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Deadly fire in Spain’s southern city of Valencia has grim echoes of London Grenfell Tower disaster
Valencia, Spain — At least four people died in a huge fire that ripped through a 14-storey apartment block in Valencia, eastern Spain, and at least 14 were reported missing, with officials warning on Friday that the death toll could rise. Experts said the building, which contained 138 apartments, was covered with highly flammable cladding, which could account for the rapid spread of the blaze after it broke out on the fourth floor early Thursday evening.
Dramatic images showed clouds of black smoke as the flames consumed the high-rise in the western Campanar neighborhood of the port city.
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“Four people have died,” Jorge Suarez Torres, deputy director of emergency services for the Valencia region, told reporters overnight.
“As of now, we have 14 people who remain untraced,” regional administrator Pilar Bernabe added on Friday, stressing that the number could change.
Valencia Mayor Maria Jose Catala had said between nine and 15 people were unaccounted for, based on information provided by police and neighbors..
Fifteen people were treated for injuries of varying degrees, including a seven-year-old child and seven firefighters. Six of the 15 were still hospitalized on Friday but their lives were not in danger, regional governor Carlos Mazon said.
Officials said 22 teams of firefighters had been called in to battle the blaze. Suarez Torres said they had not yet managed to get into the building.
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“We’re trying to cool the facade. That’s our goal over the next few hours,” he said. “We can’t say when we’ll be able to get inside.”
Spanish media said rescue workers had used drones to locate the bodies of those who perished.
A preventable tragedy?
Esther Puchades, deputy head of Valencia’s Industrial Engineers Association (COGITI), told local media the fire had spread so rapidly because the building was covered with highly combustible polyurethane cladding.
Luis Ibanez, who lives nearby, told TVE he had looked out of a window and seen the flames engulfing the building “within a matter of minutes”.
“(It was) as if it was made of cork,” he said. “I couldn’t believe what I was seeing. The whole side of the building directly opposite was on fire, from the first floor to the sixth and seventh floor.”
The fears of polyurethane cladding exacerbating the Valencia fire recalled the 2017 tragedy at London’s Grenfell Tower. In that incident, a fire at the 24-storey high-rise in west London killed 72 people. The blaze spread rapidly due to the highly combustible cladding on the block’s outside walls.
A public inquiry into the London disaster has yet to publish its final report, but it has already revealed how some of the companies that manufactured the materials used in the cladding on Grenfell continued to market their products as safe despite some employees knowing they were flammable.
Among those companies was the American firm Arconic, which made the cladding on Grenfell Tower, through a French subsidiary.
Emails shared with the British inquiry showed that some Arconic employees knew of the danger of fire posed by the type of cladding used on Grenfell, but that the company continued to sell it anyway.
Arconic said soon after the blaze that it would stop making its Reynobond PE panels available for high-rise buildings, as it could not control how or on what building they were installed.
“Cladding systems contain various components selected and put together by architects, contractors, fabricators and building owners, and those parties are responsible for ensuring that the cladding systems are compliant under the appropriate codes and regulations,” the company said in a 2017 news release.
It was not immediately clear what company manufactured the cladding used on the Spanish apartment building.
Certain boxes of waffles sold at Costco Wholesale stores in the Midwest are being recalled because they may contain plastic, according to a notice by supplier Kodiak Cakes.
The recall involves Kodiak Power Waffles Buttermilk & Vanilla 40 count with the UPC code 705599019203 and a use-by date of Jan. 10, 2026, and only impacts products with the lot code 24193-WL4 and a time stamp of 12:00-23:00, according to the Park City, Utah-based company.
The recalled products were sold at Costco warehouses in 13 states: Illinois, Indiana, Iowa, Kansas, Kentucky, Michigan, Minnesota, Missouri, Nebraska, North Dakota, Ohio, South Dakota and Wisconsin.
The action was initiated “due to the potential presence of soft plastic film,” according to Kodiak, which noted that no injuries or illnesses had been reported.
Those who purchased the recalled product can return it to their local Costco for a refund.
People with questions can email Kodiak at: flapjacks@kodiakcakes.com or call 801-328-4067. Messages will be returned between 8 a.m. and 5 p.m. Mountain time, Monday through Friday.
Tyson Foods is misleading shoppers and investors over its ability to reach “net-zero” carbon emissions by 2050 as well take other steps aimed at protecting the environment.
Tyson, the world’s second-biggest meat processor, should have to curtail its climate claims or release a substantial plan to support its claims, according to a lawsuit filed on Wednesday by the Environmental Working Group. The complaint is part of an effort to “hold the biggest, most powerful contributors to the climate crisis — across industries — accountable for greenwashing,” EWG stated.
Tyson Foods has said since 2021 that it would hit net-zero emissions — the point at which the amount of greenhouse gases a company emits is offset by the emissions that are removed from the atmosphere — by 2050 by using more renewable energy and no longer contributing to deforestation.
The Arkansas-based meat company also sells a brand of “climate-friendly” beef that Tyson says is made with 10% fewer emissions than conventional meat.
A spokesperson said Tyson does not comment on litigation, but defended the company’s “long history of sustainable practices.”
The suit against Tyson was filed in Washington, D.C., which has a consumer protection law in place that lets consumer groups sue companies for false advertising.
The same claim of greenwashing — a term attributed to environmentalist Jay Westerveld that refers to making false or misleading statements about the environmental benefits of a product or service — was made in February in a suit filed by New York State Attorney General Letitia James against JBS, the world’s largest beef producer, over its claim it would reach net-zero emissions by 2040.
James’ suit against the Brazilian meat conglomerate came after Earthjustice successfully challenged JBS’ environmental messaging before an ad industry self-regulatory organization in 2023.
Livestock production accounts for 14.5% of all greenhouse gas emissions globally, with cattle responsible for two-thirds of the total, according to the United Nations Food and Agriculture Organization.
The Science-Based Targets Initiative, a UN-backed agency that reviews net-zero goals, is calling for the food and agricultural sector to reduce its emissions by 3% annually between 2020 and 2030.
Delta Air Lines last year dismissed as “without legal merit” a suit filed by a passenger that alleged the airline’s claim to be “the world’s first carbon-neutral airline” to be marketing spin. Coca-Cola is currently defending itself in a similar case in which the beverage make is accused of overstating its recycling efforts.
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A cooler rate climate benefits a wide range of borrowers. From prospective homebuyers to current owners looking to refinance to those saddled with high rates on personal loans and credit cards, lower rates offer a welcome economic reprieve. They also require a different approach than what many have been accustomed to in recent years. And with the Federal Reserve officially cutting its federal funds rate for the first time in four years on Wednesday, now could be that time.
For those considering borrowing from their home equity, there are multiple options available. But a home equity line of credit (HELOC) is arguably the best and most cost-effective way to do so right now, particularly compared to home equity loans and cash-out refinancing. Below, we’ll detail why you should strongly consider borrowing with a HELOC as the Fed begins to cut interest rates.
Start by seeing how low of a HELOC rate you could secure here.
Why you should open a HELOC as the Fed cuts rates
A HELOC, for much of the last two years, has arguably been a less beneficial way to borrow from your home equity than a home equity loan. That’s because the latter comes with a fixed rate that will only change if refinanced. And that was a major advantage in a climate in which rates were raised numerous times between 2022 and 2023.
But that environment looks to be changing now.
With the first rate cut since 2020 issued this week, and two additional ones likely for November and December (when the Fed meets again), a HELOC could take the preferential place of home equity loans.
That’s because HELOC rates are variable and subject to change as the rate climate does (usually every month). That’s a drawback when rates are high and rising but now becomes a distinct advantage as rates cool again. With a HELOC, borrowers will automatically see their rate fall without having to refinance on their own.
Not only will they then save with a lower rate, but they’ll also save out-of-pocket costs if they had pursued a home equity loan. That’s because home equity loans come with closing costs to refinance (1% to 5% of the loan’s value, on average). But if you pursue a HELOC, you can add those savings to what you’ve already got back with the rate drops.
It’s not a perfect trade-off, and right now, home equity loans have better rates than HELOCs (8.46% versus 9.26%). But if you’re looking to position yourself for maximum savings ahead of additional rate cuts, a HELOC may be best to open now.
Get started with a HELOC today.
Don’t forget the tax benefits
A HELOC, in addition to the variable rate nature that benefits borrowers right now, also comes with tax advantages. Specifically, you can deduct the interest paid on the line of credit if you use it for eligible home repairs and renovations. At the same time, home equity loans also come with the same tax benefit. So carefully consider your intended use before getting started and don’t make this the deciding factor considering both options offer the same tax feature.
The bottom line
A HELOC could soon become the preferential home equity borrowing option, if it isn’t already. With a variable interest rate that is set to decline as overall rates do, borrowers could be well-positioned to realize additional savings in the future without having to do any of the work (or pay for any of the costs) associated with refinancing a home equity loan. But both borrowing options do have tax benefits, and other unique features, so weigh them carefully against one another to better determine which one is the right fit for you now.