Can Nepal rebuild after devastating floods? The cost could reach $5 billion | Reuters World News

Hi, I'm Peter Devlin in London. It's Saturday, August 29th. Today, Nepal says it could need up to $5 billion to rebuild. War signals the Fed may need to hike rates if high inflation persists. And plastic surgery becomes popular among men who have slimmed down on GOP1s. This is Reuters World News, bringing you everything you need to know from the front lines in 10 minutes, 7 days a week. Nepal says it could need up to $5 billion to rebuild, after catastrophic floods triggered by glacier collapse killed more than 600 people and left nearly 3,000 missing. But during one of Nepal's deadliest flood disasters in years, a rare moment of hope. Eight-year-old Zoya Ghalel survived after floodwaters devastated northern Nepal on Wednesday. He told Reuters he ran into a forest and climbed trees to escape after the disaster struck near his school. His mother, Matamaya Tamang, spent two days searching shelters and aid centres. Convinced both Zoya and his younger brother had died. She says she had lost hope and was overwhelmed by grief as she searched through flood-ravaged communities. Reuters journalist Shahana Bhadracharya had met Zoya at a small hospital after rescuers brought him in with a broken leg and cuts to his face. Hospital staff didn't know where his family was. After Tamang obtained Bhadracharya's phone number and called, she learned her son was alive. On Friday, Tamang reached the hospital in Kathmandu and stood beside her son's bed. Her younger son had also been found alive. UNICEF says about 17,000 children have been affected. A Russian drone strike near Kyiv has killed at least 27 people after hitting a warehouse and triggering a massive detonation. More than 380 people were evacuated from the strike area, including residential buildings and a facility providing care for the elderly. President Volodymyr Zelensky is calling for those responsible to be punished. Gunfire and explosions rang out across Niger's capital after what sources described as an attack by mutinous soldiers targeting the airport and areas near the presidential palace. Government forces say that they're responding, while security sources tell Reuters parts of Niamey remain contested. Chani has ruled Niger since the 2023 coup. To the US now, where Federal Reserve Chair Kevin Warsh at the Jackson Hole Symposium addresses the challenges facing the Fed. If markets rely materially on the Fed's guidance, and the Fed relies on market prices, we're more likely to be blinded to new developments, more likely to be caught unprepared, and more likely to commit errors in policymaking. Warsh has been tight-lipped in his first few months as head of the central bank, but he did offer some insights into his priorities. As the US economy faces sticky inflation that's remained above target for more than five years. Inflation is running above our 2% target. So the Fed's predominant focus right now should be on prices. Our reporter Anne Saphir was in Jackson Hole for Warsh's speech. He suggested that he is not satisfied with where inflation is right now or where it is heading. And he gave really his first hint that the Fed may need to actually raise rates in order to bring inflation down. These were all revelations. These were nothing that Warsh had really ever said before. And markets reacted very, as you might expect. Rate futures started to price in a bigger chance of a September rate hike. All that said, he did not say anything definitive. He spoke in what we would consider normal Fed speak. In other words, he hinted but did not promise. Warsh has stayed away from even doing anything that sounded like a hint. Today, he made that step. Thousands marched in Washington on Friday, warning that voting rights and civil rights protections are being ruled back. More than six decades after Martin Luther King Jr.'s historic march on Washington. His granddaughter, Yolanda Renee King, told the crowd her generation would restore the dream. We know the dream was never finished. And we know you were never asking us to simply remember you. You were asking us to continue. So we will. Among the speakers was Senator Bernie Sanders, who argued that issues at stake go beyond the ballot box. That is why the march on Washington was not simply a march for voting rights, as enormously important as that was. It was a march on Washington for jobs and freedom. The rally drew civil rights leaders, lawmakers, and activists to the National Mall ahead of November's midterm elections. President Donald Trump says the US is taking majority control of more than 65 billion barrels of Venezuelan oil reserves in a sweeping new deal he says could help lower gasoline prices. The agreement would dramatically expand the US role in Venezuela's oil industry, following weeks of negotiations between Washington and the interim government. Secretary of State Marco Rubio calls it a win for both countries, saying it could unlock billions of dollars in investment and boost crude supplies to US refineries. But key details remain unclear, and analysts say legal hurdles and ageing infrastructure could make it difficult to deliver results quickly. Of all of the issues on the table in US-Mexico trade talks right now, here's one you might not expect. Cheese. Mexico recently signed a trade deal with the European Union that expands protections for foods linked to specific regions. But as our reporter Sarah Moreland in Mexico City explains, that's complicating trade talks with its neighbour to the north. European cheese exports to Mexico come in at a high price. This is partly because of tariffs and partly because US imports come in at a lot cheaper because they manufacture on scale and have a transport cost to send into Mexico. The United States has long defended the use of what it calls common names for cheeses. So these are labels such as Manchego, such as Parmesan. The EU, however, defends the names of cheeses originally from some of its countries as protected denominations of origin. So, for example, they say that Parmigiano-Reggiano can only be produced in certain regions of Italy, that Feta can only be produced in some parts of Greece, and that Manchego should only come from the La Mancha region in Spain where it's produced from sheep's milk. There's been some compromises reached here during the EU-Mexico talk, but essentially the EU-Mexico agreement would extend a lot of protections for European cheeses. The US cheese exporters say that it's confusing for consumers to read a label that says something like imitation Feta or Asiago style cheese when their cheese is essentially the same, and they say this is hurting their sales. The deal still needs final approval. Until then, negotiators remain stuck on an issue that's, well, a little cheesy. In Norway, mourners are gathering outside the royal palace in Oslo to say goodbye to King Harald. The country's longest-serving monarch died on Friday at the age of 89, with people queuing to pay their respects. For many, Harald was more than a king. He was just a really nice king, and I feel like he was the whole country's grandfather. Norway begins a new chapter under King Haakon VIII. Now to a booming business tied to dramatic weight loss. Drugs like Wegovy and ZeppBind are helping a lot of American men slim down. Men like Mark, who's lost about 50 pounds after starting GLP-1s. But they're also creating something unexpected, a growing demand for cosmetic surgery. As I was, you know, losing the weight and feeling, you know, better, I saw the volume in my face, and I just didn't feel like my face was matching the way that I was feeling now. Dr. Sean Allevy performs deep plane facelifts in New York and says cosmetic procedures are a very common trend among men who have lost a significant amount of weight. Absolutely, within the last five years, I would say there has been a dramatic increase, year over year, honestly, in men who are interested in facial rejuvenation and plastic surgery. Our health reporter, Sriparna Roy, explains the trend. Men make up around 28% of the GLP-1 market, according to data from GoodRx. The president of American Society of Plastic Surgeons said in the first few months of 2026, 70% of men who opted for a cosmetic surgical procedure had some sort of GLP-1 weight loss history. So I think that we're going to hear a lot more stories like this as more people take GLP-1 drugs. The surgeries do come with a price tag, often costing thousands of dollars and typically paid out of pocket. However, most said that it was worth it, making them feel like their best selves. For more on any of the stories from today, as well as more analysis and news shaping our world, check out Reuters.com or the Reuters app. There's a link in the description to download it and start getting pure news straight from the source. Don't forget to follow us on your favourite podcast player. If you're listening on a smart speaker, just ask for the latest news from Reuters seven days a week. We'll be back tomorrow with our Daily Headline show.