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Trump's combative UN speech tells world leaders that their countries are going to hell
Donald Trump, the U.S. president, argued on Tuesday for a reduction in global migration levels and called for a shift away from climate-change policies. He also criticized world leaders harshly during a wide-ranging combative speech at the U.N. General Assembly. The 56-minute address was both a rebuke of the world body, and a return to Trump's old ways. He had regularly criticized the U.N. in his first term as President. When he left the chamber, he was greeted with polite applause by leaders. He rejected allies' attempts to endorse a Palestinian State amid Israel's recent Gaza offensive, and urged European nations adopt the same economic measures that he proposes against Russia to end the war in Ukraine. His speech was dominated largely by his two biggest complaints: immigration and climate changes. Trump used his U.S. crackdown on immigration as a model for what world leaders could do to stop mass migration, which he said was changing the fabric of countries. Human rights activists argue that migrants are looking for better lives. Trump stated, "I am really good at these things." "Your countries are in hell." Trump, who last week met with Britain's environmental-conscious King Charles at Windsor Castle called climate change "a con job" and encouraged a return of a greater dependence on fossil fuels. The majority of scientists agree that climate change is caused by humans. Trump stated that "Immigration, and their suicidal ideas about energy will be the end of Western Europe." RUSSIA: TARIFFS & CRITICISM for Allies The European Union has spent months trying their best to maintain a stable relationship with President Trump, focusing on securing U.S. backing to end the conflict in Ukraine. Trump and European leaders lavished praise on each other at a NATO summit held in June. In his speech on Tuesday, Trump mocked NATO for not stopping purchases of Russian crude oil. He also said that he would take strong economic measures against Moscow should they follow suit. They're financing the war against themselves. Who in the hell has ever heard about that? "If Russia does not agree to an end to the war, the United States will be ready to impose very powerful tariffs," said he. "But in order for these tariffs to have any effect, European nations, you all are gathered right here, would need to adopt the exact same measure." He didn't specify the measures but was considering a package of sanctions that would include countries like India and China that do business in Russia. Hungary, Slovakia and Turkey are the main European buyers of Russian crude oil. Trump was to meet with Ukrainian President Volodymyr Zelenskiy later that day. He has been pressing the U.S. for greater support in resisting Russian advances. Trump has rejected the efforts of world leaders to create a Palestinian state. This is a move which Israel strongly opposes. He said that the rewards for Hamas terrorists would be too high for their atrocities. He repeated his call for the release of the hostages held by the Palestinian militants group. Trump said the United States wants a ceasefire-for-hostages deal that would see the return of all remaining hostages, alive and dead. We must stop the Gaza war immediately. He said, "We must immediately negotiate peace." He would discuss the future Gaza with Gulf leaders in an afternoon meeting. Trump, who has portrayed himself as a peacemaker to win the Nobel Peace Prize in his bid to win, complained that the United Nations didn't support his efforts to stop conflicts around the globe. He paired his complaint with personal criticisms of the U.N.'s infrastructure. He said he and Melania Trump, first lady of the United States, were temporarily marooned in a malfunctioning U.N. elevator and that his Teleprompter did not work at first. Trump stated that he received two bad things from the United Nations: a bad elevator and a poor teleprompter. Melania Trump almost fell off the escalator when it suddenly stopped. (Reporting and editing by Don Durfee, Alistair Bell and Alistair Bell; Additional reporting and writing by Michelle Nichols; Writing by Daniel Trotta; Steve Holland and Daniel Trotta).
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Nigerian regulator withdraws approval of TotalEnergies’ $860 million asset sales to Chappal Energies
TotalEnergies hoped to sell the oil assets onshore that were prone to spills last year The deal between Chappal Total and Chappal has not been closed despite multiple deadline extensions Total relied on the cash generated from sales to reduce debt Isaac Anyaogu & America Hernandez LAGOS/PARIS - TotalEnergies has failed to sell a minority stake to a Nigerian oil producer, Nigerian regulators announced on September 23. This is a blow to the French oil giant's strategy of selling mature, polluting oil assets to pay off debt. Total agreed to sell 10% of its Shell Petroleum Development Company of Nigeria Limited to Mauritius based Chappal Energies in July 2024. This was part of the wave of divestments of oil majors from onshore Nigerian assets in recent years. According to Eniola Akinkuoto of the Nigerian Upstream Petroleum Regulatory Commission, the regulatory approval granted in October for the sale has been withdrawn as the two parties have not met the financial commitments needed to close the deal. The ministerial approval was accompanied with certain financial obligations towards the Nigerians, which had strict deadlines. Both parties did not meet their financial obligations after multiple extensions, which forced the commission to annul the deal", Akinkuoto stated on Tuesday. Chappal Energies and TotalEnergies have declined to comment. A source with knowledge of the negotiations stated that Chappal had failed to raise $860 million and, as a consequence, Total was unable to meet its obligation to pay regulatory fees or cover future liabilities and funds for environmental rehabilitation. Total is left with its stake in an oil company that has been plagued by hundreds of oil spills due to theft, sabotage, and operational problems. These issues have led to expensive repairs and high profile lawsuits. Shell sold 30% of SPDC in March to a group of mostly local companies. The deal was worth up to $2.4billion. In recent years, Exxon Mobil and Equinor, both of which are owned by Exxon Mobil in the United States, have sold their Nigerian assets to concentrate on more profitable, newer operations. Chappal Energies - a company that specializes in producing oil and natural gas from distressed and mature upstream assets located in the Niger Delta - successfully purchased Nigerian assets last year from Equinor. The purchase was backed by the Mauritius Commercial Bank, Trafigura and the commodities trading firm Trafigura. Chappal did not disclose its financial supporters for the proposed acquisition from TotalEnergies. The Nigerian National Petroleum Corporation (55%), Eni (5%), and other SPDC shareholders are also included. Total's failed exit is a blow to its plan to sell more polluting, high-cost assets and to pay off some of its debt. This debt jumped 89% in one year, to $25,9 billion. In July, CEO Patrick Pouyanne informed investors that the Nigerian deal was one of three transactions expected to bring in $3.5billion before the end of the year and reduce the company's ratio of debt-to equity. This had reached 28% at the mid-year mark including hybrid debt and leases. Total still holds 15 licenses, mostly in oil fields. These fields are expected to produce 14,000 barrels oil equivalent per day by 2023. Total also has three gas licences that represent 40% of its Nigerian LNG gas supply. Reporting by America Hernandez and Isaac Anyaogu, both in Lagos. Mark Potter is the editor.
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IDB Group to target $500 billion Latin American loan pool as global investment
The Inter-American Development Bank wants to bring private capital into Latin America. It will help turn a pool up to $500 billion in regional local loans, which the lender described as a "pool of investable assets" globally. ReInvest+ is a partnership between IDB Group, Brazil's presidency at the COP30 and the IDB Group. It aims to convert loans that are already performing on the balance sheets of local banks into hard currency securities with investment grade by adding insurance for political and foreign exchange risks. This move is intended to attract institutional investors that shy away from unrated and early-stage local currency projects. Ilan Goldfajn, President of IDB, said: "We've been asking investors to change their risk appetite up until now." We're flipping scripts. The project must be where the money lies. The initiative is part a larger push to close the $1.3 billion annual climate finance gap in developing nations outside China. The public funds only cover a small fraction of this need and private flows are lagging due to perceived risks. According to a study commissioned by IDB, the total pool of eligible global loans could be over $3 trillion. IDB invites commercial and international banks, as well as other financial institutions to submit proposals by October 24. The selected partners will be announced during COP30, in Brazil. They are expected to make commitments to purchasing assets over the next 12 months. No preliminary goal has been set. The IDB will serve as a trusted mediator, setting criteria and providing financial technologies to help with the transition. (Reporting and editing by Mark Porter; Rodrigo Campos)
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Senator says he's worried about Energy Secretary acting in nuclear firm’s interest
U.S. Edward Markey, a former board member of Oklo nuclear power company in the U.S., wrote to President Donald Trump Tuesday to express his concern that U.S. Energy Sec. Chris Wright works to advance the interests of Oklo. Markey, a Democrat from Massachusetts, said that the Obama administration was moving forward with plans for Oklo's nuclear waste reprocessing facility and transferring government-held plutonium to be used as fuel in reactor projects. Markey stated that "Oklo will benefit financially, and Secretary Wright acts in the interest of his former company." The White House sent a comment request to the Energy Department, but it did not immediately respond. Oklo said it had no comment. Oklo announced this month that it will build and operate in Tennessee a plant to reprocess radioactive waste. This is the first phase of an up to $1.68billion nuclear fuel center. reported August is a month of celebration. The government intends to provide 20 metric tonnes of plutonium for nuclear companies. Oklo is yet to announce its plans for the material and neither the Department nor the company have made any announcements. A source at the energy department said that Oklo had been in contact with the agency regarding the use of the radioactive metal, and that top officials from the energy department were talking with the company. Markey questioned Trump about Wright's involvement in decision-making and the Republican Secretary's financial interests in Oklo. Trump ordered in May that the government halt most of its current program for disposing of plutonium and use it instead as fuel for reactors. Nuclear safety experts are concerned that the idea of using excess plutonium to fuel nuclear reactors and extracting it out of nuclear waste could lead to proliferation risks and make it difficult for the U.S. not to encourage other countries to use similar technologies.
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European shares increase as US luxury spending boosts stocks
The European stock market reached its highest level in over a week Tuesday. This was boosted by the rally of luxury goods companies due to higher U.S. consumer spending, and wind energy stocks that gained after a U.S. court ruled Orsted can restart work on an offshore project in the U.S. The pan-European STOXX 600 ended the session up 0.4% after reaching its highest level since September 16 during the session. The majority of regional bourses closed up as well. Portugal's stocks closed their most recent high in over three weeks, after the country met its 2025 budget surplus target. This allowed it to reduce its debt ratio. Luxury stocks like LVMH, L'Oreal, and Richemont all ranked among the top 10 gainers in the STOXX. BofA data revealed that American luxury spending was positive for the first month in 37 months in September. Orsted shares jumped by 4% following a U.S. Federal Judge's ruling that the Danish offshore developer can restart work on an almost finished wind farm off the coasts of Rhode Island. Laura Cooper, Nuveen's global investment strategist, has a positive outlook for the clean energy industry. Retailers rose nearly 2%. Kingfisher, the home improvement retailer, saw a 14.6% increase in its profit forecast for the full year. Ireland's Kingspan Group rose 8.2% following the announcement of plans to IPO 25% of its ADVNSYS data centre unit, which could result in debt-free status for the building materials manufacturer. The technology index gained 0.6% after Wall Street tech stocks rose as Nvidia announced it would invest $100 billion into OpenAI, and provide it with data center chips. Since then, European stocks have lagged behind U.S. counterparts, as AI optimism has lifted America's technology giants. S&P 500 has gained close to 14 percent so far this season, while the STOXX 600 is up about 9.3 percent. The healthcare subindex dropped 1.2%, ending its longest winning streak of more than one month. Shares of Roche and Novo Nordisk fell more than 2 percent each. The data show that the euro zone's growth remained stable, boosted by Germany's fiscal power, which helped to offset France's economic worries. However, storm clouds are gathering, as U.S. Tariffs start to bite. The French economy contracted over the same time period, while British companies reported a decline in momentum and confidence. Huw Pill, the Bank of England's Chief Economist, struck a cautiously positive tone. He said he felt more confident about inflation prospects this year than earlier in the year. In Sweden, central bank cut its policy rate from 2% to 1.5% and announced a long-term pause. Stockholm's benchmark closed 0.7% higher after reaching a near-month-high. Reporting by Shashwat Chandhyap and Pranav Kashyap from Bengaluru, and Amir Orusov from Gdansk. Editing by Sherry Phillips, Niveditarjee Bhattacharjee, and Alex Richardson.
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South Africa and China will push for investment following the increase in US import tariffs
On Tuesday, South Africa and China launched their ninth annual conference for trade promotion. They pushed Chinese investment into sectors like mining, energy, and infrastructure. South Africa, who had not faced any U.S. tariffs on imports of its goods as a result of the U.S. African Growth and Opportunity Act, now faces tariffs of 30% under the Trump Administration, although the country is currently in negotiations to find a better deal. Zhang Chaoyang announced, as chairman of the South Africa China Economic and Trade Association (SA-CETA), that Gold One, a Chinese state-owned company, Baiyin Nonferrous Group Company Ltd. will invest $4 billion ($230 million) into its gold mining operations located in Gauteng. The China-Africa Development Fund, which is a private investment fund, will also bid on South Africa's projects for independent energy transformation, with the aim of increasing electricity through private sector investments. Chaoyang revealed that companies like China State Construction will be increasing local procurements. Zuko Godlimpi, South African Deputy Minister of Trade, emphasized Pretoria's emphasis on Chinese investments, particularly in manufacturing, services and energy transition. He called the partnership a chance to create "a mutually-beneficial future". Chinese companies such as Hisense, BAIC and Sinosteel have already made significant investments in South Africa. This is the continent's largest industrialised economy. According to official data, Chinese direct investments in South Africa will total $13.21 billion by 2024. Meanwhile, South African investments in China will total $8.05 billion. South Africa exports 93% minerals to China while China exports 92% manufactured goods to South Africa. Both countries have expressed their desire to rebalance the trade pattern. Wu Peng, the Chinese ambassador, said that Chinese companies would accelerate their localisation efforts. Peng urged Chinese automakers, "If you want to protect your long-term interest, you should invest in South Africa." He also urged them to accelerate the development of their factories. Beijing announced earlier this year that it would extend zero-tariff treatment for all 53 African nations with ties to China. Peng stated that over 30 countries had signed framework agreements. Reporting by Colleen Goko; editing by Kevin Liffey
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Ribera: New climate targets coming in weeks
A top EU official said during New York Climate Week that the European Union will agree on its new climate goal in the next few weeks. He added that believing that climate action can be delayed is "suicide". Teresa Ribera who is in charge of the bloc's eco-policies spoke live on "Climate Frontlines", a show broadcast from Times Square. She expressed her hope that the bloc would have its updated climate plan ready by the time world leaders gather in Brazil for the climate talks this November. Ribera said that he believes the problem will be resolved in the next few weeks. Ribera is second in line to Ursula von der Leyen as head of the executive branch. She said that the bloc would stick to their climate plans, because they made economic and social sense, even though the United States has backed away from its efforts to curb global warming. She said: "We will fulfill our commitments, and we have a plan. The discussion now is on how to combine competitiveness measures to create a path that leads to the complete decarbonisation by 2050." Ribera stated that some people believed climate change could be delayed, yet, she was "convinced" that it is a mistake. This was not just for reasons of climate, but also for social and economic reasons. It's madness. "It is suicide." Due to disagreements between member countries, the EU has failed to reach a climate agreement in time for this week's U.N. General Assembly in New York. It is also on track to miss the U.N. deadline at the end of the month. As a backup, EU countries agreed last week on a "statement-of-intent" outlining the climate goal that they hope to eventually approve. This will prevent their leaders from being completely empty handed at a U.N. meeting on Wednesday where world leaders should announce new climate goals. France and Poland, among other EU countries, have asked that their leaders discuss the new target climate before it is approved. The next EU summit is scheduled for 23 October. (Reporting and editing by Aiden Lewis, Virginia Furness, Kate Abnett and Simon Jessop)
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Lithuania authorizes army to shoot drones that violate its airspace
After two Russian drones were reported to have crashed onto its territory, the Lithuanian parliament gave its armed forces the power to shoot down any drone that violates its airspace. Lithuanian army can only target drones if it is determined that they are armed, or pose a threat to state-owned objects. A law passed under emergency procedures by 117 out of 141 members in the Lithuanian Parliament will make this change. It will become effective for the NATO member and European Union state as of October. Violations of NATO Member States' Airspace Dovile Sakaliene, Minister of Defence, said: "Now we can react quickly in any way including the destruction drones." "Our laws and processes were not adapted for current threats... We can now respond at lightning speed". Lithuania's new law allows the chief of defense to shut down certain parts of Lithuanian airspace, and shoot down any drones inside that "violate rules established by him". NATO announced on Tuesday that it will use "all necessary non-military and military tools" to defend themselves after a "pattern of increasing irresponsible behavior" by Moscow in response to recent violations of NATO members' airspace. Lithuania requested more air defenses from NATO in August after two military drones crashed into its territory. Denmark also said that drones which disrupted flights on Monday at its main airport were connected to a number of suspected Russian drone incursions as well as other disruptions throughout Europe. Estonia reported on Friday that for 12 minutes, three Russian MiG-31 jet fighters violated the airspace of Estonia before being escorted away by NATO fighter aircraft. Poland reported that 20 Russian drones had entered Polish airspace between September 9-10. NATO jets shot down some of the drones and the alliance stepped up its defences on Europe's east flank. (Reporting by Andrius Sytas in Vilnius)
Investors await Powell's comments to see gold surge to a new high
The gold price reached a new record high on Monday, helped by the safe-haven flows in response to geopolitical uncertainties and expectations for further Federal Reserve rate reductions. Investors were also focused on Jerome Powell's later speech.
As of 10:18 am, spot gold was up 0.7% at $3,771.94 an ounce. After hitting a new record high of $3.790.82 in the earlier session, gold prices rose 0.7% to $3,771.94 per ounce at 10:18 a.m. ET (1011 GMT).
U.S. Gold Futures for December Delivery rose by 0.8% to $3.804.30.
The 10-year Treasury yields benchmark fell by 0.2% while the U.S. Dollar was mostly stable.
Powell's remarks, scheduled to begin at 12:35 pm ET (1635 GMT), will be closely examined for further clues on the central bank's policy path. The central bank will be closely scrutinized to get more clues about its policy direction. Powell's comments, scheduled for 12:35 p.m. ET (1635 GMT), are expected to provide further information. Investors currently price in two 25 basis point cuts in October and December with 92% and 77% probabilities, respectively.
"I believe Powell will reiterate some of what he stated at the meeting last weekend. This will give clues about upcoming rate cuts in the United States that are going to support gold," said RJO Futures Market Strategist Bob Haberkorn.
The U.S. The Fed's preferred inflation measure is the Personal Consumption Expenditures Index (PCE).
NATO has warned Russia it will use "all necessary non-military and military tools" to defend themselves, while condemning Moscow's violation of Estonian airspace as "a pattern increasingly irresponsible behavior".
Commerzbank reported on Tuesday that gold prices are likely to be boosted by the strong buying interest of ETF investors, driven by expectations for rate cuts and concerns about the Fed's independence.
Bloomberg reported Tuesday that the People's Bank of China uses the Shanghai Gold Exchange as a tool to encourage central bankers from friendly countries to buy and store gold within China's borders. The report was based on people familiar with this matter.
Silver spot rose by 0.4%, to $44.24 an ounce. This is near the 14-year high. Platinum rose 4.1% to $1,475.51 while palladium climbed 2.7% to $1211.25. (Reporting and editing by Leroy Leo in Bengaluru, Noel John)
(source: Reuters)