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US stocks continue to fall after Fed maintains rates
?U.S. Stocks remained lower for the day. Interest-rate sensitive yields on 2-year Treasury notes reversed an earlier rise and the dollar fell?on Wednesday, after the Federal Reserve kept interest rates steady. This was a move which economists had expected. The ?decision to leave the benchmark interest rate in the 3.50%-3.75% range drew dissents from three of the 12 members of the policy-setting Federal Open Market Committee that "preferred" a quarter-percentage-point hike at this meeting. The recent rise in oil prices, due to the return of the war against Iran, had some expecting that the U.S. Central Bank would raise rates this week. The U.S. central bank is still raising rates despite the fact that June's inflation data was lower than expected. JP Powers is chief investment officer of TWA Wealth Partners. He said that this was expected after the June inflation print revealed some progress. "But with each meeting, we are now creating more uncertainty than ever before." The Dow Jones Industrial Average fell 1.55% to 51,928.87. The S&P 500 dropped 0.50% to 7391.31 while the Nasdaq Composite declined 0.37% to 24784.10. The yield on the interest rate-sensitive 2-year Treasury note was unchanged at 4.277%. The yield on the benchmark U.S. 10 year notes increased 3.67 basis points, to 4.641%. The dollar index (which measures the greenback in relation to a basket including the yen, the euro and other currencies) fell by?0.25%, falling from 101.17. The oil prices rose by around 7% as major airstrikes resumed across the Middle East. This quelled hopes of an imminent end to the?Iran war. The rally was exacerbated by data from the 'industry showing a decline in U.S. oil inventories. Bill Merz is the head of capital market research and portfolio development at U.S. Bank Wealth Management, Minneapolis. EARNINGS TO SET TONE Investors will also be waiting for a wave key earnings. Microsoft and Meta are due to report their results after the close of markets, followed by Amazon.com, and Apple later in this week. The global markets have been volatile this month, as investors question whether the AI spending boom will last. This is despite signs that U.S. major companies are continuing to invest billions in the technology and continue to drain cash from their free flow. "The focus is shifting away from budgets to return on investment." Investors are looking for evidence that AI capex generates revenues right now and also strengthens 'the future growth prospects,' said Gina Martin Adams, chief strategist at HB Wealth. As China's competition intensifies in both the race to develop advanced chip technology and its cheaper AI models, investors are paying more attention. The expectations have become so inflated that SK Hynix shares fell 9.61% despite a six-fold increase in its quarterly profit. South Korea's KOSPI - which has become emblematic for the wild swings of AI sentiment - fell almost 6% in a single day, after falling more than 10% and reaching a three month low. South Korea's finance ministry announced on Wednesday that it would introduce new restrictions on leveraged exchange-traded products, such as ETFs with single stocks. These will include a cap on individual investors who invest in these products. The pan-European STOXX 600 fell by 0.29% while Europe's FTSEurofirst 300 fell by 0.36%. The MSCI All Country World Price Index was down 0.45% in the last few days and had earlier dropped to its lowest level since 11 June.
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Official Israeli source: Trump and Netanyahu discussed all options, including an attack on Iran.
?U.S. In their meeting on Wednesday, President Donald Trump and Israeli Premier Benjamin Netanyahu discussed all possible ways to stop Iran's nuclear program, including diplomacy, pressure from the economy and force. The official told reporters in a press conference after the two men had met at the White House, on Tuesday that Netanyahu did not inform Trump of Israel's preference for an attack against Iran. The official stated that Trump's decision was final. The official stated that Trump had 'three options, all of which were discussed in detail: a deal, continuing the blockade, economic pressures and a massive strikes. Officials said there was evidence that?Iran’s clerical leaders have been rattled? by rising inflation, but that the impact on the global economy and the oil markets were also taken into consideration. The oil prices soared on Wednesday, one of the biggest spikes since the beginning of the war on February 28. This was due to a joint Israeli and U.S. aerial campaign against Iran. Tehran responded by launching strikes on Israel and Gulf States. Israel did not take part in the two-week U.S. airstrikes this month, which prompted Tehran to respond by firing on U.S. military bases. However, it has warned Tehran that it will strike back if attacked. The United States and Saudi Arabia attacked Iran-backed paramilitary groups on Wednesday. Trump promised to "beat the fucking sh*t" out of Iran after it fired at U.S. soldiers days after he stopped?air strikes. Iran has confirmed that it fired at U.S. bases in Jordan, as well as ships in the Strait of Hormuz. It also rejected an Omani proposal for a joint management of the Strait.
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SAIL and Krakatau Steel to invest $350 Million in a stainless steel plant
Two Indian sources said that India's state run Steel Authority of India and Indonesia's Krakatau Steel are planning to invest up to $350 million in a stainless-steel slab plant in Indonesia. Sources said that the?plant?will have a?capacity of?500,000 metric tonnes and will be operational in the next three to five years. SAIL and Krakatau Steel have signed a preliminary joint venture agreement in Indonesia to produce stainless steel plates. This was done during the visit of Indian Prime Minister Narendra Modi to Indonesia earlier this month. Sources said that SAIL will send a "technical" team to Indonesia in the next month to produce a feasibility study. After this, both companies will finalise details such as the equity structure, timeline for government approvals, and other details. Sources declined to be identified because the discussions aren't public. SAIL didn't respond to an email sent Monday seeking comment. Krakatau Steel?did not respond to an email request for comments made on Tuesday. Sources?said that the proposed plant's capability could be?expanded once it becomes operational. One source said that partnering with Krakatau Steel could help SAIL obtain nickel at a lower price, which is a crucial raw material for stainless steel production. Indonesia produces more than half of the world's nickel. The second source said that SAIL would consume all the output from the planned Indonesian facility, and then bring the stainless steel plates to its Salem plant to be rolled and finished. Salem is located in Tamil Nadu, a southern Indian state. Sources said that the state-run steelmaker would primarily sell the finished product to Indian clients, with a small portion?possibly being exported to Europe and the Middle East. According to commodities consultancy BigMint, SAIL was India’s third largest?steel manufacturer in the fiscal year ending March 2025. It held a 10.1% market share. India, which is the second largest producer of crude steel in the world after China, has identified Indonesia as well as more than a dozen?countries to cooperate with the steel industry. This will boost exports and ensure key raw materials. BigMint data shows that India's finished steel consumption has increased by 55% in the last five years. This is more than double the increase in production of 42%. Indian steelmakers are "pivoting" to the domestic market in order to offset weaker imports from Europe and Britain, but Chinese steel is sabotaging that strategy. (Reporting from New Delhi by Neha Arora; Additional reporting in Jakarta by Fransiska Nanangoy; Editing by Mayank Bhadwaj, Christian Schmollinger).
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Stocks fall as Mideast conflict reignites and Fed decision looms
U.S. stock prices fell, while oil and Treasury yields rose, as the fighting in the Iran war resumed just hours before the highly anticipated 'Federal Reserve interest rate decision due later on Wednesday. Although the Fed is expected to keep rates unchanged, traders have priced in roughly 34% of a rate hike. This is because rising oil prices are reigniting concerns over inflation which remains above the U.S. Central Bank's annual target of 2%. The markets have fully priced in a Fed rate hike for the September meeting. Chris Low, FHN Financial's chief economist, said that if oil prices continue to rise in September, then the Fed will determine that the shock has lasted for long enough to warrant a rate increase, or increases. The market also believes that some participants will make the case for rate hikes today...and there's a good chance they can convince a majority to support them. After major airstrikes resumed, oil prices rose more than 6%. This quelled hopes of an imminent end to Iran's war. This rally was exacerbated by data from the industry showing a decline in U.S. crude inventories. The Fed chairman Kevin Warsh prefers to give less "forward guidance" on the Fed's probable monetary path. The yield on the benchmark U.S. 10 year notes increased 2.45 basis points from late Tuesday to 4.629%. The Dow Jones Industrial Average dropped 1.37% to 52 024.98, the S&P 500 declined 0.62% at 7,382.73 while the Nasdaq Composite was down 0.83% at 24,670.23. EARNINGS TO SET TONE Investors will also be waiting for a wave key earnings. Microsoft and Meta are due to report their results after the close of markets, followed by Amazon.com, and Apple later in this week. Investors have questioned the sustainability of AI spending boom amid signs that U.S. major companies are continuing to invest billions in the technology and continue to drain free cash flow. The focus is now on returns from investment, not spending plans. Investors are looking for evidence that AI capex generates revenues right now and also strengthens future growth prospects, said Gina Martin 'Adams, Chief Market Strategist at HB Wealth. As China's competition intensifies in both the race to develop advanced chip models and Chinese firms rolling out cheaper AI models, there is a growing concern. Even a six-fold increase in SK Hynix’s quarterly profit failed to meet expectations, sending the shares tumbling by 9.61%. South Korea's KOSPI fell almost 6% in a single day, after falling more than 10% and reaching a three-month high. South Korea is responding by introducing additional 'curbs' on leveraged single-stock exchange-traded fund, or ETFs. This includes a cap that would limit an individual investor's investment to 20% of total assets. The pan-European STOXX 600 fell by 0.21% while Europe's FTSEurofirst 300 fell by 0.28%. The MSCI All Country World Price Index dropped by 0.57%, to its lowest level since June 26.
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Hungary's Paks Nuclear Plant will shut down one reactor due to a drop in the Danube water levels
Operator MVM announced that the Paks nuclear plant in Hungary will shut down one of the 'four reactors' at a time of?1300 GMT on Wednesday due to record low water levels along the Danube River, which provides cooling water for the facility. On Monday, the plant had already cut output by 254 Megawatts at another unit. The plant operates four Russian-built nuclear reactors with a combined 2 gigawatts of capacity. It produces almost?half of Hungary’s electricity. The shutdown on Wednesday will reduce production to?about 60 percent of its capacity. It follows?contingency steps taken in June, during a heatwave record. Authorities exempted this plant from temperature limits for discharged cooling waters. The water levels along the Danube are now at new record lows. This has disrupted cargo and river cruises on one of Europe's most busy?waterways. The Environment Minister Laszlo Gajdos stated earlier on Wednesday that the Hungarian water management authorities are ready to assist in ensuring cooling water supplies for the plant. He said that the authorities had placed four pumping pontoons, and two floating cranes near Paks in preparation for a possible deployment as water levels are expected to continue to drop over the next few days. Reporting by Gergely szakacs and Anita Komuves. Mark Potter edited the article.
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NextEra and Brookfield plan a $100 billion Kentucky datacenter campus
NextEra Energy and Brookfield are building a $100 billion campus of data centers at an 'ex-uranium enrichment site' in Paducah, Kentucky. The soaring demand for electricity in the United States is driving companies to invest heavily into artificial intelligence data centres and other technologies that strain an aging U.S. electric grid. NextEra is the largest U.S. power company and will provide 2.6 GW in battery storage and 2 gigawatts (GW) of natural gas to support the datacenter. Brookfield, on the other hand, will own and operate the 1.8 GW campus. One gigawatt can power approximately 750,000 homes. The campus will be built on the Department of Energy’s Paducah Site. This site was originally constructed in 1952 for the production of enriched uranium, but it was closed down later. NextEra said the project complies with the Trump Administration's "Ratepayer Protection Pledge" which seeks?to ensure that companies building and using data centres?pay over?and above normal rates to avoid costs being passed on to average households. Brookfield CEO Bruce Flatt said in a statement that "the Department of Energy Paducah Site will be the seed of a plan to invest 100 billion dollars?in AI Infrastructure". The project should be completed in 2032. Reporting by Vallari Shrivastava, Bengaluru. Editing by Tasim Zaid
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Allied Gold's $4 Billion sale to China's Zijin falls through, lands a $295 M investment
Zijin Gold & Allied 'Gold has scrapped its planned C$5.5 Billion ($3.90 Billion) buyout. Instead, the?Chinese?company took a 9.2% share for around $295 M. In premarket trading, shares of Allied Gold listed in the U.S. fell by nearly 15%. The companies announced on Wednesday that they had mutually agreed to allow the deadline of July 29 to expire as "there was no reasonable likelihood" that the remaining conditions would be met in a reasonable time frame. Allied also cited broader external factors affecting trans-border transactions at this scale but did not provide any further?details. Zijin Gold operates mining operations in Asia, Africa and South America, while the Canadian firm has gold mines,?development and development projects on the Ivory Coast, Mali, and Ethiopia. In January, Zijin announced its agreement to purchase Allied for C$44 a share. ZIJIN?REMAINS INVESTOR Zijin has agreed to purchase approximately 12.8 million newly-issued Allied shares for?C$32.55 each in a private placing for the '9.2% stake. The transaction is expected to close around August 10. Allied stated that it 'expects' to use the proceeds - including the completion and ramping up of the Kurmuk Mine in Ethiopia and the expansion of the Sadiola Mine?in Mali - to advance growth initiatives. It also said they expect the proceeds -including increasing production – at their Ivory Coast operations, and funding exploration across the business. ($1 = 1.4098 Canadian dollars) (Reporting by Arunima Kumar in Bengaluru; Editing by Vijay Kishore)
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S&P says El Nino is unlikely to affect ratings for the time being
One of S&P Global’s top analysts said that El Nino will not 'by itself' lead to sovereign ratings downgrades, unless it is significantly worse than expected and governments take costly measures to support the affected countries. Joydeep Mukherji is S&P's Latin America lead ratings analyst. She said that the rating impact would be determined by the severity of the droughts and flooding caused by a potential "super" El Nino, as well as how policymakers handle the fallout. Mukherji stated in an interview that "if it's a flood or a dry spell that disrupts economic activity, then you assume?it will pick up within six months, twelve months." If that's the only thing that happens, ratings should be able?to withstand that kind of stress." The key factor is more likely to be the response of the governments in the hardest-hit countries. Mukherji stated, "If there is a small fiscal intervention to help those affected by the crisis, then that's a good thing." However, broader measures like a control on fuel or electricity prices could increase fiscal pressures. He said: "Suddenly, you've got a fiscal issue on the side. Not just the disruptions caused by natural disasters." The government faces a difficult choice: either they allow a part of the cost to be borne by businesses and households, or they take on a greater share through increased public spending, larger deficits, and more borrowing. He said that policy response was key. "Do governments share or spare the costs or do they take it all on themselves in their balance sheet by increasing deficits and debt?" He said that countries with flexible exchange rate may be better able to absorb weather-related shocks. As examples, he cited Colombia and Peru as two countries where economic impacts could be "substantial". The 'political tools' available to maintain competitiveness in a country without its own currency, such as Ecuador with the dollar, are fewer. S&P does not expect El Nino will trigger a negative rating wave. He warned that there is still a lot of uncertainty about the magnitude of the phenomenon.
Carbon credit projects in Brazil are a source of income for illegal loggers
Carbon credits have been issued to companies around the globe in exchange for their investments in conservation projects in Brazil. These projects aim to protect the Amazon Rainforest.
Many of these projects benefit people and companies fined by Brazilian authorities because they destroyed the rainforest.
Reporters examined 36 conservation projects in Brazil's Amazon that offered voluntary carbon offsets to the world's largest registries. The Brazilian environmental agency Ibama has punished landowners, developers, or forestry companies for their involvement in illegal deforestation.
Offenses included clear-cutting rainforests without authorization, transporting trees felled without valid permits, and inputting false information into a government tracking system for timber. These infractions, according to government officials and experts, reflect the wide range of roles played in the illegal timber trade that is destroying the rainforest.
Ibama fined 20 conservation projects for deforestation, before the carbon credits registry was created. In seven cases, fines were continued for deforestation committed by project backers after registration.
Raoni Rajao said, "The whole concept is a failure." She was the head of the Brazilian Environment Ministry program to combat deforestation from December until now. He said that by paying people who have a history of breaking environmental laws, the carbon markets may be funding illegal deforestation groups.
They might reduce deforestation one place but increase emissions in another with the same resources," said Rajao. He is now a professor of environmental policy at the Federal University of Minas Gerais.
Brazil has fined people who violate laws that limit deforestation in the Amazon rainforest. The Amazon is the largest rainforest on earth, and it's lost a fifth of the original tree cover within the last half-century. Scientists warn that further deforestation will release large quantities of carbon dioxide which accelerates climate change.
According to market watcher AlliedOffsets, the Amazon has become an important part the voluntary carbon markets, which was valued at $7.6 billion in the global market over the past five years.
Carbon credits are generated by projects that reduce greenhouse emissions, such as avoiding deforestation of rainforests. Each carbon credit is equal to one metric ton saved of carbon dioxide. Polluters may then buy carbon credits in order to offset their own emissions.
Referees who set standards on the global market accredit firms like Verra (a non-profit) and Cercarbono, its Colombian competitor. They have systems that verify whether a project reduces emissions in the way it was promised.
The documents relating to 36 conservation projects in Brazil's Amazon, which were certified by Verra and Cercarbono as of the beginning of the year, numbered thousands of pages. Both keep public records on the project's boundaries, designs and credits. The reporters identified the key players, and compared them with Ibama’s database of fines.
Ibama held the backers of five projects responsible for illegal logging within the boundaries of the conservation projects they were supporting, and not elsewhere.
The study did not find any evidence that individual carbon credit projects were failing to meet their commitments to reduce deforestation compared to a projected baseline.
A spokesperson for Verra confirmed that the registry would "take any allegations of illegal activity related to a registered project in one of our programmes seriously" and conduct a review on all projects flagged during the analysis.
Cercarbono announced that it has opened a formal inquiry into projects flagged as illegally deforested by anyone who is familiar with the issue.
A Cercarbono spokesperson stated that "there is no indication" that the integrity or the projects you mentioned has been compromised.
Multinationals like the U.S. aircraft manufacturer Boeing, Spanish telecom Telefonica, and Colombian oil producer Ecopetrol are among those who have purchased credits for projects. Accrediting companies are often relied upon by buyers to ensure quality.
Boeing announced that it has acquired carbon offsets which meet widely accepted science-based standards. Telefonica is a member of a corporate group that seeks to improve the integrity of voluntary carbon credits. Ecopetrol declined comment. Brazil's Environment Ministry overseeing Ibama said that the agency's database of enforcement offers a reliable record of environmental violations, which can and should be used to verify effectiveness of conservation projects sold as carbon credits.
A DOCTOR WHO TURNED INTO A LOGGER
Ricardo Stoppe Junior was one of the most prominent names on the Brazilian carbon credits market in the last five years. In June 2024 he was arrested as part of an investigation by the federal police called "Operation Greenwashing" and accused of being in charge of a massive illegal logging scheme.
Stoppe has been promoting himself as the world’s top carbon credit entrepreneur for many years. A Brazilian doctor, he claimed to have put his life on hold in order to save 10,000 square kilometers (40 sq mi) of Amazon rainforest. According to AlliedOffsets' public transaction data and price tracking, he sold $15 million in credits since 2020.
Stoppe's success in the carbon market came despite public records showing Ibama fines against him and his partners since 2014 for deforestation-related offenses.
A confidential 302-page report by the police, reviewed and analyzed by, documents how authorities determined that he used his Carbon Projects to fund a criminal plan to bribe public officials in order to forge land title and launder over a million cubic metres of illegally felled rainforest timber.
Last year, a federal judge ordered Stoppe's arrest and the freezing of $300 million in assets of Stoppe and his four associates for their alleged involvement in a criminal group responsible for illegal land grabs and logging.
All five lawyers disputed the accusations of federal police and denied that their clients had done anything wrong. Since then, they have been placed under house arrest while awaiting charges from prosecutors. The prosecutors declined to comment about the case.
Stoppe denied participating in criminal activity in his first interview following five months behind bars. He said his projects had brought environmental protection and legal rigor to a part the rainforest that was plagued by illegal land grabs.
There's no such thing as a state. No police. "Nothing," Stoppe replied. "It is like the Wild West."
He blamed the accusations against him on a lack of oversight by his business partners, and on investigators' bad faith. He denied participating in illegal deforestation.
History of Fines
Stoppe purchased a tract of land in the southern Amazonas State, which was named "Our Lady of the Ituxi Waterfalls" after cascades that were considered sacred by the neighboring Indigenous community.
Stoppe stated that his plan was to clear the land and raise cattle.
After a near-death encounter in the jungle when a branch knocked off his horse, he said that changed. He said that after nearly a week of being in a state of coma he realized he didn't want to destroy the rainforest.
Stoppe transformed the forest surrounding the ranch into "Fortress Ituxi," his first carbon-market conservation project, which he will register in 2020 with the global certification body Verra. Ibama fined him at the time twice for falsifying data in Brazil's Timber Tracking System, totaling over 125,000 reais (approximately $23,000).
Two years later he recruited ranchers from the surrounding area for a new project called "Unitor", which aimed to protect a large tract of rainforest that stretched between the Iquiri National Forest Territory and the Kaxarari Indigenous Territory. Stoppe, along with two other landowners, had already racked up Ibama penalties totaling over 8,6 million reais by the time they registered their second project. This included fines for clearing native forest and grazing cows on land that was deforested.
The Brazilian Environment Ministry has not commented on specific cases that involve Stoppe and landowners.
Stoppe's proposal for Unitor, which he submitted to Verra, highlighted its benefits. It warned against "criminal groups that invade federal public lands to deforest them and to commercialize wood illegally harvested."
Many of the carbon credit projects we reviewed were based on a similar sales pitch. According to common methods of generating credits through conservation, the more serious the threat is, the higher the value of the avoided deforestation.
Police claim that Stoppe sold the solution to a problem he created.
The federal police report describes the alleged scheme, using wiretaps, land titles and permits, satellite images, and bank records.
The police report alleges that Stoppe and his accomplices bribed officials to create land claims in national forests and other public lands, converting them into private estates which they then grouped together into carbon credit projects.
According to a police report, these conservation projects were also a way to easily cover up massive illegal logging. The group registered their "forestry management plans" under a program of the state that allows selective logging in order to thin out a forest.
Police say that Stoppe and his partner used state-issued logging permits for their project area to wash wood they had illegally extracted elsewhere. Lumber in the Amazon with legal permits is worth many times more than undocumented lumber.
Thiago scarpellini, the lead investigator at the police department, said in an interview that Stoppe was the leader of a scheme to facilitate illegal logging on nearby public lands like the Kaxarari Reservation. He stated that Stoppe is "the subject of this investigation but he is not the only person working in this manner." He didn't elaborate.
According to the report, Scarpellini’s team of investigators had compared the logging permits with satellite images of Stoppe’s projects. They found that they had created enough fraudulent permits to wash more than 1.1 millions cubic meters of illegal wood.
Stoppe claimed he would prove to the court all land claims made in his name, and denied any involvement in illegal logging.
Verra Registry put Stoppe's projects on hold after his arrest.
The President Luiz inacio Lula da silva is trying to position Brazil as the global leader for "green" development. This will be on display when Brazil hosts the United Nations Climate Summit in November.
Brazil, in an effort to meet its climate change commitments made under the Paris Agreement of 2016, passed a law in 2017 to create a carbon market regulated by the government, similar to those found in Europe, China, and California.
The law, when it comes into effect, will require Brazilian industries to reduce greenhouse emission or pay for them to be offset in a regulated marketplace, which includes conservation projects that sell carbon credits.
The government also encourages carbon credit projects which actively restore damaged biomes instead of paying landowners to avoid deforestation. The findings regarding Brazil's voluntary market are "very grave" and highlight challenges facing regulators in setting up a new market. Cristina Reis is the deputy secretary of sustainable economic development for Brazil's Finance Ministry.
"SOMETHING WRONG"
Ibama fined Stoppe and his partner 18 additional times for, among other things, razing 42 sq km of rainforest and falsifying 180,000 cubic meters in timber.
According to an analysis of Ibama’s fines that were independently levied from the police investigation, some of these offenses fell within the scope of Stoppe’s carbon credit project.
Edivan Kaxarari is a leader in the local Indigenous community. He said that some locals were hesitant about Stoppe's promise to protect the forest. They turned down the chance to work on a project to create carbon credits.
The documentation for Stoppe's Carbon Credit Projects filed with Verra shows that he and partners staked a claim on land along Bull Road, which is a local road that passes by other ranches as well as the Kaxarari Reservation.
Edivan, a reporter and Edivan drove down the dusty roads to Stoppe's Ituxi Ranch for two hours. He surveyed the disappearing forests of his ancestral lands. Edivan surveyed the vanishing forests on his people's ancestral lands as he drove with reporters down a dusty road to Stoppe's Ituxi ranch.
Ibama’s enforcement database revealed that the agency had penalized Stoppe and his partner at least six different times for illegally deforestation on Bull Road.
Edivan, who had been watching illegal logging for many years, said he was on his guard when "white men" came to the reservation two years ago and preached the environmental benefits Stoppe's projects of carbon credits. They also proposed a project in Kaxarari territory.
Stoppe confirmed that he has begun discussions with Kaxarari regarding a partnership on a project involving carbon credits.
Edivan, a participant in the meeting, said "They brought this carbon project proposal and mentioned what had already been done on the Ituxi Ranch with Dr. Ricardo." They didn't give much time for us to accept.
Edivan and other leaders of the community expressed concerns over the proposal.
Why is someone deforesting if they are working on a carbon project? He said. There's something wrong." (Reporting and editing by Claudia Parsons; Additional reporting by Marcela Parsons; Additional reporting by Brad Haynes; Jackie Botts, Ricardo Brito, and Jake Spring)
(source: Reuters)