Latest from Business Recorder
Business Recorder
31 minutes ago
- Climate
- Business Recorder
Heatwaves in Spain caused 1,180 deaths in past two months, ministry says
MADRID: High temperatures caused 1,180 deaths in Spain in the past two months, a sharp increase from the same period last year, the Environment Ministry said on Monday. The vast majority of people who died were over 65 and more than half were women, the data it cited showed. The most affected regions were Galicia, La Rioja, Asturias and Cantabria - all located in the northern half of the country, where traditionally cooler summer temperatures have seen a significant rise in recent years. Like other countries in Western Europe, Spain has been hit by extreme heat in recent weeks, with temperatures often topping 40 degrees Celsius (104 degrees Fahrenheit). The 1,180 people who died of heat-related causes between May 16 and July 13 compared with 114 in the same period in 2024, the ministry said in a statement citing data from the Carlos III Health Institute. The number of deaths increased significantly in the first week in July. Two dead in Spain fire as heatwave scorches Europe The data shows an event 'of exceptional intensity, characterized by an unprecedented increase in average temperatures and a significant increase in mortality attributable to heatwaves', the ministry said. In the period the data covers, there were 76 red alerts for extreme heat, compared with none a year earlier. Last summer, 2,191 deaths were attributed to heat-related causes in Spain, according to data from the Carlos III Health Institute. The data from Spain follows a rapid scientific analysis published on July 9 that said around 2,300 people died of heat-related causes across 12 European cities during a severe heatwave in the 10 days to July 2. It was not immediately clear whether the study conducted by scientists at Imperial College London and the London School of Hygiene and Tropical Medicine was using the same methodology as the Spanish data.
Business Recorder
32 minutes ago
- Business
- Business Recorder
In reversal, Trump arms Ukraine and threatens sanctions on countries that buy Russian oil
KYIV/WASHINGTON: U.S. President Donald Trump announced new weapons for Ukraine on Monday, and threatened to hit buyers of Russian exports with sanctions unless Russia agrees a peace deal in 50 days, a major shift in policy brought on by frustration with Moscow. Sitting side-by-side with NATO Secretary General Mark Rutte in the Oval Office, Trump told reporters that he was disappointed in Russian President Vladimir Putin. Billions of dollars in weapons would be distributed to Ukraine, he said. 'We're going to make top-of-the-line weapons, and they'll be sent to NATO,' Trump said, adding that Washington's NATO allies would pay for the weapons. The weapons would include Patriot air defence missiles, which Ukraine has urgently sought to defend its cities from Russian air strikes. 'It's a full complement with the batteries,' Trump said. 'We're going to have some come very soon, within days… a couple of the countries that have Patriots are going to swap over and will replace the Patriots with the ones they have.' Trump criticizes Putin after approving more weapons for Ukraine Some or all of 17 Patriot batteries ordered by other countries could be sent to Ukraine 'very quickly', he said. His threat to impose so-called secondary sanctions on Russia, if carried out, would be a major shift in Western sanctions policy. Lawmakers from both political parties in the United States are pushing for a bill that would authorise such measures, targeting other countries that buy Russian oil. Throughout the more than three-year-old war, Western countries have cut off most of their own financial ties to Moscow, but have held back from taking steps that would restrict Russia from selling its oil elsewhere. That has allowed Moscow to continue earning hundreds of billions of dollars from shipping oil to buyers such as China and India. 'We're going to be doing secondary tariffs,' Trump said. 'If we don't have a deal in 50 days, it's very simple, and they'll be at 100%.' A White House official said Trump was referring to 100% tariffs on Russian goods as well as secondary sanctions on other countries that buy its exports. Grace period Still, Trump's announcement of a 50-day grace period was greeted with relief by investors in Russia, where the rouble recovered from earlier losses and stock markets rose. 'Trump performed below market expectations. He gave 50 days during which the Russian leadership can come up with something and extend the negotiation track. Moreover, Trump likes to postpone and extend such deadlines,' said analyst Artyom Nikolayev from Invest Era, a financial information firm. Trump says Putin 'playing with fire' in new jab at Russian leader Trump, who returned to power this year promising a quick end to the war, said his shift was motivated by increasing frustration with Putin, who, he said, had talked about peace but continued to strike Ukrainian cities. 'We actually had probably four times a deal. And then the deal wouldn't happen because bombs would be thrown out that night and you'd say we're not making any deals,' Trump said. Since returning to the White House, Trump has sought rapprochement with Moscow, speaking several times with Putin. His administration has pulled back from pro-Ukrainian policies such as backing Kyiv's membership in NATO and demanding Russia withdraw from all Ukrainian territory. But so far, Putin has yet to accept a proposal from Trump for an unconditional ceasefire, which was quickly endorsed by Kyiv. Recent days have seen Russia use hundreds of drones to attack Ukrainian cities. Trump vented his frustration last week, saying: 'We get a lot of bullshit thrown at us by Putin.' Earlier on Monday, Ukrainian President Volodymyr Zelenskiy held talks with Trump's envoy Keith Kellogg. Zelenskiy said he had discussed 'the path to peace and what we can practically do together to bring it closer', including 'strengthening Ukraine's air defence, joint production and procurement of defence weapons in collaboration with Europe.' An air-raid alert was declared in Kyiv shortly after Zelenskiy's talks with Kellogg took place. Separately on Monday, Zelenskiy said he would replace his long-serving prime minister Denys Shmyhal with Shmyhal's first deputy, Yulia Svyrydenko, in 'a transformation of the executive branch'. Her appointment will require parliamentary approval. Svyrydenko, 39, is an economist and has previously served as minister of economic development and trade and as deputy head of Zelenskiy's office. She played a key role in negotiations between Kyiv and Washington on a minerals deal. Russia, which began its full-scale invasion in February 2022, holds about one-fifth of Ukraine. Its forces are slowly advancing in eastern Ukraine and Moscow shows no sign of abandoning its main war goals.
Business Recorder
an hour ago
- Business
- Business Recorder
Govt fixes ex-mill price of sugar at Rs165/kg
The Ministry of National Food Security & Research announced on Monday the ex-mill price of sugar had been fixed at Rs165 per kilogramme (Kg) after successful negotiations between the government and the sugar industry. The government directed all provincial governments to ensure that sugar was sold in line with the new rate. 'All provincial governments should ensure the availability of cheap sugar to the public,' the ministry said. The development comes days after Pakistan's state agency, the Trading Corporation of Pakistan (TCP), issued an international tender to purchase and import 300,000 to 500,000 metric tons of white refined sugar. The deadline for submission of price offers is July 18. On July 8, Pakistan's government had approved plans to import 500,000 tons of sugar to help maintain price stability. Market analysts said that retail sugar prices in the country have risen sharply since January. The sugar is sought from worldwide origins, packed in bags with a minimum offer of 25,000 tons permitted. The TCP reserves the right to purchase more or less than the tender volumes, traders said. Shipment is sought in a series of consignments loading in August.
Business Recorder
an hour ago
- Business
- Business Recorder
Oil steadies near three-week high on signs of tighter supply
LONDON: Oil prices steadied on Monday, holding close to their highest level in three weeks, as investors eyed further U.S. sanctions on Russia that may affect global supplies, while tariff uncertainty weighed. Brent crude futures rose 16 cents, or 0.2%, to $70.52 a barrel by 1326 GMT, while U.S. West Texas Intermediate crude futures climbed 12 cents, also 0.2%, to $68.57. Higher crude imports by China and expectations around U.S. President Donald Trump's announcement on Russia are supporting prices, UBS analyst Giovanni Staunovo said. 'There is still a perceived tightness in the market, with most of the inventory build in China and on ships, and not in key locations,' he said. Oil rises over as investors weigh market outlook Russia's seaborne oil product exports in June were down 3.4% from May at 8.98 million metric tons, data from industry sources and Reuters calculations showed. Trump said on Sunday that he will send Patriot air defence missiles to Ukraine. He is due to make a 'major statement' on Russia on Monday, having expressed his frustration with Russian President Vladimir Putin due to the lack of progress in ending the war in Ukraine. A bipartisan U.S. bill that would hit Russia with sanctions gained momentum last week in Congress. European Union envoys, meanwhile, are on the verge of agreeing an 18th package of sanctions against Russia that would include a lower oil price cap. China's June oil imports increased 7.4% on the year to 12.14 million barrels per day, the highest since August 2023, according to customs data released on Monday. Last week, Brent rose 3%, while WTI had a weekly gain of around 2.2%, after the International Energy Agency said the global oil market may be tighter than it appears. Investors are also eyeing the outcome of U.S. tariff talks with key trading partners. The European Union and South Korea said on Monday they were working on trade deals with the U.S. that would soften the blow from looming tariffs as Washington threatens to impose hefty duties from August 1. EU member states find Trump's tariff threat 'absolutely unacceptable', Danish Foreign Minister Lars Lokke Rasmussen said on Monday during a joint press conference with EU's Trade Chief Maros Sefcovic in Brussels.
Business Recorder
2 hours ago
- Sport
- Business Recorder
England beat India by 22 runs to win third Test
LONDON: England beat India by 22 runs in a thrilling third Test at Lord's on Monday to take a 2-1 lead in the five-match series. India, set 193 to win, were dismissed for 170 after tea on the last day, with the match ending when last man Mohammed Siraj played on to off-spinner Shoaib Bashir. Ravindra Jadeja was 61 not out – the all-rounder's fourth consecutive fifty this series – after taking India to within sight of what would have been a remarkable win. India beat England by 336 runs to win second Test England captain Ben Stokes bowled two lengthy spell Monday on his way to innings figures of 3-48, with express fast bowler Jofra Archer – in his first Test after more than four years of injury induced exile – taking 3-55. Brief scores England 1st Innings 387 (J Root 104, B Carse 56, J Smith 51; J Bumrah 5-74) India 1st Innings 387 (KL Rahul 100, R Pant 74, R Jadeja 72; C Woakes 3-84) England 2nd Innings 192 (J Root 40; W Sundar 4-22) India 2nd Innings 170 (R Jadeja 61 no, B Stokes 3-48, J Archer 3-55) Result: England won by 22 runs Series: England lead five-match series 2-1
