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UNITED NATIONS — Chinese leader Xi Jinping said on Tuesday that China would not build new coal-fired power projects abroad, using his address at the United Nations General Assembly to add to pledges to deal with climate change. And I’m absolutely delighted to hear that President Xi has made this important decision," Kerry said in a statement. "It is clear the writing is on the wall for coal power. I welcome President Xi’s commitment to stop building new coal projects abroad — a key topic of my discussions during my visit to China," he said on Twitter. Xi spoke after U.S. President Joe Biden gave his first United Nations address.
Persons: Xi Jinping, Xi, António Guterres, John Kerry, Kerry, We’ve, Alok Sharma, Xi’s, Joe Biden, Biden, China's ascendance, Qilai Shen, Donald Trump, Justin Guay, Guterres Organizations: UNITED, United Nations General Assembly, NBC, United, Twitter, U.S, United Nations, Bloomberg, Getty, Sunrise, Congress Locations: China, Paris, South Korea, Japan, Glasgow, Scotland, Tongling, United States, Beijing
Food spending in the region will hit more than $8 trillion by the start of the next decade — up from $4 trillion in 2019 — becoming the world's largest food and beverage market, the group's "Asia Food Challenge Report 2021" said Tuesday. By 2030, Asia is expected to be home to 4.5 billion people and 65% of the world's middle class. Folks want healthier food, they want safer food, they want to buy online. A $1.5 trillion investment opportunityThe rapid uptick puts pressure on an already fragile food ecosystem, which has been under immense pressure since the outbreak of the coronavirus pandemic. According to the report, it will take $1.55 trillion of investment by 2030 across the entire value chain to meet the region's swelling food demand.
Persons: , Anuj Maheshwari, CNBC's Organizations: PwC, Rabobank, Temasek, Food, Visual China, Getty Locations: Asia, Temasek, India, Southeast Asia, China, Pacific, Handan, Hebei Province
However, these ambitions could be hit as a natural gas shortage on the continent drives prices higher. The front-month gas price at the Dutch TTF hub, a European benchmark, has risen more than 250% since the start of the year. Spain is not the only country to cap energy price increases, with France and Greece making similar moves. There is a wider problem, however: Some European leaders and lawmakers have blamed the EU for the energy price increases. Polish Prime Minister Mateusz Morawiecki, for instance, said earlier this month that "Polish power prices are tied to the EU's climate policies," according to Politico.
Persons: Jacob Kirkegaard, Henning Gloystein, Frans Timmermans, Gloystein, Mateusz Morawiecki, Kirkegaard Organizations: NurPhoto, Getty, European, European Commission, German Marshall Fund of, United, Eurasia Group, CNBC, EU, Politico, PGE SA, Bloomberg, European Court, Justice Locations: Neurath, Germany, Dutch, European, United States, Spain, Europe, France, Greece, Spanish, Glasgow, Bogatynia, Poland, Krakow
LOS ANGELES - Sarah Dash, the legendary R&B singer who gained prominence as part of the group Labelle in the 1970s, has died. Nona Hendryx, Sarah Dash and Patti LaBelle on Cher's solo music and variety show on Feb. 16, 1975. After moving to Philadelphia in the '60s, Dash met Patti LaBelle, Cindy Birdsong and Nona Hendryx, and the quartet soon formed the Bluebelles, which would later become Patti LaBelle and the Bluebelles. After signing to Warner Bros. Records, Labelle released its self-titled debut album in 1971, followed by "Moon Shadow" in 1972. Dash would go on to release three more solo albums: "Ooh La La, Sarah Dash" in 1980, "Close Enough" in 1983 and "You're All I Need" in 1988.
Persons: Sarah Dash, Labelle, Nona Hendryx, Patti LaBelle, Mayor Reed Gusciora, Sarah, Dash, Keith Richards, Stevie Wonder, Laura Nyro, Alice Cooper, Wilson Pickett, Bo Diddley, Cindy Birdsong, Birdsong, Marmalade, Lenny Kravitz, Wyclef Jean, LaBelle, That's Organizations: ANGELES, CBS, Getty Images, Warner Bros . Records, Hall of Fame Locations: Getty Images Trenton, N.J, Trenton, Philadelphia, Labelle
Johnson & Johnson said Tuesday a second shot of its Covid-19 vaccine given about two months after the first increased its effectiveness to 94 percent in the United States against moderate to severe forms of the disease. Download the NBC News app for breaking news and politicsThe company has now "generated evidence that a booster shot further increases protection against Covid-19," Dr. Paul Stoffels, J&J’s chief scientific officer, said in a statement Tuesday morning. People line up for Johnson & Johnson vaccines at the Broadway Junction subway station in Brooklyn, N.Y., in May. Vaccine effectiveness in the real world study varied by age. For those under age 60, the vaccine was 86 percent effective at preventing hospitalization versus 78 percent for those 60 and older.
Persons: Johnson, Joe Biden, Dr, Paul Stoffels, J, Spencer Platt Organizations: NBC, Covid, Pfizer Inc, Biden, Johnson, Broadway, Getty, Pfizer, FDA, World Health Organization Locations: United States, Brooklyn, N.Y, Covid
TORONTO — Canadians gave Prime Minister Justin Trudeau’s Liberal Party a victory in Monday’s parliamentary elections, but his gamble to win a majority of seats failed. Trudeau didn’t win enough seats to avoid having to rely on help from other parties to pass legislation. A Conservative win would have represented a rebuke of Trudeau against a politician with a fraction of his name recognition. O’Toole advertised himself a year ago as a “true-blue Conservative.” He became Conservative Party leader with a pledge to “take back Canada,” but immediately started working to push the party toward the political center. Adrian Archambault, a 53-year-old Vancouver resident, voted Liberal and said he didn’t mind the election was held during a pandemic.
Persons: Justin Trudeau’s, Trudeau, Pierre Trudeau, Trudeau didn’t, Andrej Ivanov, didn’t, Erin O’Toole didn’t, O’Toole, Alberta Premier Jason Kenney, Kenney, , Nelson Wiseman, Wiseman, Adrian Archambault, Donald Trump, Barack Obama, Hillary Clinton, Walied Soliman, Soliman, “ Trudeau, Daniel Béland Organizations: TORONTO, Justin Trudeau’s Liberal Party, Liberal, Conservatives, New Democratic Party, Greens, Delta, Getty, Conservative, Alberta Premier, Liberals, University of Toronto, Alberta Conservatives, Conservative Party, U.S, Former U.S, Democratic Party, O’Toole, McGill University, Locations: Monday’s, Quebec, Montreal, Canada, Alberta, Vancouver, U.S, Mexico
In this article 3333-HK.HSIOutside the China Evergrande Group Royal Mansion residential development under construction in Beijing, China, on Friday, Sept. 17, 2021. Gilles Sabrie | Bloomberg via Getty ImagesThe Chinese government is not likely to step in to give direct support to debt-ridden developer China Evergrande Group, according to S&P Global Ratings. "We do not expect the government to provide any direct support to Evergrande," said the S&P credit analysts in a Monday report. S&P Global RatingsFears over a potential contagion from Evergrande into the broader Chinese economy and beyond dragged down the Hang Seng index in Hong Kong by more than 3% on Monday. "We don't expect government actions to help Evergrande unless systemic stability is at risk," S&P said.
Persons: Gilles Sabrie, Evergrande's, Huarong Organizations: HK, China Evergrande, Royal, Bloomberg, Getty, China Evergrande Group, Reuters, . Locations: HSI, China, Beijing, Evergrande's, Evergrande, Hong Kong
Investors have been pouring money into India's stock market, and it could grow to more than $5 trillion to become the fifth largest in the world within three years, according to Goldman Sachs. Based on Goldman's analysis, as many as 150 private firms could potentially list on the stock market over the next 36 months. They explained that could drive India's aggregate stock market value to increase from $3.5 trillion currently to over $5 trillion by 2024. India's digital economyIndia is home to more than 800 million internet users and has over half-a-billion smartphone users — second only to China. Capital market shiftsIndia's share in the global stock market value is expected to rise from 2.8% currently to 3.7% over the next five years, according to the investment bank.
Persons: Goldman Sachs, Goldman, That's, Dhiraj Singh, Zomato, Ola, Timothy Moe, CNBC's, Moe Organizations: Bloomberg, Getty Locations: Mumbai, India, China, Asia
Angela Weiss | AFP | Getty ImagesMinisters from Britain, China, France, Germany and Russia will not meet with Iran at the United Nations this week to discuss a return to nuclear deal talks, European Union foreign policy chief Josep Borrell told reporters on Monday. Diplomats were tentatively planning for a ministerial meeting of the parties to the 2015 nuclear deal on Wednesday on the sidelines of the annual U.N. gathering of world leaders. It's not in the agenda," said Borrell, who acts as coordinator for the nuclear deal — known as the Joint Comprehensive Plan of Action (JCPOA). Trump reimposed harsh sanctions on Iran, which then started breaching curbs on its nuclear program. The Vienna talks were adjourned in June after hardliner Ebrahim Raisi was elected Iran's president and took office in August.
Persons: Josep Borrell, Angela Weiss, It's, Borrell, Hossein Amirabdollahian, Donald Trump, Trump, hardliner Ebrahim Raisi Organizations: European Union for Foreign Affairs, EU, AFP, Getty, Ministers, United, Union, Monday, Diplomats, U.S Locations: New York City, Britain, China, France, Germany, Russia, Iran, United Nations, Vienna, United States, Tehran
The first test for Evergrande's debt crisis comes this week
  + stars: | 2021-09-21 | by ( Weizhen Tan | ) www.cnbc.com   time to read: +4 min
Stringer | AFP | Getty ImagesThe first test for Evergrande's debt crisis comes this week — investors will be watching to see if the embattled Chinese property developer is able to pay out its interest due on a bond, or default on it. Foreign investors, offshore bonds may be hit firstIf these initial defaults happen, institutional and other foreign investors will likely be more affected compared to domestic investors in China, analysts said. Offshore bonds are mostly held by institutional or foreign investors, whereas domestic retail investors in China are more likely to own onshore bonds. "In other words, will Evergrande choose to just default on offshore bonds while honouring onshore commitments?" Which funds own Evergrande bonds?
Persons: Refinitiv, Ray Attrill, Evergrande, Vishnu Varathan, Varathan, homebuyers Organizations: Stringer, AFP, Getty, CNBC, Mizuho Bank, Reuters Locations: Huaian, China's, Jiangsu, U.S, Asia, China, Shenzhen
Construction workers place a barrier in front of an election campaign poster for Christian Democratic Union (CDU) party leader and candidate for Chancellor Armin Laschet. JOHN MACDOUGALL | AFP | Getty ImagesWith just a handful of days until Germans vote in the federal election on Sunday, the latest poll shows the gap narrowing between the top two contenders. While Germany's Social Democratic Party (SPD) remains in front, a new poll by Insa for the German newspaper Bild has found the gap is narrowing. It indicates that the election is too close to call, although German voters have tended to favor stability in past elections meaning that the lead for the SPD could be scuppered when it comes to election day. For example, a "Green-Red-Red" alliance of the Greens with the SPD and far-left Die Linke party, or perhaps a "traffic light" coalition of the SPD, Greens and liberal Free Democratic Party (FDP).
Persons: Chancellor Armin Laschet, JOHN MACDOUGALL, Insa, Olaf Scholz, Merkel, Chancellor Angela Merkel, Scholz —, , Armin Laschet, Scholz, Laschet, Annalena Baerbock, Baerbock Organizations: Christian Democratic Union, CDU, AFP, Getty, Germany's Social Democratic Party, SPD, Conservatives, EU, Christian Social Union, CSU, Green Party, Greens, Germany, Linke, liberal Free Democratic Party
How buy now, pay later became a $100 billion industry
  + stars: | 2021-09-21 | by ( Ryan Browne | ) www.cnbc.com   time to read: +3 min
Jakub Porzycki | NurPhoto via Getty ImagesBuy now, pay later is having a moment. Millions of shoppers now use a buy now, pay later, or BNPL, service to finance their purchases. So what is buy now, pay later? BNPL plans, also known as point-of-sale loans, let shoppers pay for their items over a period of instalments. Buyers can opt to use a BNPL service when checking out online with just a few clicks.
Persons: Jakub Porzycki, BNPL Organizations: APT, NurPhoto, Getty, PayPal, Apple, FIS, Klarna Locations: U.S, Australia, Worldpay
Spencer Platt/Getty ImagesWeWork plans to go public in October, two years after its IPO attempt ended in disaster. WeWork is planning to join the stock market around October 21, more than two years after its IPO attempt ended in disaster. The shared-workspace company agreed in March to go public via a merger with a special-purpose acquisition company (SPAC) named BowX Acquisition Corp. Upon completion of the transaction, WeWork expects to list its shares on the New York Stock Exchange under the "WE" ticker symbol. A SPAC is a listed shell company created solely with the purpose of merging with or acquiring a private business to take it public.
Persons: Spencer Platt, WeWork, Shaquille O'Neal, Adam Neumann, Neumann, Bill Ackman's Pershing, Read Organizations: Getty, New York Stock Exchange, BowX, NBA, Tontine Holdings Locations: SoftBank
He has called for Democrats to raise the debt ceiling on their own through a special budget process. Republicans supported raising the debt ceiling three times during the Trump administration. Yes, you've seen this movie before: President Joe Biden and McConnell played major parts in it too. Spurred on by the tea-party movement, Republicans sought to use raising the debt ceiling as a political cudgel against the Obama White House in 2011. Anxiety about congressional action over the debt ceiling didn't help matters either.
Persons: Phil Rosen, Mitch McConnell, Nancy Pelosi, Alex Wong, Kevin Dietsch, Mitch McConnell isn't, McConnell, Donald Trump —, Trump, Janet Yellen, you've, Joe Biden, John Durham's, Michael Sussmann, aren't, Justin Trudeau, DAVE CHAN, Alejandro Mayorkas, Jen Psaki, Alan Braid, San Antonio, Oscar Stilley, Stilley, BioNTech, Brian Laundrie's, fiancée, Gabby Petito, Dow, Emily Zugay, Benedict Arnold Organizations: iOS, Android, Republicans, Washington, Obama White House, Clinton, Democratic, Canadian, Getty, DHS, Federal, Associated Press, Homeland, White, The Washington Post, Pfizer, Food and Drug, CNN, Johns Hopkins University, FBI, Authorities, NASCAR Locations: AFP, Mexico, Texas, Arkansas, The Washington, Florida, China, Wisconsin, Saratoga
Evergrande is China's second-biggest property developer. Markets are concerned the debt crisis at Chinese property developer Evergrande could spread. US stock futures rallied on Tuesday after the debt crisis at giant Chinese property developer Evergrande sent equities tumbling the previous day. Its stock fell 0.44% Tuesday, building on a plunge of 10.24% the previous day, after S&P Global Ratings said a default is likely on those payments. Bitcoin was down 0.6% to $43,263, according to Bloomberg prices, on Tuesday after tumbling from above $47,000 the previous day as investors fled riskier assets.
Persons: Noel Celis, Dow Jones, Lehman, Goldman Sachs, Steen Jakobsen, Bitcoin Organizations: Getty, Dow, Nasdaq, Analysts, Brent, Saxo Bank, Treasury, Bloomberg Locations: Beijing, Hong Kong, Europe
Germany's next leader could make or break the economy
  + stars: | 2021-09-21 | by ( Holly Ellyatt | ) www.cnbc.com   time to read: +6 min
Supporters of the German Social Democrats (SPD) party, attend at an election campaign rally on August 27, 2021 in Berlin, Germany. What form the next coalition takes will undoubtedly have a big impact on Germany's economy which is Europe's largest and, arguably, its most important. A new coalition will have to be formed after the vote and German economists say certain alliances could have "massive consequences" on the country's economy. Germany's respected Ifo Institute and newspaper Frankfurter Allgemeine Zeitung surveyed 153 economists at German universities, asking them how different coalition formations could affect Germany's economic growth, unemployment, public debt, and income inequality. "Less than one week ahead of the 26 September federal election, the Social Democrats continue to lead in the polls.
Persons: Maja Hitij, Chancellor Angela Merkel, It's, Linke, Niklas Potrafke, Potrafke, Olaf Scholz, Armin Laschet, outmaneuver Scholz, Chancellor, JOHN MACDOUGALL Organizations: German Social Democrats, Getty, Eurostat, Social Democratic Party, CDU, CSU, Christian Democratic Union, Christian Social Union, Green Party, Bild, Ifo Institute, Frankfurter Allgemeine Zeitung, SPD, Left Party, Greens, INA, AFP, Teneo Intelligence, Social Democrats, Journalists, German Finance, State Premier Locations: Berlin, Germany, , Duisburg, Jamaica, North
I'm Lydia Ramsey Pflanzer, and today in healthcare news:If you're new to this newsletter, sign up here. Get the full story>>BSIP/Universal Images Group via Getty ImagesXealth sells software for prescribing services like remote patient monitoring or health apps. The company raised $24 million in a Series B round led by Advocate Aurora Health's enterprise arm. Xealth is betting that tech-based therapies and remote patient monitoring will continue to surge. Check it out>>Cobi Blumenfeld-Gantz, CEO of the Medicare technology startup Chapter ChapterChapter, a startup that helps people enroll in Medicare, just raised $17 million in new funding.
Persons: I'm Lydia Ramsey Pflanzer, Let's, Toby Talbot, Aurora, Cobi Blumenfeld, Gantz, Peter Thiel, Lydia Organizations: Insider Healthcare, Getty, Narya Capital
3 key differences between a Roth 401(k) and a Roth IRA
  + stars: | 2021-09-21 | by ( Greg Iacurci | ) www.cnbc.com   time to read: +1 min
But there are some key differences between Roth savings in a 401(k) plan and in an individual retirement account. ContributionsIncomeNot everyone can save in a Roth IRA. (Some workers may not have a Roth 401(k) option available to them, though.) In 2021, single taxpayers may contribute the maximum amount to a Roth IRA if their income is less than $125,000. Regardless of income, workers can roll Roth 401(k) savings to a Roth IRA when they change jobs or retire.
Persons: Roth Organizations: Brigade, Getty, IRA, Investors
DUBAI, United Arab Emirates — Soaring gas prices are the cost of the attempted shift to renewable energy sources, OPEC Secretary General Mohammed Barkindo told CNBC on Tuesday. "I have talked about a new premium that is emerging in the energy markets that I term the transition premium," Barkindo told CNBC's Dan Murphy at the Gastech conference in Dubai. "The intergovernmental panel on climate change is supposed to be the most authoritative body with regard to both climate change and the transition," he said. Global gas prices have tripled this year alone, sending ripples through markets and raising concerns that prices of the commodity will only continue to rise. Gas prices had remained very low since the onset of the coronavirus pandemic, at around $2 per one million British thermal units, or mmBtus.
Persons: General Mohammed Barkindo, Barkindo, CNBC's Dan Murphy, Ben Hasty Organizations: United Arab Emirates — Soaring, CNBC, Getty Locations: DUBAI, United Arab, Dubai, U.S, Europe, Lancaster, Reading
When people ask Ellen Ochoa if she'd change anything about her life, the former NASA astronaut quickly responds: "Oh gosh, no!" In 1993, Ochoa became the first Hispanic woman in space. Ochoa's experience was all the more challenging as a Hispanic woman in the '90s. But I was the first Hispanic woman. Still, the other astronauts really wondered about me, coming from my research background: "Well, OK, but can you perform operationally?
Persons: Ellen Ochoa, Ochoa, NASA Johnson, Sally, Sally Ride, Franklin Chang Diaz, Kenneth D, Cockrell, Steven S, Oswald, C, Michael Foale, Cameron, Wilson Miles, we're Organizations: CNBC, NASA, Sears, San Diego State University, Stanford, Johnson Space Center, NASA's Ames Research Center, Space Shuttle Discovery, Cape Canaveral Air, International Space Station, Shuttle Discovery, Getty, Columbia, Mission Management Team Locations: Sonora, Mexico, Arizona, California, Boise , Idaho, La Mesa, San Diego, Oklahoma, Mountain View, Calif, Houston , Texas
To Naujokas, the threat of climate change to property is not wildfire-specific. He learned that the mitigation measures when it comes to the effect of climate change on homes are quite limited. "Millennials and Gen Zers looking to hold property decades from now are looking at how climate change will affect their investment," Naujokas said. "I think that's a key difference between millennials and Gen Xers — having the people around you factored into your definition of success." "It's interesting to look at how climate change seems to be affecting people who are the most set in their ways," Beyer said.
Persons: Samuel Naujokas, JOSH EDELSON, Naujokas, there's, PHILIP PACHECO, Millennials, Gen Zers, Xers —, that's, SAMUEL CORUM, Courtney Beyer, Beyer Organizations: Service, Middlebury Institute of International Studies, Getty, Federal Emergency Management Agency, Environmental Protection Agency Locations: Bay, Northern California, Healdsburg , California, Monterey , California, Healdsburg, AFP, Alaska, Naujokas, California, Calistoga, Napa Valley , California, Los Altos , California, Menlo Park , California, Traverse City , Michigan, Menlo Park, Napa, Traverse City, United States
Wang Ying/Xinhua via Getty ImagesUS stocks were higher on Tuesday as investors tried to recover from the massive sell-off sparked by Evergrande. Investors are also looking to the two-day meeting of the Federal Open Market Committee. US stocks rebounded on Tuesday as investors recovered from the massive sell-off sparked by beleaguered Chinese developer Evergrande and looked to the Federal Reserve's two-day Federal Open Market Committee meeting beginning today. Evergrande, China's second-largest property developer, has more than $300 billion in liabilities and could miss key interest payments due Thursday. Fears about Evergrande collapsing and hurting the broader Chinese economy sent global stocks sliding on Monday.
Persons: Wang Ying, selloff, George Ball, Sanders Morris Harris, China's, Ball, Jerome Powell, Powell, Jackson, WeWork, Brent Organizations: Getty, Evergrande, Federal, Market, Bell, Dow Jones, BlackRock Investment Institute, BlackRock, SPAC BowX, West Texas Locations: Xinhua
Traders work on the floor of the New York Stock Exchange (NYSE) in New York, U.S., on Monday, Sept. 20, 2021. Michael Nagle | Bloomberg | Getty Images
Persons: Michael Nagle Organizations: New York Stock Exchange, Bloomberg, Getty Locations: New York, U.S
Noel Celis / AFP via Getty ImagesEvergrande sold Chinese retail investors around $6 billion in risky wealth management products, the FT reports. At a meeting with angry investors demanding their money back, executives acknowledged the WMPs were likely too risky for many retail clients. might be arrested for financial fraud if investors don't get paid off," an Evergrande executive told the FT.See more stories on Insider's business page. Evergrande sold Chinese retail investors around $6 billion in risky wealth management products (WMPs), held by a base of around 80,000 investors, according to a new report by the Financial Times. But with the deeply indebted property company unable to meet its obligations, the Chinese government's course of action is still unclear.
Persons: Noel Celis, Evergrande, Yang Huiying, Evergrande's Organizations: Getty, Financial Times Locations: Shenzhen, China, AFP, WMPs, Beijing
U.S. President Joe Biden speaks during the 76th Session of the U.N. General Assembly in New York City, U.S., September 21, 2021. U.S. President Joe Biden in a virtual press conference with British Prime Minister Boris Johnson (R) and Australian Prime Minister Scott Morrison on Sep. 15, 2021. "As we close this period of relentless war, we're opening a new era of relentless diplomacy," Biden said. "We've lost so much to this devastating pandemic," Biden said. Biden on Wednesday announced a new security partnership between the U.S., U.K. and Australia aimed at countering China.
Persons: Joe Biden, Eduardo Munoz, Biden, Boris Johnson, Scott Morrison, Brendan Smialowski, America's, Trump, Antony Blinken, Blinken, Evelyn Hockstein, Lloyd Austin, We've, Covid, Donald Trump, Emmanuel Macron, Christophe Simon Organizations: General Assembly, Reuters WASHINGTON, United Nations, 76th United Nations General Assembly, United States, NATO, U.K, Australia, British, Australian, AFP, Getty, U.S ., U.S, Embassy, . Airmen, U.S . Air Force, Hamid, International Airport, US Air Force, Reuters, Afghan, government, Foreign, Capitol, Pentagon, ISIS, Airport, Defense, Republican, Wednesday Locations: New York City, U.S, Afghanistan, China, United, United Nations, France, Kabul, Washington, United States, America's, Australia, Paris, Greoux, Bains
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