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Governments vet crucial UN climate science report

Diplomats from nearly 200 nations and top climate scientists began a week-long huddle in Switzerland on Monday to distil nearly a decade of published science into a 20-odd-page warning about the existential danger of global warming and what to do about it.. Diplomats in Interlaken vetting the text line by line cannot change the science in the underlying 10,750 pages of reports but they can decide what to leave in or out and can highlight -- or obscure -- things through wording.  

Mon, Mar 13, 2023 4 mins read

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HSBC buys failed US bank SVB's UK arm for £1

The UK arm of failed US lender Silicon Valley Bank has been bought by HSBC for a nominal £1 ($1.2) in a rescue deal, the government and HSBC announced Monday.. "Silicon Valley Bank (UK) Ltd has today been sold to HSBC," the government said in a statement, after frantic talks reportedly led by Prime Minister Rishi Sunak.

Mon, Mar 13, 2023 2 mins read

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UAE's ADNOC Gas shares surge 25% in $2.5bn IPO

Shares in the United Arab Emirates' ADNOC Gas soared 25 percent in opening trade on Monday in a $2.5 billion initial public offering that aims to tap into growing demand for the fuel.. - 'Transition fuel' - ADNOC, the United Arab Emirates' key revenue-earner, retains a 90 percent stake in the subsidiary formed from its former gas processing, LNG and industrial gas units.

Mon, Mar 13, 2023 2 mins read

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Indonesian farmers fight for their land in nickel mining boom

Three women with machetes stood guard at their farm hilltop on Indonesia's Wawonii Island, directing their blades towards the nickel miners working in the forest clearing below.. - 'I will continue to fight' - Nickel miner PT Gema Kreasi Perdana (PT GKP), owned by one of Indonesia's wealthiest families, has two concessions on Wawonii totalling 1,800 hectares (4,450 acres).

Mon, Mar 13, 2023 5 mins read

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China premier warns 2023 growth target 'no easy task'

China's new premier warned Monday that the country's five percent growth target for 2023 will not be "easy" to achieve, as its rubber-stamp parliament wrapped up over a week of meetings.. "I'm afraid that reaching our growth target of around five percent will be no easy task, and will require that we redouble our efforts," Li said at a press conference in Beijing held to mark the closing of the rubber-stamp National People's Congress.

Sun, Mar 12, 2023 2 mins read

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UAE's ADNOC Gas to start trading in $2.5bn IPO

UAE state energy company ADNOC's recently formed gas unit will launch on the Abu Dhabi stock market on Monday in a $2.5 billion initial public offering aimed at tapping high demand for the fuel.. "There is every reason to expect that the massive oversubscription we saw will carry over into strong interest when the shares are floated publicly," Baroudi told AFP.  - 'Transition fuel' - Abu Dhabi National Oil Company, the United Arab Emirates' key revenue-earner, retains a 90 percent stake in the subsidiary formed from its former gas processing, LNG and industrial gas units.

Sun, Mar 12, 2023 2 mins read

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Most Asian markets sink after US lender's collapse

Most Asian markets fell Monday as the closure of two regional US banks sparked fears of contagion in the financial sector, even as officials promised to support customers.. US bank shares plunged Friday, and Asian lenders extended their own losses, with HSBC, National Australia Bank and Mitsubishi UFJ Financial Group all well down on Monday.

Sun, Mar 12, 2023 3 mins read

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ECB seen hiking rates again, but for how much longer?

The European Central Bank is all but certain to raise interest rates again on Thursday, shifting analysts' attention to how much higher policymakers plan to go in the months ahead to tame inflation.. He predicts a "heated discussion" between dovish policymakers wanting to slow down rate hikes to ease the economic pain of higher borrowing costs, and "hawks" pushing to stay the course as inflation remains well above the ECB's two-percent goal.

Sun, Mar 12, 2023 3 mins read

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Swiss city Lucerne votes to restrict Airbnb rentals

The Swiss city of Lucerne voted Sunday to limit short-term rentals, including on the Airbnb platform, to a maximum of 90 days a year.. With Sunday's vote, Lucerne will become the latest of a number of European cities that have taken steps to limit the effect of the Airbnb home rental platform on the housing market.

Sun, Mar 12, 2023 1 mins read

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US govt rules out SVB bailout, wants to avoid 'contagion': Yellen

US Treasury Secretary Janet Yellen on Sunday said the government wanted to avoid financial "contagion" from the implosion of the Silicon Valley Bank but ruled out a bailout of the institution.. Yellen said reforms made after the 2008 financial crisis meant the government was not considering a bailout for SVB.  "During the financial crisis, there were investors and owners of systemic large banks that were bailed out... and the reforms that have been put in place means that we're not going to do that again," she said.

Sun, Mar 12, 2023 2 mins read