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G20 leaders gather in South Africa to seek agreement despite US boycott
The leaders of the Group of 20 largest economies gathered in South Africa for a summit boycotted by the United States on Saturday. They were seeking a deal over a draft statement drafted without U.S. involvement in a surprising move described by a senior White House Official as "shameful". G20 envoys agreed on a draft declaration of leaders ahead of the weekend's summit in Johannesburg. Several of the main agenda items will be about climate change. Four sources with knowledge of the matter told us on Friday that this draft was drafted without U.S. consent. One of these sources confirmed late Friday that the draft contained references to climate changes, despite objections by the U.S. administration of President Donald Trump who questions the scientific consensus on the warming being caused by human activity. Trump has announced that it will not attend the summit due to allegations that have been widely discredited that the government of the country hosting the summit persecutes the white minority. The U.S. President has also rejected the agenda of the host nation, which included promoting solidarity, helping developing countries adapt to natural disasters and transitioning to clean energy as well as reducing their excessive debt costs. Analysts suggest that the boycott could be beneficial if other countries embrace the agenda of this summit and make progress on a substantive statement. There was no clear indication of what language concessions were needed to bring everyone on board. The United States objected to the mention of renewable energy or climate change in the discussion. Other members were also reticent. Climate change is a major concern for three out of four South Africa's top agenda items. These include preparing for weather-related disasters caused by climate change, financing the switch to green energy and ensuring that the rush for vital minerals benefits the producers. The fourth concern is a system of lending that is more equitable for countries in poverty. Ramaphosa stated that the United States would host the G20 2026. He said he'd have to give the rotating presidency over to a "empty chair". The South African president has refused the White House offer to send a U.S. charge-d'affaires during the G20 handover.
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Barrick Mining and Mali reach agreement on principle to settle dispute over gold mine
Two sources familiar with this situation said that Barrick Mining has reached a verbal understanding in principle regarding their dispute concerning the Loulo-Gounkoto Gold Mining Complex. Sources claim that no agreement has been signed yet. Barrick Mining's spokesperson did not respond immediately to a comment request. A spokesperson from Mali's Mines Ministry said that negotiations are progressing well, but gave no further details. Since 2023, the two sides are in dispute over the implementation a new Mali Mining Code that increases taxes and gives the Government a larger share of the gold mines. One of the sources stated that they met on Friday for talks, a week following Barrick's interim CEO Mark Hill's letter to Mali administration asking to resume negotiations. One of the sources said that they discussed a 10-year extension to Barrick's mine licence, which expires on February 20, 2026. Source: They also discussed the release four Barrick employees who were arrested in Mali. The source added that they also discussed the return of three metric tons gold that was seized by Mali authorities, as well as the dropping of arbitration proceedings Barrick initiated against Mali. Barrick halted operations at the Loulo-Gounkoto Complex in January. In June, a Malian court appointed a temporary administrator to restart the operations. However, blasting didn't begin until October. (Reporting from Divyarajagopal and PortiaCrowe in Toronto; Additional reporting from Pranav Mathur in Bengaluru, Editing by Edmund Klamann.)
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Trump and Mamdani both say that Con Edison, the NY utility, needs to lower rates
On Friday, U.S. president Donald Trump and New York City mayor-elect Zohran Mahmdani both agreed that New York utility Con Edison must lower its rates. The Republican President and the new democratic socialist mayor met at the White House to discuss concerns about cost of living. Trump said, "We're going to have talk with them (Con Edison)." We have to convince Con Edison to lower their rates. Mamdani replied, "Absolutely." Both men were successful in their recent election campaigns when it came to the issue of affordability and inflation. The company responded to a question by saying: "We are excited about the chance to work with the new Mayor on affordable solutions for New York." Con Edison acknowledged that affordability is a major issue. Mamdani was given a warm reception at the White House during their first ever meeting. Both men have had a history of criticism and disagreements on issues such as immigration, public security and the U.S.'s support of Israel's attack on Gaza. (Reporting and editing by Diane Craft, Cynthia Osterman and Kanishka Sing in Washington)
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Four people are seriously injured after a grizzly attack on a school group in British Columbia
On Thursday, a grizzly attacked a group of schoolchildren and an adult on a British Columbia walking trail. Three children were seriously injured. On Friday, officers were still looking for the animal. The attack took place in Bella Coola, a town on the central coast of Canada’s westernmost province. Residents have been asked to stay indoors until further notice. B.C. Conservation Officer Service posted a Facebook statement saying that despite overnight efforts, the bear had not been captured. According to a statement, the students and teachers were stopped on a trail near a river when the grizzly emerged from the woods and attacked. It said that multiple teachers intervened using bear spray and bear bangers to drive away the bear. Provincial Health Services Authority informed by email that paramedics treated four patients who were in critical and serious conditions and transported them to hospital. Seven other people were treated at the scene, but they did not need to be transported to hospital. B.C. At a Friday press conference, Premier David Eby thanked teachers for their heroism. I want to express my deepest sympathies to all the injured people, including parents, children and family members. I wish them a speedy recovery. The group came from the Acwsalcta School run by the Indigenous Nuxalk Nation. It was closed on Friday. In a Friday statement, the Nuxalk Nation Council and Chief said that children and loved ones had been affected by this bear attack. The statement stated that "we remain in close communication with the families and we understand those who were hurt are receiving the best level of care." Reporting by Maiya Kiedan; Editing by Caroline Stauffer, Ni Williams and Caroline Stauffer
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BBC board member Banerji quits after Trump documentary edit
Shumeet Baniaerji, an independent director of the BBC board, resigned on Friday after the broadcaster claimed that a speech given by Donald Trump was incorrectly edited. The BBC has threatened to sue for $5 billion over the matter. Banerji resigned a couple of weeks before the end of his four-year tenure. He is also a member of the board of Indian conglomerate Reliance Industries, and a former CEO of management consulting firm Booz & Company. Banerji, according to the broadcaster's news department, had written in his resignation letter that he felt upset by governance issues at top management. BBC News reported that Banerji claimed in the letter that he was not consulted on the events leading to the resignations by Tim Davie, the BBC director general, and Deborah Turness as chief executive officer of BBC News. Davie and Turness resigned on November 9, following allegations of bias against the broadcaster. This included the way the program edited a speech that Trump gave on January 6, 2021 before his supporters stormed Washington's Capitol Building. The BBC apologized on November 13 over how its "Panorama", news program had edited footage of Trump's address, but stated that there was no basis for him suing it for defamation. The BBC is primarily funded by an annual mandatory charge of 174.50 pounds ($228.56) on British households who watch live TV from any broadcaster, or use BBC's online platform. ($1 = 0.7635 pound) (Reporting and editing by Lisa Shumaker; Reporting by David Miliken)
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Ford reaffirms annual EBIT guidance after latest aluminum supplier fire
Ford Motor Company on Friday reiterated its guidance for the annual EBIT of $6 billion to $6 billion for this coming year, following a second fire at Novelis' New York aluminum plant this week. Ford's shares rose by about 4% on Friday, continuing gains made after the automaker confirmed the outlook that it had already revised due to production disruptions caused by a devastating fire at the supplier's factory in September. In October, Ford cut its profit projection, citing an incident that could have cost up to $2 billion. Ford said it would offset approximately $1 billion by increasing production in certain truck factories next year. Ford is a large customer of Novelis, as its trucks are largely made from aluminum. After the fire in September at Novelis' Oswego factory in New York, Ford halted production indefinitely of its F-150 Lightning Electric pickup in Michigan. The production of the lucrative F-150 gas-powered lineup was also disrupted. Novelis announced in October that it would restart operations at the affected area of the plant before the end of the month of December. This was an earlier projection than its previous one of the first quarter 2026. Ford's statement of Friday didn't mention any changes in that timeline. The statement stated that "Novelis will continue to update as new details become available." Reporting by Nora Eckert, Editing by David Gregorio
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Gold prices steady as traders increase December rate-cut bets
The gold price held steady Friday after falling by over 1% in the previous session. Traders increased their bets that interest rates will drop in December following comments from the U.S. Federal Reserve. As of 1:48 pm, spot gold was unchanged at $4,086.57 an ounce. ET (18:48 GMT), following a fall of more than 1% in the earlier session. Bullion has a 0.1% weekly gain so far. U.S. Gold Futures for December Delivery settled 0.5% higher, at $4.079.5 an ounce. John Williams, the New York Fed president, said on Friday that the U.S. Central Bank could still reduce interest rates in near-term without jeopardizing the inflation target. Jim Wyckoff said that the comments were "certainly supportive" and gave gold bulls some good news early on today. The traders now expect a rate reduction at the Fed’s next meeting. This is up from 40% earlier that day. The delayed jobs report revealed a mixed picture of the labor market. Nonfarm payrolls rose by 119,000, far above expectations for a 50,000 increase, while unemployment reached a four-year peak. In low-interest rate environments, gold, which is a non-yielding investment, does well. Lorie Logan, the Dallas Federal Reserve president, called for a temporary pause in the policy rate. The traders are also closely watching the U.S. Stock Markets. "If the stock market rallies today, this will probably put downward pressure on gold due to the increased risk appetite on the marketplace," Wyckoff said. Wall Street's major indexes rose as traders increased bets that the Fed will cut interest rates next month after policymakers made remarks. The physical gold market in major Asian markets has remained low this week due to the volatility of rates. This deterred buyers from purchasing. (Reporting by Pablo Sinha in Bengaluru; Additional reporting by Sarah Qureshi; Editing and production by Shreya Biswas, Alan Barona, Vijay Kishore) (Reporting from Bengaluru by Pablo Sinha; Additional reporting by Sarah Qureshi, Editing by Shreya biswas, Alan Barona, and Vijay Kishore.)
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Glass Lewis considers US investment advisor registration to ease criticism
Glass Lewis' top executive has said that the company may register as an investment adviser in the United States. This would expose it to greater regulation, but could also help ease criticisms from Republican politicians and corporate executives over its proxy voting advice. Glass Lewis Chief Strategist Cheryl Gustitus said in an interview with The Washington Post on Friday that "we're seriously considering registering as an investment advisor" at the Securities and Exchange Commission. Gustitus didn't give a time frame for when the company owned by Canada’s Peloton Capital Management, and its Chairman Stephen Smith might make a final decision. She said the issue should be viewed in the context of other steps Glass Lewis took to recast its influential role in U.S. Corporate Governance under Chief Executive Bob Mann who assumed the position last year. Glass Lewis, for example, announced last month that it would end its "benchmark proxy voting" recommendations in 2027. Gustitus also said that clients will have the option to choose between different approaches when conducting research. Gustitus: "We are trying to evolve. We're not digging into ourselves." Glass Lewis, and its bigger rival Institutional Shareholder Services, have been criticized and investigated by Republicans over their recommendations for how large institutional investors should vote during corporate annual meetings. Both firms have backed fewer resolutions from shareholders on environmental issues this year as companies increased their climate disclosures. ISS is a registered investment advisor with the SEC since about 25 years. This gives the Wall Street regulator power to examine things such as how the company handles potential conflicts of interests. Glass Lewis had been registered with the SEC but retracted the status in 2005. The firm said that it was not appropriate because, among other things, the firm didn't recommend its clients to trade, buy, sell, or hold securities. (Reporting and editing by Nick Zieminski, Ross Kerber)
The EU objectors to the proposed deal prolong the COP30 discussions
Brazil's COP30 Climate Summit faced a crunch-day on Saturday, after all night talks to overcome an impass after the European Union had blocked a deal it claimed would not advance efforts to curb greenhouse gases that are driving global climate changes.
The two-week climate conference, billed as an opportunity to demonstrate that nations could still unite to combat climate change in the absence of the United States, was supposed to end on Friday. However the standoff forced the negotiators to work overtime.
The Brazilian presidency tried to reach a compromise over a deal which most of the 200 countries attending the summit would accept but the EU deemed unbalanced.
A deal must be approved by a majority.
It was unlikely that any agreement would be reached to provide more details on the way and when nations will fulfill their commitments to move away from fossil fuels. The Arab Group countries had led the opposition.
The only option left was to agree on a voluntary “Global Implementation Accelerator” in which countries can discuss how they could advance their efforts to reduce emissions.
On Saturday, a draft of the final agreement, which was part of a draft, called on the world to triple the amount of funding available to assist developing nations in adapting to climate change.
The EU said it would "move past its comfort zone" in terms of finance for developing countries - but that only if the clauses to reduce planet-warming emission were strengthened. (Reporting and editing by William James, Katy Daigle, and Kevin Liffey).
(source: Reuters)