Japan, Canada Agree to Cooperate on Market Stability

Canadian Finance Minister Francois-Philippe Champagne attends the new cabinet's swearing-in at Rideau Hall in Ottawa, Ontario, Canada March 14, 2025. REUTERS/Blair Gable/File Photo
Canadian Finance Minister Francois-Philippe Champagne attends the new cabinet's swearing-in at Rideau Hall in Ottawa, Ontario, Canada March 14, 2025. REUTERS/Blair Gable/File Photo
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Japan, Canada Agree to Cooperate on Market Stability

Canadian Finance Minister Francois-Philippe Champagne attends the new cabinet's swearing-in at Rideau Hall in Ottawa, Ontario, Canada March 14, 2025. REUTERS/Blair Gable/File Photo
Canadian Finance Minister Francois-Philippe Champagne attends the new cabinet's swearing-in at Rideau Hall in Ottawa, Ontario, Canada March 14, 2025. REUTERS/Blair Gable/File Photo

Japan and Canada, who is this year's chair of the G7 developed economies, have agreed to cooperate to maintain stability in financial markets and the global financial system, Japan's Ministry of Finance said on Wednesday.

In a phone conference on Wednesday, Japanese Finance Minister Katsunobu Kato and his Canadian counterpart, Francois-Philippe Champagne, shared concerns over the series of tariffs implemented by the US government, the ministry said in a statement.

As US President Donald Trump's sweeping reciprocal tariffs took effect from midnight with a 104% levy on Chinese imports, China retaliated by vowing to raise tariffs on the US to 84% from Thursday, Reuters reported.

This led to a market rout with bond prices tumbling and global stocks falling further. US Treasuries, the safest haven for the global financial system, were hit by fresh selling pressure on Wednesday in a sign that investors were dumping their safest assets.

The US dollar also weakened against other major currencies.

Japan will cooperate with the Group of Seven advanced economies and the International Monetary Fund to help stabilize a market rout unleashed by US tariffs, the country's top currency diplomat said on Wednesday.



Colombia Estimates Quake Damage at $9.6 Billion

A view of the damage to the Carrasquilla Industrial Educational Institution, as seen during a visit by singer Shakira, in Quibdo, Colombia, 17 August 2026. (EPA)
A view of the damage to the Carrasquilla Industrial Educational Institution, as seen during a visit by singer Shakira, in Quibdo, Colombia, 17 August 2026. (EPA)
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Colombia Estimates Quake Damage at $9.6 Billion

A view of the damage to the Carrasquilla Industrial Educational Institution, as seen during a visit by singer Shakira, in Quibdo, Colombia, 17 August 2026. (EPA)
A view of the damage to the Carrasquilla Industrial Educational Institution, as seen during a visit by singer Shakira, in Quibdo, Colombia, 17 August 2026. (EPA)

The powerful earthquake that killed hundreds of people in western Colombia caused $9.57 billion in economic losses, President Abelardo de la Espriella said on Tuesday, issuing a preliminary estimate.

The 7.4-magnitude tremor, which struck on August 10, was the most powerful in Colombia in nearly half a century.

The death toll stands at 289, with a further 4,187 injured and 143 missing.

Nearly 27,000 homes were destroyed, leaving many people sleeping in the streets or in public parks.

Dozens of hospitals and schools also collapsed or were damaged.

"Imagine the scale of the disaster," said De la Espriella, a political novice who took office just three days before the disaster.

The crisis has been a baptism of fire for De la Espriella, a right-wing lawyer and business magnate who was elected on a promise to flush out the drug-trafficking rebels that control part of Colombia.

He said Tuesday he had tasked his housing minister with launching a "miracle" reconstruction plan, with the backing of the private sector.

But the minister, Jaime Andres Beltran, has been under fire for taking a Caribbean holiday in the immediate aftermath of the quake.


Iran Negotiator Ghalibaf Says Hormuz Will Not Open until US Meets Demands

Iran's parliamentary Speaker Mohammad Bagher Qalibaf speaks during a news conference in Beirut on Oct. 12, 2024. (AP)
Iran's parliamentary Speaker Mohammad Bagher Qalibaf speaks during a news conference in Beirut on Oct. 12, 2024. (AP)
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Iran Negotiator Ghalibaf Says Hormuz Will Not Open until US Meets Demands

Iran's parliamentary Speaker Mohammad Bagher Qalibaf speaks during a news conference in Beirut on Oct. 12, 2024. (AP)
Iran's parliamentary Speaker Mohammad Bagher Qalibaf speaks during a news conference in Beirut on Oct. 12, 2024. (AP)

Iran's top negotiator Mohammad Bagher Ghalibaf said on Tuesday that the strategic Strait of Hormuz will not be opened until the United States meets Tehran's demands, including lifting a naval blockade.

"I want to state clearly that the Strait of Hormuz will not be opened until the American commitments stipulated in the memorandum of understanding... are implemented," Ghalibaf said in a speech broadcast on state television.

He listed the removal of the blockade, the lifting of oil sanctions and unfreezing of Iran's assets abroad among the demands, which were included in an Iran-US truce in June that later collapsed, reported AFP.

War between Iran and the United States broke out on February 28 after US-Israeli attacks on the Iranian republic, triggering a conflict across the region.

Diplomatic efforts have since April 8 put an end to intense bombardments, but sporadic clashes have persisted, especially in and around the Strait of Hormuz.

Iran has kept control of the strait, a vital global energy conduit, since the war broke out, requiring vessels to seek permission and pay transit service fees -- a move opposed by Washington and several regional countries.

Iran and Oman, both coastal states on Hormuz, have for weeks been discussing the future of navigation through the strait, with Tehran saying the geographical coordinates of the route envisaged by both countries "have been agreed upon".

On Monday, Iran said that talks were "continuing in a serious manner" and views were being exchanged on the text of a "joint statement".

US President Donald Trump called for Tehran to surrender in a war that has become a growing political burden at home.

Ghalibaf during his speech said Iran was "ready to inflict an even more crushing defeat on the enemy, proportionate to its actions and advances".


Firefighters Push to ‘Encircle’ Belgian Wildfire

 Belgian firefighters work in a forest affected by a wildfire in Waimes, in the High Fens (Hautes Fagnes) region, Belgium, August 18, 2026. (Reuters)
Belgian firefighters work in a forest affected by a wildfire in Waimes, in the High Fens (Hautes Fagnes) region, Belgium, August 18, 2026. (Reuters)
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Firefighters Push to ‘Encircle’ Belgian Wildfire

 Belgian firefighters work in a forest affected by a wildfire in Waimes, in the High Fens (Hautes Fagnes) region, Belgium, August 18, 2026. (Reuters)
Belgian firefighters work in a forest affected by a wildfire in Waimes, in the High Fens (Hautes Fagnes) region, Belgium, August 18, 2026. (Reuters)

Firefighters launched a potentially decisive push Tuesday to encircle Belgium's largest wildfire in a century, despite wind and rain hampering air support operations over the High Fens nature reserve.

The blaze charring the vast expanse of boggy peatlands, pine trees and hiking trails grew over the weekend to half the size of Manhattan -- 3,000 hectares (7,500 acres) -- with hundreds of firefighters working night and day to wrestle it under control.

"We are trying to definitively encircle the fire today," regional government spokesperson Nicolas Yernaux told AFP.

In areas where firefighters could operate, he confirmed the fire was "under control and contained."

But a hard-to-access front towards the German border remains a concern -- with residents in the border town of Monschau already under evacuation orders due to the smoke hazard.

Firefighters worked through the night to make a crucial link-up between the eastern and northern fronts, under very difficult access conditions.

"We're talking about one or two kilometers, and we're on the verge of achieving it," Yernaux told AFP, despite "sustained winds" blowing towards the German border.

Water-bombing aircraft from several countries have been deployed -- with two Norwegian helicopters the latest to fly in on Monday night -- but they have been repeatedly grounded by low cloud and rain. There are also aircraft from Germany, Sweden and the Netherlands.

Yernaux said it was unclear given weather conditions when they would be able to take off again.

"There may be windows of opportunity this morning, but it may not be before tonight."

A huge area has been blanketed by a thick plume of yellowish smoke, with fumes detected as far as eastern France, where authorities issued an air-pollution alert.

The smoke triggered evacuations in one Belgian village and two hamlets of a second -- with residents of the hamlet of Sourbrodt given the green light to return home on Monday night.

- As long as it takes -

Europe has been swept by weeks of devastating wildfires fueled by dry conditions and a historically hot summer, with France, Greece, Portugal and Spain also battling major fires.

The High Fens blaze broke out in an area that was ravaged by massive fires in 1911, during a similar period of heatwaves.

It is the country's largest wildfire since.

During a visit on site with King Philippe on Monday, Belgium's interior minister Bernard Quintin told media it could take "several weeks" of soaking and dousing the area to prevent the fire from reigniting -- even once brought under control.

On-site operations have been made much harder by the fens' terrain -- a patchwork of heath, peat bogs and raised wooden boardwalks where heavy vehicles risk sinking into the ground -- and firefighters struggle to tackle the fire at close range.

They have been counting heavily on aerial assistance to bring the situation under control.

Local farmers have also poured in to help, working shifts to oversee a ballet of tractors pulling in tankers of water from a nearby lake.

"We'll take it in turns as long as it needs -- the team is all set," a farmer from nearby Waremme, told AFP Monday. "We'll keep going until the finish line."

Like much of Europe, Belgium has experienced a new spell of intense heat and drought in recent days.

Temperatures reached as high as 37C in some parts of the country last week, creating conditions conducive to wildfire outbreaks.