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Saudi Aramco is planning to issue US dollar Islamic bonds this month, according to sources
Saudi Aramco plans to sell U.S.-dollar denominated Islamic bonds this month, according to two sources who are familiar with the matter. The company is looking to boost its balance sheet in light of lower oil prices. Aramco could raise anywhere between $3 billion to $4 billion through its sukuk. A sukuk bond is one that adheres to Shariah. They spoke under condition of anonymity as the matter was private. Aramco has declined to comment. Aramco's deal would be the culmination of a month-long surge in bond issues, driven by strong demand from investors and large inflows to bond funds. Saudi Aramco said during its August earnings call that it plans to borrow, and added that the company's gearing is among the lowest of the industry. Sources reported that Saudi officials told market participants and allies the kingdom could cope with a fall in prices if it increased borrowing and cut costs. Saudi officials did not respond to requests for comment at the time. Aramco's most recent escrow on the global bond market was in May 2025 when it raised $5 billion. billion. The company then published a sukuk prospectus, indicating that more borrowing was to come. As crude prices fall, the company has cut costs and is looking to sell assets. Last month, the company reported a 22% decline in its second quarter profit. Aramco signed a $11 billion lease-and-leaseback agreement last month with Global Infrastructure Partners, a consortium led BlackRock. This expanded its funding options. Ziad al-Murshed, Aramco Chief Financial Officer, said that the company's overall strategy is to redirect capital away from low-return assets towards core businesses which generate higher returns. This was stated during a recent earnings call. Aramco's second-quarter results released in August confirmed its dividend base of $21.1 billion and reiterated its payout guidance for the full year of $85.4 billion. Aramco's commitment to shareholder return despite market challenges was highlighted in its second-quarter earnings released in August. The company maintained its base dividend of $21.1?billion and reiterated the full-year payout guidance of $85.4?
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Ethiopia bids to host the UN Climate Summit in 2027
Ethiopia announced its bid to host the United Nations Climate Change Summit in 2027, in Addis Ababa. This puts it in direct competition with Nigeria who wants Lagos as the host. Nearly 200 nations gather every year for the "Conference of Parties", also known as COP, which is the primary global negotiation between governments to tackle climate change. Ethiopian President Taye Selassie said at a U.N. conference in Addis Ababa, "We have the infrastructure, the facilities, and the location to host the much anticipated climate summit." COP summits are rotated around the world. The 54 African countries that make up the U.N. regional group for Africa must decide unanimously who will host COP32 2027. A country that preside over a COP Summit has a major role to play in guiding negotiations, and a chance for it to promote its own priorities. African countries have demanded for years that COP meetings produce stronger financing deals to help them cope with the impacts of climate change, and to access capital to clean energy projects. The host country can be scrutinized more closely for its pollution-producing industries and climate initiatives. Ethiopia is the first country in the world to have banned the importation of non-electric cars as part of their push towards the goal of reaching net-zero emission by 2050. Ethiopia has generated all its power from renewable sources since 2022. However, most of the energy is still derived from biofuels, waste and other forms of biomass, according to the International Energy Agency. COP summits are usually agreed upon more than a calendar year in advance so that the host country has time to prepare for tens or even hundreds of thousands of delegates. The preparations for this year's Summit in Belem have been overshadowed due to the rising accommodation costs. Poorer nations are warning that they will be priced out. The two countries are competing to host the COP31 Summit next year. (Reporting and editing by Gareth Jones; Additional reporting by Hereward Netherlands)
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UK stocks end higher on the back of banks and healthcare stocks
Investors worried about the health of the British economic system prompted a rebound in UK shares on Wednesday, after the session before had seen the worst day for nearly five months. Both the blue-chip FTSE 100 index and the domestically focused midcap index closed at 0.7%. Investors' anxiety over the UK's ability get its finances in order led to a lower closing of the stock market on Tuesday. In Tuesday's session, the yield on 30-year gilts rose to its highest level since 1998. Andrew Bailey, Governor of the Bank of England, told a hearing of a committee that it is " It is important to not overfocus The government is no longer able to raise significant funds from debt with this maturity. Rachel Reeves, the finance minister, said that she would present her annual budget to Parliament on 26 November. She stressed that "a tight grip" on government spending could lower borrowing costs and inflation. The market rose in line with the price of base metals and precious metals. Hochschild Mining's stock rose 7.6%, its highest level since early 2013. This is after the company sold its Chilean Volcan gold project operator. Anglo American increased by 2.3%. The miner is proposing to sell the remaining Valterra Platinum stake. The benchmark index's top performers were heavyweight healthcare stocks and bank shares. Since last Friday, banks have been under pressure after a think tank recommended a new lender tax as a way for Reeves' to raise revenue. Energy stocks were the main losers, with Shell and BP each down around 1.3% as oil prices fell. Watches of Switzerland rose 6.1%, after announcing that it would report results for the first half of fiscal year in line with expectations due to strong U.S. consumer demand. Hilton Food Group dropped 17.4% as a result of higher costs and regulatory restrictions at its Foppen unit. A survey revealed that a surge in new business fueled Britain's service sector to record its highest growth rate in over a year last month. In the U.S. softer-than-expected The July job openings report strengthened the bets that an interest rate cut is imminent. Reporting by Sukriti in Bengaluru Editing and Gareth Jones by Tasim Zahid
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The US has revoked approval for another Massachusetts offshore windfarm
According to a Wednesday court filing, the Trump administration has decided to reconsider federal approval for Avangrid’s proposed New England Wind Project off the coasts of Massachusetts. This legal maneuver is just the latest attempt by U.S. authorities in order to stymie offshore wind energy development, which Trump has described as ugly, expensive, and unreliable. The administration announced last week that it would reconsider its approval of SouthCoast Wind - another Massachusetts project. The Department of Justice announced that they will move to revoke the U.S. Bureau of Ocean Energy Management approval of New England Wind's construction and operation plan by 10 October. The lawsuit was filed in an earlier case brought in the U.S. District Court of District of Columbia in this year by local groups and individuals who were opposed to offshore wind developments. The lawsuit alleges that the government broke federal environmental laws when it approved the project. Avangrid is owned by Spanish energy company Iberdrola The company declined to comment. In 2024, the administration of former president Joe Biden approved New England Wind. Once built, the project was expected to generate enough electricity to power over 900,000 households. The lead plaintiff, ACK for Whales could not be immediately reached for comment. Reporting by Nichola Kroom in Los Angeles, and Laila Kearney from New York. Editing by David Gregorio
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Guyana's ruling PPP party leads the partial vote tally with upstart WIN coming in second
The election commission of Guyana announced on Wednesday that the ruling People's Progressive Party had won 123,923 total votes in an incomplete tally for general elections. This translates to five districts. The official tallies of four additional districts are still pending. However, the figures look good for President Irfaan Ali who is running for reelection on behalf of the PPP. The partial results showed a shakeup in the opposition of the South American nation. The newcomer We Invest in Nationhood party (WIN), founded only three months ago by Azruddin Mohammed, came in second in the vote count, with 50,829 votes and winning one district. After a campaign focusing on how the hydrocarbon boom in the country should be used, voters chose 65 members of parliament as well as a new government on Monday. Since ExxonMobil began pumping offshore oil late in 2019, Guyana has seen its economy grow at a rate of 7.5 billion dollars. Ali's government that took power in 2020 has spent oil revenues on building roads, hospitals and schools, as well as making studying at the university free. Opposition parties have criticized what they claim is an unfair distribution of oil revenues to groups associated with the PPP. The PPP denies this allegation. The U.S. sanctioned WIN leader Mohamed last year on allegations that he, along with his father Nazar Mohamed defrauded Guyanese tax revenue and bribed officials. They deny all wrongdoing. Mohamed's philanthropy has gained him widespread support from the community, particularly among Indigenous and poor communities. WIN also calls for a fairer housing system and more opportunities for all. Reporting by Kemol Kings Writing by Julia Symmes Cobb
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Canadian PM claims he had a good conversation with Trump on Monday
Mark Carney, the Canadian Prime Minister, said that on Wednesday he had an extensive and productive discussion with U.S. president Donald Trump about trade issues and many other topics. His remarks are yet another indication of a possible easing in bilateral tensions. Since early this year when Trump imposed tariffs on China, the two sides are locked in a fierce trade war. Tariffs Some imports are eligible for discounts Canada Ottawa retaliated with its own countermeasures. "I spoke with the president last on Monday night. We discussed a variety of topics, including trade and geopolitics. ... Carney told Toronto reporters ahead of a Cabinet meeting that it was a "good conversation". Canada announced last month that they would Remove Many r Trump praised the move to impose retaliatory tariffs on U.S. imports and intensify negotiations. Ottawa has made it clear that they will maintain their position. Tariffs Imports of U.S. autos, steel and aluminum, which the government described as strategic industries. Carney said that a team of senior Canadian officials were in Washington to take part in the latest round of trade talks. He said: "Don't look for immediate white smoke in one of these sectors. But that's what we're talking about, and that's what we'll keep on talking about."
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Kuwait Finance Minister sees a boost in projects and diversification due to suspension of parliament
Kuwait's acting Finance Minister said that the temporary suspension will allow the government to be more flexible in its decision-making, and also carry out infrastructure projects. This is part of the efforts being made by the government to diversify their economy and implement structural changes. Kuwait's non-oil industry is expected to grow "slightly" by 3.6% in 2024. However, the Acting Minister for Finance Subaih Al-Mukhaizeem stated in his most recent economic report that it will see a stronger growth due to what he called "fiscal consolidate." Kuwait has experienced two decades of political crisis marked by clashes between appointed government and directly elected Parliaments. This resulted in a stalling of economic reforms and a delay to much needed development projects. The Emir, Sheikh Meshal al-Ahmad al-Sabah, dissolved the parliament in May to "review the democratic experience" and assumed its powers. The Kuwaiti government expects the Global Minimum Corporate Tax that came into effect on January 1 to boost growth in non-oil sectors. It also plans a new policy for repricing public services. Al-Mukhaizeem called this tax a "strategic move". The oil revenues were 19.36 billion dinars (about $63.4 billion), which is 87.8% the actual revenues for the fiscal year 2024/2025 ending March 31. However, the budget had a deficit of 1,06 billion dinars. Al-Mukhaizeem stated that "the Kuwaiti economy is still largely dependent on the oil industry", which will account for 43.4% GDP in 2024. The non-oil sectors would make up 56.6% of the GDP.
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UN committee finds that Portugal withheld information about lithium mines from the public
A U.N. panel said that Portugal violated an international agreement by blocking the public's access to key information regarding Europe's biggest lithium mining project, during its environmental licensing procedure. The environmental agency of Portugal, APA, gave the go-ahead in 2023 to London-listed Savannah Resources, subject to certain remedies. This mine will be developed in the northern Barroso area, which is a World Heritage Site for Agriculture since 2018. Residents and environmentalists in the area have been opposed to the project. They said that Wednesday, the findings of the U.N. Aarhus Convention Compliance Committee strengthened their call for the license being revoked. In a press release, the APA stated that despite its divergent interpretations of the application, it has "always acted in strict accordance with administrative procedures and applied the law", adding that all required information was already available. Savannah Resources has declined to comment. The U.N. panel found that Portugal had failed to uphold the rights of citizens to receive environmental information, and to participate in the licensing process. These rights were enshrined by the 2001 convention which Portugal ratified in 2004. The committee also noted that the APA failed to provide environmental information to citizens within legal deadlines and, when it refused to do so, did not inform them of their rights to appeal. Two Portuguese groups served as observers during the proceedings. In 2021, the Spanish Montescola Foundation filed a complaint against the actions of the authorities. Montescola's President Joam Evans said the permit for environmental protection should be revoked. Savannah, which wants to supply Europe's electric vehicle sector, said Barroso’s deposit of spodumene, an important source for lithium, is the largest in Europe. It is estimated that there are at least 28 millions metric tons high-grade lithium in this deposit. It hopes to begin production by 2027. Reporting by Sergio Goncalves, Editing by Andrei Khalip & Frances Kerry
Pope Leo opens a Vatican-run eco-training centre in response to climate change
Pope Leo is opening a new Vatican-run eco-training centre in the Italian countryside this Friday. Catholic officials claim that it's an initiative to encourage leaders around the world to tackle global climate change.
The center, which is spread over 55 hectares of land (136 acres), on the expansive grounds of a papal villa from the Renaissance era in Castel Gandolfo includes gardens, vocational-training facilities, and education opportunities for local kids.
Rev. Manuel Dorantes, the U.S. priest who directs the centre, stated that the Vatican wants set an example of how countries should pursue initiatives to protect the environment.
If we, the smallest state in the world can do it, what potential is there for states larger than us? He said. "Our world could be different if you and I work together."
The "Borgo Laudato Si" ecological project was announced by late Pope Francis in 2023, a strong advocate of environmental protection. According to officials, the large area of the centre represents approximately 55 percent (or more) of all land owned by Vatican.
The centre was named after Francis's major document from 2015, the first papal document to endorse the scientific consensus on climate change. It also urged nations that they reduce their carbon emission.
Leo, as the first U.S. Pope, has also stressed the environmental teachings of the Church. The new pontiff approved in July a unique rite that allows priests to offer Masses urging Catholics to care for the Earth.
Castel Gandolfo, on the shores Lake Albano, is located about an hour south of Rome. The new centre, which is located in the same building as where Leo spent his summer holidays this year, has been a place where popes spend their vacations since centuries.
The greenhouse at the center of the institute was built to mimic the colonnade on St. Peter's Square in the Vatican.
Officials have announced that visiting groups can learn about organic agriculture in the greenhouse or attend classes in a 10-room facility adjacent.
Tourists who book a tour will be able to purchase local agricultural products including organic olive oil and cheese produced by 60 cows that live on site. (Reporting Joshua McElwee, additional reporting by Claudia Chieppa, editing by William Maclean).
(source: Reuters)