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What will the UN agenda be and who will speak?
The 80th session of the United Nations General Assembly begins on Tuesday. Who speaks when? The United Nations, which was founded in 1945, has grown from 51 members to 193 today. The leaders of the Holy See, State of Palestine, and two non-member observers states, known as the United Nations' State of Palestine and the Holy See, may also speak. Brazil is the first to speak in every meeting. U.N. officials say that Brazil was the first to speak in the early days of the world organization, when other countries resisted. The United States, which hosts the U.N. HQ in New York City, is the second nation to address the General Assembly. The list is then ordered by hierarchy, and in general the first-come, first-served principle. The heads of state are the first to speak, followed by their deputy and crown princes. Next come heads of government and ministers, and then lower-ranking leaders of a delegaiton. How long will they speak? Leaders should adhere to a 15-minute voluntary time limit. According to U.N. Records, Fidel Castro of Cuba spoke for approximately 4-1/2 hours during the 1960 opening of the General Assembly. Libyan leader Muammar Gadhafi spoke more than 1 1/2 hours in 2009. WHAT WILL THEY TALK ABOUT? Every session of the General Assembly begins with a specific theme. Leaders may briefly mention the theme before moving onto any topic. The theme for this year is "Better Together: 80 Years and More for Peace, Development and Human Rights." Leaders are also likely to discuss: GAZA. As the Gaza Strip war between Israel's Hamas militants and the Palestinian enclave approaches its second anniversary, leaders are gathering. A humanitarian crisis is worsening in the Palestinian enclave. Benjamin Netanyahu, Israeli Prime Minister, is scheduled to speak at the General Assembly next Friday. Israel has denied the allegations of war crimes and crimes against humanity that the International Criminal Court made against it in Gaza. Israel launched an assault on Gaza City Tuesday. The U.S. has refused to grant him a Visa. He is likely to appear via video. UKRAINE. Volodymyr Zelenskiy, the Ukrainian president, will seek to bolster global support for Kyiv while U.S. Donald Trump attempts to broker a ceasefire more than three years since Russia invaded their neighbor. He will address the assembly this Wednesday, while Sergei Lavrov, Russia's foreign minister, will speak Saturday. Next week, the U.N. Security Council will hold a meeting at a high level on Ukraine. The U.S. will be watched closely, both at the U.N. Security Council and during Trump's General Assembly address, to see if Washington announces measures such as sanctions to try to convince Russian President Vladimir Putin that he should negotiate with Zelenskiy. IRAN. In New York, expect last-minute diplomacy over Iran's nuclear program. Tehran is trying to avoid the return of all U.N. Security Council Sanctions on the Islamic Republic by September 28. Both the Iranian president Masoud Pezeshkian, and foreign minister Abbas Araqchi will be attending the United Nations. SYRIA. This year, the Syrian President Ahmed al-Sharaa will make a notable debut at the U.N. General Assembly. Hay'at Tahrir al-Sham, the group that he leads, led the revolt in December to topple President Bashar al-Assad. This ended 13 years of civil conflict. HTS was the former al-Qaeda branch in Syria, formerly known as al-Nusra Front. It broke ties with al-Qaeda in 2016. The group, Sharaa and its leader remain under U.N. sanction. However, Sharaa was granted a travel waiver to New York between September 21-25. CLIMATE. Leaders of small island nations and other states that are most affected by climate change will be expected to urge further action as the world struggles to limit global warming to 1.5 degrees Celsius. WOMEN. Leaders will gather on Monday to celebrate the 30th anniversary a historic women's rights convention. Beijing's 1995 Fourth World Conference on Women is best remembered for the slogan "women’s rights are human right." Leaders are likely to be disappointed by the lack of progress made and the growing attacks against women's rights. The theme of Monday's meeting is to recommit to, accelerate and resource the implementation of the 1995 declaration. At the Beijing Conference, 189 countries signed a declaration calling for "full participation and equality of women in the political, civil, economical, social, and cultural life". SUDAN. Next week, some leaders are likely to discuss the war that has lasted for two and a half years in Sudan. The United Nations has called the war between the paramilitary Rapid Support Forces (RSF) and the Sudanese Army, which is a conflict between the Rapid Support Forces, and the Sudanese Army, the worst humanitarian crisis in the world. There are pockets of famine all over the country, including al-Fashir the capital of North Darfur State. The United States, Saudi Arabia, Egypt, and the United Arab Emirates have all called for a humanitarian truce lasting three months, followed by a ceasefire permanent. According to many, the "Quad", or four countries, have the greatest influence on the warring parties. U.S.-VENEZUELA TENSIONS. Venezuela complained about the United States' naval build-up in the Southern Caribbean waters and the nearby waters at the end of last month. The U.S. military launched two deadly attacks on suspected Venezuelan drug-cartel vessels in international waters since then. Venezuelan Foreign Minister Yvan Yli is likely to raise the increased tensions when he addresses the General Assembly this Saturday. Venezuelan President Nicolas Maduro claims that the U.S. wants to remove him from power. RACE TO APPOINT A NEW U.N. SECRETARY-GENERAL. The United Nations will select a new Secretary-General next year. Guterres' second five-year tenure will end on December 31, 2026. On the sidelines next week of the General Assembly, there will be much talk about who might be the candidate to succeed him. The U.N. Security Council, composed of 15 members, must agree on a candidate that will be recommended to the 193 member General Assembly. This means that the five veto-powers - Britain China France Russia and the U.S. have to agree. (Reporting and editing by Howard Goller; Michelle Nichols)
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After Fed's much-anticipated rate cut, US yields drop and stocks edge lower
The world stock market edged down in choppy trades on Wednesday, while U.S. Treasury yields dropped across the board after the Federal Reserve announced a much anticipated interest rate cut. It also signaled the beginning of a new easing policy cycle. The Fed has cut interest rates by a quarter percentage point, and it indicated that borrowing costs will continue to be reduced for the remainder of this year. Only new Governor Stephen Miran, who joined the Fed on Tuesday and is on leave as head of the White House's Council of Economic Advisers, dissented in favor of a half-percentage-point cut. The Dow Jones Industrial Average rose 0.56%, while the S&P 500 fell 0.31% to 6,585.98. The Dow Jones Industrial Average increased 0.56% to 46 014.88, while the S&P 500 dropped 0.31% at 6,585.98, and the Nasdaq Composite fell 0.70% to 22,162.03. MSCI's global stock index fell 0.14%, to 975.41. It is now a fraction of its previous record high. The yield on the benchmark 10-year U.S. note fell by 1.5 basis points, to 4.009%. The yield on the 2-year note, which is usually in line with Fed interest rate expectations, fell by 1.5 basis points to 3,495%.
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UN increases financial support for poorer countries at COP30 amid hotel crisis
In light of the rising costs of accommodation in Belem, an Amazonian city, the U.N. is giving low-income countries additional money to attend COP30. This global climate summit will take place in Brazil in November. Brazil has resisted the calls for the conference to be moved from Belem. President Luiz inacio Lula da So did not want to renege on his promise to show the Amazon rainforest at COP30. A spokesperson for the U.N. Climate Secretariat informed that the International Civil Service Commission of the U.N., which makes decisions on the "daily allowance", has agreed to increase it for Belem. According to a press release from the Brazilian COP30 Presidency, the allowance for 144 developing nations has increased to $197. It was previously $144. The allowance is for two or three delegate per country and 374 total delegates. The UNFCCC and Brazilian representatives met on Wednesday to discuss the acute accommodation crisis that has arisen as hotels charge 10 to 15 percent more than their normal rates during conference periods. The annual U.N. Summit will bring together nearly every government to discuss how to combat climate change. Pre-summit discussions have been dominated by concerns over logistics rather than global climate policies. The Developing Countries have said that they can't afford the high accommodation rates in Belem, due to a shortage of rooms. Brazil is rushing to increase the number of hotel beds to accommodate the approximately 45,000 attendees expected at COP30. The company says that developing countries can get more affordable accommodations at a daily rate of up to $200. According to the Brazilian government, less than two months prior to the conference, only 79 nations have made reservations via the official COP30 Platform or other means. 70 countries are still in negotiation. Usually, the annual COP talks involve around 200 countries. (Reporting from Brasilia by Lisandra paraguassu; additional reporting in Brussels by Kate Abnett. Editing by PhilippaFletcher.
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Africa's climate funds are sucked dry by military spending
Climate change is a cost of military spending African leaders prefer grants to loans The private sector is called upon to step up Kim Harrisberg and Joanna Gill African leaders, researchers, and activists made a call to international donors at the second African Climate Summit in Ethiopia, last week. They asked them to help the continent withstand flooding, droughts, and heatwaves. "We are now living in a world where security measures have become prevalent in finance," said Patrick Verkooijen. He is the president of the Global Center on Adaptation, which has offices in Kenya and the Netherlands, and also leads the Africa Adaptation and Acceleration Programme (AAAP). Since 2021, the AAAP has invested billions of dollars in adaptation projects, from mangrove restoration along West Africa’s coastline to organic material recycling in Nairobi. According to the World Meteorological Organization, Africa is the continent that has been most affected by climate change despite its contribution of less than 10% in global carbon emissions. The summit announced the second phase of their adaptation programme, and invited international partners to assist in reaching the goal of $50 billion to expand efforts against climate change. The funding competition has risen due to a reduction in global humanitarian aid, and an increase in defense spending by the United States in Europe. Macky Sall is the chairperson of the Global Center on Adaptation and was the president of Senegal between 2012-2024. According to the research organization Climate Policy Initiative (CPI), Africa needs about $70 billion annually to meet adaptation targets. CPI estimates that this figure will drop to $14.8 billion in 2023 as aid is cut by donors. According to the Stockholm International Peace Research Institute, global military spending has increased across all regions, reaching $2.7 trillion by 2024, up 9.4% on 2023. This is the highest growth rate since the Cold War, and the 10th consecutive annual increase. Florian Krampe is the acting director of SIPRI's Climate Change and Risk Program. He also added that recent violations of Polish and Romanian Airspace during Russian attacks against Ukraine have highlighted the importance. Climate change could intensify the competition for resources, and increase conflict risk in fragile areas. Defence spending should therefore take this into consideration. Krampe suggested that defence departments budget for innovative environmental technologies to ensure long-term resilience of both militaries as well as civilians. Water harvesting is one example. In arid areas, water vapour can be extracted from the atmosphere to provide drinking-water for troops. This innovation could also benefit civilians. ADAPTATION AS AN INVESTMENT The GCA called upon the private sector in order to fill the funding gap for climate adaptation. GCA cites as examples of adaption methods the planting of trees, construction of flood barriers, or desalination plant investments that create jobs and invest in development. The World Resources Institute (a non-profit research organization) found that, for every dollar invested in adaptation over ten years, more than $10 in benefits can be generated. Verkooijen cited a report from Singapore's sovereign fund, which said that investment in adaptation initiatives was a $4 trillion opportunity worldwide. He said African countries should take advantage of this. In Asia, private sector adaptation financing is about 35%. In Africa, it is 6%," Verkooijen said. Attendees of the summit also placed a high priority on the type of investments that would support Africa in its readiness to deal with climate shocks. United Nations data shows that the combined debt load of African countries is more than $1.8 trillion. According to the Institute for Economic Justice, this means that they spend three times as much on servicing their external debt as they do on climate finance. In a press release, Nafi Qarshie, Africa Director of the Natural Resource Governance Institute, said that African states should push for more equitable (financing) models at the COP30.
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Tinubu, the Nigerian president, lifts the emergency rule in oil rich Rivers State
Bola Tinubu, the Nigerian president, lifted an emergency rule of six months in Rivers State on Wednesday, reinstating Governor Siminalayi Fubara, and other officials. He had said that a crisis constitutional that had paralysed government had been resolved. The emergency rule was imposed on 18 March following a standoff that occurred between Fubara, the governor of the state and the legislature. This conflict disrupted the budget approvals leaving the government in limbo. Tinubu claimed that the emergency rule was necessary to avoid anarchy. Rivers State is located in Nigeria's oil-producing Niger Delta and is a major hub for crude exports. The militants have targeted pipelines before, which has affected output and revenue. Tinubu stated that intelligence reports indicated a "groundswell" of a new understanding among political stakeholders. This would pave the way for democratic governance to return. The governor, his assistant, and the House of Assembly, which consists of 31 members, are expected to return to work on September 18. The declaration of emergency triggered over 40 legal challenges across Abuja Port Harcourt, and Yenagoa. Tinubu justified the emergency declaration as a constitutional instrument to restore order and said dissent is part of democratic practice. (Reporting and editing by Chijioke Ahuocha.)
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Copper falls to a one-week low before US Fed rate decision
The price of copper fell to a new low on Wednesday, as traders reduced their positions in anticipation of the Federal Reserve's decision on U.S. rates. Meanwhile, the demand for metals from China - the world's largest consumer - was muted due to the recent rally. The benchmark three-month copper price on the London Metal Exchange dropped 1.3% by 1600 GMT to $9,999 per metric ton, but remained above the 21-day moving median, which keeps it at $9.912. Metal, which is used for power and construction, reached its highest level in 15 months on Monday, at $10,192.50. Alastair Mudro, Marex's senior base metals analyst, said that China has been offering copper this week. It was the absence of a systematic bid, and even bearish mean-reversion sell signals that triggered weakness in the complex. State data released on Wednesday showed that China's copper output rose 15% in August compared to the previous year. Neil Welsh, Britannia Global Markets' head of metals, said that traders are waiting for clarity from the Fed, not only on the rate reduction expected, but also the direction of the future policy. The dollar is down about 10% for the year to date and the labour data has softened. Traders are looking for signs that this could be the start of a series. Aluminium, among other LME metals fell 1.1%, to $2,686 per ton. The price of aluminium reached a new six-month record of $2,720, on Tuesday. This was when the spread between the cash contract and the three-month contract increased to $16 per ton. It was the highest level since March. This was a sign of tightness within the LME during the current settlement period, as short positions holders were forced to reduce or rollover their contracts. The premium for buying aluminum tomorrow and selling it a day later - also known as tom next - fell to $2 per ton on Tuesday. From Tuesday's $13 per ton, the price has dropped to zero. According to LME data, there was a long position holder who held more than 40% open interest in LME September Futures. There were also several short positions. LME zinc fell 1.7% to 2,941, while lead climbed 0.2% to $2,000, tin dropped 1.4% to $34,380 and nickel declined 0.1% to $15,405. (Reporting and editing by Ed Osmond, Vijay Kishore and Amy Lv. Additional reporting by Amy Lv.
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Gold prices ease after reaching record highs, Fed rate decision looms
Investors locked in profits on Wednesday after gold prices had risen to $3,700 in the previous session. The Federal Reserve policy decision is now in focus. As of 10:49 AM EDT (1449 GMT), spot gold was down by 0.1%, at $3,685.39 an ounce. It had hit a record-high of $3,702.95 per ounce on Tuesday. U.S. Gold Futures for December Delivery dropped by 0.1% to $3720.70. After retreating the previous session, the U.S. Dollar grew a little. Gold priced in greenbacks is less attractive to other currency holders due to a stronger dollar. The recent gains in gold are putting "some pressure on the price of gold" ahead of FOMC. Jim Wyckoff is a senior analyst with Kitco Metals. He said that fundamentals and technicals are still bullish on gold. The next price target is $3,800. A major price target would be $4,000 in the future. At 2 p.m., EDT, the most political Fed meeting in recent years will conclude. The speech of Chair Jerome Powell will follow. The markets are pricing in a rate cut of a quarter point. The focus will be on whether officials discussed a 50-bps reduction, given that President Donald Trump’s economic overhaul initiative raises new questions about the independence of the central bank. When interest rates drop, gold is often more attractive as the lower yields reduce the cost of holding this non-yielding investment. While raising its gold forecast, Deutsche Bank said that even though the bullion had screened as richer than fair value, it was largely due to strong official demand which is expected continue. In India, a key hub, the supply of used gold coins and jewellery, which is usually released when investors make profits, has been limited as many people expect prices to rise. Silver spot fell by 1.3%, to $42, platinum dropped 1.3%, to $1372.26; and palladium slid 1.5%, to $1158.88. (Reporting and editing by Shreya biswas in Bengaluru, Ashitha Shivaprasad in Bengaluru)
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Democratic lawmakers call on Trump to abandon plan to eliminate vehicle emission standards
In a letter seen by, 102 Democratic members of the U.S. House of Representatives urged the Trump Administration to drop plans to repeal vehicle emissions rules. In a letter, led by Representative Doris Matsui, 102 members of Congress called on the Environmental Protection Agency (EPA) to abandon its plan to repeal all greenhouse-gas emission standards for heavy-duty, light-duty and medium-duty engines and vehicles. In a letter to the editor, the lawmakers stated that repealing vehicle pollution standards could hamstring the growing automotive industry by killing thousands of well-paying American. The EPA didn't immediately comment. If we turn away from clean vehicles "The next generation of American cars will be more expensive to maintain and repair, due to the new technologies," said the letter, which was also signed by Representatives Rick Larsen and Alexandria Ocasio Cortez. According to the letter, EPA's analyses "suggest that the proposal to remove vehicle pollution standards could result in $1.3 trillion of lost fuel and maintenance savings." Trump's administration has attacked vehicle environmental regulations on several fronts. Trump signed the Environmental Protection Act in June. A resolution of disapproval is a Congressional Resolution. Review Act to prohibit California's landmark Plan to end the sales of gasoline-only cars by 2035, and two other vehicle regulations. NHTSA has released its June 2016 NHTSA Report. Fuel economy in the U.S. is now more flexible By declaring that the former president Joe Biden’s administration exceeded their authority, by assuming a high uptake in electric vehicles when calculating rules. Trump has also signed legislation eliminating penalties Automakers who fail to meet U.S. Fuel Economy Standards as far back as 2022. The EPA announced in July that it would be implementing a new program to help reduce the number of EPA-related deaths. The long-standing Finding that greenhouse gas emission endanger the health of humans, removing all legal foundations for U.S. regulations on greenhouse gases, which would mean a complete end to current limits in greenhouse gas pollution coming from vehicle exhaust pipes, power plants and smokestacks. (Reporting and editing by Lisa Shumaker, Franklin Paul, and David Shepardson)
Baltic index strikes near 3-week high up on firm demand across sectors
The Baltic Exchange's main dry bulk sea freight index climbed to its greatest level in nearly three weeks on Tuesday, as rates rose throughout all vessel sections.
* The general index, which consider rates for capesize, supramax and panamax shipping vessels, rose by 49 points, or 2.8%, to 1,779 points, its greatest level considering that March 28.
* The capesize index firmed 102 points, or about 4%,. to 2,631, a three-week peak.
* Typical daily earnings for capesize vessels,. which generally carries 150,000-ton cargoes such as iron ore. and coal, increased by $849 to $21,819.
* Iron ore futures fell, with the Dalian contract falling. for the first session in seven, as investors reconsidered. stimulus prospects from leading consumer China after its. first-quarter economic growth topped forecasts.
* The panamax index was up 18 points, or about 1%,. at 1,754 points. The index rose for a fourth straight session.
* Typical day-to-day profits for panamax vessels, which. generally brings about 60,000-70,000 tons of coal or grain freight,. got $162 to $15,785.
* Amongst smaller vessels, the supramax index ticked. up by 31 points, or 2.4%, to 1,311 points.
* Meanwhile, the FBI said on Monday it opened a criminal. probe into the collapse of a Baltimore bridge in March when a. ship crashed into a bridge assistance, while local officials. verified the recovery of a 4th body from the occurrence.
(source: Reuters)