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☆ 10 states with the biggest Biden infrastructure funding include key battlegrounds
▼ + stars: | 2024-05-13 | by ( Rebecca Picciotto | ) www.cnbc.com time to read: +3 min

U.S. President Joe Biden delivers remarks as part of his Investing in America agenda, during a visit to Gateway Technical College in Sturtevant, Wisconsin, U.S., May 8, 2024. Kevin Lamarque | ReutersThe Biden administration has announced $537 billion in infrastructure investments since the passage of landmark government funding bills, such as the Bipartisan Infrastructure Law, CHIPS Act and the Inflation Reduction Act. New state-by-state White House data released Monday offers a holistic portrait of how President Joe Biden has so far doled out that funding across the country. Several of the biggest awards went to battleground states that will be pivotal to the 2024 presidential election. US President Joe Biden visits the John A. Blatnik Memorial Bridge in Superior, Wisconsin, on January 25, 2024.

Persons: Joe Biden, Kevin Lamarque, Biden, Natalie Quillian, Mandel Ngan, Donald Trump, John A, Saul Loeb Organizations: Gateway Technical College, Reuters, Infrastructure Law, White, House, AFP, Getty Images, Trump, Commerce Department, Treasury Department, Federal Communications Commission, Law, Getty Locations: Sturtevant , Wisconsin, U.S, California, Texas, York, Florida, Pennsylvania, Illinois, Arizona, Maryland, Ohio, Michigan, Fern, Pittsburgh , Pennsylvania, Getty Images Pennsylvania, . Georgia, Superior , Wisconsin

☆ Nikki Haley picks up first Senate endorsements from Collins, Murkowski while most GOP senators line up behind Trump
▼ + stars: | 2024-03-02 | by ( John L. Dorman | ) www.businessinsider.com time to read: +2 min

Read previewSince former President Donald Trump entered the 2024 presidential race in late 2022, his candidacy has dominated the GOP primary process, with most Senate Republicans slowly but surely falling into his camp. With Trump largely cruising toward the GOP presidential nomination ahead of Super Tuesday, he has won the endorsements of a majority of the Senate Republican Conference. Lisa Murkowski of Alaska and Susan Collins of Maine — announced that they were backing former UN ambassador Nikki Haley over Trump. AdvertisementIn a response to The Bangor Daily News, Collins said that she voted for Haley over Trump in the GOP primary, adding that Haley has "the energy, intellect, and temperament" to serve in the White House. The support from Murkowski and Collins is noteworthy, as the two lawmakers are the first GOP members from the chamber to back Haley as she continues her uphill primary campaign against Trump.

Persons: —, Donald Trump, — Sens, Lisa Murkowski, Susan Collins, Maine, Nikki Haley, Trump, Murkowski, Haley, Nikki, Collins, Ketanji Brown, Sen, Mitt Romney, Joe Biden's, Ralph Norman Organizations: Service, GOP, Republicans, Trump, Senate Republican Conference, Business, —, Maine —, Republican Party, Bangor Daily, Supreme, Republican Locations: Alaska, UN, Bangor, Murkowski, Utah, South Carolina

☆ The 'best' investment right now: Fund manager picks stocks with almost 15% total returns
▼ + stars: | 2024-02-26 | by ( Ganesh Rao | ) www.cnbc.com time to read: +3 min

Shares of oil giants and European infrastructure companies can act as a hedge against inflation while also delivering strong annual growth, according to fund manager Freddie Lait. Lait manages two funds — the Latitude Horizon Fund and the Latitude Global Fund — with more than $750 million of assets collectively and holds all three stocks in both funds. BP SHEL 1Y line The fund manager explained that with oil currently around $85 per barrel, and his assumption of $70-75 long-term, his oil and gas stock picks can generate nearly double-digit annual returns for shareholders. 'Phenomenally interesting' stock Beyond energy names, Lait said his favorite inflation-linked stock is Vinci which he described as "phenomenally interesting." The company operates a mix of toll roads and civil engineering projects with long-term inflation adjustment mechanisms.

Persons: Freddie Lait, Lait, Vinci, Goldman Sachs Organizations: Latitude Investment Management, Shell, CNBC Pro, International Energy Agency, London Gatwick, Atlantic City International, Vinci Locations: Saudi Arabia's, Aramco, Burbank, United States

That's because a subsidy that helps people with limited resources afford internet access is set to expire this spring. If the program expires, participating families, including nearly 900,000 in North Carolina, will either lose internet access or have to pay more to stay connected. Most of that money will be awarded to internet providers to build internet infrastructure in areas that need it most. Several states incorporated the ACP subsidies into those draft plans in ways that would lower the cost for internet access to zero for some customers. Report for America is a nonprofit national service program that places journalists in local newsrooms to report on undercovered issues.

Persons: Joe Biden, ” North Carolina Governor Roy Cooper, “, Shirleen Alexander of Charlotte, ”, Alexander, Biden, Franklin Roosevelt, Brian Vo, ” Vo, Nate Denny, he's “, ” Denny, Denny, Gina Raimondo, ” Cooper, ___ Organizations: ANGELES, Program, ” North, ” North Carolina Governor, Democrat, Administration, New, ”, Connect, Biden, Federal Communications Commission, Sense Media, Boston Consulting, Broadband Equity, National Telecommunications and Information Administration, Associated Press, America Statehouse News Initiative, America Locations: North Carolina, U.S, ”, ” North Carolina, America, Raleigh

LAS VEGAS (AP) — A planned high-speed rail line between Las Vegas and the Los Angeles area got a Biden administration pledge on Tuesday of $3 billion to help start laying track, Nevada elected officials said. But Rosen said electric-powered trains could be carrying passengers by the time Los Angeles hosts the Summer Olympics in 2028. “Connecting Las Vegas and Southern California by high-speed rail will create tens of thousands of good-paying union jobs, boost our Southern Nevada tourism economy, and finally help us cut down on I-15 traffic," Cortez Masto said Tuesday in a statement. Calls for a high-speed rail line whisking tourists through the Mojave Desert to Las Vegas date at least to 2001, said U.S. Rep. Dina Titus, a Democrat who represents the Las Vegas Strip. Other places where high-speed trains have been proposed include the 240 miles (386 kilometers) in Texas between Dallas and Houston, and a 500-mile (805-kilometer) system linking Los Angeles and San Francisco that has faced swelling costs, funding questions and other delays.

Persons: Sen, Jacky Rosen, Rosen, “, ” Wes Edens, Joe Biden, Catherine Cortez Masto, Biden, Cortez Masto, Dina Titus Organizations: LAS VEGAS, Brightline, Angeles, Nevada -, U.S, Rep, Democrat, Las, Brightline Holdings Locations: Las Vegas, Los Angeles, Nevada, U.S, Florida, California, Victorville , California, San Bernardino County, Rancho Cucamonga, Nevada - California, Southern California, Southern Nevada, Florida's, Miami, Orlando, Texas, Dallas, Houston, San Francisco

Even including the sale of Heathrow, this year is the slowest for airport transactions in the past decade, totalling $5.9 billion globally to date, according to Dealogic data. They have hired Mediobanca (MDBI.MI) and Credit Agricole (CAGR.PA) to find a buyer for a sale of their 49% stake in the company, the people said. Heathrow's sale valued the airport at 14.3 times EBITDA, according to JP Morgan analysis published on Wednesday. UK's Esken (ESKN.L), owner of regional Southend Airport, said in June it had started a process for the sale of the airport. On Thursday, Hungary's state-owned Corvinus and Vinci Airports notified the European Commission of a proposed joint takeover of Budapest's airport, according to a document posted on the EU website.

Persons: Andras Kranicz, GIP, Australia's Macquarie, Spain's, Ferrovial, Agata Lyznik, Mediobanca, Gianni, Origoni, Nico Torrisi, Morgan, UK's, France's Vinci, Vinci, Corvinus, Emma, Victoria Farr, Andres Gonzalez, Elisa Anzolin, Joanna Plucinska, Mathieu Rosemain, Anousha Sakoui, Elaine Hardcastle Organizations: LONDON, Heathrow, BNP, Global Infrastructure Partners, AGS Airports, Southampton, Australia's, International, ACI, Airports, Macquarie, Credit Agricole Assurance, 2i, Credit, SAC, Gatwick, Southend Airport, Global Infrastructure Fund, Vinci Airports, European Commission, EU, Thomson Locations: Edinburgh, Italy, FRANKFURT, Spanish, Europe, Aberdeen, Glasgow, Heathrow, France, Hungary's, Budapest's

☆ Canada's Brookfield raises record $28 billion for infrastructure fund
▼ + stars: | 2023-12-01 | by ( ) www.reuters.com time to read: +2 min

Dec 1 (Reuters) - Canada's Brookfield Asset Management (BAM.TO) said on Friday it had raised $28 billion for its largest-ever fund, wagering on infrastructure assets the company believes would benefit from a shift to "deglobalization", given recent geopolitical tensions. Brookfield said the fund has already deployed 40% of its capital in six investments including renewable, transport, data center and telecom tower assets. The company, which manages over $850 billion in assets, said it had also raised $2 billion for related co-investment vehicles. Besides "deglobalization", Brookfield's latest fund will also focus on infrastructure assets tied to digitalization and decarbonization, the company said. The company had raised $20 billion for its previous global infrastructure fund in 2020.

Persons: Brookfield, Niket, Pooja Desai Organizations: Brookfield Asset Management, Thomson Locations: Brookfield, Ukraine, Bengaluru

Stock purchases by corporate insiders are tracked by many fund managers as a potential signal of company quality. For example, shares of Spectrum Brands are down about 17% over the past three months, but its top executive just stepped in. Spectrum Brands is a conglomerate of different home and pet products, including George Foreman cooking grills and the Wild Harvest pet food line. Here are the top five insider buys revealed in the final week of November, according to VerityData and securities filings. Spectrum Brands: Maura bought 40,000 shares at an aggregate price of $2.67 million.

Persons: David Maura, Maura, George Foreman, Kayne, John Frey, Ivan Kaufman, Paul Elenio, Walden Rhines, Dentsply Sirona, Gregory Lucier, Gregory Lucier's Organizations: Stock, Investors, Spectrum Brands, Brands, Kayne Anderson Energy Infrastructure Fund, Arbor Realty Trust Locations: Arbor

She replaces Mafalda Duarte, who left in July 2023 to lead the Green Climate Fund. Luis Tineo, interim CEO, will lead CIF until March, 2024. "Developing countries are at the forefront of the climate crisis, and we will only meet this decisive moment by working together to scale climate finance where it is needed most," Gbadegesin said in a statement. Among the largest multi-lateral climate funds in the world, CIF offers projects highly concessional capital that can leverage development bank and private sector money to fund low carbon, climate-resilient development. As well as the World Bank Group, including the International Finance Corp, CIF invests through the African Development Bank, the Asian Development Bank, the European Development Bank, and the Inter-American Development Bank.

Persons: Mafalda Duarte WASHINGTON, Tariye Gbadegesin, Gbadegesin, Mafalda Duarte, Luis Tineo, ”, Bob Natifu, Edward Webber, Simon Jessop, Valerie Volcovici, David Gregorio Our Organizations: Global, Investment Funds, World Bank, ARM Harith Infrastructure Investments, Climate Fund, Initiative, International Monetary Fund, Boston Consulting, Africa Finance Corp, Trust Fund Committee, International Finance Corp, African Development Bank, Asian Development Bank, European Development Bank, Inter, American Development Bank, Thomson Locations: South Africa, Indonesia

☆ Los Angeles is defined by its deep-rooted car culture. Could the recent I-10 freeway fire make Angelenos rethink that relationship?
▼ + stars: | 2023-11-26 | by ( John L. Dorman | ) www.businessinsider.com time to read: +6 min

Officials encouraged people to switch to public transit to alleviate bad traffic from road closures. For native Angelenos and the millions of visitors who've traveled to the area, Los Angeles car culture is simply a way of life. According to The Los Angeles Times, the Los Angeles County Metropolitan Transportation Authority saw a 10% bump in ridership on the E Line light rail train that runs through downtown Los Angeles on the first two workdays after the incident. While it's too early to know if public transit ridership will be up in November, a reimagined vision of traversing Los Angeles has long been overdue. The transit system simply isn't woven into the fabric of Los Angeles compared to cities like New York and Chicago.

Persons: —, who've, Los Angeles Mayor Karen Bass, it's, Damian Dovarganes Organizations: Service, Los Angeles Mayor, Los Angeles Times, Los, Los Angeles County Metropolitan Transportation Authority, Metro Transit Authority, TAP, California Department of Transportation, Caltrans, Wall Street, LA Transit, AP, LA Metro Rail Locations: LA, Los Angeles, California, Angelenos, Los Angeles County, Santa Monica, Inglewood, Angeles, New York, Chicago, Santa, Southern California

☆ Biden faces a warning sign from younger voters critical to his coalition
▼ + stars: | 2023-11-15 | by ( Jeff Zeleny | ) edition.cnn.com time to read: +7 min

A spokesman for the Biden campaign called the election “deeply consequential for young people,” and pledged to build on a strong turnout from younger voters in the 2022 midterm elections. Exit polls in 2020 showed that voters 18 to 29 made up 20% of the Georgia electorate – the only state of the top six battlegrounds where the percentage of young voters exceeded the national share of 17%. Then, Biden won young Georgia voters by 13 points, according to exit polls. I think that brings a lot of mistrust.”Christopher Lambry, a Morehouse freshman, said he was concerned at the softening of support for Biden among many younger Black voters, particularly men. “Just as we hold Trump accountable,” said Singleton, the Morehouse senior who saw Biden early last year, “we have to hold Biden accountable.”

Persons: Kerry Singleton, Joe Biden, Kamala Harris, “, ”, Singleton, Biden, “ We’re, ” Singleton, Rachael Carroll, ” Carroll, Harris, Donald Trump, Carroll, Kevin Munoz, MAGA, ” Munoz, “ You’ve, Sen, Nabilah Islam Parkes, rehire Joe Biden, ” Islam Parkes, Aylon, ” Gipson, ” Paul Sprowl, ” Sprowl, Trump, ” Christopher Lambry, ” Lambry, – Organizations: Atlanta CNN, Clark Atlanta University, Morehouse College, Morehouse, ”, Biden, Trump, CNN, Georgia, New York Times, Siena, Democrat, Georgia Senate, Democratic, Israel, Black Locations: Singleton, Israel, Georgia, American

☆ BlackRock-backed Jolt launches on-street EV chargers in UK
▼ + stars: | 2023-11-14 | by ( Nick Carey | ) www.reuters.com time to read: +2 min

REUTERS/Nacho Doce/File Photo Acquire Licensing RightsLONDON, Nov 14 (Reuters) - Australian charging company Jolt, which has received backing from U.S. fund manager BlackRock (BLK.N), said on Tuesday it is rolling out on-street EV chargers in London as parts of plans to install 5,000 chargers in Britain over the next three to five years. Jolt is rolling out chargers in the London borough of Barnet and CEO Doug McNamee said the company was in talks to do the same in other boroughs. Barnet has received a 2.1 million pound ($2.6 million) government grant for EV charging infrastructure. Its chargers feature advertising, which pays for 7 kilowatt hours of free charging for consumers, or around 30 miles (48.3 km) of EV range. The company currently has around 100 chargers in service, but has a "global pipeline of around 7,500 chargers," McNamee said.

Persons: Nacho, Doug McNamee, McNamee, Jolt, We've, Nick Carey, Bernadette Baum Organizations: REUTERS, BlackRock, Barnet, EV, Canadian, Telus, Thomson Locations: Sao Paulo, Brazil, U.S, London, Britain, Barnet, Australia, New Zealand, Canada, BlackRock

☆ Meet the guy in charge of deciding how to spend $1.2 trillion from Biden’s infrastructure bill
▼ + stars: | 2023-11-07 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +9 min

You can see in the funding for the infrastructure bill that we’re working hard to do all of that. We want to build generational wealth and do it in a way that heals communities rather than separates them. Between the Bipartisan Infrastructure Law, the Inflation Reduction Act and the CHIPS act, there’s been a $1.8 trillion dollar investment. You may recall that when this conversation started about three or four years ago, the number was $6 trillion. So $1.2 trillion is significant, but it’s just a downpayment on what the real needs are.

Persons: Mitch Landrieu, Joe Biden, Biden’s, Landrieu, Bell, you’ve, We’re, Biden, it’s, He’s, he’s, there’s, I’ve, Catherine Thorbecke, ”, David Tolley, WeWork, Adam Neumann, Neumann, ’, AFTRA, Ramishah Maruf, “, ” It’s Organizations: CNN Business, Bell, New York CNN, White, Infrastructure Investment, Jobs Act, Economic Security, Infrastructure Law, SAG, ’ Locations: New York, New Orleans, Lowndes County , Alabama, Napakiak, Alaska, China, America, Hollywood

☆ Telecom Italia gives green light to KKR's grid bid, sources say
▼ + stars: | 2023-11-05 | by ( Elvira Pollina | ) www.reuters.com time to read: +3 min

Telecom Italia (TIM) logo is seen displayed in this illustration taken, May 3, 2022. The price tag can reach 22 billion euros when including some future payments were a long-awaited combination of TIM's grid with that of state-backed fibre optic rival Open Fiber materialise, the first two sources said. Italian infrastructure fund F2i is also preparing to take a stake in the grid to bring the holding in Italian hands to 30%-35%. With its 24% TIM stake, Vivendi has warned TIM's board it is ready to bring a legal challenge to the sale after criticising its approval process, documents seen by Reuters showed. ($1 = 0.9321 euros)Reporting by Elvira Pollina; Editing by Valentina ZaOur Standards: The Thomson Reuters Trust Principles.

Persons: Dado Ruvic, Giorgia, Pietro Labriola's, Merlyn Advisors, Stefano Siragusa, Elvira Pollina, Valentina Za Organizations: Telecom Italia, REUTERS, Vivendi, Sunday, KKR, Reuters, TIM, Treasury, Thomson Locations: MILAN, London

☆ Cramer's week ahead: Federal Reserve meeting, Apple and Eli Lilly earnings
▼ + stars: | 2023-10-27 | by ( Julie Coleman | ) www.cnbc.com time to read: +2 min

CNBC's Jim Cramer on Friday told investors what he'll be focusing on in the coming week, namely Wednesday's Federal Reserve meeting and earnings reports from companies such as Eli Lilly and Apple . Cramer noted that recent days have been "brutal" for the stock market and bemoaned the bond market's effect on stocks. On Monday, Cramer will be waiting to see the results of McDonald's earnings report. Cramer called Thursday the most important business day of the week, with earnings from drug maker Eli Lilly and tech giant Apple. EOG Resources , which Cramer said is among the best oil and gas companies alongside Coterra , reports earnings after the bell Thursday followed by a Friday conference call.

Persons: CNBC's Jim Cramer, Eli Lilly, Apple, Cramer, he'll, Eaton, Eli Lilly's Mounjaro Organizations: Reserve, Caterpillar, Micro Devices, CVS, Yum Brands, KFC, Taco Bell, Apple, EOG, Treasury

☆ India and Japan will be Asia's next power couple
▼ + stars: | 2023-10-19 | by ( Pranav Kiran | ) www.reuters.com time to read: +4 min

Indian Prime Minister Narendra Modi welcomes Japan Prime Minister Fumio Kishida upon his arrival at Bharat Mandapam convention center for the G20 Summit, in New Delhi, India, Saturday, Sept. 9, 2023. Evan Vucci/Pool via REUTERS Acquire Licensing RightsBENGALURU, Oct 19 (Reuters Breakingviews) - India and Japan are edging closer. Prime Minister Narendra Modi and Prime Minister Fumio Kishida's governments form part of the so-called Quad security grouping with the United States and Australia to counter Chinese expansionism in Asia. Now the two countries are setting up an investment fund together. That’s delivering on a pledge by Kishida to invest 5 trillion yen, or some $42 billion, into India over the next five years.

Persons: Narendra Modi, Fumio Kishida, Evan Vucci, Fumio, Kishida, Wood Mackenzie, Sajjan Jindal, India’s, Lakshmi Mittal, JBIC, Una Galani, Thomas Shum Organizations: Indian, Japan, Bharat, REUTERS Acquire, Rights, Reuters, National Investment, Infrastructure Fund, Japan Bank, International Cooperation, Japan External Trade Organization, Nippon Telegraph, Telephone, Reuters Graphics, Teck Resources, Nippon Steel, ArcelorMittal, Japan Fund, Thomson Locations: New Delhi, India, Japan, United States, Australia, Asia, Reuters Graphics India, China, Russia, South, Teck, Indian

☆ Xi and Putin to reunite in China as divisions with the West sharpen
▼ + stars: | 2023-10-16 | by ( Simone Mccarthy | ) edition.cnn.com time to read: +8 min

Putin and Xi, who frequently refer to their close friendship, have met 40 times in the past decade, including twice since the start of the war in Ukraine. “And for China, having an important international player like Putin to join the BRI summit is also politically important,” he added. Chinese leader Xi Jinping inspects the honor guard at the Moscow Vnukovo Airport on March 20, 2023. Last year, Russia and China saw record trade, which continued to grow in 2023. Xi and Putin are expected to discuss the conflict in their upcoming meeting – where Russia’s war in Ukraine will also likely feature.

Persons: Vladimir Putin, Xi Jinping, Ukraine –, ’, Xi, Putin, “, ”, Li Mingjiang, Xie Huanchi, “ China, Alex Gabuev, it’s, Xu Wei, Joe Biden, Wang Yi, Israel –, Li, don’t Organizations: Beijing CNN —, Hamas, Palestinian, Forum, West, Singapore’s Nanyang Technological University, Moscow Vnukovo Airport, Getty, Carnegie Russia Eurasia Center, ’, Xinhua, United Nations Security, UN, Israel, Ukraine Locations: China, Beijing, United States, Ukraine, Moscow, Russian, Kyrgyzstan, Russia, Xinhua, Europe, Berlin, East, Israel, Gaza, Leningrad, Singapore

CHARLESTON, W.Va. (AP) — Sen. Joe Manchin of West Virginia has benefited from waiting to reveal where he stands as the swing vote in a chamber closely divided between Democrats and Republicans. During a multi-day trip to West Virginia's capital this week, the 76-year-old expressed growing frustration with the polarized U.S. two-party system. He managed to win reelection in 2018 in one of former President Donald Trump's most loyal states as the last of his party to hold statewide office in now-deep red West Virginia. Still, Justice has a high approval rating in West Virginia, making him a formidable opponent for any candidate. Robert Rupp, a retired political history professor at West Virginia Wesleyan, called Manchin one of the most successful campaigners in recent state history because of his personal relationships with constituents.

Persons: — Sen, Joe Manchin, He's, —, ”, Manchin's, he's, Manchin, ” Manchin, Donald Trump's, Jim Justice, Joe Biden, Chuck Schumer, Alex Mooney, He’s, Robert Rupp, Rupp, ” Rupp, “, shouldn't, We've Organizations: Republicans, Amtrak, West, West Virginia's House, Democratic, Democratic Party, Republican Gov, White, Energy, Natural Resources, Justice, Senate, Democrat, GOP, Trump, West Virginia Wesleyan Locations: CHARLESTON, W.Va, West Virginia, West, Charleston, West Virginia's, New Hampshire, Washington

☆ Buy this little-known digital infrastructure stock for more than 50% upside, JPMorgan says
▼ + stars: | 2023-09-28 | by ( Brian Evans | ) www.cnbc.com time to read: +1 min

The bank upgraded the stock to overweight from neutral and raised its price target to $25 from $19. DBRG YTD mountain DigitalBridge stock has climbed more than 51% from the start of the year. "The transformed DigitalBridge is a direct way for investors to benefit from digital infrastructure investment management on a global basis without being fully invested to one vertical or region," Choe said. "Investors are looking for focused alternative asset managers and digital infrastructure is highly attractive given long-term growth prospects, scale and return potential." "We believe DBRG will be able to raise capital in a more stable financial environment as rates level off and digital infrastructure gains broader appeal to pension, sovereign wealth and other infrastructure funds," he said.

Persons: DigitalBridge, Richard Choe, Choe, DBRG, Michael Bloom Organizations: JPMorgan

☆ China has poured billions into Africa’s infrastructure. Is it now tightening the tap?
▼ + stars: | 2023-09-26 | by ( Simone Mccarthy | ) edition.cnn.com time to read: +11 min

The impact of those funds is felt across Africa, where residents in major cities like Lagos, Nairobi and Addis Ababa now transit daily via railways, highways and airports built in recent years with Chinese loans and often by Chinese construction firms. But understanding how much money is flowing out of China into global development is notoriously tricky as Beijing doesn’t share this data openly and a wide range of financial entities play roles. How all this plays out could have a significant impact on developing countries’ access to much-needed infrastructure funding. China is also navigating the second decade of the Belt and Road amid stark economic challenges at home. China in 2017 released guidance on promoting a “green” Belt and Road, which called for sustainable development and strengthening environmental protection.

Persons: laud, Xi, Roberto Matchissa, Oyintarelado Moses, ”, Moses, Ammar A, Malik, “, Austin Strange, Yasuyoshi Chiba, AidData’s Malik, HKU’s Organizations: Hong Kong CNN, Initiative, Boston University Global Development, Center, Getty, CNN, Global China Initiative, Global Development Policy, William, Mary’s Global Research Institute, University of Hong, Global Development Locations: China, Hong Kong, Africa, Beijing, Lagos, Nairobi, Addis Ababa, Ukraine, Maputo, Katembe, Mozambique, AFP, Kazakhstan, Zambia, Ghana, University of Hong Kong, Kenya, United States, China’s

Ahead of a White House welcome for the leaders, Biden announced U.S. diplomatic recognition of two more Pacific islands nations, the Cook Islands and Niue. The White House said this year it would focus on priorities including climate change, economic growth, sustainable development, public health and countering illegal fishing. In Baltimore on Sunday, Pacific island leaders visited a Coast Guard cutter in the harbor and were briefed on combating illegal fishing by the Commandant of the Coast Guard, an official said. The White House in 2022 said the U.S. would invest more than $810 million in expanded programs to aid the Pacific islands. She added that Pacific island countries "welcome the U.S. re-engagement with the region, but don't want geopolitical tussles to result in an escalation of militarization."

Persons: Joe Biden, Walter E, Elizabeth Frantz, Biden, Manasseh Sogavare, Washington, Sogavare, Meg Keen, Sato Kilman, Kilman, Ishmael Kalsakau, David Brunnstrom, Trevor Hunnicutt, Kirsty Needham, Don Durfee, Grant McCool Organizations: Congressional Black Caucus Foundation, Washington Convention Center, REUTERS, Rights, Pacific, NFL, White, U.S ., Niue, Sunday, Coast Guard, Sunday's National Football League, Baltimore Ravens, Indianapolis Colts, Solomon, Biden, Australia's Lowy Institute, USAID, Vanuatu, Reuters, Thomson Locations: Washington , U.S, Washington, Cook Islands, Niue, The U.S, Papua New Guinea, U.S, Asia, Cook, Baltimore, Pacific, China, Beijing, Congress, Australia, Vanuatu, Fiji, Kiribati, Hawaii, Palau, Micronesia, Marshall, Sydney

☆ SBB sells 1.16% of education unit, receives $700 million as part of loan repayment
▼ + stars: | 2023-09-24 | by ( Rishabh Jaiswal | ) www.reuters.com time to read: +2 min

Sept 24 (Reuters) - Swedish property group SBB (SBBb.ST) on Sunday divested 1.16% of its education subsidiary EduCo to Brookfield Super-Core Infrastructure Partners for around 242 million Swedish crowns ($21.73 million) as it looks to bolster its finances. SBB will hold approximately 49.84% of EduCo after the divestment, following which EduCo will be controlled by Brookfield. As part of the deal announced on Sunday, EduCo will repay part of its inter-company loan from SBB, resulting in the Stockholm-based company receiving approximately 7.8 billion Swedish crowns ($700.46 million) in cash. SBB's remaining loan to EduCo will be around 5.5 billion Swedish crowns. Brookfield Super-Core Infrastructure Partners is the infrastructure fund of Canada's Brookfield Asset Management(BAM.TO).

Persons: EduCo, Brookfield, Rishabh, Barbara Lewis, Sharon Singleton Organizations: SBB, Sunday, Brookfield, Core Infrastructure Partners, International Monetary Fund, Brookfield Asset Management, Community, Thomson Locations: Brookfield, Sweden, Stockholm, EduCo, Bengaluru

During the three-day meeting, the U.S. will announce diplomatic recognition for two Pacific islands, promise new money for infrastructure, including to improve Internet connectivity via undersea cables, and honor regional leaders at an NFL game. SOME SKIP SUMMITSolomon Islands Prime Minister Manasseh Sogavare, who has deepened his country's ties with China, will skip the summit. The White House in 2022 said the U.S. would invest more than $810 million in expanded programs to aid the Pacific islands. She added that Pacific island countries "welcome the U.S. re-engagement with the region, but don't want geopolitical tussles to result in an escalation of militarization. "Vanuatu Prime Minister Sato Kilman will also not attend the summit, his office told Reuters.

Persons: Manasseh Sogavare, James Marape, David Kabua, Fiame Naomi Mata'afa, Joe Biden, Biden, Washington, Sogavare, Meg Keen, Sato Kilman, Kilman, Ishmael Kalsakau, David Brunnstrom, Trevor Hunnicutt, Kirsty Needham, Don Durfee, David Gregorio Our Organizations: Solomon Islands, Guinea's, Samoa's, U.S ., NFL, White, Coast Guard, Baltimore Ravens, Indianapolis Colts, Solomon, Biden, Pacific, Australia's Lowy Institute, USAID, Vanuatu, Reuters, Thomson Locations: Solomon, Papua, Marshall, U.S, WASHINGTON, Washington, Papua New Guinea, Asia, United States, Cook, Niue, Baltimore, Pacific, China, Beijing, Congress, Australia, The U.S, Vanuatu, Fiji, Kiribati, Hawaii, Palau, Micronesia, Sydney

“We hope this G20 summit will show that the world’s major economies can work together even in challenging times,” US national security adviser Jake Sullivan said this week. The institutions, created in the aftermath of World War II, have long funded education, public health and infrastructure programs in developing countries. Sullivan said this week the World Bank reforms were “not against China,” noting Beijing is a shareholder in the bank. “The biggest shareholders of the World Bank are all sitting around the G20 table. The contrast between Biden’s presence at the summit – which includes a number of developing countries – and Xi’s absence will also give the American president an opportunity to highlight the US’ commitment to the developing world.

Persons: Joe Biden, Biden, Biden’s, Jake Sullivan, Narendra Modi, Modi, India hasn’t, Sullivan, We’ve, ”, Yun Sun, Stimson, –, – Biden, “ We’ve, Xi, Putin, China –, ” Sullivan Organizations: New, New Delhi CNN, ”, Indian, West, World Bank, Bank, Initiative Locations: New Delhi, Russia, China, Ukraine, Beijing, United States, India, Ukraine –, Bali

☆ Italy set to take over Telecom Italia's submarine cable unit -draft
▼ + stars: | 2023-08-29 | by ( ) www.reuters.com time to read: +2 min

Telecom Italia (TIM) logo is seen displayed in this illustration taken, May 3, 2022. REUTERS/Dado Ruvic/Illustration/File Photo Acquire Licensing RightsMILAN, Aug 29 (Reuters) - Italy's Treasury can take full ownership of Telecom Italia's (TIM) (TLIT.MI) submarine cable unit Sparkle as part of an agreement with U.S. fund KKR (KKR.N) to jointly bid for the group's landline grid, a draft government decree showed on Tuesday. The cabinet on Monday approved two decrees providing for the Treasury to take a 15-20% stake in NetCo, a venture comprising both TIM's domestic fixed-access network and submarine cable unit Sparkle. It was valued at up to 1.2 billion euros in KKR's preliminary bid for NetCo, sources have said. The Treasury stake in Telecom Italia's grid would have the same property rights assigned to other shares, one of the decrees indicated.

Persons: Dado Ruvic, TIM's, Elvira Pollina, Giuseppe Fonte, Alvise Armellini, Jason Neely Organizations: Telecom Italia, REUTERS, Treasury, Telecom Italia's, U.S, KKR, Reuters, Telecom, Thomson Locations: NetCo, TIM's Milan

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