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The Africa Water Investment Summit opened Wednesday in Cape Town, aiming to mobilize $30bn annually to close Africa’s water investment gap.

Under South Africa’s G20 presidency, the event brings together African leaders, G20 members, investors, and development agencies. President Cyril Ramaphosa launched the Global Outlook Council on Water Investments to coordinate global funding efforts. The summit will adopt a declaration to scale up investment, improve governance, and showcase 80 priority projects from 38 countries, according to Xinhua.

US Treasury Secretary Scott Bessent has warned that Washington could increase secondary tariffs on India, BBC reported.

He said the decision would depend on the outcome of President Donald Trump's meeting with Russian counterpart Vladimir Putin in Alaska on Friday.

"We've put secondary tariffs on Indians for buying Russian oil. And I could see, If things don't go well, then sanctions or secondary tariffs could go up," Bessent said in an interview to Bloomberg TV on Wednesday. 

Earlier this month, Trump imposed a 25% penalty on India in addition to 25% tariffs for buying oil and weapons from Russia, according to BBC.

The Trump administration’s announcement on new US tariffs targeting pharmaceutical imports is likely still weeks away, according to officials and industry sources, despite earlier expectations for a mid-year decision, Reuters reported.

The Commerce Department is investigating whether reliance on foreign-made drugs and ingredients poses a national security risk under Section 232 of the Trade Expansion Act. The review, covering finished medicines and active pharmaceutical ingredients, could lead to phased-in tariffs starting small and potentially rising to 250 percent.

Officials say the delay comes as the White House prioritizes other matters, including a US-Russia summit and a separate semiconductor probe expected to conclude first. The pharmaceutical sector has so far been exempt from broader Trump-era tariffs, though future duties could affect global suppliers despite trade deals with key allies, according to Reuters.

Juneau, Alaska, is facing record-breaking flooding after meltwater from a glacier-dammed lake behind the Mendenhall Glacier surged into the Mendenhall River, forcing evacuations and prompting a flood warning. Water levels climbed from 9.85 feet on Tuesday to over 16 feet by Wednesday, exceeding major flood thresholds and setting a new record. Governor Mike Dunleavy has declared a state disaster, according to BBC.

Glacial lake outbursts occur when natural ice or rock dams suddenly fail, releasing large volumes of water. Juneau has experienced such flooding almost every year since 2011, with last year’s event damaging hundreds of homes. Scientists warn climate change is increasing the frequency and severity of these dangerous floods worldwide.