Vietnam Puts Typhoon Losses at $1.6 Billion

Residents clean up after flood waters receded in Hanoi on September 13, 2024. (Photo by NHAC NGUYEN / AFP)
Residents clean up after flood waters receded in Hanoi on September 13, 2024. (Photo by NHAC NGUYEN / AFP)
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Vietnam Puts Typhoon Losses at $1.6 Billion

Residents clean up after flood waters receded in Hanoi on September 13, 2024. (Photo by NHAC NGUYEN / AFP)
Residents clean up after flood waters receded in Hanoi on September 13, 2024. (Photo by NHAC NGUYEN / AFP)

Typhoon Yagi caused $1.6 billion in economic losses in Vietnam, state media said Monday, as the UN's World Food Program said the deadly floods it triggered in Myanmar were the worst in the country's recent history.

Yagi battered Myanmar, Vietnam, Laos and Thailand with powerful winds and a huge dump of rain over a week ago, triggering floods and landslides that have killed more than 400 people, according to official figures.

It tore across Vietnam's densely populated Red River delta -- a vital agricultural region that is also home to major manufacturing hubs -- damaging factories and infrastructure, and inundating farmland.

The typhoon caused an estimated 40 trillion dong ($1.6 billion) in economic losses, state media reported, citing an initial government assessment.

The death toll in Vietnam stands at 292, with 38 missing, more than 230,000 homes damaged and 280,000 hectares of crops destroyed, according to authorities.

In Myanmar, the ruling junta has reported 113 fatalities and said that more than 320,000 people have been forced from their homes into temporary relief camps.

"Super Typhoon Yagi has affected most of the country and caused the worst floods we have seen in Myanmar's recent history," Sheela Matthew, WFP's representative in Myanmar, said in a statement, without giving precise details.

Exact details of the impact on agriculture were not yet clear, she said.

"But I can say for sure that the impact on food security will be nothing less than devastating," Matthew added.

Severe flooding hit Myanmar in 2011 and 2015, with more than 100 deaths reported on both occasions, while in 2008 Cyclone Nargis left more than 138,000 people dead or missing.

The latest crisis has prompted the junta to issue a rare appeal for foreign aid, with neighbor India responding with 10 tons of materials, including dry rations, clothing and medicine.



BP to Sell its US Onshore Wind Business

The logo of British multinational oil and gas company BP is displayed at their booth during the LNG 2023 energy trade show in Vancouver, British Columbia, Canada, July 12, 2023. REUTERS/Chris Helgren/File Photo
The logo of British multinational oil and gas company BP is displayed at their booth during the LNG 2023 energy trade show in Vancouver, British Columbia, Canada, July 12, 2023. REUTERS/Chris Helgren/File Photo
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BP to Sell its US Onshore Wind Business

The logo of British multinational oil and gas company BP is displayed at their booth during the LNG 2023 energy trade show in Vancouver, British Columbia, Canada, July 12, 2023. REUTERS/Chris Helgren/File Photo
The logo of British multinational oil and gas company BP is displayed at their booth during the LNG 2023 energy trade show in Vancouver, British Columbia, Canada, July 12, 2023. REUTERS/Chris Helgren/File Photo

British Petroleum (BP) plans to sell its US onshore wind energy business, it announced on Monday, saying the assets were not aligned with its growth plans.

BP said it will launch the sale process shortly for the wind assets, bp Wind Energy, which has interests in 10 operating onshore wind energy assets across seven US states, according to Reuters.

“We believe the business is likely to be of greater value for another owner,” William Lin, BP's executive vice president for gas and low carbon energy said in a statement.

Several offshore wind companies have cancelled or sought to renegotiate power contracts for planned US projects in the past year, citing soaring materials costs, high interest rates, and supply chain disruptions.

bp Wind Energy's assets, which have net total generating capacity of 1.3 gigawatts, are not aligned with BP's plans for growth in Lightsource bp, the London-listed company said.

BP announced in November it would take full ownership of Lightsource bp, Europe's largest solar energy developer.

The deal to build up its renewable energy capacity is expected to be complete by the end of the year.

It said on Monday it would integrate its onshore renewable power development into Lightsource bp.

The move also comes as BP's new CEO Murray Auchincloss has imposed a hiring freeze and paused new offshore wind projects as he places a renewed emphasis on oil and gas amid investor discontent over its energy transition strategy, sources at the company told Reuters in June.

It marks a stark reversal from the direction the CEO's predecessor Bernard Looney took to rapidly move away from fossil fuels.

This has weighed on BP's shares as returns from renewables shrank, while profits from oil and gas soared in the wake of the COVID-19 pandemic and Russia's invasion of Ukraine.

Last month, Danish renewable energy group Orsted reported 3.9 billion Danish crowns ($581.59 million) in impairment losses for the second quarter, partly due to delays in a major US offshore wind project.