Latest News
-
After US criticism, the Fund Climate Group drops some of its targets
The document shows that a flagship climate coalition of asset managers has dropped certain targets for its members. This comes months after U.S. pressure forced BlackRock to leave the group and suspend their activities. After Republican politicians attacked them, the Net Zero Asset Managers Initiative took similar measures at sister groups in banking and insurance. The announcement comes just days before the COP30 Climate Talks in Brazil, where a number of fund managers will be gathering at a variety of events related to the global effort of decarbonising the economy. 2050 NET-ZERO GOAL FOR INVESTMENT PORTFOLIOS DROPPED NZAM announced on January 13 that it had suspended its activities after BlackRock left the coalition on January 9, citing confusion about climate efforts of the coalition and legal inquiries by public officials. The group stated on its website that it has consulted hundreds stakeholders since then and their feedback is to "retain ambitious, remain global inclusive and ensure the Commitment Statement remains practical in an evolving landscape". In the new "Commitment Statement", the group dropped any requirement that members reach net-zero emission across their portfolios of investments by mid-century, and set interim goals for 2030. In the new statement, members promise to provide clients with information on climate risks and help them to act. They will also support clients in reaching their climate goals and set near-term targets consistent with the global goal of net-zero energy. The initial commitment to net-zero was weak and nonbinding. This development confirms that the financial sector has disengaged and is weakening the alliances. Reporting by Simon Jessop, Editing by Mark Potter
-
Powell's remarks and Fed rate decision are causing gold to rise by nearly 2%
The gold price rose by nearly 2% in Wednesday's session, recovering from the three-week low reached in the previous session. Some traders had covered their short positions in anticipation of the Federal Reserve's rate decision scheduled for later that day. As of 11:29 am, spot gold was up by 1.4% to $4,005.28 an ounce. After falling to its lowest level since October 6, gold prices rose 1.4% at 11:29 a.m. ET (1529 GMT). U.S. Gold Futures for December Delivery gained 1%, to $4.020.70 an ounce. "Some of these speculative positions that were short are now covering in anticipation of the Fed's announcement .... Market participants will pay close attention to Powell's answers to today's questions and the Fed Chair Jerome Powell’s policy statement, said Peter Grant. The Fed will likely cut interest rates 25 basis points in response to September's softer than expected inflation data, and signs of weakness on the labor market, despite limited data due to ongoing U.S. Government shutdown. Investors will closely monitor Powell's remarks to see if they contain any hints about future policy. Gold that does not yield is usually more popular in low interest rate environments and times of economic uncertainty. In the meantime, U.S. president Donald Trump announced a deal with South Korea on Wednesday and expressed optimism that a similar truce would be reached with China's Xi Jinping ahead of scheduled talks Thursday. Gold's appeal as a safe haven could be diminished by a potential trade agreement between the U.S. Gold is up 52% in the past year, thanks to geopolitical and financial uncertainties, U.S. rate cuts and central bank purchases. Prices reached a record of $4,381.21 in October, but have since fallen by 8.5%, partly due to the easing of trade tensions. Grant stated that despite the magnitude of the setback, the gold price could still reach $5,000/oz by the first quarter 2026. Silver spot gained 2.6%, to $48,25 an ounce. Platinum was up 0.9%, at $1,597.87, and palladium was up 1.9%, to $1,419.46. Reporting by Noel John in Bengaluru and Pablo Sinha. Mark Potter edited the article.
-
Fast-track claims for death and injury compensation, SCE Wildfire Fund to pay millions
Southern California Edison announced on Wednesday that it will pay out several million dollars to each family who has lost a loved one in the January wildfires which scorched 14,000 acres of Greater Los Angeles and destroyed thousands homes and businesses. Edison International owns the utility. It said that eligible individuals and business can submit claims for payments and resolutions related to loss of property and life caused by the Eaton Fire. This is done through its Wildlife Recovery Compensation program. In January 2025 the Eaton Fire ravaged southern California, killing 19 and destroying over 9,400 single-family houses and other buildings. In a phone interview, Edison International CEO Pedro Pizarro said that putting a number on the death toll was one of the hardest aspects of the program. Pizarro stated, "That is a challenging question because we are aware that life itself is precious." SCE stated that death claims would include payment for pain and discomfort, economic losses and direct claim premiums of $5 million per deceased. Pizarro stated that after receiving input from the local community, SCE extended payment eligibility to include properties damaged by smoke and ash. He said that initially, approximately 12,000 properties were eligible. However, nearly 6,000 more were added. A 50% increase was made to payments for every child who lost their home. Residents who lost their primary residence will receive an adult payment of $115,000 and a child payment of $75,000. Residents who are eligible will receive an offer of settlement within 90 days after filing a claim. After all conditions of the settlement agreement have been met, payments will be made in 30 days. No official decision has been made on the cause of this fire. SCE acknowledges that circumstantial evidence indicates that one of its idled high voltage transmission lines may have ignited Eaton's fire amid winds exceeding 100 mph early in January. SCE offers a self-insurance program of $1 billion that is funded by customers for Eaton claims. Losses above that amount will be covered by the Wildlife Insurance Fund of California, which is estimated to have $22 billion. SCE worked with Kenneth Feinberg and Camille Biros on the design of SCE's wildfire funds. Feinberg was responsible for the payments made from the September 11, 2001 Victim Compensation Fund. Biros is his colleague. Biros stated that the goal of this program is to provide money to families in the shortest time possible, without any additional burdens or problems. In a phone interview, Biros stated that "they're already going to enough trouble." This program allows us to give money to families who may be in dire need. (Reporting by Tim McLaughlin and Editing by Nick Zieminski).
-
Anglo-American MMG's $500m deal with EU faces antitrust investigation, sources say
Anglo American faces an EU investigation over its $500 million sale to MMG of its Brazilian Nickel assets after the regulators rejected their proposed remedies. Two people with knowledge of the situation said that on Wednesday. The companies offered to purchase ferronickel for resale to European customers for up to ten years from MMG to allay concerns that this deal might cut off shipments of the metal to Europe due to global concerns over the influence of China on the supply chain of minerals. One source said that the European Commission (which is the EU's competition enforcer) has not requested feedback from competitors and customers about the proposed remedy. The EU executive is due to complete its preliminary review on the deal by November 4. A request for a comment was not immediately responded to. In a joint press release, the companies stated that they will continue to work closely with the Commission in order to get its approval of the deal. They said: "This includes measures we recently put forward in order to ensure that customers continue to have access to cupronickel produced sustainably, which we consider to be the best outcome for them." They added, "We believe European customers will support Anglo American in its role as a cupronickel marketer. Supply competition in Europe will also increase as MM becomes a new provider." (Reporting and editing by Ros Russell, Elaine Hardcastle, and Foo Yunchee)
-
WoodMac: US nuclear power generation will grow by 27% after 2035 as data centers drive demand for electricity
Analysts at Wood Mackenzie say that U.S. nuclear energy generation will increase as data centers and other surges in demand strain grids throughout the country. A wave of tech firms have also signed deals to use the zero-carbon source. The growing interest in this sector is evident by the flurry announcements of nuclear energy investments. Most recently, the U.S. Government announced an $80 billion partnership with Westinghouse Electric. The power industry has to deal with the increasing demand for electricity from data centers that are energy-intensive, as well as rising temperatures and electrification. Technology companies have become energy providers to meet the growing demand. This is especially true in the U.S., where nuclear power has emerged as a preferred option. NextEra Energy and Google signed a partnership agreement this week to restart a nuclear plant in Iowa. Other tech giants, such as Microsoft, have also signed agreements for the next-generation of nuclear technologies. Entwistle noted that it will take some time for many of them to be completed. Wood Mackenzie predicts that U.S. nuclear production will be stable until 2035 and then rise 27% by 2060. According to the latest energy transition outlook from the firm, global data center power consumption is expected to reach 700 TWh globally in 2025 and 3,500 TWh worldwide by 2050. This is equal to the combined electricity demand of India and the Middle East today. The global nuclear capacity will grow from 400 GW to 800 GW to 1,600 GW between 2060 and 2060, according to the latest energy transition outlook. James West, managing Director at Melius Research, stated that small modular reactors are seen as being cheaper and quicker to build. They can also be located with data centers without the need for an additional power infrastructure. The nuclear industry faces multiple challenges in order to remain competitive. These include project and permit delays, cost overruns, and a labor shortage. Entwistle said that securing policy support and funding to fund innovative projects, such as small modular reactors will be difficult for newer technologies. (Reporting and editing by Frances Kerry. Kavya Baliaraman)
-
Israel announces it will maintain the ceasefire in Gaza a day following strikes that killed 104 people
Israel's military announced on Wednesday it would adhere to a ceasefire agreement in Gaza. Health officials in the enclave reported that airstrikes in Gaza had killed 104. Israel and Hamas both blamed each other for violating the deal. Israel launched airstrikes on Gaza late Tuesday night, claiming it was a response to a militant attack that killed a soldier. This is the latest breach of an already fragile ceasefire. In a press release, the Israeli military stated that it would enforce the ceasefire and respond strongly to "any violations". ISRAEL SAYS AIRSTRIKES TARGETED HAMAS COMMANDER In a separate announcement, the military stated that it had targeted dozens Hamas militants in the enclave as well as weapons and tunnels owned by the group. The military named five militants including a Hamas leader who they said were involved in the attack on an Israeli Kibbutz that started the war. Gaza's health ministry reported that 104 people have been killed by Israeli airstrikes in Gaza since Tuesday, including 46 children and 20 females. Couldn't verify the figures immediately, but video shows several women and children dead inside a hospital at funeral procession. Donald Trump, the U.S. president, said that the U.S.-backed truce was not in danger despite the bombardments. Trump said to reporters on Air Force One, "I understand that they killed an Israeli soldier." "So, the Israelis retaliated and they should retaliate," Trump told reporters aboard Air Force One. "When that happens, you should strike back," he said. The Israeli army confirmed the death of the soldier on Wednesday. Trump stated that "nothing" would jeopardize the ceasefire. You have to realize that Hamas represents a small portion of the Middle East peace, and it is important for them to behave. ISRAEL SAYS HAMAS ATTACKED COMMUNISTS WITHIN THE 'YELLOW LINE Some Palestinians who had fled their homes feared that the truce would fall apart. Ismail Zayda (40), a father of 3 children, remembered the sounds of explosives all night long, a constant reminder of the war which has claimed tens and thousands of lives. It was one of worst nights since the ceasefire. Zayda told a chat application that the sounds of planes and explosions made him feel like war had resumed. Zayda lives with 25 members in tents west of Gaza City. According to an Israeli military official, Hamas violated the ceasefire agreement by attacking Israeli forces stationed inside the "yellow-line", the deployment line that was agreed in the ceasefire. Hamas has denied responsibility for an attack on Israeli troops in Rafah in southern Gaza and stated in a press release that it remains committed to the ceasefire agreement, which came into effect on 10 October. The agreement involves the return of hostage remains In the agreement, Hamas freed all hostages alive in exchange for almost 2,000 Palestinian prisoners, including wartime detainees. Israel retreated its troops and stopped its offensive. Hamas has also agreed to return the remains of any hostages who have not yet been recovered. However, it says that the process of locating and retrieving all the bodies will take some time. Israel claims that the militant group has access to the remains of many hostages. Trump has said that he will be closely monitoring the situation. Benjamin Netanyahu, the Israeli prime minister, said that human remains were handed over to Israeli authorities on Monday night. They belonged to a man who was killed in Hamas' attack of October 7, whose body had been recovered by Israeli troops during the first weeks of combat. The Israeli military claimed that Hamas planted the remains on an excavation site, before calling in Red Cross and pretending to have found a missing prisoner. This was done to give a false impression of "efforts to locate bodies". The military published a 14-minute video showing three men covering a white bag with rocks and earth at an excavation site. The video's location was confirmed independently, but the date or Israel’s description of what it showed was not. Hamas didn't immediately respond to our request for comment. The ICRC stated that its team did not know the remains were planted on the site prior to their arrival. The ICRC issued a statement saying that it was unacceptable to stage a fake recovery, especially when the agreement is so important and so many families still await news about their loved ones. (Additional reporting Trevor Hunnicutt, Maayan Libell, Marine DelRue and Eleanor Whalley, Writing by Michael Georgy, Editing by Michael Perry Sharon Singleton Aidan Lewis
-
Powell's remarks and Fed rate decision are causing gold to rise by nearly 2%
The gold price rose by nearly 2% in Wednesday's session, recovering from the three-week low reached in the previous session. Some traders had covered their short positions in anticipation of the Federal Reserve's rate decision scheduled for later that day. As of 9:45 am, spot gold was up by 1.4%, at $4,007.47 an ounce. After falling to its lowest level since October 6, gold prices rose 1.4% at 9:45 a.m. ET (1345 GMT). U.S. Gold Futures for December Delivery gained 1%, to $4.023.3 an ounce. Some of these speculative positions that were short are now covering in anticipation of the Fed's announcement .... "The market will pay close attention to (Fed Chairman Jerome) Powell’s answers to questions today," Peter Grant, Vice President and Senior Metals Strategist at Zaner Metals said. The Fed will likely cut interest rates 25 basis points in response to September's lower-than-expected inflation and signs of weakness on the labor market, despite limited data due to ongoing U.S. Government shutdown. Investors will closely monitor Powell's remarks to see if they contain any clues about future policy. Gold that does not yield is usually more popular in low interest rate environments and times of economic uncertainty. In the meantime, U.S. president Donald Trump announced a deal with South Korea on Wednesday and expressed optimism that a similar truce would be reached with China's Xi Jinping ahead of scheduled talks Thursday. Gold's appeal as a safe haven could be diminished by a potential trade agreement between the U.S. Gold is up 52% in the past year, thanks to geopolitical and financial uncertainties, U.S. rate cuts and central bank purchases. Prices reached a record of $4,381.21 in October, but have since fallen by 8.5%, partly due to the easing of trade tensions. Grant stated that despite the magnitude of the setback, the gold price could still reach $5,000/oz by the first quarter 2026. Palladium rose by 1.2%, while platinum gained 1.5% to $1,608.95. Spot silver also increased 2.3%, to $48.11 an ounce. Reporting by Noel John in Bengaluru and Pablo Sinha. Mark Potter edited the article.
-
Industry group: Portugal's chemical sector must spend $35 billion to decarbonise.
APQuimica, a Portuguese industry group, said that the chemical, petrochemical, and refining industries in Portugal need to increase their decarbonisation spending to achieve net zero climate goals before 2050. The sector estimates this process will cost 34.99 billion euros (30 billion euros) of investment. A sector that invests around 1 billion euro per year on average in growth, manufacturing, and energy efficiency. However, only a small portion of this money is devoted to decarbonisation. This estimate of 30 billion euros, which is the first time that the industry has given a figure to decarbonisation costs comes from a joint study with the consultancy EY. The plan is a structured approach to achieve carbon neutrality as required by U.N. treaties and EU conventions, APQuimica president Luis Gomes stated on Wednesday. Initial capital investments will be significant. Funding will go mainly to electrification and renewable gases such as green hydrogen or biomass as well as carbon storage, use, and capture. In Europe, carbon neutrality has become a legal requirement. Gomes said that he did not know of a company within the AP Quimica Group who had doubts. He said that the industry was capital-intensive, already invested a great deal every year, and had the potential to invest more. Portugal's manufacturing sector generates 26 percent of the country’s total greenhouse gas emission. Its chemical, petrochemical, and refinery industries are responsible for over a third. APQuimica is made up of more than 60 companies, including Repsol Polimeros in Spain and other large companies like Bondalti or the oil company Galp. The group stated that the sector, which exports into 180 countries, has disadvantages when compared to European competitors, including long delays in the official authorisation process required to approve investments. Portugal's electricity and gas prices are below the EU average. However, this advantage is being eroded due to more generous subsidies given elsewhere in Europe.
What's at stake for EDF in Czech nuclear tender?
The stakes are high for France's nuclear power operator EDF, as it waits for the outcomes of a tender to build up to 4 brand-new reactors in the Czech Republic.
The French state-owned company stated on Tuesday that it had submitted an upgraded bid for the job and anticipates a choice from Czech utility CEZ this year.
WHY IS THIS PROJECT IMPORTANT FOR EDF?
If it wins, it would be the company's very first abroad agreement since it landed the Hinkley Point task in Britain in 2016, marking a significant vote of confidence in the company.
In the house, EDF has yet to complete its very first EPR (European. Pressurized Reactor) at Flamanville after a hold-up of 12 years. and faces scepticism about its ability to execute plans for. another 6 brand-new reactors in the country.
Everyone has an eye on Prague's choice, Vakis Ramany,. EDF senior vice president in charge of global brand-new nuclear. development, said ahead of the bid submission.
WHY IS THE CZECH CONTRACT IMPORTANT FOR EUROPE?
A win is not simply critical to the business however likewise to its. strategy to decrease expenses and increase the performance of other. nuclear reactors prepared in France and throughout Europe.
Europe's leading nuclear power-plant builder intends to provide. a couple of reactors a year on the continent from the 2030s, a. speed not seen because France commissioned its fleet of nuclear. stations in the 1980s and 1990s.
This is the speed necessary for us to continue to. regularly enhance our efficiency from one task to the. next, so that synergies can be maximised, said Ramany.
EDF is pushing for a major revival of nuclear power in. Europe, which it states is essential to cut carbon emissions and. strengthen energy security.
WHO ELSE IS BIDDING?
EDF is up against hard competitors from Korea Hydro &&. Nuclear Power (KHNP), a subsidiary of Korean conglomerate KEPCO.
The Korean company beat EDF 15 years earlier on a bid to develop. four reactors in the United Arab Emirates, after the French. business went into the process late and with higher costs.
KHNP's bid likely has much lower costs, state industry. participants.
The cost of a single EDF reactor is around 10 billion euros. ($ 10.73 billion), according to French paper Les Echos.
EDF declined to discuss the quote, in addition to expenses in. its proposal. KHNP also declined to talk about costs.
The costs for EDF's Flamanville EPR is now at 13.2 billion. euros ($ 14.14 billion), while the two Hinkley Point reactors are. expected to cost up to 35 billion pounds ($ 43.93 billion) based. on 2015 worths.
U.S. company Westinghouse has withdrawn from the. tender.
WHAT ARE EDF'S OPPORTUNITIES OF SUCCESS?
EDF needs to benefit from its proximity to the Czech Republic,. and its proposition to include Czech market in the job, stated. Marc-Antoine Eyl-Mazzega, director of the Energy and Environment. Center at the French Institute of International Relations.
Nevertheless, EDF has never developed an EPR1200, a streamlined. variation of its timeless EPR that it is proposing for the Czech. tender, and still requires certification for the new model.
It needs to pass this absolutely important stage so that the. Czech authorities are persuaded and have full confidence, stated. Eyl-Mazzega.
There are also still questions over whether Prague will be. able to finance the project, he added, describing it as a. gigantic financial gamble.
(source: Reuters)