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Insurance giant AXA XL, Enosis Capital seal 'debt-for-nature' tie up
Enosis capital, a credit fund, has signed an agreement with AXA XL to have the insurance company provide vital cover for a $3 billion wave of debt for nature' deals. The first deal is expected to be in the next 6 to 9 months. Debt-for nature swaps are designed to help countries with lower incomes spend more money on ecosystems that are under threat, such as coral reefs or rainforests. They do this by substituting expensive government bonds for cheaper alternatives. Belize, Barbados, and Ecuador's Galapagos Islands are examples of places that have seen their popularity grow. But there has been something of a drought in the past year, as Donald Trump, a climate-change skeptic, has returned as the president in the U.S., leading to some changes in key institutions. Specialist finance and insurance firms have stepped in to help the market for debt-fornature swaps 'take off'. Ramzi Issa co-founded Enosis capital in late 2024, after pioneering the debt-for nature-swap structure at Credit Suisse. He said that the tie-up between Enosis and AXA XL, which provides political risk insurance and similar products, was key. It is also part of Enosis’s $3 billion pipeline for debt swaps and developments deals. Issa anticipates that the first of these dozen or more deals will be finalised within the next six-nine months and a second by the end of this year. Issa declined to identify the countries due to the sensitive nature of the debt markets. He said that the first deal will not follow a traditional structure of debt swaps, but instead would make use of many "credit enhancements", such as risk insurance, which are essential to keep borrowing costs low for countries. SPEED UP PROCESS The partnership is part of a larger?collaboration, including Conservation International, World Wildlife Fund and Hollywood star Leonardo DiCaprio?s Re:wild?group. AXA XL’s Jeff Abramson, Stuart Barrowcliff and Stuart Barrowcliff stated that debt swaps are an area for growth at the insurance company. It has insured $30 million out of $300 million in loan that was at the heart of one of the latest swaps in the Bahamas, which took place in late 2024. Abramson stated that the partnership would reduce the complexity of debt swaps, which can take years to finalise and agree upon. Abramson noted that these deals tend to take a while to develop. The hope is to make it more systematic... so that the wheel turns a bit faster. (Reporting and editing by Jan Harvey; Marc Jones)
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Sicilian town is left perched on the edge of a cliff by a landslide
The Italian civil protection chief said that homes in the Sicilian city of Niscemi were left perched on the edge of the cliff following a landslide triggered by storm. Niscemi is a town with a population of around 25,000 in central-south Sicily. It sits on top of a plateau which, according to authorities, is slowly collapsing towards the plain below. Over 1,500 people had to be evacuated. After large sections of slopes gave way, buildings were left hanging over the edge. The front end of a car was poking out into the chasm. Fabio Ciciliano, the head of civil protection in Niscemi told reporters that there were homes near the landslide which are uninhabitable. Residents from the area would be relocated permanently. Once the water drains away and the moving part has stopped or slowed down, an accurate assessment can be made. He added that the landslide was still active. The Italian government, led by Prime Minister Giorgia meloni, declared a state-of-emergency for Sicily and Sardinia on Monday. These three southern regions were devastated by a violent storm that hit last week. In recent years, extreme weather events in Italy have increased. In recent years, flooding has devastated many cities in Italy. Dozens of people have died and the risks of landslides or floods are now more prevalent. The administration has set aside 100 millions euros ($119million) to cover 'the immediate needs of the worst-hit areas by the storm. Local authorities estimate the damage to be over one billion euros. This is after strong winds and waves forced the sea inland, overwhelming coastal defences and destroying homes and business. The sudden evacuations in Niscemi have caused anger and anxiety among some residents who claim that earlier landslides were not addressed. Francesco Zarba: "I was told I had to leave the house, despite not having any collapsed items in my home or under it. "We had our first landslide thirty years ago and nobody did anything." $1 = 0.8382 Euros (Reporting and Writing by Angelo Amante, Editing by Alison Williams).
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India cenbank has proposed rules to banks on how they can implement relief measures in natural disasters
India's central banks has published a set guidelines on Tuesday for the implementation of?plans for resolution during natural disasters. In its draft guidelines, the Reserve Bank of India stated that banks would have to?factor in the impact of natural disasters on borrowers? and include provisions for resolutions such as relief measures in their policies. The RBI stated that the guidelines provide a?resolution system based on principles, allowing the REs (regulated entities), complete discretion in the design and implementation of a resolution plan. Flooding has caused crop losses and livelihoods in key agricultural states such as Punjab and Assam. In Uttarakhand, landslides and flash floods have destroyed roads, bridges, and homes. According to the Germanwatch Global Climate Risk Index, 2025, India is ranked sixth in the world for climate vulnerability. This index tracked events from 1993 to 2022. India suffered over 400 extreme weather conditions during this time, which resulted in at least 80.000 deaths and economic losses of $180 billion. According to the central banks, the resolution plan could include rescheduling payments, converting any accrued interest?into a new credit facility and granting a moratorium based on the lender?s assessment. The?RBI stated that "(it) may include a proposal for additional financing to?address financial stress of the borrower." The RBI has added that borrowers who haven't defaulted in their repayments for over 30 days are eligible for these measures. The new rules will be implemented on April 1. The central bank is seeking feedback from the public and stakeholders until February 17. (Reporting by Ashwin Manikandan; Editing by Krishna Chandra Eluri)
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Sources say that Mali has detained five gold mine managers for alleged code violations.
By Tiemoko Diallo BAMAKO/DAKAR - Mali detained five local managers of the Yanfolila?mine for alleged violations of the mining code in the country, according to two sources. Sources said that the employees of Societe Des?Mines de Komana were arrested on Friday because they allegedly failed to repatriate the foreign currency earned from exports, as required by the mining code. SMK was not available for comment via email or telephone. Since its introduction in 2023, the?code has caused disputes with mining operators, including a 2-year standoff before a deal with Barrick Mining was reached in November. In December, the government announced that it had recovered 761 billion CFA francs (about $1.2 billion) from miners who failed to pay their taxes. Sources close to the company and familiar with the case said that all five detainees are Malians. They both requested anonymity as they weren't authorised to talk to the media. The justice ministry spokesperson in Mali did not respond immediately to a?request for comment. The spokesperson for the mines ministry said that the ministry had no?information about the matter. West Africa-focused lender Coris Bank International, operating through its subsidiary Nioko Resources, acquired the Yanfolila?mine from UK based Hummingbird Resources by 2025. According to its profile, the?mine will produce 83,965 gold ounces by 2023. It has 493,000 ounces as reserves.
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The climate change is putting the Winter Games in Milano Cortina to the test.
Teams of snowmakers are racing against the clock to meet the competition requirements for the Milano Cortina 2026 Winter Olympics, within ever-shorter cold windows. Climate change is reshaping the limits of technology. Organisers at Italy's Alpine venues are increasingly relying on artificially-produced snow to compensate for the declining and less predictable natural snowfall. This means that months of preparation can be squeezed into short periods of subzero temperatures, leaving less room for error. In order to accommodate the Olympic competition in Milano - Cortina, resorts like Livigno, Bormio and Antholz-Anterselva, which are already established, have added reservoirs, pumps and snow guns. Nemanja dogo, executive technical director at snowmaking specialists TechnoAlpin who has supplied systems to many Olympic and World Cup venues, stated that in Livigno, alone, over 600,000 cubic meters of snow were produced since mid December for freestyle and snowboard events. Production was accelerated during brief cold spells. Dogo said that temperatures dropped to minus 22°C after Christmas, making it a good time to make snow. Snow formation is dependent on temperatures around minus 2 or minus 2.5 degrees Celsius for a wet bulb. Dogo stated that "the window to prepare for the 1st of December is getting smaller and smaller." Researchers say that this is one of most obvious operational impacts of warmer winters. Caitlin Pries, a Dartmouth associate professor who studies winter climate changes and their ecological and recreational effects, said: "It's just not like you're losing the natural snow. You're also loosing the days that it takes to make snow." She added that Europe is especially exposed. The further south you go in Europe, the more likely it is that you will experience a'snow drought. This causes resorts to produce large amounts of snow quickly, increasing the pressure on their infrastructure, staffing, and energy systems when there are brief cold snaps. In the last 20 years, snowmaking technology has improved significantly through automation, better forecasting, and efficiency gains. In the past, snow guns were used to cover only a portion of the slopes. It could take up to 150 hours for a priority slope. In 2018, this had dropped to 100 hours. Dogo says that many resorts today aim to finish priority slopes within 50 hours. He said that with the same amount of power as in 10 to 15 year ago, they can produce 25% more snow. TechnoAlpin invests around 8 million Euros annually into research and development. Most of the investment went into software that integrated snow guns, pumps stations, and weather forecasts. This allowed resorts to accurately predict how much they could produce, and operate systems automatically in order to minimise waste. Scientists say that technological advancements do not eliminate physical constraints. We need low freezing temperatures to make snow. Hicks Pries stated that low freezing temperatures are needed to make snow. As resorts increase snowmaking in order to meet tighter deadlines, energy use is a priority. Dogo stated that snowmaking systems are typically operated between 250-300 hours per year. Fan guns consume 20-25 kilowatts an hour while lance gun use 1.5-4 kilowatts, depending on the conditions. He said that in Austria, the ski industry, including snowmaking, lifts, and hotels, accounts for around 2% of the national electricity consumption. In Switzerland, this figure is lower. Hicks Pries stated that the energy footprint of snowmaking must be considered in context. She said that the electricity used for snowmaking accounts for 2 to 4% (or less) of total carbon dioxide emissions from a ski resort. "Transportation combined is 50 to 80 percent." Critics claim that rising energy costs and shrinking windows for cold temperatures could make large-scale ice making more expensive. Dogo, however, said that he did not anticipate snowmaking becoming economically unsustainable any time soon. He cited the continued growth of skier numbers worldwide. He said that efficiency was the key. "The key is efficiency," he said. The Winter Games are a test for the International Olympic Committee to see how much snowmaking can compensate climate pressure. Numerous studies indicate that the number of cities that can reliably host Winter Olympics is decreasing, raising concerns about their long-term viability. Hicks Pries says that snowmaking is only a temporary solution, and the risks will continue to increase as long as temperatures rise. Hicks Pries stated that "With four degrees Celsius warming, 98% European ski resorts will be at risk of low snow supply." If they have the necessary resources, right now snowmaking could cover the changes we are seeing. This can't continue." (Reporting and editing by Hugh Lawson; Julien Pretot).
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South Sudan Government says rebel advance is a serious threat to peace
South Sudan's Government urged opposition forces on Tuesday to stop fighting, claiming that a rebel advance in Jonglei State and ongoing clashes which have already caused mass displacement threaten to reignite civil war. According to the United Nations, the scale of clashes between government forces and fighters loyal to 'the Sudan People's Liberation Army-in-Opposition' (SPLA-IO), has not been seen since 2017. The government claimed that its forces had defeated rebel advances in Jonglei. This region stretches from the border of Ethiopia to central South Sudan. Ateny Wek Ateny, the government's spokesperson and minister of information, said that "the ongoing security operation in Northern Jonglei State" is a necessary and lawful measure to halt the advancing rebel forces, restore public order and protect civilians. He added: "The Government calls on the SPLM/A to cease hostilities immediately... Any actions that undermine the (2018) Agreement are a grave threat to peace and jeopardize ongoing transitional?process." South Sudan's Military on Sunday ordered all civil servants and personnel of the U.N. Mission in South Sudan, and other charities, to evacuate three counties in Jonglei before its operation against opposition forces. A spokesperson for U.N. Secretary General Antonio Guterres stated that the mission shared concerns about the possibility of the fighting putting hundreds of thousands civilians in danger. The mission's spokesman warned that the rise in hate speech is fueling ethnic tensions, and could draw civilians into conflict. UNMISS?on Sunday reported that at least 180,000 Jonglei residents had been forced to flee their homes by the fighting. The civil 'war' between President Salva kiir and his vice president Riek Machar in 2013-18 was fought largely along ethnic lines, and it cost approximately 400,000 people their lives. Machar is currently being tried for treason, after an ethnic group with historical ties to SPLA-IO took over an army base near the town of Nasir in the northeastern part of the country last year. He has denied all charges. Denis Logonyi, Vincent Mumo Nzilani and Aiden Lewis edited the article.
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Czech grid operator: Two units at Sev.en’s Chvaletice must remain open
The Czech electricity grid operator,?CEPS, said that on Tuesday two of the four 200-megawatt coal-fired units at Sev.en’s?Chvaletice?coal-fired plant should continue to operate in order to maintain grid stability. Sev.en owned by billionaire Czech Investor Pavel Tykac has announced that it will close Chvaletice, along with its lignite fired plants in Pocerady, and Kladno, between the end of 2020 and the first quarter 2027. CEPS will send its?analysis to the market operator ERU. ERU will then be responsible for securing the operations of the units required, either through an agreement with the existing?owner, or through another operator. Sev.en had no ?immediate comment. CEPS stated that a complete shutdown of Chvaletice could, in certain operating conditions, cause problems with voltage regulation in the northern part the transmission grid. It may also increase the risk of overloading some lines. High EU carbon allowance costs have driven lignite plants that emit carbon out of the market, even though they still produce a significant minority of Czech electricity. However, critics of EU policy say that lignite plants continue to play an important role - especially on days when there is little wind or sun for renewable energy plants. Grid resilience is being closely monitored in Europe, as the increasing share of solar and winds energy output creates more demands on transmission networks. Reporting by Jan Lopatka, Jason Hovet. Mark Potter edited the article.
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Vale Brazil shuts down two units due to water overflow.
A securities filing late on Monday showed that Brazilian miner Vale had halted operation at sites where water had overflowed. Analysts estimate the units account for about 2 percent of Vale's iron ore production outlook for this coming year. Vale reported that the city of?Congonhas ordered the suspension and adoption of emergency measures and control measures after the overflows. The overflows also affected the site of steelmaker CSN, and damaged a nearby river. In Brazil's Minas Gerais, the state of Minas Gerais, there were two separate but nearby areas that experienced heavy rain on Sunday. Analysts?said that the suspension of the units was negative as they have an estimated annual combined output of 8 million tons. SHORT TERM VOLATILITY RBC Europe stressed to its clients in a client note that the reasons behind the overflow and the potential duration of the license suspension as well as the remediation costs were still unclear. Vale's stock closed more than 2% lower on Monday. Itau BBA analysts stated that the events could have an impact on Vale's share performance in the short term, but claimed this was due "primarily to regulatory scrutiny and headline risks rather than a new assessment of structural operational risk." They added that capacity exposure is still manageable and noted that the run rate during the first quarter of the year is typically slower because of challenging rain conditions. INTENSE SCRUTINY FOLLOWING RECENT DISASTERS Vale has been under intense scrutiny since the two dam disasters that occurred in Minas Gerais, in 2010s. The incidents on Sunday coincided with the?anniversary of the 2019 burst dam in Brumadinho which released an avalanche muddy mining waste killing an?estimated 270 while ravaging rivers and local communities. Vale stated that there was no link between the accident and its tailings dams in the area, which they described as "in stable and secure conditions" and noted that no injuries had been reported. The company said that it had suspended operations in the units mentioned and would respond to any required actions promptly, cooperating fully with the authorities. Reporting by Gabriel Araujo, Isabel Teles and Alison Williams.
New York Times Business News - January 27, 2019
These are the most popular stories from the New York Times Business pages. These stories have not been verified and we cannot vouch for their authenticity.
The Trump administration announced that it would extend direct funding of up to $277 millions and loans up to $1.3billion to USA Rare Earth. This group is a mining and manufacturing company. It will help USA Rare Earth develop its supply chain for rare-earth metals and magnets.
U.S. president Donald 'Trump' said that he would raise tariffs on U.S. imported South Korean autos and other goods up to 25%. He blamed the sluggishness of a major trading partner and an ally in enacting an agreement reached a year ago.
The European Union announced that it was investigating Elon Musk's social networking platform X for possible violations of the Digital Services Act. They claimed that the company did not adequately address the "systemic risk" associated with integrating a.i. Grok is a chatbot that the company has integrated into its service.
Federal Aviation Administration leaders have announced that they are overhauling their internal structure in order to "modernize" and "increase safety". The move is intended to make the agency better able to respond at a time when there is a greater focus on enhancing 'the security of air travel.
The Trump 'administration plans to remove Gregory Bovino from Minneapolis, Minnesota. Bovino is a Border Patrol officer whose tactics in major American cities have caused controversy. This comes after Trump announced that he would send his border czar Tom Homan to supervise ICE operations within the state. (Compiled and published by Bengaluru Newsroom)
(source: Reuters)