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Texas flooding surges from huge rainstorms as rescuers pull people from rising waters

Dangerous flooding in Texas has intensified after days of pounding rain, sending emergency crews scrambling to rescue people from the rising waters before sunrise Thursday and setting off urgent warnings from forecasters: “Move to higher ground now!” The National Weather Service in San Antonio said a “large and deadly flood wave” was barreling down the same river devastated by floods a year ago when two dozen children and counselors were killed at Camp Mystic. There was no immediate word of any deaths or injuries from the flooding. Several tornado warnings were also issued. The storms threatened multiple counties close to the border with Mexico and in the Texas Hill Country near San Antonio. City officials in Kerrville urged people to shelter at the highest levels of their homes. Floodwaters overran the city of Uvalde overnight into Thursday, cutting off access to surrounding areas. “There’s no way into the city at this point in time. Rescues have been happening overnight,” Juli Alvarado, a spokesperson for Uvalde police, said Thursday morning. Multiple people trapped in veh

Jul 16, 2026By AP
Texas flooding surges from huge rainstorms as rescuers pull people from rising waters
World

Taiwan chipmaker TSMC to spend another $100 bil. on expanding manufacturing capacity in US

HONG KONG — Major Taiwan computer chipmaker TSMC said Thursday it plans to spend another $100 billion on expanding its manufacturing capacity in the United States. The latest commitment appears to bring the company’s total pledges for investment in U.S. chipmaking to $265 billion. It also raised its annual revenue forecast after booking record high profits thanks to runaway demand from the boom in artificial intelligence. The world's largest contract chip manufacturing and one of the world’s most valuable companies, TSMC’s results are seen as a barometer for the global chip industry and for AI at a time when worries about a potential AI bubble have been buffeting financial markets. As AI-related demand continues to surge, it has been expanding chip fabrication plants in the U.S., Japan and Taiwan. It said it is increasing its annual capital expenditure budget for this year to $60 billion-$64 billion, up from an earlier estimate of $52 billion-$56 billion. TSMC, or Taiwan Semiconductor Manufacturing Co., is a key supplier to Nvidia and Apple. It had previously already committed $1

Jul 16, 2026By AP
Taiwan chipmaker TSMC to spend another $100 bil. on expanding manufacturing capacity in US
World

After fried chicken in Korea, Nvidia CEO raises a toast over pork skewers in Japan

Jensen Huang, chief executive of U.S. artificial intelligence chipmaker Nvidia, held a “yakiton summit” with Japanese executives from semiconductor materials and components companies while visiting Japan, a move appeared aimed at strengthening cooperation with local businesses ahead of an expected announcement on Nvidia’s investment plans in Japan. According to the Nikkei on Wednesday, Huang headed that evening to a yakiton restaurant near Kanda Station in Tokyo, an izakaya specializing in grilled pork skewers and sake. Located near Tokyo Station, the Kanda Station area is a popular after-work dining spot among Japanese office workers. After stepping out of his car, Huang reportedly walked down a roughly 20-meter-long alley before entering the restaurant, where the waiting guests greeted him with applause. The CEO reportedly proposed a toast immediately afterward. “Executives from major Japanese materials companies are believed to have attended the gathering, where they deepened their ties with Huang,” the Nikkei reported. Huang has shown his personable side by dining with busi

Jul 16, 2026By Hankookilbo
After fried chicken in Korea, Nvidia CEO raises a toast over pork skewers in Japan
World

Israel tells Pentagon chief will keep troops in Lebanon, Syria, Gaza 'security zones'

JERUSALEM — Israel's Defence Minister Israel Katz told his U.S. counterpart Pete Hegseth early Thursday that Israel is determined to keep its forces in "security zones" it has carved out inside Lebanon, Syria and the Gaza Strip. In a statement, Katz's office said the two men spoke overnight and the minister "emphasised Israel's determination to remain in the security zones in Syria, Gaza, and Lebanon in order to protect Israel's borders and the communities near the border from the threats posed by jihadist forces." "We have never asked the United States to act in our place along our borders," Katz said. His comments come days after U.S. President Donald Trump asked Israeli Prime Minister Benjamin Netanyahu to pull Israeli forces out of Syria and Lebanon, according to U.S. news outlet Axios. Citing a U.S. official, Axios reported that Trump told Netanyahu the Israeli deployment was fuelling tensions in Syria. "They don't want you there. You should redeploy," Trump told him, according to Axios. After the December 2024 overthrow of Syria's longtime ruler Bashar al-Assad, Israel sent troops

Jul 16, 2026By AFP
Israel tells Pentagon chief will keep troops in Lebanon, Syria, Gaza 'security zones'
World

US launches new round of tariffs with 25% tax on most Brazil imports

The United States will impose a 25 percent tariff on most imports from Brazil starting July 22, the U.S. Trade Representative's office said on Wednesday, the first action under the Trump administration's new tariff strategy that could eventually affect dozens of countries. The new programme, launched after the U.S. Supreme Court tore down the centrepiece of Trump's tariff system earlier this year, is based on investigations into unfair trade practices under Section 301 of the U.S. Trade Act. Close to 80 trade investigations have been opened by the USTR office and a new wave of tariffs could be imposed on dozens of countries, including China, the European Union, India, Japan, Korea and Mexico. Wednesday's announcement follows aproposalby the Trump administration in June to impose a punitive tariff of 25 percent on many imports from Brazil after deciding its practices were unfair on a range of issues from digital trade to illegal deforestation. "Extensive negotiations with Brazil over the past year have not resolved these issues, but we remain open to continuing negotiations with Brazil to

Jul 16, 2026By Reuters
US launches new round of tariffs with 25% tax on most Brazil imports
World

SpaceX's slide below IPO price risks turning blockbuster IPO into confidence test

NEW YORK — SpaceX's slip below its initial public offering price risks turning a marquee stock-market debut into a confidence test, potentially unsettling retail investors and complicating decisions for other companies weighing high-profile listings. Elon Musk's company, spanning rockets to AI, debuted on June 12 and soared in the ensuing days, at one point valuing the company at well above $2 trillion. Since its debut, trading has been rocky. The stock slipped below its $150 opening price in late June with concerns about lofty tech stock valuations weighing on global indexes. The stock slid below its $135 IPO price for the first time on Wednesday, touching an intraday low of $132.15 before recovering to trade down 0.6 percent at $135.27 — just over a month after the record-breaking IPO made Musk the world's first trillionaire. SpaceX shares started trading as part of the Nasdaq 100 index about a week ago. A break below the IPO price is a psychological blow for SpaceX shares, said Matthew Maley, chief market strategist at Miller Tabak. "It raises the narrative that the stock is up on

Jul 16, 2026By Reuters
SpaceX's slide below IPO price risks turning blockbuster IPO into confidence test
World

Canadian wildfire smoke chokes Toronto, threatens US cities

TORONTO/NEW YORK — Toronto's air quality ranked the worst among major cities globally on Wednesday as wildfire smoke from northwestern Ontario blackened skies and spread into the northeastern United States, prompting health warnings and calls for residents to limit outdoor activities. Wildfires are raging through sparsely populated areas hundreds of miles from Toronto and sending smoke over a wide area, although they are not directly threatening cities. Environment Canada reported an Air Quality Health Index reading of 10+, classified as "very high risk," for Toronto, while forecasts suggested hazardous conditions could persist through Thursday night. New York City began feeling the effects days before neighboring New Jersey is scheduled to host the World Cup final on Sunday. Local authorities issued an alert as air quality reached an unhealthy level and urged residents to reduce strenuous outdoor activity and take extra breaks if they are outside on Wednesday and Thursday. The National Weather Service said smoke could linger into the end of the week. "We probably haven't seen the worst

Jul 16, 2026By Reuters
Canadian wildfire smoke chokes Toronto, threatens US cities
World

US strikes expand into northern Iran as it disables ship trying to run blockade

DUBAI, United Arab Emirates (AP) — The United States intensified its strikes targeting Iran early Thursday, hitting targets further north as American forces also fired into a ship it accused of trying to break its naval blockade on the Islamic Republic. Iran retaliated with missile and drone fire targeting Bahrain, Jordan and Kuwait before dawn. Days of back-and-forth strikes by the U.S. and Iran across the Middle East — and renewed threats to the Strait of Hormuz — have shredded the interim deal to end the Iran war and could tip the region back into all-out war. Already, Iranian officials say U.S. strikes have killed more than 35 people and wounded over 300 others. Strikes also reached into areas around Iran’s capital, Tehran, for the first time of this latest round of violence. When the U.S. and Israel launched the war on Iran on Feb. 28, Tehran effectively closed the strait to shipping traffic, a move that sent the price of oil, fertilizer and many other goods soaring far beyond the region and gave Iran major leverage in negotiations. An adviser to Iran’s supreme leader, Al

Jul 16, 2026By AP
US strikes expand into northern Iran as it disables ship trying to run blockade
World

Trump says US will look at Korean, other firms for shipbuilding cooperation to strengthen Navy

WASHINGTON — U.S. President Donald Trump said Wednesday that his administration will "probably" look at Korean and other companies for shipbuilding cooperation as part of efforts to reinforce the United States Navy. Trump made the remarks during an event, called the Defense and Innovation Summit, at the U.S. Army War College in Carlisle Barracks, Pennsylvania, as the U.S. seeks to expand cooperation with Korea in revitalizing its shipbuilding sector. "We have to build our Navy ... We got to get it going. So, we're going to probably look at some of these companies that are coming in from Korea and other places, and they're working with us on ships," he said at the event. "We're going to also build. We're going to also buy some ships that are made outside of the area ... We need a lot of ships for our Navy despite the fact we have the greatest navy in the world. But our ships are getting older, and we really got out of that business," he added. It remains unclear what he meant by ships that are "made outside of the area." Earlier this month, a Korean presidential official told reporters t

Jul 16, 2026By Yonhap
Trump says US will look at Korean, other firms for shipbuilding cooperation to strengthen Navy
World

US producer prices unexpectedly fall in June

WASHINGTON — U.S. producer prices unexpectedly fell in June, another indication that inflation was retreating before the recent escalation in the Middle East conflict. The Producer Price Index (PPI) for final demand dropped 0.3 percent last month after a downwardly revised 0.6 percent increase in May, the Labor Department's Bureau of Labor Statistics said on Wednesday. Economists polled by Reuters had forecast the PPI unchanged after a previously reported 1.1 percent advance in May. In the 12 months through June, the PPI increased 5.5 percent after rising 6.0 percent in May. A 1.4 percent decline in goods prices, the largest since July 2022, accounted for the decrease in the PPI over the month. Goods prices were weighed down by a 6.4 percent drop in the cost of energy products. Wholesale food prices fell 0.6 percent. Prices for services rose 0.2 percent. The ceasefire between the United States and Iran collapsed last week after commercial tankers came under fire in the Strait of Hormuz, triggering military strikes between the United States and Iran. Oil prices rose to a four-week high

Jul 15, 2026By Reuters
US producer prices unexpectedly fall in June
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