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Landmines and other peace initiatives are being worked on by rival Cypriot parties.
Leaders of Greek and Turkish Cyprus agreed to work together on Wednesday in order to remove landmines and take initiatives in the areas of climate change and the environment. This comes weeks after the U.N. announced the first significant progress in the talks about the future on the divided island in many years. Following a meeting, the United Nations mission to Cyprus released a joint statement by Nikos Christodoulides, the Greek Cypriot Cypriot leader and Ersin Tatar the Turkish Cypriot Cypriot. In a statement, it was revealed that the two communities who live on different sides of Cyprus also intend to create a technical committee in order to deal with youth issues. This is part of a package to build confidence between the two parties. After a short coup inspired by the Greeks, a Turkish invasion split Cyprus in 1974. This was after years of violence between Greek Cypriots and Turkish Cypriots that began almost immediately after Britain's independence in 1960. The island is the main source of disagreements between NATO allies Greece, and Turkey. In a statement, it was stated that the two sides engaged in a "constructive dialogue" about increasing the number civilian crossing points, and plans to build a solar farm within the buffer zone controlled by the U.N. In 2017, the reunification process collapsed and since then, efforts to restart a new peace process have been stagnant. Christodoulides, Tatar and U.N. Secretary General Antonio Guterres met in Geneva for informal discussions two weeks ago. Guterres stated that progress was made for the very first time in many years. The Greek and Turkish Cypriots are still in disagreement over the details of any settlement, despite agreeing on confidence-building measures. Greek Cypriots are in favor of a federation as prescribed by U.N. Resolutions. Turkish Cypriots support a two-state settlement, arguing decades of failed talks have proved that a federal system is unworkable. (Reporting and editing by Alex Richardson; Reporting by Michele Kambas)
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Gold and stocks both rise ahead of Trump’s 'Liberation Day" tariffs
The stock market fell on Wednesday as investors worried about the risk of a global trade war intensifying. In recent weeks, investors have been focused on the new round reciprocal levies which the White House will announce at 2000 GMT on Wednesday. These are expected to go into effect immediately following the announcement. Trump has already imposed duties on autos, aluminium and steel, as well as increased duties on all Chinese goods. This has rattled the markets, with fears growing that a full-blown global trade war may trigger a sharp economic slowdown. The European markets were relatively quiet, with stock prices pointing lower and currencies and bond yields remaining stable. The STOXX 600 European benchmark fell 0.9% in one day. This was mainly due to declines in the pharmaceutical sector, which is a heavyweight. The volatility measures - which are often used as a proxy to measure investor anxiety - have increased, indicating the rush of traders at the last minute to hedge against large price swings in currencies, stocks, and bonds. Daiwa Capital's Chris Scicluna, an economist at the firm, said: "I doubt that what's announced today will be in place nine months from now because we're aware of negotiations." He said that it was difficult to predict the impact of the rate hikes, or any other changes in the stock market, on the economy. Wall Street's benchmark S&P and Nasdaq both ended the session higher, after earlier losing ground. The Dow ended a little lower. Futures on S&P 500 and Nasdaq declined by 0.3-0.4%. Investors hope for clarity and the beginning of the deal-making process. Tariffs are already affecting business sentiment and will likely lead to a drop in global economic activity over the next few months," said Ben Bennett of Legal & General Investment Management, Asia-Pacific Investment Strategist. SOFT DATA Investors are becoming increasingly concerned by signs such as rising prices, a slowing economy and cracks on the labour market. The data showed that U.S. manufacturing shrank in March, after two months of growth. A measure of inflation in the factory gates jumped to its highest level in almost three years due to rising concern over tariffs on imported products. The Labour Department reported on Tuesday that U.S. employment opportunities fell by 194,000 in February to 7.568 millions as tariff uncertainty dampened labour demand. The yield of the benchmark 10-year Treasury bill in the United States was up by 1 basis point to 4,168% after falling to 4,133% on February, its lowest level since April 4. The currency markets were quiet. The dollar fluctuated between $1.2916 and $1.0797. The dollar remained at 149.55 yen. But the focus will be on the tariff details. This is especially true after a report in a major media outlet said that Trump's advisers were considering a plan to raise duties by around 20% on nearly all products, instead of targeting specific countries or products. Chris Weston is the head of research for Pepperstone. He said, "We are heading into Trump's time to shine, with many already having deleveraged in order to run a neutral or flat position on equity, USD (dollar), and Treasuries." Gold, which is seen as a safe haven against economic and political turmoil, has risen 0.5%, to $3.125 per ounce. This is just a little below the record high of Tuesday. Gold is up 19% this year. This follows a gain of 27% in 2024, which was the best performance it had in a decade. Brent futures are down 0.5% at $74.06 per barrel while U.S. Crude Futures are down 0.6% at $70.77 per barrel. (Ankur Banerjee contributed additional reporting from Singapore; editing by Shri Navaratnam, Tomasz Janowski and Ankur Banerjee)
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Italy's business lobby lowers its GDP forecast as U.S. Tariffs loom
Confindustria, the main Italian business lobby, cut its forecast of economic growth for the country on Wednesday. It warned that the looming U.S. tariffs could further deteriorate the outlook. The U.S. president Donald Trump is expected to announce a comprehensive tariff policy later on Wednesday amid concerns among investors, businesses and consumers about escalating trade tensions. Confindustria forecast that Italy's Gross Domestic Product (GDP) would grow by 0.6% in 2018, half of the official government forecast of 1.2% and lower than the 0.9% estimate the association made in October. It was predicted that the GDP would grow to 1% by 2026. The third largest economy in the euro zone expanded modestly by 0.7% both in 2024 and 2023. After stagnating for the third quarter, it managed to grow by 0.1% from the previous quarter in the fourth. Analysts expect little improvement in the short term. Confindustria stated that, while it incorporated tariffs announced by the United States on steel and aluminum and "record levels" of uncertainty on trade policy and referred to as "record-levels of uncertainty", its forecasts did not take into account an escalating war of trade. Confindustria stated that in a worst-case scenario with tariffs of 25% on all imports from the U.S., increasing to 60% in China, as well as retaliatory actions against U.S. exported, Italy's growth in GDP would be reduced to 0.2% by 2025, and to 0.3% by 2026. The group stated that pharmaceuticals, automobiles, and other vehicles, as well as machinery, were the industries most dependent on sales to the U.S. which was Italy's largest export market last year after Germany. Both the International Monetary Fund and Organisation for Economic Cooperation and Development have forecast a 0.7% growth in Italy this year. (Reporting and editing by Gavin Jones, Alvise Armellini)
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EUROPE GAS - Prices down on warmer weather and eyes on Trump tariff plan
The Dutch and British gas price fell on Wednesday morning, as the warmer weather forecasts reduced demand. Meanwhile, the market closely monitors Trump's "Liberation Day tariff plan". LSEG data shows that the Dutch front-month contract fell by 0.54 euros to 42.13 Euro per megawatt hour or $13.34/mmBtu at 0811 GMT. The Dutch day-ahead contracts was down by 0.72 euros at 41.95 Euro/MWh. The British day-ahead contracts was down 0.85 cents at 101.75p/therm. On Wednesday, U.S. president Donald Trump was ready to impose tariffs on all global trading partners. He would likely increase costs and invite retaliation. "Today's market could be volatile, with fundamentals being ignored. Liberation Day concerns could fuel concerns on global markets. Trumps decisions may have a negative impact on the global trade," said LSEG Analyst Wayne Bryan. In Northwest Europe, the forecast for heating demand is lower with an increase in temperatures. LSEG data shows that demand for the next day is down 441 gigawatt hours per day (GWh/d) and for weekends and working days in the coming week, it's down 45GWh/d. After a long and cold winter, Europe is now in the season of gas refilling. Gas storage sites are currently nearly two thirds empty. This is the first time that storage has to be refilled without pipeline gas passing through Ukraine. In a recent research note, Global Risk Management stated that the risk of refilling was at its highest ever level. The first planned major maintenance in Norway this summer will begin today at Nyhamna Gas Processing Plant and run until 7th April. The analysts of Engie EnergyScan wrote in an early morning note that, "Even if Gassco says the summer maintenance schedule will be lighter than in the previous two years, the drop in Norwegian gas flows won't improve the EU's storage situation." The benchmark carbon contract in Europe was 0.01 euros higher at 67.99 euro per metric ton. (Reporting by Marwa Rashed; Editing by Susanna Twdale)
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MUFG names its first sustainability director for EMEA
The bank announced on Wednesday that MUFG, a Japanese bank, has appointed its first Chief Sustainability Officer for Europe, Middle East and Africa to help its clients become more sustainable. Stephen Jennings is a veteran energy and renewables financier with 24 years of experience. He will now be the chief sustainability officer for EMEA in addition to his existing roles as head of EMEA energy structured finance and head of EMEA sustainable business division. The appointment comes just weeks after MUFG resigned from a UN Climate Alliance that helped banks develop policies to reduce their carbon footprint. In recent months, the Net Zero Banking Alliance saw a mass exodus and is now consulting on rules to try to retain its members. A spokesperson from MUFG stated that the bank's commitment to a future of net zero remains unchanged despite its decision. The spokesperson stated that "we aim to contribute towards real-economy carbonisation by providing advice and capital to our clients to help them transition their business models while ensuring the security and stability of the energy supply." Hideaki Takase, group chief strategy officer and sustainability officer, will continue to oversee MUFG’s climate policy. This includes a goal of being carbon neutral by 2050. Jennings is responsible for the development and implementation of MUFG EMEA’s sustainability strategy. He will also help finance clients and provide advice on their energy-transition strategies. He will chair the bank's Sustainability Committee and coordinate with MUFG. The statement stated that Cathryn Kelly will be appointed deputy chief sustainability officer EMEA. She is currently the head of the credit strategy group at the bank. MUFG Group aims to provide 100 trillion yen (668 billion dollars) in sustainable finance by 2030. ($1 = 149.6200yen) (Reporting and editing by Virginia Furness, Leslie Adler, Joe Bavier).
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SSE cuts annual earnings forecast but expects renewables to grow in UK
SSE, a British network operator and power generator, lowered its guidance on earnings per share for the year but kept its long-term profits expectations. It now expects to earn between 155 pence and 160 pence in the fiscal year 2025, compared to its previous guidance of 163 pence to 154 pence. SSE will benefit from Britain's aim to decarbonise the electricity sector by 2030, with a rapid expansion of renewable energy sources, like wind and solar. Major investments in grid connection are also planned. The company plans to invest approximately 3 billion pounds ($3.87billion) this year under its Net Zero Accumulation Programme (NZAP Plus) plan. SSE's renewables production grew by 9.8% in fiscal year 2024 compared to the previous year. SSE anticipates that renewables production will have increased by 17% for the year ending March 31, boosted in part by a capacity increase. This is despite the cold spells and stormy conditions in Britain which have disrupted SSE's distribution network over recent months. SSE, who last week promoted their chief commercial officer to chief executive, has reaffirmed that they will aim to earn between 175 and 200 pences per share in the fiscal year ending on March 31, 2027. $1 = 0.7748 pounds (Reporting and editing by Mrigank Dahniwala, Joe Bavier).
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Junta-ruled Guinea to hold referendum in September as possible step towards democracy
According to a state-television announcement on Tuesday, the military leader of Guinea has set a date for a referendum on constitutional reforms on September 21, 2025. This could be a first step in returning to constitutional democracy. Mamady Doumbouya, who seized power through a coup on September 20, 2021, proposed in 2022 a two-year period of transition before elections. However, he did not organise any vote. Guinea is a producer of bauxite, iron ore, and other minerals. West African countries Where the military has taken control and stopped a return to civil rule. The military authorities set a deadline of December 31, 2024 for the return to civilian governance. The junta may have presented a draft for a new constitution in July 2024, which could allow Doumbouya the opportunity to take part in the next presidential elections. Authorities said that a referendum would precede any elections and the return to constitutional rule. Guinea's former two ruling parties have been suspended. The Union of Democratic Forces of Guinea, another major opposition group, has also been put under surveillance. Saliou Samba, Portia Crowe, and Ros Russell edited the report.
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Dealers say that India's palm oil imports in March rose but remained below normal levels.
Five dealers report that India's imports of palm oil in March were up from the previous months, but they remained below the normal level for the fourth month running. The premium it commands over soyoil has prompted refiners and buyers to increase their soyoil purchases. India's lower-than-normal imports of palm oil, the world’s largest buyer of vegetable oil, could put pressure on Malaysian palm prices and support U.S. soybean oil futures. According to estimates by dealers, palm oil imports rose 13.2% in March to 423,000 metric tonnes. Dealers had anticipated that imports would exceed 500,000 tons in March. The Solvent Extractors' Association of India said that India imported more than 750,000 tonnes of palm oil per month on average during the marketing period ending in October 2024. It will publish its March import figures by mid-April. "Palm Oil has been more costly than soyoil in the last few months and it is reducing core demand," Rajesh Patel said, a managing partner of GGN Research, a trader of edible oils. Dealers reported that soyoil imports in march increased by 24%, to 352,000 tons, month-on-month. Meanwhile, sunflower oil imports dropped 15.5%, to 193,000 tons, the lowest since six months. Dealers estimate that the increase in palm oil and soybean oil shipments boosted the country's edible oil imports to 968, 000 tons. This represents a 9.3% rise from the previous month when imports fell to a 4-year low. "Palm Oil has held a premium to soyoil even for shipments during April and May." Sandeep Bajoria is the CEO of Sunvin Group and a vegetable oil broker. He said that palm oil imports will be below 500,000 tonnes in April. Bajoria stated that imports are expected to increase from May, and a significant rise is anticipated in July, when palm oil will be competitive with soyoil. India imports mainly palm oil from Indonesia and Malaysia. It also imports sunflower oil and soyoil from Argentina, Brazil and Ukraine.
How huge fossil-fuel-producing countries export emissions abroad
Black dust coats streets and gathers on rooftops in the area adjoining a vast cement factory in the Egyptian city of Alexandria.
Activists and regional citizens accuse the plant run by the Alexandria Portland Cement Business (APCC), a subsidiary of Greece's Titan Cement, of fouling the air by burning coal.
Every night, we see particles falling from their chimneys. Under street lights, you can plainly see the dust drizzling down, stated Mostafa Mahmoud, a supermarket owner in the Wadi al-Qamar area.
Reuters could not individually confirm the assertion. Titan Cement says the plant's emissions are within legal limits, and it prepares to minimize its use of coal in coming years.
Like many cement makers in Egypt and across North Africa, the factory uses imported coal to fire its kilns. Lately, a growing number of the region's coal is coming from the United States, according to U.S. export data.
Fossil fuel exports have been a hot subject at the United Countries climate conference in Baku this year, with activists and delegates from some climate-vulnerable countries arguing countries must be held liable for the contamination they send out overseas - typically to poor establishing nations - in the type of oil, gas and coal. Some are looking for to get the question of how to do this onto the program at future environment tops.
A landmark arrangement reached in Paris in 2015 to combat environment modification needs countries to set targets and report on development reducing nationwide levels of planet-warming greenhouse gas emissions. But it does not impose such requirements for emissions generated from fossil fuels they drill, mine and ship somewhere else.
That has actually permitted nations like the United States, Norway, Australia and others to state they are making development toward international climate goals while likewise producing and exporting fossil fuels at breakneck rate, said Bill Hare, co-founder of Environment Action Tracker, an independent clinical project that tracks government environment action.
Most of these fossil-fuel-exporting countries can get to look good with their domestic environment action, he stated on the sidelines of the COP29 conference in Baku today. Their. exported emissions are someone else's problem.
U.S. nonrenewable fuel source exports-- including coal, oil, gas and. refined fuels-- caused over 2 billion lots of carbon dioxide. equivalent emissions in other countries in 2022, according to a. computation carried out by Climate Action Tracker and confirmed. using data from the International Energy Company. That. is equivalent to about a 3rd of U.S. domestic emissions, the. information showed.
A years-long drilling boom has made the U.S. the world's top. oil and gas producer, while robust demand has actually lifted its coal. exports for 4 years running, according to data from the U.S. Energy Details Administration (EIA).
Asked how Washington squares its climate ambitions with its. nonrenewable fuel source production and exports, President Joe Biden's. environment advisor, Ali Zaidi, said strong energy output was needed. to keep customer prices low during a transition to cleaner. fuels.
I do not believe there is social license for a decarbonisation. playbook that puts upward price pressure for retail customers in. the market, Zaidi informed Reuters.
Inbound president Donald Trump, a climate modification sceptic,. has said he wishes to even more enhance the country's fossil fuel. production.
For other manufacturers, greenhouse gas emissions from fossil. fuel exports in some cases exceed domestic emissions, Environment. Action Tracker said.
That held true for Norway, Australia and Canada in 2022, the. newest year for which data is available for all countries. evaluated. Reuters got special access to the computations.
Norway's Ministry of Climate and Environment said it is. approximately other nations to manage their own carbon footprints.
Each nation is responsible for lowering its own. emissions, the ministry stated in a statement to Reuters.
Authorities at the environment and climate ministries of. Canada and Australia did not comment.
Addressing the top in Azerbaijan, host President Ilham. Aliyev implicated some Western politicians of double requirements for. lecturing his federal government about its oil and gas usage, saying,. They better look at themselves.
CEMENT AND BRICKMAKERS
A lot of U.S. gas exports now go to European countries looking for. to minimize reliance on Russia, while China has actually become one of. the leading purchasers of U.S. crude and coal, according to the EIA. figures. America's greatest development market for coal, however, is. North Africa.
U.S. coal mines exported around 52.5 million short lots. globally in the very first half of 2024, up almost 7% from the exact same. period a year earlier, the information revealed.
Much of the boost was driven by cement and brickmakers in. Egypt and Morocco, which together took in more than 5 million. short loads over the period, the EIA stated in a current report.
These clients value the high heat content of U.S. thermal. coal, which makes their production operations more. efficient, the report stated.
On the other hand, U.S. domestic coal usage has actually been sliding as cheap. gas and aids for renewables like solar and wind. drive coal-fired power plant closures, extending a more than. 15-year decrease in greenhouse gas emissions.
Egypt's cement market has depended on imported coal for. nearly a years, because consistent natural gas scarcities forced. many factories to search for alternatives, stated Ahmed Shireen. Korayem, vice chairman and board member at the Arab Union for. Cement and Building Products, a regional industry body.
The U.S. is Egypt's largest provider, accounting for 3.1. million of the 6.6 million metric lots of coal imported this. year, according to data from the London Stock Exchange Group.
Russia supplied most of the rest, 2.1 million metric lots. Its environment ministry referred questions to the foreign. ministry, which did not immediately comment.
Activists argue that the Egyptian federal government's choice to. lift a longstanding ban on coal imports in 2015 to support an. market central to its financial development strategies is harmful to. the environment and health of communities like Wadi al-Qamar.
Using information from the Alexandria plant's emissions-monitoring. system, researchers from Egypt's Al-Azhar University, Cairo. University and environment ministry simulated the dispersion of. polluting dust and poisonous gases in between 2014 and 2020.
The study
, published in the Journal of Environmental Health Science. and Engineering in 2022, concluded that the shift from using. gas to coal as the dominant fuel cause increased. emissions and concentrations of overall suspended particulates. ( TSP), nitrogen dioxide and sulfur dioxide. The concentrations. were mainly within legal limits, nevertheless.
Egypt's greenhouse gas emissions from burning fossil fuels. increased by more than a fifth in the years ended in 2022, hitting. 263 million metric lots of carbon dioxide, according to information. from the International Carbon Budget, a task led by Britain's Exeter. University.
The majority of these emissions originated from gas and oil, which stay. Egypt's main energy sources. Coal accounted for 3.4% of the 2022. overall, 9 million metric heaps.
The federal government devoted in 2021 to phase out making use of. coal and has actually asked companies that utilize it to introduce more. eco-friendly sources into their energy mix. But Heba Maatouk, a. representative for Egypt's environment ministry, stated there was. insufficient supply of alternatives, such as refuse-derived fuel. ( RDF) made from combustible garbage.
If business can not get the RDF, they will not stop running. and will use coal to avoid losses, Maatouk told Reuters.
LEGAL BATTLES
Decarbonising the cement industry is a difficulty,. especially in poorer developing nations like Egypt, due to the fact that it. requires huge amounts of energy, and technologies to keep. emissions from the environment are pricey.
In his COP29 address recently, Egyptian Prime Minister. Mostafa Madbouly said his nation's strategies to enhance eco-friendly. energy to 42% of its power mix by 2030 depend on foreign. assistance.
Homeowners in the Wadi al-Qamar neighborhood have been. participated in a prolonged legal fight with the Alexandria cement. factory, APCC, submitting several claims, stated Hoda Nasrallah, a. legal representative for the Egyptian Effort for Personal Rights (EIPR).
In 2016, community members backed by EIPR asked an. administrative court in Alexandria to overturn amendments to the. country's ecological policies that allow heavy markets. to use coal on health and ecological premises, according to. the rights group.
APCC officials did not react to an ask for remark made. through a legal representative.
Titan Cement verified that the factory sources coal from. the U.S. however did not elaborate.
In a statement issued by its group business interactions. director, Lydia Yannakopoulou, the company said the plant had. not violated any laws, had actually made 40 million euros in investments. in pollution controls because 2010, and prepared to reduce its use. of coal in coming years as it increases use of alternatives.
She stated a court-appointed committee of experts from. Alexandria University concluded there were no environmental. violations arising from the company's emissions or functional. procedures, and the emissions were within legal limitations.
Nasrallah stated legal representatives representing the community. believe the committee was headed by a company employee and have. taken their case to Egypt's greatest administrative court in. Cairo.
Neither side supplied a copy of the committee's report, and. Reuters could not separately confirm their assertions.
A ruling in the case is expected in December.
Meanwhile, frustration is building amongst nearby. locals like Hisham al-Akary, who says his family has lived in. Wadi al-Qamar for generations and can not afford to move.
This factory shouldn't be here, he told Reuters. We. need to remain, and they must leave..
(source: Reuters)