2024-07-02 19:50

CAIRO, July 2 (Reuters) - Yemen's Houthis said on Tuesday that they, along with the Islamic resistance in Iraq, have conducted a joint military operation, attacking a vital target in Israel's Haifa. The military operation has been carried out with "a number of winged missiles," Houthi military spokesperson Yahya Saree said in a televised statement, without identifying the target that was attacked. The Houthi group has been launching drone and missile strikes in shipping lanes since November, in what it says is in solidarity with Palestinians in Gaza. The Iran-aligned Houthis first launched drone and missile strikes in shipping lanes in November. In dozens of attacks, they have sunk two vessels, seized another and killed at least three seafarers. Sign up here. https://www.reuters.com/world/middle-east/yemens-houthis-claim-attack-vital-target-israels-haifa-2024-07-02/

2024-07-02 19:49

WASHINGTON, July 2 (Reuters) - The administration of President Joe Biden took steps on Tuesday to protect workers and communities from the deadly effects of extreme heat including proposing the first-ever rule on the matter from the Department of Labor. WHAT DID THE ADMINISTRATION DO? The Department of Labor's Occupational Safety and Health Administration is proposing a rule to protect workers, that if finalized, would be the first-ever U.S. safety standard on the matter. It includes requirements for identifying heat hazards, emergency response plans, training for supervisors, and work standards, including breaks, access to shade and water, and heat acclimatization for new employees. Farm worker groups had called on the administration to issue heat standards, as agricultural workers are often exposed to high temperatures and can have inconsistent access to shade, water, and breaks. WHY IT'S IMPORTANT The Environmental Protection Agency released a "Climate Indicators" New Tab, opens new tab report on Tuesday that said from 1992 to 2022, nearly 1,000 workers in the U.S. died from heat exposure, of which construction accounted for about 34% of those deaths. On June 20, before the beginning of the U.S. summer, nearly 100 million Americans were under extreme heat advisories, watches and warnings. New York City opened emergency cooling centers, while New Mexico suffered deadly wildfires. WHAT ELSE IS IT DOING? The Federal Emergency Management Agency is announcing nearly $1 billion dollars in awards for nearly 660 projects to help communities protect against disasters and natural hazards, including extreme heat, storms, and flooding. The White House will hold this summer a summit on extreme heat. BY THE NUMBERS OSHA projects the rule would impact approximately 36 million workers and substantially reduce heat injuries, illnesses, and deaths in the workplace. Extreme weather, including extreme heat, also harms the economy. A White House fact sheet said a record 28 individual billion-dollar extreme weather and climate disasters in 2023 caused more than $90 billion in damage to the economy. Sign up here. https://www.reuters.com/world/us/white-house-takes-steps-protect-workers-extreme-heat-2024-07-02/

2024-07-02 19:26

WASHINGTON, July 2 (Reuters) - The Biden administration remains open to dialogue with the Venezuelan government, U.S. officials said on Tuesday after President Nicolas Maduro said he had agreed to restart direct talks just weeks ahead of a July 28 presidential election in Venezuela. The officials said the U.S. had previously indicated it welcomed discussions "in good faith" but they stopped short of confirming Maduro’s statement late on Monday that a meeting was now scheduled in coming days. The Socialist president is seeking a third term in office while Washington has expressed concern about whether he will make good on his promises to hold a free and fair election. Western governments dismissed his 2018 re-election as a sham. Maduro is now pitted against Edmundo Gonzalez, a veteran ex-diplomat who was named the main opposition candidate after primary winner Maria Corina Machado had a ban on holding office upheld by the Supreme Court, a move condemned by the U.S. at the time. Machado has since given Gonzalez her backing, and he has built a large lead over Maduro in opinion polls. The U.S. reimposed oil sanctions on OPEC-member Venezuela in mid-April, accusing Maduro of not fully complying with electoral guarantees he made in deals with the opposition. Maduro said in a television program that he had accepted Washington's proposal to restart talks with the U.S. "to comply with the agreements signed in Qatar and to re-establish the terms of the dialogue with respect." Secret negotiations between the U.S. and Venezuela in Qatar late last year helped pave the way to Maduro’s scheduling of elections this month. "I'm just not going to get into the specifics of our diplomatic engagements beyond just saying that in the context of Venezuela - you've heard us say this before - we of course welcome dialogue in good faith, and we support the Venezuelan people's desire for competitive and inclusive elections on July 28,” U.S. State Department spokesperson Vedant Patel said. “We are clear-eyed that democratic change will not be easy and certainly requires a serious commitment,” Patel told a daily briefing in Washington. Venezuelan official negotiator and National Assembly President Jorge Rodriguez will participate in the talks, Maduro said, without detailing the specific topics to be discussed. It was not immediately known whether the meeting would be in person or held virtually. A previous meeting between senior U.S. officials and Maduro's representatives took place in Mexico in mid-April. Sign up here. https://www.reuters.com/world/americas/us-says-its-still-open-talks-with-venezuela-after-maduro-announces-meeting-2024-07-02/

2024-07-02 18:28

July 7 (Reuters) - Powerful Hurricane Beryl was the 2024 Atlantic season's first hurricane and the earliest storm on record to reach the strongest possible ranking of Category 5, before weakening to a tropical storm as it barrelled toward Texas on Sunday. The storm, which is responsible for at least 11 deaths as it swept through the Caribbean, could strengthen back to a Category 1 hurricane, and possibly a stronger Category 2, according to the National Hurricane Center. It is expected to make landfall on the Texas coast between Corpus Christi and Galveston early Monday, according to LSEG data. Record-breaking sea temperatures that allow tropical storms to get stronger faster, driven by human-caused climate change and cyclical weather patterns, are fueling what scientists say is shaping up to be a very dangerous hurricane season. WHAT IS CATEGORY 5? A Category 5 is the strongest hurricane on the Saffir-Simpson Scale, bringing winds of 157 mph (252 kph) or higher, capable of causing catastrophic damage including the destruction of homes and infrastructure. Since 1960, only 30 Atlantic hurricanes have reached Category 5, with 2005 - the year deadly Hurricane Katrina devastated New Orleans - setting the record for the most recorded in a single season, at four. WHY IS BERYL SO EARLY? Hurricane Beryl is the earliest Category 5 hurricane on record in the Atlantic, according to the United Nations' World Meteorological Organization. Anne-Claire Fontaine, a scientific officer for the agency, said a reason Beryl had developed so early in the season was because the "hurricane alley" is hitting its warmest ever temperatures. Scientists say a streak of record temperatures New Tab, opens new tab in the North Atlantic since early last year would be extremely unlikely without climate change, driven by man-made fossil fuel emissions. Higher water temperatures allow storms to intensify quicker, and ocean temperatures of at least 26.5 degrees Celsius (79.7 degrees Fahrenheit) are needed to maintain a tropical cyclone. According to NOAA, north Caribbean coastal water temperatures are hovering around 29.4 C (85 F). WHERE IS BERYL GOING? Beryl is currently forecast to makes landfall on the middle Texas coast between Corpus Christi and Galveston early Monday, according to LSEG data. The storm would then turn northeastward and move farther inland over eastern Texas and Arkansas late Monday and Tuesday, NHC said. The Texas Gulf Coast is expected to get 5 to 10 inches (13 to 25 cm) of rain, with up to 15 inches in some areas beginning Sunday through Monday night, NHC said. Storm surge could reach 4 to 6 feet (1.2 to 1.8 meters) in Mesquite Bay and Matagorda Bay. Hurricanes typically weaken as they move over land. HOW DANGEROUS IS BERYL? Beryl is the strongest storm to hit the south-eastern Caribbean in 20 years, when 2004's Ivan smashed into Grenada as a Category 3, damaging most of its buildings, wreaked havoc over Jamaica as a Category 4 and strengthened to Category 5 over western Cuba. Ivan weakened before hitting the United States but spawned over a hundred tornadoes. It killed around 90 people and left more than $20 billion in damages. On Monday, Beryl made landfall on small islands in the eastern Caribbean, smashing fishing boats in Barbados, knocking out drinking water in St. Lucia, downing power lines and reportedly killing two people in Grenada and St Vincent. It is blamed for at least 11 deaths in the Caribbean. WHAT HELP IS ON THE TABLE? As the Caribbean prepares to bear the brunt of a highly destructive hurricane season, regional leaders have pushed for better financing options so governments can invest more in protecting their populations from worsening climate change. Highly indebted and tourism-dependent Caribbean states have long called on wealthy nations and top global polluters to do more to honor their pledges to meet emissions goals, provide climate adaption funds and consider debt relief. However, a Reuters investigation found that billions in funds sent to help developing nations battle climate change have been funneled back to rich nations. WHAT IS A HURRICANE SEASON? Hurricane seasons are annual periods during which tropical storms are most likely to form, fueled by strong ocean breezes, warm seas and humidity. In the Atlantic Ocean this typically lasts from June through November, peaking in the late summer. The Atlantic is also home to the so-called Hurricane Alley, or Main Development Region, a stretch of warmer water spanning from West Africa to much of the Caribbean, Central America, Mexico and the southern United States. On average, a hurricane season produces 14 named storms (winds of at least 39 mph or 63 kph), of which seven become hurricanes (winds over 74 mph or 119 kph) and three become "major," with wind speeds over 111 mph (178 kph). But as ocean temperatures break new records, the U.S. National Oceanic and Atmospheric Administration has warned of an "extraordinary" 2024 Atlantic season and forecast 17 to 25 named tropical storms, eight to 13 hurricanes and between four and seven major hurricanes. Sign up here. https://www.reuters.com/world/americas/record-breaking-temperatures-strengthen-hurricane-beryl-it-hits-caribbean-2024-07-02/

2024-07-02 18:13

Canadian dollar gains 0.3% against the greenback Touches its weakest since June 18 at 1.3755 Price of U.S. oil hits a 2-month high 10-year yield touches highest since May 31 TORONTO, July 2 (Reuters) - The Canadian dollar rebounded from an earlier two-week low against its U.S. counterpart on Tuesday, helped by dovish comments from Federal Reserve Chair Jerome Powell and the recent move higher in oil prices. The loonie was trading 0.3% higher at 1.3690 to the U.S. dollar, or 73.05 U.S. cents, after touching its weakest intraday level since June 18 at 1.3755. "Oil is powering higher, hitting a 2-month high, which should provide some support to the loonie," Darren Richardson, chief operating officer at Richardson International Currency Exchange Inc, said in a note. The price of oil , one of Canada's major exports, climbed to its highest level since April 26 before pulling back to $83.22 a barrel, down 0.2% on the day, while the U.S. dollar (.DXY) New Tab, opens new tab edged lower against a basket of major currencies. The greenback weakened as Powell suggested that the U.S. central bank is more than likely to start its easing cycle later this year. Domestic data showed deterioration in manufacturing activity, extending a record-setting run of contraction for the sector. The S&P Global Canada Manufacturing Purchasing Managers' Index (PMI) was unchanged in June, matching the seasonally adjusted 49.3 level that was posted in May. Canadian government bond yields rose across the curve, catching up with the move in U.S. Treasuries on Monday when the Canadian market was closed for the Canada Day holiday. The 10-year was up 12 basis points at 3.627%, after earlier touching its highest level since May 31 at 3.659%. Sign up here. https://www.reuters.com/markets/currencies/c-recovers-2-week-low-oil-rally-offers-support-2024-07-02/

2024-07-02 16:47

Makhlouf says two interest rate cuts is going too far Pleased with June inflation reading SINTRA, Portugal, July 2 (Reuters) - European Central Bank policymaker Gabriel Makhlouf said on Tuesday he was comfortable with just one more interest rate cut this year as he needed more time to gain confidence inflation was headed to the ECB's 2% goal. Investors are pricing in at least one, but more likely two more ECB interest rate reductions by December after seeing inflation fall from 10% in late 2022 to just 2.5% last month. But Makhlouf, Ireland's central bank governor, struck a more cautious tone in an interview with Reuters, even though he expected rates to fall eventually. "I am comfortable with expectations of another cut," he said on the sidelines of the ECB's Forum on Central Banking in Sintra, Portugal. "I think two cuts today, at the beginning of July, is probably going a little bit too far. I'm not saying I'd rule it out." The ECB began undoing its steepest ever streak of interest rate hikes last month but President Christine Lagarde said the central bank for the euro zone is in no hurry to lower borrowing costs further as progress from here appeared to be slower. Data earlier on Tuesday showed inflation in the 20 countries that share the euro slow to 2.5% in June from 2.6% a month earlier. Makhlouf said he was "pleased" with the data "because it confirms the direction that we are moving in" but he stressed services inflation remained the "number one issue of focus" after a second straight 4.1% increase. The ECB has singled out wages, which are finally catching up with inflation after falling behind them in 2021-22, as the key driver of prices in the services sector and Makhlouf said he and colleagues should "allow time" to see more data. "I expect interest rates to be lower than they are today if we continue to be successful, as I expect us to be successful, in achieving our 2% target in a sustainable manner," he said. "The pace at which that happens will depend and where we end up will depend." Sign up here. https://www.reuters.com/markets/europe/ecbs-makhlouf-sees-one-more-interest-rate-cut-this-year-two-is-too-far-2024-07-02/