
IAEA chief says Iran could be enriching uranium within months
June 29 (Reuters) - Iran could be producing enriched uranium in a few months, the head of the U.N. nuclear watchdog Rafael Grossi was quoted as saying on Sunday, raising doubts about how effective U.S. strikes to destroy Tehran's nuclear programme have been.
U.S. officials have stated that their strikes obliterated key nuclear sites in Iran, although U.S. President Donald Trump said on Friday he would consider bombing Iran again if Tehran is enriching uranium to worrisome levels.
"The capacities they have are there. They can have, you know, in a matter of months, I would say, a few cascades of centrifuges spinning and producing enriched uranium, or less than that," Grossi told CBS News in an interview.
"Frankly speaking, one cannot claim that everything has disappeared and there is nothing there," he added, according to the transcript of an interview on "Face the Nation" with Margaret Brennan due to air on Sunday.
Saying it wanted to remove any chance of Tehran developing nuclear weapons, Israel launched attacks on Iran earlier this month, igniting a 12-day air war that the U.S. eventually joined.
Iran says its nuclear programme is for peaceful purposes only.
Grossi, who heads the Vienna-based International Atomic Energy Agency, said the strikes on sites in Fordow, Natanz and Isfahan had significantly set back Iran's ability to convert and enrich uranium.
However, Western powers stress that Iran's nuclear advances provide it with an irreversible knowledge gain, suggesting that while losing experts or facilities may slow progress, the advances are permanent.
"Iran is a very sophisticated country in terms of nuclear technology," Grossi said. "So you cannot disinvent this. You cannot undo the knowledge that you have or the capacities that you have."
Grossi was also asked about reports of Iran moving its stock of highly enriched uranium in the run-up to the U.S. strikes and said it was not clear where that material was.
"So some could have been destroyed as part of the attack, but some could have been moved," he said.

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Reuters
27 minutes ago
- Reuters
Morning Bid: The euro's big beautiful moment
LONDON, June 30 (Reuters) - What matters in U.S. and global markets today Investors are keeping a wary eye on the progress of President Donald Trump's "One Big Beautiful" U.S. tax-cutting and spending bill that is slowly making its way through the Senate, with signs it may not make it by Trump's preferred July 4 deadline. Meanwhile, over on Wall Street, futures on the S&P 500 suggest another record high might be in the offing later on. Mike Dolan is enjoying some well-deserved time off over the next two weeks, but the Reuters markets team is here to provide you with all the information you need to start your day. Today's Market Minute * Canada scrapped its digital services tax targeting U.S. technology firms late on Sunday, just hours before it was due to take effect, in a bid to advance stalled trade negotiations with the United States. * The trade deal signed between U.S. President Donald Trump and British Prime Minister Keir Starmer lowering some tariffs on imports from Britain has come into effect, the British government said on Monday. * A million-dollar question will hang over the world's top central bankers when they meet in Sintra, Portugal, from Monday evening: Is the monetary system centred on the U.S. currency beginning to unravel? * The war between Israel and Iran offered a real-time look at some new global cross-asset dynamics that can help investors understand the state of play in the first half of 2025 and what they can expect in the next six months. TPW Advisory founder Jay Pelosky details three key takeaways from the conflict. * Plus, ROI energy columnist Ron Bousso explains why Egypt was one of the biggest economic losers of the Middle East's 12-day war. The euro's big beautiful moment The euro is heading for a ninth straight day of gains versus the dollar, something it has only achieved three times since its inception in 1999. Another daily rise and we're in record territory. In 2025's "everyone hates the dollar" trading environment, the euro, and European assets in general, have to be real magnets for investor cash. The euro itself has gained nearly 14% against the dollar so far this year, while its performance against other currencies has been far less eye-popping. It has risen around 3.5% against both the pound and the Japanese yen and has barely broken even against the Swiss franc and Norwegian crown. Confidence in the United States as an investment destination - not just in markets, but for businesses too - has not vanished, but has taken a serious knock from the erratic and unpredictable policies of the Trump administration. This would not be obvious when looking through the lens of the stock market, given the S&P 500 is at record highs, in dollar terms at least. When priced in other currencies, it is a long way off. Europe's STOXX 600 has risen 7% so far this year, compared with the S&P's 5% rise. On an equal-weighted basis, the divergence is even more marked. Wall Street's Magnificent 7 are back in vogue, but not quite riding to the rescue. The equal-weighted S&P is up 3.3% versus a near-10% gain in the STOXX equivalent. That said, in spite of the chaos from Trump's on-again off-again tariffs, the heightened uncertainty stemming from the Middle East and the deficit-busting "One Big Beautiful Bill" that is up for debate in the Senate right now, investors aren't exactly ditching U.S. assets en masse. "Anywhere But The USA" may sound catchy as an investment theme, but it has taken more than that to lure capital into Europe. European governments, spearheaded by Germany, have pledged to unleash a one trillion euro ($1.17 trillion) spending bazooka, much of which will be concentrated on defence and infrastructure, as they attempt to address years of riding on the coattails of Washington for security, and of shortfalls in spending on basics at home. The July 9 deadline for a trade deal is less than two weeks away - and with Trump saying he will impose 50% tariffs on all EU goods without a deal - investors are moving their money. Data from LSEG's Lipper Funds show that more than $100 billion has flowed into European equity funds so far this year - up threefold from the same period last year - while outflows from the U.S. more than doubled to nearly $87 billion. "All that is an indication that at least market forces, investors, those who move real money around, actually see value and have confidence in Europe," European Central Bank President Christine Lagarde said earlier this month. She said now is the time for Europe to take its destiny into its own hands, and that this is the euro's "moment". Chart of the day With the U.S. Independence Day holiday on Friday, the June employment report lands on Thursday. A Reuters poll shows economists expect to see a rise of 129,000, slightly below May's 139,000 increase. Evidence of the impact on the economy from Trump's tariffs and their potentially inflationary effect, along with the mass layoffs among government employees and the likelihood of big cuts to a raft of welfare benefits is starting to materialise in other data points. So far, the monthly non-farm payrolls report has not been one of them. May's number marked the fifth upside surprise in the past 12 months, and the ninth reading below the 200,000 mark over the past year. Layoffs are historically low, but hiring is not exactly booming. The most recent weekly jobless claims numbers showed the number of Americans filing new applications for jobless benefits fell, but work opportunities are becoming scarce as businesses are reluctant to hire while things such as import tariffs are in flux. Today's events to watch * Federal Reserve Chair Jerome Powell speaks at the European Central Bank Forum on Central Banking 2025 in Sintra, Portugal * Federal Reserve Bank of Atlanta President Raphael Bostic speaks on the economic outlook and monetary policy in London * Federal Reserve Bank of Chicago President Austan Goolsbee speaks at the Aspen Ideas Festival 2025 * June Chicago PMI * Three- and six-month Treasury bill auctions Opinions expressed are those of the author. They do not reflect the views of Reuters News, which, under the Trust Principles, opens new tab, is committed to integrity, independence, and freedom from bias. Want to receive the Morning Bid in your inbox every weekday morning? Sign up for the newsletter here. ($1 = 0.8533 euros)


Reuters
33 minutes ago
- Reuters
S&P 500, Nasdaq futures climb to record highs on trade optimism
June 30 (Reuters) - Futures tracking the S&P 500 and Nasdaq touched record highs on Monday, as optimism over U.S. trade negotiations with its key partners helped support upward momentum in markets. Shares of technology heavyweights rose premarket after Canada scrapped its digital services tax targeting U.S. tech firms, just hours before it was due to take effect, in a bid to advance stalled trade negotiations with the United States. Shares of Amazon (AMZN.O), opens new tab, Meta Platforms (META.O), opens new tab, Alphabet (GOOGL.O), opens new tab and Apple (AAPL.O), opens new tab edged up in the range of 0.6% and 1.7%. The benchmark S&P 500 (.SPX), opens new tab and the tech-heavy Nasdaq Composite (.IXIC), opens new tab rose to all-time highs on Friday, as bets of deeper U.S. interest rate cuts and renewed optimism around AI helped markets rebound from the months-long tumult sparked by U.S. President Donald Trump's tariff policies and geopolitical tensions. Focus now shifts to a July 9 deadline for countries to reach deals with the United States or see tariffs spike higher, but Trump has said he could extend the tariff deadline or "make it shorter". Investors are also looking into economic data and fiscal policy developments to see if the latest bull run in U.S. stocks can continue. U.S. Senate Republicans pushed President Donald Trump's sweeping tax cut and spending bill forward in a marathon weekend session. Senators are scheduled to start voting on a potentially long list of amendments to the bill beginning at 9 a.m. EDT (1400 GMT) Monday. Key economic data releases this week include monthly non-farm payrolls and the Institute for Supply Management's survey on manufacturing and services sectors for June. Several U.S. central bank officials including Federal Reserve Chair Jerome Powell are scheduled to speak later this week. A raft of soft economic data and expectations that Trump will replace Powell with someone dovish have pushed up bets of rate cuts from the Fed this year. By 5:48 a.m. ET (0948 GMT), S&P 500 e-minis were up 24.5 points, or 0.39%. Nasdaq 100 e-minis climbed 137 points, or 0.6% and Dow e-minis added 205 points, or 0.46%. Despite record highs for U.S. stocks, the S&P 500, Nasdaq and Dow are set for their weakest first-half performances since 2022. Among other movers, shares of big U.S. banks rose after the Federal Reserve's annual "stress test" found twenty-two of the largest U.S. banks are well-positioned to weather a hypothetical severe economic downturn and continue lending. The optimistic showing could lead to banks upping how much excess capital they plan to distribute to shareholders via dividends or stock buybacks. Shares of JPMorgan Chase (JPM.N), opens new tab, Bank of America (BAC.N), opens new tab, Citigroup (C.N), opens new tab and Wells Fargo (WFC.N), opens new tab rose in the range of 0.4% and 1.9%. Juniper Networks (JNPR.N), opens new tab rose 8.4% after the U.S. Justice Department settled its lawsuit challenging server maker Hewlett Packard Enterprise's (HPE.N), opens new tab all-cash acquisition of the networking gear maker for $14 billion. Hewlett Packard Enterprise shares rose 5.6%.


BBC News
33 minutes ago
- BBC News
'It's insane to build the same thing and expect different results': Can LA fire-proof itself?
Six months after the wildfires tore through Los Angeles, residents are tussling with the urban destruction left behind – and a debate over the future of the city's buildings. Countless Los Angeles streets still contain the charred remains of homes that succumbed to wildfire six months ago. Many of their inhabitants are still living with friends and relatives or in hotels, hostels and shelters. With more than 16,000 homes and buildings destroyed in the January 2025 wildfires, the LA neighbourhoods and nearby communities affected have been left contemplating how best to balance the need to get their homes back as soon as possible with future resilience to wildfire. Today, even as the city faces the new turmoil of immigration raids ordered by President Donald Trump and the extensive protests that have followed, LA is clearing debris and preparing to rebuild. Progress so far has been slow, however, with few permits issued to rebuild (in Palisades, for example, just 125 rebuild permits have been issued out of 558 applications, the LA Department of Building and Safety told the BBC). Many residents have moved to communities far from the homes they lost, according to an investigation by the New York Times. Faced with a daunting rebuild, many contractors and homeowners want to build quickly, with some working to loosen environmental protection code and permit requirements. Meanwhile, wildfire experts tell the BBC they want to ensure new construction is compliant with fire and energy codes, while sustainability advocates say they hope greener methods and materials will enter the market. "There are going to be hard decisions on how we want to rebuild versus what is technically required," says Ian Giammanco, managing director for standards and data analytics at the Insurance Institute for Business and Home Safety (IBHS), a South-Carolina-based research group funded by the insurance industry. California's building code was updated in 2008 to establish standards for wildfire-resistant construction. It requires the use of non-combustible materials and for homeowners to maintain defensible space around the home, such as by creating a safety buffer cleared of vegetation or debris. California is one of only five US states to apply a specific building code to areas designated as having very high wildfire risk. Homes which had been constructed after 2008 in the LA neighbourhood of Pacific Palisades, which lost 6,837 structures in the Palisades Fire, were built with these requirements in place. But in Altadena, an area north of downtown LA where many neighbourhoods were affected by the Eaton Fire, many homes did not fall under the fire code. In March, the California Department of Forestry and Fire Protection, a state agency often referred to as Cal Fire, expanded its maps of areas required to use the code, with existing homes at a minimum creating defensible space by clearing brush. The expansion means about 500 additional homes affected by the Eaton Fire will be covered by the code by late July 2025, according to analysis by US broadcaster NPR, but still leaves about 7,800 structures outside the high-risk zone. Some of the proposed methods are already being used in the wider US. In Colorado, for example, where a 2021 wildfire destroyed nearly 1,000 homes in the Denver suburb of Superior, some homeowners have opted to rebuild using compressed earth blocks that have a high resilience to fire. And CalEarth, a California-based nonprofit that pioneered a type of earthbag construction called super adobe, has drawn renewed attention from residents, says Khalili, and is urging state and local officials to work with them on making their designs code-compliant. "Let's do the full tests… and build back prepared for these climate events," Dastan Khalili, president of CalEarth, tells the BBC. "It's insane to build the same thing and expect different results." But bringing alternative building methods to market is costly, especially in California, where materials must prove to be fire-resistant while also passing stringent seismic testing. Any alternative material, such as rammed earth – a building technique using compacted soil mixed with water and stabilisers which has been used for over 1,000 years, including, in recent decades, in California – must be submitted for testing, typically by manufacturers, says Crystal Sujeski, chief of code development and analysis for CalFire. This testing needs to prove they are equivalent to or exceed the standard set by conventional, widely used materials. "A lot of [testing] options are out there," she says. New building materials that pass multiple tests can also be added to a register of approved materials, she says. Khalili says CalEarth has always designed structures to comply with international building codes and has planned tests to meet the fire and seismic requirements of California's code. "All of that is ready to be executed," he says. "The only thing that's stopping us is the funding to go after it and make it happen." Burn tests in a fire lab for a single new material, he says, run at around $40-50k (£30-37k), and the required seismic testing can triple or quadruple this bill. As a result, rammed earth homes and other alternative structures can be costlier than using more conventional methods – and even then, the process of approving construction at the state and municipal levels is arduous. Ann Edminster, a green building consultant and author based in northern California, says that the ease and cost of the permitting process is highly dependent on the jurisdiction and who you work with. "The building official will either be your best friend or your worst enemy," she says. It creates a wall of inertia boxing out those with interest in experimenting with alternative materials, she says. And in any case, if you have just lost your home to fire and don't have a place to live, "you're probably not going to be super enthusiastic about testing some brand new material", she says. Still, there are relatively straightforward options for fire-proofing new builds – especially considering the risks of not doing so. A 2022 report by IBHS and Headwaters Economics, a Montana-based research institute, found that wildfire-resistant construction adds from 2% to 13% to the cost of a new home in California, with the upper cost here going well above current required codes. "Increasing home loss and growing risks require reevaluating the wildfire crisis as a home-ignition problem and not a wildland fire problem," the report said, noting that a home's building materials, design and nearby landscaping all influence its survival. Stephen Quarles, an advisor emeritus at the University of California who has spent decades researching how building materials perform during wildfires, says it's more straightforward to obtain approval for smaller alternative projects. Quarles emphasises that wildfire building codes are flexible and allow for traditional construction to be adapted and use more sustainable materials. For instance, a homeowner constructing a straw bale home can coat the exterior with a fireproof material to get approval from a code official. "You could say, 'My cladding is stucco, which is non-combustible,' and you would be good to go," he says. But he also acknowledges that most homeowners just want to rebuild as quickly as possible. When the June 2007 Angora fire destroyed 280 homes in neighbourhoods around Northern California's Lake Tahoe, some residents raced to rebuild before the stricter code regulations took effect the following January, Quarles recalls. Later that same year, after the Tubbs fire ripped through the Coffey Park neighbourhood of Santa Rosa, the community "built back as if there [hadn't been] a wildfire there", he says. But he believes the latest Los Angeles wildfires – along with the 2023 Lahaina fire on Hawaii's Maui island, which were called the "largest natural disaster in Hawaii state history" – have alerted people to the importance of hardening their homes in the future. A January 2025 study found that the hot, dry weather that gave rise to the LA fires was made about 35% more likely by climate change. The LA wildfire season is getting longer, the study noted, while the rains that normally put out the blazes have reduced. "There's an acknowledgement that these fires can happen in places where you don't expect fires to happen," Quarles says. "I think that's taking hold and there is a desire to genuinely build back better." Giammanco, who contributed to a March 2025 report by IBHS documenting which types of homes survived the fire, agrees. "If you look back at our history of construction, there are inflection points," he says. The report showed that homes compliant with California building codes had a higher survival rate than those which were not. But some homes that took preparatory steps, such as clearing brush and creating defensive space, still succumbed when enough of their neighbours had not taken these steps. "Even the most hardened materials when subject to extreme fire exposure will reach their limit," Giammanco says. "Defending a community is sort of a system that builds on itself." More like this:• The people rebuilding their homes with earth• Could a buffer shield Californian homes from wildfire?• How wildlife survives after wildfires When wildfires spread in urban areas, the homes they ignite become "fuel bombs" and intensify the blaze, says Kimiko Barrett, lead wildfire research and policy analyst at non-profit research group Headwaters Economics. "The home itself is the fuel," she says. "Once your neighbour's house starts to burn, the radiant heat means that your home is threatened as well." This is a particular problem in LA, which despite its sprawling footprint is actually still a densely populated area, especially relative to more rural communities. Slow progress in retrofitting existing homes remains a major problem, says Giammanco – and homes that predate California's 2008 wildfire code are not mandated to do it. But there is precedent for incentive and rebate programmes in the US to help make homes more resilient to extreme weather, from initiatives in arid south-western cities for residents to collect rainwater to an Alabama programme providing grants up to $10,000 (£7,400) to install roofing resilient to wind and rain. Giammanco says similar programmes for wildfire protection could incentivise residents to make their homes more resilient to fire. "I think that's the missing link," he says. Adding fire-resistant materials in retrofits such as fibre cement siding and enclosing roof eaves to make it code compliant costs just a few thousand dollars, Barrett says. Other steps are even easier, such as clearing bark mulch from a home's defensive space. "A lot of these mitigation measures can be done over the weekend by the homeowner," she says. It's still early days in LA for the thousands of homeowners preparing to rebuild, but there are signs that the construction industry is starting to adapt. The LA-based homebuilder KB Home, for example, has designed a fire-resilient community with 64 homes that comply to IBHS standards. When it comes to building new homes, Edminster emphasises that simple structures with minimal openings and overhang can be best, comparing an ideal fire-resistant home to an aerodynamic car. "The same principle could and should apply to homes," she says. "Obviously we don't want to live in little round spaceships or something, but… get your outer shell so that it works really well." Sustainable building advocates are also pushing for greener materials and methods to become commonplace, arguing that they can be used in fire-hardened homes while also reducing emissions and bringing costs down in the longer term. For existing houses, simple retrofitting steps can improve the sustainability as well as the resilience of a home – even when they don't use the greenest materials possible. Some of Edminster's clients have retrofitted homes to be fire-resistant without stripping everything out. "That's a terrible waste of material and the embodied carbon in them," she says. "So there's a trade-off." Edminster is adamant that building codes should stay in place after a disaster. "The whole idea of relaxing code to make it easier for people to rebuild, I think, is nonsense," she says. "[They] have been put in place to protect people and to protect us as a society." And while many of the structures lost in the Eaton fire remain outside the boundaries of California's wildfire code, Barrett believes there is precedent for drastic change. US cities began mandating fire hydrants and sprinkler systems around the turn of the 20th Century after major urban fires in Chicago and San Francisco. Earthquake codes became stiffer in the 1970s, requiring buildings to retrofit for seismic risk reduction "We can do this. We have done it before," Barrett says. "We just need to now think of it through a wildfire lens." -- For essential climate news and hopeful developments to your inbox, sign up to the Future Earth newsletter, while The Essential List delivers a handpicked selection of features and insights twice a week. For more science, technology, environment and health stories from the BBC, follow us on Facebook, X and Instagram.