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IFC and BTG Pactual invest up to $1 Billion in Latin America Sustainability
BTG Pactual, a Brazilian lender, and International Finance Corporation (the private sector arm of the World Bank) announced Thursday that they would invest up to $1 billion on sustainable development and sustainability initiatives. Why it's important Globally, the private sector has become increasingly involved in sustainability. Private institutions are promoting climate finance as well as development-focused investments. Brazil is the home of much of Amazon Rainforest and is a crucial region for biodiversity and solutions to climate change. BTG Pactual, Latin America's biggest investment bank, is headquartered in Brazil. By the Numbers By the end of 2028, the partnership will mobilize $1 billion through co-financing and equity investments. KEY QUOTES Alfonso Garcia Mora is the regional vice-president of IFC for Europe, Latin America, and the Caribbean. He said, "The private sector must play a major role in driving the climate agenda, and transforming initiatives that will improve lives and promote economic growth." BTG Pactual CEO Roberto Sallouti stated that "the allocation will be done with care, adhering both to financial and technical criteria." ADDITIONAL CONTEXT IFC and BTG stated that the investments were aimed at boosting initiatives in Brazil and Latin America to combat climate change and promote sustainable growth. They also targeted social and environmental development as well as conservation, infrastructure and so-called "bioeconomy". (Reporting and writing by Paula Arend, Editing by Cynthia Osterman).
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Tensions between the US and Venezuela are rising as US warships arrive at the Southern Caribbean
The tensions between the United States of America and Venezuela are increasing amid the large U.S. Naval buildup in the Southern Caribbean, and other nearby waters. U.S. officials claim that this is to combat threats from Latin American Drug cartels. U.S. president Donald Trump made cracking down drug cartels one of the central goals of his administration. This is part of an effort to limit immigration and secure the U.S. south border. The U.S. Coast Guard and Navy regularly deploy ships to the Southern Caribbean. However, this deployment is much larger than normal. An anonymous U.S. official said that on Thursday, seven U.S. Warships and one nuclear-powered Fast Attack Submarine were in the Southern Caribbean or expected to be in the area in the next week. Venezuelan President Nicolas Maduro condemned the move. He said that Venezuela is "threatened by nuclear submarines" in violation of international agreements. The exact mission is not known, but Trump's administration says it will use the military against drug cartels and other criminal groups. It has also directed the Pentagon prepare options. The White House announced on Thursday that Trump is ready to "use every element of American power" to stop the drug invasion into our country. Karoline L. Leavitt, White House Press Secretary, told reporters that "many Caribbean nations as well as many countries in the region" have applauded efforts and operations to combat drug trafficking. In February, the Trump administration declared Mexico's Sinaloa Cartel, other drug gangs and Venezuelan criminal group Tren de Aragua as global terrorist groups. USS San Antonio and USS Fort Lauderdale are part of this buildup. Sources have confirmed that the ships carry 4,500 servicemen, including 2,200 Marines. Officials have confirmed that the U.S. military also flies P-8 spy planes to gather intelligence in the region, even though they operate in international waters. "Our diplomacy doesn't involve cannons or threats because the world is not the same as it was 100 years ago," Maduro said. His government announced last week that 15,000 troops would be sent to the states on its western border to Colombia to fight drug trafficking organizations. Maduro also ordered civil defense groups to be trained every Friday and Saturday. Maduro's administration accuses foreigners and the opposition of conspiring to harm Venezuela with U.S. entities, such as the CIA. The opposition and the U.S. always deny these accusations. The government calls sanctions "economic warfare." Rod Nickel (Editing and Reporting)
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Tensions between the US and Venezuela are rising as US warships arrive at the Southern Caribbean
The tensions between the United States of America and Venezuela are increasing amid the large U.S. Naval buildup in the Southern Caribbean, and other nearby waters. U.S. officials claim that this is to combat threats from Latin American Drug cartels. U.S. president Donald Trump made cracking down drug cartels one of the central goals of his administration. This is part of an effort to limit immigration and secure the U.S. south border. The U.S. Coast Guard and Navy regularly deploy ships to the Southern Caribbean. However, this deployment is much larger than normal. An anonymous U.S. official said that on Thursday, seven U.S. Warships and one nuclear-powered Fast Attack Submarine were in the Southern Caribbean or expected to be in the area in the next week. Venezuelan President Nicolas Maduro condemned the move. He said that Venezuela is "threatened by nuclear submarines" in violation of international agreements. The exact mission is not known, but Trump's administration says it will use the military against drug cartels and other criminal groups. It has also directed the Pentagon prepare options. In February, the Trump administration declared Mexico's Sinaloa Cartel, other drug gangs and Venezuelan criminal group Tren de Aragua as global terrorist groups. USS San Antonio and USS Fort Lauderdale are part of this buildup. Sources have confirmed that the ships carry 4,500 servicemen, including 2,200 Marines. Officials have confirmed that the U.S. military also flies P-8 spy planes to gather intelligence in the region, even though they operate in international waters. "Our diplomacy doesn't involve cannons or threats because the world is not the same as it was 100 years ago," Maduro said. His government announced last week that 15,000 troops would be sent to the states on its western border to Colombia to fight drug trafficking organizations. Maduro also ordered civil defense groups to be trained every Friday and Saturday. Maduro's administration accuses foreigners and the opposition of conspiring to harm Venezuela with U.S. entities, such as the CIA. The opposition and the U.S. always deny these accusations. The government calls sanctions "economic warfare." Rod Nickel (Editing and Reporting)
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EU scraps tariffs on US products to allow for lower car duty
The European Commission on Thursday proposed removing duties on imports of U.S. Industrial Goods in exchange for reduced U.S. Tariffs on European Cars, which is a crucial part of the Trade Agreement between the EU and United States that was signed last month. The proposals are the first step taken by the EU to implement the framework agreement reached between U.S. president Donald Trump and Commission president Ursula von der Leyen, on July 27. In that agreement, the EU agreed to a 15% general tariff in order for a trade war not be a destructive one. From August 1, the United States has agreed to lower its tariffs on vehicles built in the European Union from 27,5% to 15%. The deal ended the conflict between two of the largest trading partners in the world. However, it was an asymmetrical agreement, as Washington retained tariffs on 70% EU exports while Brussels had to reduce its duties and purchase more U.S. products. Trump has repeatedly railed against Europe, claiming in February that the EU was "formed to screw up the United States". He has also been critical of the U.S. goods trade deficit with EU, which amounted in 2024 to $235 billion. The EU has generally accepted the deal, citing it as the lesser evil. Trump had planned to impose a 30% tariff on nearly all EU-imported goods. Two-thirds of industrial goods are already free from tariffs. According to the economic think tank Bruegel, the average EU tariff for U.S. products is 1.35%. However, cars are subject to a 10% EU tax. In addition to concessions for farm products, the EU's proposals include zero tariffs on potato, reduced rates for tomato and quotas that have zero or low tariffs. The list excludes beef, chicken, rice, and ethanol. "We're protecting our defensive interest there." "We are protecting our defensive interests there." The EU's proposed legislative will have to be approved both by the European parliament and a majority of EU members. This could take several weeks. The deal's supporters acknowledge that the U.S. tariffs are still high, but they point out that the European Union has a special arrangement whereby existing U.S. duty rates, like 2.5% for automobiles and up to 20 % for cheeses, will not be added to the 15% general rate. Steel, aluminum and copper tariffs are still at 50%. Digital services are barely mentioned in the agreement. Trump threatened on Monday to impose additional tariffs against all countries that have digital taxes or regulations. Reporting by Philip Blenkinsop, Editing by Helen Popper, Susan Fenton and Susan Fenton
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Nippon Steel invests $11 billion in U.S. steel profit through tech transfer
Nippon Steel, the Japanese steel company, plans to increase profits at U.S. Steel by investing $11 billion and transferring its advanced technology and operational techniques to expand capacity. The $14.9 billion acquisition of U.S. Steel by Nippon Steel was completed in June. This 18-month-long process had been slowed down due to the political changes during the transition from the Biden to Trump administrations. The investment and transfer of knowledge, which will run through fiscal 2028 and include a period up to 2026, are expected to increase U.S. Steel’s annual profit contribution from 80 billion yen to 250 billion in fiscal 2028. This is compared to an estimated 150 billion yen for 2026, and 150 billion yen this year. Takahiro Mori, vice chairman of Nippon Steel, said on Thursday that the real effects of the investment would appear after 2028. He added that profits could grow even beyond 250 billion yen. The refurbishment of No. 14 blast furnace at Gary Works in Indiana, as well as new electromagnetic steel sheet lines and other capacity expansions are planned. The Gary Works in Indiana has a 14-blast furnace, as well as new electromagnetic steel sheets lines and capacity expansions. Mori stated that "we are looking to build new mills from greenfield", citing options such as 3 million metric ton electric arc furnaces similar to Big River 2 in Arkansas. Mori, now the Chairman of U.S. Steel and the lead negotiator in the deal, said that the investment would increase U.S. Steel’s domestic crude-steel capacity from 17 million to 20 million tons. Nippon Steel now has a global capacity of 86 million tonnes per year, which is closer to the 100 million ton target it set for itself. Nippon Steel will announce a detailed investment plan later this year, as part of its new medium-term strategy. Nippon Steel announced in July that it would raise 500 Billion Yen via a subordinated credit to partially pay off a 2 Trillion Yen bridge loan which funded the deal. Mori stated that the steelmaker has also flexibility in hybrid financing, and may consider corporate bonds and convertible bonds. He said that he would assess the optimal timing and interest rates as well as whether dollar or yen denominations were preferable for the best financing strategy. Equity financing was also possible but within certain limits in order to avoid shareholder diluting. Mori stated that U.S. Steel will fund the initial $11 billion investment, and Nippon Steel will step in if funds are insufficient. He stated that U.S. Steel was assessing the impact from an explosion in August at its Clairton facility in Pennsylvania. This could reduce, but not significantly, Nippon Steel's expected profit contribution of 80 billion yen for the current fiscal year.
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StatsCan survey shows that Canada's wheat and barley production is down but canola, oats, and canola are up.
Statistics Canada released a report on Thursday that showed Canada's crops were in a wide range of conditions at the end of July. However, total production was close to expectations. Analysts said that this range and the heavy rainfall in August make it less likely than previous years to be able to predict production based on data from late July. After the report's release, Seges Markets analyst Lawrence Klusa said: "It was such a variable year." It's very hard to tell if the late rains have helped or hurt the crop. Model-based assessment predicts a canola harvest of 19,9 million metric tonnes, an all wheat crop of 35,6 million tons and a spring grain crop of 25,6 million tons. Statistics Canada estimates that wheat production will fall by 1.1% in Canada in 2025, compared to the production of 2024. Canola production, however, is expected to increase by 3.6%. This projection was based on satellite data and agroclimatic information. Barley production fell 1.9% in 2025. The durum production, which is the wheat used for pasta, was estimated at 6.1 millions tonnes. After the report, the ICE canola market fell. Traders believed that the actual size of the crop was a million tonnes larger than originally thought due to the excellent August weather. They expect Statistics Canada to revise this total upward. Tony Tryhuk, a trader at RBC Dominion Securities, said that "no one perceived the report as friendly." People who received moisture for late-seeded plants have really, truly benefited. StatsCan reported that crop conditions in the Prairies were varied, with some regions receiving less than average precipitation while others experienced prolonged temperatures above normal. According to the agency, prairie conditions were much lower than usual or much higher than average at the end July. Analysts and farmers said that August was a near-ideal month for canola pod filling, with cooler temperatures and frequent rain showers across the region. A significant area was affected by extreme heat and dryness in spring and early summer and lost much of its yield potential. In other parts of Canada, crop conditions were above average. In Ontario, rainfall was below-average while in Quebec it was above average. Model-based yields are used to calculate production estimates for Quebec and Ontario. Estimates of Prince Edward Island (PEI), Nova Scotia, New Brunswick, and British Columbia were all carried forward from July estimates.
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US stock indexes are mostly higher, but Nvidia shares fall; dollar weakens
The major U.S. indexes rose slightly on Thursday, despite Nvidia's shares falling amid uncertainty about its China business. Meanwhile, the dollar fell against the yen and euro as traders awaited a reduction in U.S. rates. Nvidia shares fell about 1.1% after the market closed on Wednesday. The trade war between the United States and China clouded the better-than expected revenue forecast released by the chip designer. Nvidia's forecast was better than Wall Street expected but disappointed investors used to big results. The Dow, S&P 500, and Nasdaq all rose slightly, while an index of semiconductor stocks increased by 0.4%. Peter Tuz of Chase Investment Counsel, Charlottesville, Virginia, stated that investors were mostly relieved by Nvidia’s results and guidance. He said that while there is some confusion about what will happen in China, Nvidia has "not said anything that points to a significant sloweddown" so this removed a major overhang or risk. Nvidia CEO Jensen Huang dismissed concerns about the end of a spending boom for AI chips, and said that opportunities would expand over five years. Tuz says that economic data is another positive for stocks. Tuz said that the day's data revealed the U.S. economic growth was faster than originally thought in the second-quarter, driven in part by business investments in intellectual property like AI. The Dow Jones Industrial Average increased 5.97 points or 0.01% to 45,571.20. The S&P 500 rose 5.11 points or 0.08% to 6,486.51 while the Nasdaq Composite grew 57.08 or 0.26% to 21,646.27. The MSCI index of global stocks rose by 1.53 points or 0.16% to 954.57. The STOXX 600 Index fell by 0.16%. Following Francois Bayrou’s gamble, European markets are likely to remain focused on France’s fiscal trajectory following his deeply unpopular plan to reduce debt via a vote of confidence next month. The euro rose 0.29% to $1.1671. The dollar fell 0.26% against the Japanese yen to 147. Investors want to know more about the prospects of interest rate reductions ahead of Federal Reserve's policy meeting on September 16-17. John Williams, the New York Fed's bank president, said on Wednesday that it was likely interest rates would fall at some stage. However policymakers must wait to see how the economy develops in the coming months before deciding if a rate cut is appropriate at the September meeting. According to CME's FedWatch, traders are currently pricing in 87% of the odds that a quarter point rate cut will occur in September. They see 137 basis point cuts in total by the end 2026. This week, the Fed will also be reporting on Friday about personal consumption expenditures in the United States - its preferred inflation indicator. Investors are still digesting the news about Federal Reserve Governor Lisa Cook. Cook filed a suit on Thursday, claiming that U.S. president Donald Trump does not have the power to remove Lisa Cook from her office. This could set up a legal fight that could reset norms long established for the independence of the U.S. Central Bank. As traders considered the prospects of Fed rate cuts, interest rate-sensitive yields on two-year bonds rose, but remained near a four-month-low. The yield on the two-year bond was up by 1.4 basis points to 3.637%. The benchmark 10-year bond fell 0.8 basis to 4.23%. U.S. crude dropped 0.89%, to $63.59 per barrel. Brent was down to $67.64 a barrel on the same day.
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Report: Brazil's main sugar-producing state could face extreme heat, which would reduce cane yields
EarthDaily reported on Thursday that Brazil's Sao Paulo State, which produces half of Brazil's sugarcane production, will likely face extreme heat and dry conditions next week, resulting in a further reduction of crop yields. The satellite-based agricultural monitor firm warned in advance of the increased fire risk in canefields due to the dry conditions. EarthDaily reported that "Climate model predictions point to an upcoming heat wave with temperatures averaging around 39degC (102/degF), which would likely worsen losses in sugarcane production and increase the risk of fires." This warning comes at a time when Brazil's sugar belt in the center and south is grappling with lower agricultural productivity for the 2025/26 harvest due to adverse weather conditions during planting in 2024. According to the Sugarcane Technology Center, through July, the productivity of the 2025/26 cycle was 9.8% lower than the previous cycle, at 79.8 tons per hectare. Total Recoverable Sugar, a key quality measure, fell 3% to 125.2 kilograms per ton. EarthDaily's data showed that the vegetation index in certain areas had also deteriorated. EarthDaily's crop analyst Felippe Reis said that the combination of intense heat, and in particular drought, is negatively impacting plant development. EarthDaily reported that both the ECMWF climate model and the GFS forecast temperatures above average across the majority of Brazil within the next few months. EarthDaily reported that in other parts of central-south including Parana, Mato Grosso do Sul and Mato Grosso do Sul the rain throughout August interrupted sugarcane harvesting for several days. Reis stated that the month would likely end with at the very least three days' worth of harvesting activity being halted in the area, which could reduce the amount of cane available to be crushed and affect the rate of sugar and alcohol production. Reporting by Roberto Samora; Writing by Oliver Griffin, Editing by David Gregorio
US strikes on Iran shattered hopes for nuclear diplomacy
Foreign ministers of Europe's three largest powers met their Iranian counterparts in Geneva on Friday to try to diffuse the tensions over Iran's nuclear program.
These hopes were dashed Saturday, when U.S. president Donald Trump ordered airstrikes against Iran's main nuclear sites in support of Israel’s military campaign.
Abbas Araqchi - Iran's Foreign Minister - told reporters in Istanbul, Sunday, that it was "inappropriate" to ask Iran to resume diplomacy. He promised a "response", to the U.S. strike. It's not the time for diplomacy.
Trump warned that the U.S. would attack other Iranian targets if a peace agreement was not reached in his televised address on Saturday. He also urged Tehran to come back to the negotiation table.
Seven Western diplomats and analysts said that the prospects of negotiations were negligible for now. Washington's demands for Iran to stop enriching its nuclear fuel and Tehran's refusal abandon its nuclear program are not able to be bridged.
James Acton is co-director of Carnegie Endowment for International Peace's Nuclear Policy Program, a Washington-based think tank.
"I am more concerned about the escalation of the situation, both on the short-term and long-term."
According to European Diplomats, Trump's decision not to strike Iran was not communicated to the three European Allies, Britain, France, and Germany, in advance. Emmanuel Macron, the French president, had promised to speed up the nuclear talks on Saturday - before the U.S. strike - after a phone call with his Iranian counterpart.
Unidentified European diplomats acknowledged that a second planned meeting with Iran could not be held in the next week.
After the U.S.'s military action, it appears that any diplomatic role played by Europe will be secondary. Trump dismissed Europe's efforts to resolve the crisis on Friday, saying Iran wanted only to talk to the United States.
Analysts and three diplomats said that any future talks between Iran, and Washington, would most likely take place through Oman or Qatar as regional intermediaries, after Tehran decides what to do in response to U.S. strikes on its nuclear sites of Fordow, Natanz, and Isfahan. Iran has few options left after the attacks. Some in Tehran have suggested that since Israel launched its military campaign against Iran, on June 13, Iran could withdraw from the Nuclear Non-Proliferation Treaty to show their determination to speed up enrichment. However, experts warn this would be a significant escalation which would likely draw a strong response from Washington.
Acton of the Carnegie Endowment said that Iran's short-range missiles are the most obvious way to retaliate. These could be used against U.S. assets and forces in the region. He said that any military response from Iran would be fraught with danger.
"On one hand, the Americans want a response strong enough to make them feel that the U.S. paid a real price. He said that on the other hand they do not want to encourage a further escalation.
Three diplomats say that the European effort ended in failure. Even before the U.S. strike, the talks on Friday in Geneva were a complete failure. There was a huge gulf between the two parties and no concrete proposals were made. Diplomats believe that their mixed messages may have undermined the efforts of both sides.
The European position on Iran's enrichment programme has hardened over the last 10 days, as a result of the Israeli airstrikes and the threat of U.S. aerial bombardment.
Three years later, during Trump's first term, the three European powers (known as E3) were party to a nuclear agreement signed in 2015.
The Europeans and Tehran both believed that they understood how to reach a realistic agreement, given that the E3 has been dealing with Iran’s nuclear program since 2003.
The Europeans had a difficult relationship in the last few months with Iran, as they tried to exert pressure on it regarding its ballistic missile programme, its support for Russia and the detention of Europeans.
Two European diplomats say that France, the country most eager to negotiate, has suggested in recent days that Iran should move toward zero enrichment. This was not a demand of the E3 until recently, given Iran's redline on this issue.
Diplomats reported that Britain also took a more aggressive stance in Geneva. This was in line with Washington. The new German government also appeared to be moving in the same general direction, albeit with more nuance.
One EU official said that Iran will eventually have to accept the zero enrichment policy.
On Saturday, a senior Iranian official expressed disappointment with the Europeans’ new stance. He said that their demands were “unrealistic”, without giving any further details.
In a short joint statement issued on Sunday that acknowledged the U.S. airstrikes, the European countries stated they would continue to pursue their diplomatic efforts.
The Europeans said they were ready to help "in coordination with other parties" and called on Iran to enter into negotiations that would lead to an agreement that addressed all concerns related to its nuclear program.
David Khalfa is the co-founder of Atlantic Middle East Forum in Paris, which is a think tank. He said that the government of Supreme Leader Ali Khamenei had abused the Europeans to gain time while developing its nuclear program and missile capabilities.
He said, "The European effort ended in failure."
The Europeans have one more important card. As parties to the nuclear agreement, they are the only ones that can use the "snapback" mechanism, which will reimpose previous UN sanctions against Iran if the deal is violated.
Diplomats reported that, before the U.S. strike, the three countries discussed a deadline of the end of August to activate the system as part a "maximum-pressure" campaign against Tehran.
The U.S. has "MULTIPLE CHANNELS" for its talks
Officials from the United States said that the U.S. had launched 75 precision-guided weapons, including over two dozen Tomahawk missiles and more than one hundred and fifty military aircraft, in their operation against three nuclear sites.
US Defense Secretary Pete Hegseth warned Iran on Sunday against retaliation, and said that both public and personal messages were sent to Iran through "multiple channels" to give them the opportunity to negotiate.
Five rounds of indirect talks between the United States, and Iran have failed after the U.S. proposed at the end May that Iran abandon its uranium-enrichment program. Tehran rejected it, and Israel launched its attack against Iran after Trump's deadline of 60 days for talks expired.
Iran has said repeatedly since then that it will not negotiate during a war.
Two European diplomats and a senior Iranian official claim that Washington reached out to Iran even after Israel's strike to restart negotiations. It offered a meeting in Istanbul between Trump and Iranian president Masoud Pesekhkian. Three diplomats said that Iran rejected the offer, but Araqchi continued to maintain direct contact with US Special Envoy Steve Witkoff. Experts say that one of the biggest challenges of engaging with Iran is the fact that it's impossible to know the full extent of damage done to the country's nuclear program. The IAEA is severely restricted in accessing Iranian sites. It's unclear whether Tehran has hidden any enrichment facilities.
According to a senior Iranian source, most of the highly-enriched uranium from Fordow, which produces the majority of Iran's uranium that is refined up to 60%, was moved to an unnamed location prior to the U.S. strike there.
Acton of the Carnegie Endowment said that, despite the physical damage to Iran's installations, thousands of scientists, technicians, and engineers were involved in its enrichment program. Most of them had survived U.S.
Acton said, "You can't blow up knowledge." (Additional reporting in Brussels by Lili Bayer, Andrew Gray and Tom Perry; editing by Daniel Flynn.)
(source: Reuters)