2025-07-19 02:33

SEOUL, July 19 (Reuters) - Torrential rains that lashed South Korea for a fourth day on Saturday kept nearly 3,000 people from returning to their homes, while livestock were stranded up to the neck in rising waters as the death toll reached four with two missing, authorities said. Rain will last until Monday in some areas, weather officials said, urging extreme caution against the risk of landslides and flooding, with warnings across most of the nation. Sign up here. By 6 a.m. on Saturday, 2,816 people were still out of their homes, the interior ministry said, from a total of more than 7,000 evacuated during the prior days of heavy rain, in which four have died and two are missing. Rainfall since Wednesday reached a record of more than 500 mm (20 inches) at Seosan, in the South Chungcheong province south of the capital, Seoul, it added. Elsewhere in the province cows were desperately trying to keep their heads above water after sheds and stables flooded. The tally of water-damaged structures stood at more than 641 buildings, 388 roads and 59 farms, the ministry said. Rains were also expected in neighbouring North Korea. From Sunday to Tuesday 150 mm to 200 mm (6 inches to 8 inches) of rain could fall in some northern areas, rising to 300 mm (12 inches) in some remote regions, the weather agency said, according to state newspaper Rodong Sinmun. https://www.reuters.com/business/environment/damage-mounts-south-korea-torrential-rains-enter-fourth-day-2025-07-19/

2025-07-19 01:23

MARTIGUES, France, July 18 (Reuters) - Nearly 1,000 firefighters and helicopters battled a wildfire about 40 kilometres (25 miles) northwest of France's second-largest city Marseille on Friday, but officials said lower temperatures and increased humidity had improved the situation The 240-hectare (593 acres) wildfire flared up a week after a separate conflagration reached the northwestern outskirts of Marseille, forcing people to evacuate or into lockdown and temporarily shuttering the area's airport. Sign up here. Pierre Bepoix, the colonel of rescue operations and deputy director for the area's firefighters, said 150 people had been evacuated, but firefighters had managed to save 150 homes and portions of the area's forests. "It was a fire that swept through relatively dense vegetation ... which made our work particularly complicated," Bepoix told Reuters. "Obviously, priority was given to the preservation and protection of these homes and the lives that could be in these buildings." Local officials said in a statement that 120 homes had been threatened by the fire, adding that it was not possible yet to identify any possible damage to them, and that two firefighters had been injured. Meanwhile in Spain, a wildfire that broke out on Thursday evening in the central Toledo province and could be seen from downtown Madrid, ravaged 3,200 hectares of woodland. Regional emergency services said early on Friday firefighters had secured the perimeter, though there were concerns over strong winds and high temperatures forecast throughout the day. https://www.reuters.com/sustainability/climate-energy/hundreds-firefighters-battling-wildfire-southern-france-amid-improved-weather-2025-07-18/

2025-07-19 01:13

Indexes on Friday: Dow down 0.32%, S&P 500 and Nasdaq flat For the week: Dow down 0.07%, S&P 500 up 0.6%, Nasdaq up 1.5% Netflix raises 2025 revenue guidance but shares fall Crypto stocks up as House passes stablecoin legislation Exxon drops after losing Hess legal battle July 18 (Reuters) - The S&P 500 and Nasdaq Composite ended little changed on Friday, overcoming a brief dip triggered by a Financial Times report indicating U.S. President Donald Trump was pushing for steep new tariffs on European Union products. The FT report, which said the Trump administration was eyeing a minimum tariff of between 15% and 20% in any deal with the European bloc, sent markets lower before they partly recovered. Sign up here. The S&P 500 (.SPX) , opens new tab lost 0.57 points, or 0.01%, to 6,296.79, and the Nasdaq Composite (.IXIC) , opens new tab gained 10.01 points, or 0.05%, to 20,895.66. The Dow Jones Industrial Average (.DJI) , opens new tab fell 142.30 points, or 0.32%, to 44,342.19. Both the S&P 500 and Nasdaq have been pushed to repeated record highs in recent weeks, as investors showed increased ambivalence to Trump's tariff threats, and confidence these policies may not damage the U.S. economy as severely as once feared. Still, this week was seen as a proving ground for how Trump's economic policies are filtering into the wider economy. "People are a little tired of trying to trade tariff headlines or deadlines, and people are more concerned with seeing the proof of this come to fruition through numbers," said Greg Boutle, head of U.S. equity and derivative strategy at BNP Paribas. A raft of economic data offered mixed signals, including robust retail sales, a rise in consumer inflation, and flat producer prices for June. The University of Michigan's Consumer Sentiment Index increased this month, although consumers were still worried about future price pressures. Earnings season kicked off this week, giving an opportunity to U.S. corporations to showcase how tariffs were, or were not, affecting their businesses. Industrial giant 3M (MMM.N) , opens new tab fell 3.7% after the company said the impact of tariffs will mostly be felt in the second half of the year. Of the 59 S&P 500 companies to first report second-quarter earnings this season, 81.4% have topped Wall Street's earnings expectations, according to LSEG I/B/E/S data. Charles Schwab (SCHW.N) , opens new tab was among the latest on Friday, advancing 2.9% after posting higher profits. Regions Financial (RF.N) , opens new tab jumped 6.1% after raising its forecasts for 2025 interest income. The week has shown, though, that beating estimates is not a recipe for trading higher. American Express (AXP.N) , opens new tab outpaced second-quarter profit estimates, but its shares dropped 2.3%. Netflix (NFLX.O) , opens new tab fell 5.1% despite the success of "Squid Game" helping the company surpass earnings forecasts. The streaming company also lifted its annual revenue outlook. BNP's Boutle said while not all individual stocks popped from earnings, the broader market has continued to grind higher. More meaningful market gains could come, he added, should some major companies deliver blowout numbers. Cryptocurrency stocks rose after the U.S. House of Representatives passed a bill that would develop a regulatory framework for cryptocurrencies. Robinhood Markets (HOOD.O) , opens new tab and Coinbase Global (COIN.O) , opens new tab were up 4.1% and 2.2%, respectively. Of the S&P sectors in positive territory, utilities (.SPLRCU) , opens new tab was the biggest gainer. Its 1.7% advance pushed the index to a record close. Energy (.SPNY) , opens new tab led those in the red, falling 1%. It was weighed down by SLB (SLB.N) , opens new tab, which dropped 3.9% after reporting lower quarterly profit and a downbeat outlook, and Exxon Mobil (XOM.N) , opens new tab, which slumped 3.5% after losing a landmark legal battle over Chevron's (CVX.N) , opens new tab acquisition of Hess. For the week, the S&P 500 gained 0.59%, the Nasdaq rose 1.5%, and the Dow slipped 0.07%. https://www.reuters.com/business/sp-nasdaq-end-subdued-note-after-brief-dip-latest-trump-tariff-rumbling-2025-07-18/

2025-07-18 22:19

July 18 (Reuters) - Cryptocurrency exchange Bullish on Friday disclosed a quarterly loss compared to a year-ago profit in its paperwork for a U.S. initial public offering, amid rising investor interest in the sector. Bullish joins crypto exchange Gemini and crypto-focused asset manager Grayscale — both of which have confidentially filed for potential U.S. listings. Sign up here. Uncertainty surrounding President Donald Trump's tariff policies had slowed down the IPO market, but sentiment has recently shifted. Stablecoin giant Circle Internet's (CRCL.N) , opens new tab blockbuster debut highlights pent-up demand and renewed vigor in the capital markets. Bullish, in its filing , opens new tab with the U.S. securities regulator, reported a net loss attributable of $348.6 million for the three months ended March 31, compared to a profit of $104.8 million last year. The Peter Thiel-backed company had attempted to go public through a special purpose acquisition company in 2021 but that deal fell through in 2022 amid a regulatory crackdown and a sudden rise in interest rates. Bullish is expected to list on the NYSE under the symbol "BLSH". J.P Morgan, Jefferies and Citigroup are among the underwriters for the offering. https://www.reuters.com/business/crypto-exchange-bullishs-us-ipo-filing-reveals-quarterly-loss-2025-07-18/

2025-07-18 21:46

Ecuador can access $600 million immediately, IMF says Ecuador's foreign dollar debt rises IMF praises Ecuador's fiscal efforts amid challenging circumstances QUITO, July 18 (Reuters) - The International Monetary Fund said on Friday it has completed its second review of Ecuador's Extended Fund Facility and approved an augmentation of the program by about $1 billion. The approval will allow Ecuador to immediately access around $600 million, the IMF said. Sign up here. The approved augmentation for Ecuador increases access under the program to $5 billion from $4 billion, the IMF said. "Despite challenging circumstances, Ecuadorian authorities have successfully mobilized non-oil revenues, strengthened fiscal and external buffers, and cleared domestic arrears while protecting vulnerable groups," said IMF Deputy Managing Director Nigel Clarke. Ecuador's foreign dollar debt rose on Friday, with the 2030 note up 1.375 cents to trade at 85.5 cents on the dollar to edge higher for the week. Ecuador's economy ministry hailed the news, saying it reflected government efforts to respond to challenges including insecurity and drought. The IMF highlighted that the government of President Daniel Noboa satisfactorily met the quantitative goals. https://www.reuters.com/world/americas/imf-approves-1-billion-augmentation-ecuador-program-2025-07-18/

2025-07-18 21:33

WASHINGTON, July 18 (Reuters) - Former Australian Prime Minister Scott Morrison will testify at a U.S. House panel hearing on Wednesday about countering China's "economic coercion against democracies," the committee said on Friday. Former U.S. ambassador to Japan Rahm Emanuel will also testify before the House Select Committee on China. Sign up here. Relations with China, already rocky after Australia banned Huawei from its 5G broadband network in 2018, cooled further after Canberra called for an independent investigation into the origins of COVID-19. China responded by imposing tariffs on Australian commodities, including wine and barley and limited imports of Australian beef, coal and grapes, moves described by the United States as "economic coercion." Morrison was defeated in a bid for reelection in 2022. Reuters reported this week Canberra is close to an agreement with Beijing that would allow Australian suppliers to ship five trial canola cargoes to China, sources familiar with the matter said, a move towards ending a years-long freeze in the trade. China imposed 100% tariffs on Canadian canola meal and oil this year amid strained diplomatic ties. Australian Prime Minister Anthony Albanese visited China this week, underscoring a warming of ties. Emanuel, who told a Chicago news outlet last month he is considering a run for president in 2028, has been a harsh critic of China, saying last year Beijing constantly uses coercion and pressures other countries, including Japan and the Philippines. "Economic coercion by China is their most persistent and pernicious tool in their toolbox," Emanuel said in a separate speech in 2023. The Chinese Embassy in Washington did not immediately comment. https://www.reuters.com/world/china/ex-australian-pm-morrison-testify-before-us-house-panel-china-2025-07-18/