+ hike for September US higher tariffs to take effect on August 1 LONDON, July 7 (Reuters) - Oil on Monday shrugged off the impact of OPEC+ hiking output more than expected for August as well as concern about the potential impact of U.S. tariffs, with prices mostly reversing early losses as a tight physical market lent support. The Organization of the Petroleum Exporting Countries and their allies, a group known as OPEC+, agreed on Saturday to raise production by 548,000 barrels per day in August, more than the 411,000 bpd hikes they made for the earlier three months. Sign up here. Brent crude futures fell as low as $67.22 a barrel but by 1145 GMT were up 36 cents, or 0.5%, to $68.66. U.S. West Texas Intermediate crude was at $66.99, down 1 cent, and up from an earlier low of $65.40. "For now, the oil market remains tight, suggesting it can absorb additional barrels," said UBS analyst Giovanni Staunovo. The OPEC+ decision will bring nearly 80% of the 2.2 million bpd voluntary cuts from eight OPEC producers back into the market, RBC Capital analysts, led by Helima Croft, said in a note. However, the actual output increase has been smaller than planned so far and most of the supply has been from Saudi Arabia, they added. In a show of confidence about oil demand, Saudi Arabia on Sunday raised the August price for its flagship Arab Light crude to a four-month high for Asia. Goldman analysts expect OPEC+ to announce a final 550,000 bpd increase for September at the next meeting on August 3. Oil had also come under pressure as U.S. officials flagged a delay on when tariffs would begin but failed to provide details on changes to the rates that will be imposed. Investors are worried higher tariffs could slow economic activity and oil demand. "Concerns over Trump's tariffs continue to be the broad theme in the second half of 2025, with dollar weakness the only support for oil for now," said Priyanka Sachdeva, a senior market analyst at Phillip Nova. https://www.reuters.com/business/energy/oil-slips-1-after-opec-accelerates-output-hikes-2025-07-06/

2025-07-06 20:51

Ship attacked with gunfire and rocket-propelled grenades from small boats, missiles Fire on board after sea drone hit Maritime security sources say ship has taken on water No claim of responsibility; security firm says bears hallmarks of Houthis First such incident reported since April CAIRO/ATHENS, July 6 (Reuters) - The crew of a Greek-operated bulk carrier hit by gunfire, drones and missiles in the Red Sea on Sunday were forced to abandon the vessel and were rescued by a passing ship, maritime security firms said, in an attack they said resembles that of Houthi militants. The assault, off the southwest coast of Yemen, on the Liberian-flagged vessel Magic Seas, was the first such incident reported in the vital shipping corridor since mid-April. Sign up here. The ship was first targeted by gunfire and self-propelled grenades launched from eight small boats, with armed security on the ship returning fire, the United Kingdom Maritime Trade Operations (UKMTO) and British security firm Ambrey said in advisories. Officials at maritime security company Diaplous and Ambrey, in a separate advisory, said the ship was later attacked by four Unmanned Surface Vehicles and targeted with missiles. "Two of the USVs impacted the port side of the vessel, damaging the vessel's cargo," Ambrey added. UKMTO said the attack resulted in a fire onboard. The boat had taken on water and its crew were forced to abandon it, maritime security sources said. The operator, Stem Shipping, confirmed the information to Reuters. All crew were safe after being rescued by a passing merchant vessel, UKMTO said. No one immediately claimed responsibility for the attack, but Ambrey assessed the vessel as meeting "the established Houthi target profile". Sunday's attack occurred 51 nautical miles southwest of Yemen's port city of Hodeidah, the UKMTO and Ambrey said. Tensions in the Middle East remain high over the war in Gaza and after the 12-day Israel-Iran war and airstrikes by the United States on Iranian nuclear sites in June. Yemen's Iran-aligned Houthis launched more than 100 attacks targeting shipping from November 2023, saying they were acting in solidarity with Palestinians over Israel's war with Hamas. During that period, the group sank two ships, seized another and killed at least four seafarers in an offensive that disrupted global shipping, forcing firms to reroute, prompting the U.S. to intensify attacks on the group this year. In May, President Donald Trump announced the U.S. would stop bombing the Houthis in Yemen, saying that the group had agreed to stop interrupting important shipping lanes in the Middle East. https://www.reuters.com/world/middle-east/ukmto-reports-small-vessels-opened-fire-another-vessel-off-yemens-hodeidah-2025-07-06/

2025-07-06 20:40

July 6 (Reuters) - A new oil pipeline to the British Columbia coast is highly likely to be included on a list of projects deemed to be of national importance to the Canadian government, Prime Minister Mark Carney told the Calgary Herald newspaper in an interview published on Sunday. "I would think given the scale of the economic opportunity, the resources we have, the expertise we have, that it is highly, highly likely that we will have an oil pipeline that is a proposal for one of these projects of national interest," Carney said in a Saturday interview. Sign up here. The prime minister said that it would be up to the private sector to make the proposal, rather than a "top-down approach" from the government, saying "we want this, we want that." Carney, who was attending the annual Calgary Stampede, also said that he supported a proposed C$16.5 billion ($12.14 billion) carbon capture system for Alberta's oil sands to merit a spot in the list of projects. Carney's comments come weeks after Canada's Senate passed a bill to fast-track approval for natural resource and infrastructure projects. The bill speeds up approval of projects deemed of national interest, potentially including mines and oil pipelines, and eliminates some trade barriers between provinces. Canada is the world's fourth largest oil exporter. The oil and gas initiatives being put on the list come as Canada is trying to wean itself from economic dependence on the United States, where it sends some 75% of its exports. ($1 = 1.3593 Canadian dollars) https://www.reuters.com/sustainability/climate-energy/carney-says-new-oil-pipeline-proposal-canada-is-highly-likely-2025-07-06/

2025-07-06 20:38

Ten girls and a counselor missing at a summer camp Search for survivors continues amid fears of more flooding Trump plans to visit disaster scene Questions arise over federal response cuts HUNT, Texas, July 6 (Reuters) - The death toll from catastrophic floods in Texas reached at least 78 on Sunday, including at least 28 children, as the search for girls missing from a summer camp entered a third day and fears of more flash flooding prompted fresh evacuations. Larry Leitha, the Kerr County Sheriff in Texas Hill Country, said 68 people had died in flooding in his county, the epicenter of the flooding, among them 28 children. Texas Governor Greg Abbott, speaking at a press conference on Sunday afternoon, said another 10 had died elsewhere in Texas and confirmed 41 were missing. Sign up here. President Donald Trump sent his condolences to the victims and said he would probably visit the area on Friday. His administration had been in touch with Abbott, he added. "It's a horrible thing that took place, absolutely horrible. So we say, God bless all of the people that have gone through so much, and God bless, God bless the state of Texas," he told reporters as he left New Jersey. Among the most devastating impacts of the flooding occurred at Camp Mystic summer camp, a nearly century-old Christian girls camp where 10 Camp Mystic campers and one counselor were still missing, according to Leitha. "It was nothing short of horrific to see what those young children went through," said Abbott, who noted he toured the area on Saturday and pledged to continue efforts to locate the missing. The flooding occurred after the nearby Guadalupe River broke its banks after torrential rain fell in the central Texas area on Friday, the U.S. Independence Day holiday. Texas Division of Emergency Management Chief Nim Kidd said the destruction killed three people in Burnet County, one in Tom Green County, five in Travis County and one in Williamson County. "You will see the death toll rise today and tomorrow," said Freeman Martin, director of the Texas Department of Public Safety, also speaking on Sunday. Officials said on Saturday that more than 850 people had been rescued, including some clinging to trees, after a sudden storm dumped up to 15 inches (38 cm) of rain across the region, about 85 miles (140 km) northwest of San Antonio. Kidd said he was receiving unconfirmed reports of "an additional wall of water" flowing down some of the creeks in the Guadalupe Rivershed, as rain continued to fall on soil in the region already saturated from Friday's rains. He said aircraft were sent aloft to scout for additional floodwaters, while search-and-rescue personnel who might be in harm's way were alerted to pull back from the river in the meantime. The Federal Emergency Management Agency was activated on Sunday and is deploying resources to first responders in Texas after Trump issued a major disaster declaration, the Department of Homeland Security said. U.S. Coast Guard helicopters and planes were aiding search and rescue efforts. SCALING BACK FEDERAL DISASTER RESPONSE Trump has previously outlined plans to scale back the federal government's role in responding to natural disasters, leaving states to shoulder more of the burden themselves. Some experts questioned whether cuts to the federal workforce by the Trump administration, including to the agency that oversees the National Weather Service, led to a failure by officials to accurately predict the severity of the floods and issue appropriate warnings ahead of the storm. Trump's administration has overseen thousands of job cuts from the National Weather Service's parent agency, the National Oceanic and Atmospheric Administration, leaving many weather offices understaffed, former NOAA director Rick Spinrad said. Spinrad said he did not know if those staff cuts factored into the lack of advance warning for the extreme Texas flooding, but that they would inevitably degrade the agency's ability to deliver accurate and timely forecasts. Trump pushed back when asked on Sunday if federal government cuts hobbled the disaster response or left key job vacancies at the National Weather Service under Trump's oversight. "That water situation, that all is, and that was really the Biden setup," he said referencing his Democratic predecessor Joe Biden. "But I wouldn't blame Biden for it, either. I would just say this is 100-year catastrophe." He declined to answer a question about FEMA, saying only "They're busy working, so we'll leave it at that," Trump said. Homeland Security Secretary Kristi Noem, who oversees FEMA and NOAA, said a "moderate" flood watch issued on Thursday by the National Weather Service had not accurately predicted the extreme rainfall and said the Trump administration was working to upgrade the system. Joaquin Castro, a Democratic U.S. congressman from Texas, told CNN's "State of the Union" program that fewer personnel at the weather service could be dangerous. "When you have flash flooding, there's a risk that if you don't have the personnel ... to do that analysis, do the predictions in the best way, it could lead to tragedy," Castro said. 'COMPLETE DEVASTATION' Katharine Somerville, a counselor on the Cypress Lake side of Camp Mystic, on higher ground than the Guadalupe River side, said her 13-year-old campers were scared as their cabins sustained damage and lost power in the middle of the night. "Our cabins at the tippity top of hills were completely flooded with water. I mean, y'all have seen the complete devastation, we never even imagined that this could happen," Somerville said in an interview on Fox News on Sunday. Somerville said the campers in her care were put on military trucks and evacuated, and that all were safe. The disaster unfolded rapidly on Friday morning as heavier-than-forecast rain drove river waters rapidly to as high as 29 feet (9 meters). A day after the disaster struck, the summer camp, where 700 girls were in residence at the time of the flooding, was a scene of devastation. Inside one cabin, mud lines indicating how high the water had risen were at least six feet (1.83 m) from the floor. Bed frames, mattresses and personal belongings caked with mud were scattered inside. Some buildings had broken windows, one had a missing wall. https://www.reuters.com/business/environment/search-texas-flood-victims-enters-third-day-with-more-rain-forecast-2025-07-06/

2025-07-06 18:48

RIO DE JANEIRO, July 6 (Reuters) - China is studying ways to soon lift its ban on imports of chicken meat from Brazil, in place since the South American nation reported a case of bird flu on a commercial farm in May, Brazilian Agriculture Minister Carlos Favaro said on Sunday, citing discussions at the BRICS summit in Rio de Janeiro. Speaking during the event, Favaro said the topic came up in a meeting between Brazil President Luiz Inacio Lula da Silva and Chinese Premier Li Qiang. Sign up here. "I had the opportunity during the bilateral meeting between President Lula and the Chinese premier (to say) that they could already review their position on restrictions," Favaro told reporters, adding that Li said China is now "studying the protocols quickly to resume the purchase of poultry meat." While no timeline for lifting the embargo was discussed, Favaro emphasized Brazil's efforts to recover export markets after over 20 countries imposed bans following the bird flu case in the state of Rio Grande do Sul. Most restrictions were lifted after the World Organization for Animal Health declared the case resolved in late June. Brazilian poultry exports have suffered, with shipments of fresh chicken meat falling 23% in June to 314,000 tons, according to government data. On Thursday, the Agriculture Ministry announced that seven more nations had lifted restrictions, leaving bans in place in nine countries, including China, Malaysia, and Peru. https://www.reuters.com/business/healthcare-pharmaceuticals/china-studies-resuming-chicken-imports-brazil-minister-says-2025-07-06/