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February
Italy faces new drought alert as Venice canals run dry
Written by Nur Yasmin
Weeks of dry winter weather have raised concerns that Italy could face another drought after last summer's emergency, with the Alps having received less than half of their normal snowfall, according to scientists and environmental groups.
The warning comes as Venice, where flooding is normally the primary concern, faces unusually low tides that are making it impossible for gondolas, water taxis and ambulances to navigate some of its famous canals.
The problems in Venice are being blamed on a combination of factors -- the lack of rain, a high pressure system, a full moon and sea currents.
Italian rivers and lakes are suffering from severe lack of water, the Legambiente environmental group said on Monday, with attention focused on the north of the country.
The Po, Italy's longest river which runs from the Alps in the northwest to the Adriatic has 61% less water than normal at this time of year, it added in a statement.
Last July Italy declared a state of emergency for areas surrounding the Po, which accounts for roughly a third of the country's agricultural production and suffered its worst drought for 70 years.
"We are in a water deficit situation that has been building up since the winter of 2020-2021," climate expert Massimiliano Pasqui from Italian scientific research institute CNR was quoted as saying by daily Corriere della Sera.
"We need to recover 500 millimetres in the north-western regions: we need 50 days of rain," he added.
Water levels on Lake Garda in northern Italy have fallen to record lows, making it possible to reach the small island of San Biagio on the lake via an exposed pathway.
An anticyclone has been dominating the weather in western Europe for 15 days, bringing mild temperatures more normally seen in late spring.
Latest weather forecasts do however signal the arrival of much-needed precipitation and snow in the Alps in coming days. (Reuters)
February
Russia targets Netherlands' North Sea infrastructure, says Dutch intelligence agency
Written by Nur Yasmin
Russia has in recent months tried to gain intelligence to sabotage critical infrastructure in the Dutch part of the North Sea, Dutch military intelligence agency MIVD said on Monday.
A Russian ship has been detected at an offshore wind farm in the North Sea as it tried to map out energy infrastructure, MIVD head General Jan Swillens said at a news conference.
The vessel was escorted out of the North Sea by Dutch marine and coast guard ships before any sabotage effort could become successful, he added.
"We saw in recent months Russian actors tried to uncover how the energy system works in the North Sea. It is the first time we have seen this," Swillens said.
"Russia is mapping how our wind parks in the North Sea function. They are very interested in how they could sabotage the energy infrastructure."
Dutch intelligence agencies MIVD and AIVD, in a joint report published on Monday, said critical offshore infrastructure such as internet cables, gas pipes and windmill farms had become the target of Russian sabotage activities.
"Russia is secretly charting this infrastructure and is undertaking activities which indicate preparations for disruption and sabotage", the agencies said.
Covert threats by Russia to water and energy supplies in the Netherlands were also conceivable, they added.
The Netherlands said on Saturday it would expel an undisclosed number of Russian diplomats as it accused Russia of continuously bringing in spies under diplomatic cover.
It also ordered Russia to close its trade mission in Amsterdam and said it would shut down the Dutch consulate in Saint Petersburg. (Reuters)
February
Pakistan current account deficit falls to $0.2 billion in Jan - cenbank
Written by Nur Yasmin
Pakistan’s current account deficit (CAD) dropped to $0.2 billion in January 2023, down 90% from last year as the rupee's depreciation slowed down imports, the central bank said on Monday.
In less than a month, the cash strapped nation’s currency has lost more than a quarter of its value against the U.S. dollar after the removal of artificial caps, and fuel prices have risen by more than a fifth as the government implemented fiscal measures required to unlocking funds from an International Monetary Fund (IMF) bailout.
During the first seven months of the current fiscal year, the country’s current account deficit decreased by 67% to $3.8 billion, compared with a deficit of $11.6 billion during the same period last year.
“This monthly deficit is lowest after 25 months, and lower than expectations,” said Mohammad Sohail, CEO of Topline Securities. Sohail, citing the falling currency. The weaker currency has made imports more expensive, effectively slashing them.
Tahir Abbas, Head of Research at Arif Habib Limited said that imports under machinery group and transport group have gone down 47% and 61% respectively was primarily due to stringent administrative measures taken by the State Bank of Pakistan (SBP) in addition to the an economic slowdown. (Reuters)
February
New Zealand's cyclone death toll at 11, thousands still missing
Written by Nur Yasmin
The death toll from Cyclone Gabrielle in New Zealand climbed to 11 on Sunday as thousands of people remained missing a week after the storm struck the country's North Island.
The cyclone hit the island's northernmost region on Feb. 12 and tracked down the east coast, inflicting widespread devastation. Prime Minister Chris Hipkins has called Gabrielle New Zealand's biggest natural disaster this century.
On Sunday, police said two more people had died in hard-hit Hawke's Bay in circumstances related to the cyclone.
More fatalities are possible, Hipkins told reporters, saying 3,216 people had been determined to be OK, while police were trying to ascertain the status of more than 3,000 others.
Lives had been "turned upside down" by the disaster and recovery was a "steep mountain ahead", he said, pointing to disrupted telecommunications, shortages of fresh water and damaged roads still restricting access to some areas.
Supply chains were disrupted causing problems moving goods, many crops had been destroyed, and 28,000 homes were still without power, he said.
"The true extent of the devastation and loss become clearer with every passing day," the prime minister said.
A team from Fiji would leave for New Zealand in coming days to assist with recovery, one of 12 offers of international aid received so far, Hipkins said. Twenty-seven emergency workers from Australia are assisting with the relief effort.
Recovery efforts continued on Sunday, with teams from Auckland Council carrying out rapid building assessments on damaged homes in the coastal areas of Muriwai and Piha, about 60 km (40 miles) west of the nation's largest city, Auckland.
Emergency authorities and the military have been dropping critical supplies via helicopter to communities stranded since the cyclone, which washed away farms, bridges and livestock and inundated homes.
Police have sent an extra 100 officers to Hawke's Bay and nearby Tairawhiti, including to isolated areas, amid reports of looting.
“The police are working to maintain law and order," Hipkins said. (Reuters)
February
Disasters lower outlook for New Zealand interest rate rise
Written by Nur Yasmin
Expected damage to New Zealand's economy from severe weather over the past three weeks has prompted financial markets to downgrade the outlook for interest rate rises.
An initial disaster, flash flooding in Auckland, New Zealand's largest city, hit on Jan. 27. Then on Feb. 12 to 15 a cyclone hit the North Island, which includes Auckland.
"As the scale of the devastation has been gradually revealed, the market has all but priced out the chance of the RBNZ going ahead with the 75bp hike it signalled last November," said ANZ chief economist Sharon Zollner in a note, referring to the Reserve Bank of New Zealand (RBNZ).
"Indeed, it's now pricing a small chance of a pause or just a 25bp hike next week, which is fair," she added.
The flash flooding damaged roads across Auckland, closed businesses including the airport, destroyed houses, roads and crops. The cyclone then damaged still more roads, many of which are still closed, swept away rail track and grounded flights. Homes are flooded and communities cut off.
Tanker trucks cannot collect milk, some logging is suspended, and meat processing is reduced.
When Cyclone Gabrielle hit, picking had just begun on pip-fruit farms, whose production is worth about NZ$1 billion a year. Now the industry has lost not only 2023 product but many orchards are still inaccessible.
Among 25 economists polled by Reuters on Feb. 13-16, 20 expected the central bank to raise its policy rate by 50 basis points next week, even though the RBNZ Monetary Policy Statement in November had suggested a 75 basis point rise this month and an eventual peak of 5.5%.
The median from the Reuters poll now puts the peak at 5.25%.
No one has yet estimated the scale of the damage from the severe weather. But Finance Minister Grant Robertson told broadcaster TVNZ the cost to the government could be similar to the NZ$13.5 billion ($8.42 billion) it had spent rebuilding Christchurch after an earthquake in 2011.
"This will be a significant event financially for the government and for individuals, households, businesses, banks and insurers," he said.
Fifteen people are so far confirmed to have died in the two disasters.
A surge in prices looks likely from the disruption. Economists expect inflation, already running at a near three-decade high of 7.2%, to rise as the country replaces homes and contents and repairs infrastructure. Loss of crops will push up food prices.
That would normally be a reason for a central bank to lift interest rates further, but some economists expect the RBNZ to look past the sudden rise as being temporary.
Still, Kiwibank chief economist Jarrod Kerr said the central bank should pause hikes until the effect of the cyclone can be understood.
"Current circumstances warrant caution. But what we think they should do is not what they will likely do," said Kerr.
After the Christchurch earthquake, the central bank cut its policy rate due to concerns about the economy. (Reuters)
February
New Zealand says cyclone damage could exceed $8 billion
Written by Nur Yasmin
New Zealand warned on Monday the final cost of the devastating Cyclone Gabrielle, which has left at least 11 people dead, could rise above $8 billion as authorities announced emergency funding to help in the recovery efforts.
The cyclone hit the North Island's northernmost region on Feb. 12 and tracked down the east coast, inflicting widespread destruction. Prime Minister Chris Hipkins has called Gabrielle New Zealand's biggest natural disaster this century.
"The required investment to reconnect our communities and future-proof our nation's infrastructure is going to be significant and it will require hard decisions," said Hipkins at a news conference announcing an emergency NZ$300 million ($187.08 million) cyclone relief package.
Earlier on Monday Finance Minister Grant Robertson said the total cost to government could be similar to the NZ$13.5 billion (8.42 billion) it spent rebuilding Christchurch after the devastating 2011 earthquake.
Robertson has been appointed Cyclone Recovery Minister, in addition to his existing portfolio.
The interim package provides NZ$250 million to fix critical roads across disaster hit regions, and a further NZ$50 million in emergency support was set aside for businesses and primary producers. More relief and re-building funding from the government is expected.
Hipkins also extended the national state of emergency, which was declared last week for only the third time in its history, a further seven days to help the recovery and relief efforts.
Police have confirmed 11 deaths in circumstances related to the cyclone, most of those have been in Hawke’s Bay in the North Island. Roughly 2,200 people are still unaccounted for.
New Zealand police commissioner Andrew Coster told the AM Show on Monday the number of deaths would likely rise, adding that difficulty with communications is hampering efforts to make contact with affected people.
New Zealand has deployed 60 Starlink satellites, built by Elon Musk-owned SpaceX, with another 30 on the way, to plug gaps in the telecommunications network as roughly 15,000 people across the North Island remain without power.
Recovery efforts are continuing with search and rescue teams still working in cyclone damaged areas, while power and telecommunications remain down for some homes. Roads are closed and people are reporting issues getting cash. (Reuters)
February
Pakistan current account deficit falls to $0.2 billion in Jan - cenbank
Written by Nur Yasmin
Pakistan’s current account deficit (CAD) dropped to $0.2 billion in January 2023, down 90% from last year as the rupee's depreciation slowed down imports, the central bank said on Monday.
In less than a month, the cash strapped nation’s currency has lost more than a quarter of its value against the U.S. dollar after the removal of artificial caps, and fuel prices have risen by more than a fifth as the government implemented fiscal measures required to unlocking funds from an International Monetary Fund (IMF) bailout.
During the first seven months of the current fiscal year, the country’s current account deficit decreased by 67% to $3.8 billion, compared with a deficit of $11.6 billion during the same period last year.
“This monthly deficit is lowest after 25 months, and lower than expectations,” said Mohammad Sohail, CEO of Topline Securities. Sohail, citing the falling currency. The weaker currency has made imports more expensive, effectively slashing them.
Tahir Abbas, Head of Research at Arif Habib Limited said that imports under machinery group and transport group have gone down 47% and 61% respectively was primarily due to stringent administrative measures taken by the State Bank of Pakistan (SBP) in addition to the an economic slowdown. (Reuters)
February
Japan PM says to host G7 summit with Ukraine's Zelenskiy on Friday
Written by Nur Yasmin
Prime Minister Fumio Kishida said on Monday Japan will host an online Group of Seven (G7) summit meeting on Friday with Ukrainian President Volodymyr Zelenskiy.
Japan is also planning to pledge another $5.5 million in aid to Ukraine, Kishida told an online global event.
The aim of the meeting is to confirm support for Ukraine and continuation of sanctions against Russia, and to demonstrate the group's unity, Japanese news agency Kyodo wrote. (Reuters)
February
Philippines, U.S. discuss joint coast guard patrols in South China Sea
Written by Nur Yasmin
The Philippines and the United States are discussing conducting joint coast guard patrols, including in the South China Sea, a Manila official said on Monday.
With overlapping sovereign claims in the strategic waterway, the Philippines has ramped up rhetoric against what it describes as China's "aggressive activities" in the South China Sea, which has also become a flashpoint for Chinese and U.S. tensions around naval operation.
The Philippines and the United States are discussing conducting joint coast guard patrols, including in the South China Sea, a Manila official said on Monday.
With overlapping sovereign claims in the strategic waterway, the Philippines has ramped up rhetoric against what it describes as China's "aggressive activities" in the South China Sea, which has also become a flashpoint for Chinese and U.S. tensions around naval operation.
"There is already a clear path of possibility since the Defense Department of the United States has also supported the joint patrol with the Philippine navy and the U.S. navy so there is a certainty for this particular joint patrols to happen between the coast guard of both countries," Tarriela said.
"There is also a possibility that it will be conducted in the South China Sea in support of the freedom of navigation of the United States government," he said.
Rommel Jude Ong, former vice commander of the Philippine Navy, told Reuters on Monday, the idea of a coast guard deployment in the South China Sea instead of the navy will "mitigate any miscalculation and prevent China from finding an excuse to escalate tension" in the waterway.
Earlier this month, the PCG accused China's coast guard of aiming a "military-grade laser" against its vessel supporting a resupply mission for troops on an atoll, temporarily blinding its crew, prompting expressions of concern from other countries including Japan, Australia and the United States.
China has refuted the PCG's account, which it said did not reflect the truth.
The Chinese Embassy in Manila did not immediately respond to a request for comment on the joint patrols.
Philippine President Ferdinand Marcos Jr last week summoned China's ambassador to relay his concern over the frequency and intensity of China's actions in the South China Sea. (Reuters)
February
EU imposes sixth set of sanctions on Myanmar officials, firms over coup
Written by Nur Yasmin
The European Union on Monday imposed a sixth round of sanctions on Myanmar over the 2021 military coup that overthrew elected leader Aung Suu Kyi and sparked global outrage.
The new sanctions target nine persons and seven entities and include the energy minister, prominent businessmen, high-ranking officers and departments of the defence ministry and private companies supplying fuel, arms and funds to the military.
In total, EU sanctions now apply to 93 individuals and 18 entities in the Southeast Asian country.
Myanmar has been in turmoil since the coup with a resistance movement fighting the military on multiple fronts after a bloody crackdown on opponents that saw Western sanctions reimposed.
Around 1.2 million people have been internally displaced and over 70,000 have left the country, the U.N. High Commissioner for Human Rights said in a report in March last year. It accused the military of war crimes and crimes against humanity.
Myanmar's military has said it has a duty to ensure peace and security and denied atrocities have taken place, saying it is carrying out a legitimate campaign against "terrorists". (Reuters)