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The subject of loss and damage has for the first time been included on the official COP agenda. But developed and developing nations are split over whether a new mechanism is needed or whether existing financial institutions can deliver the cash needed. Other developed countries also want to move slower than the G77 timeline set out in the document. The developing nations' draft proposal envisages the fund having a Transitional Committee of 35 members, with 15 from developed countries and the balance from developing countries. The committee would have four members each from Africa, Asia-Pacific, Latin America and the Caribbean, small island developing States and the least developed countries.

☆ COP27: WTO chief seeks to revive green trade talks
▼ + stars: | 2022-11-08 | by ( Simon Jessop | ) www.reuters.com time to read: +2 min

SHARM EL-SHEIKH, Egypt, Nov 8 (Reuters) - The head of the World Trade Organization aims to revive negotiations on a global environmental trade deal, she told Reuters, as part of efforts to give the trade watchdog a bigger role in tackling climate change. But WTO discussions collapsed in 2016 after disagreements between China and Western countries about which products should be on the environmental list. "You need to have a friendly trade regime for renewables and other environmentally-friendly products," she said, noting tariffs for fossil fuel products are lower than for renewables in many countries. Exploratory discussions about a possible revival of a green trade deal have begun at the 164-member WTO body, although Okonjo-Iweala said some countries had expressed concerns, without naming them. She suggested beginning with a preliminary list of some 50 or 60 products that could be lengthened gradually.

☆ IMF projects Mexico's economy will slow in the near term
▼ + stars: | 2022-11-04 | by ( ) www.reuters.com time to read: +2 min

MEXICO CITY, Nov 4 (Reuters) - The International Monetary Fund (IMF) on Friday forecast Mexico's economy will grow 2.1% in 2022 and 1.2% in 2023, saying "economic growth is expected to slow in the near term reflecting weaker U.S. growth and tighter global financial conditions." The fund also said it welcomed the "proactive approach" from Mexico's central bank, known as Banxico, in tackling inflation with interest rate hikes. Further rate hikes may be needed "for some time" due to uncertainty around inflation in 2023, the IMF said. They also noted that fostering more private participation in the energy sector would help boost competitiveness and investment, the IMF said. read morePresident Andres Manuel Lopez Obrador is looking to expand output from Mexico's fossil fuel-dependent state energy companies, including the heavily indebted Petroleos Mexicanos(PEMX.UL).

☆ We've had to increase transaction fees for some customers, says payments company Wise
▼ + stars: | 2022-11-02 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWe've had to increase transaction fees for some customers, says payments company WiseKristo Kaarmann, CEO of Wise says the global environment has made it more expensive to "move money around the world," but transactions will get much cheaper than it is today.

☆ Netanyahu bids for comeback in tight Israeli election
▼ + stars: | 2022-10-31 | by ( James Mackenzie | ) www.reuters.com time to read: +3 min

Israel's longest-serving premier, Netanyahu is on trial on corruption charges, which he denies, but his rightist Likud party is still expected to finish as the largest in parliament. "There's a feeling of despair at all these elections," said Hagit Cohen, a 46 year-old social worker from Tel Aviv. She said she was voting for outgoing centrist Prime Minister Yair Lapid rather than the centre-left parties she normally backed. [1/5] Former Israeli Prime Minister Benjamin Netanyahu gestures as he addresses his supporters from a truck at a campaign event in the run up to Israel's election in Or Yehuda, Israel October 30, 2022. Reporting by James Mackenzie; Editing by Cynthia Osterman, Lincoln Feast and Andrew HeavensOur Standards: The Thomson Reuters Trust Principles.

"This new generation of high ambition targets can enable a cleaner greener food and agriculture sector," said Eric Usher, Head of the U.N. Environment Programme Finance Initiative, which helped convene the group and approved the targets as ambitious. Ahead of the COP27 global climate talks in Egypt in November, investors are increasingly focusing on links between a healthy food system and efforts to fight global warming and preserve biodiversity. "The wider finance sector must use COP27 to supersize its ambition and grow a more sustainable food and agriculture sector," Usher said. "Identifying what a state-of-the-art, credible target to finance sustainable food and agriculture looks like is a vital part of addressing the urgent climate and food crises," said Wiebe Draijer, co-chair of the Good Food Finance Network and former CEO from Rabobank.

☆ Analysis: Weak forint rains on Hungary's 'no more hikes' parade
▼ + stars: | 2022-10-12 | by ( Krisztina Than | ) www.reuters.com time to read: +5 min

A board at a currency exchange office displays the Euro to Hungarian Forint exchange rate, in Budapest, Hungary, October 12, 2022. From October 1, the central bank raised banks' required reserve ratio, launched a new deposit tool and discount bond auctions. JP Morgan however, doubted it would help the forint much without further outright rate hikes. "Of course we are trying to contribute to a stable currency with disciplined fiscal policy," he added. "Our tools are limited, this is the world of monetary policy, it is there where the central bank needs to take appropriate measures if it wants to do so."

WASHINGTON/NEW YORK, Oct 11 (Reuters) - The International Monetary Fund warned on Tuesday of a disorderly repricing in markets, saying global financial stability risks have increased, raising the risks of contagion and spillovers of stress between markets. "We have to go back decades to see so much conflict in the world, and at the same time inflation is extremely high." Register now for FREE unlimited access to Reuters.com RegisterThe combination of high inflation with central bank policy uncertainty "creates this environment of really high risk and volatility," he said. In its latest Global Financial Stability Report, the IMF warned that global financial stability risks had increased since the April 2022 edition, leaving the balance of risks "significantly skewed" to the downside. "In particular, volatility and a sudden tightening in financial conditions could interact with, and be amplified by, preexisting financial vulnerabilities."

In an emailed statement, Monica Medina, the U.S. official leading its treaty negotiations, said the country was committed to ending plastic pollution by 2040. Japan's vice minister for global environmental affairs, Hiroshi Ono, said he knew of a proposed coalition on plastic involving the United States but declined further comment. "We don't need a treaty for countries to decide themselves what their national actions should be. We need a treaty that can actually add on top of that," said Eirik Lindebjerg, global plastics policy manager at WWF, calling such an approach a "light touch." Calls for tougher global measures such as those focused on plastic production have also met resistance from the powerful oil and petrochemical firms that make plastic.

Also known as spaghetti plots, these models show where a tropical system, such as a hurricane, may go. Are all spaghetti models the same? There are different kinds of spaghetti models: dynamical models, statistical models and ensemble models. Some of the more familiar models are the American (GFS) and European (ECMWF) models run by the US government and a partnership of European countries respectively. While no forecast is perfect, spaghetti models do a great job at giving us an idea where these powerful forces of nature will go.

Persons: CNN —, Dorian Organizations: CNN, “ Navy, United States, Meteorology, Oceanography

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