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The COP30 climate health conference has raised $300 million to fund research on the effects of heatwaves worldwide.
A group of philanthropies has committed $300 million to developing solutions that can save lives as temperatures rise around the world. The money announced at this week's COP30 climate talks in Brazil is aimed at developing and figuring out best investments to combat rising risks due to extreme heat, air pollutants and infectious diseases. "We are a charity." "We can't keep plugging gaps and resuscitating an dying model of development", said Estelle willie, director of health policy at The Rockefeller Foundation. She said, "We are working together to test and validate new solutions using our philanthropic capital." Separately the COP30 host Brazil has launched a project called the Belem Health Action Plan, which encourages countries to monitor climate-related health policies across their ministries and departments. This effort is part Brazil's larger focus at the U.N. Climate talks on strengthening countries' abilities to prepare for and adapt to worsening climate effects including floods and fires. According to a study published in the PLOS journal in 2023, this $300 million pledge adds to $1 billion to $2 billion in public funds spent on research into climate-related health effects. Experts say that there is much more to be done. Willie stated in an interview that "progress on health is decreasing." "We have achieved many hard-fought victories in the health sector through technology and the global health system. Climate change is making global health and every problem worse now. A report published in The Lancet journal in October estimates that the number of deaths caused by heat-related conditions, which are worsened due to climate change, is around 550,000 per year. The report states that air pollution is responsible for another 150,000 deaths each year. This pollution comes from burning fossil fuels and also worsening fires. Infectious diseases are also on the rise. The report also said that reported cases of dengue have increased by 49% since 1950. In August, U.N. agencies estimated that more than 3.3 Billion people or half of the world population are already suffering from the heat. Climate change is a reality. John-Arne Rottingen is the chief executive of Wellcome Trust. Another funder. He said that children, pregnant women and older people, as well as "those communities who have the least resources" are most at risk. The Gates Foundation and IKEA Foundation are also funders of the newly formed Climate and Health Funders Coalition. Other 27 philanthropies signed up but have not yet committed funds. (Reporting from Simon Jessop in Belem Brazil, Lais Morais, and Anna Portella; Writing by Katy Daigle, Editing by David Gregorio.
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Heatwaves around the world prompt $300 million for climate health research
A group of philanthropies has committed $300 million to developing solutions that can save lives as temperatures rise around the world. The money announced at this week's COP30 climate talks in Brazil is aimed at developing and figuring out best investments to combat rising risks due to extreme heat, air pollutants and infectious diseases. "We are philanthropy." "We can't keep plugging gaps and resuscitating an dying model of development," Estelle Willie said, director of health policy at The Rockefeller Foundation. She said, "We are working together to test and validate new solutions using our philanthropic capital." Separately the COP30 host Brazil has launched an initiative named the Belem Health Action Plan, which encourages countries to monitor climate-related health policies across their ministries and departments. This effort is part Brazil's larger focus at the U.N. Climate talks on strengthening countries' abilities to prepare for and adapt to worsening climate effects including floods and fires. According to a study published in the PLOS journal in 2023, this $300 million pledge adds to $1 billion to $2 billion in public funds spent on research into climate-related health effects. Experts say that there is much more to be done. Willie stated in an interview that "progress on health is decreasing." "We have achieved many hard-fought victories in the health sector through technology and the global health system. Climate change is making global health and every problem worse now. A report published in The Lancet journal in October estimates that the number of deaths caused by heat-related conditions, which are worsened due to climate change, is around 550,000 per year. The report states that air pollution is responsible for another 150,000 deaths each year. This pollution comes from burning fossil fuels and also worsening fires. Infectious diseases are also on the rise. The report also said that reported cases of dengue have increased by 49% since 1950. In August, U.N. agencies estimated that more than 3.3 Billion people or half of the world population are already suffering from the heat. Climate change is a reality. John-Arne Rottingen is the chief executive of Wellcome Trust. Another funder. He said that children, pregnant women and older people, as well as "those communities who have the least resources" are most at risk. The Gates Foundation and IKEA Foundation are also funders of the newly formed Climate and Health Funders Coalition. Other 27 philanthropies signed up but have not yet committed funds. (Reporting from Simon Jessop in Belem Brazil, Lais Morais, and Anna Portella; Writing by Katy Daigle, Editing by David Gregorio.
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German coalition agrees on subsidised electricity price for industry
Friedrich Merz, the German Chancellor said that Germany's ruling parties had agreed to introduce an energy subsidy for energy-intensive industry until 2028 in order to cut costs and boost Europe’s largest economy. German companies have complained for years that high energy costs put them at a disadvantage in the global market. This includes automakers and steelmakers. After coalition talks, Merz, the conservative leader of the coalition with his Social Democrat partners, announced that the price of subsidised electricity for industry would be fixed at 5 eurocents per kilowatt-hour until 2028. Merz stated that the goal is to reduce production costs and significantly ease the burden on our economy. EU rules on state aid must be followed. Merz stated that "Discussions have been completed with the EU Commission and we are expecting to be approved for this." The VCI, the association of the chemical industry, called the measure helpful but said that the government must do more to make Germany competitive in the industry. In a press release, VCI's Wolfgang Grosse Entrup warned that the situation was "growing more acute" for businesses. German voters voted Merz into office in February after he promised to boost German Industry during an extended economic downturn. The coalition and the chancellor also agreed to tender 8 gigawatts for gas power plants and reduce air traffic fees, saving the aviation industry 400 million euros. The exchange rate is $1 = 0.8575 euro. (Reporting and editing by Mark Potter, Lisa Shumaker and Andreas Rinke)
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Gold drops 1% after US government reopening
Gold prices dropped 1% on Friday, after reaching a high of three weeks earlier in the day. This was due to a general market decline following the reopening the U.S. Government. As of 1916 GMT, spot gold fell 1.1% to $4.151.86 an ounce at 02:16 pm EST. Silver spot fell 2.3%, to $52.18. It had earlier reached its highest level since the 17th of October. U.S. gold futures for December delivery settled 0.5% lower at $4,194.50. After a 43-day record shutdown, the U.S. Government will resume its operations under an agreement funding federal operations until January 30. Tai Wong is an independent metals dealer. He said, "Precious Metals are caught up in a widespread selling off, where stocks are under pressure, bonds are in the red, and the dollar and crypto are also in the negative." It's the classic "buy-the-rumor-sell-it-all" after the U.S. Government reopens. Gold spot hit its highest session level of $4,244.94 earlier in the session. This is the highest since October 21. Jim Wyckoff is a senior analyst with Kitco Metals. He said that initially, the gold and silver market rallied because they expected the economic data to be released following the end of the government shutdown would reveal a weakening U.S. labour market and encourage the Fed to cut rates at least once in December. A growing number of Federal Reserve officials are hesitant to ease further, citing concerns about inflation as well as signs of relative stability on the U.S. labor market following two interest rate reductions this year. Private surveys indicate a weakening job market. Fed Chair Jerome Powell warned that despite the fact that the U.S. Central Bank reduced rates in December, further easing was not guaranteed this year, due in part to a lack data. Gold is usually a beneficiary of lower interest rates, as it offers no return and can be seen as a safe haven during times of economic uncertainty. Palladium dropped 3.7%, to $1,419.75, and platinum fell 2.8%, to $1,569.65.
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Top Democrats criticize Trump for delaying China export curbs
Senate Democrats, including Senate Minority leader Chuck Schumer, criticized the Trump administration's suspension of a measure which prevented thousands of Chinese firms from accessing U.S. tech in the latest round of trade negotiations with Beijing. They called it a "giveaway" of important national security tools. The rule was announced on September 29 and was intended to prevent sanctioned Chinese firms from using a system of subsidiaries to acquire key American equipment that they would otherwise be prohibited from receiving. Last month, President Donald Trump agreed to defer the rule by a full year as part of a trade deal with Chinese leader Xi Jinping. Beijing would then suspend its export restrictions on rare-earth minerals, which are key components for tech that is primarily controlled and produced by China. In a Wednesday letter, first reported by the Associated Press, Senators Ron Wyden and others called for Trump to reinstate the rule. They argued that its delay could put "American-developed advanced computer technologies at risk, as they may be used instead to advance China's agenda, rather than ours." They wrote: "The suspension undermines U.S. security, and it will be much more difficult to stop the illegal diversion of American-made advanced technology and semiconductors to Chinese state-affiliated organizations." We urge you to restore these controls and stop your giveaway of important national security tools. According to a White House statement from spokesman Kush Deai, the White House defended themselves on Thursday by arguing that "the Trump administration has implemented an export control regime rigorous to safeguard our national and economic security." The letter is a new blow against the Trump administration for its suspension of this rule. China hawks in both parties praised the move. According to a report by WireScreen, the U.S. has placed export restrictions on roughly 20,000 more Chinese companies. In their letter, the Democrats claimed that the one-year suspension reopened a "loophole", and provided "a year's opportunity for affiliates to blacklisted foreign companies to restructure to avoid the rule." They added that the delay is part of Trump's troubling tendency to "trade away national security" in order to make quick handshake deals' and mitigate the harms caused by trade wars he himself has created. We urge you to reconsider your misguided approach and make sure that export controls in the United States are not used as a bargaining tool. The letter was signed by Elizabeth Warren, Chris Van Hollen and Jeff Merkley. Andy Kim, Ben Ray Lujan and Catherine Cortez Masto also signed. (Reporting and editing by Leslie Adler, Matthew Lewis and Alexandra Alper)
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As the US opens to murky data, stock prices fall along with bond rates. Hopes for rate reductions fade.
Investors' hopes of a Federal Reserve rate reduction fell, and U.S. Treasury Yields increased. Officials pointed out a lack in clarity regarding economic data after the U.S. Government ended its longest shutdown ever. The dollar fell in value despite the hawkish comments of Fed officials, after the House of Representatives passed a bill to reopen U.S. Government late on Wednesday, and President Donald Trump had signed it. Investors bought equities during recent sessions, anticipating a U.S. reopening following its 43-day record shutdown. The shutdown disrupted the food benefits of millions of Americans, left hundreds and thousands of federal employees unpaid, and caused air traffic to be snarled, while also putting an pause on important economic data releases. Trump administration officials have shattered hopes of a more accurate view of the U.S. economic situation in the near future. White House Kevin Hassett, an economic adviser, told Fox News on Monday that, while the government would have a number on jobs, the data on the U.S. rate of unemployment for October might never be released because the survey is dependent on household surveys, which were not conducted during this government shutdown. Minneapolis Federal Reserve President Neel Kashkari He said that he is seeing mixed signals in the economy. Inflation, which was running at around 3%, and "too high", as well as parts of the labour market, "look under pressure". San Francisco Federal Reserve President Mary Daly On Thursday, the Fed said that now that it has reduced interest rates twice in this year, the risks are equalized for the Fed's goals. She said that the rate of decline in services inflation is not consistent and that it's more concerning that labor demand continues to slow. Trader Bets on Rate Cuts Tumble CME Group's FedWatch tool shows that traders bets on December rate cuts have fallen to 49.6% from 62.9% as of Wednesday. What you see today is a risk off assessment. The economic data will still be cloudy. The Fed may not be able to cut rates this December due to the incompleteness of the data. The market is already showing signs that it's concerned about the high valuations of heavyweight technology stocks and those linked to artificial intelligence. He said, therefore, that it wasn't surprising "to see investors step back from the risk, sell the winners, and move into defensive areas of market". Wall Street's Dow Jones Industrial Average dropped 451.61 points or 0.94% to 47,803.21. The S&P 500 declined 80.00 points or 1.17% to 6,770.79, and the Nasdaq Composite was down 429.28 or 1.83% to 22,977.17 as of 12:22 p.m. The MSCI index of global stocks fell by 8.01 points or 0.79% to 1,003.77. PAN-EUROPEAN STOCX 600 INDEX REACHES RECORD HIGH EVEN BEFORE FALL The pan-European STOXX 600 fell by 0.61% after hitting a new record earlier. Europe's FTSEurofirst 300 fell by 15.41 points or 0.66%. U.S. Treasuries Prices were down and yields increased as investors scaled back their expectations of imminent rate cuts. This was due to the uncertainty surrounding the inflation outlook, and the stark differences between Fed policymakers regarding the direction the U.S. economic and monetary policies are taking. The yield of the benchmark 10-year U.S. notes increased by 1.7 basis point to 4,096% from 4,079% at late Wednesday, while the yield on 30-year bonds rose by 2.1 basis points. The yield on the 2-year note, which is usually in line with Federal Reserve interest rate expectations, increased 1.9 basis to 3.585%. The dollar index, which measures greenbacks against a basket including yens and euros, dropped 0.46% at 99.02 while the euro rose 0.51% to $1.1651. The dollar fell 0.3% against the Japanese yen to 154.31. The British pound rose 0.59%, to $1.3207. This was despite data that showed the economy barely grew. The Australian dollar rose 0.17% to $0.6549 against the greenback as positive employment data boosted bets that its rate-cutting cycles may be ending. Oil futures recovered some of their losses in the previous session as investors weighed global oversupply and looming sanctions on Russia's Lukoil. However, gains were pared down after data revealed a larger-than expected buildup in U.S. crude inventory. U.S. crude increased 0.6% to $58.84 per barrel. Brent rose to $63.13 a barrel, an increase of 0.69% for the day. The gold price fell after reaching a three-week high earlier as the hopes of a Fed rate reduction next month faded. Gold spot was unchanged at $4,198.40 per ounce. U.S. Gold Futures dropped 0.25% to an ounce of $4,194.00. (Reporting from Sinead carew in New York and Marc Jones in London, with editing by Sharon Singleton, Ed Osmond, and Stephanie Kelly)
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EBRD loans 22 million Euros to Ukrainian energy firm; more deals to come
The European Bank for Reconstruction and Development announced on Thursday that it will lend 22.3 million Euros ($26.0 Million) to a Ukrainian Energy firm as part a pipeline deals. This shows its continued support for this sector, despite the corruption scandal. In a press release, the lender stated that the EBRD will provide cash to Power One, a private Ukrainian energy company to help finance new gas-piston energy plants and battery energy storage system. The investigation of an alleged $100-million nuclear energy corruption scheme has inflamed anger against the wartime Kyiv government, led by President Volodymyr Zelenskiy. This government has been dependent on funding from donors since Russia invaded Ukraine in 2022. The alleged plot involves attempts to control procurements at Energoatom, the nuclear agency and other state-owned enterprises that were not named. Since a loan of 300 million euros in 2013 was fully paid out by 2019, the EBRD did not provide financing to Energoatom. The loan is part of a total lending amount of approximately 1 billion euros in this year, which will help Ukraine improve its energy resilience and rebuild its power sector. The country is working to decentralise power by using solar, wind, and small modular gas generators. In October, Russian attacks intensified on Ukrainian energy targets. The EBRD estimates Ukraine has lost approximately 9,000 megawatts in generation capacity, and 90% of flexible generation, since the beginning of the war. This has caused economic hardships, as well as regular rolling blackouts. Since the invasion, the EBRD has invested more than 8.5bn euros. The EBRD said that it plans to sign at least two more "major" agreements later this year. Multilateral lenders invest primarily in the private sector through equity investments, loans and guarantees. ($1 = 0.8575 euro) (Reporting and editing by Karin Strohecker, Philippe Fletcher and Libby George)
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KGHM profits rise on strength of Sierra Gorda and higher prices
The Polish state-run copper company KGHM reported a 80% increase in its third-quarter profit compared to the previous year, mainly due to the performance of its Chilean Sierra Gorda Mine and higher precious metals prices. KGHM is a major copper and silver producer in the world. Its earnings are highly correlated with global commodity prices and therefore a barometer of global industrial demand. CONTEXT The Sierra Gorda Mine in Chile is a joint-venture with Australian miner South32 and has become a major engine of profit growth for KGHM. The company reported that the mine's core adjusted profit for the first nine-month period increased 60% on the previous year to $970 millions, fueled by higher production volumes and metal prices. OUTLOOK KGHM is expecting its cost base to drop after the Polish Government announced in May it would reduce the country's sole copper mining tax that is paid by the company from 2026. This move is expected to boost future profitability for the miner. By the numbers, the company reported a third quarter net loss of 433 millions zlotys (119.07million), which was less than a forecasted 663 million in a poll. Its revenue came in at 8.32 billion, which was lower than the forecast of 8.46. $1 = 3.6365 Zlotys (Reporting and editing by Matt Scuffham).
As hopes for a Fed rate cut in December fade, equity and bond prices drop.
The steep drop in Wall Street stocks on Thursday dragged MSCI’s global equity index lower, while U.S. Treasury rates rose. Investor hopes of a Federal Reserve rate reduction in December faded as a chorus hawkish remarks from central bank officials. The dollar fell in currencies despite hawkish comments from several Fed officials after the House of Representatives passed a bill to reopen U.S. Government late Wednesday, and President Donald Trump approved it.
Investors have been buying stocks in recent sessions, anticipating a U.S. reopening of the government after a 43-day record shutdown that disrupted food assistance for millions of Americans, left hundreds and thousands of federal employees unpaid, and snarled up air traffic, while also halting important economic data releases.
Trump administration officials have shattered hopes of a more accurate view of the U.S. economic situation in the near future.
Kevin Hassett, White House economist, told Fox News, that while the government would have an employment number for October, the data on the U.S. rate of unemployment may never be released because the survey was not conducted due to the shutdown. Multiple Fed officials also slammed the idea that rates would be cut by the central bank in December.
Alberto Musalem - the head of St Louis Federal Reserve Bank - reiterated on Thursday that his policy is more neutral than modestly restrictive. He said there was little room for further easing without becoming too accommodative.
Beth Hammack, President of the Federal Reserve Bank of Cleveland, said that interest rate policies should be restrictive to bring down inflation levels.
Neel Kahkari, president of the Minneapolis Federal Reserve, said that he is seeing mixed signals in the economy. He said that the inflation rate, which is around 3%, is too high. Meanwhile, parts of labor markets "appear to be under pressure." Mary Daly, the San Francisco Federal Reserve president, said earlier that the Fed's goals have been balanced after it cut interest rates two times this year. She said that the rate of decline in services inflation was not consistent and that she was more concerned about a continued slowdown in labor demand.
CME Group's FedWatch tool shows that traders bets on December rate cuts have fallen to 49.6% from 62.9% as of Wednesday.
Bob Doll said, "Markets had been expecting a rate cut in December, but we may not see it," referring to the cautious Fed remarks on this idea. "Most are warning us that it is not a gimme, just as the Fed Chair said when he gave this presser following the last Fed Meeting. It's not a new idea, but the public didn't accept it.
Anthony Saglimbene is the chief market strategist of Ameriprise. He said that investors are worried because of a lack of clarity regarding the U.S. economic health.
What you see today is a risk off assessment. Saglimbene stated that we're going to continue getting a cloudy view of economic data.
He said that with the market showing signs of concern over high valuations of heavyweight technology stocks and those linked to artificial intelligence, it is not surprising for investors to "take a step back, sell down the losers and move into defensive areas of market". The Dow Jones Industrial Average dropped 708.88 points or 1.47% to 47,545.04, while the S&P 500 lost 108.91 or 1.59% to 6,741.94; and the Nasdaq Composite was down 537.47 or 2.30% to 22,869.43 at 2:45 p.m.
The MSCI index of global stocks fell by 11.50 points or 1.14% to 1,000.28.
EUROPEAN INDEXES DROP AFTER HItting Records
The pan-European STOXX 600 closed at a loss of 0.61%, after reaching a record high. Europe's FTSEurofirst 300 index also lost 0.66%. Prices were lower in U.S. Treasuries and yields rose as investors lowered their expectations of imminent rate cuts due to lingering uncertainties over inflation and sharp divisions between Fed policymakers about the direction the U.S. Economy and monetary Policy will take. The yield of the benchmark 10-year U.S. notes increased 2.7 basis point to 4,106% from 4.079% on Wednesday. Meanwhile, the yield on 30-year bonds rose 3.7 basis point to 4.6986%. The yield on the 2-year note, which moves typically in line with expectations of interest rates from the Federal Reserve, increased 1.9 basis points, to 3.585%. Five officials with knowledge of the matter said that European financial stability officials are debating creating an alternative to Federal Reserve financing backstops, by pooling the dollars held by central banks outside the U.S., in order to reduce their dependence on the U.S. during the Trump administration. The dollar index, which measures greenbacks against a basket including the yen, the euro and other currencies, fell 0.36%, to 99.12. The euro rose 0.41% to $1.164. The dollar fell 0.23% against the Japanese yen to reach 154.42. Oil futures on the energy market settled a little higher, after a sharp drop in the previous session. Investors weighed global oversupply concerns against looming Lukoil sanctions. U.S. crude oil settled up by 0.34% or 20 cents at $58.69 per barrel. Brent settled at $63.01 a barrel, an increase of 0.48% or 30 cents on the day.
The gold price fell after reaching a three-week-high earlier in the session amid the general market sell-off that followed the reopening the U.S. Government. Spot gold dropped 0.7% to $4169.10 per ounce. U.S. Gold Futures dropped 0.13%, to $4199.00 per ounce. (Reporting and editing by Sharon Singleton and Ed Osmond in London, and Marc Jones in New York; and Stephanie Kelly and Sinead carew in New York)
(source: Reuters)