Stock Markets
Flooded Greek lake a warning to European farmers battling climate change
© Reuters. An irrigation hose reel is partially submerged by floodwater, following the extreme flooding of last September, near the village of Stefanovikeio, Greece, February 17, 2024. REUTERS/Alkis Konstantinidis
2/5
By Angeliki Koutantou
KANALIA, Greece (Reuters) – Sitting in a small motorboat, farmer Babis Evangelinos glides over land he once cultivated on the Thessaly plain in central Greece, the nearby trunks of his fruitless almond trees submerged by floodwater.
His small plot, near Lake Karla, is among tens of thousands of acres of cotton fields, almond trees and grazing lands that were wiped out by unprecedented flooding last year in one of Greece’s key breadbaskets.
Five months on, much of the area – and a lot of expensive equipment – remain underwater. A pumping station meant to stop flooding is marooned in a shallow lake. Pelicans and herons, previously uninterested in the once dry plain, swoop overhead.
“I could never have imagined I would have to board a boat to get to see my land,” said Evangelinos as he drifted by his sodden trees. “Work of a lifetime ruined, gone in three, four days of rain.”
The situation has fuelled anger among farmers who, like many across Europe, have found their livelihoods under threat from rising costs and climate change, and created a headache for governments expected to pay the bill.
Farmers from India to France and Poland have taken to the streets in recent days, bemoaning competition from abroad, a lack of government support and low prices. Thousands descended on central Athens on Tuesday calling for more aid.
Greece has been buffeted by extreme weather too. Wildfires ripped through the north last year, then Storm Daniel dumped 18 months of rain in four days in September, raising questions about the Mediterranean country’s ability to deal with an increasingly erratic climate. It also offers a warning of what other countries further north may face in future.
Daniel and another storm, Elias, flooded about 35,000 acres near Lake Karla in Thessaly plain, which accounts for 25% of Greece’s agricultural produce and 5% of GDP. Some 30,000 farmers were impacted across the province.
Lake Karla had been drained in the 1960s to increase farmland and a small part of it was recovered in recent years, only for 450-500 million cubic metres of water to rush back in during the floods. The area near the Lake has a small man-made outlet, and HVA, a Dutch agricultural company hired by the government to assess the damage, said it could take up to two years for the water to subside.
Evangelinos had just picked a one-tonne batch of almonds before the rain came and washed it away. He would normally expect 10 tonnes over the season, about 20,000 euros worth, but managed just 40% of that. Now he is not sure how he will pay for his two daughters’ university expenses.
“It’s very sad. Because those trees you see now being 20 and 30 years old, you grow them out of a small branch.”
FARMERS’ STRUGGLE
Responding to farmers’ protests over rising costs, Greece’s government has offered discounts on power bills and extended a tax rebate for diesel. It’s not clear if the government, cash-strapped after a decade-long financial crisis, will offer more.
In Thessaly, farmers have so far received 150 million euros ($162 million) in compensation for the flooding. The government said another 110 million euros will come in July.
Many say they want more. Farmers from near Lake Karla attended Wednesday’s protests in Athens. One tractor parked in the central square bore a placard that read: “Karla. 180,000 stremmas underwater,” referring to a land measurement used in Greece. “We want our fields back.”
Local authorities have proposed speeding up the recovery by using floating machines to pump out the water as early as April in one area, said Thessaly governor Dimitris Kouretas.
“There are several thousands of families living here. Do we want them to go?” he said.
Some already have.
Vangelis Peristeropoulos, 35, a father of two, lost nearly all his 640 pigs and sheep in Stefanovikeio, another town near the lake. He took a job as a truck driver at the port city of Volos in November to make ends meet.
“When we saw the catastrophe and that there was nothing we could do, we looked for another job because expenses kept running.”
Evangelinos is staying put for now. He says once the soil dries out, experts will have to analyse it and make sure it is fit for cultivation. He hopes to uproot damaged trees and plant new ones.
“What I want is to set foot on the muddy land and start cultivating all over again.”
($1 = 0.9244 euros)
Stock Markets
Palantir, Anduril join forces with tech groups to bid for Pentagon contracts, FT reports
(Reuters) – Data analytics firm Palantir Technologies (NASDAQ:) and defense tech company Anduril Industries are in talks with about a dozen competitors to form a consortium that will jointly bid for U.S. government work, the Financial Times reported on Sunday.
The consortium, which could announce agreements with other tech groups as early as January, is expected to include SpaceX, OpenAI, autonomous shipbuilder Saronic and artificial intelligence data group Scale AI, the newspaper said, citing several people with knowledge of the matter.
“We are working together to provide a new generation of defence contractors,” a person involved in developing the group told the newspaper.
The consortium will bring together the heft of some of Silicon Valley’s most valuable companies and will leverage their products to provide a more efficient way of supplying the U.S. government with cutting-edge defence and weapons capabilities, the newspaper added.
Palantir, Anduril, OpenAI, Scale AI and Saronic did not immediately respond to a Reuters request for comment. SpaceX could not be immediately reached for a comment.
Reuters reported earlier this month that President-elect Donald Trump’s planned U.S. government efficiency drive involving Elon Musk could lead to more joint projects between big defense contractors and smaller tech firms in areas such as artificial intelligence, drones and uncrewed submarines.
Musk, who was named as a co-leader of a government efficiency initiative in the incoming government, has indicated that Pentagon spending and priorities will be a target of the efficiency push, spreading anxiety at defense heavyweights such as Boeing (NYSE:) , Northrop Grumman (NYSE:) , Lockheed Martin (NYSE:) and General Dynamics (NYSE:) .
Musk and many small defense tech firms have been aligned in criticizing legacy defense programs like Lockheed Martin’s F-35 fighter jet while calling for mass production of cheaper AI-powered drones, missiles and submarines.
Such views have given major defense contractors more incentive to partner with emerging defense technology players in these areas.
Stock Markets
Weakened Iran could pursue nuclear weapon, White House’s Sullivan says
By Simon Lewis (JO:)
(Reuters) -The Biden administration is concerned that a weakened Iran could build a nuclear weapon, White House National Security Adviser Jake Sullivan said on Sunday, adding that he was briefing President-elect Donald Trump’s team on the risk.
Iran has suffered setbacks to its regional influence after Israel’s assaults on its allies, Palestinian Hamas and Lebanon’s Hezbollah, followed by the fall of Iran-aligned Syrian President Bashar al-Assad.
Israeli strikes on Iranian facilities, including missile factories and air defenses, have reduced Tehran’s conventional military capabilities, Sullivan told CNN.
“It’s no wonder there are voices (in Iran) saying, ‘Hey, maybe we need to go for a nuclear weapon right now … Maybe we have to revisit our nuclear doctrine’,” Sullivan said.
Iran says its nuclear program is peaceful, but it has expanded uranium enrichment since Trump, in his 2017-2021 presidential term, pulled out of a deal between Tehran and world powers that put restrictions on Iran’s nuclear activity in exchange for sanctions relief.
Sullivan said that there was a risk that Iran might abandon its promise not to build nuclear weapons.
“It’s a risk we are trying to be vigilant about now. It’s a risk that I’m personally briefing the incoming team on,” Sullivan said, adding that he had also consulted with U.S. ally Israel.
Trump, who takes office on Jan. 20, could return to his hardline Iran policy by stepping up sanctions on Iran’s oil industry.
Sullivan said Trump would have an opportunity to pursue diplomacy with Tehran, given Iran’s “weakened state.”
“Maybe he can come around this time, with the situation Iran finds itself in, and actually deliver a nuclear deal that curbs Iran’s nuclear ambitions for the long term,” he said.
Stock Markets
Ukraine says Russian general deliberately targeted Reuters staff in August missile strike
(Reuters) -Ukraine’s security service has named a Russian general it suspects of ordering a missile strike on a hotel in eastern Ukraine in August and said he acted “with the motive of deliberately killing employees of” Reuters.
The Security Service of Ukraine (SBU) said in a statement on Friday that Colonel General Alexei Kim, a deputy chief of Russia’s General Staff, approved the strike that killed Reuters safety adviser Ryan Evans and wounded two of the agency’s journalists on Aug. 24.
In a statement posted on Telegram messenger the SBU said it was notifying Kim in absentia that he was an official suspect in its investigation into the strike on the Sapphire Hotel in Kramatorsk, a step in Ukrainian criminal proceedings that can later lead to charges.
In a separate, 15-page notice of suspicion, in which the SBU set out findings from its investigation, the agency said that the decision to fire the missile was made “with the motive of deliberately killing employees of the international news agency Reuters who were engaged in journalistic activities in Ukraine”.
The document, which was published on the website of the General Prosecutor’s Office on Friday, said that Kim had received intelligence that Reuters staff were staying in Kramatorsk. It added that Kim would have been “fully aware that the individuals were civilians and not participating in the armed conflict”.
The Russian defence ministry did not respond to a request for comment on the SBU’s findings and has not replied to previous questions about the attack. The Kremlin also did not respond to a request for comment. Kim did not reply to messages sent by Reuters to his mobile telephone seeking comment about the SBU’s statement and whether the strike deliberately targeted Reuters staff.
The SBU did not provide evidence to support its claims, nor say why Russia targeted Reuters. In response to questions from the news agency, the security agency declined to provide further details, saying its criminal investigation was still under way and it was therefore not able to disclose such information.
Reuters has not independently confirmed any of the SBU’s claims.
Reuters said on Friday: “We note the news today from the Ukrainian security services regarding the missile attack on August 24, 2024, on the Sapphire Hotel in Kramatorsk, a civilian target more than 20 km from Russian-occupied territory.”
“The strike had devastating consequences, killing our safety adviser, Ryan Evans, and injuring members of our editorial team. We continue to seek more information about the attack. It is critically important for journalists to be able to report freely and safely,” the statement said.
Reuters declined to comment further on the allegation that its staff were deliberately targeted.
The SBU statement said Kim had been named a suspect under two articles of the Ukrainian criminal code: waging an aggressive war and violating the laws and customs of war.
“It was Kim who signed the directive and gave the combat order to fire on the hotel, where only civilians were staying,” it said.
Evans, a 38-year-old former British soldier who had worked as a safety adviser for Reuters since 2022, was killed instantly in the strike.
The SBU statement gave some details about how the strike had occurred, according to its investigation.
“To carry out the attack, the Russian colonel general involved one of his subordinate missile forces units,” the Ukrainian agency said, adding that the strike was carried out with an Iskander-M ballistic missile.
The SBU did not identify the specific unit.
Ivan Lyubysh-Kirdey, a videographer for the news agency who was in a room across the corridor, was seriously wounded. Kyiv-based text correspondent Dan Peleschuk was also injured.
The remaining three members of the Reuters team escaped with minor cuts and scratches.
- Forex2 years ago
Forex Today: the dollar is gaining strength amid gloomy sentiment at the start of the Fed’s week
- Forex2 years ago
How is the Australian dollar doing today?
- Forex2 years ago
Unbiased review of Pocket Option broker
- Forex2 years ago
Dollar to pound sterling exchange rate today: Pound plummeted to its lowest since 1985
- Cryptocurrency2 years ago
What happened in the crypto market – current events today
- World2 years ago
Why are modern video games an art form?
- Commodities2 years ago
Copper continues to fall in price on expectations of lower demand in China
- Forex2 years ago
The dollar is down again against major world currencies