2025-10-26 17:50

European Union races to pass 2040 climate goal New draft proposals offer more flexible path Countries split over cost and speed of emissions cuts BRUSSELS, Oct 26 (Reuters) - European Union countries are negotiating proposals to give industries a more flexible path to meeting climate goals, a draft EU document showed, as the bloc attempts to win support from governments for a new 2040 emissions-cutting target. The EU is negotiating a legally-binding target to cut net greenhouse gas emissions 90% by 2040, and is racing to approve the goal before world leaders gather for the U.N.'s COP30 climate summit on November 6. Sign up here. However, months of negotiations have so far not yielded a deal, as some governments have pushed back on green measures, and raised concerns over how to finance the low-carbon transition alongside priorities like defence and revitalising industries. A draft EU compromise proposal, seen by Reuters, showed countries have drafted plans that would allow the EU to review the 2040 target every two years - potentially allowing Brussels to weaken the goal in future. The draft would also fix into law a commitment that if forests absorb less CO2 emissions than expected, or technologies to remove CO2 from the atmosphere develop slower than planned, other industries will not be forced to cut emissions faster to deliver the 2040 goal. "Possible shortfalls in one sector should not be at the expense of other sectors," said the draft, dated October 25. NO CHANGE ON CARBON CREDITS QUOTA The new compromise reflects demands made by EU government leaders at a summit last week, where they debated the "enabling conditions" needed to meet green goals while avoiding higher energy bills for citizens and supporting businesses grappling with cheap Chinese imports and U.S. tariffs. EU countries' ambassadors will negotiate the proposal next week, before their climate ministers attempt to approve the target on November 4. The draft proposal did not change the 90% emissions-cutting target, nor the 3% of the goal that can be met by buying foreign carbon credits, rather than domestic efforts - although countries are still debating this. French President Emmanuel Macron said last week credits could potentially cover up to 5%. In an attempt to win over sceptical governments, the European Commission has promised changes to other green measures, including price controls in an upcoming carbon market for transport fuels, as demanded by Poland and the Czech Republic. Brussels is also considering weakening its 2035 combustion engine car ban after pressure from Germany and Italy. A spokesperson for Denmark, which holds the rotating EU presidency and drafted the document, declined to comment. https://www.reuters.com/sustainability/cop/eu-considers-more-flexible-climate-target-hunt-deal-draft-shows-2025-10-26/

2025-10-26 17:31

Trump optimistic of deal when he meets China's Xi Thursday Chinese official says 'preliminary consensus' reached Bessent says China to delay rare earths curbs for a year China to resume buying US soybeans, Bessent says KUALA LUMPUR, Oct 26 (Reuters) - Top Chinese and U.S. economic officials on Sunday hashed out the framework of a trade deal for U.S. President Donald Trump and Chinese President Xi Jinping to decide on later this week that would pause steeper American tariffs and Chinese rare earths export controls, U.S. officials said. U.S. Treasury Secretary Scott Bessent said talks on the sidelines of the ASEAN Summit in Kuala Lumpur had eliminated the threat of Trump's 100% tariffs on Chinese imports starting November 1. Bessent also said he expects China to delay implementation of its rare earth minerals and magnets licensing regime by a year while the policy is reconsidered. Sign up here. Chinese officials were more circumspect about the talks and offered no details about the outcome of the meetings. Trump and Xi are due to meet on Thursday on the sidelines of the Asia-Pacific Economic Cooperation (APEC) summit in Gyeongju, South Korea, to sign off on the terms. While the White House has officially announced the highly anticipated Trump-Xi talks, China has yet to confirm that the two leaders will meet. "I think we have a very successful framework for the leaders to discuss on Thursday," Bessent told reporters after he and U.S. Trade Representative Jamieson Greer met with Chinese Vice Premier He Lifeng and top trade negotiator Li Chenggang for their fifth round of in-person discussions since May. Bessent said he anticipates that a tariff truce with China will be extended beyond its November 10 expiration date, and that China will revive substantial purchases of U.S. soybeans after buying none in September while favouring soybeans from Brazil and Argentina. U.S. soybean farmers "will feel very good about what's going on both for this season and the coming seasons for several years" once the deal's terms are announced, Bessent told the ABC program "This Week." Greer told the "Fox News Sunday" program that both sides agreed to pause some punitive actions and found "a path forward where we can have more access to rare earths from China, we can try to balance out our trade deficit with sales from the United States." TRUMP EXPECTS A DEAL, CHINESE SUGGEST CAUTION China's Li Chenggang said the two sides reached a "preliminary consensus" and will next go through their respective internal approval processes. "The U.S. position has been tough, whereas China has been firm in defending its own interests and rights," Li said through an interpreter. "We have experienced very intense consultations and engaged in constructive exchanges in exploring solutions and arrangements to address these concerns." Trump arrived in Malaysia on Sunday for a summit of the Association of Southeast Asian Nations, his first stop in a five-day Asia tour that is expected to culminate in Thursday's face-to-face with Xi in South Korea. After the weekend talks, Trump struck a positive tone, saying: "I think we're going to have a deal with China". Trump had threatened new 100% tariffs on Chinese goods and other trade curbs starting on November 1, in retaliation for China's expanded export controls on rare earth magnets and minerals. China controls more than 90% of the world's supply for the materials, which are essential for high-tech manufacturing from electric vehicles to semiconductors and missiles. The export controls and Trump's threatened retaliation would disrupt a delicate six-month truce under which China and the U.S. reduced tariffs that had quickly escalated to triple-digit rates on each side. The U.S. and Chinese officials said that, in addition to rare earths, they discussed trade expansion, the U.S. fentanyl crisis, U.S. port entrance fees and the transfer of TikTok to U.S. ownership control. Bessent told NBC's "Meet the Press" program that the two sides have to iron out details of the TikTok deal, allowing Trump and Xi to "consummate the transaction" in South Korea. TALKING POINTS WITH XI INCLUDE SOYBEANS, TAIWAN On the sidelines of the ASEAN Summit, Trump hinted at possible meetings with Xi in China and the United States. "We've agreed to meet. We're going to meet them later in China, and we're going to meet in the U.S., in either Washington or at Mar-a-Lago," Trump said. Among Trump's talking points with Xi are Chinese purchases of U.S. soybeans, concerns around democratically governed Taiwan, which China views as its own territory, and the release of jailed Hong Kong media tycoon Jimmy Lai. The detention of the founder of the now-defunct pro-democracy newspaper Apple Daily has become the most high-profile example of China's crackdown on rights in Hong Kong. Trump also said he will seek China's help in U.S. dealings with Moscow, as Russia's war in Ukraine grinds on. Tensions between the world's two largest economies flared in the past few weeks as a delicate trade truce, reached after a first round of trade talks in Geneva in May and extended in August, failed to prevent the United States and China from hitting each other with more sanctions, export curbs and threats of stronger retaliatory measures. China's expanded controls of rare earths exports have caused a global shortage. That has prompted the United States to consider a block on software-powered exports to China, from laptops to jet engines, according to a Reuters report. https://www.reuters.com/world/china/ustr-greer-says-trade-talks-with-china-moving-toward-agreement-leaders-review-2025-10-26/

2025-10-26 15:44

WINDHOEK, Oct 26 (Reuters) - Namibia's President Netumbo Nandi-Ndaitwah has removed Natangwe Ithete from his posts as deputy prime minister and minister of industry, mines and energy, the presidency said in a statement on Sunday. "In the interest of ensuring continuity and effective coordination within this key sector, President Nandi-Ndaitwah will assume responsibility for the Ministry of Industry, Mines and Energy, effective immediately," the statement said. Sign up here. It did not give a reason. Ithete was appointed to the posts in March as part of Nandi-Ndaitwah's new administration. He remains a member of parliament, the statement said. Resource-rich Namibia is aiming for its first crude oil production by 2030 after several major discoveries in recent years. It mines commodities like uranium and diamonds. https://www.reuters.com/world/africa/namibian-president-takes-over-ministry-mines-energy-industry-2025-10-26/

2025-10-26 15:02

CAPE TOWN, Oct 26 (Reuters) - TotalEnergies (TTEF.PA) , opens new tab has told Mozambique that the costs of its liquefied natural gas (LNG) project in the country have risen by $4.5 billion in the four years it was on hold, and it wants its production agreement extended by a decade, a letter from its chief executive showed. The French oil major had confirmed on Saturday that together with its partners it had decided to lift force majeure on the project, which was halted in 2021 by an Islamist militant attack and was previously estimated to cost $20 billion. Sign up here. But before construction can restart, Mozambique's council of ministers needs to approve an updated budget and schedule. "This revised budget's approval shall cover the incremental costs incurred by the project due to the force majeure, which amount to $4.5 billion," the letter from TotalEnergies CEO Patrick Pouyanne to Mozambique President Daniel Chapo showed. EXPECTED FIRST PRODUCTION IN FIRST HALF OF 2029 The Southern African country's oil and gas regulator is coming up with its own estimate of the project's additional costs and has not said when that will be ready. Pouyanne's letter, dated October 24 and seen by Reuters, said the prolonged halt to the project's development had pushed out the expected first LNG cargo to the first half of 2029, from an initial target of July 2024. "To compensate partially (for) the economic impact of the extended force majeure ... the concessionaire respectfully requires the government to grant an extension of the term of the Golfinho-Atum development and production period ... by a duration of 10 years." WORK TO CONTINUE IN 'CONTAINMENT MODE' TotalEnergies declined to comment. A spokesperson for the Mozambique president did not immediately respond to a request for comment. The LNG project is 40% complete, although insurgent attacks have shown little sign of abating despite Mozambique signing a new security pact with Rwanda, whose military has helped secure the area where the plant is being developed. Exxon Mobil (XOM.N) , opens new tab is developing a separate project nearby. The remaining work will take place in "containment mode", with workers only allowed in by air or sea, TotalEnergies told a September 29 investor day. Mozambique LNG is owned by TotalEnergies (26.5%), Japan's Mitsui (20%), ENH (15%), Bharat Petroleum (10%), Oil India (10%), ONGC Videsh (10%) and Thailand's PTTEP (8.5%). https://www.reuters.com/business/energy/totalenergies-tells-mozambique-lng-project-costs-have-risen-by-45-billion-2025-10-26/

2025-10-26 12:14

DOUALA, Oct 26 (Reuters) - Hundreds of opposition supporters barricaded roads and burned tyres in Cameroon's commercial capital on Sunday, as protests intensified a day before the announcement of presidential election results. Police fired teargas and water cannon to break up the crowds of supporters of opposition candidate Issa Tchiroma. They say he beat veteran leader Paul Biya in the October 12 vote and have accused authorities of preparing to rig the election. Sign up here. Protests have flared in several cities after partial results reported by local media showed Biya, 92, was on course to win. The government has rejected opposition accusations of irregularities and urged people to wait for the result. "We want Tchiroma, we want Tchiroma!" the protesters chanted in Douala's New Bell neighbourhood. They blocked roads with debris and threw rocks and other projectiles at security forces. Reuters reporters saw police detain at least four protesters. Clashes were also reported in other parts of the city and in Tchiroma's hometown, Garoua. Earlier on Sunday, Tchiroma's campaign manager said authorities had detained about 30 politicians and activists who had supported his candidacy, heightening tensions. Among those he said were detained were Anicet Ekane, leader of the MANIDEM party, and Djeukam Tchameni, a prominent figure in the Union for Change movement. Cameroon's interior minister, Paul Atanga Nji, said on Saturday arrests had been made in connection with what he described as an "insurrectional movement," though he did not say who had been detained or how many. Biya is the world's oldest serving ruler and has been in power in Cameroon since 1982. Another seven-year term could keep him in power until he is nearly 100. Tchiroma, a former minister and one-time Biya ally, has said he won and that he will not accept any other result. https://www.reuters.com/world/africa/cameroon-detains-opposition-figures-ahead-presidential-results-2025-10-26/

2025-10-26 11:57

US earlier this month bought pesos and finalized $20 bln currency swap framework Bessent says measures are not a bailout Treasury gives few details about swap line and peso interventions WASHINGTON, Oct 26 (Reuters) - U.S. Treasury Secretary Scott Bessent on Sunday said the U.S. will not lose any taxpayer funds in financial support measures for Argentina, saying the U.S. was backing a Latin American ally as it holds a key election. The United States earlier this month purchased Argentine pesos and finalized a $20 billion currency swap framework with Argentina's central bank after a meeting between the two countries' top finance officials in Washington. Sign up here. "There will be no taxpayer losses. This is a swap line. This is not a bailout, and it is from the Exchange Stabilization Fund, which I control at Treasury," Bessent told NBC's "Meet the Press" program. "It has never registered a loss. It is not going to register a loss." US TREASURY HAS BOUGHT PESOS ON OPEN MARKET Argentina on Sunday holds parliamentary mid-term elections in which libertarian President Javier Milei's party is seeking to strengthen its position and avoid roll-backs of his fiscal austerity program and private-sector reform agenda - policies that the Trump administration supports. The Treasury has been buying Argentine pesos in the open market to support its value against the dollar, despite the views of many traders and economists that the currency is overvalued. The Treasury has disclosed few details about the swap line and the peso interventions. BESSENT SAYS ADMINISTRATION WANTS TO SET TONE IN LATAM The support comes from the Treasury's $211 billion Exchange Stabilization Fund, which has been used to back Federal Reserve lending facilities during crises such as the COVID-19 pandemic and the 2023 bank stability crisis. The ESF's biggest holding is International Monetary Fund reserve assets known as Special Drawing Rights. "We are supporting a U.S. ally in Latin America and we want to set the tone in Latin America," Bessent told Meet the Press. He said the Trump administration did not want Argentina to suffer the same fate as Venezuela, which he described as a "failed narco-state." "So we think it is much better to use American economic power up front to stabilize a friendly government and lead the way, because we've got many other governments in Latin America, Bolivia, Ecuador, Paraguay, who all want to follow," he said. https://www.reuters.com/world/americas/bessent-vows-that-us-wont-lose-taxpayer-money-aiding-argentina-2025-10-26/