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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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Rate cuts ahead? US stocks bounce as inflation cools

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Investor sentiment is improving as fresh data out of the US and Australia shifts expectations for central bank action.

Stronger-than-expected labour market figures in Australia have raised questions about whether the Reserve Bank will move ahead with a rate cut next week. While the RBA has signalled it is watching data closely, the resilience in employment may force a delay.

Meanwhile, in the US, softer inflation data has lifted hopes that the Federal Reserve could cut rates later this year. That news helped spark a sharp turnaround in US equities, with the so-called “sell America” trade now unwinding as buyers return to Wall Street.

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Trump’s $600B Middle East Deal: What It Means for Global Stability

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President Donald Trump’s four-day Middle East tour during his second term has sparked global attention, locking in a monumental $600 billion investment from Saudi Arabia. From AI to defence, space to energy—this economic pact is reshaping U.S. foreign policy.

In an unprecedented move, Trump also lifted long-standing U.S. sanctions on Syria after meeting its new president, raising eyebrows among traditional allies.

Ticker News anchor Veronica Dudo speaks with Erbil “Bill” Gunasti, former Turkish PM Press Officer and Republican strategist, to break down the implications for national security, global diplomacy, and the path to peace in Ukraine.

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Trump’s AI deals raise concerns over China ties

Trump’s AI deals in the Middle East spark division over national security risks and concerns over China ties.

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Trump’s AI deals in the Middle East spark division over national security risks and concerns over China ties.

In Short:
Trump’s AI deals with Saudi Arabia and the UAE are causing internal conflicts in his administration over US national security. Officials are concerned that American technology supplied to the Gulf could ultimately benefit China, leading to calls for enhanced legal protections.

President Donald Trump’s recent AI deals in Saudi Arabia and the UAE are causing internal conflicts within his administration.

Concerns are rising among officials, particularly China hawks, about the implications for US national security and economic interests.

Agreements include shipments of vast quantities of semiconductors from Nvidia and AMD to the Gulf states, prompting fears that American technology could ultimately benefit China, given the region’s ties with Beijing.

While the accords include clauses to limit Chinese access to the chips, some officials argue that further legal protections are necessary.

Critics, including Vice President JD Vance, have suggested that maintaining US dominance in AI is crucial, and shipping chips abroad might undermine that goal.

Supporters of the deals, including AI Adviser David Sacks, argue the need for American technology in the Gulf to deter reliance on Chinese alternatives.

Despite this, internal discussions are underway to potentially slow down or reassess the agreements due to ongoing national security concerns.

Conversations have also included proposals for a significant chip manufacturing facility in the UAE, which many officials deem risky due to China’s influence.

Additionally, worries persist about G42, an AI firm in Abu Dhabi, which has historical ties to Huawei.

The agreements with Gulf countries promise to enhance their technological capabilities while necessitating careful oversight to address US security priorities.

 

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