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Northern Italy region hit by torrential rain, cancels F1 race

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Italy’s Civil Protection Minister said some areas had received half their annual rainfall in just 36 hours

 
Several people died and thousands were evacuated from their homes as torrential rain battered Italy’s northern Emilia-Romagna region, triggering widespread floods.

The coastguard rescued residents in Faenza from their roofs.

Italy’s Civil Protection Minister said some areas had received half their annual rainfall in just 36 hours, causing rivers to burst their banks, sending water cascading through towns and submerging thousands of acres of farmland.

The torrential rains followed months of drought which dried out the land, reducing its capacity to absorb water and worsening the impact of the floods, meteorologists said.

The vice president of Emilia-Romagna said the rains were starting to ease later on Wednesday but that river levels were still rising.

This weekend’s Formula One race in Imola, which is close to many of the worst-hit areas, was called off after the government said the emergency services had to concentrate on the rescue operation.

Muddy waters flowed through the streets of Faenza, forcing locals to flee to the top stories of their homes. Many were rescued by firefighters in dinghies.

Road and rail links were blocked in numerous locations and the mayors of many towns and cities, including Bologna, urged residents not to leave their homes.

It was the second time this month that Emilia-Romagna has been battered by bad weather, with at least two people dying during storms at the beginning of May.

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Eisman identifies infrastructure as key investment opportunity

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Famed investor Steve Eisman, has shifted his focus to infrastructure, citing three main reasons.

 

The pandemic-induced shift towards onshore investment, the rise of AI necessitating data centre expansion, and the global push towards greener energy.

Eisman believes these trends offer a decade-long opportunity for investors, with Australia presenting ample opportunities for market participation.

Notable companies to consider for exposure include BlueScope and James Hardie Industries for building materials, Macquarie Technology and Goodman Group for data centres, and Worley, AGL Energy, and Origin Energy for electricity grid upgrades and green infrastructure.

However, Eisman cautions investors to approach utility investments carefully, considering their capital expenditure budgets in renewable energy and grid upgrades.

 

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Civil War cinema brings in the box office dollars

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Alex Garland’s film “Civil War” has made a significant impact at the box office, surpassing expectations with a $25.7 million opening weekend in North America.

Starring Kirsten Dunst, Wagner Moura, and Cailee Spaeny, the film explores a near-future scenario where California and Texas unite against a president’s authoritarian regime. Despite fictional elements, “Civil War” has sparked widespread discussion, with its themes resonating in today’s political climate. The film’s performance, coupled with positive reviews, suggests a promising trajectory in the coming weeks, bolstered by a relatively quiet release schedule.

You can catch the trailer here

 

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Oil likely to see hike following Iran’s Israel attack

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Global oil markets are poised for potential disruption as tensions escalate in the Middle East following Iran’s recent attack on Israel.

The attack, which targeted key infrastructure, has raised concerns about the stability of oil supplies in the region.

Experts predict that the incident could lead to a spike in oil prices as investors react to the heightened geopolitical risk. #ticker today #featured

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