Bankers bet billions on new wave of debt-for-nature deals

More countries linking debt cost to conservation goals Seychelles, Belize, Barbados among those to strike deals Ecuador swap could be biggest yet at $800 million Cape Verde, Sri Lanka and others are also exploring deals SHARM EL-SHEIKH, Egypt, Nov 17 (Reuters) – The Galapagos Islands, whose thousands of unique species inspired Darwin’s theory of evolution, … Read more

US, Japan and partners mobilize $20 billion to move Indonesia away from coal

Deal will bring forward peak emissions to 2030 Indonesia sets net-zero goal in power sector Program based on COP26 South Africa plan NUSA DUA, Indonesia/SHARM EL-SHEIKH, Egypt, Nov 15 (Reuters) – A coalition of countries will mobilize $20 billion of public and private finance to help Indonesia shut coal power plants and bring forward the … Read more

Exclusive: Germany steps up emergency cash plans to cope with blackout

FRANKFURT, Nov 15 (Reuters) – German authorities are stepping up preparations for emergency cash deliveries in case of a blackout to keep the economy running, four people involved said, as the nation braces for possible power cuts arising from the war in Ukraine. The plans include the Bundesbank, Germany’s central bank, hoarding extra billions to … Read more

Show us the money: Developing world at COP27 seeks financing details

Finance Day at COP27 puts focus on banks, investors, insurers Emerging markets demand more help to pay for transition UN experts flag dozens of climate projects worth $120 bln SHARM EL-SHEIKH, Egypt, Nov 9 (Reuters) – Finance took center stage at the COP27 climate talks on Wednesday, with UN experts publishing a list of projects … Read more

EXCLUSIVE Russia seeks sanctions exemptions for state bank in Ukraine grain deal talks-sources

Russia wants UN to help facilitate grain, fertilizer exports Requests include sanctions-hit Rosselkhozbank – sources Plan would let Rosselkhozbank process payments for grain Request is a key part of talks on rolling over grain deal Nov 4 (Reuters) – Russia wants the West to ease restrictions on state agriculture lender Rosselkhozbank to facilitate Russian grain … Read more

China to make ‘substantial’ COVID policy changes soon – ex-govt expert

Remarks add to investor optimism on further easing Ex-official says changes likely in next 5-6 months China may shorten quarantine for inbound travelers – sources Health officials set to hold a news conference on Saturday SHANGHAI, Nov 4 (Reuters) – China will make substantial changes to its “dynamic-zero” COVID-19 policy in coming months, a former … Read more

Egypt’s pound slides as IMF deal triggers new exchange rate regime

Central bank hikes rates in an effort to contain inflation IMF says deal can catalyze about $5 bln in FY 2022/23 Finance rules that snarled imports to be phased out CAIRO, Oct 27 (Reuters) – Egypt’s pound slid about 14.5% to a record low against the dollar on Thursday as authorities announced a $3 billion … Read more

Saudi Arabia ‘mature guys’ in spat with US, energy minister says

OPEC+ oil output cut led to US, Saudi spat Saudi Arabia and US “solid allies” – minister Big Wall St turnout at flagship Saudi investment summit RIYADH, Oct 25 (Reuters) – Saudi Arabia decided to be the “mature guys” in a spat with the United States over oil supplies, the kingdom’s energy minister Prince Abdulaziz … Read more

New PM Rishi Sunak pledges to lead Britain out of economic crisis

Sunak meets King Charles on Tuesday morning Vows to rebuild trust in the country Expected to start forming a cabinet Sunak faces a huge challenge to rebuild stability LONDON, Oct 25 (Reuters) – Rishi Sunak became Britain’s third prime minister in two months on Tuesday and pledged to lead the country out of a profound … Read more

Rishi Sunak looks set to become the next UK PM after Johnson quits the race

Sunak could be declared winner after 2 pm Penny Mordaunt races to secure backing to challenge him Borrowing costs ease as Boris Johnson withdraws from race LONDON, Oct 24 (Reuters) – Rishi Sunak looked set to become Britain’s next prime minister after his rival Boris Johnson quit the race, admitting he could no longer unite … Read more