Colombian capital outflows increase in the first half

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• PREVIEW: New York to record Climate Week in spite of Trump's attacks on green agenda

  Climate Week will kick off in New York City on Sunday, marking the biggest year ever for the event. Organizers report a record number companies participating and more than ever events to attend. This response was almost unanticipated in an event-hosting country that is the wealthiest nation on the planet. The host has a climate-denying program of increasing fossil fuels and rolling back pollution regulations, and defunding U.S. climate science and action. Climate Week organizers even wondered if people would show up, said Climate Group Chief executive Officer Helen Clarkson. Clarkson stated that there was a lot of enthusiasm. Climate Week, which has been held alongside the U.N. General Assembly every year since 2009, features more than 1,000 events, including panel discussions, presentations and swanky cocktails, hosted by environmental non-profits, companies and wealthy philanthropists. Climate Week last year, on the other hand, featured about 900 events. In an interview, former U.N. Climate Chief Christiana Figueres said that the boost in engagement was "exactly an antidote" to the attitude of the current U.S. Administration toward climate change. Figueres was involved in the creation of the 2015 Paris Treaty, which aims to keep global temperatures within 2 degrees Celsius. The goal is to reach 1.5 degrees Celsius. Figueres noted that ten years ago, national governments were pushing for climate change. However, since then, the situation is drastically different. Figueres stated that "the pull is now coming from stakeholders, the real economy and market forces which are pulling forward." Climeworks, a Swiss carbon capture company, has already booked nearly four times as many events for this year as compared to last year. The company raised $162 millions in February, mainly for the purpose of improving their technology and expanding the business, said Co-Chief executive Christoph Gebald. Gebald stated that "demand for carbon removals is continuing to increase." Climate Week has seen a "higher level of interest" from senior executives. A DIFFERENT WEB Climate Week, which coincides with the U.N. General Assembly Meeting, has become a great opportunity for CEOs and Investors to network with world leaders. On Wednesday, Secretary-General Antonio Guterrez will host a "climate summit" where many leaders are expected announce new climate goals, or Nationally Determinated Contributions. The United States and the European Union, who have led the global climate agenda for many years, will not be present. China, COP30's host Brazil, and other rapidly developing nations have played a greater role in setting the agenda. Climate sources say that China's plan to reduce emissions could be announced at any time, but it may not be as ambitious. The European Union has yet to agree on how ambitious these targets should be, raising concerns about the success of Brazil's COP30 Summit in just seven weeks. Lars Aagaard, Danish Climate Minister, said that Europe is known for being the leader in achieving ambitious goals and also the financial aspect of international agreements. But "Europe's place in the world has shifted." We account for 6% of the global emissions. We are also calling on all parties to the Paris Agreement to take responsibility." The region has made rapid progress with its energy transition. The EU projects a 54% decrease in greenhouse gas emissions from 1990 by 2030 - meaning that member countries are almost on track to meet the EU's 55% goal for 2030. Experts say that companies should be part of the conversation as leaders will focus at the COP30 in November on implementing promises made in previous years. According to the non-profit Net Zero Tracker, more than half of the largest companies in the world have committed to achieving net-zero emission by the mid-century. This is in line with global climate goals. According to a study by the TPI Global Climate Transition Centre, at the London School of Economics and Political Science (LSEPS), 98% of companies do not have any plans to align their spending with these commitments. "The challenge of New York Climate Week, and beyond, is to get individuals and institutions to come together and reimagine new ways we can work together to combat common threats," said Rajiv Shah. President of The Rockefeller Foundation. The foundation released a survey on Thursday that asked 36,348 respondents worldwide. It found that 86% of people believed that international cooperation is crucial to climate action. Reporting by Simon Jessop, Katy Daigle, and Kate Abnett, in London, Washington, D.C., & Brussels. Additional reporting by Axel Threlfall, London. Editing by Mark Porter.

• New York to record Climate Week in spite of Trump's attacks on green agenda

  Climate Week will kick off in New York City on Sunday, marking the biggest year ever for the event. Organizers report a record number companies participating and more than ever events to attend. This response was almost unanticipated in an event-hosting country that is the wealthiest nation on the planet. The host has a climate-denying program of increasing fossil fuels and rolling back pollution regulations, and defunding U.S. climate science and action. Climate Week organizers even wondered if people would show up, said Climate Group Chief executive Officer Helen Clarkson. Clarkson stated that there was a lot of enthusiasm for the project. Climate Week, which has been held alongside the U.N. General Assembly every year since 2009, features more than 1,000 events, including panel discussions, presentations and swanky cocktails, hosted by environmental non-profits, companies, and philanthropists who hope to generate deals and promote discussion about protecting the environment. Climate Week last year, on the other hand, featured about 900 events. In an interview, former U.N. Climate Chief Christiana Figueres said that the boost in engagement was "exactly an antidote" to the attitude of the current U.S. Administration toward climate change. Figueres was involved in the creation of the 2015 Paris Treaty, which aims to keep global temperatures within 2 degrees Celsius of preindustrial levels. The goal is to reach 1.5 degrees Celsius. Figueres noted that ten years ago, national governments were pushing for climate change. However, since then, the situation is drastically different. Figueres stated that "the pull is now coming from stakeholders, the real economy and market forces which are pulling forward." Climeworks, a Swiss carbon capture company, has already booked nearly four times as many events for this year compared to last year. The company raised $162 millions in February, mainly to improve its technology and grow the company. Gebald stated that "demand for carbon removals is continuing to increase." Climate Week has seen a "higher level of interest" from senior executives. A DIFFERENT WEB Climate Week, which coincides with the U.N. General Assembly Meeting, has become a great opportunity for CEOs and Investors to network with world leaders. On Wednesday, Secretary-General Antonio Guterrez will host a "climate summit" where many leaders are expected announce new climate goals, or Nationally Determinated Contributions. The U.S. and the European Union won't be there, despite being leaders in global climate policy in the past. China, COP30's host Brazil, and other rapidly developing nations have played a greater role in setting the agenda. Climate sources say that China's plan to reduce emissions could be announced at any time, but it may not be as ambitious. The European Union has yet to agree on how ambitious these targets should be, raising concerns about the success of Brazil's COP30 Summit in just seven weeks. Lars Aagaard, Danish Climate Minister, said: "Europe has historically been at the forefront, both in terms of setting ambitious targets and also the financial side to international agreements." "Europe's place in the world is different now," says Lars Aagaard, Danish climate minister. We account for 6% of the global emissions. We are 6% of global emissions. The EU projects a 54% decrease in greenhouse gas emissions from 1990 by 2030, meaning that member countries are almost on track to meet the EU's 55% goal for 2030. Experts say that companies should be part of the conversation as leaders will focus at the COP30 in November on implementing promises made in previous years. According to the non-profit Net Zero Tracker, more than half of the largest companies in the world have committed to achieving net-zero emission by the mid-century. This is in line with global climate goals. According to an analysis conducted by the TPI Global Climate Transition Centre of the London School of Economics and Political Science (LSE), 98% of companies had no plans to align their spending with these commitments. The Rockefeller Foundation's Rajiv Shah said, "The challenge of New York Climate Week is to bring individuals and institutions together to reimagine new ways we can work together to combat common threats." The foundation released a survey on Thursday that asked 36,348 respondents worldwide. It found that 86% of people believed that international cooperation is crucial to climate action. Reporting by Simon Jessop, Katy Daigle, and Kate Abnett, in London, Washington, D.C., & Brussels. Additional reporting by Axel Threlfall, London. Editing by Mark Porter.

• The central bank of Peru raises its growth forecast for 2025 and holds steady the outlook for 2026

  Peru's central bank on Friday slightly raised its economic growth forecast for 2025 to 3.2%, from 3.1% previously, citing stronger-than-expected non-primary sector activity and private spending. The bank projected that annual inflation would be 1.7% at the end 2025, and 2.0% at the end 2026. This was supported by the diminishing impact of supply shocks as well as an economy operating close to its potential. In August, annual inflation fell to 1.11%. This is the lowest level in seven years. It brings it closer to the lower limit of the 1%-3% target range set by the central bank. Last year, inflation was 1.97%. In its report the central bank forecasts a fiscal surplus of 2,4% of GDP in 2025, and 2.1% of GDP in 2026. Last week, the central bank's chief economist Adrian Armas stated that the economy was expected to grow by around 3% during the third quarter of the year. The bank's growth forecast for 2026 is 2.9%. Julio Velarde, the chief of the Central Bank, said that the projection takes into account the temporary effects from the presidential election next year. Velarde said that if this effect was not present, there would be a greater growth rate. Dina Boluarte is expected to leave the presidency in July 2026. She has one of the lowest approval ratings around, at 2%. (Reporting and editing by Gabriel Araujo, Aurora Ellis and Natalia Siniawski)

• Sources say that Brazil will be the first country to invest in the global forest fund

  Three people familiar with the plans said that Brazil would be the first to announce an investment into the Tropical Forests Forever Facility. This multilateral funding mechanism was proposed by Brazil to support the conservation of endangered forest globally. The President Luiz inacio Lula da So will announce the investment at the U.N. on Tuesday in New York. This is a move to unlock more contributions both from wealthy and developing countries, who have been at odds over funding global climate policies. The Brazilian government believes that the TFFF could be the main deliverable for the U.N. Climate Summit known as COP30, which it will host at the Amazonian town of Belem this November. The Brazilian government has not confirmed the amount of investment it plans to make, but according to two government sources who asked to remain anonymous to discuss their private discussions, the figure will be "considerable", and is meant to serve as a benchmark to other countries. Reports at the time state that Chinese Finance Minister Lan Fong told Fernando Haddad, his Brazilian counterpart, in July, that China would contribute to the fund. He did not specify how much. China's investment would be a significant shift in climate financing, which relies on the wealthy nations that are most responsible for global heating. According to those involved in the negotiations, the TFFF also has received some initial support from countries such as the United Kingdom and France, Germany, Norway Singapore and the United Arab Emirates. "MONEY WHERE MY MOUTH IS" The TFFF is envisioned by policymakers as a $125-billion fund that combines contributions from the private and sovereign sectors. It will be managed like an endowment, with countries receiving annual stipends based upon how much of their rainforests remain. According to preliminary estimates, Brazil will need the governments and major philanthropies contributing $25 billion in order to achieve this lofty goal. This would then attract an additional $100 billion of private investment. Three sources say that diplomats from countries interested in investing have told Brazil recently that Brazil's initial contribution will help them to prepare their own announcements. Brazil wants to demonstrate that it trusts the proposal it has made enough to "put money where their mouth is" as one source put it. Brazil is the country which will receive the highest payouts because it is the home of the largest tropical forest on earth. The Finance Ministry is still in final discussions with Lula who will be traveling to New York Sunday. Sources said that the decision to invest has already been taken. (Reporting and writing by Lisandra paraguassu, Manuela Andreoni, Editing by Brad Haynes & Mark Porter).

• Washington Post reports that US lawmakers are planning to introduce a bipartisan bill to eliminate coffee tariffs.

  U.S. The Washington Post, citing an excerpt from the draft legislation, reported that Representatives Don Bacon, Ro Khanna, and others plan to introduce bipartisan legislation which would exempt coffee product tariffs after Jan. 19,2025. Report said that the exemption would be applicable to decaffeinated and roasted coffees as well as husks and skins of coffee and other drinks and substitutes containing caffeine. According to the report, Republican Bacon and Khanna (a Democrat) said that they chose coffee as a way to save money for Americans on a staple. Why are we taxing American citizens for something we don't grow? Bacon told the paper that it didn't make any sense. The White House, Bacon and Khanna did not respond immediately to comments. The price of coffee in the United States has been high ever since the Trump Administration imposed a 50% tariff at the end July on Brazilian imports, which included green coffee. The Intercontinental Exchange, New York, has seen the prices of arabica coffee, a milder variety used by coffee chains like Starbucks and Dunkin' Donuts have risen around 50%. Brazil used to provide a third all of the coffee consumed in the U.S. but since tariffs were implemented, shipments have dried out. (Reporting by Anusha Shah in Bengaluru; editing by Philippa Fletcher)

• US judge declares defaulted Venezuelan bonds valid

  On Thursday, a U.S. court upheld the validity and the 2020 bonds of Venezuelan oil company PDVSA. This led to the suspension of an auction of shares of the parent company of Venezuelan-owned U.S. refining firm Citgo. The bonds are secured by a majority stake in Citgo, which is ultimately owned by Caracas-headquartered PDVSA. The company defaulted in 2019 on the bonds, putting the refiner under threat of seizure from creditors. Since years, bondholders and companies expropriated by Venezuela have been fighting in U.S. courtrooms for the country's assets abroad, including Houston-based refiner Citgo Petroleum valued at $13 billion. Venezuela defaulted in the payment of those bonds and others issued by PDVSA and the country. After winning arbitration cases, several companies whose Venezuelan assets had been expropriated from them by the late president Hugo Chavez now seek to seize Venezuela's overseas assets. Citgo cut ties with PDVSA after Washington sanctioned it in 2019 to try and oust Venezuelan president Nicolas Maduro. The Venezuelan political opposition then took over the company's control. The opposition is trying to protect Citgo, and other assets, from creditors or companies that are seeking compensation for expropriated assets or defaulted debt. The opposition argued that 2020 bonds had not been issued in accordance with Venezuelan law. Katherine Polk Failla, U.S. district judge in Manhattan, ruled on Thursday that the bonds had indeed been issued properly. The bonds were declared valid by the judge in 2020. However, an appeals court ordered a further review. Failla's decision led to a brief suspension of a separate Delaware auction for shares in Citgo parent company, before U.S. district judge Leonard Stark. This was done to allow the court time to consider the implications of Failla’s ruling. Citgo, the 7th largest oil refiner in the United States, will likely be determined by the auction. 15 companies, including bondholders, are bidding for Citgo's assets. The auction includes a subsidiary from Gold Reserve, and Amber Energy, a division of Elliott Investment Management. Lawyers for Venezuela said in Stark's Stark courtroom earlier this week that they would appeal if the validity of 2020 bonds was confirmed. Sources close to preparations say that after Failla's decision, the boards overseeing Citgo met urgently with their lawyers in order to plan future action. The sale proceedings are now in their fourth week. The judge has yet to make key decisions regarding pending procedural questions or confirm the auction winner.

• Mariah Carey's floating concert brings star power to Amazon ahead of COP30

  On Wednesday night, less than two months before Belem welcomes heads of state to the U.N. Climate Summit COP30 in the Brazilian city, pop star Mariah Carey performed with a cast local artists at a floating concert for the Amazon rainforest. The concert was part of the two-day "Amazon Live Today and Forever" event, organized by Rock World. The company that organizes the music festivals Rock in Rio and The Town. Carey, 56 years old, was able to captivate more than 70,000 Sao Paulo fans on Saturday when she appeared at The Town. Fans watched from another location as the singer performed on a stage that resembled an enormous waterlily floating on the Guama River for a half-hour on Wednesday. "We are here tonight to raise awareness about the protection of the rainforest." Let's start with something tropical," she said, before singing "Sugar Sweet", the first song of the evening. Carey made her sixth visit to Brazil after performing in Sao Paulo last year and Rio de Janeiro the previous year. The Amazon concert was broadcast on Brazilian TV, and it was preceded by a showcase of Amazon-born female performers. Belem, Brazil, will host COP30 in November. This event, the first U.N. Climate Summit to be held within the Amazon, will bring together business leaders, climate activists, and foreign leaders. (Reporting and writing by Wagner Santana, Fernando Cardoso, Jamie Freed).

• What will the UN agenda be and who will speak?

  The 80th session of the United Nations General Assembly begins on Tuesday. Who speaks when? The United Nations, which was founded in 1945, has grown from 51 members to 193 today. The leaders of the Holy See, State of Palestine, and two non-member observers states, known as the United Nations' State of Palestine and the Holy See, may also speak. Brazil is the first to speak in every meeting. U.N. officials say that Brazil was the first to speak in the early days of the world organization, when other countries resisted. The United States, which hosts the U.N. HQ in New York City, is the second nation to address the General Assembly. The list is then ordered by hierarchy, and in general the first-come, first-served principle. The heads of state are the first to speak, followed by their deputy and crown princes. Next come heads of government and ministers, and then lower-ranking leaders of a delegaiton. How long will they speak? Leaders should adhere to a 15-minute voluntary time limit. According to U.N. Records, Fidel Castro of Cuba spoke for approximately 4-1/2 hours during the 1960 opening of the General Assembly. Libyan leader Muammar Gadhafi spoke more than 1 1/2 hours in 2009. WHAT WILL THEY TALK ABOUT? Every session of the General Assembly begins with a specific theme. Leaders may briefly mention the theme before moving onto any topic. The theme for this year is "Better Together: 80 Years and More for Peace, Development and Human Rights." Leaders are also likely to discuss: GAZA. As the Gaza Strip war between Israel's Hamas militants and the Palestinian enclave approaches its second anniversary, leaders are gathering. A humanitarian crisis is worsening in the Palestinian enclave. Benjamin Netanyahu, Israeli Prime Minister, is scheduled to speak at the General Assembly next Friday. Israel has denied the allegations of war crimes and crimes against humanity that the International Criminal Court made against it in Gaza. Israel launched an assault on Gaza City Tuesday. The U.S. has refused to grant him a Visa. He is likely to appear via video. UKRAINE. Volodymyr Zelenskiy, the Ukrainian president, will seek to bolster global support for Kyiv while U.S. Donald Trump attempts to broker a ceasefire more than three years since Russia invaded their neighbor. He will address the assembly this Wednesday, while Sergei Lavrov, Russia's foreign minister, will speak Saturday. Next week, the U.N. Security Council will hold a meeting at a high level on Ukraine. The U.S. will be watched closely, both at the U.N. Security Council and during Trump's General Assembly address, to see if Washington announces measures such as sanctions to try to convince Russian President Vladimir Putin that he should negotiate with Zelenskiy. IRAN. In New York, expect last-minute diplomacy over Iran's nuclear program. Tehran is trying to avoid the return of all U.N. Security Council Sanctions on the Islamic Republic by September 28. Both the Iranian president Masoud Pezeshkian, and foreign minister Abbas Araqchi will be attending the United Nations. SYRIA. This year, the Syrian President Ahmed al-Sharaa will make a notable debut at the U.N. General Assembly. Hay'at Tahrir al-Sham, the group that he leads, led the revolt in December to topple President Bashar al-Assad. This ended 13 years of civil conflict. HTS was the former al-Qaeda branch in Syria, formerly known as al-Nusra Front. It broke ties with al-Qaeda in 2016. The group, Sharaa and its leader remain under U.N. sanction. However, Sharaa was granted a travel waiver to New York between September 21-25. CLIMATE. Leaders of small island nations and other states that are most affected by climate change will be expected to urge further action as the world struggles to limit global warming to 1.5 degrees Celsius. WOMEN. Leaders will gather on Monday to celebrate the 30th anniversary a historic women's rights convention. Beijing's 1995 Fourth World Conference on Women is best remembered for the slogan "women’s rights are human right." Leaders are likely to be disappointed by the lack of progress made and the growing attacks against women's rights. The theme of Monday's meeting is to recommit to, accelerate and resource the implementation of the 1995 declaration. At the Beijing Conference, 189 countries signed a declaration calling for "full participation and equality of women in the political, civil, economical, social, and cultural life". SUDAN. Next week, some leaders are likely to discuss the war that has lasted for two and a half years in Sudan. The United Nations has called the war between the paramilitary Rapid Support Forces (RSF) and the Sudanese Army, which is a conflict between the Rapid Support Forces, and the Sudanese Army, the worst humanitarian crisis in the world. There are pockets of famine all over the country, including al-Fashir the capital of North Darfur State. The United States, Saudi Arabia, Egypt, and the United Arab Emirates have all called for a humanitarian truce lasting three months, followed by a ceasefire permanent. According to many, the "Quad", or four countries, have the greatest influence on the warring parties. U.S.-VENEZUELA TENSIONS. Venezuela complained about the United States' naval build-up in the Southern Caribbean waters and the nearby waters at the end of last month. The U.S. military launched two deadly attacks on suspected Venezuelan drug-cartel vessels in international waters since then. Venezuelan Foreign Minister Yvan Yli is likely to raise the increased tensions when he addresses the General Assembly this Saturday. Venezuelan President Nicolas Maduro claims that the U.S. wants to remove him from power. RACE TO APPOINT A NEW U.N. SECRETARY-GENERAL. The United Nations will select a new Secretary-General next year. Guterres' second five-year tenure will end on December 31, 2026. On the sidelines next week of the General Assembly, there will be much talk about who might be the candidate to succeed him. The U.N. Security Council, composed of 15 members, must agree on a candidate that will be recommended to the 193 member General Assembly. This means that the five veto-powers - Britain China France Russia and the U.S. have to agree. (Reporting and editing by Howard Goller; Michelle Nichols)

• UN increases financial support for poorer countries at COP30 amid hotel crisis

  In light of the rising costs of accommodation in Belem, an Amazonian city, the U.N. is giving low-income countries additional money to attend COP30. This global climate summit will take place in Brazil in November. Brazil has resisted the calls for the conference to be moved from Belem. President Luiz inacio Lula da So did not want to renege on his promise to show the Amazon rainforest at COP30. A spokesperson for the U.N. Climate Secretariat informed that the International Civil Service Commission of the U.N., which makes decisions on the "daily allowance", has agreed to increase it for Belem. According to a press release from the Brazilian COP30 Presidency, the allowance for 144 developing nations has increased to $197. It was previously $144. The allowance is for two or three delegate per country and 374 total delegates. The UNFCCC and Brazilian representatives met on Wednesday to discuss the acute accommodation crisis that has arisen as hotels charge 10 to 15 percent more than their normal rates during conference periods. The annual U.N. Summit will bring together nearly every government to discuss how to combat climate change. Pre-summit discussions have been dominated by concerns over logistics rather than global climate policies. The Developing Countries have said that they can't afford the high accommodation rates in Belem, due to a shortage of rooms. Brazil is rushing to increase the number of hotel beds to accommodate the approximately 45,000 attendees expected at COP30. The company says that developing countries can get more affordable accommodations at a daily rate of up to $200. According to the Brazilian government, less than two months prior to the conference, only 79 nations have made reservations via the official COP30 Platform or other means. 70 countries are still in negotiation. Usually, the annual COP talks involve around 200 countries. (Reporting from Brasilia by Lisandra paraguassu; additional reporting in Brussels by Kate Abnett. Editing by PhilippaFletcher.

• Dundee's Ecuador Mine Project protested by tens of thousands near a key water reserve

  Residents and local leaders from Ecuador's central Azuay Province took to the streets Tuesday to call for the suspension of an mining project by Canada’s Dundee Precious Metals. They claim that the project will have a negative impact on a crucial water reserve. Dundee had been granted an environmental permit by the government of President Daniel Noboa to begin construction of the Loma Larga Gold Mine there. However, as the community's pressure grew, the country’s energy minister suspended construction in August until Dundee provided an environmental management plan. Provincial authorities rejected the project because it would affect the 3,200-hectare Quimsacocha Reserve and the surrounding paramos, which act as giant sponges to supply drinking water for major cities. The authorities estimated that more than 90,000 people marched through the provincial capital Cuenca, chanting, "Hands Off Quimsacocha!" Water is more valuable than anything! Cuenca mayor Cristian Zamora stated, "We want to the national government revoke the environment license." "The streets are roaring in Cuenca... they will need to listen to us." Dundee refused to comment on protestors' demands. Ecuador has significant gold and cobalt reserves. However, only two mines operate in the country. These are owned by Lundin Gold, a Canadian mining company, and EcuaCorriente by a Chinese mining group. Noboa has withdrawn from the project and said that the responsibility for the next steps lies with local authorities. In a Friday radio interview, he stated that "the municipality and prefecture have to take responsibility" if Dundee took them to arbitration court. There is a high probability that the project won't go forward, but there is also an increased probability of future problems. In Ecuador, the relative lack of mining project is due to strong community opposition and environmental concerns. Residents of Azuay have rejected mining plans at the polls and the courts have ruled to stop mining in the area. (Reporting and writing by Alexandra Valencia, Editing by Richard Chang).

• Argentina's Milei will partially privatize the nuclear power plant operator

  His spokesperson announced on Tuesday that the Argentine president Javier Milei would sign a decree aimed to partially privatize the company responsible for three nuclear power plants in operation. The libertarian leader is continuing his pledges to reduce the size of state. Manuel Adorni, a spokesperson for the Milei administration, told a news conference that the administration plans to sell 44 percent of Nucleoelectrica Argentina, which operates Atucha I and Atucha II power plants as well as Embalse, in an international public auction. He added that the state would keep a 51% share in the company, and also set up a program of joint ownership for up to 5%. Adorni reiterated that the South American nation's state-run businesses are all subject to privatization. Milei was elected in December 2023, promising to reduce spending to bring the public finances into balance and to tame an annual inflation rate that reached triple digits. In a separate announcement, the government stated that private investments were crucial to increasing access to capital and diversifying risks as well as ensuring the continuation of NA-SA operations in an efficient and competitive manner. A group of workers from Argentina's National Commission for Atomic Energy and Nuclear Activity has criticized the decision. They claim that the government should be in a position to oversee the development and safety nuclear energy and that partial privatization will result in higher electricity prices. In a press release, it stated that privatizing NA-SA would not improve the lives of people, but instead encourage citizens to pay the difference in order to boost the profits of a private firm.

• In court, creditors scrutinize Elliott affiliate’s bid for Citgo parent

  The creditors lining up to receive proceeds from an auction of Citgo Petroleum parent PDV Holding in a U.S. Court began the examination process in front of experts, advisors, and an executive of Elliott Investment Management whose subsidiary Amber Energy emerged as the winner of the bidding round. Amber Energy's bid of $5.9 billion for Citgo parent PDV Holding, recommended by a court official last month as the winner of the auction to compensate 15 creditors due to debt defaults and expropriations from Venezuela. The bid is defined by a $2.1billion payment agreement with holders a defaulted PDVSA bond that was collateralized using Citgo equity. Gold Reserve, junior creditors, and Venezuela objected to the choice, arguing that bondholders must first win an independent New York court case regarding the validity of notes before they can claim compensation. The Delaware court, as part of an 8-year case, has been trying to complete the auction for shares of PDV Holding since last year in order to satisfy claims of up to $19 Billion from debt defaults or expropriations made against Venezuela, its ultimate owner. Delaware Judge Leonard Stark said on Monday that he would decide the winner of the auction after the hearing which will continue through Thursday or next month, if the court set a new date to hear more arguments. Amber's bid last year was not accepted by the creditors. The court changed the structure of the auction this year and organized two new rounds. In the final stages of the auction, the resolution of parallel legal cases involving the same assets prompted improved bids. Michael Turkel, Elliott's lawyer, told the court that "we probably learned our lesson in respect to the Amber bid." We didn't realize the necessity and importance of interacting with the writholders and understanding how our bid could not only be a purchase for us but also a solution for them. Lawyers asked whether Amber's bid and the pact it had with bondholders would still stand even if the New York case was lost. William Hiltz said that, if the bondholders won their case, Amber’s bid will move forward. He added that if they lose, the court can still move forward with Amber's offer or begin a rapid re-bidding procedure. Amber declined to make a comment. The parties also discussed the challenges of obtaining antitrust clearance, and inquired about Elliott's involvement in rival energy companies including Phillips 66. This year, a conflict of interest alleged by Elliott was raised following its acquisition of a stake at the U.S. refining company. (Reporting and editing by Nathan Crooks, Matthew Lewis and Marianna Pararaga)