2025-08-22 11:34

Son says mother was excited about wedding, now among the dead Rocks, mud, raging flood waters smashed houses Fiance survived Longer monsoon spell, cloudburst blamed on climate change QADIR NAGAR, Pakistan Aug 22 (Reuters) - Two days before his wedding, Noor Muhammad had a long phone call with his mother, just hours before devastating floods in Pakistan killed her along with 23 family members and relatives. "I cannot explain how happy she was," he said standing by the rubble of his family's large 36-room house, perched on the bank of a flood water channel in Qadir Nagar village. Sign up here. The village in mountainous Buner district has been the worst hit by recent massive rain in the country, accounting for over 200 deaths out of nearly 400 in floods in the northwest since August 15. Buner is a three-and-a-half-hour drive from the capital Islamabad. "Everything was finished," sobbed Muhammad, 25, as mourners sat at his damaged house to offer condolences, saying there was nothing left when he got home except for rubble and heavy rocks, which swept down from the mountains along with mud and raging flood waters, smashing into houses, markets and buildings. "The flood came, a huge flood came, it swept away everything, home, mother, sister, brother, my uncle, my grandfather and children." Muhammad works as a labourer in Malaysia. He arrived at the Islamabad airport on August 15 to drive home where his wedding preparations were in full swing for two days later. Instead, he attended 24 funerals. They included his mother, a brother and a sister, he said, adding that his father and another brother survived because they had gone to pick him up at the airport. The rest of the fatalities were among his uncles' families who shared the house built by his grandfather, and relatives who are attending his marriage. His fiance survived. Her home was away from the worst of the damage. DEVASTATING FLASH FLOODS The flash floods triggered by the worst of this year's monsoon and cloudbursts, which started in the mountainous northwest have spread to other parts of the country of 240 million, bringing death and destruction at a large scale. Authorities have said the longer spell of heavy rain and rare cloudbursts were rooted in climate change due to global warming, fearing the intensity will increase in the coming years. "We and our elders have never seen a storm like this in our lives," said Muhammad Zeb, 28, a resident in Buner. It was a complete chaos, and massive disaster, he added. "You can see for yourself, this was a beautiful place with homes. But now, as you can see, the flood and storm have swept everything away." An unknown number of people remain missing, with dead bodies still being recovered, officials said. The overall death toll across the country in the monsoon rains which began in late June stood at 776, according to the National Disaster Management Authority, which said more than 25,000 people had been rescued in the northwest. The army and air force have joined the rescue and relief efforts. Officials have warned of more storms ahead with another two spells of monsoon rain expected until September 10. Buner received more than 150 mm (5.91 inches)of rain within an hour triggered by a cloudburst in the single most destructive event in this monsoon season. A cloudburst is a rare phenomenon where more than 100mm (3.9 inches) of rainfall within an hour in a small area. Only four people of the 28 in his house survived, Muhammad said. "What else can we say? It's God's will," he said. https://www.reuters.com/business/environment/pakistan-floods-wedding-celebrations-turned-into-24-funerals-2025-08-22/

2025-08-22 11:33

ANKARA, Aug 22 (Reuters) - Turkey has broken ground on a railway connection from its northeastern Kars province to Azerbaijan's Nakhchivan exclave, moving to take advantage of a U.S.-brokered peace deal signed this month between Azerbaijan and Armenia. The railway will be part of the Southern Caucasus transit corridor, to which the U.S. gained exclusive development rights. It is meant to boost economic ties between Azerbaijan and Armenia and boost energy exports. Sign up here. Management and development of the so-called Trump Route for International Peace and Prosperity, which will run through southern Armenia and connect Azerbaijan's mainland with the Nakhchivan enclave that borders Turkey, was a stumbling block to initial peace efforts. The 224-kilometre (140 mile) railway will connect Turkey's Dilucu border gate with Nakhchivan and its main railway line in neighbouring Kars, Transport Minister Abdulkadir Uraloglu said at a groundbreaking ceremony. It will have capacity to carry 5.5 million passengers and 15 million metric tons of cargo a year. "This corridor will strengthen economic cooperation between Turkey, Azerbaijan and Armenia, and reinforce regional peace," Uraloglu said, adding that the project will help open borders and normalise diplomatic relations in the Southern Caucasus. Turkey last month secured 2.4 billion euros ($2.8 billion) in green financing for the railway from a group of lenders including Japan's MUFG Bank, Sweden's EKN and Austria's OeKB export credit agencies, and a unit of the Islamic Development Bank. When the sections of the railway in Nakhchivan, Armenia and mainland Azerbaijan are completed, an international trade route stretching from China to Britain will be more efficient, Uraloglu said. ($1 = 0.8621 euros) https://www.reuters.com/world/middle-east/turkey-breaks-ground-rail-line-azerbaijans-nakhchivan-2025-08-22/

2025-08-22 11:24

Fed Chair Powell to deliver Jackson Hole address at 1400 GMT Markets put chance of Fed rate cut next month at 71% Dollar gains as traders rethink rate cut bets Aug 22 (Reuters) - Gold slipped on Friday due to a firmer dollar, with markets awaiting U.S. Federal Reserve Chair Jerome Powell's speech at the annual Jackson Hole symposium for more insight on the Fed's monetary policy path. Spot gold was down 0.2% at $3,330.70 per ounce by 1058 GMT, while U.S. gold futures for December delivery were 0.4% lower at $3,372.70. Sign up here. The dollar index (.DXY) , opens new tab rose to a near two-week high, making gold more expensive for overseas buyers, as investors pared back expectations for a Fed rate cut in September. UBS analyst Giovanni Staunovo said the moderately stronger dollar was playing an important role in gold's dip today, while Fed officials' comments pointed to the next FOMC meeting "being an intense one, with some favouring large cuts, while others (favour) no move at all." Fed officials on Thursday appeared lukewarm to the idea of a rate cut next month as investors geared up for Powell's speech, due at 1400 GMT on Friday. Futures markets indicate a 71% chance of a quarter-point rate cut next month, according to CME's FedWatch tool. Non-yielding bullion tends to do well in a low interest rate environment. "The cut is priced in, but Powell will keep all options on the table and not commit to any decision," Staunovo added, "There is a lot of data between now and the next Fed meeting and clarity on potential revisions when the BLS is reviewing historical data is also needed." Recent labour market data showed U.S. jobless claims rose last week by the most in nearly three months, while unemployment claims the previous week hit a near four-year high. The challenge for Fed policymakers is that even though there are signs of labour market weakening, inflation remains above the central bank's 2% target and could go higher due to the Trump administration's aggressive tariff hikes. Elsewhere, spot silver was down 0.4% at $38 per ounce, platinum fell 1.3% to $1,335.31, and palladium fell 0.2% to $1,108.59. https://www.reuters.com/world/china/gold-slips-dollar-firms-spotlight-powells-jackson-hole-remarks-2025-08-22/

2025-08-22 11:13

Syria to issue new banknotes in December, sources say Two zeros will be removed from denominations - sources Change aims to restore confidence in devalued pound Also marks symbolic move away from Assad's rule Russia's Goznak to print new notes - sources DAMASCUS, Aug 22 (Reuters) - Syria will issue new banknotes, removing two zeros from its currency in an attempt to restore public confidence in the severely devalued pound, according to seven sources familiar with the matter and documents reviewed by Reuters. The step is intended to strengthen the Syrian pound after its purchasing power collapsed to record lows following a 14-year conflict that ended with President Bashar al-Assad's ouster in December. Sign up here. The Syrian pound has lost more than 99% of its value since war erupted in 2011, with the exchange rate now at around 10,000 pounds to the U.S. dollar, compared to 50 before the war. The sharp depreciation has made daily transactions and money transfers increasingly difficult. Families usually pay for weekly grocery runs from black plastic bags holding at least half a kilogram of 5,000-pound notes, currently the highest denomination. In an attempt to ease transactions and improve monetary stability, Syria's central bank informed private banks in mid-August that it intended to issue new currency by "removing zeros", according to a document seen by Reuters. Reuters spoke to five commercial bankers, one central bank source and one Syrian economic official who said the central bank later informed them that two zeros would be removed. They spoke on condition of anonymity to discuss a decision that has not yet been made public. Meetings on the currency overhaul have been chaired by Central Bank Deputy Governor Mukhlis al-Nazer, according to the commercial bankers who attended the meetings. Nazer did not reply to a request for comment. Amal al-Masri, the head of the central bank's Banking Supervision Department, declined to comment saying the matter was strictly confidential. The Syrian finance ministry also did not respond to a request for comment. It was not immediately clear whether the revaluation of the pound would need legislative approval. Syria is set to hold its first elections to set up a new legislative assembly in September. Two of the bankers and another Syrian source familiar with the matter told Reuters that Syria had agreed with Russian state-owned money printing firm Goznak to produce the new notes. They said the deal was finalised when a senior Syrian delegation visited Moscow in late July. Goznak, which also printed Syria's currency during the Assad era, did not respond to requests for comment. POLITICAL SHIFT Under Assad, the use of foreign currencies was outlawed, but Syria's new leaders pledged to create a free-market economy and lifted restrictions to ease cash flow. While the economy has swiftly dollarised, with U.S. dollar prices everywhere from store fronts to fuel pumps, there are concerns about a Syrian pound liquidity crunch in a country with limited infrastructure for digital payments. Three of the Syrian bankers said one driving force behind the planned currency overhaul was concern over an estimated 40 trillion pounds circulating outside Syria's formal financial system. Issuing new notes would grant the government better oversight over the cash in circulation. It also carries symbolic weight, signalling a clear break from more than five decades of Assad rule. Bashar al-Assad's face appears on the 2,000-pound purple note, while his father, Hafez, features on the green 1,000-pound one. Officials plan an information campaign in the coming weeks before the formal launch of the new notes on December 8, the one-year anniversary of Assad's ouster. Two commercial bank directors told Reuters that Syria's central bank has instructed lenders to be ready for the roll out by mid-October. Central bank circulars seen by Reuters asked banks to produce detailed reports on their infrastructure, including the number of cameras, cash counters, and storage capacity, and run tests to ensure automated systems could handle the new currency. All five commercial bankers said they were told that a 12-month "coexistence period" will allow both old and new notes to circulate until December 8, 2026. Karam Shaar, a leading Syrian economist and consultant to the United Nations, said replacing banknotes featuring Assad's image was a necessary political shift. But he warned that the revaluation could confuse consumers, especially the elderly, and there was a lack of a clear regulatory framework or plan for full national implementation, given the gaps in the state's territorial control. "Alternatively, Syria could issue higher denominations of the same currency, say 20,000 or 50,000-pound notes, which would achieve similar goals in terms of easing cash handling and storage, while avoiding the substantial cost of a full currency overhaul, which could run into hundreds of millions of dollars," Shaar told Reuters. https://www.reuters.com/business/finance/syria-revalue-currency-dropping-two-zeros-bid-stability-sources-say-2025-08-22/

2025-08-22 10:55

Transnet picks 11 train operators Plans to add 20 million ton capacity from 2026/27 Third-party trains to add 10 million ton coal export capacity Transnet seeking $2 billion government funding for infrastructure JOHANNESBURG, Aug 22 (Reuters) - South Africa's government said on Friday it will allow private firms to run trains on its freight rail network, aiming to boost efficiency as state-owned logistics firm Transnet struggles to keep up with demand. Transnet, which runs the country's freight rail and port services, has faced equipment shortages and maintenance backlogs worsened by widespread cable theft and vandalism, prompting the government to seek private sector involvement. Sign up here. Transport Minister Barbara Creecy said 11 out of 25 train operating companies that applied for access to the freight network had met the requirements and will proceed to the next stage of negotiations and contracting, without naming the companies. South African logistics firm Grindrod (GNDJ.J) , opens new tab said on Friday it had been granted access to the Transnet network. "(The companies) are not cannibalising Transnet freight, they are adding capacity to what Transnet freight is already carrying," Creecy told reporters. The firms secured slots across 41 routes, with the initiative targeting routes used to transport bulk commodities like coal, iron ore, chrome, manganese, sugar and fuel. Contract conditions include railway safety permits, rolling stock readiness and securing port offloading capacity. Slot durations will range from one to 10 years, Creecy said. This year, the government has extended 149 billion rand ($8.42 billion) in guarantees to support Transnet's recovery but says it has limited resources to fund infrastructure development and address logistics backlogs. Creecy said Transnet was also seeking 35 billion rand in infrastructure funding from the government this year. Transnet's freight rail volumes dropped to 152 million metric tons in the 2023/24 financial year, down from a peak of 226 million metric tons in 2017/18. The new operators are expected to carry an additional 20 million tons of freight annually starting from the next financial year, advancing the government's goal of transporting 250 million tons by rail annually by 2029, Creecy said. The operators could add 10 million tons of coal export capacity over the next three years, she added, from current levels of around 50 million tons. Bulk mineral exporters such as Kumba Iron Ore (KIOJ.J) , opens new tab and thermal coal exporter Thungela Resources (TGAJ.J) , opens new tab have been forced to curtail production to align with Transnet's limited capacity. ($1 = 17.6597 rand) https://www.reuters.com/world/africa/south-africa-opens-freight-rail-network-private-firms-2025-08-22/

2025-08-22 10:45

Powell to speak at 1400 GMT, markets eye policy clues Fed chair has faced barbs from President Trump Oil, gold prices edge lower LONDON, Aug 22 (Reuters) - Stocks were broadly flat on Friday as traders awaited a key speech from Federal Reserve Chair Jerome Powell at the annual Jackson Hole symposium this weekend that could shed light on the future direction of monetary policy. Powell's past speeches at the event have often moved markets, and this year's remarks are under particularly close scrutiny as his position has come under heavy criticism from U.S. President Donald Trump, sparking concerns about potential threats to the Fed's independence. Sign up here. A surge in U.S. producer prices in July has caused investors to pare bets on Fed rate cuts, with futures markets now pricing a 66% chance of a 25 basis point cut at its next meeting in September, down from an 85% chance just a week ago. Other Fed speakers at the Jackson Hole event have also appeared lukewarm on the idea of a September cut, despite recent signs of weakness in the U.S. labour market. A cautious tone from Powell on prospects for a September cut deferring to forthcoming jobs and inflation data could be enough to pare market pricing to a 50:50 call, said Nabil Milali, portfolio manager at Edmond de Rothschild Asset Management. Powell may also choose to defend the Fed's independence, Milali added. "We think that the unofficial theme of this meeting would be central banks' independence," he said. MSCI's broadest index of global stocks was broadly flat on the day, after European stocks edged higher in morning trading ahead of the speech. (.MIWD00000PUS) , opens new tab, (.STOXX) , opens new tab Wall Street futures were up 0.1-0.2%. , China's CSI 300 Index (.CSI300) , opens new tab gained 2.1%, after DeepSeek released an upgrade to its flagship V3 AI model and Reuters reported that Nvidia (NVDA.O) , opens new tab had asked Foxconn (2317.TW) , opens new tab to suspend work on the H20 AI chip, lending support to Chinese rivals. The dollar index, which measures the greenback against six peers, edged 0.1% higher, while the euro slipped 0.1% to $1.15985 after a revision to official data showed Germany's economy shrank by 0.3% in the second quarter. Japanese data showed core consumer prices slowed for a second straight month in July but stayed above the central bank's 2% target, keeping alive expectations for a rate hike in the coming months. That did little to help the yen , though, which was poised for a 1% decline for the week. BOJ Governor Kazuo Ueda will also speak at Jackson Hole this weekend. Oil prices slipped, with Brent crude last trading down 0.2% at $67.5 per barrel, following strong gains on Thursday as Russia and Ukraine blamed each other for a stalled peace process. Gold edged lower, with spot bullion off 0.2% at $3,330.9 per ounce. https://www.reuters.com/world/china/global-markets-wrapup-3-2025-08-22/