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Investors assess Fed's outlook after rate cut and are cautious about stocks, the dollar
The global stock markets rose on Thursday, after the Federal Reserve lowered interest rates. However, investors were cautious after the world's largest central bank indicated a measured approach towards further monetary policy ease. U.S. equity contracts advanced by 0.3% after an uneven session overnight on Wall Street. Shares in Korea and Taiwan, which opened around 0.7% higher, led the gains in Asia. Japan's Nikkei 225 tacked on 0.3%. The MSCI broadest Asia-Pacific share index outside Japan edged down 0.1% as the declines in Australian markets and New Zealand weighed on this benchmark. The global stock market fell on Wednesday, after reaching a record-high in response to the Fed's quarter-point rate cut. It also indicated that it would continue to lower borrowing costs throughout the remainder of the year. In his post-meeting remarks, Fed Chair Jerome Powell temperated the more aggressive expectations of easing in the markets. He said that Wednesday's action was a risk management cut, and the central bank did not have to act quickly on rates. ANZ analysts wrote in a report that the decision made and the tone of the press briefing were both balanced and restrained. They weren't at all dovish. Investors were sceptical about Powell's projections of higher inflation and stronger U.S. growth. These doubts fueled the U.S. trade overnight. The S&P 500, and Nasdaq Composite closed down. Only Stephen Miran, the new Fed Governor who joined on Tuesday, was against a 50-bp increase. The currency markets are also indecisive. After the rate announcement, the U.S. Dollar Index fell to its lowest level since February 2022. It was 96.224. However, it recovered to 97.074 to end the day higher. After a knee-jerk response to the Fed's announcement, the euro remained at $1.1821. It had previously reached its highest level since June 2021 of $1.19185. Sterling is flat at $1.3626 after briefly reaching its highest level since July 2, at $1.3726, on Wednesday. It is expected that the Bank of England will announce its own policy later on Thursday and keep rates at 4%. According to CME Group’s FedWatch tool, traders are pricing in an 87.7% probability of another 25 bp cut during the Fed's October meeting, up from a 74.3% likelihood a day before. Shane Oliver is the chief economist at AMP and head of investment strategies in Sydney. He said that while "the Fed continues to signal more rate cuts", it still expects a good growth. This is a combination which is positive for share markets. He added, "I think the gains are going to be limited as the markets already rallied in anticipation of Fed rate cuts and therefore they're due for a pause or a near-term corrective." Bank of Canada reduced its key rate on Wednesday by 25 basis points to a low of 2,5%, a level not seen in three years. This was the first time in six months that the Bank had cut the rate. The Bank said it would cut the rate again if the risks to the economy grew in the coming months. S&P/NZX50 dropped 0.6% in New Zealand after data revealed a worse than expected economic contraction for the second quarter. The kiwi currency fell 0.6% against the dollar. The Australian market did not fare much better. It fell 0.8%, led by a drop of up to 13.6% in the shares of gas producer Santos after a consortium headed by Abu Dhabi’s ADNOC canceled its $18,7 billion bid, claiming that commercial terms couldn't be agreed. The yield on the benchmark 10-year Treasury note rose to 4.0872% on the bond market from its U.S. closing of 4.076% Wednesday. The yield on the two-year bond, which increases with traders' expectation of higher Fed fund rates, increased a bit to 3.5552%. Gold prices increased 0.3%, to $3670.19 an ounce. This is a recovery from the dip that occurred after Wednesday's record high. Brent crude oil prices remained steady at $67.95 a barrel.
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Oil prices barely changed after Fed rate reduction
The oil prices were not much changed Thursday, after the U.S. Central Bank lowered its main interest rate. This was widely expected. However, an indication that more rate reductions will be made before the end of the year raised the possibility of a surge in demand due to falling borrowing costs. Brent crude futures fell 8 cents or 0.12% to $67.87 per barrel at 0042 GMT. U.S. West Texas Intermediate Futures were down by 10 cents or 0.16% at $63.95. Federal Reserve policymakers responded in part to the signs of weakness on the job market by cutting their policy rate by one quarter of a percent point. They also said they would continue to lower borrowing costs throughout the rest of this year. Low borrowing costs usually boost oil demand. Claudio Galimberti is the chief economist at Rystad and the global director of the market analysis. He said that the Fed's decision to continue cutting rates indicates the Fed believes the risk of inflation to the economy is higher than the risk of unemployment. "For Brent, in particular,... the cuts and the two expected to be made by the end of the calendar year will be a positive factor that will counter the negative OPEC+ strategy of unwinding," he added, referring the increased oil supply coming from the Organization of the Petroleum Exporting Countries (OPEC) and its allies. The Energy Information Administration reported that the U.S. crude stockpiles declined sharply on the demand side last week, as net imports plunged to a new record low, while exports rose to a nearly two-year high. The world's largest oil consumer was concerned about the demand for distillate, and prices were pushed up by a 4 million barrel increase in stockpiles, as opposed to 1 million barrels expected by the market. JP Morgan stated in a note to clients that the global average oil demand was 104.4 million barrels of crude per day through September 17. This represents an increase from last year of 0.520 million barrels. The demand for oil has been up by 0.8 million barrels per day (mpd) so far this year, which is just a little bit less than the 0.83 mbd that was projected by JP Morgan. JP Morgan stated that "While flight volume in the U.S., China, and Latin America is easing, as summer travel season ends, activity continues to grow in Europe, Middle East and Latin America." (Reporting and editing by Christopher Cushing; Katya Golubkova)
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Mariah Carey's floating concert brings star power to Amazon ahead of COP30
On Wednesday night, less than two months before Belem welcomes heads of state to the U.N. Climate Summit COP30 in the Brazilian city, pop star Mariah Carey performed with a cast local artists at a floating concert for the Amazon rainforest. The concert was part of the two-day "Amazon Live Today and Forever" event, organized by Rock World. The company that organizes the music festivals Rock in Rio and The Town. Carey, 56 years old, was able to captivate more than 70,000 Sao Paulo fans on Saturday when she appeared at The Town. Fans watched from another location as the singer performed on a stage that resembled an enormous waterlily floating on the Guama River for a half-hour on Wednesday. "We are here tonight to raise awareness about the protection of the rainforest." Let's start with something tropical," she said, before singing "Sugar Sweet", the first song of the evening. Carey made her sixth visit to Brazil after performing in Sao Paulo last year and Rio de Janeiro the previous year. The Amazon concert was broadcast on Brazilian TV, and it was preceded by a showcase of Amazon-born female performers. Belem, Brazil, will host COP30 in November. This event, the first U.N. Climate Summit to be held within the Amazon, will bring together business leaders, climate activists, and foreign leaders. (Reporting and writing by Wagner Santana, Fernando Cardoso, Jamie Freed).
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Three police officers killed, two injured in Pennsylvania; suspect shot
Officials said that three law enforcement officers died and two were critically injured in Pennsylvania, following a confrontation on Wednesday with a shooter who was fatally wounded by police. State police commissioner Colonel Christopher Paris stated that the shooting occurred in Codorus Township in York County, in the southeast part of Pennsylvania, as the officers returned to the site where they had previously conducted some police work. He told reporters hours later that "they were there to follow-up on an investigation which began yesterday." He refused to provide any further details, other than to describe the investigation as being "domestic." Three officers were killed and two other officers were injured by gunfire. They were transported to a hospital nearby, where their conditions were listed as critical but stable. One local media outlet claimed that the officers were trying to execute a search warrant at the time of the shooting. Paris reported that the police shot and killed the shooter. The shooter was not identified publicly and the authorities refused to reveal immediately which law enforcement agency the officers were from. Governor Josh Shapiro, who visited the hospital to pay his respects to fallen officers, stated, "This is a tragic and devastating event for York County as well as the Commonwealth of Pennsylvania." He asked for prayer for the families of those who died. He said: "It is important that you know how proud these families are of the loved ones who wore uniforms to keep us safe." Shapiro acknowledged that he received a phone call from U.S. attorney general Pam Bondi, who offered whatever federal assistance was needed. Reporting by Steve Gorman and Christian Martinez. Editing by Bhargav Asharya and Sam Holmes.
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Report says India's CO2 emissions from the power sector have fallen for the second time in four decades.
India's carbon emissions from the power sector decreased by 1% in the first half 2025, primarily due to the addition of clean energy and a lower demand for electricity, according to a report. This is only the second decline in almost 50 years. According to an analysis of Carbon Brief by the Centre for Research on Energy and Clean Air, the fall in electricity demand was primarily due to record additions of clean-energy capacity and unusually warm weather. The Helsinki-based think-tank attributed 65% to the decline in fossil-fuel generation, 20% to a faster expansion of clean-energy, and 15% to increased hydropower output. This analysis is based upon official data collected by different government agencies and ministries on fuel consumption, production of industrial goods and electricity generation. CREA reported that India added 25.1 gigawatts of non-fossil power in the period January-June, a 69% increase from the previous record. This is enough to produce nearly 50 terawatt-hours (TWh), annually. Hydropower production increased as a result of lower temperatures and rain between March and may, which was 42% higher than normal. CREA reported that fossil fuel generation dropped by 29TWh while total electricity generation increased by 9TWh. The growth in oil demand also slowed, which contributed to the overall emissions decline. However, steel and cement emissions rose dramatically due to government infrastructure spending. CREA stated that India's emissions from the power sector could reach a peak before 2030, if the clean energy growth continues and if demand stays within projections. CREA said that the sector had historically accounted half of India's growth in emissions. The country is looking at adding 500 GW of renewable energy by 2030. (Reporting and editing by Yagnoseni das, Sethuraman N R and Janane Venkatraman).
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Exxon suspends European plastic recycling plans due to draft EU regulations
ExxonMobil has halted 100 million euros (118.4 millions) in investment in European Plastic Recycling due to draft EU rules that define the recycled content of a final product. Two projects are being developed by the U.S. energy company to recycle chemicals at its existing plants in Rotterdam, and Antwerp. The project will process 80,000 tons of plastic waste annually. In an interview, Jack Williams, Senior Vice-President of ExxonMobil, said that the two projects were now halted due to the EU draft rules which he claimed discriminated against existing petrochemicals facilities versus standalone installations. "Everything is going according to plan." He said, "We've received local support." "We are interested in making these investments." "The only thing that stands between us and this project is EU Policy." A draft law is being considered to determine the amount of recycled material based on both the mass of waste entering the system and that of the output. ExxonMobil has stated that it favors simpler standalone technologies, where the path to production from plastic waste is more clear. It penalises complex integrated facilities which feed fossil feedstocks. Williams stated that based on the proposed law, the facilities of its company would receive less than half the credit due. A public consultation on the draft ended one month ago. Exxon shares the view of industry groups and companies including Finland's Neste. By 2030, the EU has set targets for plastic recycling. For example, plastic bottles must contain 30% recycled material. According to the industry, it is necessary to combine mechanical recycling which reprocesses plastic waste without altering its chemical structure with chemical recycling. This can be done by reducing complex plastics into their basic chemical components. Williams said that while U.S. tariffs on imports weren't a major problem for his company, EU regulations were. He specifically called on the EU to repeal Corporate Sustainability Due Diligence (CSDDD), which requires large companies to verify if their supply chain uses forced labour or causes environmental damage. Williams claimed that the rules were complex, expensive, bureaucratic and in some cases impossible to achieve. They also applied outside of the EU. The EU has already loosened the rules and delayed their implementation. (1 dollar = 0.8447 euro) (Reporting and editing by Ed Osmond, Philip Blenkinsop)
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Friedland: Ivanhoe Mines is in talks with sovereign funds after Qatar investment
Robert Friedland, co-chairman of Ivanhoe Mines, said on Wednesday that the company is constantly in contact with sovereign wealth funds to discuss potential investments. These are meant to support Ivanhoe Mines' efforts to increase production of copper and critical minerals. Vancouver-based Ivanhoe announced earlier on Wednesday that Qatar’s sovereign wealth fund will invest $500 million in order to achieve what Qatari officials described as a goal: "finding and developing critical minerals essential for global energy transition and advanced technologies applications." Ivanhoe operates in South Africa and the Democratic Republic of Congo, while exploration projects are underway in Angola. Friedland, Ivanhoe’s third largest shareholder, expressed an interest in expanding elsewhere in Africa and Asia. Friedland believes that Qatar's investment will open doors in many countries, particularly those with a majority of Muslims, where he thinks there are vast mineral deposits. Qatar has a population of 65% Muslims and a large part of its wealth is derived from the production of natural gas. Ivanhoe has used advanced imaging, artificial Intelligence and other high-tech methods for better finding geological deposits. Friedland responded: "We are in constant communication with sovereign partners." They want more. We want to make Ivanhoe Mines a leading mining company in the world. Friedland refused to provide details but said that Ivanhoe wasn't interested in partnering up with hedge funds. He said without naming any specific investors, "We're allergic to hedge fund names that are named after Greek Gods." Their investment horizon can be measured to the millionth of a millisecond. He said that the rush to find critical minerals around the world and the possibility of finding new deposits is similar to the west U.S. gold rush in the late 19th Century. In my 40 years of working in the industry, he said he had never seen such a rush for critical raw materials. Ivanhoe is interested in developing titanium projects in Ukraine but not while that country is at war with Russia, he said. He added that the company is not interested in deep-sea mine projects. Friedland also is the largest shareholder in Sunrise Energy Metals. The company said Tuesday that it was being considered for funding by the U.S. Export-Import Bank to fund its Australian scandium projects. (Reporting and editing by Veronica Brown, Jamie Freed and Ernest Scheyder)
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What will the UN agenda be and who will speak?
The 80th session of the United Nations General Assembly begins on Tuesday. Who speaks when? The United Nations, which was founded in 1945, has grown from 51 members to 193 today. The leaders of the Holy See, State of Palestine, and two non-member observers states, known as the United Nations' State of Palestine and the Holy See, may also speak. Brazil is the first to speak in every meeting. U.N. officials say that Brazil was the first to speak in the early days of the world organization, when other countries resisted. The United States, which hosts the U.N. HQ in New York City, is the second nation to address the General Assembly. The list is then ordered by hierarchy, and in general the first-come, first-served principle. The heads of state are the first to speak, followed by their deputy and crown princes. Next come heads of government and ministers, and then lower-ranking leaders of a delegaiton. How long will they speak? Leaders should adhere to a 15-minute voluntary time limit. According to U.N. Records, Fidel Castro of Cuba spoke for approximately 4-1/2 hours during the 1960 opening of the General Assembly. Libyan leader Muammar Gadhafi spoke more than 1 1/2 hours in 2009. WHAT WILL THEY TALK ABOUT? Every session of the General Assembly begins with a specific theme. Leaders may briefly mention the theme before moving onto any topic. The theme for this year is "Better Together: 80 Years and More for Peace, Development and Human Rights." Leaders are also likely to discuss: GAZA. As the Gaza Strip war between Israel's Hamas militants and the Palestinian enclave approaches its second anniversary, leaders are gathering. A humanitarian crisis is worsening in the Palestinian enclave. Benjamin Netanyahu, Israeli Prime Minister, is scheduled to speak at the General Assembly next Friday. Israel has denied the allegations of war crimes and crimes against humanity that the International Criminal Court made against it in Gaza. Israel launched an assault on Gaza City Tuesday. The U.S. has refused to grant him a Visa. He is likely to appear via video. UKRAINE. Volodymyr Zelenskiy, the Ukrainian president, will seek to bolster global support for Kyiv while U.S. Donald Trump attempts to broker a ceasefire more than three years since Russia invaded their neighbor. He will address the assembly this Wednesday, while Sergei Lavrov, Russia's foreign minister, will speak Saturday. Next week, the U.N. Security Council will hold a meeting at a high level on Ukraine. The U.S. will be watched closely, both at the U.N. Security Council and during Trump's General Assembly address, to see if Washington announces measures such as sanctions to try to convince Russian President Vladimir Putin that he should negotiate with Zelenskiy. IRAN. In New York, expect last-minute diplomacy over Iran's nuclear program. Tehran is trying to avoid the return of all U.N. Security Council Sanctions on the Islamic Republic by September 28. Both the Iranian president Masoud Pezeshkian, and foreign minister Abbas Araqchi will be attending the United Nations. SYRIA. This year, the Syrian President Ahmed al-Sharaa will make a notable debut at the U.N. General Assembly. Hay'at Tahrir al-Sham, the group that he leads, led the revolt in December to topple President Bashar al-Assad. This ended 13 years of civil conflict. HTS was the former al-Qaeda branch in Syria, formerly known as al-Nusra Front. It broke ties with al-Qaeda in 2016. The group, Sharaa and its leader remain under U.N. sanction. However, Sharaa was granted a travel waiver to New York between September 21-25. CLIMATE. Leaders of small island nations and other states that are most affected by climate change will be expected to urge further action as the world struggles to limit global warming to 1.5 degrees Celsius. WOMEN. Leaders will gather on Monday to celebrate the 30th anniversary a historic women's rights convention. Beijing's 1995 Fourth World Conference on Women is best remembered for the slogan "women’s rights are human right." Leaders are likely to be disappointed by the lack of progress made and the growing attacks against women's rights. The theme of Monday's meeting is to recommit to, accelerate and resource the implementation of the 1995 declaration. At the Beijing Conference, 189 countries signed a declaration calling for "full participation and equality of women in the political, civil, economical, social, and cultural life". SUDAN. Next week, some leaders are likely to discuss the war that has lasted for two and a half years in Sudan. The United Nations has called the war between the paramilitary Rapid Support Forces (RSF) and the Sudanese Army, which is a conflict between the Rapid Support Forces, and the Sudanese Army, the worst humanitarian crisis in the world. There are pockets of famine all over the country, including al-Fashir the capital of North Darfur State. The United States, Saudi Arabia, Egypt, and the United Arab Emirates have all called for a humanitarian truce lasting three months, followed by a ceasefire permanent. According to many, the "Quad", or four countries, have the greatest influence on the warring parties. U.S.-VENEZUELA TENSIONS. Venezuela complained about the United States' naval build-up in the Southern Caribbean waters and the nearby waters at the end of last month. The U.S. military launched two deadly attacks on suspected Venezuelan drug-cartel vessels in international waters since then. Venezuelan Foreign Minister Yvan Yli is likely to raise the increased tensions when he addresses the General Assembly this Saturday. Venezuelan President Nicolas Maduro claims that the U.S. wants to remove him from power. RACE TO APPOINT A NEW U.N. SECRETARY-GENERAL. The United Nations will select a new Secretary-General next year. Guterres' second five-year tenure will end on December 31, 2026. On the sidelines next week of the General Assembly, there will be much talk about who might be the candidate to succeed him. The U.N. Security Council, composed of 15 members, must agree on a candidate that will be recommended to the 193 member General Assembly. This means that the five veto-powers - Britain China France Russia and the U.S. have to agree. (Reporting and editing by Howard Goller; Michelle Nichols)
Severe heat is closing schools, broadening finding out spaces worldwide
Hena Khan, a grade 9 student in Dhaka, has actually had a hard time to concentrate on her studies this week as temperatures surpassed 40 degrees Celsius (104 degrees Fahrenheit) in the capital city.
There is no genuine education in schools in this penalizing heat, she said. Teachers can't teach, students can't. concentrate. Rather, our lives are at danger.
Khan is one of more than 40 million students who have actually been. shut out of classrooms in current weeks as heatwaves have actually required. school closures in parts of Asia and North Africa.
As the environment warms due to the burning of fossil fuels,. heatwaves are lasting longer and reaching higher peaks as. typical temperature levels rise. In turn, federal government authorities and. public health professionals throughout the world are coming to grips with. whether to keep trainees discovering in hot classrooms, or. encourage them to stay home and keep one's cool.
Either choice has repercussions. About 17% of the world's. school-aged kids are currently out of school, according to. United Nations data, however the percentage is much larger in. establishing countries, with almost a third of sub-Saharan. Africa's children out of school compared to simply 3% in North. America. Children's test scores in the establishing world also lag. far behind industrialized nations.
Heat might make that even worse, broadening finding out gaps between. tropical establishing nations and established nations, experts. told , and even in between abundant and poor districts in. wealthy nations. But sending out children to overheated schools. could make them ill.
South Sudan already this year shuttered its schools to some. 2.2 million trainees in late March when temperature levels skyrocketed to. 45 degrees Celsius (113 Fahrenheit). Countless schools in the. Philippines and in India followed suit in late April.
On the other hand, Bangladesh continues to fluctuate between opening and. closing schools for some 33 million students amid pressure to. prepare students for tests - even as temperature levels reach. unsafe levels.
A lot of the nation's schools do not have fans, the. ventilation is bad, and they may have tin roof which. does not supply good insulation, said Shumon Sengupta,. Bangladesh nation director for nonprofit Save the Children.
On Monday, one day after resuming schools which had been. closed last week due to heat, Bangladeshi authorities once again. closed all primary schools and universities in. nearly half of all districts as temperature levels reached 43C (109F).
HOTHEADS
Even if trainees continue going to classes throughout. heatwaves, their education is likely to still suffer.
High temperatures slow down the brain's cognitive functions,. lowering students' ability to keep and process information.
U.S. high schoolers, one May 2020 research study found, performed. even worse on standardized tests if they were exposed to greater. temperatures in the year leading up to the examination.
The research, published in the American Economic Journal,. found that a 0.55 C (1F) warmer academic year decreased that year's. learning by 1%.
Much of that impact disappeared in schools that had air. conditioning, stated study co-author Josh Goodman, a financial expert at. Boston University.
Someplace between 40% and 60% of U.S. schools are thought to. have at least partial a/c, according to different. studies.
Schools that do not are normally discovered in lower earnings. districts which already lag behind their wealthier counterparts. academically. In the U.S. the typical performance of the lowest. income students has to do with four years behind the highest earnings. trainees, according to a 2019 research study in the National Bureau of. Economic Research.
Goodman and his coworkers discovered a similar knowing pattern. when they looked at standardized test data in other nations.
When [students in] these locations experience a year with more. heat, they appear to have actually found out less, he said.
That is stressing, Goodman included, since as the world warms. currently hot nations transferring to a very hot climate will. suffer more than temperate countries.
Environment modification will widen the learning gaps between hot and. cool countries, Goodman stated.
Some research study suggests extreme heat in the tropics can. impact a kid's education even before birth.
Kids in Southeast Asia exposed to higher-than-average. temperature levels in utero and early in life gotten less years of. schooling later on in life, a 2019 study in the Procedures of the. National Academy of Sciences discovered.
With many individuals in the area dependant on farming, high. temperatures could hurt food production and family earnings,. said study author Heather Randell, a sociologist at the. University of Minnesota.
If crops are harmed by heat, young kids may not get. enough to consume which can stunt their development, she said, and a. household might no longer be able to manage school fees, or could. pull children out of school to help on farms.
SCHOOL RULES
The variety of days that schools are closed for severe heat. have been ticking up in the U.S., however couple of countries track such. information.
U.S. schools are now cancelling class for approximately 6. to seven school days each year for heat, compared to about. 3 to four days a years back, stated Paul Chinowsky, a civil. engineer who led a 2021 study on schools and increasing temperature levels. for the firm Resilient Analytics, which consults for governments. and NGOs.
In Bangladesh, last year, schools were closed for 6 to 7. days, stated Save the Kid's Sengupta. But this year, they. are saying it might be closed for 3 to 4 weeks.
May is generally the hottest month of the year in South. Asia.
More closures fret him, Sengupta stated. When children are. not in school, they are more susceptible to child labour and. child marital relationship, according to NGO reports.
Bangladesh Education Minister Mohibul Hasan Chowdhury stated. on Tuesday that schools would be kept open on weekends if required. to complete the curriculum.
Choices on school closures, he included, will no longer be a. nationwide regulation but are to be made at the district level.
(source: Reuters)