2024-06-13 19:15

June 13 (Reuters) - More torrential downpours deluged South Florida on Thursday, adding to more than a foot (30 cm) of rain that fell on parts of the state this week and leading forecasters to issue flood watches or warnings for an area where 8 million people reside. Some areas, including portions of Broward and Miami-Dade counties, were at risk of "life-threatening flooding," as water built up on roadways and lapped up against thresholds of homes, the National Weather Service said. A few spots have reported up to 18-to-25 inches (46-to-63.5 cm) of rain since Monday, said Bob Oravec, a forecaster with the service's Weather Prediction Center in College Park, Maryland. North Miami Beach was near the top of the list for rainfall on Thursday with 20.4 inches of rain since Monday, said Oravec, while Big Cypress National Preserve in the Everglades was awash with about 25 inches. In Hallandale Beach, which has been inundated by 19.3 inches of precipitation, resident Luis Garcia Infante said he had never experienced such a deluge in his 13 years of living in the community in south Broward County. "There's been rain, heavy rain, but never, never like this," Infante said. "This is extreme." The slow-moving storm -- a disorganized tropical depression drawing its strength from warm Gulf Coast and Atlantic waters -- is expected to linger over the state until early Saturday before pushing out to sea, Oravec said. Even though the system is not expected to strengthen into a tropical storm, it could be a wet prelude to what is expected to be a busy hurricane season, which began on June 1. With another 5 inches of rain possible before Friday night, Florida Governor Ron DeSantis declared a state of emergency for five South Florida Counties late on Wednesday. Media reports and social media posts showed stalled cars and people wading in streets covered in hip-deep water, or paddling in small boats and kayaks. In some areas water has swamped lawns and pushed up to the front doors of houses and other buildings. Parts of Interstate 95, a main north-south route along the East Coast, were closed due to flooding on Wednesday. "The problem is that there is no place for the rain to go," said Oravec. "The ground is so saturated. In some places water is rising up from the sewers." In nearby Fort Lauderdale, Mayor Dean Trantalis declared a city-wide emergency due to flooding. He said the Florida Fish and Wildlife Commission was sending boats and high-water vehicles to assist any rescues if needed. Trantalis urged people to stay off roadways. "It's crucial to never attempt to drive through high water," he warned in a message on the X social media platform. Miami-Dade County Mayor Daniella Levine Cava also declared states of emergency, freeing up money and resources to better cope with the storm and its aftermath. HURRICANE FORECAST Forecasters are expecting eight to 13 hurricanes in the Atlantic this season, seven of which could build into major storms. Overall, some 17 to 25 named tropical storms are expected. An average hurricane season produces about 14 named storms, of which seven become hurricanes. In recent years, the frequency and intensity of hurricanes have increased linked to warming sea temperatures caused by higher carbon dioxide levels in the atmosphere. Sign up here. https://www.reuters.com/business/environment/south-florida-braced-life-threatening-flooding-after-foot-rain-2024-06-13/

2024-06-13 19:06

BUENOS AIRES, June 13 (Reuters) - Argentina's monthly inflation rate stood at 4.2% in May, official data published on Thursday shows, landing below a Reuters poll forecast of 4.9% and slowing down from April's rate of 8.8%. Inflation in the 12 months through May, meanwhile, landed at 276.4%, also below a poll forecast of 279.4%. Sign up here. https://www.reuters.com/world/americas/argentina-inflation-slows-42-mm-may-2024-06-13/

2024-06-13 19:01

BRASILIA, June 13 (Reuters) - Brazil's finance minister said on Thursday the government aims to swiftly reach a consensus with the Senate to compensate tax benefits after a setback on a proposed revenue measure that soured the markets. "We will put forth some proposals on the table starting next week, but mainly receive input from them (senators)," minister Fernando Haddad told reporters on Thursday. The Senate had rejected a government executive order aimed at raising as much as 29.2 billion reais ($5.43 billion) this year through stricter rules for tax credits, which faced strong opposition from economic sectors. The move by the Senate was interpreted by market agents as a weakening of Haddad, contributing to a sharp decline in the Brazilian real and an increase in interest rate futures on Wednesday due to concerns about a lack of support for the minister's plan to balance public accounts. Speaking publicly about the episode for the first time, President Luiz Inacio Lula da Silva told reporters in Switzerland that Haddad was an excellent minister and that he assumed a responsibility that was not his by proposing an alternative to the fiscal compensation. To accomplish eliminate the primary deficit this year, the government must offset revenue losses of 26.3 billion reais resulting from tax benefits approved by Congress for the payrolls of some economic sectors and small municipalities. "Now the ball is no longer in Haddad's court, the ball is in the Senate's court and in the hands of the businessmen. Find a solution. Haddad tried. They didn't accept it. Now find a solution," Lula said. The president said that the Supreme Federal Court ruled in May that compensation must be identified within the next 45 days or approved tax exemptions on payrolls would not be valid. Senator Jaques Wagner, the government's leader in the Senate, said that the Upper House contends that the actual need for compensation falls between 17 billion-18 billion reais. He further mentioned that senators are committed to finding and approving measures to address this amount. Alternatives to make up for the revenue shortfall include a program for renegotiating fines imposed by federal agencies such as environmental agency Ibama, said Wagner, also mentioning a program for repatriating funds held abroad and another for updating the assets of individuals and businesses in the income tax system. Legislators have additionally mentioned the use of forgotten and unclaimed funds by individuals who have won legal actions, abandoned bank accounts, and a recently approved tax levy on online orders below $50 as alternatives, added the senator. The finance minister also expressed on Thursday a commitment to review primary spending and cut privileges, focusing on addressing excessive public salaries, correcting unlawful benefits, and enhancing registries. Regarding the central bank's monetary policy meeting next week, Haddad refrained from commenting on market bets about a pause in the easing cycle, saying he trusts the technical expertise of decision makers. Since August, policymakers have reduced the Selic benchmark interest rate by 325 basis points to 10.50%. ($1 = 5.3783 reais) Sign up here. https://www.reuters.com/world/americas/brazils-haddad-seeks-quick-senate-consensus-compensation-tax-benefits-2024-06-13/

2024-06-13 18:56

Canadian dollar weakens 0.2% against the greenback Trades in a range of 1.3715 to 1.3763 Price of U.S. oil settles 0.15% higher 10-year yield hits a 3-month low at 3.321% TORONTO, June 13 (Reuters) - The Canadian dollar weakened against its U.S. counterpart on Thursday as the greenback notched gains against a basket of major currencies and the Bank of Canada reiterated it could cut interest rates further. The loonie was trading 0.2% lower at 1.3750 to the U.S. dollar, or 72.73 U.S. cents, after trading in a range of 1.3715 to 1.3763. "The U.S. dollar has maintained its bid tone since last week's stronger-than-expected nonfarm payrolls report," said Michael Goshko, senior market analyst at Convera Canada ULC. The U.S. dollar (.DXY) New Tab, opens new tab rose after the Federal Reserve on Wednesday pushed out the start of interest rate cuts to perhaps as late as December and despite a soft U.S. producer price inflation report for May that added to recent downward pressure on U.S. Treasury yields. Data on Friday showed the U.S. economy created far more jobs than expected in May. Also last week, the BoC became the first G7 central bank to cut interest rates. Speaking to a conference in Ottawa on Thursday, BoC Deputy Governor Sharon Kozicki stuck to the central bank's messaging that further cuts would follow if inflation continued to ease, but the policy decisions would be taken one meeting at a time. Money markets see a 55% chance of a rate cut at the BoC's next policy decision on July 24. The price of oil , one of Canada's major exports, settled 0.15% higher at $78.62 a barrel, while Canadian government bond yields moved lower across the curve, tracking moves in U.S. Treasuries. The 10-year was down 5.5 basis points at 3.337%, after earlier touching its lowest level since March 11 at 3.321%. Sign up here. https://www.reuters.com/markets/currencies/canadian-dollar-weakens-greenback-posts-broad-based-gains-2024-06-13/

2024-06-13 17:03

ATHENS, June 13 (Reuters) - Greece shut more ancient tourist sites in Athens on Thursday and elderly people took refuge at designated air-conditioned spots as the first heatwave of the summer persisted for a third day. The famous Acropolis, set on a rocky hill overlooking the capital, and other nearby tourist attractions were closed on Thursday afternoon as winds from North Africa pushed temperatures towards 43 degrees Celsius (109 degrees Fahrenheit). Many primary schools and nurseries across the country were closed to protect students from the heat, which was expected to recede on Saturday. In Athens, tourists stopped at drinking fountains to cool their heads and necks. Locals sat in air conditioned rooms set up by the city, using hand held fans to create a breeze. Firefighters who put out several wildfires on Wednesday remained on high alert as strong winds were expected to hit several parts of the country. Greece is one of the most hard-hit countries by global warming in Europe, with rising temperatures fuelling deadly fires and erratic rains in recent years. Athens, a city of five million people which sits in a coastal bowl jammed with apartment blocks and flanked by mountains, is one of the hottest cities in Europe. Scientists warn that summer temperatures there could rise by an average of 2 degrees by 2050. Athens mayor Haris Doukas has tried to create more shade by planting 2000 trees. “Our first goal shall be to lower the median temperature, the felt-air temperature," he told Reuters. "There are areas where the temperature is 15 or 20 times higher on cement or a city road, compared to a shady area." Sign up here. https://www.reuters.com/world/europe/greece-closes-more-ancient-tourist-sites-heatwave-persists-2024-06-13/

2024-06-13 17:01

BERLIN/FRANKFURT, June 13 (Reuters) - German bus and train services company Flix is seeking alternatives to a stock market listing and is in talks with investors including private equity firm EQT (EQTAB.ST) New Tab, opens new tab on a potential stake sale, two people close to the matter said. Talks are at an early stage, the sources said. Business newspaper Handelsblatt, which first reported the news, said talks were for a 30% stake in Flix. The company could be valued at 3.2 billion euros ($3.4 billion) in a deal, one of the sources said, adding that this would be more than could be fetched in a potential IPO at the moment. Flix and EQT declined to comment. Reuters reported last year that Flix had picked banks as advisers for a planned initial public offering (IPO) in the first half of 2024. The banks involved were JP Morgan (JPM.N) New Tab, opens new tab, Goldman Sachs (GS.N) New Tab, opens new tab and BNP Paribas (BNPP.PA) New Tab, opens new tab, sources said at the time. ($1 = 0.9302 euros) Sign up here. https://www.reuters.com/markets/deals/germanys-flix-eyes-stake-sale-ipo-rethink-sources-say-2024-06-13/