The Metro Consortium, which includes Admiral insurance, British Gas and Cardiff Business School, says the transport system is an opportunity to rethink the role of towns and communities across the Valleys.
The report's author, Mark Barry, said the metro would simply connect connect the region, and "give the region the opportunity to be more economically effective."
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One-year-old sheepdog Nell was stolen from a farm on the outskirts of Dolgellau.
Police are investigating an allegation that a young child was approached by a stranger in Llanelli.
An unsettled few days are in store, with rain and wind expected.