Latest News
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Brazil's Lula announces a $1 billion investment to the Global Forest Fund
At a United Nations conference in New York, Brazil's president Luiz Inacio Lula Da Silva announced a $1 billion investment into the Tropical Forests Forever Facility. This multilateral funding mechanism has been proposed to support the conservation of endangered forest. Brazil is the first country in the world to make a commitment to the Forest Fund. The announcement confirmed an earlier report citing sources. Lula stated that Brazil will be the first to set an example by investing $1 billion in the forest fund. He added that he expected other countries to announce similar contributions. Sources said the move was intended to encourage contributions from wealthy economies and developing countries, who have had disagreements about funding global climate policies. According to those involved in the talks, nations like China, United Kingdom, France Germany, Norway Singapore and United Arab Emirates have shown initial support for the TFFF. The TFFF is envisioned as a $125-billion fund that combines contributions from the private and sovereign sectors. It would be administered like an endowment. Countries would receive annual stipends based upon how much of their rainforests remain standing. According to preliminary estimates, Brazil will need governments and major philanthropies, who can contribute $25 billion. This could attract $100 billion in private investment. Reporting by Lisandra paraguassu from Brasilia, writing by Manuela andreoni, editing by Brad Haynes. Nia Williams & Chizu Nomiyama.
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A man found guilty of attempted murder in plot to kill Trump on Florida golf course
U.S. Attorney Pam Bondi announced on social media that a man who was found with a firearm near Donald Trump's Florida Golf Course last year, had been found guilty of the attempted assassination a major candidate for president. Ryan Routh (59) was found guilty of attempting to murder Trump, who at the time was a Republican presidential candidate and former U.S. President, by pointing a rifle into a fence as Trump played golf in West Palm Beach. He was found guilty of the other four charges, including impeding federal agents and weapons offenses. He could face a life sentence in prison. According to testimony, Routh did not fire a single shot when a U.S. Secret Service Agent patrolling ahead of Trump saw Routh with the rifle. The agent then opened fire. John Shipley, the prosecutor, said that the plot was "carefully crafted" and "deadly serious". He added that, without the Secret Service agent's intervention, "Donald Trump wouldn't be alive." Trump was the target of two assassination efforts, one of which wounded him in his ear. This occurred during the 2024 campaign for the presidency, when he returned to the White House. Bondi stated in a X statement that "Today's conviction of would-be Trump killer Ryan Routh demonstrates the Department of Justice’s commitment to punishing individuals who engage in political violent acts." This attempted assassination wasn't just an attack against our President but also an insult to our nation. Recent political violence has also targeted Democrats. An arsonist set fire to the home of Pennsylvania Governor Josh Shapiro in April while his family was there. In June, an arsonist posing as police in Minnesota killed state legislator Melissa Hortman along with her husband. He also shot state senator John Hoffman and his spouse. Routh chose to fire his attorneys and defend himself in court, even though he had pleaded guilty to all the charges. He defended himself by describing his non-violent and gentle nature. However, his long opening statement was cut short by the federal judge. Routh lived most recently in Hawaii. He was a roofing contractor who led a erratic lifestyle. He also became involved in pro-democracy campaigns in Taiwan and Ukraine where he travelled twice after Russia's invasion. Sara, his daughter, told us that he initially stayed in Ukraine for ten months. He slept in a tent and helped recruit volunteers as well as source supplies. Routh's trips were part of an ongoing pattern of large gestures he made to help people he deemed vulnerable or defenseless. However, these plans often met with practical obstacles. They were about to start a war. Sara Routh stated that they had nothing with which to fight. "He thought he could change things." The prosecution alleged Routh had arrived in South Florida a little over a month prior to the incident on September 15, 2024. Routh allegedly stayed at a truckstop and tracked Trump's schedule and movements. Routh was alleged to have used six cell phones, and he also used fake names in order to hide his identity. Prosecutors claim that he waited in thick brush for almost 10 hours the day before the incident and concealed himself there. Investigators found an SKS style rifle, two bags with metal plates similar to those used for body armor and a small camera pointed towards the course. Routh's discovery was made a few hundred feet away from Trump, on the fifth green. Routh was arrested by police later that afternoon, after being stopped along a Florida road. (Reporting and editing by Scott Malone, Daniel Wallis, and Andrew Goudsward)
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A man found guilty of attempted murder in plot to kill Trump on Florida golf course
Fox News reported that a man who was discovered with a firearm near Donald Trump's Florida Golf Course last year, was found guilty of the attempted assassination a major candidate for president. Ryan Routh (59) was found guilty by a jury of attempting to murder Trump, who at the time was a former U.S. President and Republican candidate for president, with a rifle he pointed through a fence as Trump played golf in West Palm Beach. He could face a life sentence in prison. According to testimony, Routh did not fire a single shot when a U.S. Secret Service Agent patrolling ahead of Trump saw Routh with the rifle. The agent then opened fire. John Shipley, the prosecutor, said that the plot was "carefully crafted" and "deadly serious". He added that, without the Secret Service agent's intervention, "Donald Trump wouldn't be alive." Trump was the target of two assassination plots, one of which wounded him in his ear. This occurred during the 2024 campaign for the presidency, when he returned to the White House. Recent political violence has also targeted Democrats. An arsonist set fire to the home of Pennsylvania Governor Josh Shapiro in April while his family was there. In June, an arsonist posing as police in Minnesota killed state legislator Melissa Hortman along with her husband. He also shot state senator John Hoffman and his spouse. Routh chose to fire his attorneys and defend himself in court, even though he had pleaded guilty to all the charges. He defended himself by describing his non-violent and gentle nature. However, his long opening statement was cut short by the federal judge. Routh lived most recently in Hawaii. He was a roofing contractor who had a erratic career and participated in pro-democracy groups in Taiwan and Ukraine. Sara, his daughter, said that Routh initially stayed in Ukraine for ten months. He slept in a tent and recruited volunteers while sourcing supplies. Routh's trips were part of an ongoing pattern of large gestures to help people who he deemed vulnerable or defenseless. However, these plans often met with practical obstacles. They were about to start a war. Sara Routh stated that they had nothing with which to fight. "He thought he could change things." The prosecution alleged Routh had arrived in South Florida a little over a month prior to the incident on September 15, 2024. Routh allegedly stayed at a truckstop and tracked Trump's schedule and movements. Routh, according to prosecutors, used fake names and carried six cellphones in order to hide his identity. Prosecutors claim that Routh hid in thick bushes and waited for almost 10 hours the day before the incident. Investigators found an SKS style rifle, two bags with metal plates similar to those used for body armor and a small camera pointed towards the course. Routh's discovery was made a few hundred feet away from Trump, on the fifth green. Routh was arrested by police later that afternoon, after he had been stopped along a Florida road.
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Sources say Brazil will invest $1 billion into the Global Forest Fund
Two people familiar with the plans said that Brazil would announce a $1billion investment in the Tropical Forests Forever Facility. This multilateral funding mechanism is intended to help conserve endangered forests. Sources say that the investment will be announced later Tuesday by Brazilian President Luiz inacio Lula da So at an event hosted by the United Nations in New York. Brazil is the first country to make a commitment to the Forest Fund. Sources say the move is intended to encourage contributions from wealthy economies and developing countries, who have had disagreements over funding global climate policies. According to those involved in the talks, nations like China, United Kingdom, France Germany, Norway Singapore and United Arab Emirates have shown initial support for the TFFF. The TFFF is envisioned as a $125-billion fund that combines contributions from the private and sovereign sectors. It would be administered like an endowment. Countries would receive annual stipends based upon how much of their rainforests remain standing. According to preliminary estimates, Brazil will need governments and major philanthropies contributing the first $25 billion in order to attract private investors who could contribute another $100 billion. (Reporting and writing by Lisandra paraguassu, Brasilia) Editing by Brad Haynes, Nia Williams and Manuela Andreoni
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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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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.
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.
(source: Reuters)