2025-09-04 19:33

Funicular railway popular with tourists 15 killed at scene on Wednesday, one more died in hospital Carriage plunged down slope before derailing Union says workers had flagged cable tension concerns Transport company says inspections carried out daily LISBON, Sept 4 (Reuters) - Portuguese authorities were investigating on Thursday what caused a Lisbon funicular railway popular with tourists to hurtle down a hill, killing at least 16 people and injuring 22 more when it crashed into a building on Wednesday. The Prosecutor General's office said coroners had so far identified the bodies of five Portuguese, two South Koreans and one Swiss national, without disclosing further details of those killed. Sign up here. A U.S. citizen was killed in the crash, the State Department said in a statement. According Portugal's judicial police chief, Luis Neves, there was a "high degree of certainty" that there were also two Canadians, one Ukrainian and one German among the dead, although the identities could not yet be officially confirmed. The mangled wreckage of a yellow tram-like carriage, which carries people up and down a steep hillside in the Portuguese capital, lay where it had left the track and hit a building on Wednesday, just metres from its twin at the bottom of the steep 265-metre slope. The traction cable linking them had snapped. Lisbon resident Abel Esteves, 75, and his wife and grandson were among 40 passengers in the lower car who saw the carriage plunge toward them before derailing at the last second. "I told my wife: 'We're all going to die here'," he said. "It picked up a brutal speed, took a slight turn and hit the building with a loud bang." DAY OF MOURNING Flags flew at half-staff and people left flowers at the site of the crash as Portugal declared a day of mourning. The Pope sent condolences and blessings to victims, relatives and rescuers. "This is one of the greatest human tragedies in our recent history," Prime Minister Luis Montenegro said in a televised statement, adding that he expects the investigation into the causes of the accident to be concluded swiftly. He said Portugal state airline TAP had offered to provide transport for the families of the victims and to repatriate the injured and the deceased. Thirty-eight people were hurt in the accident, with 15 killed at the scene while one more died in hospital overnight. Among the injured were four Portuguese, two Germans, two Spaniards, one Korean, one Cape Verdean, one Canadian, one Italian, one French citizen, one Swiss and one Moroccan, said Margarida Martins, Lisbon's director of emergency services. Local media reported that a German family of three had been among the victims. The father died in the crash while the mother was seriously hurt and their 3-year-old child suffered minor injuries, they said. Eliane Chaves, a Brazilian who has lived in Lisbon for 20 years, said she walked past the Ascensor da Glória - one of the symbols of the city - every day. "People say that it was negligence but it was not negligence," she said, tears streaming down her cheeks. "They supervise it thoroughly. It was an accident, just like a plane or car accident can happen." CABLE PROBLEMS REPORTED ON FUNICULAR Manuel Leal, leader of the Fectrans union, told local TV that workers had complained that problems with the tension of the cable that hauls the carriages had made braking difficult, but that it was too early to say if that was the cause of the crash. The municipal transport company Carris said in a statement that "all maintenance protocols have been carried out," including monthly and weekly maintenance and daily inspections. "On Wednesday morning, the inspection was carried out and no faults were detected. ... We cannot assume that the problem was with the cable. The investigation will determine the cause," Carris CEO Pedro Bogas told reporters. He said the maintenance of the funicular had been outsourced since 2007 and had been performed by accredited and specialised technicians. The two cars, each capable of carrying around 40 people, alternately climb the slope and descend as electric motors pull the cable linking them. That cable appears to have snapped, a fire brigade official said. Seemingly unable to check its descent, the carriage entered the turn too fast, ploughing into the cobblestone pavement and crashing into a building. The lower car jolted back a couple of metres (yards) and was apparently undamaged, but video from bystanders showed several passengers jumping out of its windows. The line, which opened in 1885, connects Lisbon's downtown area near the Restauradores Square with the Bairro Alto, or Upper Quarter, famous for its nightlife, and transports around 3 million people a year. Portugal, and Lisbon in particular, has experienced a tourism boom in the past decade, with visitors cramming the popular downtown area in the summer months. https://www.reuters.com/world/europe/portugal-investigates-crash-historic-lisbon-funicular-that-killed-16-2025-09-04/

2025-09-04 19:16

WASHINGTON, Sept 4 (Reuters) - Nuclear power company Oklo (OKLO.N) , opens new tab said on Thursday it plans to design, build, and operate a plant in Tennessee to recycle nuclear waste as the first phase of a nuclear fuel center that will cost up to $1.68 billion. If successful, the fuel plant, which requires Nuclear Regulatory Commission approval, would be the first of its kind in the U.S. It aims to operate by the early 2030s and create more than 800 jobs. Sign up here. The initial investment, the amount of which Oklo did not detail, will be for the construction of a facility to recycle, or re-process nuclear waste, which the industry calls spent nuclear fuel, into fuel for fast reactors like Oklo’s planned Aurora reactor. Oklo hopes to get a license from the NRC for the reactor in late 2027. Oklo plans to work with the federally-owned Tennessee Valley Authority utility, to recycle its nuclear waste and to evaluate power sales from Oklo reactors to TVA. "By recycling used fuel at scale, we are turning waste into gigawatts, reducing costs, and establishing a secure U.S. supply chain," said Jacob DeWitte, Oklo co-founder and CEO. Many non-proliferation advocates oppose re-processing, saying its supply chain could be a target for militants seeking to seize materials for use in a crude nuclear bomb. France and other countries have reprocessed nuclear waste by breaking it down into uranium and plutonium and reusing those to make new reactor fuel. Former President Gerald Ford halted re-processing in 1976, citing proliferation concerns. Former President Ronald Reagan lifted a moratorium in 1981, but high costs have prevented plants from opening. DeWitte said plutonium and uranium separated from the waste in Oklo's process would not be pure, but mixed with other ingredients, making it unusable as fissile material. Oklo said recycling the waste, now held at U.S. nuclear reactor sites, would unlock the energy equivalent to five times the oil reserves of Saudi Arabia. “The next generation of nuclear technologies are being built and developed right here in our own backyard,” said TVA President and CEO Don Moul. https://www.reuters.com/business/energy/oklo-plans-tennessee-plant-recycle-nuclear-waste-2025-09-04/

2025-09-04 19:12

ADP and jobless claim data indicate weakening labor market All eyes on Friday's payrolls report for policy cues Bond market ructions ease but fiscal worries linger NEW YORK/LONDON, Sept 4 (Reuters) - The U.S. dollar edged higher on Thursday in a volatile week with markets eyeing a crucial jobs report, after data indicating labor market weakness reinforced expectations the Federal Reserve will cut rates this month. Data showed on Thursday that the number of Americans filing new applications for jobless benefits increased more than expected last week, consistent with softening labor market conditions. Furthermore, the ADP National Employment Report showed U.S. private payrolls increased less than expected in August. Sign up here. The dollar edged higher in relatively steady trade, reflecting investor wariness of making any big moves ahead of Friday's more comprehensive non-farm payrolls report. The dollar strengthened 0.33% to 148.585 against the Japanese yen . It was up 0.22% to 0.80615 against the Swiss franc . The greenback lost ground against both safe-haven currencies on Wednesday. The euro fell 0.13% to $1.16455. "It's been choppy ... with enough questions around where the economy is at that people are just likely trying to square up before Friday's number and not taking any outward bets one way or the other," said Marvin Loh, senior global market strategist at State Street in Boston. The dollar index rose 0.20% to 98.334 after dropping in the previous session. The U.S. dollar tends to strengthen across the board against peers if the monthly payrolls report beats market expectations, but it weakens if the data falls short of estimates, according to Goldman Sachs analysts led by Karen Fishman. "With risks to the labor market skewed to the downside and our more dovish view on the Fed, we have been recommending being short USD/JPY with a target of 142," the analysts wrote. Several Federal Reserve officials said labour market worries continue to underpin their view that rate cuts still lie ahead for the central bank, boosting expectations of an imminent rate cut. The Fed is due to meet on September 16 and 17. Traders are pricing in a near-100% chance of the Fed cutting interest rates later this month, up from 87% a week ago, CME FedWatch showed. In the bond market, yields on long-end notes across the globe have risen as investors become increasingly anxious about the fiscal health of major economies from Japan to Britain and the United States. U.S. Treasury yields slipped. The 2-year note yield fell 1.8 basis points to 3.594%. The yield on benchmark U.S. 10-year notes fell 3.1 basis points to 4.18%. A closely watched auction of 30-year Japanese government bonds passed smoothly on Thursday. In other currencies, the pound sterling weakened 0.12% to $1.34310 after gaining in the last session. The Canadian dollar weakened 0.25% versus the greenback to C$1.3827 per dollar. The Australian dollar weakened 0.44% versus the greenback to $0.6514. Spot gold fell 0.35% to $3,546.28 an ounce, easing from a record high reached on Wednesday. https://www.reuters.com/world/middle-east/dollar-edges-higher-with-investors-focused-labor-market-data-2025-09-04/

2025-09-04 19:02

US crude stocks rose unexpectedly last week, EIA and API data OPEC+ to consider raising oil production further, sources say OPEC+ meeting set for Sunday US economic data suggests potential Fed interest rate cut NEW YORK, Sept 4 (Reuters) - Oil prices eased about 1% to a two-week low on Thursday on a surprise build in U.S. crude inventories last week and expectations that OPEC+ producers will increase output targets at a meeting this weekend. Brent crude futures fell 65 cents, or 1.0%, to settle at $66.95 a barrel, while U.S. West Texas Intermediate crude fell 49 cents, or 0.8%, to settle at $63.48. Sign up here. That was the lowest close for Brent since August 20. The U.S. Energy Information Administration said energy firms added 2.4 million barrels of crude into storage during the week ended August 29 as refineries headed into maintenance season. , That was a surprise build in crude stocks compared with the 2.0-million-barrel withdrawal analysts forecast in a Reuters poll and was higher than the 0.6-million-barrel increase that market sources said the American Petroleum Institute trade group cited in its figures on Wednesday. "This is a little bit of a bearish report with that crude build," said John Kilduff, a partner at Again Capital. The EIA and API reported inventory data a day later than usual due to the U.S. Labor Day holiday on Monday. Eight members of the Organization of the Petroleum Exporting Countries and allies like Russia in OPEC+ will consider further increases to production in October at a meeting on Sunday, two sources familiar with the discussions told Reuters. A potential OPEC+ production hike would send a strong signal that regaining market share takes priority over price support, said Tamas Varga, a senior analyst at PVM Oil Associates brokerage and consulting firm. OPEC+ has already agreed to raise output targets by about 2.2 million barrels per day from April to September, in addition to a 300,000-bpd quota increase for the United Arab Emirates. ECONOMIC DATA In the world's biggest economy, some shaky U.S. macroeconomic data that showed new applications for jobless benefits increased more than expected last week, supporting expectations the Federal Reserve would cut interest rates this month. Investors have viewed the Fed’s September meeting as a lock for a quarter percentage point cut in what is now a 4.25% to 4.5% federal funds interest rate target range. Central banks, like the Fed, use interest rates to control inflation. Lower rates reduce consumer borrowing costs and can boost economic growth and demand for oil. Questions about Fed independence took center stage on Thursday as Trump's economic advisor Stephen Miran testified at a Senate Banking Committee hearing on his nomination to the U.S. central bank's seven-member governing board, with lawmakers from both parties pressing him for a commitment to be politically neutral. In Germany, Europe's biggest economy, leading economic institutes trimmed growth forecasts for 2025 and 2026, citing U.S. tariffs and delays to the boost from higher public spending in an export-reliant economy struggling to regain momentum. U.S. President Donald Trump told European leaders on Thursday that Europe must stop purchasing Russian oil that he said is helping Moscow fund its war against Ukraine, a White House official said. Any reduction in the amount of crude Russia may export could boost prices. Russia was the second biggest producer of crude in 2024 after the U.S. Moscow, however, is not waiting for Europe to buy more oil. Russia's largest oil producer Rosneft (ROSN.MM) , opens new tab has secured an additional deal on supply of 2.5 million metric tons of oil per year to China via Kazakhstan, Interfax news agency quoted Russian Energy Minister Sergei Tsivilev as saying. In Venezuela, an OPEC member sanctioned by the U.S., oil exports rose to a nine-month high of 900,000 bpd last month after U.S. oil major Chevron (CVX.N) , opens new tab received a license that has allowed the country's crude to return to the U.S. market. https://www.reuters.com/business/energy/oil-prices-ease-surprise-build-us-crude-stockpiles-opec-consider-output-hike-2025-09-04/

2025-09-04 17:50

OTTAWA, Sept 4 (Reuters) - Canada will soon unveil a series of promised measures to help the steel and aluminum sector deal with U.S. tariffs, and will also aid canola farmers, government officials said on Thursday. Industry Minister Melanie Joly told reporters in Toronto that aid designed to help aluminum companies overcome uncertainties caused by the tariffs would be rolled out in the coming days. Sign up here. Joly also said Ottawa would help the steel sector pivot away from U.S. markets, but did not give details. Separately, the office of Prime Minister Mark Carney said the government would shortly announce measures to help canola farmers, who have been hit by Chinese tariffs against the oilseed crop. The iPolitics news service, citing sources, said the government was preparing to make a series of major announcements on Friday, focusing on economic and industrial competitiveness. Carney's office declined to comment. Canada is still hoping for relief from U.S. tariffs on steel, aluminum, and autos, and work to have the measures lifted is continuing, the federal minister in charge of bilateral trade said earlier on Thursday. Dominic LeBlanc, speaking to reporters in Toronto, said Canada was seeking common ground with Washington on the matter. https://www.reuters.com/business/autos-transportation/canada-unveil-promised-aid-aluminum-canola-sectors-soon-2025-09-04/

2025-09-04 16:28

NEW YORK, Sept 4 (Reuters) - Goldman Sachs lowered its expected rate cut from next week's Turkish central bank meeting to 200 basis points, from the previous 350 bps, citing recent data showing both strong economic growth and hotter-than-expected inflation. "With Q2 GDP growth far surpassing expectations— despite weaker domestic demand—and August inflation coming in higher than forecast, we believe the (Turkish central bank) will opt for a smaller cut compared to the previous meeting," Goldman said in a Thursday note. Sign up here. JPMorgan on Wednesday said it also expects a policy rate cut of 200 basis points at the Sept. 11 meeting, down from a previously anticipated 300 basis points. https://www.reuters.com/world/middle-east/goldman-lowers-turkish-rate-cut-expectations-citing-inflation-strong-gdp-2025-09-04/