China’s Government: Natural Disasters Cost $3.3 Billion in First Quarter

FILE PHOTO: Paramilitary police officers remove snow from a road following snowfall in Beijing, China February 21, 2024. REUTERS/Florence Lo/File Photo
FILE PHOTO: Paramilitary police officers remove snow from a road following snowfall in Beijing, China February 21, 2024. REUTERS/Florence Lo/File Photo
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China’s Government: Natural Disasters Cost $3.3 Billion in First Quarter

FILE PHOTO: Paramilitary police officers remove snow from a road following snowfall in Beijing, China February 21, 2024. REUTERS/Florence Lo/File Photo
FILE PHOTO: Paramilitary police officers remove snow from a road following snowfall in Beijing, China February 21, 2024. REUTERS/Florence Lo/File Photo

Floods, droughts, an earthquake and freezing conditions in China caused direct economic losses of 23.76 billion yuan ($3.28 billion) in the first quarter, the government said on Saturday.

The emergency management ministry cited damage from several cold spells, a 7.1 magnitude earthquake in the northwestern region of Xinjiang, landslides in Yunnan province in the southwest and flooding on the Yellow River.

The disasters killed 79 people while 110,000 needed emergency relocation and resettlement and 10.4 million people across 26 regions and provinces were affected in the period, the ministry said in a report, according to Reuters.

Other natural disasters included a drought in the southwest affecting 424,000 hectares (10,500 acres) of crops, sandstorms in the northwest and forest fires in the southwest and south.

Last year natural disasters in China caused 345.45 billion yuan ($47.7 billion) of direct economic losses, with 691 people dead or missing, the ministry reported in January.

In January the ministry said it plans a three-year campaign to tackle problems hampering response times during disasters and accidents, including production safety lapses in sectors like mining.



Saudi Market Rises as Investors Absorb Tariff Shock

Entrance to the Tadawul Tower in Riyadh’s financial district (Asharq Al-Awsat)
Entrance to the Tadawul Tower in Riyadh’s financial district (Asharq Al-Awsat)
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Saudi Market Rises as Investors Absorb Tariff Shock

Entrance to the Tadawul Tower in Riyadh’s financial district (Asharq Al-Awsat)
Entrance to the Tadawul Tower in Riyadh’s financial district (Asharq Al-Awsat)

Gulf markets trimmed their losses on Monday, with the Saudi stock index erasing earlier declines and turning positive, driven by gains in major stocks such as ACWA Power and Aramco.

Despite a sluggish start, influenced by tariff concerns, the Tadawul index managed to overcome these challenges, closing 1.1% higher.

In contrast, other Gulf bourses saw limited declines, with Qatar and Kuwait exchanges registering drops, while the Muscat bourse also experienced a slight dip.

These movements come amid a broader retreat in global stock markets, still reacting to US President Donald Trump’s recent decision to impose tariff hikes.

The Saudi stock market rose 1.1%, closing at 11,194 points, up 117 points. The market recorded active trading, with total turnover reaching approximately 10.6 billion riyals ($2.8 billion), the highest since December 2024.

Despite a sharp decline of over 400 points earlier in the session, which brought the market to a low of 10,657 points, it successfully recovered to end the day higher. On Sunday, the market had dropped by more than 800 points.

ACWA Power led the gainers, jumping 6.8% to close at 331 riyals. Aramco shares also rose 1%, reaching 25.25 riyals.

Meanwhile, Al Takaful Cooperative saw a 5% increase, closing at 131 riyals, following the company’s announcement of cash dividends for shareholders.

These movements come as markets absorb the shock of the tariff hike, with Gulf financial markets showing mixed performance following sharp declines in reaction to Trump’s decision to raise tariffs.