Wall Street stocks surged to fresh records Wednesday on hopes about easing US monetary policy, shrugging off political upheaval in South Korea and France. All three major US indices scored records, with the Dow Jones Industrial Average finishing above 45,000 for the first time. "The market at this point is looking for excuses to go up, and there's not really anything that might work against that narrative," said Steve Sosnick of Interactive Brokers. "Over the last couple of days, it's managed to ignore all sorts of inconvenient things and decided that the situation in France doesn't matter for them," Sosnick said of the stock market. "The situation in Korea doesn't matter." South Korea's stock market fell less than feared and the won rebounded from earlier losses after President Yoon Suk Yeol swiftly reversed a decision to impose martial law. In Europe, Paris stocks managed to advance as France's government faced looming no-confidence votes. Late Wednesday in Paris, French lawmakers voted to oust the government of Prime Minister Michel Barnier after just three months in office, pushing the country further into political uncertainty. For the first time in over sixty years, the National Assembly lower house toppled the incumbent government, approving a no-confidence motion that had been proposed by the hard left but which crucially was backed by the far-right headed by Marine Le Pen. "Political turmoil in both France and South Korea provide a uncertain backdrop for global markets, with the likely removal of both Barnier and Yoon bringing the potential for both countries to find a fresh direction," said Joshua Mahony, chief market analyst at Scope Markets. Thomas Mathews, head of Asia-Pacific markets at Capital Economics, said the losses in Seoul could have been "much worse" had the president not aborted his plan. "Rarely does a combined sell-off in a country's stocks, bonds and currency feel like a relief rally," he said. Oil prices turned lower after surging around 2.5 percent Tuesday, mainly after the United States sanctioned 35 companies and ships it accused of involvement with Iran's "shadow fleet" illicitly selling Iranian oil to foreign markets. Major producers at the OPEC+ grouping led by Saudi Arabia and Russia were set to meet Thursday to discuss extending output limits. Back in New York, major indices were led by the Nasdaq, which piled on 1.3 percent to finish at a third straight record. Wednesday's gains came after payroll firm ADP said US private-sector hiring in November came in at a lower-than-expected 146,000 jobs, while a survey from the Institute for Supply Management showed weaker sentiment than expected in the services sector. But the lackluster data boosts expectations that the Federal Reserve will cut interest rates later this month. At a New York conference, Federal Reserve Chair Jerome Powell refrained from tipping his hand, but he "didn't say anything that would scare the market," said Briefing.com analyst Patrick O'Hare. O'Hare noted that Wednesday's gains were led by large tech names such as Nvidia and Microsoft, which are major AI players. The boost followed strong results from Salesforce, which was the biggest gainer in the Dow with an 11 percent jump. New York - Dow: UP 0.7 percent at 45,014.04 (close) New York - S&P 500: UP 0.6 percent at 6,086.49 (close) New York - Nasdaq Composite: UP 1.3 percent at 19,735.12 (close) London - FTSE 100: DOWN 0.3 percent at 8,335.81 (close) Paris - CAC 40: UP 0.7 percent at 7,303.28 (close) Frankfurt - DAX: UP 1.1 percent at 20,232.14 (close) Seoul - Kospi Index: DOWN 1.4 percent at 2,464.00 (close) Tokyo - Nikkei 225: UP 0.1 percent at 39,276.39 (close) Hong Kong - Hang Seng Index: FLAT at 19,742.46 (close) Shanghai - Composite: DOWN 0.4 percent at 3,364.65 (close) Euro/dollar: UP at $1.0510 from $1.0509 on Tuesday Pound/dollar: UP at $1.2702 from $1.2673 Dollar/yen: UP at 150.56 yen from 149.60 yen Euro/pound: DOWN at 82.71 from 82.92 pence Brent North Sea Crude: DOWN 1.8 percent at $72.31 per barrel West Texas Intermediate: DOWN 2.0 percent at $68.54 per barrel burs-jmb/jgcShiffrin confirms she'll miss Beaver Creek World Cup races
AMGEN TO PRESENT AT CITI'S 2024 GLOBAL HEALTHCARE CONFERENCESINGAPORE: Donald Trump’s victory at the 2024 US election has been met with trepidation by environmentalists around the world , given his track record of dismantling environmental regulations and driving increased oil and gas extraction. Trump’s comeback to the White House will likely throw a spanner in climate action both domestically and internationally. In 2017, he withdrew the United States from the Paris Agreement to limit global warming to 1.5 degrees Celsius. There are concerns that he would do the same when he takes office. Some measures in the US that are expected to see rollbacks include incentives and subsidies for clean energy such as wind and solar, and the Environmental Protection Agency’s rules against coal-powered electric plants, methane emissions and tailpipe emissions. Oil drilling in Alaska’s wildlife refuge will likely re-commence under Trump’s administration. As the largest carbon polluter historically, the United States has a responsibility to reduce its emissions - but this will not be met when Trump embraces aggressive fossil fuel drilling and burning. US CLIMATE LEADERSHIP IS DEBATABLE Even without the Trump administration acknowledging human-driven climate change, extreme weather events have cost the United States a whopping US$24 billion in 2024 . Hurricane Helene and Hurricane Milton struck the south of the country in a span of two weeks, killing dozens and destroying homes. Such disasters will become more intense, frequent and costly as temperatures rise. US President Joe Biden has also been criticised for not doing enough to combat climate change. The Biden administration issued 20 per cent more oil and gas licenses than Trump in his first term, revealing the hypocrisy of heavy fossil fuel investments despite its supposed climate commitments. Biden did not attend the COP29 talks at Azerbaijan, passing up the chance to assert the US’ climate leadership in the last year of his presidency. Already, the US$300 billion COP29 deal to help developing countries mitigate and adapt to global warming has been criticised as insufficient, compared to the several trillions needed by 2030. And it is certainly unremarkable when compared to record-high US$7 trillion worth of subsidies the fossil fuel industry received in 2022. But these developments may not be all doom and gloom when it comes to climate action. CHINA LIKELY TO STEP UP While the US falls behind on climate action, other countries are stepping up. Even if the US exits from the Paris Agreement, as it did in 2016, climate targets and negotiations will continue, with China stepping up to lead the global energy transition. Progress in climate financing, the key agenda at this year’s COP, has admittedly faced setbacks in terms of contributions from wealthy developed countries. But widening the donor pool to emerging economies such as China and oil-rich states could help if America pulls out from the agreement. China is increasingly positioning itself as a climate leader, evident through its climate partnerships with countries such as Australia, France and Germany. As part of its cooperation with the African Union, China is involved in more than 120 climate projects throughout the continent. Closer to home, China has partnered with Southeast Asian countries on technology exchanges and environmental monitoring applications. Having ratified the Paris Agreement and the UN 2030 Agenda for Sustainable Development, China has the potential to advance emerging energy technologies. If the US falls back on global climate cooperation and investment, China and other states will fill the gap. IMPLICATIONS ON SOUTHEAST ASIA’S ENERGY TRANSITION In a tense political climate rife with US-China rivalry, climate action can be a key issue that fosters or reduces grounds for cooperation. On one hand, Southeast Asia presents an opportunity for the US to grow its investments in the region’s green energy transition. The Association of Southeast Asian Nations (ASEAN) has set a renewable energy target of 23 percent by 2025 in total primary energy supply. Under the Biden Administration, there was some progress between the US and ASEAN on climate cooperation, through the US-ASEAN Comprehensive Strategic Partnership and the first ASEAN-US Ministerial Dialogue on Environment and Climate Change in 2023. However, it remains to be seen if Trump will advance climate cooperation initiatives with ASEAN. During his last term as president, the Trump administration arguably saw Southeast Asia as a low-priority region within the wider Asia-Pacific. Trump’s America First approach and campaign pledges to enact protectionist measures such as steep tariffs are likely to trigger tit-for-tat reactions from China. Additionally, the US would ramp up its competition with China in renewable energy. These developments would largely have a mixed effect on Southeast Asia. We would likely see increased opportunities and investments in the region with other countries seeking to diversify their supply chains. At the same time, the region would also suffer disruptions or increased costs of critical minerals and green technologies following any repercussions from protectionist measures by both US and China. COUNTRIES MUST STICK TO CLIMATE COMMITMENTS Southeast Asian countries, including Singapore, will benefit from increased cooperation with the US on climate. While there may be a loss of climate financing to the regions’ projects under a Trump administration, US clean energy companies may look to Southeast Asia to secure their supply chains and expand into new markets. At least on climate cooperation on a bilateral level, there will likely be a level of continuity during the Trump administration. As a small state that values multilateralism and global governance institutions, Singapore will continue to be a steadfast advocate of global cooperation on climate change. Most importantly, regional decarbonisation efforts should be stepped up, for instance in establishing the ASEAN power grid that will allow member states to trade green energy. The world is already off track in meeting its climate goals. It is all the more vital for countries to stick to their commitments and work together to tackle climate change. The momentum towards clean energy is unstoppable, and if the Trump administration chooses not to prioritise it, the US will continue to lag on climate action and leadership. Peili Pey is Research Fellow and Danielle Lynn Goh is Associate Research Fellow at the Centre for Non-Traditional Security Studies, S Rajaratnam School of International Studies.
( MENAFN - GetNews) The Bronx, NY - Brainiac Babies, a trusted childcare and early education center in The Bronx, is thrilled to announce the launch of its Free Childcare Opportunities program. Designed to support families facing financial hardships, this initiative ensures children aged 2-5 can access high-quality early education and care at no cost. The program is made possible through partnerships with the Administration for Children's Services (ACS) and the Human Resources Administration (HRA). By removing financial barriers, Brainiac Babies aims to create an inclusive, supportive environment where every child can thrive academically, socially, and emotionally. Program Highlights: “We believe every child deserves access to quality early education, regardless of financial circumstances,” said Nekea Whitson the owner of Brainiac Babies.“This program reflects our commitment to fostering equal opportunities and supporting the families in our community.” Families interested in applying can visit the program's webpage at Free Childcare - Brainiac Babies or contact the center directly for more information and guidance on the application process. Brainiac Babies is located at 2260 Crotona Avenue, The Bronx, NY, and offers a nurturing environment where young learners grow through play, exploration, and creativity. About Brainiac Babies Since 2016, Brainiac Babies has been a leader in early childhood education, combining innovative programs with a family-centered approach. Serving toddlers to pre-kindergarteners, the center focuses on preparing children for lifelong success while fostering social and emotional growth. MENAFN24122024003238003268ID1109028530 Legal Disclaimer: MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.EVLV LEGAL DEADLINE: Evolv Technologies Class Action Deadline is Approaching – Contact BFA Law if You Suffered Losses (Nasdaq:EVLV)
Trump calls Florida meeting with Trudeau productive amid stiff tariff threatThe Asian Development Bank (ADB) has joined forces with APU Dairy LLC in a $20 million (in Mongolian togrog equivalent) financing agreement aimed at transforming Mongolia’s dairy industry. This initiative seeks to integrate nomadic herders into a more resilient dairy value chain, expand domestic milk processing capabilities, and implement sustainable herd management practices. The project is expected to enhance food security and create economic opportunities for local communities. In addition to the loan, ADB will provide up to $750,000 in technical assistance to equip 300 herders with vital skills in sustainable herd and pasture management, financial literacy, gender equality, disability awareness, and climate resilience. The European Bank for Reconstruction and Development (EBRD) is co-financing the project as a parallel lender. “This partnership with APU Dairy is a significant step toward a more resilient and inclusive dairy value chain in Mongolia. It will enhance the country’s food security by supporting local milk production and helping herders adapt to climate and economic challenges. The project’s benefits will be shared by all value chain stakeholders, improving the livelihoods of 1,000 herders and giving women better access to job opportunities and greater inclusion in the dairy supply chain,” said Suzanne Gaboury, ADB Director General for Private Sector Operations. Addressing Mongolia’s Dairy Industry Challenges Mongolia produces approximately 800 million liters of raw milk annually, yet only 10% is processed into finished products due to limited connections between herders and processing facilities. Dairy production peaks during summer and declines significantly in winter, leading to reliance on imported milk powder during colder months. To address these challenges, the project will establish 25 new raw milk collection centers within a 450-kilometer radius of Ulaanbaatar. These centers will provide herders with a stable market and enable them to use milk production as collateral for credit. By 2028, the new centers will supply raw milk for APU Dairy’s expanded processing facility, which will operate at increased capacity and create 320 new jobs. Empowering Herders and Enhancing Inclusivity The complementary technical assistance aims to foster inclusivity and empower herders, particularly women, by improving their access to job opportunities within the dairy value chain. APU Dairy CEO Bayarmagnai Galsumiya expressed confidence in the project:“This partnership with ADB is not just about financing but also reflects our shared goals and aspirations to increase community participation, build capacity, and promote inclusiveness. The technical assistance is an important step toward developing the sector. This initiative will become a pillar of future development for Mongolia’s agriculture and food production, improving the livelihoods, knowledge, and skills of rural herders.” Expanding APU Dairy’s Reach Founded in 2006, APU Dairy is Mongolia’s second-largest dairy producer. It operates across 4,700 sales points in Ulaanbaatar and 4,000 in rural provinces, producing and marketing its own branded products. APU Dairy is part of APU JSC, the largest beverage producer in Mongolia, and is owned by the Shunkhlai Group, a leading conglomerate in the country. The project underscores ADB’s commitment to promoting sustainable economic growth, improving rural livelihoods, and supporting Mongolia’s efforts to achieve food security while addressing climate and social challenges.
Goyal for promoting sustainable consumption patterns to cut carbon footprint