Latest News
-
Hotels are a major factor in countries' decision to skip the COP30 climate conference
Hundreds of hotel rooms are in short supply, and prices have risen to hundreds of dollars a night. Two European nations have said that they are considering not attending Belem at all. The organisers of COP30 are racing to convert cruise ships, love motels and churches into accommodations for the 45,000 expected delegates. Brazil held the climate talks in Belem because it has an average of 18,000 hotel rooms available. It hoped that its location at the edge the Amazon rainforest, would draw attention to the threats climate change poses to the ecosystem and its role as a sink for climate warming emissions. LATVIA SAYS THAT ROOMS ARE EXPENSIVE The Latvian climate minister said that the country had asked its negotiators if they could dial in via video call. Melnis stated, "We've already decided that it is too expensive for us." It's the very first time that it is so expensive. "We have a duty to the budget of our country." Lithuania, a second country in eastern Europe, has also indicated that it will not be staying after receiving quotes for prices exceeding $500 per person, per night. A Lithuanian energy minister spokesperson, who covers climate issues, stated that the quality and legitimacy of negotiations would be affected if governments were unable to attend due to the cost. According to a spokesperson for Brazil's COP30 Presidency, the decision is up to each country. COP30 HOTEL PRICE LEAVES DELEGATES OUT OF POCKET The website displayed rates ranging from $360 to 4,400 per night, just days after Brazil launched a booking platform at the beginning of August. The platform displayed prices starting at $150 per night this week. The host country rejected calls to move the summit, saying it would provide 15 hotel rooms at a price of less than $220 per night for each delegation from a developing country and below $600 per night for any wealthy delegation. The United Nations also increased their subsidy for low-income countries to attend. According to Brazil's Presidency of COP30, less than six weeks before COP30, there are still 81 countries in negotiations about hotel rooms, while 87 have already reserved accommodation. Evans Njewa is the chair of the Least Developed Countries Group, which represents the poorest countries in the U.N. Climate Talks. He said that the group was still assessing the attendance plans. Njewa said: "We receive a large volume of concerns... and many requests for assistance." "Unfortunately, our capacity is restricted, which could affect the size and composition of delegations." CLIMATE ACTION UNDER THREATEN The COP summit this year takes place as the U.S. president Donald Trump seeks to shift America's focus away from climate change and Europe's priorities are changing due to its struggling economies. Ilana Seid said that the lack of affordable housing placed her members at "a severe disadvantage". The small island states have taken advantage of previous COPs in order to get more funding for climate change adaptation. Seid stated that smaller delegations would not allow island nations to "participate effectively in the negotiations that decide our future" because they lack the expertise required.
-
After the reduction in state currency purchases, the Russian rouble is weaker against US dollars
The Russian rouble fell slightly on Friday against the U.S. Dollar and, even more, against the Chinese yuan, as a reaction to the planned reduction of the state's purchases of foreign currencies for the next month. The Russian Finance Ministry announced earlier that they would reduce their foreign currency sales from 1.4 billion Russian roubles per day to 0.6 billion Russian roubles (roughly $7.36 million) per day between October 7 and November 7. From October 7, the total daily net forex sales of the state, combining forex operations conducted by both the central bank and the ministry, will be reduced to 9.54 billion Russian roubles, down from the previous 10.34 billion. The central bank purchases and sells foreign currency to maintain a constant supply on the domestic markets and for the Finance Ministry, which manages the National Wealth Fund denominated by foreign currency. The central bank was a net seller in foreign currency for the entire year 2025. This supported the rouble which had risen by 45% since the beginning of the year. About 10% of daily yuan trade is conducted by the central bank. LSEG's data on over-the counter trade shows that the rouble fell by 0.3% at 0900 GMT to 82.30 against the dollar. The rouble fell by 1.2% at the Moscow Stock Exchange to 11.47 versus the Chinese yuan, the most commonly traded currency. Natalya Milchakova, from Freedom Finance, said that "the reduction in forex sales may contribute to a down correction of the rouble if a trigger is triggered. The likelihood of negative events due to the geopolitical tensions and the unstable macroeconomic data are quite high." She added, "We believe that the rouble could depreciate even further in October after the release of September inflation data and October inflation expectations." (Reporting and editing by Alex Richardson; Gleb Bryanski)
-
USA Rare Earth reaches all-time high following close discussions with White House by a report miner
USA Rare Earth's shares rose more than 18% on Friday to reach a new record high, following a report that its CEO Barbara Humpton had said the company was in discussions with the White House. In an interview on CNBC, Humpton answered a question regarding the company's interest in striking a business deal with the Trump Administration. USA Rare Earth has not responded to our request for comment immediately. Humpton's comments follow the Trump Administration's purchase of a 5% share in Lithium Americas, and a separate stake of 5% in General Motors' joint venture Thacker Pass with the company earlier this week. In March, U.S. president Donald Trump invoked emergency powers to increase domestic production of vital minerals. This was part of an effort to counter China's near total control of this sector. In March, China halted the export of rare earths - a grouping of 17 metals which are used to produce magnets that convert power into motion - as part of its trade dispute with Trump. Although there were some signs of relief in June, the broader tensions highlighted the need for increased U.S. production. MP Materials announced a multi-billion dollar deal in July with the U.S. Government to increase production of rare earth magnets. The Defense Department became its largest shareholder. USA Rare Earth is developing a mine at Sierra Blanca in Texas, and a manufacturing facility for neo-magnets in Stillwater in Oklahoma. Both are expected to be commercially available in the first half 2026. Subash Chandra is an analyst at The Benchmark Company and he said that the company was one of the most important emerging neo-magnet manufacturers in America. Any reshoring plan should include this company. Chandra stated that "we don't yet know the form in which a possible U.S. Government investment could take. But there is still a piece missing to the mines-to magnet strategy." The company's market capitalization is now $2.59 billion, after its shares have doubled this year. (Reporting and editing by Shilpa Majumdar in Bengaluru)
-
Exxon's compensation claim to Cuban entities will be heard by the US Supreme Court
The U.S. Supreme Court has agreed to hear ExxonMobil’s request for compensation from Cuban state owned firms. These assets were seized by Cuban government-owned companies in 1960. This was done under a federal statute that allows Americans to sue foreign individuals and companies over confiscated property. The Justices heard Exxon's appeal against a lower-court ruling that undermined its legal efforts to obtain compensation from Cuban companies who allegedly profited by stealing property. The court also heard a similar request by a Delaware registered company that had built port facilities in Havana that were seized by Cuba in 1960. It sought to reinstate $440 million of judgments against Carnival Cruise Line, Norwegian Cruise Line, and two other cruise companies that used the terminal. On Monday, the Supreme Court will begin its new nine-month session. Exxon's dispute is about the former Cuban leader Fidel Cuba's confiscation all its oil and natural gas assets in Cuba. This loss, valued at over $700 million now, was caused by Castro. Cuba has not paid Exxon any compensation, but the Helms-Burton Act gives the oil company the opportunity to sue in a U.S. Court for damages. Helms-Burton Act gives U.S. citizens who own property in Cuba the right to sue any person who "traffics property that was confiscated by Cuban government on or after 1 January 1959." The Helms-Burton Act also allows the U.S. President to suspend this provision if it is deemed necessary to "protect the national interest of the United States." Exxon sued three Cuban state owned companies in 2019 for compensation, claiming that they continue to profit from their stolen property. These Cuban state-owned firms are Corporacion Cimex S.A., S.A., (Cuba), Corporacion Cimex S.A., (Panama), and Union Cuba-Petroleo. The litigation lasted for years, focusing on jurisdictional issues rather than liability. The U.S. Court of Appeals, District of Columbia Circuit, concluded that plaintiffs bringing Helms-Burton Act cases must satisfy an exemption under a separate U.S. law: the Foreign Sovereign immunity Act. This act shields foreign governments against lawsuits in the United States unless there is an exception. Havana Docks Corporation, in the cruise line dispute, sued four cruise lines in Florida federal court in 2019. Havana Docks constructed piers in the port before the Cuban Revolution, which took place in the 1950s. It is now seeking compensation from cruise operators for using the property between 2016 and 2019. Fidel Castro, Cuba's leader, nationalized and expropriated U.S. property shortly after he came to power in 1959. This included Havana Docks which held a concession granted by Cuba in 1934 for a 99-year period of construction and operation at the Havana port. Cuba has not paid compensation to Havana Docks. However, the Helms-Burton Act gives the company the opportunity to sue in U.S. courts for damages. A federal judge ruled the cruise lines were guilty of trafficking for docking their ships at the terminal. Each of the four companies was fined more than $100,000,000. The 11th U.S. Circuit Court of Appeals, located in Atlanta, threw out these judgments last year. It found that Havana Docks did not have a viable claim because its concession would have expired in 2004, well before the cruise lines used the facilities. The 11th U.S. Circuit Court of Appeals, based in Atlanta, threw these judgments out last year. It found that Havana Docks had no claim since its concession expired in 2004, long before cruise ships used the facilities. Both parties of the U.S. presidency chose to suspend the law. This meant that private lawsuits were not allowed to proceed. In 2019, during President Donald Trump's first term, he lifted the suspension. This triggered a new wave of lawsuits in U.S. courtrooms against Cuban state owned entities and some American companies accused of trafficking confiscated property.
-
Sources say GIP is in negotiations to purchase Aligned Data Centers
Two people with knowledge of the situation told us on Friday that Global Infrastructure Partners, a BlackRock-owned company, is in negotiations to buy Macquarie's Aligned Data Centers. One source said that the acquisition could be worth around $40 billion. The deal reflects the growing investor interest in data centres that serve the booming artificial intelligence market and help to power its adoption around the world. Sources said that the talks, in which Abu Dhabi-based AI Investment firm MGX is involved, have reached an advanced stage. Bloomberg News reported this development Thursday. People familiar with the matter have said that MGX, a joint venture between sovereign wealth fund Mubadala, and G42, could invest in Aligned. Mubadala owns a small stake in the operator of data centers. Aligned, MGX, and Mubadala didn't immediately respond to requests for comments. Macquarie BlackRock GIP and GIP have declined to comment. Aligned of Texas, which is a specialist in AI infrastructure, raised over $12 billion in the first month of 2019. According to its website, the company operates more than 80 data centers with a total capacity of over 5 gigawatts. Aligned's customers include hyperscale cloud providers, such as Lambda, and artificial intelligence companies. The Aligned acquisition would be one of the biggest ever private data center deals. OpenAI, SoftBank Oracle, and Abu Dhabi’s MGX have announced plans to invest in Stargate - a $500 billion dollar supercomputer project - to meet the growing computing demands. Investors poured record amounts into digital infrastructure in 2018, betting on the fact that data centers will become critical real estate assets as power consumption increases. McKinsey estimated that investments in AI infrastructure could reach $6.7 billion by 2030. Sources told us on Wednesday that GIP was also in the final stages of talks to purchase utility company AES, in a deal valued at over $40 billion. Reporting by Rhea Rosa Abraham, Gnaneshwarrajan and Akash Shriram in Bengaluru. Editing by Sonia Cheema, Shinjini Ganuli and Sonia Cheema.
-
Rate cut bets on US shutdown worries will cause gold to rise for the seventh consecutive week
Gold prices rose on Friday as they were poised to make a weekly gain for the seventh time in a row, boosted by concerns about an extended government shutdown, and expectations that U.S. rates will be cut. Gold spot rose 0.5%, to $3.874.66 an ounce at 09:13 am. After hitting a record-high of $3,896.49 Thursday at 1313 GMT, ET (1313 GMT) is the next time to buy gold. The prices have risen 3.1% this week. U.S. Gold Futures for December Delivery rose by 0.8% to $3.899.1 an ounce. "I believe the longer the government remains shut down, the more bullish the gold market will be." If there is a weekend surprise agreement to reopen the government, it would be a bearish factor, said Jim Wyckoff senior analyst at Kitco Metals. There is no indication that either of the dueling Democratic or Republican plans will be adopted to end a shutdown which has now entered its third day. Investors are now relying on alternative indicators to confirm the cooling of the labor market, and to maintain expectations for a rate cut imminent. According to CME Group’s FedWatch tool, investors are pricing in 98% of the probability of a rate cut of 25 basis points in October. They also expect a similar reduction of 90% in December. Gold is often used to store value in times of uncertainty. It thrives when interest rates are low and has increased by over 47% this year. UBS said in a note that it expects the price of gold to reach $4,200 an ounce in the next few months. This is because the "opportunity costs of holding gold are falling due to the declining real interest rate in the U.S. While expectations of continued broad U.S. Dollar weakness are another tailwind." Spot silver rose by 1.4% to $46.73 per ounce. Platinum increased 1.9% to $1599.01 per an ounce. Palladium climbed 1% to $1253.75 per an ounce. Reporting by Noel John in Bengaluru and John Biju from Mumbai
-
Fitch warns that Saudi Arabia faces increasing fiscal risks due to rising spending and a drop in oil prices.
Fitch Ratings warned on Friday that Saudi Arabia's fiscal consolidation path is fraught with risk, due to lower oil prices, heavy spending commitments linked to Vision 2030, the country's economic transformation plan, and the Kingdom's financial situation. Vision 2030, led by a Public Investment Fund of nearly $1 trillion, aims to reduce reliance on crude oil, and develop sustainable revenue streams. This requires hundreds of millions of dollars of investment. Fitch Ratings' warning that Saudi's ambitious spending plans face risks follows the Saudi government's 2026 pre-budget statement on Tuesday, which signalled a shift toward tighter fiscal discipline after a sharper-than-expected widening of the 2025 deficit. Saudi Arabia, the top oil exporter in the world, forecasts that its fiscal deficit will be 5.3% of the gross domestic product by 2025. This is nearly twice the initial projection of 2.3%, and then it will shrink to 3.3% by 2026. This compares to an earlier estimate for 2025 of 2.9%. Fitch said that the decline in revenue for 2025 is primarily due to lower oil revenues. Fitch noted that non-oil revenue was likely to remain robust due to a strong economy outside of oil and conservative budgeting. Flagship projects include NEOM - a futuristic, massive urban and industrial development near the Red Sea that is almost the size of Belgium. Saudi Arabia's government projects that its revenues will increase by 5.1% by 2026, while its expenditures will drop 1.7% from 2025. Fitch anticipates fiscal tightening due to stable oil revenue, increased non-oil income, and modest reductions in current and capital expenses. Reports in April stated that the falling oil price was increasing pressure on Saudi Arabia, forcing it to either reduce spending or increase debt in order to finance its ambitious agenda. Fitch said that the fiscal strain highlighted the Kingdom's vulnerability to oil price swings even as it intensifies efforts to create alternative revenue streams. Reporting by Jana Choukeir and Tala Ramadan; Editing by Susan Fenton
-
Nestle and others warn that EU law delays endanger forests worldwide
Nestle, Ferrero, and Olam Agri are among the major agri-food firms that have warned about the dangers of deforestation in forests around world due to delays by European Union. The EU last month proposed delaying the launch of its anti-deforestation law for a second time, citing concerns about the readiness of information-technology systems needed to support the law. The ban on palm oil imports linked to forest destruction could be delayed for an additional year. The EU and its trade partners, such as Brazil and the United States, are strongly opposed to this law. Last week, EU Commissioner Jessika Roswall stated that the delay in implementing the law was not due to U.S. concerns. In a letter sent to Roswall, a copy was also sent, the companies that operate in the cocoa and dairy sectors, as well as the wood, rubber and other agrifood industries, stated that it is essential to have clear rules for EU competition and that they were already investing and preparing "in good faith" to comply. The letter from October 2 stated that "we remain on track to meet the EUDR obligations in full by the 31 December 2025." The proposed delay will put at risk the conservation of forests around the world, accelerate climate change effects, and undermine trust in Europe's regulatory obligations. Companies said that any change at this time would create uncertainty, annoy investors and increase the risk of rules being further watered-down. Francesco Tramontin (Vice President, Institutional Affairs, Ferrero Group) said that greater transparency in the supply chain is crucial for managing risk. The EU deforestation legislation was set to come into effect on December 30 and will require operators who sell goods such as soy, beef, and palm oil to EU markets to prove their products do not cause deforestation. (Reporting and editing by Emelia Sithole Matarise; Virginia Furness)
Madagascar President Rajoelina is 'willing to listen', but refuses to resign
Andry Rajoelina, Madagascar's president, said on Friday that he is willing to listen in order to find solutions for the problems of this poor island nation. However, he ignored calls from a youth-led movement to resign.
Since last week, protests in Madagascar have exploded into a wave of unrest that is the biggest in recent years. The protests are based on the "Gen Z" generation, which has been demonstrating in Kenya and Nepal.
The president disbanded his government on Monday night in an effort to calm public anger. However, the move did little to alleviate the grievances which first erupted on September 25, over the worsening of water shortages and outages.
According to the United Nations, at least 22 people have been killed and over 100 others injured in the first days of protests. The government disputes those figures.
"Nobody benefits from the destruction the nation. "I am here. I stand ready to listen. I'm ready to lend a hand. And above all, I'm ready to bring solutions for Madagascar," Rajoelina stated in a Facebook broadcast.
He claimed, without proving it, that politicians were planning to exploit the protests, and had even considered staging a coup, while he addressed the United Nations last week in New York.
"Criticism about existing problems doesn't have to be expressed on the street; it should be done by dialogue," said Rajoelina. He himself came to power through a coup in 2009 after leading mass demonstrations against the government.
Rajoelina posted a message on his X page on Friday saying he met with various groups over the past three day to discuss the current situation.
Real TV Madagasikara aired footage showing that protests in the capital resumed on Friday, after a day-long pause. Police fired tear gas at some marchers to disperse them.
Madagascar is one of the world's poorest nations despite its significant mineral wealth, biodiversity and agricultural land.
The World Bank says that between 1960 and 2020 the income per capita fell by 45%. It blames this on the tight control over institutions and resources of an unaccountable, elite group, as well as a lack competition and transparency. (Reporting and writing by Lovasoa Rabary; Editing by Bate Fesia and Ammu Kanampilly.)
(source: Reuters)