Business
Wildfires fanned by heatwave, strong winds rage across Europe

- About 7,700 people evacuated near Greek city of Patras.
- Volunteer firefighter died and several hospitalised in Spain.
- Pope Leo moves weekly St Peter’s Square indoors amid heat.
Wildfires caused by arsonists or thunderstorms and fanned by a heatwave and strong winds continued to rage across southern Europe on Wednesday, burning houses, farms and factories and forcing the evacuation of thousands of residents and tourists.
Flames and dark smoke billowed over a cement factory that was set alight by a wildfire that swept through olive groves and forests and disrupted rail traffic on the outskirts of the Greek city of Patras, in the northern Peloponnese west of Athens.
“What does it look like? It looks like doomsday. May God help us and help the people here,” said Giorgos Karvanis, a volunteer who had come from Athens to Patras to help.
Authorities ordered residents of a town of about 7,700 people near Patras to evacuate on Tuesday and issued new alerts on Wednesday, advising residents of two nearby villages to leave their homes.
On the Greek islands of Chios, in the east, and Cephalonia, in the west, both popular with tourists, authorities told people to move to safety as fires spread.
In Spain, a volunteer firefighter died from severe burns and several people were hospitalised as the state weather agency AEMET warned that almost all of the country was at extreme or very high risk of fire.
The 35-year-old man had been attempting to create firebreaks near the town of Nogarejas, in the central Castile and Leon region, when he was trapped in the blaze, regional officials said.
He was the sixth person to die this year in wildfires in Spain. Other victims include two firefighters in Tarragona and Avila, according to emergency services.

Working in unprepared landscapes puts firefighters’ lives at risk, said Alexander Held, a senior expert in fire management at the European Forest Institute.
Authorities needed to make more effort to anticipate and prevent wildfires by creating buffer zones and clearing combustible vegetation, he said.
“Take an industrial building and imagine there would be no fire detectors, no sprinkler systems, no fire protection doors and no escape routes – firefighters would just refuse to go in, but in our landscape we expect them to do this,” said Held.
The leader of the Galicia region in the northwest, Alfonso Rueda, called the situation there “complicated” and said the weather was not helping. Six active fires were affecting a combined 10,000 hectares (38 square miles) in Galicia’s Ourense province.
Suspected arson
Spanish Environment Minister Sara Aagesen told SER radio station that many fires across the country were suspected to be intentionally caused by arsonists due to their “virulence”.
A male firefighter was arrested on Tuesday for fires started in the Avila area north of Madrid two weeks ago, while police said late on Tuesday they were investigating a 63-year-old woman for allegedly starting a series of fires in Galicia’s Muxia area in August.

Police have also identified a suspect who is believed to have suffered burns to his hands after starting a small fire in a beachfront development in the southern coastal Cadiz area, Europa Press reported.
Thunderstorms have caused other fires.
On Tuesday, shortly after 5pm, Andalucia’s fire department was flooded with calls from residents alerting of a fire caused by a lightning strike on a chestnut and oak forest in Los Romeros, north of the city of Huelva. The fire prompted the evacuation of around 250 residents but was largely controlled by Wednesday morning.
A blaze in Trancoso in Portugal that has been burning since Saturday took a turn for the worse during the night as a lightning strike reignited an area that was thought safe, the civil protection service said.
In Albania, Defence Minister Pirro Vengu said it was a “critical week”, with several major wildfires burning across the country.

Some 10,000 firefighters, soldiers and police emergency units struggled with a total of 24 wildfires across the country on Wednesday, the defence ministry said.
Flames reached homes in two villages in the centre of the country, forcing villagers to flee, taking their livestock with them.
“We are going in the middle of two rivers because the fire has arrived,” said Hajri Dragoti, 68, from Narte, who fled with his wife, taking a cow, a donkey and a dog. “We can’t do anything; it is like gunpowder.”
Spain was in its 10th day of a heatwave that peaked on Tuesday with temperatures as high as 45 degrees Celsius (113 degrees Fahrenheit), and which AEMET expected to last until Monday, making it one of the longest on record.
Pope Leo moved his weekly audience from St Peter’s Square to an indoor venue in the Vatican, “to stay a little bit out of the sun and the extreme heat” as Italy’s health ministry issued extreme heat warnings for 16 cities on Wednesday, with temperatures forecast to peak at 39°C (102°F) in Florence.
Business
FDA official calls UniQure’s gene therapy a ‘failed’ treatment for Huntington’s disease
Thomas Fuller | SOPA Images | Lightrocket | Getty Images
UniQure needs to run another study to prove that its gene therapy “actually helps people with Huntington’s disease,” a senior U.S. Food and Drug Administration official said on a call with reporters Thursday.
The official, who requested anonymity before discussing sensitive information, confirmed the agency has asked the company to run a placebo controlled trial of its treatment, which is administered directly into the brain. UniQure has said that type of study isn’t ethical because it would require putting people under general anesthesia for hours, a characterization the official disputed.
“So what is really going on? UniQure is the latest company to make a failed therapy for Huntington’s patients,” the official said. “They likely acknowledge or understand at some deep level that their trial failed years ago, and instead of doing the right thing and running the correct clinical study, UniQure is performing a distorted or manipulated comparison in the mind of FDA.”
The comments mark the latest development in a messy public spat between UniQure and the FDA, and as the agency comes under fire for a number of recent drug approval application rejections, including some where companies have accused it of going back on previous guidance. FDA Commissioner Marty Makary in an interview with CNBC’s Becky Quick last week seemingly criticized UniQure’s gene therapy for Huntington’s disease. Makary didn’t name UniQure but described its treatment.
UniQure then accused the FDA of reversing its stance that the company’s clinical trial data would be sufficient to seek approval. UniQure’s study used an outside database to measure how patients with Huntington’s disease might decline without treatment, known as an external control. UniQure has said it wouldn’t be feasible to run a true randomized, double-blind placebo-controlled study, considered the gold standard, because it wouldn’t be ethical to make people undergo a sham hours-long brain surgery.
The FDA official said the agency “never agreed to accept this distorted comparison” and the FDA “never makes such assurances.” Instead, the “FDA will always say, ‘Well, we have to see the data when we get it.'”
UniQure didn’t immediately comment.
The company’s stock rose more than 10% on Thursday and has fallen 58% this year as of Thursday afternoon.
Business
US mortgage rates rise to 6% after three-week slide as oil-driven bond yields climb – The Times of India
The average long-term US mortgage rate edged higher this week, ending a three-week decline as bond yields rose amid oil-price pressures linked to the war with Iran.The benchmark 30-year fixed mortgage rate increased to 6% from 5.98% last week, mortgage buyer Freddie Mac said on Thursday. A year ago, the average rate stood at 6.63%, AP reported.The modest uptick breaks a three-week slide in borrowing costs, with mortgage rates having hovered close to the 6% mark for most of this year. Last week’s average had marked the first time the rate dipped below 6% since September 2022, reaching its lowest level in nearly three and a half years.Mortgage rates are influenced by several factors, including the Federal Reserve’s interest-rate policy, investor expectations about inflation and economic growth, and movements in the bond market.They typically track the direction of the 10-year US Treasury yield, which lenders use as a benchmark for pricing home loans.The 10-year Treasury yield rose to 4.14% at midday Thursday, up from around 4% a week earlier.Treasury yields have moved higher in recent days as rising oil prices added fresh inflation concerns, potentially complicating the Federal Reserve’s plans to cut interest rates.
Business
PSX reclaims 160k level with 5,433-point jump | The Express Tribune
Foreign funds would divert their liquidity into buying Pakistan’s stocks. This would merely increases prices of shares and be profitable for those who already hold stocks. PHOTO: FILE
KARACHI:
The Pakistan Stock Exchange on Thursday staged a powerful rebound, when the benchmark KSE-100 index surged by over 5,400 points, reclaiming the 160,000 level in a decisive rally driven by strong institutional buying and renewed investor confidence.
The session marked a sharp recovery from recent volatility as bulls took control from the opening bell. Index-heavy stocks like Hubco (+7.15%), OGDC (+8.24%) and others led the charge, contributing significantly to the gains, while trading volumes rose to 724 million shares valuing at Rs35 billion. K-Electric dominated the volumes with over 115 million shares traded.
At the close of trading, the KSE-100 index posted a strong gain of 5,433.46 points, or 3.49%, and settled at 161,210.68.
According to Arif Habib Limited (AHL), the stock market staged a strong rebound as the benchmark index pushed higher from its 200-day moving average, gaining 3.49% to reclaim the 160,000 level. Market participation remained broadly positive, with 85 shares advancing while 14 declined among key index movers.
The major contributors included Hubco, which rose 7.15%, OGDC, higher by 8.24%, and Fauji Fertiliser, which despite declining 2.93% remained among the notable stocks influencing index movements. On the downside, Abbott Laboratories fell 3.5%, Highnoon Laboratories declined 2.42% and Fatima Fertiliser slipped 0.82%, emerging as the biggest drags on the index.
Meanwhile, geopolitical and macroeconomic developments also remained in focus. Pakistan’s top military leader stated that the country was willing to halt operations against Afghanistan if the Taliban government stopped supporting terror groups operating from its territory. On the economic front, Saudi authorities assured Pakistan of secure energy supplies through the Port of Yanbu on the Red Sea, helping support the country’s energy requirements, it said.
Additionally, Pakistan was preparing to introduce several measures, including weekly petroleum price revisions, compensation to oil companies for higher insurance costs and import premiums, and fuel conservation initiatives. Finance Minister Muhammad Aurangzeb also assured a parliamentary panel that Pakistan had adequate petroleum reserves, including 28 days of petrol and diesel supply.
Despite the strong rebound during the session, the market remained down about 4% week-on-week while heading into the final trading day and continued to trade within the large gap created by Monday’s sharp decline, AHL said.
“Bulls stormed back with authority in Thursday’s trading session, firmly planting their feet from the outset,” Topline Securities stated in its review. Strong institutional buying turned the tide after the market’s recent overreaction to regional issues, as confidence swiftly replaced caution.
Momentum gathered strength as the session progressed, driving the index to the intra-day high of 5,699 points before closing at 161,211 – up 5,433 points. It was not merely a rebound, but a statement rally marked by decisive accumulation and broad-based strength. Index-heavy constituents including Hubco, OGDC, Fauji Fertiliser, Engro Holdings and Meezan Bank led the charge, collectively contributing 2,197 points to the benchmark’s gain and reinforcing the bullish undertone, Topline said.
During the day, shares of 478 companies were traded. Of these, 350 stocks closed higher, 78 fell and 50 remained unchanged.
K-Electric was the volume leader with trading in 115.6 million shares, gaining Rs0.61 to close at Rs8.05. It was followed by Trust Securities & Brokerage (R) with 50.03 million shares, losing Rs0.04 to close at Rs0.18 and Unity Foods with 48.3 million shares, gaining Rs0.55 to close at Rs10.08. Foreign investors sold shares worth Rs1.4 billion, the National Clearing Company reported.
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