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UN expert: 'Lucrative business deals' help Israel sustain its Gaza campaign
In a report, a U.N. expert named 60 companies including major arms and technology firms. She accused them of supporting Israeli settlements in Gaza and their military actions, which she referred to as a "genocidal war." Francesca Albanese is an Italian lawyer who specializes in human rights. She is the Special Rapporteur of the United Nations on the Occupied Palestinian Territories. The report was compiled based on more than 200 submissions by states, human-rights defenders and companies. The report published late on Monday calls for companies not to do business with Israel, and that executives who are implicated in alleged international law violations be held legally accountable. Albanese wrote that the 27-page report showed why Israel's genocide is continuing: it is profitable for many. She accused corporations of being "financially tied to Israel's militarism and apartheid." Israel's Geneva mission said that the report was "legally unfounded, defamatory, and a flagrant misuse of her position". The Israeli foreign ministry and prime minister's office have not responded to requests for comments. The U.S. Mission to the United Nations, New York, called on U.N. Sec.-General Antonio Guterres for a condemnation of Albanese. They also demanded her removal. Israel rejected the accusations of genocide against Gaza. It cited its right to self defense following a Hamas attack on October 7, 2023 that resulted to 1,200 deaths and 251 hostages according to Israeli statistics. Gaza Health Ministry reports that the war in Gaza, which followed, has resulted in the death of more than 56,000 individuals and the destruction of the entire enclave. Arms FIRMS Identified in Report The report divides the companies into sectors, such as military or technology. It does not always specify if the companies are involved in the Gaza campaign or settlements. The report said that 15 companies had responded directly to Albanese’s office, but they did not publish the replies. The article names Lockheed Martin, Leonardo and other arms companies as having used their weapons in Gaza. The report also names heavy machinery suppliers Caterpillar Inc. and HD Hyundai. It claims their equipment contributed to the destruction of property in Palestinian territory. "Foreign military sales are government-to-government transactions. Lockheed Martin's spokesperson said that the U.S. Government is best suited to discuss these sales. No one else responded to our requests for comment. Caterpillar previously stated that it expects to use its products in accordance with international humanitarian laws. The technology giants Alphabet (Alphabet), Amazon, Microsoft and IBM are "central to Israel’s surveillance apparatus and ongoing Gaza destruction". Alphabet has defended the $1.2 billion contract it signed with Israel's government for cloud services, saying that this was not a military or intelligence operation. Palantir Technologies also provided AI tools to Israel's military. However, specifics about their use weren't included. The report adds to a U.N. database that was last updated in 2023 and lists new companies, as well as alleged links to the Gaza conflict. The 47 members of the U.N. Human Rights Council will receive it on Thursday. The U.N. Human Rights Council does not have legal binding power, but cases that were documented through U.N. investigations often inform international prosecutions. Israel and the United States withdrew from the Council in the first half of this year citing bias towards Israel.
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Spain and the World Bank push for wider use 'debt Swaps'
The Spanish Ministry of Economy announced on Tuesday that the two countries have teamed up to "swap" debts to free money for conservation and development in poorer nations. The Ministry of Economy in Spain announced on Tuesday that the country has partnered with the World Bank to help poorer countries free up money to spend on development and conservation via debt "swaps". The Spanish government announced that the Global Hub for Debt swaps for Development will provide financial and technical assistance to countries looking at debt swaps for climate change and food security. In recent years, nations from Barbados to Belize and Ecuador to Ivory Coast used debt swaps. They bought back expensive bonds or loans and secured refinancing agreements with lower rates. In recent years, debt-for nature swaps have accounted for $6 billion in transactions where a country reduces its debt in exchange of a promise to invest in conservation. In recent years, development banks have played a key role in reducing the cost of swapped loans and generating savings. They do this by providing insurance or guaranteeing the risk. Critics claim that such deals are time-consuming and complicated, and this has hindered a wider adoption of an important tool for helping countries reduce their debt burdens and tackle development issues. Carlos Cuerpo, Spain's Minister of Economy, Trade, and Business, stated that many countries have made it clear they need tools to make debt swaps easier, faster, and more accessible. The Hub will receive 3 million euros (3,54 million dollars) from Spain. World Bank President Ajay Banaga said that the Hub would be a host for a "multiple-partner trust fund" to finance technical assistance. TIMELY This push is timely for the debt-swap market, amid fears that U.S. support for these deals - especially those with a focus on climate or nature - may largely dry up under Donald Trump. Ilan Goldfajn, President of the Inter-American Development Bank, said that demand for broad development swaps is still strong. He made this statement at a press conference held in Seville, on Tuesday. IDB backed five out of nine of the largest debt-for nature swaps in the past, most of which were carried out with the United States International Development Finance Corporation. Goldfajn stated, "We're getting requests for debts for education and debts for health." These are things which have been in construction. "Let's see what they become." A group of conservation groups and investors, as well as development bankers, lawyers, and other professionals who have been at the forefront of the market's growth, published a guide on best practices for nature swaps in an attempt to encourage wider adoption. The guide included information on how and who to use debt swaps. Melissa Garvey said that debt swaps are now "a proven model for financing conservation at scale."
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South America is shivering in the cold as Europe sizzles
While Europe and North America suffer through heatwaves, South America is experiencing a similar extreme weather event at the opposite end: a sudden freezing snap. On Tuesday morning, residents of Buenos Aires bundled up in scarves and wore wooly hats as they sipped warm drinks while frost covered cars. The temperatures in the city fell below zero. This is a rare occurrence, even during the winter in the Southern Hemisphere which is now underway and runs in opposition to the seasons in the Northern Hemisphere. Juan Manuel Amnini wore a gray hat with a wool face cover to protect himself from the cold. You can cover yourself with anything you have. "I'm like an onion, wearing layers upon layers of clothing." Meanwhile, in Europe, Italy has banned outdoor work from certain areas while France closed schools and a part of the Eiffel tower. Spain has confirmed that it had its hottest ever June as a severe heatwave gripped Europe and triggered widespread health warnings. Authorities in Barcelona were investigating whether the death of an street sweeper at the weekend was due to heat. Since late June, temperatures have consistently been high in the northern and central swaths of the United States. There have been heat warnings issued in large areas. This is part of a pattern that has been linked to climate changes, with temperatures rising earlier and lasting for longer. The impact of asphalt and concrete in urban areas is amplified by their ability to absorb and radiate heat. The cold snap in Argentina, as well as Chile and Uruguay's neighbors, led to snowfall in unexpected places. Chilly winds from Antarctica blew south. Residents said that many homes and offices weren't built to withstand these conditions. Gael Larrosa, a student from Buenos Aires, said: "Right Now, I have a thermal under my clothes, a couple of trousers and another pair on top." I have a hard time with cold. The cold here kills, and it kills. Reporting by TV, writing by Adam Jourdan. Cynthia Osterman is the editor.
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Powell's comments and data gauged the impact of Powell's comments on US yields, stock prices, and US stocks.
Investors weighed the latest economic data from the United States and remarks by Federal Reserve chair Jerome Powell in order to determine when interest rates will be cut. Powell said at a central bank conference in Sintra that he couldn't say whether July would be too soon for a rate reduction, but "it will depend on the data and we are going from meeting to meeting." According to CME's FedWatch Tool the market expectations for a rate cut in July briefly increased to 21,2%, up from 18,6% in the previous session. However, they then declined to 19,1%. The Dow Jones rose about 1% on Wall Street but the S&P 500, Nasdaq and Nasdaq remained in check after reaching record levels Monday. This was partly due to a nearly 6% increase in Tesla following President Donald Trump's threat to stop the federal subsidies worth billions that Elon Musk’s companies receive. The Dow Jones Industrial Average gained 427.24, or 0.99%, to 44,522.63. The S&P 500 increased 1.03, or 0.02% to 6,206.19. And the Nasdaq Composite dropped 107.68, or 0.5%, to 20,262.06. The MSCI index of global stocks rose 0.32 points, or 0.03% to 918.21, while the pan-European STOXX 600 closed down 0.21%. Concerns over the impact of the tariffs on the global economy were reignited as the deadline of July 9 by Trump drew closer. The Institute for Supply Management reported that U.S. manufacturing was still in contraction in June. The Job Openings and Labor Turnover Survey (JOLTS) report showed that the number of openings had increased by 374,000, to 7.769 millions, on the last day in May. However, a decrease in hiring suggested the market might have slowed. Brian Jacobsen is the chief economist of Annex Wealth Management, a company in Menomonee falls, Wisconsin. "Despite a big jump in job openings, the economy remains stuck in Powell's equilibrium, which says, 'no fire, no hire'. It's not an equilibrium that is stable and, if you look at the ISM Manufacturing data for the summer, it may be the case that the job market will become weaker. Investors are closely watching the key government payrolls data due out on Thursday, a day sooner than usual because of the Independence Day holiday. This report will help to shape their expectations about rate cuts by the Fed. After the data, U.S. Treasury rates reversed their course and moved higher. The yield on the benchmark 10-year U.S. notes rose 2.9 basis points to 4,255%. The yield on the 2-year note, which is usually in line with expectations of interest rates from the Federal Reserve (usually based on their forecasts), rose by 6.2 basis points, to 3.783%. Trump's tax-cut and spending legislation continued its advance, as the Republican-controlled U.S. Senate passed by the thinnest of margins, and now heads back to the House of Representatives for final approval. "It will create some problems for fixed income markets as we continue spending no matter which party in power is in office, and that, in the end, is a negative for stock market," Rick Meckler said, a partner at Cherry Lane Investments, in New Vernon, New Jersey. Investors are not worried about inflation and continue to purchase stocks. The dollar index (which measures the greenback versus a basket currencies) is on course to end an eight-session streak of declines. The euro fell 0.03% to $1.1782, while the pound fell 0.01% at $1.3732. The dollar fell 0.26% against the Japanese yen to 143.63. The Bank of Japan Tankan Index of Business Sentiment showed that the largest economies in the region are likely to be holding up despite tariffs. A separate survey of the private sector revealed that the manufacturing sector in Japan expanded for the first time since 13 months in June. U.S. crude oil rose by 0.4% to $65.37 per barrel. Brent was up to $67.05 a barrel, a 0.46% increase on the day.
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Stellantis could close its factories as a result of EU fines on carbon emissions
The head of Stellantis' European operations, a Franco-Italian company, said that the automaker may be forced to shut down factories as he fears hefty fines from the European Union for failing to meet CO2 emissions targets. As part of the EU's effort to curb the devastating effects of climate changes, European auto manufacturers must sell more electric cars to reduce CO2 emissions. Otherwise, they risk being penalized. The automaker industry successfully lobbied to extend the deadline for compliance, so that fines are based on emissions in 2025-2027 and not just 2025. Jean-Philippe Imparato, the Europe Chief of Stellantis, said that automakers were not able to reach their targets and his company could be fined up to 2,95 billion euros in "two-three" years. He said, at a conference held in the lower chamber of the parliament in Rome, that if there are no significant changes to the regulatory environment by the end this year, then "we will be forced to take tough decisions." Imparato explained that Stellantis's fleet would have to be re-energy by switching to electric vehicles rather than petrol or diesel. This is not possible, as Stellantis either has to double the sales of electric vehicles (which is impossible) or reduce the production of petrol/diesel vehicles. "I have only two options: either I push hard (on electric vehicles) or I shut down ICEs (internal-combustion engine vehicles). "I close factories," he said at one point, mentioning Atessa's Italian van plant.
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Minister: Peru's economy is expected to grow by up to 3.5% per year in 2025
Economy Minister Raul Perez stated on Tuesday that Peru's economic growth is expected to be between 3.0% to 3.5% by 2025. This is lower than what the government previously predicted and compares to the 3.33% recorded last year. Perez said at a press event that he didn't see "severe risk" for Peru's economic future from the United States tariff policies. The Minister's Estimate is higher than the Central Bank's forecast for 2.9% growth in late June, but lower than earlier estimates by the government that projected a 3.5%-4% expansion. Peru's economy has been one of Latin America’s best performers for decades. But in recent years, growth has slowed due to social unrest that hit the mining sector and political instability. Perez stated that his ministry would meet with executives of the embattled Petroperu to ensure that its cash flow remained "viable." The company, which was seeking alternative sources of funding to avoid relying on more state aid, reported a net loss of $111 million in the first quarter of this year. (Reporting and editing by Natalia Siniawski, Alison Williams and Marco Aquino)
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Bezos' methane satellite lost in space
The group operating the satellite said that an $88 million satellite that was backed by billionaire Jeff Bezos and that detected emissions from the oil and gas industries of the powerful greenhouse gas, methane, has been lost in orbit. Environmental Defense Fund, who led the initiative, stated that MethaneSAT was collecting emission data and images at drilling sites, pipelines and processing facilities in the world since March. However, it went off track around 10 days ago. EDF stated that it does not expect the satellite to be recovered, as it has lost power. Amy Middleton is the senior vice president of EDF. She said: "We see this as a setback and not a failure." "We have made so many progresses and learned so much that we would not have these learnings if we had not taken this risk." Launching MethaneSAT on March 20, 2024 marked a major milestone in EDF's campaign to hold more than 120 nations accountable for their pledges to reduce methane emissions in 2021. The report also sought to enforce a promise made by 50 oil and gas firms at the Dubai COP28 Climate Summit in December 2023, to eliminate methane emissions and gas flaring. Methane has a powerful greenhouse gas. Its warming power is 80 times greater than that of carbon dioxide in a period of 20 years. Scientists believe that capping oil and gas leaks in wells and on equipment is one of the fastest and most effective ways to combat global warming. MethaneSAT is not the only satellite project that publishes data on methane emission sources. However, it's supporters claim it provides more details on these emissions and has partnered with Google in order to create an publicly available global map of emissions. ENGINEERS INVESTIGATING EDF said that it reported the lost satellite on Tuesday to federal agencies, including the National Oceanic and Atmospheric Administration (NOAA), Federal Communications Commission and U.S. Space Force. According to the EDF, the cost of building and launching the satellite was $88 million. The Bezos Earth Fund had granted $100 million to the organization in 2020. Arnold Ventures and the Robertson Foundation, as well as the TED Audacious Project along with EDF donors also provided major financial support. The project also had a partnership with the New Zealand Space Agency. EDF stated that it has insurance to cover any losses and that its engineers are investigating the incident. The organization stated that it would continue to use resources, such as aircraft equipped with methane detection spectrometers to search for methane. The company also stated that it is too early to determine whether or not it will launch another satellite, but MethaneSAT was a proof of concept for a highly sensitive tool "that could see total methane emission, even at very low levels, across wide areas." The United Nations reported in a recent report that despite efforts to increase transparency about emissions, "super-emitters of methane" rarely take action when they are alerted. As the United States, under Donald Trump's second term in office, has ended its program to collect data on greenhouse gases from major polluters as well as rescinded Biden era regulations aimed at curbing Methane, there is less pressure to act. (Reporting and editing by Barbara Lewis, Alison Williams, and Valerie Volcovici)
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Bezos' methane satellite lost in space
The group that operated the satellite said on Tuesday that an $88 million satellite, backed by billionaire Jeff Bezos, that measured the emissions of powerful greenhouse gases methane from the oil and gas industries had been lost in the space. Environmental Defense Fund, who led the initiative, stated that MethaneSAT was collecting emission data and images at drilling sites, pipelines and processing facilities in the world since March. However, it went off track around 10 days ago. EDF stated that it does not expect the satellite to be recovered, as it has lost power. Amy Middleton is the senior vice president of EDF. She said: "We see this as a setback and not a failure." "We have made so many progresses and learned so much that we would not have these learnings if we had not taken this risk." MethaneSAT was launched in March last year as part of a campaign that EDF has been running for years to hold more than 120 countries accountable who in 2021 committed to reduce their methane emission. The report also sought to enforce a promise made by 50 oil and gas firms at the Dubai COP28 Climate Summit in December 2023, to eliminate methane emissions and routine gas flaring. Methane has a powerful greenhouse gas. Its warming power is 80 times greater than that of carbon dioxide in a period of 20 years. Scientists believe that capping oil and gas leaks in wells and on equipment is one of the fastest and most effective ways to combat global warming. MethaneSAT is not the only satellite project that publishes data on methane emission sources. However, it's supporters claim it provides more details on these emissions and has partnered with Google in order to create an publicly available global map of emissions. EDF said that it reported the lost satellite on Tuesday to federal agencies, including the National Oceanic and Atmospheric Administration (NOAA), Securities and Exchange Commission and U.S. Space Force. According to the EDF, the cost of building and launching the satellite was $88 million. The Bezos Earth Fund had granted $100 million to the organization in 2020. Arnold Ventures and the Robertson Foundation, as well as the TED Audacious Project along with EDF donors also provided major financial support. The project also had a partnership with the New Zealand Space Agency. EDF stated that it has insurance to cover any losses and its engineers are investigating the incident. The company said that it will continue to use all of its resources to search for methane leaks, including aircraft equipped with methane detection spectrometers. The United Nations reported in a recent report that despite efforts to increase transparency about emissions, "super-emitters of methane" rarely take action when they are alerted. As the United States, under Donald Trump's second term in office, has ended its program to collect data on greenhouse gases from major polluters as well as rescinded rules established by Biden to curb methane emissions, there is less pressure to act. (Reporting and editing by Barbara Lewis; Valerie Volcovici)
Britain's creaking power grid leaves green energy transformation adrift
British ferryboat operator Wightlink wishes to buy a $60 million, stateoftheart electrical ferryboat to make its crossings cleaner and greener. But it can't commission the vessel until it gets a. power upgrade.
The company brings 4 million islanders, holidaymakers and. festival goers every year on a 5 nautical mile crossing. in between England's picturesque southern coast and the Isle of. Wight. The strait, known as the Solent, is popular with yachts. and leisure craft, while much of the shoreline is protected.
Wightlink has funding in location for a electric-powered cars and truck. ferryboat that would decrease emissions both at sea and in port,. following in the path of leader Norway, which presented the. world's first in 2015.
The federal government has actually said decarbonising maritime transport. is necessary to attaining Britain's net zero target by 2050. Domestic maritime vessels represented around 5% of Britain's. greenhouse gas emissions from transport in 2020, more than rail. and buses integrated, the federal government stated in a 2022 report.
And the long average life-span of vessels implies that greener. ships should begin being deployed by next year to attain a green. fleet by the 2050 deadline.
However interviews with 22 people - consisting of financiers, power. company staff members, federal government officials, Wightlink staff and. countryside advocates - exposed that long waits for grid. connections integrated with preparing obstacles are putting. countless pounds of green transportation investment at threat.
We wish to go electric. We think it's the best thing,. Wightlink Chief Executive Keith Greenfield informed onboard. a hybrid ferryboat, which utilizes diesel to charge electric batteries,. saving around 20% in emissions. We're held back by a lack of. shore power.
Wightlink requires to order its next ship within 12-18 months. to replace an ageing vessel, however can not commit to go solely. electrical without a legally binding power contract, Greenfield. said.
Regional network operator Scottish & & Southern Electrical power. Networks (SSEN) told Wightlink two years ago that a new. connection at its Portsmouth terminal would require. infrastructure upgrades, including at a neighboring substation on the. national high-voltage network, according to a document evaluated. and ferry company executives.
The substation improvements by National Grid were not. set up to be finished until 2037.
After interviewed Wightlink executives, SSEN stated. this month enough power might be readily available without the National. Grid work, and it would hold brand-new talks with the ferry business.
If Wightlink accepts a brand-new quote from SSEN, it will be able. to guarantee the capacity and confirm its location in the. connections queue.
We eagerly anticipate fulfilling them early next month to. progress propositions, a SSEN spokesperson told . The. company declined to comment on the change.
Britain will hold a general election on July 4 with polls. predicting a success for the opposition Labour celebration after 14. years of Conservative guideline.
Wightlink's problem underscores the challenge Britain's next. federal government will face in delivering the renewable energy and grid. infrastructure required to power a shift to electric ferries, automobiles. and domestic heating in Europe's second-largest economy.
Britain was the first significant economy to create a lawfully. binding 2050 net zero target. It's a leader in overseas wind and. it has actually halved emissions since 1990 after closing coal power. plants.
Central to the net zero target is a strategy to decarbonise the. electricity system by 2035. However the state consultant, the Climate. Change Committee, said in a development report in June 2023 that. the federal government lacked a full technique to arrive.
CHANGING DATES
How to accomplish net no, and at what cost, has ended up being a. battlefield both nationally and locally.
Britons support the policy of net no but they often baulk. at the expenses and infrastructure that may be needed to get. there, studies reveal. Prime Minister Rishi Sunak scrapped some. targets last year, saying he needed to retain public assistance in. the face of unacceptable costs.
Labour has actually pledged to decarbonise the electricity grid by. 2030, 5 years ahead of the Conservatives' target of 2035. Reforming grid connections is one part of its ambitious strategy.
To strike net no, Britain requires to expand the high-voltage. network in England and Wales brought overhead on big pylons,. which then link to regional circulation networks.
The grid, owned and operated by London-listed National Grid. Plc, was developed to send power created from. coalfields in areas like Yorkshire and Nottinghamshire across. the nation.
Today more electrical energy is coming from wind farms in. Scotland and off Britain's east coast, and brand-new infrastructure is. required to transmit it to London and the south.
Presently wind farms are being paid to turn off in strong. winds, when the grid can not soak up all the produced power, information. from the nation's electricity system operator shows.
The government has said supports required to increase. capability, consisting of brand-new substations, power lines or supergrid. transformers, could use up to 13 years to finish, in part due. to regulative and planning approval.
It wants to cut in half that time, and is working with the. regulator, Ofgem, network operators and the industry to. accelerate connections.
National Grid stated in May it would invest more than 30. billion pounds ($ 38 billion) on the grid over the next five. years.
We're driving forward the biggest reforms to our. electrical power grid because the 1950s, the Department for Energy. Security & & Net Zero told .
It set a target in November to cut the average hold-up faced. by viable net zero-aligned jobs like Wightlink for. connections from around 5 years to six months, saying a. much faster system needed to be in location by 2025.
INFRASTRUCTURE V CONSERVATION
One concern that stands in the method of developing the grid and. the renewable resource projects needed to power it are Britain's. preparing laws.
Approval times have ballooned in the last few years, as local. councils have a hard time to process applications and rural neighborhoods. bring legal challenges to oppose significant works.
The time it requires to protect permission for massive projects. like wind farms has increased by 65% because 2012, extending to. 4.2 years, according to a government-requested report by the. National Infrastructure Commission in 2023.
The rate of schemes based on prolonged judicial evaluations has. jumped to 58%, from a long-term average of 10%, it said.
That pushes up job expenses, threatening financial investment.
Fiera Infrastructure, the Canadian co-owner of Wightlink,. warned that financiers can always invest their capital in other places.
International investors are not yet at the point of turning their. backs on UK infrastructure, but errors around policy have. worn down financier self-confidence, President Alina Osorio informed. .
The sentiment was echoed by other infrastructure investors,. consisting of among the biggest in Britain, which has backed a. business structure electric vehicle chargers at motorways.
The fund supervisor, who asked not to be called, said a lack of. new power had actually forced the company to adjust some of its projects.
Minal Patel, a partner at Schroders Greencoat, a. sustainable financial investment supervisor, said strong financier demand for. sustainable assets showed Britain remained attractive, but slow. grid connections were a challenge.
CONNECTION
For Wightlink, the hunt for a connection has been fraught.
In 2022, SSEN priced estimate Wightlink 4.6 million pounds for 12MW. connections to power the chargers it requires to set up in. Portsmouth and Fishbourne, according to files seen by. . The systems need to charge the electrical ferryboat in the 20. minutes it has in between sailings.
Work could be completed in around 12 months in Fishbourne -. one of Wightlink's terminals on the Isle of Wight - however there. was no timeline provided for the Portsmouth connection.
Under the rules, a job like Wightlink's should accept a. quote from the distribution network supplier to protect a place. in the connections queue.
However Wightlink's Greenfield stated it could not order a 50. million pound ferry without a guarantee of power.
In the recently, SSEN said there might be adequate capability. to deliver more than the power Wightlink at first desired.
Wightlink's Head of Engineering & & Estates Charlie Field is. hoping that an agreement can finally be agreed.
A few weeks ago, all deals were off as far as we were. worried. We had to wait up until 2037, stated. Now that might. not be the case..
(source: Reuters)