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☆ 'Beyond justification': Record number of fossil fuel lobbyists attend COP28 climate talks in Dubai
▼ + stars: | 2023-12-05 | by ( Sam Meredith | ) www.cnbc.com time to read: +2 min

A man wearing a thawb walks past flags of nations participating in the UNFCCC COP28 Climate Conference the day before its official opening on November 29, 2023 in Dubai, United Arab Emirates. DUBAI, United Arab Emirates — Nearly 2,500 fossil fuel lobbyists are estimated to have been granted access to the COP28 climate conference in the United Arab Emirates, according to an analysis from advocacy groups, reflecting a sharp increase from last year. A report published Tuesday by the Kick Big Polluters Out coalition found that at least 2,456 fossil fuel lobbyists registered to attend the two-week long summit. That's more than almost every other country delegation, except for Brazil (3,081) and COP28 host the United Arab Emirates (4,409), the analysis said. Campaigners say the number of fossil fuel lobbyists attending the talks is "beyond justification" and signals that polluting industries are seeking to advance a fossil fuel agenda at the expense of frontline communities.

Persons: Ernest Moniz, Muhammed Lamin Saidykhan, Big Organizations: United Arab Emirates, International Energy Agency, CNBC, Polluters, Climate Action Network Locations: Dubai, United Arab, DUBAI, Brazil

☆ ‘Backtracking:’ A year of climate failures ahead of a crucial summit
▼ + stars: | 2023-11-30 | by ( Laura Paddison | ) edition.cnn.com time to read: +11 min

And yet, even as the climate crisis inserts itself viscerally into people’s lives, experts say the year has seen alarming backsliding on climate action. Green policies have been watered down, huge new oil and gas projects have been greenlit and coal has had something of a resurgence. As countries gather in Dubai for the UN’s COP28 climate summit, there are “high expectations,” said Harjeet Singh, the head of global political strategy at nonprofit Climate Action Network International. It sent worrying signals about climate backtracking, said Elisa Giannelli, a senior policy advisor at climate think tank E3G. Around 50% of its total capital spending needs to go toward clean energy projects by 2030, according to the report.

Persons: ”, Harjeet Singh, Kaveh Guilanpour, Singh, Biden, “, Erik Grafe, Joe Biden, Countess, Norway —, Elisa Giannelli, “ It’s, Rishi Sunak, Joeri Rogelj, Flora Champenois, It’s, Bernd Lauter, ” Rogelj, Darren Woods, Bernard Looney, Fatih Birol, Guilanpour, Claire Fyson, ” Fyson, “ we’re, ” CNN’s Ella Nilsen, Ivana Kottasová, Gan Organizations: CNN, United Nations, Action, “, Climate, Energy Solutions, US Department of Interior, Imperial College London, Global Energy Monitor, GEM, Getty, BP, Chevron, ExxonMobil, Shell, Exxon, IEA, Climate Analytics Locations: Canada, Libyan, Dubai, Alaska, Washington ,, Australia, Norway, Europe, Germany, China, Asia, Ukraine, Eschweiler, COP28

☆ World Bank to host climate loss and damage fund despite opposition from developing nations
▼ + stars: | 2023-11-05 | by ( ) edition.cnn.com time to read: +3 min

CNN —Countries have moved a step closer to getting a fund off the ground to help poor states damaged by climate disasters, despite reservations from developing nations and the United States. The deal to create a “loss and damage” fund was hailed as a breakthrough for developing country negotiators at United Nations climate talks in Egypt last year, overcoming years of resistance from wealthy nations. The committee, representing a geographically diverse group of countries, on Saturday resolved to recommend the World Bank serve as trustee and host of the fund — a tension point that has fueled divisions between developed and developing nations. Housing a fund at the World Bank, whose presidents are appointed by the US, would give donor countries outsized influence over the fund and result in high fees for recipient countries, developing countries have argued. To get all countries on board, it was agreed the World Bank would serve as interim trustee and host of the fund for a four-year period.

Persons: Jennifer Morgan, — we’re, ”, Harjeet Singh, “ Rich, “, Sultan Ahmed al, Jaber Organizations: CNN, United Nations, UN, Bank, Housing, World Bank, Berlin, Action, US State Department, Reuters Locations: United States, Egypt, Abu Dhabi, Dubai, COP28

The deal to create a "loss and damage" fund was hailed as a breakthrough for developing country negotiators at United Nations climate talks in Egypt last year, overcoming years of resistance from wealthy nations. The committee, representing a geographically diverse group of countries, resolved to recommend the World Bank serve as trustee and host of the fund - a tension point that has fuelled divisions between developed and developing nations. Housing a fund at the World Bank, whose presidents are appointed by the U.S., would give donor countries outsized influence over the fund and result in high fees for recipient countries, developing countries have argued. To get all countries on board, it was agreed the World Bank would serve as interim trustee and host of the fund for a four-year period. "Rich countries ... have not only coerced developing nations into accepting the World Bank as the host of the Loss and Damage Fund but have also evaded their duty to lead in providing financial assistance to those communities and countries."

Persons: Tarusila, Loren Elliott, Jennifer Morgan, we're, Harjeet Singh, Sultan al, Jaber, Gloria Dickie, Valerie Volcovici, Andrew Heavens Organizations: Local, REUTERS, United Nations, Bank, Housing, World Bank, Action, U.S . State Department, Reuters, The U.S, Washington DC, Thomson Locations: Village, Fiji, United States, Egypt, Abu Dhabi, Dubai, U.S, Berlin, COP28, London, Washington

NEW DELHI (AP) — G20 leaders agreed Saturday to triple renewable energy and try to increase the funds for climate change-related disasters but maintained the status quo with regards to phasing out carbon spewing coal. Even at the last meeting of the G20 climate ministers before the summit, disagreements had remained. Global leaders and climate experts say the declaration had largely taken the conversation forward, setting the stage for an ambitious climate agreement when they meet at the global climate conference, COP28, in Dubai later this year. For the first time, the G20 countries agreed on the amounts required to shift to clean energy. “However, it’s disappointing that the G20 could not agree on phasing down fossil fuels.”"Increasing renewables and reducing fossil fuels need to necessarily happen together – we need stronger bolder action from leaders on both.

Persons: Amitabh Kant, al, Jaber, ”, Harjeet Singh, Singh, Madhura Joshi Organizations: DELHI, Indian, Global, Climate Action, Global Energy Monitor, AP Locations: Dubai, Mumbai

☆ Rich nations pledge to unlock hundreds of billions of dollars for climate fight
▼ + stars: | 2023-06-23 | by ( ) www.cnbc.com time to read: +2 min

World leaders and finance leaders attend the closing session of the New Global Financial Pact Summit, in Paris on June 23, 2023. The leaders, gathered at a summit in Paris to thrash out funding for the climate transition and post-COVID debt burdens of poor countries, said their plans would secure billions of dollars of matching investment from the private sector. An overdue pledge of $100 billion in climate finance for developing nations was also now in sight, they said. The announcements mark a scaling up of action from the development banks in the fight against climate change and set a direction for further change ahead of their annual meetings later in the year. However, some climate activists were critical of the results.

Persons: Lewis Joly, LEWIS JOLY, Janet Yellen, Harjeet Singh Organizations: New Global Financial, Getty Images, Bank, World Bank, International Monetary Fund, Reuters, U.S, IMF, Paris Summit, Climate Action Locations: Paris

☆ Brookfield buys payments firm Network International for $2.76 bln
▼ + stars: | 2023-06-09 | by ( ) www.reuters.com time to read: +2 min

June 9 (Reuters) - Canada's Brookfield Asset Management (BAM.TO) said on Friday it would buy payments provider Network International (NETW.L) for 2.2 billion pounds ($2.76 billion) in cash, as it expands its payments business in the Middle East and Africa. The Canadian firm said Network directors intended to unanimously recommend that shareholders vote in favour of the deal. Brookfield, which has over $5 billion in assets under management in the Middle East, last year bought a 60% stake in Magnati, the payments business of First Abu Dhabi Bank (FAB.AD). The investment firm said the deal would be financed by a combination of equity investment, as part of which Brookfield Business Partners expects to invest up to about $150 million. Network International, whose top investors include Capital Research and Mastercard UK, listed in London in April 2019 at an initial public offering price of 435 pence a share.

Persons: Brookfield, Aby Jose Koilparambil, Eva Mathews, Nivedita Bhattacharjee, Jason Neely Organizations: Brookfield Asset Management, Network, United, Capital, Francisco Partners, Brookfield, Abu Dhabi Bank, Brookfield Business Partners, Network International, Capital Research, Mastercard, Thomson Locations: Brookfield, East, Africa, United Arab Emirates, Magnati, London, Bengaluru

☆ Brookfield gets some M&A help from Gulf friends
▼ + stars: | 2023-06-09 | by ( ) www.reuters.com time to read: +2 min

LONDON, June 9 (Reuters Breakingviews) - Brookfield Asset Management (BAM.TO) has won its payments race. The Canadian investment group’s 2.2 billion pound bid for London-listed payments provider Network International (NETW.L) was enough to see off a rival pitch from CVC and Francisco Partners. They’ve also endorsed a plan to merge Dubai-based Network International with domestic peer Magnati, a former unit of FAB. If Network International alone can grow revenues at a 15% annual clip and reach a margin of 44% from the current 41%, EBITDA could hit $388 million by 2028. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

Persons: Brookfield, They’ve, EBITDA, Pamela Barbaglia, Xavier Niel, George Hay, Streisand Neto Organizations: Reuters, Brookfield Asset Management, London, Network, Francisco Partners, Abu Dhabi Bank, Abu, Abu Dhabi Developmental Holding Company, FAB, ACI, Brookfield, Twitter, Thomson Locations: Abu Dhabi, Saudi, Dubai

The companies in discussion are largely small- to mid-sized, making them achievable targets, as opposed to firms listed on the FTSE 100. 'DRY POWDER'One of the contributing factors for PE firms' abundance of cash, or "dry powder", is the continued buildup of uninvested capital during the pandemic, according to fund managers. During the first five months of 2023, nine listed firms on the London Stock Exchange were approached by PE firms, exceeding the number of targets in the same time period last year, according to Refinitiv data. Among those out shopping for firms, many seem attracted to these lower valuations of small- and mid-cap firms. Though firms listed on the smaller UK indexes are more domestically focused than their larger counterparts, analysts point out that nearly half of their revenue is from their international presence, making them an even more attractive purchase for PE firms.

Persons: Richard Bullas, Martin, Franklin Templeton, John Wood, Bullas, Moodley, Johann M Cherian, Shounak Dasgupta Organizations: Bank of, Network International Holdings, Hyve, Medica Group, Pharmaceuticals, PE, Martin Currie UK Equity, London Stock Exchange, Apollo, John, John Wood Group, BNP, FTSE, U.S, Thomson Locations: Bank of England, Britain, United States, 10.2x, Europe, U.S, Bengaluru

☆ Climate Change’s Fingerprints Turn Up in Parched East Africa
▼ + stars: | 2023-04-27 | by ( Raymond Zhong | ) www.nytimes.com time to read: +1 min

“Now we must ensure that the fund is made fit for purpose,” said Harjeet Singh, head of political strategy for Climate Action Network International. There, the drought may have caused 43,000 excess deaths last year, according to estimates issued last month. Scientists know that global warming is increasing the average likelihood and severity of certain kinds of wild weather in many regions. It’s like smoking and cancer: The two are undeniably linked, but not all smokers develop cancer, and not all cancer patients were smokers. To determine the effects of global warming on individual weather episodes, climate researchers use computer simulations to compare the global climate as it really is — with billions of tons of carbon dioxide pumped into the atmosphere by humans over decades — and a hypothetical climate without any of those emissions.

☆ UK's THG gets buyout proposal from Apollo, shares jump
▼ + stars: | 2023-04-17 | by ( ) www.reuters.com time to read: +2 min

Apollo must announce a firm intention to make an offer by May 15 or walk away, the British company said. Oil services company John Wood Group (WG.L) said on Monday it is engaging with Apollo over a possible 1.66 billion-pound offer, while CVC Capital and Francisco Partners have tabled a 2.1 billion-pound takeover bid for payments provider Network International (NETW.L). Last week, EQT entered talks with veterinary pharma group Dechra (DPH.L) over a 4.63 billion-pound deal. THG, formerly known as The Hut Group, is set to publish full-year results on Tuesday. ($1 = 0.8063 pounds)Reporting by Muhammed Husain in Bengaluru; Editing by Shailesh KuberOur Standards: The Thomson Reuters Trust Principles.

☆ Uber is making its biggest play yet for the $10 billion US out of home ad market
▼ + stars: | 2023-03-15 | by ( Lara O'Reilly | ) www.businessinsider.com time to read: +2 min

Uber is rolling out a self-service platform for advertisers to access its cartop ad network. Uber is targeting $1 billion in ad revenue by 2024. The new ad platform currently offers advertisers access to around 3,500 cartops in seven markets in the US, including New York, Los Angeles, and Chicago. It also offers data on whether ad campaigns led to increased activity on the Uber Eats app. Uber also offers marketers ads on both the Uber and Uber Eats apps and within emails.

☆ In the era of online scams, here's how to not get tricked when starting a digital business
▼ + stars: | 2023-01-12 | by ( Alexandra York | ) www.businessinsider.com time to read: +5 min

An entrepreneurship professor shares her advice on avoiding potential online scams. Business coaches — a community that's also growing on social media — provide guidance and mentorship. Meanwhile, "business opportunities," which often focus on instant financial success, "have a more significant potential for abuse," Franklin said. "Business opportunities are focused on a financial outcome in a relatively short period," Franklin said. It becomes especially important to verify all claims and customer reviews for potential coaches.

☆ Historic compensation fund approved at U.N. climate talks
▼ + stars: | 2022-11-20 | by ( The Associated Press | ) www.nbcnews.com time to read: +5 min

The decision establishes a fund for what negotiators call loss and damage. Early Sunday morning, delegates approved the compensation fund but had not dealt with the contentious issues of an overall temperature goal, emissions cutting and the desire to target all fossil fuels for phase down. This year’s talks “were very focused on the fund and less on the mitigation (cutting emissions) part,” Eide added. However, that fight was overshadowed by the historic compensation fund. But like all climate financials, it is one thing to create a fund, it’s another to get money flowing in and out, she said.

SHARM EL-SHEIKH, Egypt, Nov 11 (Reuters) - U.S. President Joe Biden told the COP27 climate conference in Egypt on Friday that global warming posed an existential threat to the planet and promised the United States would meet its targets for fighting it. "The climate crisis is about human security, economic security, environmental security, national security, and the very life of the planet," Biden told a crowded room of delegates at the U.N. summit in the seaside resort town of Sharm el-Sheikh. Biden said global crises, including the Russian invasion of Ukraine, were not an excuse to lower climate ambition. U.S. President Joe Biden delivers a speech at COP27 climate summit, in Sharm el-Sheikh, Egypt, November 11, 2022. "It's radio silence on loss and damage finance," Singh said, calling Biden "out of touch with the reality of the climate crisis."

The Banco Sabadell logo can be seen behind leaves on top of a building outside Madrid, Spain, April 13, 2016. REUTERS/Andrea Comas/File PhotoLONDON/MADRID, Sept 21 (Reuters) - Spanish bank Sabadell (SABE.MC) has received indicative bids from France's Worldline (WLN.PA), Italy's Nexi (NEXII.MI) and U.S. firm Fiserv (FISV.O) for its payments arm, with a deal valued at up to 400 million euros ($393.64 million), three sources said. Register now for FREE unlimited access to Reuters.com RegisterSabadell, Worldline, Nexi and Fiserv declined to comment. In Spain, Sabadell has a strong presence on the payments front and accounts for close to 16.3% of the country's overall revenue generated at the point of sale (POS). Its payments arm, which is mainly focused on consumer lending, has core earnings of about 25-30 million euros, one of the sources said.

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