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Flood kills four on Moscow under city sewer tour

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Floodwaters trapped participants in a guided sewer tour under the busy streets of Moscow, leading to the tragic loss of at least four lives.

The incident, caused by heavy rains, has left the city in shock, prompting an urgent investigation into the circumstances that led to this calamity.

Moscow Mayor Sergei Sobyanin confirmed the fatalities but refrained from specifying the exact number, as rescue teams continue their search for several individuals who remain unaccounted for. The sudden and overwhelming nature of Sunday’s flooding rendered escape impossible for those trapped beneath the city’s labyrinthine sewer system.

Moscow’s history

The tour, offered by various companies, allows participants to explore Moscow’s sewer network, some sections of which date back to the 19th century. Despite the tour’s unusual nature, it has gained popularity among adventure seekers and history enthusiasts.

Russian media reported the discovery of a teenage girl’s body in the Moskva River on Sunday evening, near the city’s iconic Zaryadye Park located in the heart of Moscow. Tragically, the following morning, the lifeless bodies of a man and another teenage boy were found at the same location. A fourth victim was discovered nearby on Monday.

20 signed up

Reports indicate that the group was exploring the subterranean Neglinka River, a tributary of the Moskva River. Originally, more than 20 individuals had signed up for the tour; however, most withdrew their participation due to the forecast of heavy rain.

Despite adverse weather conditions, eight people proceeded with the tour. Tragically, these participants became trapped when the sewer system flooded, leaving them with no means of escape.

Rescue efforts are ongoing, with divers scouring the Moskva River in search of any additional victims who may have been swept away during the incident.

A criminal investigation has been launched, focusing on allegations that safety standards may not have been adequately adhered to during the sewer tour.

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Dollar steady as markets await Fed’s rate decision

Dollar steady ahead of Fed’s expected rate cut decision on Wednesday

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Dollar steady ahead of Fed’s expected rate cut decision on Wednesday

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In Short:
– The U.S. dollar stayed stable as investors await the Federal Reserve’s interest rate cut announcement.
– Asian equities rose, with the MSCI Asia Pacific Index hitting a record high amid U.S. market gains.
The U.S. dollar remained stable on Monday as investors await the Federal Reserve’s upcoming policy meeting, where the central bank is expected to announce its first interest rate cut in nine months.
Trading volumes were low due to a holiday in Japan, causing currencies to remain rangebound.Banner

Market participants have largely priced in a 25 basis point reduction in the federal funds rate, anticipated to bring the key rate to between 4.00%-4.25%.

This marks the first easing action since December 2024.

Recent economic data indicates a cooling labour market, with jobless claims rising to the highest levels since 2021, overshadowing inflation concerns.

Market Movements

Asian equities experienced gains, continuing a global rally, with the MSCI Asia Pacific Index reaching a record high.

Chinese shares rose close to 1% despite disappointing factory and retail sales data.

This momentum follows historical closes in U.S. markets, with the Dow Jones Industrial Average surpassing 46,000.


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ANZ to pay $160 million for bond deal violations

ANZ to pay A$240 million for bond misconduct and customer violations amidst job cuts and regulatory scrutiny

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ANZ to pay A$240 million for bond misconduct and customer violations amidst job cuts and regulatory scrutiny

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In Short:
– ANZ Group will pay A$240 million in penalties for multiple violations, including fees to deceased customers.
– The bank plans to implement A$150 million in reforms and has announced 3,500 job cuts.
Australia’s ANZ Group will pay A$240 million in penalties, the largest ever imposed by the Australian Securities and Investments Commission (ASIC) against a single entity.
The penalties arise from multiple violations, including acting “unconscionably” during a government bond deal and continuing to charge fees to deceased customers.
The development comes alongside ANZ’s announcement of 3,500 job cuts as new CEO Nuno Matos seeks to enhance profitability.Banner

ANZ has admitted to the allegations and acknowledged the need for significant operational changes.

The bank’s trading practices during an A$14 billion government bond issuance negatively impacted bond prices, which led to a substantial loss for the government.

ANZ plans to submit a remediation strategy to the Australian Prudential Regulation Authority by the end of the month.

Company Changes

ANZ has stated it will spend A$150 million on reforms by the end of the financial year.

The Finance Sector Union is expected to file a claim regarding the recent job cuts made by the bank.


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Climate report warns of rising heat deaths and property losses

Australia faces dire climate predictions, with potential for massive property value losses and thousands of heat-related deaths without action

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Australia faces dire climate predictions, with potential for massive property value losses and thousands of heat-related deaths without action

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In Short:
– Climate change could cause hundreds of deaths and $500 billion decline in property values in Australia.
– Increased extreme weather events may lead to rising insurance costs and potential uninsurability of homes.
A government report warns that climate change could lead to significant challenges for Australia, with hundreds of deaths expected from heat-related illnesses.
Property values may decline by up to $500 billion as homes risk becoming uninsurable due to extreme weather events.
The assessment by the Albanese Government forecasts increased frequency of floods, cyclones, and bushfires.The report anticipates over a thousand potential heat-related fatalities in Sydney and Melbourne if action is not taken.

The projected increase in heat-related deaths in Australia’s capital cities, as outlined in the report. Picture: Climate Risk Assessment

Rising sea levels and extreme weather are expected to escalate insurance costs, making coverage unaffordable or unavailable.

Climate Change and Energy Minister Chris Bowen acknowledged that many Australians will find these projections distressing, but they underscore the urgency of addressing climate change.

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Changes in total annual freight costs by Local Government Area in a 2090 scenario, compared to 2024. Picture: Australia’s National Climate Risk Assessment

Property Risks

Projected increases in heat-related deaths are particularly concerning. For instance, at a 1.5-degree rise in temperatures, heat-related mortality in Sydney could increase by 103%, reaching about 450 deaths annually at a 3-degree rise.

Coastal flooding days are expected to increase significantly in major urban areas, necessitating critical intervention.


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