Latest News
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Guggenheim Asset Management plans Saudi Arabian presence as part Gulf Investment Push
Guggenheim Investments in the United States, which has assets worth $357 billion and is looking to expand in the Gulf, is considering opening an office in Saudi Arabia. It wants to take advantage of investment opportunities, particularly in infrastructure and transport, as part of this expansion. The firm is based in Dubai, which is the financial and trade capital of the region. It's also pursuing a license in Abu Dhabi, home to the UAE's oil rich capital and sovereign wealth funds that manage around $2 trillion. Anne Walsh, Chief Investment Officer at Guggenheim Partners Investment Management told the Milken Institute Middle East and Africa Summit in Abu Dhabi that she was "very, very optimistic about the region". "I see a lot of opportunity." "I see great opportunities." Walsh replied that Guggenheim is "actively considering" Riyadh. "We are also looking at deploying capital in Saudi Arabia." Not just a simple office, but also actual investments in transportation equipment and infrastructure. This makes sense to us." In November, Saudi Arabian and U.S. officials hailed billions of dollars worth of new investments as well as the growing financial ties that exist between both countries. Gulf States have increased their efforts to diversify away from hydrocarbons in order to achieve sustainable long-term growth. They are investing heavily into non-oil industries such as financial services, tourism and technology. Guggenheim Investments, earlier this year, became a partner in the Future Investment Initiative Institute. This institute organizes Riyadh’s annual investment conference.
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Australia lowers wildfire alerts for New South Wales
The Australian authorities downgraded the alert level for wildfires on Sunday that destroyed infrastructure and homes in Australia's most populous State, burning through thousands of acres of bushland. On Sunday night, more than 60 wildfires were burning throughout New South Wales, just a day after they had destroyed 12 homes on the Central Coast Region of the state, located about 45 km (about 30 miles) north-east of Sydney, the capital and largest city in Australia. More than 350,000 people live in the region. Rural Fire Service of the state said that fires did not pose an immediate threat to residents. The alerts have been downgraded to the "advice level", which is the second lowest danger rating. Speaking on Australian Broadcasting Corporation TV on Sunday, Prime Minister Anthony Albanese said that it was fortunate that no lives had been lost during the emergency. Albanese stated that "this summer is going to be difficult, as it has been in the past." After several seasons of relative calm, authorities have warned that Australia is in for a bushfire season with high risk. Extreme heat will be forecast across large areas of the country. In a joint statement, the federal and New South Wales Labor Governments said that disaster assistance had been activated in six states regions affected by Saturday's fires which caused extreme heat. Initial assessments show that a number homes were destroyed, with extensive damage done to private property, critical assets, fencing, agricultural assets, and National Parks, according to the statement. It added that the extent of the damage would be clearer once impact assessments are completed. According to the statement, "immediate financial assistance as well as cleaning-up, reconstruction and recovery assistance" was included in the aid. Climate change has increased the risk of wildfires in New South Wales. The "Black Summer" Australian fires in 2019-2020 destroyed an entire area as large as Turkey and killed over 33 people.
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Kremenchuk mayor: Russian strike cuts utilities in the city, resulting in a Russian strike.
Vitalii Maltskyi, the mayor of Kremenchuk in central Ukraine, said that Russian forces had launched a combined airstrike overnight on infrastructure, causing water and power outages. Kremenchuk, located on the Dnipro River in Ukraine, is a major industrial center and home to a large oil refinery. The city was repeatedly targeted by Russian missiles. In 2022, a strike on a busy shopping mall killed at least 21. Maletskyi stated in a post on social media that the details of the strike's consequences would be revealed later Sunday, after damage assessments are completed. He added that city services were working on restoring electricity, water, and heating to districts where supplies had been disrupted. Russia is intensifying long-range attacks on Ukraine's water, power and heating infrastructure in advance of winter. It wants to undermine public morale and disrupt the industry. Previous cold seasons during the war had seen nationwide blackouts. The mayor posted a photo of a nighttime blaze that engulfed what appeared to be industrial buildings. He wrote: "We will restore all." Maletskyi’s report could not be independently verified. Ukraine's Air Force warned on Telegram several times over night that the city is under threat by Russian drone and missile strikes. Reporting by Lidia Kelley in Melbourne, editing by Chizu Nomiyama
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Chief Minister of Goa, India: At least 23 dead in fire that killed at least 23 people
The chief minister of Goa, India said that at least 23 people had died in a fire that broke out in a nightclub. Videos on social media showed ambulances waiting to assist the injured. Reporters were told that the incident took place around 12:04 local time on Saturday (1834 GMT) in Arpora. Chief Minister Pramod Sawant stated in a X post that the state government had ordered an investigation into this incident. The police chief stated that fire trucks and ambulances rushed to the scene after receiving information about the fire. ANI reported that the injured were transported to hospitals nearby for treatment while authorities worked throughout the night to control the situation. The police chief said that the fire was put out and all bodies were recovered. Goa is a small Indian state located on the western coast. It's a popular destination for tourists, especially foreigners. According to government statistics, Goa welcomed 5.5 million tourists in the first half year. 271 000 of these were foreign tourists. Reporting by Devika Nair Bengaluru, Kanjyik Gaosh in Barcelona and Alistair Bell & Chizu Nomiyama.
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Boeing: Trump's plan to increase the equity stake in US defense companies does not apply
Boeing's head of defense said that the plan by U.S. president Donald Trump to acquire government stakes in strategic sectors does not apply to major defence firms. This is in stark contrast to comments made previously by senior government officials. Steve Parker, CEO of Boeing Defense, Space & Security, spoke on a panel during the Reagan National Defense Forum, a yearly industry event held in Simi Valley, California. Parker said, "I don’t think it applies to the Primes", referring to large legacy defense contractors such as Boeing, Lockheed Martin and Northrop Grumman. U.S. commerce secretary Howard Lutnick announced in August that the Trump administration is considering equity stakes with major defense contractors including Lockheed Martin. This announcement sent Lockheed, Boeing, and other defense companies' shares higher. In an effort to prioritise national security, the Trump Administration has acquired equity stakes this year in chipmaker Intel, and rare earths firm MP Materials. Trump has stated that the government will invest in more companies. (Reporting and editing by Mike Stone, Joe Brock and Deepa Babington).
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Indonesians walk over logs to reach a flood relief centre, as the death toll exceeds 900
Residents of Aceh Tamiang in Indonesia climbed over slippery logs on Saturday and walked about an hour to receive aid as the death toll grew to more than 900 from the floods and land slides that struck Sumatra this month. On Saturday, 916 people were confirmed dead as a direct result of the floods and landslides caused by cyclones in three Indonesian provinces, including Aceh. 274 are still missing, according to government data. About 200 people were also killed by the storm systems in southern Thailand and Malaysia. They said that survivors in the Aceh Tamiang area, located on the northeast coast Sumatra, scrambled over logs, passed overturned cars, and walked an hour to get to an aid distribution center set up by volunteers. Witnesses said that volunteers distributed clean clothes to people and brought a tanker truck full of fresh water for them to fill their plastic bottles. Residents Drink Floodwater Dimas Firmansyah (14), a student at an Islamic board school, told reporters that Aceh Tamiang was cut off and students had spent a week at the school searching for food, boiling water and drinking it. Dimas, who urged the government to visit the region to witness the disaster first-hand, said: "We spent about a week in the area." Local officials in Sumatra called on the Jakarta government to declare an emergency so that additional funds can be allocated for rescue and aid efforts. Earlier in the week, Prabowo Subito stated that the situation had improved and that current arrangements were adequate. ENVIRONMENTAL GROUP SAYS DEFORESTATION IS TO BLAME Green group say deforestation related to mining and logging aggravated floods. Indonesia is investigating suspected companies of clearing forests in flood-hit areas. Indonesia's Environment Ministry said that the companies had been temporarily stopped from operating and will be required to conduct environmental audits. North Sumatra Hydro Energy operates a 510 megawatt hydropower station in North Sumatra's Batang Toru area, Agincourt Resources operates the Martabe Gold Mine in Batang Toru and Perkebunan Nusantara III is a state-owned agricultural group. The company did not respond immediately to a comment request. North Sumatra Hydro Energy did not respond immediately to a LinkedIn query. A spokesperson for Agincourt Resources said that the company declined to comment as it hadn't received an official letter about the stop. The environment ministry reported that aerial surveys showed land clearing in Batang Toru, which may have contributed to the flooding. (Reporting and writing by Ajeng Ufiana and Yudhistira, Stanley Widianto and Barbara Lewis; editing by Tom Hogue & Barbara Lewis).
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Police say 11 people were killed in a shooting at a South African bar, including a child.
Police said that at least 11 people, including a 3-year-old boy, were killed in a shooting attack on an illegal bar located in Pretoria. They also announced the launch of a manhunt for three unidentified suspects. In a press release, the Saulsville Township said that 14 more people were injured during the incident. The police did not specify whether the shooting took place inside or outside of the illegal bar known as a "shebeen" locally. The South African Police Service reported that three minors were among the dead, including 3-year-old and 12-year old boys (and) a 16-year-old girl. South Africa is home to one of the world's highest murder rates, with an average of 60 per day. (Reporting and writing by Olivia Kumwenda Mtambo, Editing by Bernadette B. Baum)
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Officials say 5 killed in border clashes between Pakistan and Afghanistan
Officials from both Pakistan and Afghanistan said that heavy gunfire was exchanged along the border between their countries late Friday night. At least five people were killed amid increased tensions after failed peace talks at the weekend. Zabihullah Mojahid, spokesman for the Afghan Taliban, said that Pakistani forces attacked Spin Boldak District in Kandahar Province. Hamdullah fitra, his deputy, said that Pakistani shelling killed five people including a Taliban. A spokesperson for Pakistan's Prime Minister said that Afghan forces fired "unprovoked" along the Chaman Border. In a recent statement, spokesman Mosharraf Zaidi stated that Pakistan remains alert and committed to protecting its territorial integrity as well as the safety of its citizens. The exchange took place nearly a week following a round of peace negotiations between the South Asian neighbors that ended without a breakthrough. Both sides, however, agreed to maintain their fragile ceasefire. The talks held in Saudi Arabia at the weekend were part of a series hosted by Qatar and Turkey to ease tensions after border clashes that killed dozens in October. Islamabad claims that militants from Afghanistan have been responsible for recent attacks on Pakistan, including suicide bombings with Afghan nationals. Kabul denies the accusation, claiming it cannot be held accountable for security in Pakistan. The violence along the border has been the worst since the Taliban came to power in Afghanistan 2021. Reporting by Mohammad Yunus Yawar from Kabul, and Saleem Ahmad in Quetta in Pakistan; writing by Nilutpal Timsina and editing by Edward Tobin & Bernadette Baum
Rich countries' $300 billion deal looks for to end COP29 stalemate
The European Union, U.S. and other rich nations at the COP29 summit have actually accepted raise their deal to $300 billion each year by 2035 to help developing countries handle climate modification, sources told Reuters on Saturday, after a previous proposal was dismissed as insultingly low.
The top had been because of end up on Friday but encountered overtime as arbitrators from almost 200 countries - who need to embrace the offer by agreement - tried to reach agreement on a. climate funding plan for the next years.
The shift in position followed a $250 billion proposition for. a deal, drafted by Azerbaijan's COP29 presidency on Friday, was. panned by developing nations as insufficient.
It was unclear if the wealthy countries' revised position. had been formally communicated to developing nations at COP29,. and whether it would be enough to win their assistance.
Five sources with understanding of the closed-door discussions. said the EU had actually agreed it could accept the higher number. Two of. the sources said the United States, Australia and Britain were. also on board.
A European Commission representative and an Australian. government spokesperson both decreased to discuss the. settlements. The U.S. delegation at COP29 and the UK energy. ministry did not instantly respond to ask for comment.
PROMOTING $390 BILLION
Marina Silva, Brazil's minister of the environment and. environment change, had actually stated on Friday that the Amazon rain forest. nation - which is set to host next year's COP30 climate summit -. was pushing for $390 billion by 2035.
We can not leave Baku without a choice that measures up to. the challenge we are facing, she stated by means of a translator. We. need to reach $300 billion by 2030, then $390 billion by 2035 so. we can accomplish this objective.
Sierra Leone's environment minister, Abdulai Jiwoh, declined. to discuss the $300 billion figure on Saturday, saying:. We're still dealing with the number with other parties.
Delegates were awaiting a brand-new draft text of the deal on. climate finance on Saturday after negotiators worked through the. night to bridge broad gaps in their positions.
The COP29 talks have laid bare the departments between wealthy. governments constrained by tight domestic budgets and establishing. nations reeling from the skyrocketing costs of storms, floods and. dry spells fuelled by environment modification.
The new objective is planned to replace industrialized countries'. previous commitment to provide $100 billion in climate finance. for poorer nations per year by 2020. That objective was met two years. late, in 2022, and ends in 2025.
OFFER ALSO NEEDED ON DETAILS
Any deal would require contract on more than simply the. headline quantity.
Arbitrators have actually been working throughout the two-week summit. to resolve other critical questions on the target, including who. is asked to contribute and just how much of the financing is on a grant. basis, instead of offered as loans.
The roster of nations required to contribute - about two. lots industrialised nations, consisting of the U.S., European. nations and Canada - dates back to a list chose during U.N. climate talks in 1992.
European federal governments have demanded others join them in. paying in, consisting of China, the world's second-biggest economy,. and oil-rich Gulf states.
The recent election of Donald Trump as U.S. President, who. has called environment alter a hoax, has cast a cloud over the. talks in Baku. Mediators from other wealthy nations expect the. world's greatest economy will not pay into the environment financing. goal throughout Trump's approaching four-year term.
A more comprehensive objective of raising $1.3 trillion in climate financing. each year by 2035 - which economists say matches the sum needed -. was included in the draft offer released on Friday, and would. include financing from all public and private sources.
Poorer nations have actually warned that a weak finance deal at. COP29 would damage their capability to set more ambitious targets. to cut the greenhouse gas emissions causing environment modification.
Sierra Leone's Abdulai informed Reuters the preliminary proposal for. a $250 billion target for 2035, from Friday, would not total up to. a genuine boost in support when representing inflation.
We've invested 3 years negotiating these numbers. And with. the end of the three years we have actually got nothing, Abdulai stated,. including that the deal required more powerful language to make accessing. moneying much easier.
(source: Reuters)