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Oil prices fall on China concerns, skepticism on OPEC+ cuts
  + stars: | 2023-12-06 | by ( )   time to read: +2 min
An aerial view of a crude oil storage facility is seen on May 4, 2020 in Cushing, Oklahoma. Oil prices fell in Wednesday Asian morning trading as markets continue to doubt the impact of OPEC+ cuts and take cues from a worsening demand outlook in China. U.S. WTI crude futures were down 13 cents, or 0.2%, at $72.19 a barrel. China will release preliminary trade data, including crude oil import data, on Thursday. Gasoline stockpiles gained by 2.8 million barrels, while distillate inventories rose nearly 1.9 million barrels.
Persons: Alexander Novak, Vladimir Putin, Moody's Organizations: Brent, Organization of, Petroleum, United Arab Emirates, American Petroleum Institute Locations: Cushing , Oklahoma, China, Russia, OPEC, Saudi, Russian, Saudi Arabia, U.S
Saudi Minister of Finance Mohammed Bin Abdullah Al-Jadaan attends the G20 Finance Ministers and Central Bank Governors Meeting in Nusa Dua, Bali, Indonesia, 15 July 2022. The programme has so far attracted 200 foreign companies, Saudi Investment minister Khaled Al-Falih was quoted as saying. "The new tax exemptions granted on regional headquarters activities will give .... international companies in the kingdom more clarity of vision and stability," Saudi Finance Minister Mohammed Al-Jadaan said, according to SPA. Foreign companies have scrambled to meet the Saudi condition to relocate their regional headquarters after the kingdom said in October the deadline will be enforced. Foreign firms have for years used neighbouring United Arab Emirates as a springboard for their regional operations, including for Saudi Arabia.
Persons: Finance Mohammed Bin Abdullah Al, Jadaan, Jan, Prince Mohammed bin Salman, Khaled Al, Falih, Mohammed Al, ” Jadaan, Aziz El, Bill Berkrot Organizations: Finance, Ministers, Central Bank Governors, Rights, United, United Arab Emirates, International, Saudi Investment, Saudi Finance, Games, , Thomson Locations: Saudi, Nusa Dua, Bali, Indonesia, Rights RIYADH, Saudi Arabia, United Arab, United Arab Emirates
UNITED NATIONS (AP) — The United Nations food agency said Tuesday it is stopping food distribution in areas of war-torn Yemen controlled by the Houthi rebels, a move that will impact millions of people. The World Food Program said the “pause” was driven by limited funding and the lack of agreement with the rebel authorities on downscaling the program to match the agency’s resources. The war in Yemen has raged for eight years between the Iran-backed Houthis and pro-government forces, backed by a coalition of Gulf Arab states. At the end of October, WFP and the U.N. Food and Agriculture Organization warned that acute food insecurity is likely to deteriorate further in Yemen through April 2024. It called for urgent and scaled-up assistance to Yemen and 17 other “hunger hotspots” to protect livelihoods and increase access to food.
Persons: U.N, Stephane Dujarric, , Organizations: UNITED NATIONS, United, Food Program, Hamas, Agriculture Organization Locations: United Nations, Yemen, , Iran, Gulf Arab, Sanaa, Saudi Arabia, Red, Rome, Food
The first option in the draft is listed as "an orderly and just phase-out of fossil fuels". The second option calls for "accelerating efforts towards phasing out unabated fossil fuels". "I don't think we're going to leave Dubai without some clear language and some clear direction on shifting away from fossil fuels," he added. China's fossil fuel emissions rose after it lifted COVID-19 restrictions, while India's rise was a result of power demand growing faster than its renewable energy capacity, leaving fossil fuels to make up the shortfall. "Leaders meeting at COP28 will have to agree rapid cuts in fossil fuel emissions even to keep the 2C target alive," he said.
Persons: Stephane Mahe, Jean Paul Prates, Patrick Pouyanne, Jennifer Morgan, Prince Abdulaziz bin Salman, David Waskow, Exeter, Pierre Friedlingstein, Kate Abnett, William James, Valerie Volcovici, Elizabeth Piper, Katy Daigle Organizations: REUTERS, Petrobras, European, Oxford University, Saudi Arabia's Energy, Bloomberg, World Resources, University of Exeter, Reuters, Thomson Locations: France, Montoir, Bretagne, Saint, Nazaire, DUBAI, COP28, Brazil's, United States, European Union, Saudi Arabia, Russia, Dubai, India, China, Paris
Oil prices steady amid OPEC+ cut doubts, Mid-East tension
  + stars: | 2023-12-05 | by ( )   time to read: +1 min
Oil prices held steady on Tuesday amid uncertainty over voluntary output cuts by OPEC+ and as continued tension in the Middle East spurred supply concern. Oil prices had declined in the previous trading session as traders doubted that supply cuts by OPEC+ would have a significant impact, and as a stronger U.S. dollar weighed on commodity prices in general, said CMC Markets analyst Tina Teng. A stronger dollar typically makes oil more expensive for holders of other currencies, which could dampen oil demand. Saudi Arabia's energy minister, Prince Abdulaziz bin Salman, told Bloomberg in an interview on Monday that OPEC+ oil production cuts can "absolutely" continue past the first quarter if needed. Those incidents followed a series of attacks in Middle-Eastern waters since war broke out between Israel and Palestinian militant group Hamas on Oct. 7.
Persons: Tina Teng, Prince Abdulaziz bin Salman Organizations: Brent, U.S, West Texas, of, Petroleum, Bloomberg, Hamas Locations: Russia, OPEC, Saudi Arabia, Saudi, Israel, Red, Palestinian
Released Tuesday, it finds the average international math score fell by the equivalent of three-quarters of a year of learning. Reading scores fell by the equivalent of half a year. Reading scores fell by 10 points. A national study in the U.S. last year found math scores fell by more than ever, with reading scores dropping to 1992 levels. It was joined in the upper echelons by other East Asian countries including Japan and China.
Persons: , Peggy Carr, , didn’t, Jordan, Miguel Cardona, Joe Biden’s Organizations: WASHINGTON, , Program, Organisation for Economic Co, OECD, Reading, National Center for Education Statistics, U.S . Education Department, Associated Press, Carnegie Corporation of New, AP Locations: United States, Germany, Iceland, Netherlands, U.S, Belgium, Finland, Canada, France, Sweden, Brazil, Ireland, Singapore, Japan, China, Estonia, Albania, Norway, Saudi Arabia, Dominican Republic, Cambodia, Carnegie Corporation of New York
Kuwait rings up small bill in tower merger
  + stars: | 2023-12-05 | by ( )   time to read: +2 min
A three-way partnership deal will enable Qatar’s Ooredoo (ORDS.QA) to offload capital-intensive infrastructure but only by offering Kuwait’s Zain (ZAIN.KW) favourable deal terms. Ooredoo and Zain are creating a regional powerhouse with an estimated enterprise value of $2.2 billion to be managed by Zain-backed TASC Towers Holding. The $8.9 billion Ooredoo and $6.9 billion Zain will own 49.3% each, with the rest going to TASC. But Zain is paying an average price of $73,000 per tower, 9.5% less than the average price per tower in previous deals, according to JPMorgan analysts. The Kuwaiti group will also call the shots as the founders of Dubai’s TASC Towers Holding – which Zain controls with an 83.47% stake – will manage the new entity.
Persons: Qatar’s, Kuwait’s Zain, Zain, Ooredoo, Dubai’s, Pamela Barbaglia, Neiman Marcus, Francesco Guerrera, Oliver Taslic Organizations: Reuters, TASC, Bloomberg, JPMorgan, X, Saks, Thomson Locations: Algeria, Tunisia, Iraq, Jordan, Saudi, Kuwaiti, Hong Kong
Russian President Vladimir Putin attends a ceremony to receive diplomatic credentials from newly appointed foreign ambassadors at the Grand Kremlin Palace in Moscow, Russia, December 4, 2023. MOSCOW, Dec 5 (Reuters) - Oil output cuts agreed by the OPEC+ group will take time to kick in, the Kremlin said on Tuesday, as it confirmed that President Vladimir Putin would visit the United Arab Emirates and Saudi Arabia on Wednesday. Putin will also host Iranian President Ebrahim Raisi in Moscow the following day, Kremlin spokesman Dmitry Peskov said. Oil prices fell 2% last week after the OPEC+ announcement, but Brent crude futures were firmer on Tuesday. The visit comes after OPEC+ agreed last Thursday to voluntary supply cuts totalling about 2.2 million barrels a day, included an extension of existing Saudi and Russian voluntary cuts of 1.3 million bpd.
Persons: Vladimir Putin, Pavel Bednyakov, Putin, Ebrahim Raisi, Dmitry Peskov, Brent, Peskov, Iran's Raisi, Dmitry Antonov, Vladimir Soldatkin, Mark Trevelyan, Gareth Jones Organizations: Sputnik, Kremlin, United Arab, Palestinian, Hamas, Thomson Locations: Moscow, Russia, Ukraine, MOSCOW, OPEC, United Arab Emirates, Saudi Arabia, Saudi, United States, Gaza, Israel, Iran
The US Department of Energy released an analysis estimating how much lithium is under the Salton Sea. Salton Sea has the potential to produce an estimated 375 million lithium batteries for electric vehicles — more than the total number of vehicles currently on US roads, according to the analysis commissioned by the Department of Energy. It's the most comprehensive analysis to date quantifying the domestic lithium resources in California's Salton Sea region. AdvertisementIf the Salton Sea lithium can be extracted, it could give the US the ability to produce domestically sourced lithium, ending the nation's dependence on rival countries for a supply of the metal. AdvertisementThe state of California is also leaning into the development of lithium extraction in the Salton Sea.
Persons: DOE's Lawrence, Biden's, Jeff Marootian, George Rose, Gavin Newsom, Thacker Organizations: US Department of Energy, Service, Department of Energy, DOE's Lawrence Berkeley National Laboratory, Berkshire Hathaway Energy, DOE, California State, California Gov, US Fish and Wildlife Service Locations: Nevada's Thacker, Salton, Niland , California, California, Saudi Arabia, Nevada, In Nevada, Esmeralda County
The Galaxy Leader cargo ship is escorted by Houthi boats in the Red Sea in this photo released November 20, 2023. The U.S. military said on Sunday three commercial vessels came under attack in international waters in the southern Red Sea. On Oct. 31, the Houthis military spokesperson said the group had a "large number" of ballistic missiles and drones towards Israel. The Houthis fired these missiles at Saudi Arabia dozens of times during the Yemen war. In September, the Houthis displayed anti-aircraft Barq-2 missiles, naval missiles, a Mig-29 fighter jet and helicopters for the first time.
Persons: Houthis, Sanaa, Israel, Aziz El Yaakoubi, Maha, Tom Perry, Christina Fincher Organizations: Galaxy Leader, Houthi Military, REUTERS Acquire, U.S . Central Command, ARSENAL, Saudi, United Arab, Thomson Locations: Red, Iran, Israel, U.S, Houthi, Yemen, Islam, Saudi Arabia, YEMEN, Shi'ite Iran, Saudi, Aden, Sanaa, America, IRAN, Iranian, United Arab Emirates
Morning Bid: Gold makes the running as oil fails to fire
  + stars: | 2023-12-04 | by ( Wayne Cole | )   time to read: +3 min
Oil failed to sustain an early rally that followed news of attacks on commercial shipping in the Red Sea. Notably, oil prices lost early gains and Brent eased around 57 cents to $78.31 a barrel amid doubts that OPEC+ would be able to maintain planned output cuts, particularly by some African countries. At the same time, U.S. oil output is at record levels above 13 million barrels a day and rig counts are still rising. A commodity faring better is gold, which surged suddenly this morning to top $2,111 an ounce for the first time before paring the gains to $2,086. Yields on U.S. two-year notes rose almost 4 bps, but that follows a drop of 40 bps last week.
Persons: Alexander Manzyuk, Wayne Cole, Treasuries, Yemen's, Brent, Bundesbank, Christine Lagarde, Bonds, Goldman Sachs, Anna Breman, Riksbank, Edmund Klamann Organizations: REUTERS, Bulls, ECB, Thomson Locations: Novosibirsk, Siberian, Russia, Wayne, Red, U.S, Saudi Arabia
Sputnik/Mikhail Klimentyev/Pool via REUTERS Acquire Licensing RightsMOSCOW, Dec 4 (Reuters) - Russian President Vladimir Putin will visit the United Arab Emirates and Saudi Arabia this week, Russian news outlet Shot reported on Monday, citing Putin's aide Yury Ushakov. Markets reacted with scepticism to the deal because of doubts about whether the voluntary cuts would be fully implemented. The figure of 2.2 million bpd included an extension of existing Saudi and Russian voluntary cuts of 1.3 million bpd. Shot quoted Ushakov as saying Putin would go first to UAE and then to Saudi Arabia, where negotiations would take place mainly with Crown Prince Mohammed bin Salman. Neither Saudi Arabia nor the UAE is a member of the court either, so Putin can travel to both countries without fear of being arrested under the ICC warrant.
Persons: Vladimir Putin, Mikhail Klimentyev, Yury Ushakov, Brent, Putin, Prince Mohammed bin Salman, Ushakov, Mark Trevelyan, Gareth Jones Organizations: Sputnik, REUTERS Acquire, Rights, United Arab, UAE, Soviet Union, Criminal Court, ICC, Reuters, Thomson Locations: Moscow, Russia, United Arab Emirates, Saudi Arabia, OPEC, Saudi, China, United States, Ukraine, UAE
But that came after they had sold petroleum in eight of the previous nine weeks, reducing their position by a total of 342 million barrels. In the premier NYMEX WTI contract, funds had amassed bearish short positions amounting to 116 million barrels by Nov. 28, up from 20 million barrels eight weeks earlier. Funds purchased the equivalent of 10 million barrels split between U.S. gasoline (+2 million), U.S. diesel (+4 million) and European gas oil (+4 million). Funds held a net long position in gasoline of 66 million barrels (72nd percentile) up from 26 million barrels (19th percentile) six weeks earlier. Related columns:- Record U.S. oil output challenges Saudi mastery (December 4, 2023)- Investors bet against OPEC+ raising oil prices (November 28, 2023)John Kemp is a Reuters market analyst.
Persons: de Wouw, John Kemp, Kirsten Donovan Organizations: Port, REUTERS, ICE, Fund, U.S, . Funds, U.S ., Funds, Saudi, OPEC, Thomson, Reuters Locations: Rotterdam, Netherlands, Brent, Saudi Arabia, United States, U.S
But first, Congress and the White House must hash out a deal to beef up U.S. border security. "I don't care how we pay for it," Sen. Roger Marshall, R-Kan., said of the Israel aid in an appearance on CNBC's "Squawk Box." "The rest of the riddle is not going to be solved unless we have meaningful border security," Marshall said. "House Republicans have resolved that any national security supplemental package must begin with our own border. We believe both issues can be agreed upon if Senate Democrats and the White House will negotiate reasonably," Johnson said on X.
Persons: Sen, Roger Marshall, Ron Price, Jimmy Dunne, LIV, Marshall, James Lankford, Shalanda Young, Mike Johnson, Young, , Johnson Organizations: PGA Tour, Senate Homeland Security, Governmental Affairs, Golf, Saudi, Republican, Homeland Security, Hamas, Republicans, Israel, Management, Democrats Locations: United States, Hart, Israel, Ukraine, Taiwan, U.S
REUTERS/Mike Segar/File Photo Acquire Licensing RightsLONDON, Dec 4 (Reuters) - U.S. crude oil production set a record for the second month running in September, highlighting the challenge to Saudi Arabia and its OPEC⁺ partners as they cut their own production to boost prices. Lower 48 production climbed to a record of 10.8 million b/d, surpassing the pre-pandemic peak of 10.5 million b/d set in December 2019. Drilling activity usually turns down around 4-5 months after prices and production turns down 10-12 months after prices fall. Production growth has slowed consistently since the middle of 2022 in response to the sharp fall in prices. Related columns:- U.S. oil output hits record as producers boost drilling efficiency (November 1, 2023)- U.S. oil producers reprieved by Saudi output cut (October 3, 2023)John Kemp is a Reuters market analyst.
Persons: Mike Segar, OPEC’s, John Kemp, Barbara Lewis Organizations: Bayway, REUTERS, OPEC, U.S . Energy Information Administration, Cooperation, Energy Information Administration, Thomson, Reuters Locations: Phillips, Linden , New Jersey, U.S, Saudi Arabia, Gulf of Mexico, Alaska, OPEC, United Kingdom, Russia, Soviet, Vienna, Brazil, Guyana, El, Saudi
JAKE SULLIVAN - THE LAST GUY IN THE ROOMBiden often turns to Sullivan, the White House national security adviser, when he is considering final options and looking for advice and counsel. "He develops and puts forward the policy options before the president for him to decide," said one U.S. official. Sullivan, 47, was national security adviser for Biden when he was vice president and deputy chief of staff to then-Secretary of State Hillary Clinton. He gathers policy options from across government agencies and prepares them for Biden to consider, the traditional role of the national security adviser. JON FINER - ASKING QUESTIONSSullivan relies heavily on his deputy national security adviser, Jon Finer.
Persons: Joe Biden, Antony Blinken, Evelyn Hockstein, ANTONY BLINKEN, Biden, Blinken, Benjamin Netanyahu, JAKE SULLIVAN, Sullivan, Jake, Hillary Clinton, BRETT MCGURK, Brett McGurk, McGurk, George W, Bush, Barack Obama, Donald Trump, BILL BURNS, spymaster, Bill Burns, It's, Burns, LLOYD AUSTIN, STARK, Lloyd Austin, Yoav Gallant, Israel, KAMALA HARRIS, Kamala Harris, Harris, , JON, Jon, John Kerry's, Kerry, Arshad Mohammed, Nandita Bose, Don Durfee, Heather Timmons, Deepa Babington Organizations: U.S, Hamas, REUTERS, Rights, Israeli, Biden, White House, National Security, U.S ., CIA, . Defense, Pentagon, Islamic State, U.S . Army, ISIS, Palestinian, West Bank, Palestinian Authority, Washington Post, Thomson Locations: Israel, Tel Aviv, Gaza, East, North Africa, Saudi Arabia, United States, Qatar, Doha, Iran, Moscow, Russia, Ukraine, Ankara, U.S, Austin, Dubai, West
On Monday, Prince Abdulaziz bin Salman, energy minister and the key climate negotiator, for the kingdom, was a no-show at the Saudi Green Initiative. "The climate finance that they have pledged at this COP28 is simply not enough," said Pakistani activist Zaigham Abbas, whose country was devastated last year by widespread flooding. Elsewhere, France and Japan said they would support a move by the African Development Bank to leverage IMF Special Drawing Rights for climate and development. This year also features the biggest-ever representation of business at the annual U.N. summit, amid hopes for more private investment toward climate causes. "The scale of the climate crisis demands urgent and game-changing solutions from every industry," COP28 President Ahmed Al-Jaber said.
Persons: COP28, Johanna Geron, Prince Abdulaziz bin Salman, Crown Prince Mohammad bin Salman, Nicholas Stern, Mia Mottley, Antonio Guterres, Zaigham Abbas, Abu Dhabi, Ahmed Al, Jaber, Simon Jessop, Maha El, Al Sayegh, Alexander Cornwell, Elizabeth Piper, David Stanway, Katy Daigle Organizations: of, European Union, REUTERS, Companies, Saudi, United, United Arab Emirates, Saudi Green Initiative, Crown, Grantham Research, Asian Peoples ' Movement, Development, African Development Bank, European Bank for Reconstruction, Copenhagen Infrastructure Partners, BlackRock, HSBC, Finance, Reuters, Thomson Locations: Dubai, Brussels, Belgium, Companies UAE, DUBAI, COP28, United Arab, Saudi Arabia, Sharm el, Sheikh, Egypt, Paris, China, Grantham, Barbados, France, Japan, Copenhagen, Abu
REUTERS/Russell Cheyne/File Photo Acquire Licensing RightsSummaryCompanies Saudi Arabia's PIF buys into Rocco Forte hotel groupPlans to help expand luxury hotel groupItalian investor CDPE checks out of chainDec 4 (Reuters) - Saudi Arabia's PIF sovereign wealth fund will buy a 49% stake in luxury hotel group Rocco Forte Hotels and help to support its expansion, the owner of Britain's Balmoral hotel said on Monday. A spokesperson for Rocco Forte Hotels declined to confirm the size of PIF's stake. Rocco Forte Hotels, founded in 1996, operates across Italy, Britain, Germany, Belgium and Russia and has 20 private villas in addition to its hotels. CDPE, which owned a 23% stake in Rocco Forte Hotels, is owned by Italy's state-backed fund CDP. Rocco Forte, which was advised by Rothschild, reported revenues of around 300 million pounds last fiscal year, with a core profit of around 60 million pounds, according to a source.
Persons: Russell Cheyne, Companies Saudi Arabia's PIF, Rocco Forte, CDPE, Olga Polizzi, Forte, Rocco Forte Hotels, Al Nowaiser, PIF, Rothschild, Yadarisa, Elisa Anzolin, Keith Weir, Dhanya Ann Thoppil, Nivedita Bhattacharjee, Alex Richardson Organizations: REUTERS, Companies Saudi Arabia's, Saudi Arabia's, Rocco Forte Hotels, Financial Times, Granada, Thomson Locations: Balmoral, Scotland, Edinburgh, Britain, Saudi, Italy, Germany, Belgium, Russia, Milan, Sardinia, Italy's, SAUDI ARABIA, Saudi Arabia, Bengaluru, London
Will Smith is returning for the 'I Am Legend' sequel, despite being killed off in the original film. AdvertisementWill Smith has shared details about the sequel to "I Am Legend," including how his character, who dies in the original film, will be resurrected for the new thriller. "You have to be a real 'I Am Legend' buff, but in the first one, in the theatrical version, my character died." "I Am Legend" saw Smith take on the role of one of the only survivors after a virus decimates mankind. But it's a really, really cool concept, and he was a part of creating the idea," Smith said.
Persons: Will Smith, Michael B, Jordan, , Smith, … I'm, virologist Robert Neville, Robert Neville, Smith —, hadn't Organizations: Service, Red Sea, Warner Bros ., Warner Bros, Entertainment Locations: Saudi Arabia,
Most Gulf markets fall on weak oil; Saudi gains
  + stars: | 2023-12-03 | by ( )   time to read: +2 min
A general view shows the Dubai Financial Market after Joe Biden wins U.S. presidency, in Dubai, United Arab Emirates November 8, 2020. REUTERS/Christopher Pike/File Photo Acquire Licensing RightsDec 3 (Reuters) - Most stock markets in the Gulf ended lower on Sunday, in response to Friday's fall in oil prices, although the Saudi index bucked the trend to close higher. Oil prices - a catalyst for the Gulf's financial markets - slumped more than 2% on Friday on investor scepticism over the depth of OPEC+ supply cuts and concern about sluggish global manufacturing activity. Saudi Arabia's benchmark index (.TASI) gained 0.4%, with oil giant Saudi Aramco (2222.SE) rising 0.5% and Arabian Pipes Co (2200.SE) advancing 5.4%. Outside the Gulf, Egypt's blue-chip index (.EGX30) lost 0.7%, with Commercial International Bank (COMI.CA) declining 2%.
Persons: Joe Biden, Christopher Pike, Jerome Powell, Ateeq, Bernadette Baum, Sharon Singleton Organizations: Dubai Financial, United Arab Emirates, REUTERS, Qatar Islamic Bank, Saudi Aramco, Arabian Pipes, Federal, Gulf Cooperation Council, U.S ., Commercial International Bank, Thomson Locations: Dubai, United Arab, Saudi, OPEC, Saudi Arabia, Ateeq Shariff, Bengaluru
What to watch at COP28 on Monday
  + stars: | 2023-12-03 | by ( )   time to read: +1 min
A demonstrator holds a placard, during a climate protest coinciding with COP28 being held in Dubai and ahead of the upcoming Belgian presidency of the Council of the European Union, in Brussels, Belgium, December 3, 2023. REUTERS/Johanna Geron Acquire Licensing RightsDUBAI, Dec 4 (Reuters) - Monday is finance day at COP28, which means more funding is likely to be announced for the climate cause. Away from the main COP28 venue, Saudi Arabia will host a side event called Saudi Green Initiative to promote its clean energy plans. The COP28 site could also experience more small, pop-up protests, as activists see the U.N.-led event as a rare chance to rally in the United Arab Emirates, where public protests are banned. Reporting by William James; Editing by Will DunhamOur Standards: The Thomson Reuters Trust Principles.
Persons: COP28, Johanna Geron, William James, Will Dunham Organizations: of, European Union, REUTERS, Rights, Saudi Green Initiative, United Arab, Thomson Locations: Dubai, Brussels, Belgium, COP28, Saudi Arabia, United Arab Emirates
What to Watch at COP28 on Monday
  + stars: | 2023-12-03 | by ( Dec. | At P.M. | )   time to read: +1 min
DUBAI (Reuters) - Monday is finance day at COP28, which means more funding is likely to be announced for the climate cause. If that sounds familiar, that is because world leaders and the private sector have spent much of the first few days of this year's U.N. climate summit talking about boosting finance for climate action and disaster support. Central to the summit's outcome is how countries will word a final agreement on the future of fossil fuels, and dividing lines are becoming clear. Away from the main COP28 venue, Saudi Arabia will host a side event called Saudi Green Initiative to promote its clean energy plans. The COP28 site could also experience more small, pop-up protests, as activists see the U.N.-led event as a rare chance to rally in the United Arab Emirates, where public protests are banned.
Persons: William James, Will Dunham Organizations: Reuters, Saudi Green Initiative, United Arab Locations: DUBAI, COP28, Dubai, Saudi Arabia, United Arab Emirates
[1/2] An Israeli soldier holds up an Israeli flag, near the border with Gaza, during a temporary truce between Israel and Palestinian Islamist group Hamas, in southern Israel, November 29, 2023. Asked whether Israel was indeed seeking such a buffer zone, senior adviser Mark Regev told reporters: "Israel will have to have a security envelope. We can never again allow terrorists to cross the border and butcher our people the way they did on October 7." "That is not Israel taking territory from Gaza," said Regev. They also said Saudi Arabia, which does not have ties with Israel and which halted a U.S.-mediated normalisation process after the Gaza war erupted on Oct. 7, had been informed.
Persons: Alexander Ermochenko, Benjamin Netanyahu, Israel, Mark Regev, Regev, Maayan Lubell, James Mackenzie, Gareth Jones Organizations: Hamas, REUTERS, Rights, Reuters, United Arab Emirates, Israel, Thomson Locations: Israeli, Gaza, Israel, Palestinian, Egypt, Jordan, Saudi Arabia, U.S
File photo: U.S. Secretary of Defense Lloyd Austin looks on as he attends the ASEAN Defense Ministers' Meeting Plus in Jakarta, Indonesia, November 16, 2023. REUTERS/Willy Kurniawan/Pool/File photo Acquire Licensing RightsWASHINGTON, Dec 2 (Reuters) - U.S. Defense Secretary Lloyd Austin delivered perhaps his strongest remarks to date on Saturday over Israel's need to protect civilians in Gaza, calling them the center of gravity in Israel's war with Hamas and warning over the risks of their radicalization. "So I have repeatedly made clear to Israel's leaders that protecting Palestinian civilians in Gaza is both a moral responsibility and strategic imperative." The United States has rushed military assistance to Israel, including air defenses and other munitions. "The United States will remain Israel's closest friend in the world.
Persons: Defense Lloyd Austin, Willy Kurniawan, Lloyd Austin, he's, Austin, Israel, Austin's, Phil Stewart, Jonathan Oatis Organizations: Defense, ASEAN Defense Ministers, REUTERS, Rights, . Defense, Reagan National Defense, West Bank, Islamic State, United, Palestinian, Pentagon, U.S, Thomson Locations: Jakarta, Indonesia, Gaza, Austin, Simi Valley , California, Israel, United States, U.S, Iran
"Since then, the United States has turned ambition into action." On the sidelines of the conference, the United States also unveiled new measures to curb emissions of the powerful greenhouse gas methane from oil and gas operations. That awkward coincidence underscores one of COP28's most contentious questions: Can the world's response to climate change involve continuing use of fossil fuels? Harris told the conference that the United States supports phasing out of "unabated coal" use, but she did not mention other fossil fuels. "We're in a context in which we need to reduce production of fossil fuels and ... we need to be on a path of lower consumption.
Persons: Kamala Harris, Joe Biden, Harris, haven't, aren't, Catherine Abreu, John Podesta, Richard Valdmanis, Valerie Volcovici, Sarah McFarlane, Simon Jessop, Katy Daigle, Kevin Liffey, Diane Craft Organizations: Climate Fund, OPEC, United, UAE, Saturday, Exxon Mobil, Saudi Arabia's Aramco, Oil, Climate Initiative, Reuters, Thomson Locations: DUBAI, United States, Dubai, COP26, America, China, Texas, New Mexico, United Arab Emirates, U.S, Saudi, Ukraine
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