2024-08-31 05:07

DHAKA, Aug 31 (Reuters) - Authorities in Bangladesh are bracing for the spread of waterborne diseases and racing to get drinking water to people after devastating floods last week that left at least 54 people dead and millions stranded. As floodwaters recede slowly, many people remain stranded and in urgent need of food, clean water, medicine and dry clothes, especially in remote areas where blocked roads have hindered rescue and relief efforts. The Bangladesh Meteorological Department said that flood conditions could persist if the monsoon rains continued, as water levels were receding very slowly. Around 470,000 people have taken refuge in 3,300 shelters across 11 flood-hit districts, where around 600 medical teams are helping provide treatment, with the army, air force, navy, and the border guard assisting in rescue operations, authorities said. A disaster management ministry official warned that as floodwaters recede, there is a risk of an epidemic, adding that the outbreak of waterborne diseases is likely if clean water is not provided soon. "Our top priority is to ensure the availability of safe drinking water," the official said. In the past 24 hours, around 3,000 people have been hospitalized due to waterborne diseases in flood-hit areas, according to the Directorate General of Health Services. Many areas remained submerged, preventing stranded people from accessing healthcare facilities. "Water is everywhere but there is no clean water to drink. People are getting sick," said Farid Ahmed, a resident of one of the worst-hit districts, Lakshmipur. Vast areas of land are submerged, posing a significant threat to crops, agriculture ministry officials said. The U.N. children's agency has warned that two million children were at risk as the worst floods in three decades sweep through eastern Bangladesh. The organization is urgently appealing for $35 million to provide life-saving supplies. "The devastating floods in eastern Bangladesh are a tragic reminder of the relentless impact of extreme weather events and the climate crisis on children," said Emma Brigham, Deputy Representative of UNICEF Bangladesh. An analysis in 2015 by the World Bank Institute estimated that 3.5 million people in Bangladesh, one of the world's most climate-vulnerable countries, were at risk of annual river flooding. Scientists attribute the exacerbation of such catastrophic events to climate change. Farah Kabir, director of ActionAid Bangladesh, said that countries like Bangladesh, which contribute minimally to global emissions, urgently need funding to recover from climate-related losses and build resilience for future impacts while pursuing green development pathways. Sign up here. https://www.reuters.com/world/asia-pacific/fears-waterborne-disease-rise-bangladesh-floods-recede-slowly-2024-08-31/

2024-08-30 23:42

CHICAGO, Aug 30 (Reuters) - Cows at three dairy farms in California, the top U.S. milk-producing state, tested positive for bird flu, the state's agriculture department said on Friday. The infections expand a U.S. outbreak of the H5N1 virus in dairy cattle to a 14th state. More than 190 herds have been infected nationally since March, along with 13 dairy and poultry farm workers, according to federal data. The virus's jump to cows from birds has heightened concerns it could adapt to spread among humans. Federal officials say bird flu is a low risk for the general public and pasteurization inactivates the virus in milk. No human cases have been confirmed in California, the California Department of Food and Agriculture said in a statement. The infected dairy herds, located in the state's Central Valley region, began showing symptoms on Aug. 25, the statement said. Infected cows often suffer temporarily from reduced milk production. "This is a tough time for our dairy farmers given the economic challenges they're facing," said Karen Ross, California's agriculture secretary. "We are approaching this incident with the utmost urgency.” The infected dairies have been quarantined, the state agriculture department said. Sick cows are isolated and being treated at the farms, while healthy cows have been cleared to continue shipping milk for pasteurization, the department said. The U.S. Department of Agriculture said earlier it was conducting tests to confirm the cases in California. USDA said it is in close contact with the California Department of Food and Agriculture as part of efforts to contain the virus. Sign up here. https://www.reuters.com/world/us/us-tests-bird-flu-california-dairy-cattle-2024-08-30/

2024-08-30 22:16

Economic data supports expectation of 25 bps cut in September Marvell jumps after forecast beats estimates Ulta Beauty tumbles following annual forecast trim S&P 500 +1.01%, Nasdaq +1.13%, Dow +0.55% Aug 30 (Reuters) - Wall Street stocks rose and the Dow scored a second consecutive all-time closing high on Friday, with Tesla and Amazon climbing after fresh U.S. economic data raised expectations that the Federal Reserve will cut interest rates modestly in September. U.S. consumer spending increased solidly in July, suggesting the economy remained strong while prices rose moderately. "Investors are seeing another sign of being in a soft landing," said Cameron Dawson, chief investment officer at Newedge Wealth. "It's another one of those Goldilocks kind of reports really threading a needle right down the center. The market is really getting exactly what it wanted." A "just-right" Goldilocks economy has steady growth, but not too much that it fuels excessive inflation. Amazon.com (AMZN.O) , opens new tab and Tesla (TSLA.O) , opens new tab each jumped over 3%. Broadcom (AVGO.O) , opens new tab rallied nearly 4%, while Marvell Technology (MRVL.O) , opens new tab surged 9% after the chipmaker forecast quarterly results above estimates. The personal consumption expenditures report came on Friday after Fed Chair Jerome Powell last week expressed support for an imminent policy adjustment. Economic data next week includes the Labor Department's August jobs report, due on Friday. Money markets suggest traders mostly expect the Fed to cut rates by 25 basis points in September, with odds of a 50 basis point cut dimming further after Friday's data, according to CME Group's FedWatch Tool. Friday ended a tumultuous month on Wall Street after signs of a sudden moderation in the labor market in early August sparked fears of a U.S. recession. The influence of the Japanese yen carry trade worsened the rout. Shares have rebounded since then, with the S&P 500 trading near record highs. Ahead of Monday's U.S. stock market holiday for Labor Day, volume on U.S. exchanges was relatively light, with 11.2 billion shares traded, compared to an average of 11.4 billion shares over the previous 20 sessions. The S&P 500 (.SPX) , opens new tab climbed 1.01% to end at 5,648.40 points. The Nasdaq Composite Index (.IXIC) , opens new tab climbed 1.13% to 17,713.62 points, while the Dow Jones Industrial Average (.DJI) , opens new tab rose 0.55% to 41,563.08 points. All 11 S&P 500 sector indexes rose, led by consumer discretionary (.SPLRCD) , opens new tab, up 1.9%, followed by a 1.1% gain in industrials (.SPLRCI) , opens new tab. For the month, the S&P 500 rose 2.3%, the Dow added 1.8% and the Nasdaq climbed 0.6%. Nvidia (NVDA.O) , opens new tab rose 1.5%, rebounding from a 6.4% drop on Thursday after the artificial intelligence-chip bellwether failed to match sky-high investor expectations, despite upbeat results and a broadly in-line forecast. Novavax (NVAX.O) , opens new tab surged 8.6% after the U.S. Food and Drug Administration granted emergency use authorization for an updated version of its COVID shot. Ulta Beauty (ULTA.O) , opens new tab slid 4% after it trimmed its annual results forecasts, citing slowing demand for higher-priced cosmetics and fragrances at its stores. Intel (INTC.O) , opens new tab jumped almost 10% following a report it was exploring options that could include a merger. Dell Technologies (DELL.N) , opens new tab, another AI-related stock, advanced 4.3% after lifting its annual revenue and profit forecasts , opens new tab. Shares of Trump Media & Technology Group (DJT.O) , opens new tab, majority owned by former U.S. President Donald Trump, dipped 1.7% to a record low, leaving its stock market value at $3.9 billion. Advancing issues outnumbered falling ones within the S&P 500 (.AD.SPX) , opens new tab by a 6.6-to-one ratio. The S&P 500 posted 79 new highs and two new lows; the Nasdaq recorded 84 new highs and 77 new lows. Sign up here. https://www.reuters.com/markets/us/futures-rise-inflation-data-spotlight-feds-september-meeting-nears-2024-08-30/

2024-08-30 22:00

Aug 30 (Reuters) - Solar panel maker Maxeon (MAXN.O) , opens new tab said on Friday it plans to object to a bankruptcy court sale of SunPower's assets because it says it owns the right to use the company's brand name outside of the United States. WHY IT MATTERS SunPower, a pioneer in the residential solar market that filed for Chapter 11 bankruptcy protection this month, is seeking to sell many of its assets to rival Complete Solaria for $45 million. That sale could be blocked if the court finds SunPower does not have the right to sell the assets. Maxeon was spun off from SunPower in 2020. At the time, the companies struck a deal specifying that Maxeon can use the SunPower name globally. The agreement prohibits the sale of SunPower trademarks without Maxeon's consent, Maxeon said. Maxeon plans to file its objection formally by a Sept. 20 deadline, a spokesperson said. KEY QUOTE "The court is aware of our concerns and has made it clear - on the record - that our ability to object to any proposed sale is fully reserved," a Maxeon spokesperson said in an emailed statement. Sign up here. https://www.reuters.com/business/energy/maxeon-says-will-seek-block-sunpower-asset-sale-2024-08-30/

2024-08-30 20:56

Judge's order follows expiry of legal deadline Telecoms regulator says it is proceeding with compliance Saga stems from dispute over regulating online speech Some Brazilians already report blocks on X, formerly Twitter Top three carriers to start blocking X from 0300 GMT SAO PAULO/BRASILIA, Aug 30 (Reuters) - Brazil's telecommunications regulator said on Friday it was suspending access to Elon Musk's X social network in the country to comply with an order from a judge who has been locked in a months-long feud with the billionaire investor. The popular social media platform missed a court-imposed deadline on Thursday evening to name a legal representative in Brazil, triggering the suspension. Musk has argued that Supreme Court Justice Alexandre de Moraes was trying to enforce unjustified censorship, while the judge has insisted that social media needs hate speech regulations. "They're shutting down the #1 source of truth in Brazil," Musk said in a post on X on Friday. The judge's ruling could cause X to lose one of its largest and most coveted markets, at a time when Musk has struggled with advertising revenue for the platform. X remained accessible in Brazil late on Friday, though some Brazilians posted on other platforms that their access to X was already being blocked. Three of the country's top telecommunications carriers said they would begin blocking access from midnight (0300 GMT on Saturday), according to a report by local news outlet UOL. The feud has led to the freezing this week of satellite internet provider Starlink's bank accounts in Brazil. Starlink is a unit of Musk-led rocket company SpaceX. In his ruling, Moraes ordered that X, formerly Twitter, be suspended in Brazil until it complied with all related court orders, including the payment of more than $3 million in fines, as well as the designation of a local representative, as required by Brazilian law. Moraes also ordered telecommunications regulator Anatel to implement the suspension order. The agency told Reuters it is proceeding with compliance, but without specifying a timetable. To effectively close X in Brazil, telecommunication companies will need to stop carrying the network's traffic, while also preventing users of the site from dodging it by concealing their locations with virtual private networks, or VPNs. Moraes ordered that those who continued to access X via VPNs be fined up to 50,000 reais ($9,000) per day. Tech giants Apple (AAPL.O) , opens new tab and Alphabet's Google (GOOGL.O) , opens new tab were initially instructed to remove X from their app stores and implement so-called anti-VPN obstacles that would make it more difficult for users of Apple's iOS operating system and Google's Android to open the X app on phones or tablets. But Moraes later reversed that part of his order, saying it would not be needed. Press offices for Apple and Google declined to comment. LAPDOGS AND DICTATORS? Unlike in many other countries, Brazil's Supreme Court judges are able to exercise sweeping powers to make unilateral decisions. But in the dispute over X, Moraes has been backed by a majority of the 11-member court, including Chief Justice Roberto Barroso. Musk, in addition to owning X and 40% of SpaceX, is the CEO of electric vehicle giant Tesla (TSLA.O) , opens new tab. The dispute over X has its roots in a Moraes order from earlier this year that required the platform to block accounts implicated in probes of alleged spreading of distorted news and hate. Musk denounced the order as censorship. He responded by closing the company's offices in Brazil but ensured the platform was still available in the country. He has said Starlink would continue to serve Brazilians, including the military, for free "until this matter is resolved." Earlier on Friday, Starlink asked the Supreme Court to suspend its decision to freeze its local bank accounts, arguing it has complied with all judicial orders. That request was dismissed on Friday evening. Asked to comment, Brazil's President Luiz Inacio Lula da Silva insisted that all businesses operating in the country must comply with their legal obligations. "Just because a guy has a lot of money doesn't mean he can disrespect" the law, the leftist leader told local radio on Friday. Musk derided the president as Moraes' "lapdog" in a Thursday post in which he also called the judge a "dictator." At an event on Friday, Moraes showed no signs of backing down. "Those who violate democracy, who violate fundamental human rights, whether in person or through social media, must be held accountable," he said. ($1 = 5.6121 reais) Sign up here. https://www.reuters.com/technology/lula-says-musk-must-respect-brazils-top-court-x-braces-shutdown-2024-08-30/

2024-08-30 20:52

MEXICO CITY, Aug 30 (Reuters) - Industrias Penoles (PEOLES.MX) , opens new tab announced an indefinite halt to operations at its Minera Tizapa unit in the State of Mexico on Friday due to a strike called by the national mining union. The union, which represents the mining, metallurgical, and steel industries, is citing violations of a collective labor agreement signed in April, Penoles said in a filing. The company, Mexico's top silver miner, stated that it fully complies with the obligations of the labor agreement and local labor laws. It also said it will adhere to the appropriate legal and administrative procedures to resolve the conflict. The mine, which Penoles holds a 51% stake in, extracts lead, zinc and copper. In May, U.S. trade authorities said Penoles and Mexican authorities had resolved alleged workers rights violations at Tizapa after Washington requested a review through the USMCA trade deal. Sign up here. https://www.reuters.com/markets/commodities/mexicos-tizapa-mine-offline-due-strike-penoles-says-2024-08-30/