Latest News
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Wells Fargo changes its ESG target and drops the financed emission target
Wells Fargo has scrapped its goal to achieve net-zero emission across its portfolio of financed assets by 2050, as banks rethink sustainable lending practices. The bank stated that the goals were dependent on factors "outside of our control", such as consumer behavior, public policy and technological advances, which would assist clients in transitioning to greener business practice. It added that "many of the necessary conditions to facilitate our client's transitions haven't occurred." This move shows how the financial sector is reevaluating its commitments to environmental, social, and governance (ESG), as Washington's political climate shifts. Since taking office, Donald Trump has pulled out of the Paris Agreement, severed international climate partnerships, and stopped the participation by U.S. Scientists in the Intergovernmental Panel on Climate Change which meets in China this week. In the raging debate about sustainability, financial giants have been caught in its crosshairs. Larry Fink, BlackRock's CEO and a long-time proponent of ESG principles said that he would stop using the term in 2023 because it was "weaponised". Wells Fargo also abandons its sector-specific interim-financed emission targets for 2030. Wells Fargo will continue to pursue the 2030 operational sustainability targets and 2050 emission target for its operations. Ben Cushing is the director of Sierra Club's Sustainable Finance Campaign. He said that Wells Fargo's decision abandoning its net-zero target was an abdication of their responsibility. In December, the lender also left the Net-Zero Banking Alliance – a global group of banks committed to reducing greenhouse gas emissions. Paddy McCully is a senior analyst with Reclaim Finance. He said: "At a moment when financial institutions are supposed to be leaders on climate change, Wells Fargo instead puts the economy, shareholders and the planet in greater danger." (Reporting from Niket Nishant, Bengaluru; and Saeed Azhar, New York).
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US stocks rise as oil prices decline monthly
Wall Street indexes rose on Friday after briefly being pushed down by a contentious White House meet-up with Ukrainian President Volodymyr Zelenskiy. The European stock market ended the week flat, but it still managed to post a weekly gain. The oil price is on course for its first monthly drop since November, as the markets prepare for Washington's new duties and Iraq's decision resuming oil exports to Kurdistan. A White House official confirmed that Ukrainian President Volodymyr Zelenskiy had left the White House on Friday morning after a heated Oval Office discussion with President Donald Trump. Adam Sarhan is the chief executive officer of 50 Park Investments, a New York-based investment firm. He said that initially, the market fell because of a heated, contentious discussion, which was not a good thing for two world leaders. "That was the reason why the stock market fell, but cooler heads then prevailed." The Dow Jones Industrial Average rose 136.83, or 0.32 percent, to 43.376.33. The S&P 500 gained 16.49, or 0.28 percent, to 5.878.06. And the Nasdaq Composite was up 29.24, or 0.16% to 18,573.63. U.S. Treasury Yields dropped to new multi-month highs after a closely monitored report by the Federal Reserve revealed that annual inflation had subsided and consumer expenditures slowed in December. The MSCI index of world stocks dropped by 2.43 points or 0.28%. The crypto prices fell as the Trump-fueled boom fizzled. Bureau of Economic Analysis of the Commerce Department reported that the 12-month change of the U.S. Personal Consumption Expenditures (PCE) Price Index ticked down from 2.6% to 2.5% in December. The Fed's preferred inflation measure, the core PCE, which excludes volatile goods such as food and fuel, dropped to 2.6%, from a revised upwards 2.9%. The central bank targets a 2% inflation rate. Both measures were in line with expectations of economists. The threat of rising tariffs has helped boost the dollar but also raised concerns about the economic impact of widespread duties in the U.S. Recent U.S. economic data have been weak, and traders have responded by pricing in further policy easing. According to LSEG, the markets priced in 61 basis point of additional rate cuts for this year on Friday. However, the first rate reduction is not fully price in until July. The inflation figures are still high, even though they were within expectations. However, on a year to year basis, there was a slight improvement from the previous reading. But the report shows that inflation is still sticky, said Peter Cardillo. The pause will continue. The Fed could be in a bind because recent macro figures are showing signs of an economy that is cooling. Wall Street saw the Dow Jones Industrial Average rise 64.20 points or 0.15% to 43,304.35. The S&P 500 also rose 8.12 points or 0.14% to 5,869.69, and the Nasdaq Composite gained 18.12 points or 0.11% to 18,564.87. The STOXX 600 pan-European index closed flat. The dollar index (which measures the greenback against its six major counterparts) rose by 0.21% to reach 107.59. The euro dropped by up to 0.37%, reaching a low of $1.036 in two weeks before reversing some of this decline and trading at $1.0366 Emerging Market Stocks fell by 28.01 points or 2.49%. The prospect of increased U.S. Tariffs sent markets into a frenzy and renewed concerns about escalating trade wars. Trump announced on Thursday that 25% of the duties imposed on imports coming from Canada and Mexico would be implemented on March 4, not April 2, as he suggested earlier. He also said that goods imported from China will face an additional 10% tax. He also proposed 25% tariffs for shipments coming from the European Union this week. Bitcoin gained 0.49%, reaching $84,706.59. It had previously fallen below $80,000. The yield on the benchmark U.S. 10 year notes dropped 6 basis points from 4,287% to 4,227% on Thursday. The yield on the 2-year bond, which is usually in line with expectations of interest rates for the Federal Reserve (Federal Reserve), fell by 8.9 basis points, to 3.991% from 4.08% at Thursday's end. Spot gold dropped 1.06% to 2,845.62 dollars an ounce. It is heading for its steepest weekly decline since November. U.S. Gold Futures closed 1.6% lower, at $2.848.50. The broadest MSCI index of Asia-Pacific stocks outside Japan fell 2.45% to 576.86 while the Nikkei, Japan's stock market, dropped 1,100.67 or 2.88% points to 37,155.50.
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Sheriff: Hackman and his wife were dead for several days, if not weeks.
The county sheriff stated on Friday that Betsy Arakawa and Gene Hackman had both died at least two weeks and possibly several days before their bodies were found on Wednesday in their Santa Fe, New Mexico home. Arakawa (64 years old) and 95-year-old Oscar winning actor were found dead in separate bedrooms of their home in the hills north of Santa Fe. Adan Mendoza told NBC News that "based on the body and the other evidence found on the corpse, it appears Hackman and Arakawa were dead for several days or even a few weeks", according to the Santa Fe County Sheriff. The autopsy report will be crucial to this investigation. Mendoza, when asked about the open pill bottle with scattered pills that was found next to Arakawa on a bathroom countertop, said he'd requested a toxicology test on this medication and other medications in the home, calling it "something concerning." Adan said that toxicology reports could take up to three months. According to a police list, deputies removed thyroid and heart medication, a calendar for 2025, two green mobile devices, and MyQuest records. Lack of evidence led the sheriff to rule out any foul play. He was planning to hold a press conference on Friday afternoon. Santa Fe Fire Chief Brian Moya said that the home was equipped with natural gas. However, there are still "a lot of questions" about whether a leakage played a role in the deaths. A door was discovered ajar in the rear of the home. Two of the couple’s remaining dogs had entered and left the house. A third dog, found in a crate inside the bathroom in which Arakawa was lying, had died. A police affidavit stated that both Hackman and Arakawa seemed to have fallen suddenly to the ground and neither showed any signs of blunt-force trauma. Hackman was a Marine who became famous for his raspy vocals. He appeared in over 80 films and on TV, stage, and television during a long career that began in the early 1960s. In 1967, he was nominated for an Oscar for his role as Clyde Barrow's brother in "Bonnie and Clyde". In 1972, he won the Oscar for Best Actor for his portrayal as detective Popeye Doyle in 'The French Connection.' He also won in 1993 an Oscar for Best Supporting Actor for Unforgiven. (Reporting and editing by Donna Bryson, Les Adler and Les Hay)
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US stocks rise as oil prices decline monthly
The European share market ended Friday flat, but it still recorded a 10th consecutive weekly gain. Wall Street indexes rose in choppy gains after U.S. data on inflation that were in line with expectations. This reinforced the bets that the Federal Reserve would cut interest rates two times this year. Oil prices dropped 1% and are on course for their first monthly drop since November, as markets prepare for Washington's new duties and Iraq's decision resuming oil exports to the Kurdistan Region. A White House official confirmed that Ukrainian President Volodymyr Zelenskiy will leave the White House on Friday morning after a heated Oval Office discussion with President Donald Trump. U.S. Treasury Yields dropped to new multi-month highs after a closely monitored report by the Federal Reserve revealed that annual inflation had subsided and consumer expenditures slowed in December. The MSCI index of world stocks dropped by 2.93 points or 0.34%. The crypto prices fell as the Trump-fueled boom fizzled. Bureau of Economic Analysis of the Commerce Department reported that the 12-month change of the U.S. Personal Consumption Expenditures (PCE) Price Index ticked down from 2.6% to 2.5% in December. The Fed's preferred inflation measure, the core PCE, which excludes volatile goods such as food and fuel, dropped to 2.6%, from a revised upwards 2.9%. The central bank targets a 2% inflation rate. Both measures were in line with expectations of economists. The threat of rising tariffs has helped boost the dollar but also raised concerns about the economic impact of widespread duties in the U.S. Recent U.S. economic data have been weak, and traders have responded by pricing in further policy easing. According to LSEG, the markets priced in 61 basis point of additional rate cuts for this year on Friday. However, the first rate reduction is not fully price in until July. The inflation figures are still high, even though they were within expectations. However, on a year to year basis, there was a slight improvement from the previous reading. But the report shows that inflation is still sticky, said Peter Cardillo. The pause will continue. The Fed could be in a bind because recent macro figures are showing signs of an economy that is cooling. Wall Street saw the Dow Jones Industrial Average rise 64.20 points or 0.15% to 43,304.35. The S&P 500 also rose 8.12 points or 0.14% to 5,869.69, and the Nasdaq Composite gained 18.12 points or 0.11% to 18,564.87. The STOXX 600 pan-European index closed flat. The dollar index (which measures the greenback against its six main peers) rose by 0.14% to 107.51. Emerging Market stocks dropped 28.01 points or 2.49% to 1,096.02. The prospect of increased U.S. Tariffs sent markets into a frenzy and rekindled concerns about escalating trade wars. Trump announced on Thursday that 25% of the duties on imports coming from Canada and Mexico would be in effect from March 4, not April 2, as he suggested earlier. He also said that goods from China would be subject to a 10% additional duty. He also proposed 25% tariffs for shipments coming from the European Union this week. Bitcoin gained 0.35%, reaching $84,588.18. It had previously fallen below $80,000. The yield on the benchmark U.S. 10 year notes dropped 6.2 basis points to 4.225 percent. The yield on the 2-year bond, which is usually in line with expectations of interest rates for the Federal Reserve fell by 8.3 basis points, to 3.997%. Spot gold dropped 1.05%, to $2.845.88 per ounce. The broadest MSCI index of Asia-Pacific stocks outside Japan fell 2.45% to 576.86 while the Nikkei, Japan's stock market, dropped 1,100.67 or 2.88% points to 37,155.50.
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INSIGHT - While Trump and Zelenskiy are discussing a mineral deal, the production of minerals in Ukraine is still years away
A small team of eco-consultants dropped sensors into the ground to measure the water level in a snow-covered field in central Ukraine. This is where the largest lithium deposits in the country are found. The small Ukrainian mining company UkrLithiumMining that has the license contracted the environmental survey years before any mining operations on the undeveloped site. This shows how much more work needs to be done for a mineral deal between Ukraine, the United States and other countries before it generates any significant revenue. The President Donald Trump views the minerals deal, which he will clinch with President Volodymyr Zelenskiy on Friday in Washington, as America's means of recouping some of the money that it has given Ukraine in financial aid and weapons to fight Russia which invaded Ukraine three years ago. Denys Alyoshin, Chief Strategy Officer of UkrLithiumMining said that the Washington agreement was a positive step because it makes Ukraine more resilient to Russian aggression over the long term. He said that without a Western security guarantee, it would be difficult to develop the Polokhivske Lithium deposit. The deposit, one of Europe's largest, is only 240 km from the Russian border. Alyoshin said, "Before war broke out I had many commercial negotiations with... investors interested in the project." "But once the war broke out, a rational CEO wouldn't go to a place where there was a war. They would go to Zimbabwe or Canada. There are many places where there isn't a war. The Trump administration, despite Zelenskiy's repeated requests, has not offered Kyiv any security guarantees. This has led to doubts about the commercial viability of developing rare mineral deposits, which are used in high-tech gadgets and batteries. Even if Russia agrees to a ceasefire this year, there is still the risk of war. The draft minerals agreement, which was reviewed by, included reassuring words but did not guarantee security. The focus was on creating a U.S. and Ukraine-managed "Reconstruction Investment Fund", to which Kyiv would contribute 50% of the future revenues from monetization state-owned resources. The terms of the agreement are very broad, and more negotiations will be required to nail down the details. Four experts have told Alyoshin stated that even if peace is restored to Ukraine, UkrLithiumMining will need to raise $350 millions and conduct a feasibility report for at least 1.5 years before they can begin building a mine or enrichment plant. "It will mean that we can reach a steady stage production...it could be in 2029." The next U.S. Presidential elections will take place in 2028. Trump, who has championed minerals cooperation to secure peace, is constitutionally prohibited from running for another term. Seven mining executives and analysts said that Alyoshin’s timeline was optimistic. The typical exploration period is four years. A feasibility study will take an additional year to complete before construction can begin. "The truth is that the majority of the lithium deposits in Ukraine have been identified during the Soviet period and we haven’t had any updates or exploration in many years," Federico Gay, an analyst at Benchmark Mineral Intelligence in London. He said that even if all the pieces fall into place, it will take at least eight years to develop the Polokhivske Deposit to the point where it produces usable lithium. Gay said that the deposit was deep and could require as much as $800 million to build the concentrator and mine. He added that an additional $1 billion would be required to produce the compounds for batteries. Alyoshin stated that his company planned to eventually produce 1.5 million tonnes per year of raw ore and then process it into 300,000 tons of petalite concentrat - a lithium-rich substance. Alyoshin said that with additional investment the lithium carbonate concentrate could be refined further to produce 22,000 tons of battery-grade Lithium Carbonate. It has not been previously reported the specifics of production and processing timetables planned at the Polokhivske Deposit. Classified Reserves The demand for these minerals is very high. Rare earths and lithium are both used to make electric vehicle batteries. Lithium can also be found in auto motors, wind turbines, and advanced military weapon systems. According to mining experts and analysts, it is a huge undertaking to convert Ukraine's lithium and rare-earth reserves into mines that can be operated and processing facilities built. The economy ministry of Ukraine and the Prime Minister's Office did not respond immediately to requests for comments for this article. Ukraine does not produce rare earths, but according to the Institute of Geology of Ukraine, it has large deposits of these minerals including lanthanum. cerium, and neodymium. The detailed data on these reserves is classified. Investors might be leery of a deal where the U.S. receives mined minerals as a return for security assurances, protection against future Russian attacks, and aid. Mining companies would use royalty agreements to secure financing from investors. They receive a percentage of sales revenue once production starts. While Trump is in office, any deal he makes to gain access to Ukraine's vital minerals will not allow the United States to challenge China's huge advantage in these key minerals. Julian Kettle, Vice-Chair Metals and Mining of Wood Mackenzie, said that while it is a counter to China it still poses the issue of where and how the minerals will be processed. The country is a producer of titanium, and has large graphite and Lithium deposits. You can increase production in existing mines. "But when it comes to new frontier development, the time from discovery to delivery of materials could be up to ten years." China is the third largest lithium producer in the world, behind Australia and Chile. China is the top producer of rare-earth elements in the world, including neodymium, used to produce strong, lightweight, powerful permanent magnetic materials used in military equipment. The U.S. Geological Survey, a government agency does not disclose details about lithium production in the United States. The USGS estimated that 45,000 metric tonnes of rare earth oxides contained in mineral concentrates was produced last year, making the U.S. second largest concentrate producer behind China. The gap is huge. USGS reports that China mined 270,000 tons of rare earths last year, or 69% of global production. It has even more control over rare earth processing, a complex process that is highly polluting. Beijing produces 90% of all rare earth elements. NEGOTIATIONS TO BE CONTINUED Dominic Raab is the head of global affairs for Appian Capital Advisor, a firm that invests into mining companies. He said the deal between Ukraine and the U.S. was a step in the right direction in terms of helping to fund Ukraine's development. Raab said that there was still a lot of due diligence and negotiations to be conducted. He previously served as the former British deputy prime minister and secretary of state for foreign affairs. Raab stated that Appian is interested in investing in Ukraine’s mineral projects if there was more information about the geological potential of the country. According to BMI, Ukraine is home to significant amounts of rare earth elements and lithium, graphite titanium, graphite used in nuclear power generation, as well as uranium. "Ukraine's not been mapped for 30 years." Gracelin Baskaran is the director of the Center for Strategic and International Studies' critical minerals security program. She said, however, that the mining industry - which uses around one-fifth as much energy worldwide - requires a robust electrical infrastructure: "Ukraine was bombed out." The state of the infrastructure in Ukraine and the security risks are too high to consider it a serious competitor. (Reporting from Pratima Deai in London, and Olena Harma in Kyiv. Additional reporting by Thomas Peter at Kopanky, and Ernest Scheyder at Houston. Editing by Veronica Brown and Mike Collett White.
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While Trump and Zelenskiy have reached a mineral deal, production of minerals in Ukraine is still years away
A small team of eco-consultants dropped sensors into the ground to measure the water level in a snow-covered field in central Ukraine. This is where the largest lithium deposits in the country are found. The small Ukrainian mining company UkrLithiumMining that has the license contracted the environmental survey years before any mining operations on the undeveloped site. This shows how much more work needs to be done for a mineral deal between Ukraine, the United States and other countries before it generates any significant revenue. The President Donald Trump views the minerals deal, which he will clinch with President Volodymyr Zelenskiy on Friday in Washington, as America's means of recouping some of the money that it has given Ukraine in financial aid and weapons to fight Russia which invaded Ukraine three years ago. Denys Alyoshin, Chief Strategy Officer of UkrLithiumMining said that the Washington agreement was a positive step because it makes Ukraine more resilient to Russian aggression over the long term. He said that without a Western security guarantee, it would be difficult to develop the Polokhivske Lithium deposit. The deposit, one of Europe's largest, is only 240 km from the Russian border. Alyoshin said, "Before war broke out I had many commercial negotiations with... investors interested in the project." "But once the war broke out, a rational CEO wouldn't go to a place where there was a war. They would go to Zimbabwe or Canada. There are many places where there are no wars. The Trump administration, despite Zelenskiy's repeated requests, has not offered Kyiv any security guarantees. This has led to doubts about the commercial viability of developing rare mineral deposits, which are used in high-tech gadgets and batteries. Even if Russia agrees to a ceasefire this year, there is still the risk of war. The draft minerals agreement, which was reviewed by, included reassuring words but did not guarantee security. The focus was on creating a U.S. and Ukraine-managed "Reconstruction Investment Fund", to which Kyiv would contribute 50% of the future revenues from monetization state-owned resources. The terms of the agreement are very broad, and more negotiations will be required to nail down the details. Four experts have told Alyoshin stated that even if peace is restored to Ukraine, UkrLithiumMining will need to raise $350 millions and conduct a feasibility report for at least 1.5 years before they can begin building a mine or enrichment plant. "It will mean that we can reach a steady stage production...it could be in 2029." The next U.S. Presidential elections will take place in 2028. Trump, who has championed minerals cooperation to secure peace, is constitutionally prohibited from running for another term. Seven mining executives and analysts said that Alyoshin’s timeline was optimistic. The typical exploration period is four years. A feasibility study will take an additional year to complete before construction can begin. "The truth is that the majority of the lithium deposits in Ukraine have been identified during the Soviet period and we haven’t had any updates or exploration in many years," Federico Gay, an analyst at Benchmark Mineral Intelligence in London. He said that even if all the pieces fall into place, it will take at least eight years to develop the Polokhivske Deposit to the point where it produces usable lithium. Gay said that the deposit was deep and could require as much as $800 million to build the concentrator and mine. He added that an additional $1 billion would be required to produce the compounds for batteries. Alyoshin stated that his company planned to eventually produce 1.5 million tonnes per year of raw ore and then process it into 300,000 tons of petalite concentrat - a lithium-rich substance. Alyoshin said that with additional investment the lithium carbonate concentrate could be refined further to produce 22,000 tons of battery-grade Lithium Carbonate. Previously, the specifics of production and processing timetables planned at the Polokhivske Deposit have not been disclosed. Classified Reserves The demand for these minerals is very high. Rare earths and lithium are both used to make electric vehicle batteries. Lithium can also be found in auto motors, wind turbines, and advanced military weapon systems. According to mining experts and analysts, it is a huge undertaking to convert Ukraine's lithium and rare-earth reserves into mines that can be operated and processing facilities built. The economy ministry of Ukraine and the Prime Minister's Office did not respond immediately to requests for comments for this article. Ukraine does not produce rare earths, but according to the Institute of Geology of Ukraine, it has large deposits of these minerals including lanthanum. cerium, and neodymium. The detailed data on these reserves is classified. Investors might be hesitant to invest in a deal where the U.S. receives mined minerals as a return for security assurances, protection against future Russian attacks, and aid. Mining companies would use royalty agreements to secure financing from investors. They receive a percentage of sales revenue once production starts. While Trump is in office, any deal he makes to gain access to Ukraine's vital minerals will not allow the United States to challenge China's huge advantage in these key minerals. Julian Kettle, Vice-Chair Metals and Mining of Wood Mackenzie, said that while it is a counter to China it still poses the issue of where and how the minerals will be processed. The country is a producer of titanium, and has large graphite and Lithium deposits. You can increase production in existing mines. "But when it comes to new frontier development, the time from discovery to delivery of materials could be up to ten years." China is the third largest lithium producer in the world, behind Australia and Chile. China is the top producer of rare-earth elements in the world, including neodymium, used to produce strong, lightweight, powerful permanent magnetic materials used in military equipment. The U.S. Geological Survey, a government agency does not disclose details about lithium production in the United States. The USGS estimated that 45,000 metric tonnes of rare earth oxides contained in mineral concentrates was produced last year, making the U.S. second largest concentrate producer behind China. The gap is huge. USGS reports that China mined 270,000 tons of rare earths last year, or 69% of global production. It has even more control over rare earth processing, a complex process that is highly polluting. Beijing produces 90% of all rare earth elements. NEGOTIATIONS TO BE CONTINUED Dominic Raab is the head of global affairs for Appian Capital Advisor, a firm that invests into mining companies. He said the deal between Ukraine and the U.S. was a step in the right direction in terms of helping to fund Ukraine's development. Raab said that there was still a lot of due diligence and negotiations to be conducted. He previously served as the former British deputy prime minister and secretary of state for foreign affairs. Raab stated that Appian is interested in investing in Ukraine’s mineral projects if there was more information about the geological potential of the country. According to BMI, Ukraine is home to significant amounts of rare earth elements and lithium, graphite titanium and uranium, which are used in nuclear power. "Ukraine's not been mapped for 30 years." Gracelin Baskaran is the director of the Center for Strategic and International Studies' critical minerals security program. She said, however, that the mining industry - which uses around one-fifth as much energy worldwide - requires a robust electrical infrastructure: "Ukraine was bombed out." The state of the infrastructure in Ukraine and the security risks are too high to consider it a serious competitor. (Reporting from Pratima Deai in London, and Olena Harma in Kyiv. Additional reporting by Thomas Peter at Kopanky, and Ernest Scheyder at Houston. Editing by Veronica Brown and Mike Collett White.
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US stocks rise as oil prices decline monthly
European shares fell on Friday while Wall Street began the day with modest gains after U.S. data showing inflation that was in line, which reinforced bets that the Federal Reserve would cut interest rates two times this year. The oil price is on course to decline for the first time since November. The MSCI index of world stocks dropped 0.09% to 856.46. The crypto prices fell as the Trump-fueled boom fizzled. Bureau of Economic Analysis of the Commerce Department reported that the 12-month change of the U.S. Personal Consumption Expenditures (PCE) Price Index ticked down from 2.6% to 2.5% in December. The Fed's preferred inflation measure, the core PCE, which excludes volatile goods such as food and fuel, dropped to 2.6%, from a revised upwards 2.9%. The central bank aims for an inflation rate of around 2%. Both measures were in line with expectations of economists. The threat of rising tariffs has helped boost the dollar but also raised concerns about the economic impact of widespread duties in the U.S. Recent U.S. economic data have been weak, and traders have responded by pricing in further policy easing. According to LSEG, the markets priced in 61 basis point of additional rate cuts for this year on Friday. However, the first rate reduction is not fully price in until July. The inflation figures are still high, even though they were within expectations. However, on a year to year basis, there was a slight improvement from the previous reading. But the report shows that inflation is still sticky, said Peter Cardillo. The pause will continue. The Fed could be in a bind because recent macro figures are showing signs of an economy that is cooling. Wall Street saw the Dow Jones Industrial Average rise 212.48, or 0.49 percent, to 43.449.49. The S&P 500 rose 28.41, or 0.47 percent, to 5.889.15. And the Nasdaq Composite gained 101.97, or 0.55 per cent, at 18.646.30. The pan-European STOXX 600 fell by 0.16% while Europe's FTSEurofirst 300 index dropped 3.63 points or 0.16% The dollar index (which measures the greenback against its six major counterparts) was down 0.06% at 107.29. The prospect of increased U.S. Tariffs sent markets into a frenzy and rekindled concerns about escalating trade wars. Donald Trump, the U.S. president, announced on Thursday that 25% of imports from Canada and Mexico would be subject to a duty on March 4, not April 2, as he suggested earlier. He also said that goods from China would be subjected to an additional 10%. He also proposed 25% tariffs for shipments coming from the European Union this week. Bitcoin fell below $80,000 in less than three months for the first. It was down last by 0.55%, at $83,827.16. After the U.S. Data, U.S. Treasury Yields fell. The yield on the benchmark 10-year note is now down 3.5 basis point at 4.252%. The yield on the 2-year bond, which is usually in line with expectations of interest rates for the Federal Reserve fell by 3.3 basis points, to 4.047%. Spot gold fell 1.22%, to $2.841.50 per ounce. The broadest MSCI index of Asia-Pacific stocks outside Japan ended 2.45% lower, at 576.86. Meanwhile, Japan's Nikkei dropped 1,100.67 or 2.88% to 37,155.50.
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Guyana's VP claims Exxon consortium recovered $33.9 billion in Guyana
Bharrat Jagdeo said that the consortium, led by Exxon Mobil, had spent $41.1 billion on its Stabroek offshore bloc and recovered $33.9 billion at the end January. Exxon, which is led by Exxon, has developed oil resources rapidly in Guyana since it was first discovered a decade ago. The group's crude production in Guyana will surpass 600,000 barrels a day (bpd), and the company expects to reach that level in 2019. According to its production-sharing agreement, the consortium that controls all the output of the country can export up to 75 percent of the crude oil it produces. The remaining barrels are entitled to Guyana. The Vice President explained that the figure includes the expenditures of the consortium to explore over 30 wells in the block and the development and approval of six oil-and-gas projects. Guyana examines those expenses but many audits are still unfinished. The block will see more costs as the consortium moves towards approval and development of the new projects. It is currently planning Longtail, its eighth project. The companies are also recovering faster every year because of the increase in production. Officials from the government have stated that they expect their share of oil profits to increase in the coming years. (Reporting and writing by Kemol King; Marianna Pararaga).
At second attempt, nations agree on plan to finance nature conservation
This week, a group of countries gathered in Rome to agree on a plan that will generate $200 billion a year in financing by 2030 in order to stop and reverse the destruction of nature.
The U.N. COP16 biodiversity talks began in Colombia last October, but there was no agreement at the time on key issues, such as who would contribute and how money would be collected.
The U.S. President Donald Trump has scaled back his involvement in the development finance of the largest economy on earth. So the agreement reached late Thursday night was an important boost to global deal-making.
Negotiators from the BRICS countries – Brazil, Russia India, China, and South Africa – led the deal, which saw delegates agree on a plan for finding at least $200 billion annually from a variety of sources in order to protect the environment.
Susana Muhamad, the Colombian Minister of Environment and COP16 president, hailed the agreement as an important step forward for the environment and multilateralism at a time when the political landscape has become increasingly fragmented.
She said: "From Cali, to Rome, we sent a message of hope for the future of the common good and environment. We also showed that it is still possible to work together to achieve something greater than national interests."
The delegates also agreed to examine whether a new fund for biodiversity was needed, as some developing countries requested, or if an existing fund, such as the Global Environment Facility, would suffice. In the last 30 years, the GEF has contributed more than $23billion to thousands of nature-related projects.
As the session ended on Thursday evening, Maria Angelica Ikeda of the Department of Environment of the Brazilian Ministry of Foreign Affairs said, "Everyone made concessions with a spirit of compromise, and the results were very positive for developing countries."
I came out of the meeting feeling optimistic and happy.
Data from the WWF 2024 Living Planet Report show that the need for action is only increasing in recent years. The average size of wildlife population has decreased 73% since 1970.
The U.S., despite not being a signatory of the convention on biodiversity, was one of its biggest donors to nature and biodiversity. The current freeze of foreign aid by the United States has had a wide range of impacts. From anti-poaching activities in South Africa being suspended to funding cuts for large conservation NGOs.
These cuts also raise concerns that the U.S. may not participate in the GEF's next replenishment round, which is currently underway.
In the negotiating room, the specter of aid cuts was felt. This fueled frustration in some countries such as Brazil, Egypt and Panama who were frustrated that wealthy nations did not fulfill their obligation to provide grant money.
According to the latest OECD data, a total of $15 billion in international biodiversity financing was disbursed by 2022. 83% of that amount came from public sources.
Georgina Chandler, policy director at the Zoological Society of London, urged government to fulfill their $30 billion commitment per year by 2030 in order to stop and reverse biodiversity losses.
The agreement in Rome lays out the steps necessary to implement the landmark Kunming - Montreal Global Biodiversity Framework Agreement (GBF), agreed in 2022, which committed countries towards a number of environmental targets.
The countries also agreed on a set technical rules to monitor progress towards the GBF. They also committed themselves to publishing a national biodiversity report for the COP17 talks.
The talks are part of a busy climate diplomacy year as countries gather at different events to discuss plastic pollution, preserving oceans, and meeting global goals ahead of the COP30 Climate talks in November. (Editing by Simon Jessop and Frances Kerry).
(source: Reuters)