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Second-quarter annual growth came in at 2.9%, central bank data showed. The economy is facing downside risks stemming from weaker-than-expected global growth, and a deeper or longer-than-expected technology downcycle," Governor Abdul Rasheed Ghaffour told a news conference. While he does not expect a worldwide recession, the governor said global growth will be below the long-term average. Malaysian consumers are also likely to be cautious in their spending going forward, leading to slower economic growth in the second half, he said. On Friday, the central bank said while cost pressures have eased, headline and core inflation will moderate further in the second half partly due to a higher comparative base last year.

Persons: Abdul Rasheed Ghaffour, El Nino, Abdul Rasheed, Mohd Afzanizam Abdul Rashid, Mohd Afzanizam, Alex Holmes, Holmes, BNM, Mei Mei Chu, Martin Petty, Jacqueline Wong Organizations: China, Reuters, Bank Negara, Bank Muamalat, Oxford Economics, U.S, Thomson Locations: KUALA LUMPUR, Bank, Bank Negara Malaysia, Malaysia, Bank Muamalat Malaysia

☆ Exclusive: India faces record low August rains, threatening summer crops
▼ + stars: | 2023-08-18 | by ( Rajendra Jadhav | ) www.reuters.com time to read: +3 min

August rainfall, expected to be the lowest since records began in 1901, could dent yields of summer-sown crops, from rice to soybeans, boosting prices and overall food inflation, which jumped in July to the highest since January 2020. India received just 90.7 mm (3.6 inches) in the first 17 days of August, nearly 40% lower than the normal. "Normally, we experience a dry spell of five to seven days in August," said the official, who also spoke on condition of anonymity. "However, this year the dry spell has been unusually prolonged in southern India. This monsoon has been uneven, with June rains 10% below average but July rains rebounding to 13% above average.

Persons: Amit Dave, El, Harish Galipelli, Rajendra Jadhav, Tony Munroe, Clarence Fernandez Organizations: REUTERS, Rights, Reuters, India Meteorological Department, IMD, El Nino, Commodities India, Ltd, Thomson Locations: Ahmedabad, India, El, Pacific, Kerala

☆ Pacific island sea levels rising faster than global average, WMO says
▼ + stars: | 2023-08-18 | by ( ) www.reuters.com time to read: +2 min

[1/2] The morning's first rays of sunlight hit the island community of Serua Village, Fiji, July 15, 2022. As the community runs out of ways to adapt to the rising Pacific Ocean, the 80 villagers face the painful decision whether to move. REUTERS/Loren Elliott/File Photo Acquire Licensing RightsCompanies World Meteorological Organization FollowGENEVA, Aug 17 (Reuters) - Sea levels in the South-West Pacific are rising faster than the global average, threatening low-lying islands while heat damages marine ecosystems, the U.N. meteorological agency said on Friday. In its State of the Climate in the South-West Pacific 2022 report, the World Meteorological Organization (WMO) said water levels were rising about 4 mm per year in some areas, slightly above the global mean rate. "This will have a big impact on the South-West Pacific region as it is frequently associated with higher temperatures, disruptive weather patterns and more marine heatwaves and coral bleaching," Taalas said in a statement.

Persons: Loren Elliott, Petteri Taalas, El, Taalas, Gabrielle Tétrault, Farber, Andrew Cawthorne Organizations: REUTERS, World, GENEVA, South -, World Meteorological Organization, WMO, -, Thomson Locations: Serua Village, Fiji, South, South - West, Tuvalu, Solomon Islands, Australia, Papua New Guinea, - West Pacific, Philippines

☆ Conditions are ripe for a global coral bleaching event: ‘Florida is just the tip of the iceberg’
▼ + stars: | 2023-08-18 | by ( Catherine Clifford | In Catclifford | ) www.cnbc.com time to read: +8 min

NOAA, coral reefs, Florida Keys, coral reefs, coral bleaching, climate change, warm oceansCoral reefs off the coast of Florida are being hit by a mass bleaching event due to record high ocean temperatures, and early indications suggest a global mass bleaching event could be underway. The Sentinel climate research and monitoring site in the Florida Keys has recorded 100% coral bleaching since late July. There have been eight mass coral bleaching events that have impacted the entire Florida Keys since 1987, Manzello said. "We're talking about thousands upon thousands of miles of coral reefs undergoing severe bleaching heat stress," Manzello said. "Now, it's still way too early to predict whether or not there will be a global bleaching event, but if we compare what is happening right now to what happened in the beginning of the past global bleaching event, things are worse now than they were in 2014 to 2017."

Persons: Derek Manzello, Ian Enochs, They're, Enochs, Manzello, zooxanthellae, El Nino, Andy Bruckner, Bruckner, what's, Jennifer Koss, Koss Organizations: NOAA, National Oceanic, Reef Watch, Oceanographic, Meteorological Laboratory, Southeast, Florida Keys, Florida Keys National, Islands, Reef Conservation Locations: Florida, Southeast Florida, Columbia, Cuba, El, Costa Rica, El Salvador, Mexico, Panama, Belize, Panama , Puerto Rico, elkhorn

☆ As gas prices hit 10-month highs, Citi warns major hurricanes could ‘massively’ disrupt supplies
▼ + stars: | 2023-08-17 | by ( Matt Egan | ) edition.cnn.com time to read: +4 min

Oil prices could still fallFor consumers, the good news is that, outside of the risk of a bad hurricane season, Citi is bearish on oil prices. The Wall Street bank’s baseline forecast is that oil prices will drop in the coming months, a scenario that would cool gas prices. “It’s something we certainly keep a close eye on,” a White House official told CNN earlier this week. As recently as Memorial Day and July 4th, consumers were saving big on gas prices when measured against the same point last year. “Energy markets are volatile and gas prices can fluctuate,” the White House official told CNN.

Persons: Hilary, Joe Biden’s, “, CNN’s Erin Burnett, Janet Yellen, heatwaves Organizations: CNN, AAA, That’s, Citigroup, National Hurricane Center, Coast, Citi, White, “ Energy, White House Locations: Russia, Saudi Arabia, Gulf of Mexico, Mexico, California, Washington, Colorado , Arizona, Illinois, AAA . Indiana , Pennsylvania, New York

☆ Oceans absorb 90% of the heat from climate change — here's why record ocean temps are so harmful
▼ + stars: | 2023-08-16 | by ( Catherine Clifford | In Catclifford | ) www.cnbc.com time to read: +22 min

"Over 90 percent of the excess energy on earth due to climate change is found in warmer oceans, some of it in surface oceans and some at depth." Put simply, the greenhouse gases serve to trap more heat, some of which is absorbed by the ocean," Kirtman told CNBC. In addition to the daily record on July 31, the monthly sea surface temperature for July was the hottest July on record, "by far," Copernicus said. CopernicusThese record sea surface temperatures arise from multiple factors, including the El Niño weather pattern, which is currently in effect. "These climate variations occur when sea surface temperature patterns of warming and cooling self-reinforce by changing patterns of winds and precipitation that deepen the sea surface temperature changes."

Persons: Baylor, Carlos E, Del Castillo, Castillo, Benjamin Kirtman, Kirtman, Copernicus, Gavin Schmidt, Kemper, Zeke Hausfather, Sarah Kapnick, Kapnick, Kempler, Hurricane Ian, Michael Lowry, Lowry, Rainer Froese, Daniel Pauly, Pauly, Vigfus, pollack, Sean Gallup, Lorenz Hauser, Hauser, Froese, Phanor Montoya, Javier, Carolyn Cole, Hans W, Paerl, Justin Sullivan, Christopher Gobler, Gobler, Gary Griggs, Kimberly McKenna, Angela Weiss, Griggs, it's, Judith Kildow, Kildow, It's Organizations: International, Baylor Fox, Kemper, Brown University, CNBC, Ecology Laboratory, NASA, University of Miami, NASA Goddard Institute for Space Studies, Fox, El, Oceanic Atmospheric Administration, heatwave, NOAA, Northern Hemisphere, Miami Herald, Tribune, Service, Getty, Helmholtz, Ocean Research, University of British Columbia's Institute, Fisheries, School of, Fishery Sciences, Restoration Foundation, Coral Restoration Foundation, Looe Key, Los Angeles Times, University of North, Chapel Hill's Institute of Marine Sciences, Berkeley Marina, San, Quality, Centers for Disease Control, Stony Brooke University's School of Marine, Atmospheric Sciences, University of California, Stockton University Coastal Research, Afp, Ocean Economics Locations: Florida, El, Pacific, Berkeley, Fort Myers, Hurricane, Germany, New York, Nova Scotia, Hofn, Hornafjordur, Iceland, Seattle, Alaska, Looe, University of North Carolina, San Francisco Bay, Berkeley , California, San Francisco, Europe, Santa Cruz, Atlantic City , New Jersey, Atlantic City, Antarctica, Greenland

☆ Focus: Colombia's potential renewables boom short circuits on Indigenous resistance
▼ + stars: | 2023-08-15 | by ( Nelson Bocanegra | ) www.reuters.com time to read: +7 min

Solar photovoltaic array is seen at a solar power field of the company Celsia, in Yumbo, Colombia, February 6, 2019. Joanna Barney, a researcher at non-governmental organization Indepaz said she was aware of the deaths associated with conflicts over renewables projects. Renewables - even if ostensibly more environmentally-friendly - are facing hurdles similar to those confronted by oil and mining companies, long Colombia's top sources of income. Wind and solar provide less than 1% - about 300 megawatts - of Colombia's current energy generation. "The projects aren't operating and it doesn't seem like they will start in the next two years," said Alejandro Lucio of Optima Consultores, which advises renewables companies.

Persons: Julia Symmes Cobb, Gustavo Petro, Italy's, Petro, Jose Silva, Silva, Enel, Colombia Erik Hoeg, Hoeg, Joanna Barney, Indepaz, Alexandra Hernandez, Alejandro Lucio, Optima, Nelson Bocanegra, Christian Plumb Organizations: REUTERS, University of La, EDP Renewables, Brookfield Asset Management, AES, El, Nacion, Reuters, Renewables, Colombian Renewable Energy Association, Thomson Locations: Yumbo, Colombia, BOGOTA, Colombia's La Guajira, Guajira, University of La Guajira, Energi, Brookfield, La Guajira, Colombia's, Europe, Chile, Mexico

☆ Earth just had its hottest July 'by a long shot,' NASA and NOAA say
▼ + stars: | 2023-08-14 | by ( Denise Chow | ) www.cnbc.com time to read: +4 min

NASA and NOAA together found that last month's average global surface temperature was 2.02 degrees Fahrenheit above the 20th-century average. Last month was also the fourth consecutive month that global ocean surface temperatures hit a record high, the scientists said. This trend in ocean warming carries far-reaching consequences, he said. Changes in ocean temperatures can also have enormous impacts on marine species and their broader ecosystems, he said. This phenomenon is characterized by warm ocean surface temperatures in parts of the Pacific Ocean and tends to boost global temperatures and influence weather conditions around the world.

Persons: Sarah Kapnick, Carlos Del Castillo, Del Castillo, El, Gavin Schmidt, El Niño, Kapnick Organizations: NASA, National Oceanic, Atmospheric Administration, NOAA, Ecology Laboratory, NASA Goddard Space Flight, Northern, NASA Goddard Institute for Space Studies, 533rd, El Locations: Greenbelt , Maryland, New York, El

☆ American breakers ready for Paris 2024 spotlight
▼ + stars: | 2023-08-13 | by ( Amy Tennery | ) www.reuters.com time to read: +3 min

Olympic rings to celebrate the IOC official announcement that Paris won the 2024 Olympic bid are seen in front of the Eiffel Tower at the Trocadero square in Paris, France, September 14, 2017. REUTERS/Christian Hartmann/File photoNEW YORK, Aug 13 (Reuters) - Olympic breaking hopefuls are getting ready for the Paris 2024 spotlight, taking on a decidedly athletic approach to an event that straddles the line between sport and art form. But a potential ticket to Paris is an entirely different matter for him. "I always thought that we had the potential to be as big as to be on a platform like the Olympics... He expects to compete in next month's World Championship in Belgium, where he could potentially book his spot for the Games next July and August.

Persons: Christian Hartmann, Breaker El Nino, Missy Elliott, Alexander Raimon Diaz, Diaz, Victor Montalvo, Montalvo, Amy Tennery, Clare Fallon Organizations: IOC, Paris, REUTERS, Olympic, United States Olympic, Games, Reuters, Bull, Thomson Locations: Paris, France, Colorado Springs, Belgium, Red, New York

☆ OPEC’s oil sweet spot may not last long
▼ + stars: | 2023-08-11 | by ( Yawen Chen | ) www.reuters.com time to read: +5 min

True, a likely El Niño weather event could bring a colder winter, boosting demand for gas and oil. Saudi Arabia has already extended its extra million barrels per day cut until September. At the same time Saudi Arabia pledged a voluntary production cut for July that it has since extended to include August and September. Saudi Arabia told OPEC that it cut output by 943,000 barrels per day (bpd) in July to 9.013 million bpd, Reuters reported on Aug. 10. OPEC’s total output fell by 836,000 bpd to 27.31 million bpd in the same month.

Persons: Prince Abdulaziz bin Salman, Goldman Sachs, Abdulaziz’s, Joe Biden, Neil Unmack, Oliver Taslic Organizations: Reuters, of, Petroleum, OPEC, International Energy Agency, Federal Reserve, Traders, U.S, Federal, Organization of, Brent, West Texas, Thomson Locations: Saudi, Russia, OPEC, Saudi Arabia, U.S, China, Gulf Coast, Iran

☆ Domino effect: India rice export ban puts market on edge for copycat curbs
▼ + stars: | 2023-08-11 | by ( Rajendra Jadhav | ) www.reuters.com time to read: +6 min

New Delhi had already restricted lower quality broken rice supplies in 2022. In 2008, rice prices reached a record high above $1,000 per ton after India, Vietnam, Bangladesh, Egypt, Brazil and other small producers restricted exports. CHAIN REACTIONGlobal prices have risen by around 20% since India's ban. This week, rice prices in Thailand and Vietnam soared to 15-year highs as buyers rushed to cover shipments to compensate for the decline in India's exports. Rao said only Indian supplies can restore equilibrium in the global rice market.

Persons: Nitin Gupta, Trade Nguyen Hong Dien, Rice, B.V, Krishna Rao, Rao, Peter Clubb, Rajendra Jadhav, Naveen Thukral, Khanh Vu, Panarat, Shri Navaratnam Organizations: REUTERS, Olam Agri, Reuters Graphics, Reuters, of Industry, Trade, Rice, Association of Pakistan, Association of India, International Grains Council, Thomson Locations: Kolkata, India, MUMBAI, New Delhi, Thailand, Vietnam, Delhi, Asia, Africa, Olam Agri India, Bangladesh, Egypt, Brazil, Pakistan, Philippines, China, Senegal, Nigeria, South Africa, Malaysia, Cote d'Ivoire, El, London, Singapore, Hanoi, Bangkok

☆ There should be no overall supply constraints in the rice market: Indian rice processing company
▼ + stars: | 2023-08-11 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailThere should be no overall supply constraints in the rice market: Indian rice processing companyAshish Jain, CFO of India's largest basmati rice exporter KRBL, says forecasts from the U.S. Department of Agriculture support that outlook, but adds that factors such as El Nino could threaten the supply of rice in the short term.

Persons: Ashish Jain, El Nino Organizations: India's, KRBL, U.S . Department of Agriculture, El

☆ U.S. forecasters raise 2023 hurricane forecast
▼ + stars: | 2023-08-10 | by ( Erwin Seba | ) www.reuters.com time to read: +3 min

REUTERS/Marco Bello/File PhotoHOUSTON, Aug 10 (Reuters) - U.S. government forecasters on Thursday said they expect a more dangerous Atlantic storm season than previously projected, raising their Atlantic hurricane outlook due to high sea surface temperatures. In May, NOAA had predicted 12-17 named storms, 5-8 hurricanes and one to four major hurricanes. An average Atlantic season has 14 named storms, seven hurricanes and three major hurricanes. NOAA's forecast was raised "to account for record warm sea surface temperatures in the Atlantic," said meteorologist Matthew Rosencrans with the agency’s Climate Prediction Center. "We normally have our 4th named storm on August 14th and first hurricane on August 11th, and we are at 4 named storms and one hurricane."

Persons: Hurricane Ida, Marco Bello, Matthew Rosencrans, El, El Nino, Jim Foerster, Chris Hewitt, Erwin Seba, Gloria Dickie, John Stonestreet Organizations: REUTERS, U.S . National Oceanic, Atmospheric Administration, NOAA, Colorado State University, El Nino, El, World Meteorological Organization, Thomson Locations: Louisiana, Montegut , Louisiana, U.S, Pacific, United States, Hawaii, El Nino, Gulf, Mexico, Coast, Texas , Louisiana, Mississippi, London

☆ Global rice prices surge close to 12-year highs, and could rise even more
▼ + stars: | 2023-08-10 | by ( Lee Ying Shan | ) www.cnbc.com time to read: +1 min

Rice trader displays variety of rice samples at a wholesale store, in Guwahati, Assam, India on August 2, 2023. Rice prices surged to their highest in almost 12 years on the back of India's rice export ban and adverse weather conditions that could impact production, said the United Nations' food agency. The Food and Agriculture Organization All Rice Price Index for July rose by 2.8% to 129.7 points. El Nino is a climate phenomenon marked by extreme temperatures and weather conditions that could interrupt lives and livelihoods. 20, as the government seeks to keep a cap on soaring food prices at home, and ensure there are enough supplies domestically "at reasonable prices."

Persons: Rice, El Nino Organizations: United Nations, Agriculture, Rice, Index, FAO, El Nino Locations: Guwahati, Assam, India, United, Thailand, El

☆ Record hot ocean temps could turbocharge the hurricane season, says NOAA
▼ + stars: | 2023-08-10 | by ( Catherine Clifford | In Catclifford | ) www.cnbc.com time to read: +4 min

Don was the first hurricane of the 2023 Atlantic hurricane season. Record hot ocean temperatures could turbocharge this hurricane season, according to scientists at the National Oceanic and Atmospheric Administration. NOAA scientists increased the chance that this year will be an above-normal Atlantic hurricane season to 60% on Thursday. In May, NOAA predicted a "near-normal" hurricane season with 30% likelihood of an above-normal Atlantic hurricane season. The revised estimate of 14 to 21 named storms puts this year close to last year when there were 14 named storms and relatively close to 2021, when there were 21 named storms.

Persons: Don, Atlantic . Don, Matthew Rosencrans, Rosencrans Organizations: National Oceanic, Atmospheric Administration, NOAA Locations: Atlantic, Gulf of Mexico, North Atlantic, Ready.gov

☆ CNBC Daily Open: Inflation, earnings and the American consumer
▼ + stars: | 2023-08-10 | by ( Clement Tan | ) www.cnbc.com time to read: +3 min

This report is from today's CNBC Daily Open, our new, international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. Hong Kong's Hang Seng Index dropped 0.95%, while mainland Chinese indexes extended their losses. Markets are waiting for Thursday's July consumer price index report, which will likely show that the pace of price increases is easing — but not enough to get the Federal Reserve to retreat on its inflation fight. The Food and Agriculture Organization All Rice Price Index for July rose 19.7% from a year ago to its highest nominal value since September 2011.

Persons: Hong, Joe Biden's Organizations: CNBC, Nikkei, Dow Jones, Nasdaq, Federal Reserve, Ministry, Disney, Wall, United Nations, Agriculture, Rice, Index Locations: China, —, Beijing, China , Hong Kong, Macao, Panama, United, Thailand

[1/2] Storelv river flows through Hoenefoss Center as the extreme weather "Hans" is expected to cause significant water damage in the coming days, in Hoenefoss, Norway, August 9, 2023. NORWAY OUT. Strong winds, intense rain and landslides hit the Nordic region earlier this week, knocking out power lines and bringing public transport to a standstill. According to the institute, data shows that precipitation in Norway has increased by around 18% over the last 100 years, with the biggest rise taking place in the last 30-40 years. Jana Sillmann, a research director at the Oslo-based Centre for International Climate Research, said extreme weather events, such as the torrential rain seen this week, will be more frequent as the climate warms.

Persons: NTB, Annika Byrde, Read, Ingvild Villa, Jana Sillmann, heatwaves, El, Sillmann, Terje Solsvik, Christina Fincher Organizations: Center, Norwegian Meteorological Institute, International Climate Research, UN, El Nino, Thomson Locations: Hoenefoss, Norway, NORWAY, OSLO, Oslo, Sweden, Nordic

Monrovia NSU CHALLENGER bulk carrier transits the expanded canal through Cocoli Locks at the Panama Canal, on the outskirts of Panama City, Panama April 19, 2023. REUTERS/Aris Martinez/File PhotoPANAMA CITY, Aug 10 (Reuters) - The drought-hit Panama Canal has temporarily limited the number of new reserved passage slots to help ease a bottleneck of ships that are waiting to transit without reservations, the waterway's authority said on Thursday. The canal, however, in June postponed further restrictions that would have required ships to lighten their loads to more easily pass. The bottleneck of vessels waiting to pass, however, has grown, prompting logistics and supply chain experts to predict more disruptions. Still, the bottleneck will not fall as hard on shippers as pandemic-era mishaps, including the Suez Canal blockage in 2021, according to shipping firms and customers.

Persons: Aris Martinez, Ricaurte Vasquez, Anatol Feygin, Rolf Habben Jansen, Lloyd, Elida Moreno, Marianna Parraga, Lisa Baertlein, Marguerita Choy Organizations: Monrovia NSU CHALLENGER, REUTERS, PANAMA CITY, Reuters, El, El Nino, Walmart, Cheniere Energy, Thomson Locations: Cocoli, Panama, Panama City, China, El, Suez

☆ U.S. forecaster sees 95% chance of El Nino prevailing through winter
▼ + stars: | 2023-08-10 | by ( ) www.reuters.com time to read: +2 min

Earlier in the day, Japan's weather bureau forecast the chances of an El Nino through the northern hemisphere winter at 90%. The World Meterological Organization had in May warned that the weather pattern could contribute to rising global temperatures. "In July, El Niño continued as indicated by above-average sea surface temperatures across the equatorial Pacific Ocean," the CPC said. Given recent developments, forecasters are more confident in a "strong" El Nino event, with roughly two in three odds of temperatures rising by about 1.5 degrees Celsius (2.7 degrees Fahrenheit) or more in November-January, it added. It was also expected to bring drier weather across West Africa, South-East Asia and northern South America, and wetter conditions to southern South America in the second half of the year.

Persons: Feisal Omar, El Niño, El Nino, Brijesh Patel, Anjana Anil, Seher Dareen, Bernadette Baum, Mark Potter Organizations: El Nino, REUTERS, Meterological Organization, CPC, El, India, Thomson Locations: Marodijeex, Hargeysa, Somalia's, Somaliland, U.S, Pacific, El, El Nino, Asia, Africa, West Africa, South, East Asia, South America, Bengaluru

☆ These factors are making it hard to combat the deadly Maui wildfires
▼ + stars: | 2023-08-10 | by ( Ray Sanchez | ) edition.cnn.com time to read: +7 min

CNN —The wildfires in Maui spread swiftly and turned deadly, stunning local officials who were quickly overwhelmed. Fueled by a combination of strong winds and dry conditions – and complicated by the island’s geography – the fires have killed at least 36 people. Moderate drought covers more than one-third of Maui, with some areas experiencing severe drought, according to the US Drought Monitor. Dried-out land and vegetation can provide fuel for wildfires, which then can swiftly turn deadly if strong winds help fan the flames toward communities. “These strong winds coupled with low humidity levels are producing dangerous fire weather conditions” through Wednesday afternoon, the weather service said.

Persons: ” Jennifer Marlon, ”, Clay Trauernicht, ” Marlon, Derek Van Dam, Abby Frazier, ” Frazier, Hurricane Dora, Niño, Frazier, Trauernicht, ” Trauernicht, –, we’ve Organizations: CNN, Yale School of, University of Hawaii, US Drought Monitor, Fourth, National Weather Service, Clark University in, El Nino, Pacific Fire Exchange, of Forestry, Wildlife Locations: Maui, Hawaii, Manoa, Santa Ana, Southern California, Oahu, Clark University in Massachusetts, “, Hurricane, Pacific, ” Hawaii, West Maui

☆ Brazilian consumer prices seen virtually flat in July vs June
▼ + stars: | 2023-08-09 | by ( Gabriel Burin | ) www.reuters.com time to read: +3 min

A customer looks at the prices at a supermarket in Rio de Janeiro, Brazil, May 6, 2016. "Moreover, services and core services indexes also improved... although they will continue to be considerably above the inflation target," the analysts noted. Brazil is enjoying benign food inflation trends resulting from a record-breaking crop that may be repeated next season, provided the country's vast production of grains and oilseeds is spared from the impact of the El Nino climatic pattern. Apart from helping to open a window for much awaited interest rate cuts, stable food prices facilitate President Luiz Inacio Lula da Silva's government initiative to raise fuel taxes again in a bid to strengthen Brazil's public accounts. Reporting and polling by Gabriel Burin; Editing by Ross Finley and Jan HarveyOur Standards: The Thomson Reuters Trust Principles.

Persons: Nacho Doce, Luiz Inacio Lula da Silva's, Gabriel Burin, Ross Finley, Jan Harvey Organizations: REUTERS, Santander, El, Thomson Locations: Rio de Janeiro, Brazil

"The drought in this village has been felt since April, and there has been no rain until now. The wells in this area have dried out, so residents can only get water from the river bed," Sunardi, who only goes by one name, told Reuters. Tobacco can live, but it doesn't grow optimally, so we have to keep watering it with the river bed water too." Sunardi's village has been digging up the river bed since June, when the water in their wells ran out. "Even if the river here is completely dry, we'll have to find it wherever it is," he said.

Persons: Heru, It's, Sunardi, Ardhasena Sopaheluwakan, El, Tris Adi Sukoco, Budi Purwanto, Johan Purnomo, Stanley Widianto, Miral Organizations: REUTERS, El, Reuters, Thomson Locations: Grobogan, Central Java, Indonesia, El Nino, Karanganyar, Java, Kalimantan, Beijing, Rome

☆ July hit a crucial warming threshold that scientists have warned the world should stay under
▼ + stars: | 2023-08-08 | by ( Rachel Ramirez | ) edition.cnn.com time to read: +4 min

Copernicus scientists say it’s the first summer month that has surpassed 1.5 degrees, offering a glimpse of future summers. Scientists are particularly concerned that global temperature will stay above 1.5 degrees for the long term. Before that, the other months that have been 1.5 degrees warmer than pre-industrial times have occurred during winter or early spring. “The year-to-date average is still below 1.5 degrees Celsius, and we find it unlikely that the rest of 2023 will be warm enough to bring the whole year average above 1.5,” he said. Copernicus scientists noted that as El Niño continues to develop, the world may witness more of these unprecedented temperature breaches.

Persons: Rebecca Emerton, Copernicus, Emerton, “ We’ve, ” Emerton, Robert Rohde, ” Rohde, Rohde, “, ”, El Niño Organizations: CNN, Berkeley, Northern Locations: Paris

☆ Oil hedge funds place their bets on heat-fueled hurricane season
▼ + stars: | 2023-08-08 | by ( Nell Mackenzie | ) www.reuters.com time to read: +5 min

Gasoline prices usually rise ahead of the U.S. summer driving season. Money managers in the week to Aug. 1 boosted their net long holdings of NYMEX RBOB gasoline futures to the highest since late February 2022. HEDGE FUND-FUELED TURNAROUNDGasoline futures have risen around 14% this year, compared with a roughly 2% rise for U.S. crude futures . To guarantee a profit, they need the rise in gasoline prices to be sustained until hurricane activity is confirmed. But for gasoline to continue its rise against the price of crude oil, there needs to be a hurricane in the Gulf of Mexico, they said.

Persons: Liz Hampton, Tom Kloza, Vincent Elbhar, Eliot Geller, Brent Belote, Cayler, Belote, Arion, Nell Mackenzie, Laura Sanicola, Barbara Lewis Organizations: REUTERS, Liz Hampton LONDON, Gulf Coasts, Silicon Valley, Societe Generale, Reuters, Money, Futures Trading Commission, Reuters Graphics, El, Oil Price Information Service, CTA, Investment, Commodity, Fund, Aspect, CoreCommodity Management, CoreCommodity, Barclays, JP, Cayler, Thomson Locations: Loco Hills, New Mexico, U.S, Russia, Ukraine, Gulf of Mexico, United States, Gulf, Silicon, Gulf Coast, Mexico, Europe, Hurricanes, Washington

☆ The Panama Canal's water level is dropping thanks to a drought, throttling the number of ships that can get through
▼ + stars: | 2023-08-05 | by ( George Glover | ) www.businessinsider.com time to read: +2 min

The Panama Canal's income could fall by $200 million due to a lack of rainfall, its administrator said Thursday. It's capped the number of ships that can pass through due to this summer's drought. The Panama Canal is suffering from an intense drought which is forcing officials to cap the number of ships that can pass through the vital waterway. The 51-mile canal connects the Atlantic and Pacific oceans, which has historically made it a vital trade route. It had expected to bring in fees of around $4.9 billion in 2024 before the drought, according to Vasquez.

Persons: It's, Ricaurte Vasquez, Vasquez Organizations: Morning, Shipping, Atlantic Locations: Panama, France, Pacific

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