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Former president Moreno is ordered to stand trial by an Ecuadorian judge
A judge in Ecuador ordered Monday that former president Lenin Moreno stand trial for alleged bribery related to the construction of Ecuador's largest hydroelectric plant. The case was first brought in March 2023 by the prosecutor’s office. It involved Moreno and members of his family as well as local and Chinese business partners in connection with bribes paid for the construction Coca Codo Sinclair, which started operations in 2016. Since then, it has been plagued by technical problems. According to the prosecutor, Sinohydro (the Chinese builder of the hydroelectric plant) allegedly paid around $76million in bribes between 2009 and 2018. Moreno has denied these allegations repeatedly. He served as vice-president from 2007 to 2013, and president from 2017 to 2020. He is currently living in Paraguay which will complicate the legal proceedings. In a video that was posted last week on social media, Moreno stated: "I've presented all of the evidence to the Attorney General's Office and they haven't been able prove that I received even a cent." "Let's stop such an injustice." Since its inception, the Coca Codo Sinclair factory has faced a number of technical and structural problems. Moreno was required to appear before Ecuador's National Court of Justice, Quito, periodically while the investigation continued. In his ruling, Judge Olavo Hernández stated that "this judge resolves to prosecute citizen Lenin Moreno as the direct perpetrators of the crime of corruption". (Reporting from Alexandra Valencia).
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Gold gains on Fed rate cuts bets before FOMC meeting
Gold rose on Monday, as investors became more confident that U.S. Federal Reserve would cut interest rates during its two-day meeting this week. A weaker dollar also helped. Gold spot rose 0.3%, to $4208.40 an ounce at 09:11 am ET. ET (14:11 GMT)). U.S. Gold Futures for February Delivery fell 0.1 per ounce to $4,238. Dollar index slid lower, boosting the appeal of greenback-priced Gold for overseas buyers. Both gold and silver have a very strong technical posture in the near term. This is a good thing for speculators, as it encourages them to be on the long side of these markets," said Jim Wyckoff. Senior analyst at Kitco Metals. He added that prices "have not moved too far away from the same level ahead of the FOMC's meeting on Tuesday, and the announcement of interest rates on Wednesday." The markets are expecting a rate cut of 25 basis points, with 90% of traders predicting it, compared to 66% last November. The Fed's Open Market Committee will conclude their meeting on Wednesday by announcing its final policy decisions for the year. This will be followed by remarks from Chairman Jerome Powell. Gold that doesn't yield is more attractive due to lower interest rates. While Washington is increasing pressure on Kyiv, the Ukrainian president Volodymyr Zelenskiy will meet with European leaders at a meeting in London to rally support. Gold is viewed as a safe haven asset and does well in times of economic and geopolitical unrest. Morgan Stanley believes that gold will continue to rise, due to a declining U.S. Dollar, the strong ETF purchases, central bank purchases and demand for safe havens. Silver rose 0.1% to $58.35 an ounce after reaching a record-high of $59.32 per ounce on Friday. Wyckoff stated that silver is normally a close follower to gold. However, in the last few weeks, the price of silver has actually been leading the gold market. He added that the prices would rise above $60 per ounce, and might even reach $70 by the end of the year. Palladium increased 1.3%, to $1 476. Platinum rose 0.9%, to $1 656.50. (Reporting by Sarah Qureshi and Arunima Kumar in Bengaluru; Editing by Joe Bavier)
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Who is Trump's target?
Donald Trump, the U.S. president, has continued to criticize and take action against corporate executives, institutions and corporations, even months after assuming office. His actions, from new export deals to freezing university grants, have changed the status quo in the United States between government, law and academia. Trump has publicly criticised a number of influential individuals and entities. NETFLIX Netflix has acquired Warner Bros Discovery’s film studios, streaming service and Warner Bros Discovery’s streaming arm for $72 billion. This gives Netflix control over one of Hollywood’s most iconic assets. After a lengthy bidding war, Netflix's offer of nearly $28 per share beat out Paramount Skydance, who had made several unsolicited offers to purchase Warner Bros Discovery and its cable television assets. U.S. president Donald Trump said He would comment on the proposed merger, citing concern over the combined market share. It's up to some economists to decide .... It is still a large market share. "There's no doubt it could be a serious problem," he said. The CEO of GUNVOR will step down Gunvor, a global commodity trading company, announced that its CEO Torbjorn Tornqvist would step down and sell all of his shares in a management-led buyout. This comes after the U.S. labeled the company the "Kremlin’s puppet" because of its previous Russian connections. The company announced earlier this month that Americas Head Gary Pedersen will take on the top position. Pedersen was hired just last year by the firm. In November, the U.S. Treasury sank Gunvor's largest ever deal for the acquisition of international assets owned by Russian oil giant Lukoil sanctioned by the U.S. Pedersen’s promotion coincides Gunvor’s efforts to improve its relations with the U.S. The firm has been in active discussions to invest in U.S. assets producing oil and gas in recent weeks. GOLDMAN SACHS Goldman's Economic Research arm published a report in August that stated U.S. Consumers had absorbed 22 percent of tariff costs up to June. Their share could increase to 67%, if recent levies continue the same pattern. Trump stated shortly after that "David Solomon, and Goldman Sachs, refuse to give credit when credit is due." In a post made on Truth Social. Trump claimed that "mostly, companies and governments, some of which are foreign, pick up the tab". Solomon's former hobby of DJing was also a target for Trump. Trump asked Intel CEO Lip-Bu Tang to resign in early August because of China ties. In April, it was reported that Tan had invested $200 million into hundreds of Chinese chip and advanced manufacturing firms, including some linked to the Chinese military. "The CEO at INTEL has a great deal of CONFLICT and must resign immediately." Trump stated in a Truth Social post that there is no solution to the problem. Tan replied to Trump by saying that he shared his commitment to the advancement of U.S. economic and national security, and that the Intel Board was "fully supportive" of the transformation work our company is doing. After a meeting with Tan, Trump praised him and the U.S. Government decided to buy a stake in this chipmaker. MICROSOFT Trump said in September that the tech company should fire Lisa Monaco, its global affairs director who has served in previous Democratic administrations. Trump stated on Truth Social that "she is a threat to the National Security of the United States, especially in light of the large contracts Microsoft has with the United States Government." "I believe that Microsoft should terminate Lisa Monaco's employment immediately." Trump stated that Monaco's position at Microsoft would give her access to sensitive information. "This kind of access cannot stand," said Trump. Monaco, who joined Microsoft in July, worked as a security adviser in the administration of former President Barack Obama and was deputy attorney general under former President Joe Biden. Elon Musk, the billionaire CEO of Tesla's electric car company, spent hundreds of million dollars to support Trump's reelection. Investors who bid up Tesla's stock anticipated that this move would benefit Musk's empire. Musk and Trump, however, had a falling out in June, after Musk criticised Trump's tax-cutting and spending bill, claiming that it would increase the federal debt. Musk responded to Trump's comments on Truth Social by threatening to cut off federal contracts and subsidies to Musk's businesses. Trump also said that the billionaire had "gone CRAZY", after the bill was amended to remove the mandate for electric vehicles. JAGUAR LAND RIDER Trump criticised Jaguar's rebranding campaign in August. He called the campaign "woke", "stupid" and linked it to the departure from the CEO of the company. Trump's remarks came at the same time that Tata Motors announced the retirement from the British automaker of Adrian Mardell who had spent over three decades with the company. Jaguar unveiled last year a new visual identity and logo as part of its brand refresh to reposition itself as an electrical automaker. This move sparked a backlash online and was criticized by brand loyalists. Trump has repeatedly threatened to impose tariffs on Apple and Tim Cook for selling iPhones in the United States outside of the country. After a meeting with Cook in Doha, Qatar in May, Trump said that he confronted him about Apple's plans to manufacture the majority of iPhones sold in America in factories in India by 2026. In a post on social media, Trump said he had told Cook "long time ago" "I expect that their iPhones will be sold in America, and not in India or anywhere else". Early in August, Trump announced that Apple would invest another $100 billion dollars in the U.S. This will bring its total commitment domestically to $600 billion within the next four-year period. Cook gave Trump an American souvenir made with 24-karat-gold base. AMAZON.COM Trump complained to Jeff Bezos, former CEO of Amazon.com in April about a report that stated the company would display the prices to show the impact tariffs have on the ecommerce retailer Amazon.com. Amazon, however, said that it only briefly considered charging import fees for certain goods following Trump's announcement of tariffs in April, but abandoned the plan after the White House accused Amazon of a hostile political act. Trump told reporters later that Bezos "very quickly" solved the problem and was "very nice". BANK OF AMERICA & JPMORGAN CHASE In August, Trump claimed that JPMorgan CEO Jamie Dimon and BofA CEO Brian Moynihan discriminated against him. He had earlier said that they didn't provide banking services for conservatives. In a video speech at the World Economic Forum, Trump stated, "What you are doing is wrong." In a question and answer session with CEOs and corporate leaders assembled on stage, Trump did not provide any evidence of wrongdoing. Dimon, the CEO of JPMorgan Chase was also mentioned. "You, Jamie, and everyone else, I hope that you're going to open your bank up to conservatives." Both lenders have repeatedly denied allegations of "debanking." WALMART Trump stated in May that Walmart, China and other retailers should "eat tariffs" to avoid burdening American consumers. This was after Doug McMillon had said that the retailer couldn't absorb all tariff-related cost due to narrow retail margins. Walmart should STOP blaming tariffs for the price increases across the chain. Walmart made BILLIONS of DOLLARS in the last year. This was far more than anticipated, Trump wrote on social media. Trump didn't call McMillon out personally but he did publicly criticize Walmart for attributing the price increases in May to tariffs that his administration imposed. CRACKER BAREL A retail chain was blindsided by an unexpected reaction when it changed its logo to remove the image of a man in overalls known as "Uncle Herschel", leaning on a barrel. Cracker Barrel announced in late August that it would stick with its decades old logo. Plans for a brand new one were scrapped after social media backlash from the U.S. president Donald Trump, among others. "Congratulations Cracker Barrel on changing your original logo. "All of your fans really appreciate it," Trump told Truth Social following the company's change. COMCAST Trump criticised Comcast's cable news network MSNBC over its coverage of his government. Trump told reporters that MSNBC was changing its name to MS NOW because the network's owners were ashamed. Trump called Comcast "weak, ineffective and headed by Brian Roberts" last week. SMITHSONIAN INSTITUTION In anticipation of the U.S. 250th Anniversary, the White House announced that it would lead an internal review for some Smithsonian Museums and Exhibitions. Declaration of Independence. In an executive directive issued in March, Trump stated that the institution was under the influence of "a divisive, race-centered ideologie" over the past few years. HARVARD UNIVERSITY Trump has targeted the oldest and wealthiest university in the United States, canceling federal grants worth $2.5 billion and mounting efforts to stop research funding for Harvard. This is part of an overall campaign to change U.S. Universities, which Trump claims are dominated by antisemitic, "radical-left" ideologies. We are going to remove Harvard's tax exemption status. "It's what they deserved!" In May, Trump posted a message on his social media platform. Trump announced on September 30, that his administration is close to reaching a deal with Harvard University, which would include a payment of $500 million by the Ivy League school. This comes after months spent negotiating over policies at schools. COLUMBIA UNIVERSITY The Trump administration announced in March that it would cancel $400 million of federal funding for Columbia University because of how the university handled protests last year. This is just the beginning of many arrests to come. "We know that there are many more students at Columbia University and other Universities in the Country who have engaged pro-terrorists, anti-Semitic and anti-American activities, and the Trump Administration won't tolerate it," Trump wrote in a post on social media. These comments were made after the arrest Mahmoud Khalil, a Palestinian graduate who was a major participant in the protests. In July, the University announced that it would pay more than $200 million in settlement to the U.S. Government as part of a deal with Trump's Administration. LAW FIRMS Trump issued an executive order in March that restricted access to federal facilities and suspended security clearances of its employees due to their ties with Hillary Clinton and DEI policy. Trump said that it was an "absolute honor" to sign the order. Trump had also issued a similar order in March against the New York law firm Paul, Weiss, Rifkind, Wharton & Garrison, which he subsequently retracted after reaching a settlement. In February, the law firm Covington & Burling was confronted with Trump's Presidential Memorandum, which suspended all security clearances of Peter Koski, and Covington employees, who had assisted former Special Counsel Jack Smith in prosecuting Trump. Covington has said that it will continue to represent Jack Smith in spite of these measures. Trump said, "We will continue to hold those who are responsible for weaponizing government and who supported this accountable." THE NEW YORK TIMES PENGUIN RANDOM HOUSE Trump has filed a $15 Billion lawsuit defamation lawsuit In September, he filed a lawsuit against the New York Times as well as book publisher Penguin Random House. He accuses these major media companies of unfairly treating him. THE WALL STREET JOURNAL Trump sued The Wall Street Journal, its owners and employees Rupert Murdoch was sued in July by the New York Times for $10 billion over a report that revealed that his name appeared on a 2003 greeting to Jeffrey Epstein, which included a sexually explicit drawing and references to secrets that they shared. (Reporting by Deborah Sophia, Juveria Tabassum, Niket Nishant, Shivansh Tiwary, Savyata Mishra, Kritika Lamba, Arsheeya Bajwa, Zaheer Kachwala, Puyaan Singh, Pooja Menon and Dharna Bafna in Bengaluru; Editing by Anil D'Silva, Sriraj Kalluvila and Arun Koyyur)
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Congo President Tshisekedi accuses Rwanda of violating peace deal
The Congolese president Felix Tshisekedi claimed on Monday that Rwanda was not living up to its commitments, just days after he attended a ceremony held in Washington for the signing of agreements that were meant to end decades of conflict in Congo's mineral rich east. Tshisekedi aired the allegations in a speech before lawmakers. Rwanda did not respond immediately. In recent months, Congo, Rwanda and M23 rebels signed agreements with the United States and Qatar. Two local residents, who shared a video showing the M23 rebels meeting in the village of Luvungi and were interviewed by them, claim that over the weekend the Rwanda-backed M23 rebellion advanced into an area near the Burundi border, capturing the village. Rwanda denies supporting the rebels. Local officials reported that some Congolese soldiers fled Sange and clashed on Sunday with Wazalendo local defense forces in the nearby Sange town. Sange has been bombed, or hit with grenades. A local official, as well as other sources, confirmed this on Monday. The exact cause of the explosion was not known immediately. Sources from civil society shared images of the bodies of those who were killed. They appeared to be civilians in colorful clothing that was not military, and they were covered in blood. The bodies also appeared to lie at an odd angle. Two of the bodies appeared to be small children. The Congolese Army did not respond immediately to a comment request. M23 did not immediately respond to an inquiry for comment. Rwanda and Congo signed new agreements last week in Washington. They reaffirmed their commitments to the U.S.-brokered agreement signed in June. (Reporting and writing by Ange Adihe Kaongo, Jessica Donati and Ayen Deng BIOR Editing by Robbie Corey Boulet and France Kerry)
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Ecuador police find 13 people dead in violence-wracked prison
The Ecuadorian prison agency SNAI announced on Monday that 13 people were found dead by police in a prison located in the southwest of the country on Sunday. The agency said that autopsies and routine procedure were being carried out to determine the official cause of death in the prison at the port town Machala. After an explosion outside the prison's perimeter, police began a review. In recent months, the prison has also been the scene of violent incidents. The SNAI reported that violence occurred in November. At least 31 people have died after a day-long riot, the majority of which are attributed to suffocation. The administration of President Daniel Noboa, which has promised to take a hard stance against crime, attributes the violence that continues in Ecuadorian prisons to rival gangs fighting for territorial dominance.
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Buffett shakes up the management at Berkshire Hathaway as he prepares to hand over Abel
Berkshire Hathaway announced Monday a shakeup in its top management, weeks before Warren Buffett passes the company's reins to Greg Abel. Berkshire Hathaway announced that Marc Hamburg, the company's finance chief, who has been with the company since 1987, will retire from his position on June 1, 2027, after spending four decades there. Todd Combs, meanwhile, will be leaving for JPMorgan Chase. Charles Chang, the CFO of Berkshire Hathaway Energy will succeed Hamburg in 2019. Marc has been invaluable to Berkshire as well as to me. Buffett stated that Buffett's integrity and judgement are invaluable. Abel's appointment as CEO on 1 January closes Buffett’s six-decade tenure at Berkshire Hathaway. He was a household name and multi-billionaire, while also becoming an American success tale. Combs, along with another Berkshire investment manger, Ted Weschler, were expected to take on the equity portfolio of the company, after helping Buffett invest in stock, but in recent years, the CEO said Abel would be able to handle it. The company stated that the appointments are in line with Berkshire’s tradition of selecting leaders who support its unique operating model and uphold its culture. They also show strong business judgement. Berkshire Hathaway announced also changes to its insurance and non-insurance operations, and named Michael O'Sullivan the general counsel. This marks the creation of a brand new position within the company. Abel will continue to oversee the non-insurance businesses, including BNSF, Berkshire Hathaway Energy and Pilot, as well as industrial products and building products. COMBS TO LEAD JPMORGAN'S NEW INITIATIVE JPMorgan announced on Monday that Combs will lead the strategic investment group for the new Security and Resilience initiative. Combs is an investment manager at Berkshire. Combs, according to JPMorgan, will work with the Commercial & Investment Bank, Asset & Wealth Management and Healthcare & Energy units of the bank, pursuing opportunities for middle-market clients and large corporations in the areas of defense, aerospace and healthcare, and energy. The Wall Street giant launched earlier this year its Security and Resilience Initiative, a decade-long $1.5 trillion plan to support industries that are deemed essential to the U.S. economy's security and resilience. The bank will invest up to $10 billion of direct equity and venture-capital investments in selected U.S. firms to expand their growth, accelerate innovation, and increase strategic manufacturing. Separately JPMorgan Chase announced that it had set up a council of leaders from the public and private sectors to guide its Security and Resilience Initiative. The council, which will be presided over by Jamie Dimon of JPMorgan, will include members like Jeff Bezos from Amazon, Michael Dell, CEO of Dell Technologies, and Condoleezza rice, former U.S. secretary for state. Combs is also a member of the advisory council. Combs will report to Dimon and join the bank as of January. (Reporting from Pritam Biswas, Bengaluru; Jonathan Stempel and Megan Davies, New York; editing by Anil D’Silva and Leroy Leo).
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Washington's new ambassador to Denmark promises more US support for Greenland
In response to President Donald Trump's desire to acquire the semi-autonomous Greenland territory, the new U.S. Ambassador in Denmark promised more support for Greenland ahead of his first trip there. The relationship between Denmark and the United States, its long-time ally, has been strained ever since Trump revived talks of taking control of Greenland from Denmark. "We've achieved a great deal over the years. Especially in the past five years. We can do more. We can do more. Motzfeldt stated that the United States' comments regarding Greenland created confusion among the locals. She stressed the importance of speaking openly with the United States. "Our country has been cooperating with the United States for 80 years, based on shared interests. According to Sermitsiaq, Motzfeldt stated that we need to rebuild trust to continue our good cooperation. Howery is at Nuuk for meetings of the Joint Committee as well as the Permanent Committee. According to the Greenland government, these meetings alternate between Greenland and the U.S., and are a forum to discuss civilian and military co-operation, including the American presence in the area. Motzfeldt stated in a press release that officials from Greenland as well as Denmark attended the committee meetings. The meetings are intended to promote a direct dialogue and collaboration with the United States, both on civilian and military issues. Washington claims that Greenland is a Danish territory and vital to the U.S. for its security, especially the early-warning ballistic missile system. The shortest route between Europe and North America passes through the island. Motzfeldt stated that "trust and respect are at the core of any partnership. It is no secret the last year has been difficult." The Danish foreign ministry refused to comment on which Copenhagen officials would be attending the talks. The Danish and Greenland government have both ruled out a cession of the island's resource-rich resources to the United States, despite Denmark admitting that it has neglected the territory’s military capabilities. (Reporting and editing by Ros Russel, with additional reporting from Soren SirichJeppesen).
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NextEra extends Google Cloud partnership and secures clean energy contracts from Meta
NextEra Energy announced on Monday that it has expanded its partnership between Alphabet’s Google Cloud and NextEra Energy to increase data center capacity. Meta also secured over 2.5 gigawatts in clean energy contracts across the U.S. In premarket trading, shares of NextEra rose 2.7%. The companies, under the new agreement with Google Cloud will build multiple new data centres of gigawatt scale (GW), each with its own generation and capacity. NextEra plans to launch a product powered by AI in mid-2026. The AI-powered solution will predict equipment problems, optimize crew scheduling, and improve grid reliability during storms and with aging assets and increasing demand. As the demand for electricity in the U.S. grows rapidly due to AI adoption, cloud companies and utilities are compelled to secure land, grid connection and new generation, to support large data centers loads. In October, Google and the company partnered to restart a nuclear power plant in Iowa that had been shut down five year ago. Nuclear reactors in Japan are gaining popularity as the technology industry seeks massive amounts of power for AI processing. NextEra announced that it had signed with Meta 11 power purchase agreements, two energy storage agreements, and over 2.5 GW in clean energy contracts. These projects are expected to be completed between 2026-2028. The utility has also signed an agreement with WPPI Energy for the continued supply of 168 megawatts from the Point Beach Nuclear Plant, in Two Rivers, into the 2050s. (Reporting from Vallari Srivastava in Bengaluru and Sumit Sha; Editing by Tasim Zaid and Shinjini Ghuli)
The international funding has stalled, putting the Indonesian coal phase-out program at risk
The top Indonesian official in charge of the program said that the plan to retire coal-fired plants with a capacity of 6.7 gigawatts by 2030 is likely to fail due to the stalled funding from rich nations. The Just Energy Transition Partnership, a coalition of ten donor countries, promised to raise $20 billion for Indonesia in three to five year by 2022. This was once called the "single largest climate finance transaction." The sum was to include funds to retire coal-fired plants that represented 13.5% of Indonesia's total power capacity.
Paul Butarbutar (JeTP Indonesia Secretary) said that no one has committed to financing the phase-out of coal at the COP30 Climate Summit in Brazil.
Butarbutar stated that if no one is willing to step in and finance the phase-out of coal, we may have to consider whether this is the best option.
The Indonesian problem, as the seventh largest coal-fired electricity producer in the world and Southeast Asia's biggest economy, highlights broader concerns about climate finance among developing countries, which have been slow to materialize.
U.S. WITHDREW FROM JETP
According to a draft report published by the initiative last month, Indonesia's JETP approved $2.85billion in loans and equity and $186.9m in grants for grids and renewables and efficiency as well as electric-powered transportation. However, no funds to retire coal power plants have been approved. The United States, Japan, and the European Union were among the 10 donors. Since then, the United States has withdrawn. Japan, which coordinates the JETP for Indonesia program with Germany, has not responded to requests for comment.
The German press office stated that it was working with Indonesia "to identify the most effective and political feasible ways to reach the JETP objectives."
Germany's Press Office said that JETP Indonesia has entered its implementation phase and is currently receiving over $6 billion of financing. The statement added that donors have pledged $19.53 billion of the $20 billion original pledge.
Commitments are not the same as disbursements.
South Africa and Vietnam have also JETP programs. Many countries oppose global proposals to phase-out fossil fuel subsidies because they say that these help eradicate poverty.
Butarbutar didn't say how much money Indonesia would need to close 6.7 GW.
HOW TO REPLACE COAL-FIRED PLANTS?
Butarbutar added that JETP is also researching how to replace coal-fired power.
If it's solar, where should the power plant be located in Java? Who would pay the initial costs if geothermal was to be replaced?
Java is the most densely-populated area of the archipelago.
Butarbutar stated that the U.S. withdrawal of the Indonesia JETP had nothing to do in relation to the struggle to phase out coal.
Butarbutar stated that about $2.56 billion was managed by the Asian Development Bank under the Energy Transition Mechanism – a deal not related to JETP – and about half of this would be required to retire the 660 megawatt Cirebon-1 east of Jakarta.
Cirebon-1 closure is being delayed after an unmet deadline last year. (Reporting and editing by Sudarshan Varadhan, Richard Valdmanis and Rod Nickel.
(source: Reuters)