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The death toll in Venezuela earthquakes has risen to 3,535, while thousands of people remain displaced
Authorities announced on Monday that the death toll in Venezuela's twin earthquakes has risen to 3,535. Nearly 18,000 people are still homeless, more than a month after the disaster hit the capital and coastal areas. Jorge Rodriguez, a top lawmaker in Venezuela, said that the latest official count showed 16,740 injured people and 17,854 without housing following the June 24 earthquakes. The quakes measured magnitudes of 7.2 and 7.4 and were seconds apart. New figures show the extent of the catastrophe in and around Caracas, La Guaira - the area most affected by the quakes - as well as the damage to the surrounding areas. Venezuela's vice president for social affairs said that at least 12,800 people were staying in 80 shelters throughout Caracas and La Guaira. HEALTH RISKS OF TEMPORARY SHELDERS Dr. Mauricio Calderon, an advisor to the Emergency Operations Center at the Pan American Health Organization, in Washington, warned about the growing health risks in these temporary sites. Cerpa said that the establishment of temporary camps or shelters is a common event following an earthquake. These health risks are due to overcrowding and limited ventilation. They also include issues with water and sanitation, inadequate food handling, and improper waste management. Cerpa stated that the immediate priority is to address "respiratory infection, diarrhea, skin disease, wound infections and dengue as well as vaccine-preventable illnesses such as tetanus measles rubella diphtheria pertussis polio and tetanus." Delcy Rodriguez, the acting president of Venezuela, has defended her government's handling the disaster in the face of growing frustration among Venezuelans. They have described it as inadequate and late. International rescue committees and other global humanitarian organizations have also criticised the government's reaction. Rodriguez announced that security forces had been deployed as soon as the earthquakes occurred and a new unit was being created to help deal with future emergencies and natural disasters. AUTHORITIES BURROW EARTHQUAKE VICTIMS Witnesses saw forensic workers and trucks transporting coffins on Monday in La Guaira, while machines dug trenches at an open area marked with white crosses where authorities were burying bodies. The Ministry of Communication and Information of Venezuela did not respond immediately to a comment request. Some graves were marked with numbers and some with names, according to photos published in the Spanish newspaper El Pais. Cerpa stated that PAHO and World Health Organization provided?technical guides and body bags as well as three refrigerated container for body management in the port of La Guaira as well as two crematoriums at other locations. The United Nations has said that it will continue to increase its aid operations in coordination and cooperation with the government of Caracas. U.N. spokesperson Stephane Dujarric said to reporters that "some search and rescue teams continue to be deployed in affected areas while other specialized engineering and medical teams continue to arrive." Cerpa said that the national health authorities are evaluating vaccination campaigns for temporary shelters on the basis of risk, vaccine availability, and national guidelines.
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PJM claims that emergency electricity conservation during the US heatwave kept power demand below record levels
PJM, the operator of America's largest power grid, said on Monday that the emergency conservation measures taken last week 'likely prevented electricity demand from exceeding a record set in 2006 as scorching temperatures gripped the eastern U.S. PJM is unable to meet the soaring demand caused primarily by energy-hungry new data centers. The soaring demand for electricity is primarily due to the expansion of energy-hungry data centers. This has led to fears about reliability during extreme weather conditions and increased prices in capacity markets that are designed ensure there's enough power available during peak demand times. According to preliminary data, PJM's peak instantlyaneous load on July 2 was 162,700 megawatts between 5 p.m. - 6 p.m. The total was still not far from the 2006 record of 165.600 MW. If PJM had not taken ?emergency electricity-reduction actions, like activating a so-called "demand response" program that pays participating users ?to lower their usage, the ?peak load would have been even higher, and would likely have surpassed the all-time PJM record, the operator said. PJM serves approximately 67 million Americans. Mid Atlantic and Midwest had warned of a possible demand that could surpass or challenge its all-time record for summer peak power, 165.6 gigawatts set in 2006. Weather forecasters called it a "heat-dome", but a hot and dry high pressure wave pushed temperatures dangerously high across eastern?U.S. Over the Independence Day Weekend. The heatwave caused homes and businesses to increase their air conditioning, increasing electricity consumption. The preliminary data shows that demand was 154,976MW between the hours of 5 pm and 6 pm on July 3, 145.098MW between 4pm and 5pm on July 4, 134,332MW between 6pm and 5pm on July 5, and a total of 134,332MW between 6pm and 5pm on July 5. The operator said that the load peaked Thursday and then dropped on subsequent days. They cited slightly milder temperatures and lower electricity consumption on weekends and holidays because businesses and other institutions are closed. (Reporting by Anjana Anil in Bengaluru; editing by Laila Kearney, Liz Hampton and David Gregorio)
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S&P 500 and Nasdaq end sharply higher after Broadcom rally
Broadcom - and other chip stocks - rallied on Monday as investors 'bought shares of companies that are related to artificial intelligence, which?are hoped to drive a robust second quarter earnings season. Broadcom's stock jumped when Apple and the chipmaker agreed to extend their agreement through 2031 for the development and supply of a range custom chips. After two consecutive sessions of losses, the Philadelphia SE Semiconductor Index gained. This is a market where a lot people are left out. Jake Dollarhide is the chief executive officer at Longbow Asset Management, located in Tulsa. He said that if you are not invested in certain technology names or semiconductors, you will miss out on this entire rally. "I believe it's an extremely?tenuous rallie. The risk is there, especially if the Fed keeps raising interest rates. SK Hynix, a South Korean company, was scheduled to debut this week on Nasdaq. This is due to the massive demand from investors for AI-related chips. Microsoft shares dropped after the tech giant announced it would cut about 2,1% of its workforce - or 4,800 jobs. The market says that Microsoft cannot afford its entire CapEx, and there is no 'clear' return on capital invested yet. Thomas Hayes is the chairman of Great Hill Capital LLC. He said that laying off employees in order to moderate CapEx spending was perceived as a bad thing. The Institute for Supply Management reported that its non-manufacturingPurchasing Managers Index edged down to 54.0 last month, which was in line with expectations. The preliminary data shows that the S&P 500 rose 55.10 points or 0.74% to 7,538.34, and the Nasdaq Composite climbed 288.49 or 1.12% to 26,121.16. The Dow Jones Industrial Average increased 159.68, or 0.29, points to 53,053.59. The S&P 500 has gained about 10% by 2026 and the Nasdaq about 12%. Investors have high expectations as major U.S. firms are set to report quarterly earnings within the next few weeks. According to LSEG 'I/B/E/S, analysts expect S&P companies to increase their earnings an aggregate of 24% in the'second quarter. The tech sector is expected to see earnings jump by around 65%. Delta Air Lines, PepsiCo and other companies are expected to release their results in the coming week. According to CME's FedWatch, traders see a 25% probability of a 25 basis-point rate increase at the central banks July 29 meeting following a less-than-expected job report last week. After the Fed's first meeting under Kevin Warsh, hawkish bets were on the rise. Minutes are due Wednesday. Fed Governor Christopher Waller stated?on Monday? that forward guidance is a "valuable tool" which can accelerate the impact of monetary policies under the right circumstances. However, it can be problematic when used rigidly. O'Reilly Automotive shares fell after Bloomberg News reported Thursday that the auto part retailer had sent a cash bid to purchase Genuine Parts. Genuine Parts fell as well. Reporting by Ragini Mathematics and Avinash P from Bengalur, and Noel Randewich from San Francisco. Editing by Pooja Deai and David Gregorio.
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US agencies seize more than 600 drones near World Cup Sites
The Transportation Security Administration announced on Monday that U.S. agencies had seized more than 600 'drones' near FIFA World Cup venues, and fan zones since the tournament began on June 11,?the Transportation Security Administration. All aircraft operations (including drones) are prohibited on match days within a three nautical mile radius and up to nine hundred meters (914 feet) above the ground around stadiums, unless authorized by air traffic controllers. FBI reported that drones were seized in restricted airspace across all 11 U.S. host city cities. The FBI reported that over 70 drones were seized in Dallas, during five matches. The Federal Aviation Administration (FAA) has banned drones from flying above matches and fan gatherings in the United States. Drones are prohibited from fan gatherings within a radius of one nautical mile and up to 1,000 feet. The FBI has said that drone operators who violate restricted airspace can be fined up to $100,000 and face criminal charges, as well as the confiscation of their drone. FBI teams are stationed at World Cup stadiums in order to detect and disable unauthorised drones. Cristobal Torres, a 40 year old Mexican, was charged last week for flying a drone around the 'Dallas Stadium' ahead of a game. The Homeland Security Department installed new counter-drone defence systems on the U.S. Mexico border in Texas. In the past, there have been numerous drone accidents over major U.S. sporting events. There have been numerous drone incidents over major?U.S. sporting events. A man plead guilty in 2025 after being charged with violating defence airspace for flying a drone above a National Football League post-season game in Baltimore.
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EasyJet shares surge after European stocks hit record highs
EasyJet shares surged after a $7.34 billion take-private bid. The pan-European Index fell 0.35% at the close to 650.5 points. The index had reached a record high of 654.44 earlier in the day, after posting its best weekly performance since last mid-May. The index was dragged down by utilities and healthcare shares, which fell by 1.81% and 1.88% respectively. Shares of food and beverage companies also dropped 1.67%. The DAX in Germany, however, bucked regional weakness and climbed 0.15%, to a new record high. This was its fifth consecutive session of gains. The largest economy in the Eurozone, Germany, saw industrial orders rise more than expected in April. Investors largely ignored German stocks in Q2. In a recent note, Deutsche?Bank's analysts led by Maximilian Uleer (head of European equity strategy and cross-asset strategy) predicted that the tide would turn. The German mid-caps will benefit the most from the market, particularly those that are exposed to infrastructure spending. Investors also look forward to earnings season which could prove pivotal for the equities market?and give it fresh momentum if the results are stronger than expected. Mohit Kumar is an economist with Jefferies. He said that the upcoming earnings season will be a test of the AI theme, and it's likely to shape the performance of the market in the months ahead. There have been concerns raised about the excess capacity of AI and whether it can deliver expected returns. We are confident about the earnings season. "Capex remains strong, and as long money continues to flow AI-related industries should remain well supported." The data released Monday shows that euro zone retail sales rose by 1.6% in May, as expected. EasyJet was the top stock mover in the region, jumping 9.28%, after the British budget carrier agreed in principle to an?offer of a sweetened acquisition from U.S. Investment firm Castlelake. The offer valued the airline at up to PS5.5billion ($7.34billion). The Ukraine conflict is not showing signs of abating. Investors purchased defence stocks on the expectation that geopolitical tensions will help the sector. Exail jumped 2.12% after Thales reached an agreement to purchase the Gorge family’s controlling stake in drone technology company. Airbus gained 1.58%. Airbus?gained 1.58%. Industry sources say the planemaker has set a goal of 900 jet deliveries this year, after handing out more than 89 in June. Ferrari's stock rose 2.22% following the launch of a 12-cylinder limited edition model with a gearbox manual. J.P. Morgan upgraded Greece from "neutral" to "overweight", citing the expected inflows from certain Greek shares being included on the STOXX 600 Index later this year. Reporting by Johann M Cherian in Bengaluru, Tharuniyaa lakshmi, and Niket Nishant; editing by Harikrishnan Nair and Mrigank Dhaniwala
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Cuba's national electricity grid collapses for unknown reasons
Cuba's national grid collapsed at noon on Monday, according to the country's grid operator. Around 10 million people were left without electricity on the Caribbean Island. Grid operator UNE has said that it is investigating the cause of the blackout. Cuba has suffered from power outages for days and even hours in recent months, due to a decrepit electrical grid and the?U.S. The U.S. imposed an oil blockade that has?cut off the island's fuel supplies. Cubans who have been suffering from rolling blackouts in the Caribbean heat that makes it difficult for them to sleep or work, will be even more frustrated by this nationwide outage. Cuba has often struggled to keep the lights on during an economic crisis that has lasted for years, but under increasing pressure from U.S. president Donald Trump, the Communist-run government has entered a?territory it has never before been in. When the grid collapsed Monday, nearly?two thirds of the nation?was already without power.
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Minister: Georgia will take full responsibility for the development of a major Black Sea deep water port
Georgia's economy minister announced on Monday that the country will be taking over full development of the country's first deep water port on the Black Sea. This is the first definite indication that the Chinese-Singaporean consortium has pulled out of the project. Anaklia Deep Sea Port, originally planned as an important infrastructure link connecting Asia with Europe a decade earlier, has been plagued by delays since the Georgian Government in 2020 canceled a contract awarded to a Western-led group?to build it. The port will be the most ambitious infrastructure project in the country to date. It aims to handle approximately 7.8 million tons of cargo each year. Due to the conflict in Ukraine, the Middle Corridor route through the South Caucasus is becoming more appealing to Western countries. 'LANDLORD' ?MODEL After cancelling the contract?won?by the Western-led consortium, Tbilisi chose a Chinese state owned consortium led by China Communications Construction Company and its Singapore registered unit China Harbour Investment for the construction of the Anaklia Facility. The government retained 51% of the consortium's shares. The project has essentially stalled. The Georgian Economy Minister Mariam Kvrivishvili announced on Monday that Anaklia will be developed under the "landlord model" by the Georgian government, and the government would allow multiple countries to participate as partners. The Interpress news agency cited Kvrivishvili as saying that this "will create the best conditions to attract cargo into the port, and consequently for its most effective operation." She said, "Georgia is particularly interested in investment from China and Central Asian countries as well as Azerbaijan. CCCC didn't immediately respond to a comment request outside of office hours in Asia. Kvrivishvili stated that the government intends to invest $7 billion by 2032 in the transportation and logistic sectors, including the port as well as in modernising highways and railways. Lucy Papachristou, Jan Harvey (Editing)
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Eight people killed by landslides in Rohingya camps in Bangladesh
Officials said that heavy rains caused landslides in refugee camps located in southern Bangladesh. At least eight Rohingya Muslims, including women and young children, died and others were injured. After fleeing the 2017 crackdown by Myanmar's Buddhist majority, more than 1.2 millions Rohingya now live in overcrowded refugee camps in Cox's Bazar. They are accused of being "outsiders" in Myanmar. The majority of families live in makeshift huts constructed from bamboo and plastic sheets, on steep deforested slopes that are particularly vulnerable to landslides. FLEED PERSECUTION AND LOST FAMILY DUE TO LANDSLIDE The landslides struck four different locations in the camps and buried shelters beneath mud and debris as residents slept. Police said that a Bangladeshi man died and two members of his family were injured after a part of the hillside fell onto their home in Cox's Bazar. Ali Ahmed lost three members of his family when the bamboo and tarpaulin hut he was using to shelter them in was destroyed by a landslide. "Fire Service personnel saved us but my father, mother and younger brother didn't survive." We fled Myanmar to escape persecution in 2017. "I've now lost my family in Myanmar, and I have no idea what the future holds for me." Tumpa Das said that the continued rainfall increased the likelihood of landslides. Thousands of refugees are still living in unstable slopes. Rohingya Refugee Mohammed Taher said that fear is spread through the camps every time heavy rain begins. "Thousands of Rohingya refugees live in bamboo and tarpaulin huts built on unstable hillsides where even minor landslides can turn into a deadly catastrophe." Officials said that authorities have already relocated 1,000 Rohingya refugees to safer areas from areas prone to landslides and are planning a move of several thousand more in phases. Mohammed Mizanur Rahman is Bangladesh's commissioner for refugee relief and repatriation. He said that awareness campaigns were also being conducted in the camps, to reduce the possibility of more casualties. The renewed fighting in Myanmar's Rakhine State raised concerns about a "fresh influx" of Rohingya refugee across the border. Bangladeshi authorities have increased monitoring along the border amid reports that people are gathering near the border to try and enter the country. The Bangladesh?Meteorological Department forecasts more heavy rains in the?coming days, prompting officials to be on high alert for landslides and other flash floods. Landslides, flooding and other natural disasters are frequent during the monsoon in refugee camps. They can cause death and damage to homes, roads, and other infrastructure. (Reporting and editing by Kate Mayberry and William Maclean; Ruma Paul)
Huge oil companies defeat US consumer claim over production, prices
Numerous oil companies consisting of Exxon Mobil and Chevron beat an appeal on Monday by customers who implicated them of conspiring with previous U.S. President Donald Trump, Russia and Saudi Arabia to cut oil production, increasing rates at the pump.
In a 3-0 choice, the 9th U.S. Circuit Court of Appeals in San Francisco stated 2 dozen consumers could not pursue class action claims due to the fact that they concerned political questions and the oil-producing policies of foreign countries.
The court also found an absence of proof that the oil companies violated antitrust law by conspiring to raise rates.
Other offenders consisted of Devon Energy, Energy Transfer LP, Occidental Petroleum, Phillips 66 , Continental Resources, Hilcorp Energy and the American Petroleum Institute.
Lawyers for the customers did not instantly react to ask for comment. The offenders' attorneys did not immediately react to similar demands.
The lawsuit came from a
cost war
that broke out in March 2020 between Russia and Saudi Arabia.
Both countries boosted production rapidly, ending 3 years of production and sales limits, after Russia rejected cuts proposed by Saudi Arabia and other OPEC manufacturers.
Consumers stated the oil business' grievances about sinking prices triggered the Trump administration to encourage oil-producing countries to
slash production
, increasing market success.
Within about two years, the rate of a barrel of oil soared above $100 from less than $20, while the U.S. list price of a gallon of gas
more than doubled
to over $5.
In Monday's choice, Circuit Judge Ryan Nelson stated courts should not second-guess White Home diplomacy, and had no authority to order Russia and Saudi Arabia how to manage their oil resources.
He also stated the early 2020 start of the COVID-19 pandemic dramatically lowered oil demand, and was an apparent. alternative explanation for why oil business cut production.
Monday's choice supported a January 2023 judgment by U.S. District Judge Jeffrey White in Oakland, California.
Nelson was designated to the bench by Trump, a. Republican politician. The other judges on Monday's panel, Ronald Gould and. Richard Tallman, were designated by Democratic President Costs. Clinton.
The case is D'Augusta et al v American Petroleum. Institute et al, 9th U.S. Circuit Court of Appeals, No. 23-15878.
(source: Reuters)