2025-07-15 00:53
JAKARTA, July 15 (Reuters) - Indonesian rescuers found alive on Tuesday 11 people missing at sea who had survived a boat capsize in bad weather by swimming for at least six hours to the nearest island, officials said. Two boats and dozens of rescuers hunted for those missing after the boat with 18 aboard overturned off the Mentawai Islands in the province of West Sumatra at about 11 a.m. on Monday, regional officials said. Sign up here. "It was raining hard when the incident happened," island official Rinto Wardana told Reuters. "Some of the passengers managed to swim and reach the nearest island." Seven had been rescued earlier, Wardana added. Ten of those on board were local government officials on a business trip to the town of Tuapejat, the boat's destination when it left Sikakap, another small town in the Mentawai Islands. . The Mentawai Islands consist of four main islands and many smaller ones. Boats and ferries are a regular mode of transport in Indonesia, an archipelago of more than 17,000 islands, where accidents are caused by bad weather and lax safety standards that often allow vessels to be overloaded. When a ferry sank this month near the tourist resort island of Bali with 65 aboard, 30 passengers survived, while 18 died and 17 went missing. https://www.reuters.com/world/asia-pacific/boat-capsizes-off-indonesias-mentawai-islands-11-people-missing-2025-07-15/
2025-07-15 00:20
Potential sanctions on Russia could alter oil market outlook, ING analysts note China's economic data supportive for prices despite global growth concerns NEW YORK, July 15 (Reuters) - Oil prices dropped by less than 1% on Tuesday after U.S. President Donald Trump's 50-day deadline for Russia to end the war in Ukraine and avoid sanctions eased concerns about any immediate supply disruption. Brent crude futures settled down 50 cents, or 0.7%, at $68.71 a barrel. U.S. West Texas Intermediate crude futures were down 46 cents, or 0.7%, at $66.52. Sign up here. "The focus has been on Donald Trump. There was some fear he might target Russia with sanctions immediately and now he has given another 50 days," said UBS commodities analyst Giovanni Staunovo. "Those fears about an imminent additional tightness in the market have dissipated. That's the main story." Oil prices had climbed on the potential sanctions but later gave up gains as the 50-day deadline raised hopes that sanctions could be avoided. In the event the proposed sanctions are implemented, "it would drastically change the outlook for the oil market," analysts at ING said in a note. "China, India and Turkey are the largest buyers of Russian crude oil. They would need to weigh the benefits of buying discounted Russian crude oil against the cost of their exports to the U.S.," ING said. Trump announced new weapons for Ukraine on Monday and had said on Saturday that he would impose a 30% tariff on most imports from the European Union and Mexico from August 1, adding to similar warnings for other countries. Tariffs raise the risk of slower economic growth, which could reduce global fuel demand and drag oil prices lower. Also on the tariff front, Brazil will work to get the U.S. to reverse "as quickly as possible" the 50% tariff it announced on all goods from that country, but does not rule out asking for more time to negotiate, Vice President Geraldo Alckmin said. China's economy slowed in the second quarter, data showed on Tuesday, with markets bracing for a weaker second half as exports lose momentum, prices continue to fall and consumer confidence remains low. Tony Sycamore, an analyst at IG, said economic growth in China came in above consensus, largely because of strong fiscal support and the frontloading of production and exports to beat U.S. tariffs. "The Chinese economic data was supportive overnight," said Phil Flynn, senior analyst with Price Futures Group. Elsewhere, oil demand is set to remain "very strong" through the third quarter, keeping the market balanced in the near term, the Organization of the Petroleum Exporting Countries' secretary general said, according to a Russian media report. In U.S. supply, U.S. crude stocks rose by 839,000 barrels last week, market sources said, citing American Petroleum Institute figures on Tuesday. U.S. government data on stockpiles is due on Wednesday. https://www.reuters.com/business/energy/oil-edges-down-market-contemplates-potential-sanctions-tariffs-2025-07-15/
2025-07-15 00:01
New storms threaten central Texas with heavy rains Governor Abbott reports 97 still missing in Kerrville area State lawmakers to investigate flood response and preparedness July 14 (Reuters) - The official tally of storm-related deaths across Texas rose to 131 on Monday as authorities warned of yet another round of heavy rains 10 days after a Hill Country flash flood that transformed the Guadalupe River into a killer torrent. A National Weather Service flood watch forecasting heavy downpours of up to half a foot of rain was posted until Tuesday morning for a wide swath of central Texas extending from the Rio Grande east to San Antonio and Austin. Sign up here. The advisory included Kerr County and other parts of Texas Hill Country along the Guadalupe still recovering from the July 4 flood disaster, which ravaged the county seat of Kerrville and a riverside Christian summer camp for girls in the nearby town of Hunt. Riverfront residents as well as search teams still combing the banks of the waterway were advised to seek higher ground until the latest danger had passed. The search for additional victims along the Guadalupe was likewise suspended due to flood concerns on Sunday. Texas Governor Greg Abbott on Monday said storms had claimed at least 131 lives in Texas since July 4, the bulk of those deaths in and around Kerrville, up from 120 reported on Friday. He said 97 people were still listed as missing in the greater Kerrville area, down from the 160-plus who authorities said were unaccounted for last week. About a third of the Kerr County fatalities are children, most of whom perished at Camp Mystic when floodwaters raged through the girls-only summer retreat before dawn on July 4. Authorities have not rescued anyone alive since the day of the floods, when more than a foot of rain fell in less than an hour in the heart of a region known as "flash flood alley," sending a deadly wall of water down the Guadalupe River basin. Abbott said state lawmakers would investigate the circumstances of the flooding, disaster preparedness and emergency response to the flooding at a special legislative session set to convene later this month. The high casualty toll, ranking as one of the deadliest U.S. flood events in decades, has raised questions about the lack of flash-flood warning sirens in Kerr County and vacancies left at National Weather Service offices amid staffing cuts under the Trump administration. https://www.reuters.com/sustainability/climate-energy/texas-flood-death-toll-rises-131-new-storms-loom-2025-07-14/
2025-07-15 00:01
US consumer prices picked up in June Dollar hits 15-week high against Japanese yen Fed funds futures traders see 44 bps in cuts this year NEW YORK, July 15 (Reuters) - The dollar reached a 15-week high against the Japanese yen on Tuesday as U.S. consumer prices increased by the most in five months in June, while traders also pared expectations on how many times the Federal Reserve is likely to cut interest rates this year. U.S. President Donald Trump’s tariff policies are seen as increasing price pressures and keeping the Fed on hold as policymakers wait to see their impact. Fed Chair Jerome Powell has said he anticipated prices will rise this summer. Despite the pick-up in the Consumer Price Index, underlying inflation remained moderate last month. "Tariffs are in the data, but it’s not as devastating as many feared,” said Brian Jacobsen, chief economist at Annex Wealth Management in Menomonee Falls in Wisconsin. Fed funds traders are pricing in 44 basis points of cuts by year-end, down from around 48 basis points before the data, with the first rate reduction still expected in September. "A slightly softer-than-expected June core inflation reading keeps alive the chances of a September Federal Reserve interest rate cut, but the risk is that we get less benign prints for July and August," James Knightley, chief international economist, US at ING said in a note. "That means we will need to see clear evidence of softer jobs figures to trigger Fed action before December." The dollar gained broadly in what was also a seen as a technical move as the greenback consolidated from a selloff that has sent the index down by around 9% this year. Brad Bechtel, global head of FX at Jefferies, noted that the dollar index is approaching technical targets including the 50-day moving average and the 100 price level. "I think some of this is just your normal run-of-the-mill technical consolidation," he said. Nvidia (NVDA.O) , opens new tab was also set to resume artificial intelligence chip sales to China, in a sign of improving trade relations. "Some of that softening of China trade rhetoric is helping things at the margin," Bechtel said. The euro was last down 0.51% on the day at $1.1603, the lowest since June 25. Against the Japanese yen , the dollar strengthened 0.77% to 148.84, the highest since April 3. Sterling weakened 0.28% to $1.3389, the lowest since June 23. The dollar weakened after Trump in April announced larger than expected tariffs, but then delayed many of the levies pending negotiations with trading partners. Trump last week announced higher tariffs would come into effect on August 1 for imports from a range of countries, including Mexico, Japan, Canada and Brazil, and the European Union, though market reaction this time was relatively muted. “The market is ignoring the tariffs until it becomes clear whether there's going to be sort of a major escalation like there was with China in April or if this is just yet another step on the way to some sort of deal,” said Steve Englander, head of global G10 FX research and North America macro strategy at Standard Chartered Bank's NY Branch. In addition to tariffs and inflation, markets are also focused on the U.S. fiscal and debt outlook, and the pressure the Trump administration is placing on Powell as he keeps rates on hold. Trump said on Tuesday that consumer prices were low and the Fed should bring down interest rates now. Powell has also asked the U.S. central bank's inspector general to review the costs involved in the renovation of its historic headquarters in Washington, as Trump administration officials intensify their criticism of how the Fed is being run. U.S. Treasury Secretary Scott Bessent said on Tuesday that a "formal process" is already starting to identify a potential successor to Powell, whose term will end in May. Bitcoin fell 3.04% to $116,571. It hit a record $123,153 on Monday as investors bet on long-sought policy wins for the industry this week, which has been dubbed "crypto week" by U.S. Republicans. https://www.reuters.com/it/azienda/euro-calo-dollaro-sale-dopo-minaccia-di-dazi-al-30-su-merci-ue-2025-07-14/
2025-07-15 00:00
Independent agency posting asks about upholding Executive Orders Critics say questions amount to litmus test Trump seeks to speed nuclear power plant approvals WASHINGTON, July 14 (Reuters) - A job notice posted by the U.S. nuclear power regulator asks applicants political questions as the administration of President Donald Trump seeks to increase influence over an independent agency. The posting, seen by Reuters on Monday, asks applicants how their commitment to the U.S. Constitution and founding U.S. principles inspired them to pursue the job. The specific opening is for a senior operations engineer serving as an inspector in the division of operating reactor safety at the Nuclear Regulatory Commission. Sign up here. Also among the questions asked are how applicants would use their experience to improve government efficiency and effectiveness, and, "How would you advance the President's Executive Orders and policy priorities in this role?" Trump has been trying to speed NRC approvals of nuclear power plants as the United States faces the first hike in power demand in 20 years, driven by the boom in artificial intelligence and data centers. The Republican president signed executive orders in May seeking to overhaul the NRC and directing the agency, which was founded as a regulator independent of the executive branch, to rule on new licenses within 18 months. Scott Burnell, an NRC spokesperson, said on Monday that the agency was "following Office of Personnel Management requirements regarding job postings," referring to the U.S. government's human resources agency. Under previous U.S. administrations, questions in NRC job postings typically emphasized the applicant's work experience pertaining to operating a nuclear reactor, not an applicant's political opinions, said a person who works at the agency who requested anonymity. In addition, a former chairman of the NRC told Reuters on Monday that the questions on the posting amount to a political litmus test. "If I saw something like this as Chairman, I would tell the staff to replace them immediately with relevant professional questions, not something that reads like a lost chapter from 'Animal Farm' on how to destroy professional expertise in government," said Greg Jaczko, who served as NRC chairman from 2009 to 2012 under former President Barack Obama. Jaczko was referring to George Orwell's 1945 satirical novel. In the current job posting at issue, not all of the six questions were related to politics. One, for example, asks how work ethics have contributed to the applicant's achievements, another asks them to confirm that they did not use AI in their responses. Trump last month fired Chris Hanson, a Democratic NRC commissioner, a move that was criticized by nearly 30 former NRC officials and employees. David Wright, the current NRC chair, told a Senate committee last week that a representative from Trump's Department of Government Efficiency is working within the NRC on reforming the agency. https://www.reuters.com/legal/government/us-nuclear-regulator-asks-job-seekers-political-questions-2025-07-14/
2025-07-14 22:46
WASHINGTON, July 14 (Reuters) - U.S. Federal Reserve Chair Jerome Powell has asked the Fed board's inspector general to take a fresh look at the project aimed at overhauling Fed buildings, Politico reported on Monday, citing a letter to lawmakers by Powell. Powell called on the Fed's inspector general, Michael Horowitz, to examine the project's cost, which has ballooned to $2.5 billion, leading to allies of President Donald Trump to call for Powell to be held accountable. Sign up here. Trump has repeatedly criticized Powell over interest rates and said the Fed chair should resign, but the president does not have the power to fire him over a monetary policy dispute. Recent comments from White House economic adviser Kevin Hassett on criticism of the Fed's renovation costs have confirmed the view that the Trump administration is actively exploring those costs and Powell's testimony about the project as a possible avenue to try to fire the Fed chief well before his term as chair ends in May 2026. The lawmakers addressed in the reported Powell letter were Republican Senate Banking Chair Tim Scott and Democratic Senator Elizabeth Warren, the top Democrat on the committee. "The Chairman looks forward to receiving additional information about the costly renovations at the Fed's headquarters," a spokesperson for Scott said in response to the reported letter, adding the letter was consistent with improving transparency. The Fed had no immediate comment. Powell wrote in the letter cited by Politico that the watchdog has had "full access to project information on costs, contracts, schedules, and expenditures and receives monthly reports on the construction program." Powell, who was nominated by Trump in late 2017 to lead the Fed and then nominated for a second term by then-President Joe Biden four years later, has said he intends to serve out his term as Fed chief, which ends on May 15. https://www.reuters.com/world/us/feds-powell-asks-watchdog-take-fresh-look-renovation-project-politico-reports-2025-07-14/
