European Stocks Gain as UniCredit Rally Lifts Banks; WPP Sinks
The Stoxx Europe 600 Index gained 0.8% by the close in London. UniCreditadvanced 4.6% after it doubled its equity stake in German rival Commerzbank AG to about 20%, fueling renewed speculation around potential banking deals in Europe. The Stoxx 600 Banks Index rose 2.0%.
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Forbes
27 minutes ago
- Forbes
Four Years After A Historic Deluge, Germany's Ahr Valley Turns Green
Julia Bertram, co-owner of the Bertram-Bales winery in Germany's Ahr valley, with a solar-powered Renault. Aren Elliott Julia Bertram will never forget the night four years ago when a devastating flood swept away part of her small town in Germany. A stalled low-pressure system triggered torrential rains that swelled the typically placid Ahr River to 8 meters (26 feet) and shattered records stretching back 500 years. For Bertram, whose family winery has roots deep in the terraced vineyards of the valley, the night was a blur of frantic decisions and terrifying uncertainty. She evacuated to the vineyards while her husband raced to the Bertram-Baltes winery to move valuables to higher ground. Then, silence. No phones, no electricity. "We were just waiting," she recalls. The next morning, the extent of the damage became clear: 134 fatalities, over 750 injuries, 170 destroyed bridges, and 12,000 damaged buildings, with an economic loss estimated at up to $18 billion. Bertram's personal losses were staggering. Although her family survived, her childhood home was washed away. They lost 90 percent of their wine vintages from 2019 and 2020. A damaged rail tunnel in Germany's Ahr valley. Aren Elliott Climate protection is flood protection Yet from this widespread destruction, a profound and necessary shift emerged. The Ahrtal, a region deeply reliant on tourism — its 560 wineries generate 80 percent of regional revenue — decided to embrace a radical transformation. Officials decided that simply rebuilding wasn't enough. They wanted to reconstruct the area to be greener, more sustainable and resilient. Their mantra became: Klimaschutz ist Hochwasserschutz – climate protection is flood protection. As the Ahrtal marks the fourth anniversary of the flood on July 15, its story of becoming a more sustainable destination, against overwhelming odds, is starting its final chapter. The Kurhaus, a convention center in Germany's Ahr valley, recently refurbished after a catastrophic flood. Iden Elliott Bad Neuenahr: A spa town's rebirth Bad Neuenahr, the largest spa town in Rheinland-Pfalz, is trying to reclaim its status as one of Germany's premier health destinations. Before the flood, the town had 12 clinics, over 100 doctors, and 50 therapists, making health tourism its primary industry. The heart of this endeavor was the Spa Park, a 10-acre area that suffered immense damage. Today, the park is a massive construction site, but the vision for its future is ambitious, according to Barbara Knieps, a spokeswoman for Ahrtal's tourism department, which is overseeing the redevelopment. "There's a lot that visitors can look forward to," she says. Among the projects: A grand concert hall. A temporary small stage, the Klenertbühne, currently hosts performances. Plans are underway for a large new concert hall. It will integrate a historic movable concert shell, protected as a monument, allowing performances both indoors and out depending on the weather. A healing water experience world. The town's Great Spring, drilled in 1861, provides 93-degree warm healing water. It will be the centerpiece of a new "Water Experience World," where visitors can learn about its minerals and healing properties. There are even plans to bottle this water locally. The town's Great Spring, drilled in 1861, provides 93-degree warm healing water. It will be the centerpiece of a new "Water Experience World," where visitors can learn about its minerals and healing properties. There are even plans to bottle this water locally. Bigger green spaces. The park will feature a large show fountain, a medicinal herb garden with interactive information boards for smelling and tasting herbs, and seating steps along the river. Wide flower areas for insects and an expanded tree population will also be vital elements. Notably, trees like oak, hornbeam, lime, and sweet chestnut are being chosen for their fast growth and hardiness. But the most exciting part of the rebuilding effort is happening behind the scenes. The town is building pedestrian and bike paths lower than the normal ground, allowing the river more space during floods, while remaining accessible when water levels are low. New shallow trenches in the park, designed to hold floodwater, will help protect the surrounding houses. New buildings in the park, including the rebuilt offices, will feature extensive green roofs and solar panels to meet daily energy requirements. Plans are also underway to connect buildings to a district heating network that harnesses thermal energy from a healing spring, aiming for carbon-neutral, self-sustaining structures. Reconnecting the valley with new bridges and rails But how are tourists going to get to the region? The flood's immediate impact on infrastructure was cataclysmic. Bridges, train tracks, and even the popular Ahr-Radweg bike path were destroyed or severely damaged. "It has required an immense effort to restore our transportation infrastructure," says Stefan Schmitt, a spokesman for Landesbetrieb Mobilität Rheinland-Pfalz, which is responsible for the region's roads. The replacement bridges now under construction will feature higher spans to allow more water flow. The aesthetic of the old, 100-year-old bridges, with their rock facades, is being carefully maintained in the new designs. During the flood, water filled the train tunnels, where the constriction increased the flow velocity like a garden hose nozzle. Now that the debris has been cleared away, authorities are trying to restore 18 miles of damaged track as quickly as possible, with a projected opening at the end of the year. The bike path, which was almost entirely washed away, is being rebuilt a foot higher with permeable materials and integrated flood sensors. The flood also destroyed water treatment plants, leading to a complete rethinking of sewage management. A new decentralized network will prevent wastewater from flushing into the river during future events. While the rebuilding continues, challenges persist. Some businesses remain out of commission, and bureaucratic delays in fund disbursement have hindered recovery. The question of whether the ambitious December train reopening will be met hangs in the balance, an indication of the immense effort still required. The protected forests in Bad Münstereifel, Germany. Aren Elliott Climate protection at the Forest Academy In nearby Bad Münstereifel, the Wohllebens Waldakademie is considering the role of Germany's wilderness areas in protecting the climate. Johanna Wohlleben, head of the academy, is educating the next generation of forest guides. They learn about plants, forestry, and how to conduct engaging lessons. The academy's flagship initiative is a project to protect and restore Germany's oldest and last beech tree forests. The academy rents forests for 50 years to ensure they are left untouched, allowing them to regenerate naturally and preserve biodiversity, including wildcats and rare birds like the bee-eater and kingfisher. Wohlleben points out that these natural forests are significantly more resilient to heat waves and retain water better than managed forests. The academy openly critiques traditional forestry, which has historically over-harvested timber and favored non-native spruce trees. Spruce, while good for snow-heavy regions like the Alps, are ill-suited to Germany's climate and susceptible to pests like bark beetles when weakened by heat. The academy advocates for less timber use and reclaiming agricultural land for reforestation with appropriate native trees. The academy is itself adaptable. During the pandemic, it pivoted to creating online courses and podcasts, making its knowledge accessible to over 11,000 people monthly, regardless of their ability to travel to the valley. The academy also produces a popular podcast, "The Hidden Life of Trees," in collaboration with the German TV network RTL, which reaches 120,000 listeners monthly. This digital outreach helps educate people about the importance of ecological systems, fostering a love and desire to protect nature. The academy also consults with forest owners on ecological timber harvesting and helps companies engage in genuinely impactful tree-planting projects, countering greenwashing efforts that often use the wrong trees in the wrong places. It's clear that when it comes to climate protection, the academy is one of the sentries that is ensuring sound practices — and hopefully, preventing a future catastrophe. What remains of Julia Bertram's childhood home in the Ahr valley. Hundreds of homes were washed away in the flood. Aren Elliott Cultivating a greener future in the vineyards Back in the vineyards about the valley, Bertram is surveying the ripening Pinot Noir vines. The flood damaged 40 percent of the Ahrtal's famous vineyards. Before then, sustainability efforts were sometimes superficial. But the natural disaster was a climate wake-up call. As she explains the region's green imperative, she's standing next to a makeshift solar-powered car. It's a secondhand Renault station wagon fitted with a self-made solar panel on the roof. An electrical engineer who interned at the winery designed the system. During the summer, this setup generates more energy than needed, keeping the battery full. In the winter, when there's less daylight, they plug it into the grid. "The car allows us to navigate our vineyards, which are spread across a 15 to 20- kilometer distance," she explains. But forward-looking businesses like hers are going even further. Instead of pesticides and mowers, they use sheep to manage cover crops and provide natural fertilizer, fostering a unique ecosystem. Sheep eat the cover crops and leave natural fertilizer, with their wool even carrying seeds to different parts of the vineyard, leading to a "completely different ecosystem," says Bertram. In a seemingly counterintuitive move for traditional viticulture, fruit and nut trees such as apples, walnuts, and peaches are planted among the vines. This mimics the natural habitat of wild vines, providing shade, humidity, and drawing water from lower soil structures, all while eliminating plastic materials from the vineyard. Bertram's new winery is being built with its cellar completely covered by excavated soil, which provides extra insulation and allows the land above to be reused. And there are plans to do more, from producing wool socks to growing potatoes and herbs, embodying a holistic permaculture approach. These efforts are not reactions to the flood, but reflections. Some of the winery's sustainable practices were already underway when the flood struck. The disaster only reinforced that they were on the right path, nudging them to do even more. A vine in the Bertram-Bales winery. The region is preparing for the next flood. Aren Elliott Preparing for the next flood When they say "climate protection is flood protection," it's not just a slogan. It's a warning. The recovery in the Ahrtal Valley is a story of human resilience. But the journey is far from over. Economic gaps for small businesses persist, psychological trauma for residents weighs heavily, and bureaucratic delays in fund disbursement continue to hinder the pace of recovery. The question remains: Will the train line reopen by the end of the year, as promised, restoring vital connectivity for residents? Will the Ahrtal Valley bounce back from the combined blows of the pandemic and the flood, emerging stronger and greener than ever before? The people you meet in the Ahrtal will tell you that climate-proofing is no longer optional. If they don't integrate it into every aspect of infrastructure, from elevated paths to water-absorbent materials, they will pay a high price during the next flood. And it's not a question of if, but when that will happen.
Yahoo
42 minutes ago
- Yahoo
Trump to meet NATO secretary general as plan takes shape for Ukraine weapons sales
BRIDGEWATER, NJ (AP) — NATO Secretary General Mark Rutte is set to meet President Donald Trump this week on the heels of the U.S. leader announcing plans to sell NATO allies weaponry that it can then pass on to Ukraine. NATO in a statement said Rutte will be in Washington on Monday and Tuesday and would meet with Donald Trump, Secretary of State Marco Rubio, and Defense Secretary Pete Hegseth as well as Congress. The White House did not immediately respond to a request for comment about the visit. The visit comes as Trump last week teased that he would make a 'major statement' on Russia on Monday and as Ukraine struggles to repel massive and complex air assaults launched by Russian forces. Rubio said Friday that some of the U.S.-made weapons that Ukraine is seeking are deployed with NATO allies in Europe. Those weapons could be transferred to Ukraine, with European countries buying replacements from the U.S., he said. 'It's a lot faster to move something, for example, from Germany to Ukraine than it is to order it from a (U.S.) factory and get it there,' Rubio told reporters last week during visit to Kuala Lumpur, Malaysia. French Defense Minister Sebastien Lecornu in an interview published Sunday in La Tribune Dimanche said that European officials have been making the case to the Trump administration to bolster air defense capabilities with any coming packages. He added that France is in a 'capacity hole' and will have to wait until next year before being able to provide Ukraine new ground-air missiles. Trump is also facing calls from Republicans and Democrats as well as European allies to support legislation in the Senate that aims to cripple Russia's oil industry and hit Moscow with U.S. sanctions for its ongoing invasion of Ukraine. The legislation, in part, calls for a 500% tariff on goods imported from countries that continue to buy Russian oil, gas, uranium and other exports. It would have an enormous impact on economic behemoths China and India, which account for roughly 70% of Russia's energy trade. That revenue is critical in helping keep the Russian war machine humming as the U.S. and Europe have imposed significant import and export bans on a wide range of goods to and from Russia, affecting sectors like finance, energy, transport, technology, and defense. Trump for months had threatened, but held off on, imposing new sanctions against Russia's oil industry. But the Republican leader has become increasingly exasperated with Putin in recent days and has laid into the Russian leader for prolonging the war. 'We get a lot of bull---- thrown at us by Putin, if you want to know the truth,' Trump said last week in an exchange with reporters. 'He's very nice all the time, but it turns out to be meaningless.' Congress has been prepared to act on the legislation, sponsored by Republican Sen. Lindsey Graham of South Carolina and Democrat Richard Blumenthal of Connecticut, for some time. The bill has overwhelming support in the Senate, but Republican leadership has been waiting for Trump to give the green light before moving ahead with it. The White House had expressed some reservations about the legislation. Trump made clear he wants full authority over the waiver process to lift the sanctions, tariffs or other penalties, without having to cede control to Congress. Under the initial bill, the president 'may terminate' the penalties under certain circumstances, but immediately reimpose them if the violations resume. Graham has said the president would be allowed to waive the sanctions, for 180 days, and could also renew a waiver. ______ Associated Press writer Angela Charlton in Paris contributed reporting.
Associated Press
42 minutes ago
- Associated Press
Trump to meet NATO secretary general as plan takes shape for Ukraine weapons sales
BRIDGEWATER, NJ (AP) — NATO Secretary General Mark Rutte is set to meet President Donald Trump this week on the heels of the U.S. leader announcing plans to sell NATO allies weaponry that it can then pass on to Ukraine. NATO in a statement said Rutte will be in Washington on Monday and Tuesday and would meet with Trump, Secretary of State Marco Rubio, and Defense Secretary Pete Hegseth as well as Congress. The White House did not immediately respond to a request for comment about the visit. The visit comes as Trump last week teased that he would make a 'major statement' on Russia on Monday and as Ukraine struggles to repel massive and complex air assaults launched by Russian forces. Rubio said Friday that some of the U.S.-made weapons that Ukraine is seeking are deployed with NATO allies in Europe. Those weapons could be transferred to Ukraine, with European countries buying replacements from the U.S., he said. 'It's a lot faster to move something, for example, from Germany to Ukraine than it is to order it from a (U.S.) factory and get it there,' Rubio told reporters last week during visit to Kuala Lumpur, Malaysia. French Defense Minister Sebastien Lecornu in an interview published Sunday in La Tribune Dimanche said that European officials have been making the case to the Trump administration to bolster air defense capabilities with any coming packages. He added that France is in a 'capacity hole' and will have to wait until next year before being able to provide Ukraine new ground-air missiles. Trump is also facing calls from Republicans and Democrats as well as European allies to support legislation in the Senate that aims to cripple Russia's oil industry and hit Moscow with U.S. sanctions for its ongoing invasion of Ukraine. The legislation, in part, calls for a 500% tariff on goods imported from countries that continue to buy Russian oil, gas, uranium and other exports. It would have an enormous impact on economic behemoths China and India, which account for roughly 70% of Russia's energy trade. That revenue is critical in helping keep the Russian war machine humming as the U.S. and Europe have imposed significant import and export bans on a wide range of goods to and from Russia, affecting sectors like finance, energy, transport, technology, and defense. Trump for months had threatened, but held off on, imposing new sanctions against Russia's oil industry. But the Republican leader has become increasingly exasperated with Putin in recent days and has laid into the Russian leader for prolonging the war. 'We get a lot of bull---- thrown at us by Putin, if you want to know the truth,' Trump said last week in an exchange with reporters. 'He's very nice all the time, but it turns out to be meaningless.' Congress has been prepared to act on the legislation, sponsored by Republican Sen. Lindsey Graham of South Carolina and Democrat Richard Blumenthal of Connecticut, for some time. The bill has overwhelming support in the Senate, but Republican leadership has been waiting for Trump to give the green light before moving ahead with it. The White House had expressed some reservations about the legislation. Trump made clear he wants full authority over the waiver process to lift the sanctions, tariffs or other penalties, without having to cede control to Congress. Under the initial bill, the president 'may terminate' the penalties under certain circumstances, but immediately reimpose them if the violations resume. Graham has said the president would be allowed to waive the sanctions, for 180 days, and could also renew a waiver. ______ Associated Press writer Angela Charlton in Paris contributed reporting.
