2025-11-23 22:07

BAGHDAD, Nov 23 (Reuters) - Iraqi Kurdish security forces opened fire at a drone to prevent it from reaching the Khor Mor gas field in Iraq's Kurdistan region late on Sunday, two security sources told Reuters. There was no damage to the field, one of the sources said. Sign up here. A drone approached the Khor Mor field, one of Iraq's largest gas fields, prompting air defenses to open fire to prevent it from reaching the site. It was not yet known whether the drone was shot down, said the sources. Sirens sounded at the field and employees moved into secure areas. https://www.reuters.com/world/middle-east/security-forces-open-fire-drone-near-major-iraq-gas-field-officials-say-2025-11-23/

2025-11-23 21:08

ATHENS, Nov 23 (Reuters) - The torch-lighting ceremony next week for the Milano-Cortina 2026 Winter Olympics will be relocated from the ancient stadium in Greece's Olympia to an indoor hall at a nearby museum due to bad weather, organisers said on Sunday. The torch is traditionally ignited using the sun’s rays and a parabolic mirror in an elaborate outdoor ceremony at the site of the ancient Games, with actresses playing priestesses and appealing to sun god Apollo for his help. Sign up here. But the area in the western Peloponnese has seen consecutive days of heavy rain, with more on the way ahead of Wednesday's ceremony, forcing organisers to change their plans. "Due to expected bad weather conditions... the torch-lighting ceremony for the Milano-Cortina Winter Olympics will be moved to the interior of the Olympic museum," Greece's Olympic Committee, in charge of the event, said in a statement. Organisers will use a backup flame, lit during one of the many rehearsals, to light the flame on the day. It is not the first time that the weather has affected the torch-lighting ceremony or its dress rehearsal but it is the first time in decades that the event itself has been moved to an indoor location. Following Wednesday's ceremony and after a week-long Greek relay, the flame will be handed over to Milano Games organisers in Athens on December 4 and flown to Italy for the domestic torch relay stretching more than 12,000km across the country. It will pass through Rome and Venice before reaching Cortina on January 26 for the opening ceremony at Milan's San Siro stadium -- exactly 70 years after the opening ceremony of the 1956 Games in Cortina. The Italian relay will take in famous landmarks including the Colosseum in Rome and the Grand Canal in Venice, with stops in southern cities such as Palermo and Naples to spark excitement in areas where winter sports are not as prominent. The journey will conclude in Milan, entering the San Siro stadium on the evening of February 6. https://www.reuters.com/sports/expected-rain-ancient-olympia-forces-milano-games-torch-ceremony-indoors-2025-11-23/

2025-11-23 17:22

Bessent says inflation due to services economy, not tariffs Treasury secretary says Republicans should end filibuster in event of another shutdown Bessent says administration working to lower prices where it can WASHINGTON, Nov 23 (Reuters) - Treasury Secretary Scott Bessent on Sunday said the 43-day government shutdown caused an $11 billion permanent hit to the U.S. economy, but he was optimistic about growth prospects next year given easing interest rates and tax cuts. Bessent told NBC's "Meet the Press" program that parts of the U.S. economy that are sensitive to interest rates, including housing, had been in recession, but he did not see the entire economy at risk of negative growth. Sign up here. He blamed the services economy, not U.S. President Donald Trump's sweeping tariffs, for inflation - repeating the Trump administration's longstanding take - and added that he expected lower energy prices to drive down prices more broadly. Trump has focused intensely on affordability in recent weeks after Democratic wins in state and local elections and his declining approval ratings - now at 38% - the lowest since his return to power, according to a recent Reuters/Ipsos poll. Bessent struck an upbeat tone, despite recent data showing a slowdown in U.S. factory activity as higher prices caused by tariffs on imports restrained demand. The University of Michigan's consumer survey released on Friday also showed frustration among consumers about higher prices. "I am very, very optimistic on 2026. We have set the table for a very strong, non-inflationary growth economy," Bessent said. Energy prices dropped in October while home sales rose, Bessent said, adding that the administration was continuing to work hard to bring down inflation, now running at 3% annually. The Treasury secretary said inflation was 0.5% higher in Democratic-controlled states than those run by Republicans, attributing the difference to increased regulation. HASSETT SEES BLOCKBUSTER 2026 National Economic Council Director Kevin Hassett told Fox News's "Sunday Morning Futures" that he expected 2026 to be "an absolute blockbuster year," although there would be a "hiccup" in the fourth quarter of this year because of the longest government shutdown. Expectations for the fourth quarter have been halved, he said, forecasting growth of 1.5% to 2%, with an expected rise in manufacturing jobs to boost the scenario for 2026. Last week's moves to cut tariffs on food imports like bananas and coffee were the result of trade deals that had been negotiated for months, Bessent said. "Inflation is a composite number and we look at everything, so we are trying to push down the things we can control," he added. Trump on Wednesday signed legislation ending the longest government shutdown in U.S. history, extending funding through January 30, and setting the stage for another potential showdown between Democrats and Trump's Republicans next year. Bessent said Republicans should immediately vote to end the filibuster if Democrats closed the government again, something Trump has also demanded, but dodged a question on whether there were enough votes to do so. Policy changes that cap taxes on overtime, cut taxes on tips and Social Security for some individuals, and make auto loans deductible would boost real income levels for working Americans and help offset higher costs, Bessent said. Taxpayers would see substantial federal tax refunds in the first quarter of 2026 given the changes in tax rates, he added. The Trump administration also plans an announcement this week aimed at lowering healthcare costs, Bessent said, echoing similar remarks from a senior White House official last week, but giving no details. A rash of trade deals would also help boost the economy, Bessent said, predicting new plant openings across the country. https://www.reuters.com/world/us/no-recession-risk-us-economy-whole-bessent-tells-nbc-2025-11-23/

2025-11-23 15:28

BELEM, Brazil, Nov 23 (Reuters) - This year's U.N. climate change summit ended with a tenuous compromise for a deal that skipped over most countries' key demands but for one: committing wealthy countries to triple their spending to help others adapt to global warming. Here are some of the takeaways from the COP30 climate summit held in Brazil's Amazon city of Belem: Sign up here. HOOKED ON HYDROCARBONS Brazil's President Luiz Inácio Lula da Silva had launched the summit calling for countries to agree on a "roadmap" for advancing a COP28 pledge to shift away from fossil fuels. But it was a road to nowhere at this summit, as oil-rich Arab nations and others dependent on fossil fuels blocked any mention of the issue. Instead, the COP30 presidency created a voluntary plan that countries could sign on to - or not. The result was similar to Egypt's COP27 and Azerbaijan's COP29, where countries agreed to spend more money to address climate dangers while ignoring their primary cause. Nearly three-fourths of the world's greenhouse gas emissions since 2020 have come from coal, oil and gas. Demand for these fuels is likely to rise through 2050, the International Energy Agency said in a report midway through the COP30 summit that reversed expectations of a rapid shift to clean energy. GLOBAL CLIMATE UNITY ON THE BRINK The need to show global unity in climate talks was the main thing countries agreed, along with the idea that long-polluting wealthy countries should do most to tackle the problem. But to get to a final deal, they ditched nearly all ambitions they'd brought - including mandatory tightening targets for reducing climate-warming emissions. Brazil's COP30 presidency lamented the United States' snubbing of the talks. The absence of the world's biggest economy - and biggest historical polluter - emboldened countries with fossil fuel interests. Rumbling concerns about a process that allows only a few to effectively veto collective deals grew louder, stoking calls for reform. After Brazil had promised a 'COP of Truth' that would set countries on course for action, the omission of any agreed implementation plans was glaring. CHINA IN POLE POSITION China played a leading role at the summit - but from behind the scenes. President Xi Jinping skipped the talks as he typically does. But his delegation carried a strong message that China was prepared to deliver the clean energy technology the world needs to cut emissions. Executives from Chinese solar, battery and electric vehicle companies were featured at the country's exhibit pavilion - one of the first things delegates saw on entering the sprawling venue. China was not the only fast-developing nation in focus this year. The Indian delegation flexed more muscle in the negotiations, while South Africa rolled out a climate-linked agenda for its own November 22-23 G20 summit. FRAUGHT FUTURE FOR FORESTS AND INDIGENOUS RIGHTS Holding the summit in an Amazon forest city, Brazil touted the importance of the world's remaining canopy for fighting climate change - along with the roughly half-billion Indigenous people seen as stewards of natural lands. Many who attended from across the Amazon and the world felt frustrated they weren't being heard. They staged several protests, and even stormed the COP30 compound gates - clashing with security before being pushed back out. Countries announced about $9.5 billion in forest funding - including almost $7 billion for Brazil's flagship tropical forest fund and another $2.5 billion for an initiative for Congo. But the summit ended on a sour note for many, as negotiators dropped efforts for a roadmap to meet the 2030 zero-deforestation pledge and gave no recognition for the protection of their lands. ATTACKS ON CLIMATE SCIENCE While Lula and other world leaders had railed against misinformation and denial, COP30 talks didn't help much in countering this year's U.S. government assault on climate science. The summit also chipped away at global consensus around climate science by no longer recognizing the U.N. Intergovernmental Panel on Climate Change as the "best available science" to guide policy on climate change and its impacts. Instead, the final deal notes the importance of IPCC outputs along with "those produced in developing countries and relevant reports from regional groups and institutions." And by sidelining fossil fuels and emissions targets, COP30 ignored the alarm bells being rung by scientists. https://www.reuters.com/sustainability/cop/takeaways-cop30-climate-summit-brazil-2025-11-23/

2025-11-23 13:20

ANKARA, Nov 23 (Reuters) - Turkish President Tayyip Erdogan said he would have a phone call with his Russian counterpart Vladimir Putin on Monday to discuss peace efforts in Ukraine, adding that he would also ask him to restart a deal for the safe passage of grains via the Black Sea. NATO member Turkey has maintained cordial ties with both Kyiv and Moscow during the war, providing military help to Ukraine but refusing to join Western sanctions on Moscow. It has hosted three rounds of peace talks between the warring parties in Istanbul and offered to host a leaders' meeting. Sign up here. Speaking at a press conference on Sunday after a G20 summit in South Africa, Erdogan said the 2022 Black Sea grain deal, brokered by Turkey and the United Nations, aimed to pave the path for a peaceful resolution of the war in Ukraine. "We were able to succeed in this up to a certain point and it did not continue after. Now, during the discussions we will have tomorrow, I will again ask Mr. Putin about this. I think it would be very beneficial if we can start this process," he said. He added that he would also discuss how to "end the deaths" during the call, and that he would share with European and U.S. leaders and allies the outcomes of his conversation with Putin. Erdogan did not comment directly on Washington's 28-point draft plan to end the war. Kyiv and European allies have voiced alarm over what they see as major concessions to the aggressor Russia, as officials meet in Geneva to discuss it. The Black Sea Grain Initiative was inked in July 2022 to allow the safe export of nearly 33 million metric tons of Ukrainian grain via the Black Sea, despite the war. Russia withdrew from the agreement in 2023, complaining that its own food and fertiliser exports faced serious obstacles. It has also complained of restrictions on payments, logistics and insurance as a barrier to shipments. Last week, Erdogan hosted Ukrainian President Volodymyr Zelenskiy in Ankara, and on Sunday discussed the war in Ukraine with the leaders of France and Italy, according to his office. He called for all diplomatic efforts to be utilised to reach a fair and lasting peace in Ukraine, saying the resumption of talks in Istanbul could help this effort. https://www.reuters.com/world/europe/turkeys-erdogan-says-he-will-speak-russias-putin-monday-2025-11-23/

2025-11-23 13:03

FT quotes interview with EXIM chair John Jovanovic First tranche of deals will include projects in Egypt, Pakistan and Europe Nov 23 (Reuters) - The U.S. Export-Import Bank (EXIM) will invest $100 billion to secure U.S. and allied supply chains for critical minerals, nuclear energy and liquefied natural gas, the organisation's chair John Jovanovic told the Financial Times in an interview published on Sunday. The first tranche of deals will include projects in Egypt, Pakistan and Europe, Jovanovic told the newspaper, adding that the West was over-reliant on supplies of these critical materials that "are no longer fair". Sign up here. "We can't do anything else that we're trying to do without these underlying critical raw material supply chains being secure, stable and functioning," he was quoted saying. CONGRESS HAD APPROVED $135 BLN FOR EXIM TO DEPLOY Jovanovic told the FT that the bank's early deals would include a credit insurance guarantee for $4 billion of natural gas being delivered to Egypt by New York-based commodities group Hartree Partners, and a $1.25 billion loan for the Reko Diq mine being developed by Barrick Mining (ABX.TO) , opens new tab in Pakistan. The bank has $100 billion left to deploy of the $135 billion authorized by Congress, he said. EXIM did not immediately respond to a request for comment outside regular business hours. The investment aligns with U.S. President Donald Trump's energy-dominance agenda. Trump had campaigned on a promise to increase U.S. energy output and has sought to roll back energy and environmental regulations since taking office in January. https://www.reuters.com/business/energy/us-exim-invest-100-billion-secure-critical-mineral-supplies-ft-says-2025-11-23/