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UN environment chief asks G20 leaders for boost as finance talks lag
The U.N.'s environment chief called on leaders of the world's biggest economies on Saturday to send out a signal of assistance for global climate financing efforts when they satisfy in Rio de Janeiro next week. The plea, made in a letter to G20 leaders from UN Framework Convention on Environment Change Executive Secretary Simon Stiell, comes as arbitrators at the COP29 conference in Baku battle in their negotiations for a deal planned to scale up money to address the aggravating impacts of worldwide warming. Next week's top must send out crystal clear global signals, Stiell stated in the letter. He said the signal ought to support an increase in grants and loans, in addition to debt relief, so vulnerable countries are not hamstrung by financial obligation maintenance expenses that make bolder environment actions all however impossible. Business leaders echoed Stiell's plea, stating they were concerned about the lack of progress and focus in Baku. We call on federal governments, led by the G20, to meet the minute and provide the policies for an accelerated shift from fossil fuels to a clean energy future, to open the necessary personal sector investment needed, said a coalition of organization groups, consisting of the We Mean Service Union, United Nations Global Compact and the Brazilian Council for Sustainable Development, in a separate letter. Success at this year's U.N. environment top depends upon whether nations can agree on a new finance target for richer nations, advancement lending institutions and the economic sector to provide each year. Developing nations need a minimum of $1 trillion yearly by the end of the years to cope with environment modification, economists told the U.N. talks. But arbitrators have made sluggish development midway through the two-week conference. A draft text of the offer, which earlier this week was 33-pages long and consisted of lots of extensive options, had actually been pared down to 25 pages as of Saturday. Sweden's climate envoy, Mattias Frumerie, informed Reuters the financing settlements had not yet broken the hardest problems: how huge the target needs to be, or which nations must pay. The departments we saw entering into the conference are still there, which leaves quite a great deal of work for ministers next week, he told Reuters. European mediators have said big oil-producing nations consisting of Saudi Arabia are also blocking discussions on how to take forward in 2015's COP28 top deal to transition the world far from fossil fuels. Saudi Arabia's federal government did not immediately react to a. ask for comment. Progress on this problem has been dire up until now, one European. arbitrator informed Reuters. Uganda's energy minister, Ruth Nankabirwa, said her. country's concern was to leave COP29 with an offer on cost effective. financing for tidy energy projects. When you take a look around and you don't have the cash, then we. keep wondering whether we will ever stroll the journey of a genuine. energy shift, she informed Reuters.
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Masdar, SOCAR and ACWA Set Sights on 3.5GW Offshore Wind Projects in Azerbaijan
UAE’s clean energy powerhouse Masdar has signed a memorandum of understanding (MoU) with SOCAR Green and ACWA Power to develop 3.5 GW of offshore wind projects in the Azerbaijan section of the Caspian Sea.The potential projects would be Azerbaijan’s first offshore wind farms. The agreement supports plans by Azerbaijan to develop renewable energy, green hydrogen and water desalination projects.“Azerbaijan is a key strategic partner for Masdar and the signing of this Memorandum of Understanding with our partners today paves the way to accelerate the scale of Azerbaijan’s clean energy vision.“We are proud to expand our partnership with ACWA Power and SOCAR to further explore renewable energy projects in the region, especially the enormous offshore wind potential in the Caspian Sea,” Mohamed Jameel Al Ramahi, CEO of Masdar, said:“This agreement represents an important step forward in our journey towards a sustainable energy future. By leveraging the combined expertise of SOCAR, Masdar, and ACWA Power, we aim to unlock the vast offshore wind potential of the Caspian Sea, supporting Azerbaijan’s energy transition targets.“These projects not only reflect our dedication to clean energy but also to economic growth and environmental stewardship for future generations,” added Rovshan Najaf, President of SOCAR.
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New Zealand inks 'sustainable' trade handle Switzerland, Costa Rica and Iceland
New Zealand signed a trade offer on Saturday with Switzerland, Costa Rica and Iceland to eliminate tariffs on numerous sustainable goods and services, in a relocation Wellington says will boost the country's export sector. The Arrangement on Climate Modification, Trade and Sustainability ( ACCTS) was signed at a ceremony during the Asia-Pacific Economic Cooperation (APEC) in Peru on Saturday after being struck in July, Trade and Agriculture Minister Todd McClay stated in a statement. This contract gets rid of tariffs on key exports including 45 wood and wool items-- 2 sectors that are crucial to achieving our goal of doubling New Zealand's exports by worth in 10 years, McClay said. It will likewise lower expenses for customers, eliminating tariffs on numerous other items, including insulation materials, recycled paper, and energy-saving items such as LED lights and rechargeable batteries. The deal prioritised New Zealand's sustainable exports, he said, amidst a roll back by the nation's centre-right federal government of ecological reforms in a quote to increase a flailing economy. Exports comprise nearly a quarter of New Zealand's economy.
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Global stocks drop as Fed signals slower speed of rate cuts
A gauge of worldwide stocks was set for its greatest weekly drop in two months and the 10year U.S. Treasury yield struck its highest level in 51/2 months on Friday as financial information and comments from Federal Reserve authorities recommended a slower rate of interestrate cuts ahead. Fed Chair Jerome Powell stated on Thursday the reserve bank did not need to hurry to lower rate of interest due to continuous financial development, a solid task market and inflation that remains above its 2% target. The U.S. Commerce Department reported on Friday that retail sales rose 0.4% last month after an upwardly revised 0.8%. advance in September. The development topped the 0.3% increase anticipated. by economists surveyed , after a formerly reported. 0.4% gain in September. In the last two days we have actually had some pretty huge modifications, not. just from the election however from economic information that was better. than anticipated and Powell speaking about not needing to be as. aggressive on interest-rate cuts, stated Adam Rich, deputy chief. financial investment officer for Vaughan Nelson in Houston. Market expectations for interest-rate cuts have come down. materially and likewise the market is re-adjusting after a pretty. bullish response to the U.S. election. In addition, the Labor Department stated on Friday that import. prices unexpectedly rose 0.3% last month after an unrevised 0.4%. decrease in September amid higher rates for fuels and other. items. Experts had actually expected a decline of 0.1%. Equities had rallied after the U.S. presidential election, as. financiers gravitated towards properties expected to benefit from. President-elect Donald Trump's policies in his second term after. he vowed to enforce higher tariffs on imports, decrease taxes and. loosen up government policies. But the gains have actually fizzled in recent days as markets attempt to. calibrate the Fed's rate-cut trajectory and any legislative. policy changes. On Wall Street, the Dow Jones Industrial Average fell. 305.87 points, or 0.70%, to 43,444.99, the S&P 500 fell. 78.55 points, or 1.32%, to 5,870.62 and the Nasdaq Composite. fell 427.53 points, or 2.24%, to 18,680.12. Each of the. three significant indexes closed at record highs on Monday. For the week, the S&P 500 fell 2.08%, the Nasdaq declined. 3.15%, and the Dow lost 1.24%. Other Fed officials made discuss Friday that likewise. clouded the image on the timing and magnitude of more rate. cuts. MSCI's gauge of stocks around the world. plunged 8.53 points, or 1.00%, to 842.67. It was on track for. its fourth-straight decline and greatest weekly portion. decrease considering that early September, around 2.4%. In Europe, the STOXX 600 index shut down 0.77%. but eked out a little weekly gain, its very first in four weeks. Bond yields and the dollar have risen not just on development. prospects however likewise on concerns that Trump's policies may. revive inflation after a long battle against price pressures. following the pandemic. In addition, tariffs might result in. increased federal government borrowing, further ballooning the fiscal. deficit and potentially causing the Fed to alter its course of. monetary-policy easing. The dollar index, which tracks the U.S. currency. versus peers consisting of the euro and Japan's yen, was 0.12%. lower on the day to 106.75 with the euro off 0.02% at. $ 1.0528. The greenback had risen for 5 straight sessions and was. poised for its most significant weekly portion gain considering that early. October. Against the Japanese yen, the dollar compromised 1.24%. to 154.31. Sterling was down 0.45% to $1.2608. Expectations for a 25-basis-point cut at the Fed's December. meeting stood at 58.4% on Friday, down from 72.2% in the previous. session, and 85.5% a month back, according to CME's FedWatch. Tool. The yield on benchmark U.S. 10-year notes rose. 1.9 basis points to 4.439% after earlier reaching 4.505%, its. highest level given that May 31. The yield is up about 13 bps this. week and is set for its eighth weekly increase in the previous 9. U.S. unrefined calmed down 2.45% to $67.02 a barrel and. Brent was up to settle at $71.04 per barrel, down 2.09% on. the day, as financiers digested a slower Fed rate-cut path and. subsiding Chinese demand.
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EV business, battery makers advise Trump not to eliminate vehicle tax credits
A group representing major electric lorry and battery makers on Friday advised Presidentelect Donald Trump not to kill tax credits for electric vehicle sales and production, citing the impact on key states that elected the Republican. The No Emission Transport Association - whose members consist of Rivian LG, Tesla, Uber , Lucid and Panasonic - stated production tax credits have actually driven enormous task gains in states like Ohio, Kentucky, Michigan and Georgia, and cautioned killing those production and consumer tax credits would undercut those financial investments and injure American task growth. ZETA Executive Director Albert Gore said the tax credits are vital to in fact contend to win against China. Reuters reported on Thursday the Trump shift team desires to kill the $7,500 customer tax credit for electric-vehicle purchases, pointing out sources. EV and battery maker stocks fell on the Reuters report. Automakers have actually been making the case to the Trump shift team and legislators that they deal with rigid policies and require tax incentives to satisfy them. The Alliance for Automotive Innovation advised Congress in an Oct. 15 letter to maintain the EV tax credits, calling them important to cementing the U.S. as a global leader in future car manufacturing. Agents of biggest EV maker Tesla told a. Trump-transition committee they support ending the subsidy,. Reuters reported. Trump has actually said he plans to begin the procedure of undoing the. Biden administration's stringent emissions regulations finalized. previously this year. The rules cut tailpipe emissions limitations by. 50% from 2026 levels by 2032. Trump informed Reuters in August he would think about ending the. $ 7,500 tax credit for electric lorry purchases. Tax credits. and tax rewards are not normally a very good thing, he. said. Trump could take steps to reverse Treasury Department rules. that have made it easier for automakers to benefit from the. $ 7,500 credit or might ask Congress to rescind it completely. Throughout his very first four-year term, Trump looked for to rescind the EV. tax credit, which was later on broadened by President Joe Biden in. 2022.
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Global stocks topple as Fed signals slower speed of rate cuts
A gauge of global stocks was set for its most significant weekly drop in two months and the 10year U.S. Treasury yield hit its highest level in 51/2 months on Friday as financial information and comments from Federal Reserve officials suggested a slower speed of rate of interest cuts ahead. Fed Chair Jerome Powell stated on Thursday that the central bank did not need to hurry to lower interest rates due to ongoing financial growth, a solid task market and inflation that stays above its 2% target. The U.S. Commerce Department on Friday reported that retail sales increased 0.4% last month after an upwardly revised 0.8%. advance in September. The development topped the 0.3% increase anticipated. by economists surveyed , after a previously reported. 0.4% gain in September. The Fed on Thursday rather changed its message that it would. continue to cut rates of interest, now showing more compassion for. if the information doesn't allow them to do that, they're not going to. do that, they're going to take their time, stated Matt Stucky,. primary portfolio manager for equities, Northwestern Mutual Wealth. Management in Milwaukee, Wisconsin. In addition, the Labor Department stated on Friday that import. costs suddenly increased 0.3% last month after an unrevised 0.4%. decrease in September amidst greater prices for fuels and other. items. Analysts had expected a decline of 0.1%. Equities had actually rallied in the wake of the U.S. governmental. election, as investors gravitated toward properties expected to. benefit from U.S. President-elect Donald Trump's policies in his. 2nd term after he pledged to enforce greater tariffs on. imports, lower taxes and loosen up federal government guidelines. But the rally has actually stalled in current days as markets try to. adjust the Fed's rate cut trajectory and any legal. policy changes. It's sort of like peak unpredictability right now, Stucky. stated. There's a brand-new administration coming through, but I do not. understand if there's a lot of certainty out there for what's. in fact going to happen until it starts to get introduced and. discussed on Capitol Hill. On Wall Street, the Dow Jones Industrial Average fell. 339.38 points, or 0.77%, to 43,412.72, the S&P 500 fell. 89.53 points, or 1.51%, to 5,859.55, and the Nasdaq Composite. fell 485.04 points, or 2.54%, to 18,622.49. Each of the. three significant indexes closed at record highs on Monday. Other Fed authorities in comments on Friday likewise clouded the photo on the timing and. magnitude of more rate cuts. MSCI's gauge of stocks around the world lost. 9.47 points, or 1.11%, to 841.73, on track for its fourth. straight decline, following five straight advances. In Europe, the STOXX 600 index shut down 0.77% however. handled to eke out a small weekly gain, its first in four weeks. Bond yields and the dollar have actually surged not simply on growth. potential customers however also on concerns that Trump's policies may. revive inflation after a long battle against rate pressures. following the COVID-19 pandemic. In addition, tariffs might lead. to increased government loaning, further ballooning the fiscal. deficit and potentially causing the Fed to change its course of. monetary policy easing. The dollar index, which tracks the U.S. currency versus. peers including the euro and Japan's yen, was 0.25% lower on the. day to 106.61 with the euro up 0.14% at $1.0545. The greenback had increased for 5 straight sessions and was. on rate for its most significant weekly portion gain given that early. October. Against the Japanese yen, the dollar weakened 1.34%. to 154.14. Sterling was down 0.32% to $1.2623. Expectations for a 25 basis point cut at the Fed's December. meeting stood at 61.6% on Friday, down from 72.2% in the prior. session, and 85.5% a month ago, according to CME's FedWatch. Tool. The yield on benchmark U.S. 10-year notes fell 0.6. basis indicate 4.414% after reaching 4.505%, its highest level. because May 31. The yield is up about 11 bps this week and is set. for its 8th weekly increase in the past 9. U.S. crude fell 2.2% to $67.19 a barrel and Brent. fell to $71.16 per barrel, down 1.93% on the day, on. track for a weekly decrease as investors absorbed a slower Fed. rate cut path and waning Chinese need. text_section_type= notes>> To read Reuters Markets and. Financing news, click https://www.reuters.com/finance/markets. For the state of play of Asian stock markets please click on:
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Russia restricts enriched uranium exports to the United States
Russia has imposed constraints on the export of enriched uranium to the United States, the government stated on Friday, producing supply risks for U.S. nuclear power plants which in 2015 imported a quarter of their enriched uranium from the nation. Russia stated the short-term limitations were a reaction to Washington's ban on imports of Russian uranium, which was signed into law earlier this year, however consisted of waivers enabling deliveries to continue in case of supply concerns through 2027. Russia is the world's sixth largest uranium manufacturer and controls about 44% of global uranium enrichment capacity. In 2023, the U.S. and China topped the list of Russian uranium importers, followed by South Korea and France. President Vladimir Putin told a federal government conference on Sept. 11 that Moscow should consider limiting exports of uranium, titanium and nickel in retaliation for Western sanctions. The government's decree on Friday was the very first follow up action to Putin's statement in September. Russia accounted for 27% of the enriched uranium supplied to U.S. business atomic power plants in 2015. Imports to the U.S. from Russia through July this year stood at 313,050 kilograms ( 690,160 pound), down 30% from last year. It is unclear whether the U.S. has actually imported any uranium from Russia after the U.S. restriction took effect in August. The Russian government's decree says companies authorized by the export control watchdog can still export uranium to the United States. The U.S. is probing a surge in imports of enriched uranium from China considering that late 2023 amidst concerns the deliveries are helping Moscow avoid a U.S. ban on imports of the power plant fuel from Russia.
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Stocks fall as US data, Fed comments signal slower rate cut path
A gauge of international stocks was poised for its greatest weekly drop in two months while U.S. Treasury yields continued their climb as economic information and remarks from Federal Reserve authorities indicated a slower speed of rate cuts ahead. The U.S. Commerce Department said retail sales rose 0.4%. last month after an upwardly modified 0.8% advance in September. That was above the 0.3% increase anticipated by financial experts surveyed by. Reuters, after a formerly reported 0.4% gain in September. In addition, the Labor Department said import prices. unexpectedly increased 0.3% last month after an unrevised 0.4%. decline in September amidst higher costs for fuels and other. items. Analysts had actually anticipated a decline of 0.1%. Fed Chair Jerome Powell said on Thursday the central bank. did not require to hurry to lower interest rates due to continuous. financial growth, a solid task market and inflation that remains. above its 2% target. Equities rallied in the wake of the U.S. presidential. election, as financiers gravitated toward properties expected to. gain from U.S. President-elect Donald Trump's policies in his. second term after he promised to enforce greater tariffs on. imports, lower taxes and loosen federal government policies. What this all comes down to is the reality we've had such an. extraordinary run that individuals are much like, why don't I take some. earnings and sort of see what's next, said JJ Kinahan, CEO of IG. The United States and Canada and president of Tastytrade in Chicago. On Wall Street, the Dow Jones Industrial Average fell. 275.86 points, or 0.63%, to 43,475.00, the S&P 500 fell. 66.25 points, or 1.11%, to 5,882.92 and the Nasdaq Composite. fell 344.45 points, or 1.80%, to 18,763.20. Each of the. three significant indexes had closed at record highs on Monday. Chicago Federal Reserve president Austan Goolsbee followed. up Powell's discuss Friday and stated it would make good sense for. the Federal Reserve to slow the pace of rate of interest cuts if. there were disagreement among policymakers over how far rates. need to be lowered to put monetary policy on a neutral footing. MSCI's gauge of stocks around the world. fell 7.45 points, or 0.88%, to 843.75, on track for its fourth. straight decrease on the heels of 5 straight advances. In Europe, the STOXX 600 index decreased 0.64% as. was set to register its 4th straight weekly drop. Bond yields and the dollar have actually risen not just on growth. prospects but also on concerns that Trump's policies may. revive inflation after a long battle versus rate pressures. following the COVID-19 pandemic. In addition, tariffs might lead. to increased federal government loaning, even more swelling the fiscal. deficit and potentially causing the Fed to modify its course of. monetary policy easing. The dollar index, which tracks the U.S. currency. against peers including the euro and Japan's yen, was 0.3% lower. on the day but headed for a 1.5% weekly increase. The greenback had risen for five straight sessions and was. on speed for its greatest weekly percentage gain considering that early. October. Expectations for a 25 basis point cut at the Fed's December. meeting stood at 55% on Friday, below 72.2% in the prior. session, and 85.5% a month ago according to CME's FedWatch Tool. The yield on benchmark U.S. 10-year notes rose. 4.9 basis points to 4.471% after reaching 4.505%, its greatest. considering that May 31. The yield has actually jumped more than 16 bps this month. and is set for its eighth weekly increase in the past 9. Against the Japanese yen, the dollar weakened 0.77%. to 155.06. Sterling was down 0.31% to $1.2626. U.S. crude fell 1.21% to $67.87 a barrel and Brent. was up to $71.74 per barrel, down 1.13% on the day, on. track for a weekly decrease as investors digested a slower Fed. rate cut path and subsiding Chinese demand.
After missing school due to severe heat, African kids promote climate action
Kids from East Africa, where heatwaves and floods have actually shuttered schools in recent months, are promoting world leaders to safeguard their education and their future at the United Nations COP29 climate summit in Azerbaijan.
Siama, 17, from South Sudan, missed out on 2 weeks of school in April when temperatures surged to 45 degrees Celsius (113. Fahrenheit).
Our country is an establishing nation so we do not have. climate-resilient buildings ... and do not have Air conditioners in school,. she said.
More than 40 million kids were kept out of class. this year, from Asia to Africa, due to severe heat, which. scientists say has actually been made worse and more frequent by environment. change.
Naomi, 14, likewise battled with South Sudan's school. closures.
This actually affected me since this year I am sitting for. my nationwide exams, she said.
At home, we were not able to concentrate since it was. hot, the temperatures were really high, you have to focus more. on reducing the temperature level of your body by going to bathe every. two hours.
In Somalia, Nafiso, 16, often can't sleep at night, believing. about her future under climate change.
My father - he is a farmer. When there is a great deal of heat, it. ends up being a lot of drought. When there is a great deal of rain, it is. challenging to get the food.
Often she does not have sufficient food to eat 3 times a. day.
Floods, too, have at times prevented her from getting to. school.
This is truly making us stressed how will the future be if. there is no action being taken, if there is no climate finance. to produce climate-resilient schools in the country, Naomi stated.
(source: Reuters)