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Athletes demand climate adaptation fighting back ahead of COP30
The climate change is the biggest enemy facing athletes, says Brazilian soccer player TamiresDias. She's one of 40 elite athletes involved in a global campaign to be launched at the COP30 summit next month in her country. Dias has played in two Women's World Cups. She is joined by tennis players Beatriz Haddad-Maia and Maya Gabeira from Brazil, Romanian Olympic swimmer David Popovici, and Raheem sterling, a former England soccer player, to support Adapt2Win. The Gates Foundation, Wellcome Trust and the global multi-media campaign launched on January 1st urges governments to prioritize investment in climate adaptation before the COP30. Dias, 38 years old, describes the difficulties of playing soccer in Brazil where extreme heat and damaging rainfalls are a challenge. He says that adapting to climate changes is no longer an option. "In sports, we have to learn to adapt to different teams, tactics and opponents every day. Climate change is an entirely different opponent. "It's more powerful, unpredictable and no one is able to face it alone", she said. Forty athletes signed an Open Letter, while a film highlighting the devastating impact of fires and floods on sporting venues will be shown at COP30 next month in Belem. The film begins with the caption: 'This can either be history's worst defeat or its greatest comeback.' According to the campaign organizers, climate related disasters will cause $417 billion worth of economic losses by 2024. Yet, less than 10% global climate finance goes towards adaptation. Sterling, a Jamaican-born player who has represented England 82 times, said: "This is personal to me." "I've witnessed how climate change has reshaped life in the Caribbean. Through the work of my foundation on mosquito-borne diseases prevention, I have seen how simple solutions, led by communities, can make a big difference. The COP30 presents an opportunity for leaders to support these solutions." The campaign highlights the grassroots efforts that are already underway in Kenya, for example, SMS drought alerts and heat-resistant maternal healthcare in Sierra Leone. "Adapt2Win reminds me that all sectors, from government to business, to sports have a part to play in creating a change", Ana Toni said, CEO of COP30's Presidency. The list of signatories also includes South Africa rugby player Bongi Mobambi, Nigerian soccer player Kenneth Omeruo, and American sailor Mike Buckley. Growing up in Nigeria you could always rely on the seasons - when it would rain, when the crops would turn green. In recent years, however, things have changed," Omeruo said. He has 69 caps for Nigeria and was a member of the African Cup of Nations-winning squad in 2013. The weather is unpredictable. Communities are in trouble. Even the football fields we used to train on have been flooded or dried up. "We live with climate change every day." Martyn Herrman reports.
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Albemarle divests Ketjen control and Eurecat stakes in deals worth $660 Million
Albemarle announced on Monday that it would sell a 51 percent stake in its Ketjen refining catalyst solution business to KPS Capital Partners and its 50 percent interest in Eurecat to France's Axens SA in deals valued at approximately $660 million. Albemarle said that proceeds from the sale of lithium would be used to reduce debt and for general corporate purposes. This is part of Albemarle's efforts to increase financial flexibility and focus on its lithium and bromine core units. Albemarle has been attempting to reduce its portfolio in response to the recent drop in lithium prices, which has impacted earnings and cash flows. Albemarle has said that once the transaction is closed in the first half 2026, it will retain a 49 percent minority stake in Ketjen, and the full ownership of the Performance Catalyst Solutions division, which includes the PCS plant located in Pasadena. KPS, which has more than 19 billion dollars in assets under management, will use its manufacturing expertise to expand Ketjen’s global refining catalyst operations and increase profitability.
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Gold prices fall as a potential US-China trade agreement dents demand for safe-haven assets
The gold price fell by 2% Monday as investors looked forward to the major central bank meetings scheduled this week. As of 1122 GMT, spot gold was down by 2% to $4,029.69 an ounce. Prices reached a record-high of $4,381.21 in October, boosted by bets on U.S. interest rate cuts and geopolitical, economic and financial uncertainties. Since then, prices have fallen over 5%. U.S. Gold Futures for December Delivery fell 2.3% to $4 042.80. Asian stocks rose as signs of a truce in the China-U.S. Trade tensions boosted risk appetite. This was a good start to a busy week, which will include central bank meetings and earnings from megacap companies. The UBS analyst Giovanni Staunovo stated that a possible trade agreement between the U.S. U.S. president Donald Trump announced that the U.S. will "come away" with a deal between China and the U.S., a day following a meeting of top officials from both countries to discuss a framework on which Trump and Chinese president Xi Jinping would decide during their upcoming summit in South Korea. The Fed is expected Wednesday to reduce rates by a quarter of a percentage point, as a result of September's lower than expected inflation. Markets are waiting for any remarks that Jerome Powell, Fed chair, may make at the meeting. Lower real interest rates should still be able to support the demand for gold. Staunovo said that the market consensus was for the Fed's rate to be cut by 25 basis points. "I don't anticipate much movement at the FOMC meeting." In a low interest rate environment, gold that does not yield tends to be more profitable. Silver fell 2.3% per ounce to $47.48, while platinum fell 0.8% at $1,593.43, and palladium dropped 0.8% at $1,417.58. (Reporting by Ishaan Arora in Bengaluru; Editing by Sumana Nandy and Subhranshu Sahu)
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Biya is declared the winner of the election in Cameroon, but opposition members report gunfire
Cameroon President Paul Biya Official results from Monday showed that the candidate for the main opposition party, who claimed victory, was reelected to an eight-term term. Issa Bakary, the opposition candidate who was a challenger to the incumbent in the election, wrote on Facebook after the announcement of the results by the Constitutional Council that civilians were being fired upon outside his Garoua home. The government did not immediately comment on the statement, nor could it independently verify its content. Protesters against the government The clashes with security forces have escalated in the last week, after local media reported partial results that showed Biya on track to win. The vote on October 12 . The government has rejected the opposition's accusations of irregularities. Biya is 92 years old and was elected in 1982. He has been in power since then, abolishing the term limit for presidents in 2008, and winning re-election with large margins. A new seven-year term could keep him at the helm until he is almost 100. Clement Atangana said, "Hereby declared as President of the Republic having received the majority of votes cast, Biya Paul", the president of the Constitutional Council. Tchiroma, a former minister of employment and government spokesperson in his 70s, broke ranks with Biya this year. He ran a campaign which attracted large crowds, and received endorsements from an alliance of opposition parties and civil groups. He said last week that he won the election, and he would not accept a different result. (Reporting and writing by Bate Felix, Amindeh Atabong and Anait Miridzhanian. Editing and proofreading by Ayen deng Bior and Andrew Heavens.
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Mazda and Changan jointly form EU Carbon Emissions Pool
A document from the EU revealed that Mazda, a Japanese automaker, has formed a joint venture with China’s Changan in order to pool carbon credits. This will help Mazda avoid fines for carbon emissions. As the shift from gasoline to electric cars (EVs), has taken longer than expected, several legacy carmakers could face fines by the European Union. But those with a lower share of EV sales are able to "pool" their emission with segment leaders by purchasing credits and lowering their average. The EU fines that carmakers say could reach up to $17.5 billion for the industry were originally intended to be applied to carbon emissions levels in 2025. In March, however, the European Commission gave in to pressure from auto manufacturers and allowed compliance on average emissions between 2025-2027. The pool created by Mazda and its joint venture with Changan, a 50/50 joint-venture, is valid until 2025. Other manufacturers can join the pool up to the end of November. The pool joins four others that were formed earlier in the year and are all valid for 2025. These include ones built around Tesla, Mercedes-Benz, and other manufacturers.
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Nord Stream suspects fight German transfer at Italy's highest court
The case of a Ukrainian suspected of coordinating a 2022 sabotage on the Nord Stream pipelines is being re-filed in Italy's highest court by his lawyer. A Bologna Italian appeals court ordered on Monday that the suspect, who was identified as Serhii k. under German privacy law, be transferred to Germany. This decision confirmed a previous one that had been issued by this court last month. Nicola Canestrini, the defence lawyer, said that the man would stay in Italy pending a hearing before the Court of Cassation (the top court), which is expected to be held within a month. DEFENCE SAYS THE ACT WAS POLICICAL AND REQUESTS INNOCENT Canestrini, the lawyer for the client, said that the defence would not stop until the court had fully examined international law and the human rights implications in the case. He argued his client should receive immunity because of what he called a "political act". German prosecutors refused to comment on the Italian court process. The new appeal will cite also a recent decision in Poland where a Polish court refused to hand over a Ukrainian suspect sought by Germany for connection with the blasts, and ordered his immediate freedom from detention. The mysterious explosions of September 2022, described by both Moscow as well as the West, severely impacted the Russian gas supply to Europe. Ukraine has also denied playing any part in the explosions. Serhii, described by defence as a former officer, was detained in August near Rimini, Italy, on an European warrant. In an early decision, the Court of Cassation of Rome sent the case to the Bologna appeals court after a first challenge. German prosecutors claim he is part of a group that planted devices near the Danish Island of Bornholm, in the Baltic Sea. He is accused of conspiring to cause an explosive, anti-constitutional acts of sabotage, and the destruction of important buildings. (Written by Keith Weir, edited by Crispian balmer and Conor Humphries).
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Copper reaches 17-month high on optimism about US-China trade deal
Prices of copper rose to a 17-month high on Monday, as signs of reduced trade tensions between China and the U.S. and expectations for stronger demand and growth prompted buyers. The benchmark copper price on the London Metal Exchange rose 0.6% to $11,026 per metric ton by 1120 GMT. It had earlier reached $11,094 per ton, its highest level since May 20, last year. Chinese and U.S. officials worked out the framework for a trade agreement that President Donald Trump and Chinese Leader Xi Jinping will decide on this week. The deal would halt more onerous U.S. duties and Chinese controls over rare earths exports. Metal traders reported that China's industrial profit growth was at its fastest rate in almost two years during September, suggesting that the country is gaining momentum. The weaker dollar against yuan helped to boost sentiment on the metals market. This made commodities priced in dollars cheaper for Chinese consumers. The Yangshan copper premium The price of copper in China has dropped to $38 per ton, down from $58 in late September, and $100 in early May. This indicates that the pace of purchases is still slow. The dollar is under pressure due to expectations that the U.S. Federal Reserve would cut interest rates in the coming week. This could also provide a boost to demand for base metals. The focus elsewhere was on the declining zinc stock in LME approved warehouses At 37,050 tonnes, it is the lowest since March 20,23, and has dropped by more than 80% from the middle of April. StoneX analyst Natalie Scott Gray said that LME zinc stock has been "feeding the real-world demand", due to tight supply globally. Scott-Gray stated that "Units were also drawn to the U.S. due to concerns about the Section 232 investigation (launched by the U.S. in April) which could lead import tariffs for zinc." The premium on the cash zinc contract for the three-month ahead was pushed up by concerns about the supply of zinc on the LME. The record price per ton is $338.74. Last time, it was around $250 per ton. Zinc for three-months was up 1% to $3,054 per ton. Aluminium was up 0.3% at $2,868, while lead was up 0.4% at $2,024. Tin was up 1.2% at $36,225, and nickel was unchanged at $15,360. (Reporting from Pratima Dasai. Dylan Duan contributed additional reporting. Mark Potter (Editor)
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Gold falls on optimism about trade deals, but stocks rise
Investors were encouraged by signs that trade tensions have cooled between the U.S. and China. This marked a positive start to a busy week of central bank meetings, megacap earnings, and other events. On Sunday, top Chinese and U.S. economists hammered out the framework for a trade agreement that U.S. president Donald Trump and his Chinese equivalent Xi Jinping will decide on this week during a meeting in South Korea. Investors are less concerned about the possibility of a break in the trade truce between China and the United States if a deal is reached. The STOXX600 index rose by 0.1%, bringing it to record highs. This was a modest rise, but the stock markets in Asia rallied strongly, and this led European shares to rise. US STOCK FUTURES - JUMP Investors will be looking for confirmation that the current trade truce is still in place and that China’s reform and stimulus signals are translating into a tangible growth momentum, said Charu Chanana. Chief investment strategist at Saxo. The U.S. Stock Futures indicated a strong rally later. Nasdaq futures gained 1.4%, while those for S&P 500 rose 0.9%. George Boubouras of K2 Asset Management said that the market is satisfied with the U.S. China momentum of recent days. "Over the last few months, the markets have been observing global tariff negotiations, understanding that some comments can be a little theatre and noise." The Chinese yuan rose to its highest level in over a month against the dollar of 7,1091. The People's Bank of China announced the official midpoint dollar rate before the market opened at 7.0881, its highest since October 15, 2024. This was above the estimate of 7.1146. Derek Halpenny, MUFG's head of research, said that the yuan could see further gains if a deal were to be made based on the details reported today. He said that investors would be more inclined to look at non-dollar currencies as they have better prospects. Gold, the safe-haven, fell 2% to $4.028 per ounce. Meanwhile, U.S. Treasury yields rose 2.7 basis points, reaching 4.024%. Commodities such as soybeans, corn, and wheat rose due to trade prospects. CENTRAL BANK RESULTS ARE AWAIT This week, investors will be focused on the central bank meetings taking place in Japan, Canada and Europe. Federal Reserve rates are expected to be cut by 25 basis points, after September data showed that U.S. consumer price increases were slightly lower than expected. However, the impact of the government shutdown on data is still a concern. The dollar was steady at 152.71yen and hovered near its two-week high. The euro rose 0.15% to 1.1644. Both the European Central Bank (ECB) and Bank of Japan (BoJ) are expected to keep rates unchanged this week. As concerns about a recession caused by tariffs ease, the BOJ will likely debate whether it is time to resume rate increases. However, political complications could keep this on hold. Focus on Megacap Earnings This week, the U.S. Earnings Season will be at its busiest. Megacaps like Microsoft, Apple and Alphabet are all expected to release their results. The profit advantage of "Magnificent 7" companies, whose shares dominate equity indices due to their huge market capitalisations, is shrinking. However, it's still expected that they will post better results this quarter. Stock market performance has been driven by the enthusiasm of a number of megacap companies in the artificial-intelligence industry.
Baxter alerts typhoon disruptions at IV facility might strike financials in 2025
Baxter International warned on Friday that hurricane-related interruptions at its North Carolina IV options center could impact its financials through early 2025.
Shares of the medical products maker fell 4.4% in early morning trading.
The company has actually been trying to reinstate production at the plant, which makes 60% of the United States' supply of intravenous fluids and some crucial dialysis services, after it was closed in late September due to flooding throughout Cyclone Helene.
While all manufacturing lines at the facility are anticipated to resume before completion of this year, the production of a secret IV item will reach complete capacity only in early 2025, CEO ? José Almeida stated in an earnings call.
This might partially impact first-quarter 2025 financials as the 1-liter IV bags constitute practically half of the IV production at the North Carolina center, Almeida stated.
Baxter approximates the hurricane-related influence on fourth-quarter 2024 sales to be about $200 million and anticipates a. hit of between 15 cents and 20 cents per share to adjusted. earnings.
The medical products maker also cut its adjusted earnings. forecast for 2024 to between $2.90 and $2.94 per share, from. $ 2.93 to $3.01 per share previously.
The projection cut was largely anticipated, although the. magnitude was a bit greater than what we thought, according to. Evercore expert Vijay Kumar.
Baxter reaffirmed its adjusted operating margin forecast. of about 16.5% and operational sales development of between 4% and 5%. in 2025 regardless of the effect from the hurricane.
On an adjusted basis, the business made 80 cents per share. in the 3rd quarter, compared with an expectation of 78 cents. per share, according to estimates compiled by LSEG.
(source: Reuters)