Search Intensifies for Missing in Valencia Floods as Death Toll Reaches 217
Spanish rescue teams are intensifying their efforts to locate missing individuals following the catastrophic floods that ravaged Valencia last week. The focus has shifted to underground garages and a multi-storey car park at a shopping mall in Aldaia, where it is feared that shoppers and workers may have become trapped as floodwaters surged through the area.
Initial inspections by police have revealed no victims among the first 50 vehicles checked in the car park, which is situated on the outskirts of Valencia. However, these vehicles were located near the entrance, and much of the structure remains submerged and unexplored. Rescue efforts are complicated by the extensive flooding, with authorities expressing concerns over individuals who may have been caught in their cars or in underground spaces such as garages and tunnels.
As the search continues, the death toll from the floods has reached 217, with reports confirming that a missing British couple in their 70s was found deceased in their vehicle days after the disaster struck. On Monday, Spain’s Interior Minister, Fernando Grande-Marlaska, declined to provide an estimate of how many people are still missing, citing the chaos following the storm.
In the northeastern Catalonia region, the State Meteorological Agency (AEMET) has issued a red alert for torrential rain, exacerbating the situation. Barcelona experienced significant flooding on Monday morning, with reports of cars partially submerged on highways and water entering buses. Additionally, parts of El Prat airport were inundated, leading to the cancellation, delay, or diversion of more than 60 flights.
Amidst the devastation, frustration has mounted among the public over the perceived lack of adequate warnings and support from authorities. Protests erupted over the weekend, with Spain’s King Felipe and Queen Letizia being confronted by angry demonstrators in the town of Paiporta, one of the hardest-hit areas. Objects were thrown at Prime Minister Pedro Sánchez during a visit, prompting a swift evacuation.
In response to the chaos, the Civil Guard has launched an investigation into the events surrounding the protests, with the Interior Minister attributing the violence to “marginal groups.” Local authorities in Valencia have extended travel restrictions for an additional two days to facilitate emergency operations, canceling school classes and urging residents to work from home.
In a bid to bolster relief efforts, Spain’s Defence Minister announced the deployment of an additional 2,500 soldiers to join the 5,000 troops already on the ground. These forces will assist in distributing food and water, conducting cleanup operations, and maintaining order in the affected areas. A warship carrying 104 marine infantry soldiers and supplies is also en route to Valencia’s port, underscoring the urgency of the situation.
As rescuers navigate the challenges posed by the flooding, the search for missing individuals continues, with hopes fading as the community grapples with the aftermath of this tragic disaster.
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North Korean soldiers have clashed with Ukrainian troops for the first time, marking a significant escalation in the ongoing war in Ukraine. Ukrainian Defence Minister Rustem Umerov confirmed the incident in an interview with South Korean broadcaster KBS, stating that a “small group” of North Korean soldiers had been involved in a confrontation with Ukrainian forces. Ukrainian President Volodymyr Zelensky condemned the lack of response from the West, calling the clash the beginning of a “new chapter of instability” in the world. He warned that these first battles with North Korea could have far-reaching consequences for global security. However, South Korea’s government has played down the severity of the incident, with Seoul officials stating they do not believe that direct combat took place. Instead, they described the event as an “incident” involving a small number of North Korean troops near the frontline. Despite this, tensions are rising, as Ukraine claims that up to 11,000 North Korean soldiers are stationed in the Kursk border region, where Ukrainian forces have a presence. Reports from South Korean, U.S., and NATO intelligence agencies over the past few weeks have pointed to the involvement of North Korean troops in Russia’s ongoing invasion of Ukraine. While Moscow and Pyongyang have not directly addressed these allegations, the situation has raised concerns internationally. The first reports of North Korean military involvement came from Andriy Kovalenko, Ukraine’s top counter-disinformation official, who posted on Telegram that North Korean units had come under fire in the Kursk region. Umerov confirmed these reports, stating that while the encounters so far have been minor, a “significant number” of North Korean troops are expected to be deployed in combat in the future. He noted that many of the troops are still undergoing training in Russia and are being integrated into Russian military units. According to Umerov, the North Korean soldiers, who are reportedly wearing Russian uniforms, are being trained in tactics and deployed under Russian command on the front lines. He mentioned that about five units, each consisting of roughly 3,000 soldiers, are expected to be involved in operations. Although no casualties have been reported, the involvement of North Korean troops is raising alarm both in Ukraine and internationally. In a daily video address, Zelensky called on Ukraine and its allies to ensure that this “Russian step toward expanding the war” would fail for both Russia and North Korea. The situation has also sparked diplomatic tensions, with South Korea having summoned Russia’s ambassador last month to demand the withdrawal of North Korean troops. In addition, Seoul has warned that it may consider directly supplying arms to Ukraine in response to this growing involvement. Analysts suggest that Pyongyang could be compensated for its support with Russian military technology or other incentives. On Wednesday, Russian lawmakers are set to vote on a mutual defense treaty with North Korea, further solidifying the alliance between the two countries.
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Elon Musk Set to Benefit from Trump’s Return to the White House
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Markets Surge as Trump Re-Elected, Dollar and Bitcoin Hit Record Highs
Wall Street shares soared to record levels, and the U.S. dollar marked its largest gain in eight years after Donald Trump’s historic re-election victory to the White House. Investors responded swiftly, with major U.S. indexes rallying and Bitcoin hitting an all-time high as markets anticipated a policy shift focused on tax cuts, higher tariffs, and a pro-crypto agenda.
Trump’s election campaign promised to establish the U.S. as a global hub for Bitcoin and other cryptocurrencies, which, combined with anticipated fiscal policies, has driven a surge in digital assets. The value of Bitcoin jumped by $6,000 to reach a record high of $75,371.69.
Investors are betting that Trump’s proposed tax cuts and increased tariffs will spur inflation, which may prompt the Federal Reserve to keep interest rates higher for an extended period. Higher rates would yield better returns on dollar-denominated assets, creating additional demand for the currency. As a result, the dollar rose by about 1.75% against major currencies, including the pound, euro, and Japanese yen.
Global Market Movements
Trump’s re-election has had a sweeping impact on global financial markets and currencies:
- U.S. Stock Market: Key U.S. indexes jumped as trading opened, with banking stocks performing exceptionally well, buoyed by expectations of regulatory easing.
- Dollar Gains: The dollar rallied by approximately 1.75% against a range of currencies.
- Pound and Euro: The pound dropped 1.41% against the dollar, hitting its lowest level since August, while the euro fell 2.24% to its lowest point since June.
- FTSE 100: The UK’s FTSE 100 index rose by 0.1% on Wednesday afternoon.
- Asian Markets: In Japan, the Nikkei 225 index closed 2.6% higher, and Australia’s ASX 200 rose by 0.8%, while in China, the Shanghai Composite Index dipped slightly by 0.1%, and Hong Kong’s Hang Seng was down by around 2.23%.
Bitcoin’s Record Surge
Bitcoin’s value surged following Trump’s pledge to make the U.S. the “Bitcoin and cryptocurrency capital of the world,” contrasting sharply with the previous administration’s more stringent stance on digital assets. During his campaign, Trump signaled potential changes at the U.S. Securities and Exchange Commission (SEC), including a plan to dismiss Chair Gary Gensler, who has been criticized by the crypto community for his strict regulatory approach. Trump’s willingness to scale back crypto oversight is seen as a positive move by investors, helping push Bitcoin to record highs.
Elon Musk, a long-time cryptocurrency advocate and supporter of Trump, could also play a central role in this new policy direction. Trump suggested that Musk would lead a government audit to identify wasteful spending, a move that is expected to further stimulate support for cryptocurrencies. Tesla, Musk’s electric vehicle company, famously invested $1.5 billion in Bitcoin in 2021. On Wednesday, Tesla’s Frankfurt-listed shares surged by over 14% in early trading.
Broader Economic Implications
Analysts anticipate that Trump’s tax cuts and tariffs could push up inflation, leading to fewer rate cuts and potentially higher rates for longer. “Investors are bracing for tariffs… which will push up the price of imported goods for American shoppers,” said Susannah Streeter, head of money and markets at Hargreaves Lansdown.
Meanwhile, Trump’s immigration policies could raise wage costs for U.S. companies if restrictions reduce labor availability, potentially increasing inflationary pressures. These policy shifts may have ripple effects across the global economy as other nations respond to U.S. tariffs with measures of their own, affecting trade flows and potentially stoking global inflation.
With U.S. and global markets reacting swiftly to Trump’s victory, financial analysts will continue monitoring the administration’s first moves, especially regarding fiscal and trade policies, as the world adjusts to Trump’s second term.
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