President Financial News

By Wayne Cole

CARACAS/GEORGETOWN (Reuters) -Venezuelans are voting on Sunday in a referendum backed by President Nicolas Maduro's government over a potentially oil-rich territory that is the subject of a long-running border dispute with Guyana.

Investing.com — Friday’s nonfarm payrolls report for November will be in focus this week as investors try to assess whether the U.S. economy is remaining resilient in the face of higher interest rates. Oil prices look set to remain volatile and central bank meetings in Australia and Canada could underline the view that rates have peaked.

Congress alliance partners in Maharashtra reacted differently to the yearend assembly results. While INDIA bloc architect Sharad Pawar said the results were on expected lines, the Shiv Sena (UBT) blamed Congress leaders Digvijaya Singh and Kamal Nath for the defeat in MP. Pawar said the results would not impact the Lok Sabha polls.

Congress party's 0-3 defeat to BJP in the Hindi heartland not only marred the party's hopes in Madhya Pradesh, Chhattisgarh and Rajasthan but also hit at the very heart of Congress' preparation for the Lok Sabha polls. The failure also clouds Congress' quest to position itself within the INDIA bloc as it can make the party prone to the pulls and pressures from regional biggies, who have already made taunting noises on the Congress' poor show. Whither INDIA? After not convening any INDIA meeting since mid-September by hoping it will do so from a position of strength after winning some states, Congress on Sunday advertised its resolve to convene an alliance meet.

Israel's military increased airstrikes on Hamas targets in southern Gaza, a widening front in the war, as each side ruled out further talks toward a renewed cease-fire. Israel pulled its negotiating team from Qatar, denting hopes that a seven-day cease-fire, accompanied by exchanges of hostages and prisoners, would be extended.

World Bank is working with a club of 15 finance bosses to lower the risk of investing in climate projects in emerging economies and attract private capital for cutting emissions. Ajay Banga, the World Bank's president, said the Private Sector Investment Lab is focused on «figuring out a model of originate-to-distribute» that would allow for deep-pocketed investors to put up large sums for climate deals. The creation of a «securitizable asset class in these kinds of investments, where large pension funds, large players like BlackRock will find a very attractive place to put billions to work,» is a key target, he said at the Bloomberg Business Forum at COP28. PSIL, which launched in June under the auspices of the World Bank, also includes BlackRock Inc.'s chief Larry Fink, AXA SA Chief Executive Officer Thomas Buberl and Noel Quinn, head of HSBC Plc. The group is focused on specific approaches that the World Bank can implement after years of struggling to mobilize the vast sums of money needed to help developing countries adapt to climate change and transition to clean energy. The World Bank has also stepped up action on other fronts, including allowing some vulnerable countries to potentially pause debt repayments and hosting a fund for climate damages. Shriti Vadera, who co-chairs PSIL, said the group is working on financial guarantees because these are «the most efficient and most well-known and used form of credit support.» The PSIL has looked at first-loss and whole-portfolio guarantees, said Vadera, who is chair of Prudential Plc. The goal is for the World Bank to «create a much more simplified set of guarantee products that can be used across different markets,» she said.

COP28 Declaration on Climate and Health, with sources pointing out that curbing greenhouse gas use for cooling in the health sector, which is one of the points in the document, may not be practical or achievable within the country's healthcare infrastructure in the short term.

China's regulator wants provinces to come up with their own plans to handle financial risks, according to a report, about a month after officials pledged to set up a mechanism to resolve local debt issues. The country should make a greater effort in financial risk management but the policies need to be tailored, avoiding a one-size-fits-all approach, the Xinhua News Agency cited Li Yunze, head of the National Financial Regulatory Administration, as saying in an interview. Provinces have to devise their own policies on how to handle risks, according to the report. The world's second-largest economy has struggled for traction this year as a bounceback from restrictive Covid Zero policies proved to be softer than expected and a property crisis dragged on.

IDBI Bank Ltd and a couple of other state-run banks. “Well, IDBI has been going on for years. Nothing has happened.

Priyanka Gandhi said the people of Telangana have created history. In a post shared by her official handle on X, Priyanka wrote in Hindi, “The people of Telangana have created history and given the mandate in favour of the Congress Party.

Narendra Modi and Maldives newly elected President in their maiden meet held in Dubai discussed the issue of presence of India’s military platforms in Maldives that are engaged in humanitarian missions and the bilateral core group set up by the two leaders will discuss operational matters of platforms. “We have seen reports about status of Indian platforms in Maldives engaged in HADR activities. The continued usefulness of the Indian platforms as it was recognised in discussions needs to be looked at in a proper perspective.

CP Joshi lost to Vishwaraj Singh Mewar by over 7,504 votes in Nathdwara, the LoP, Rajendra Rathore, a six-time MLA, lost to the Congress' Narendra Budania by over 10,000 votes. Rathore in fact has changed his seat from Churu to Tara Nagar.

BJP is set to form governments in Madhya Pradesh, Rajasthan and Chhattisgarh, Union Home Minister Amit Shah on Sunday said the results have proved that the days of appeasement and caste politics are over and that 'new India' votes on politics of performance. In a series of tweets, he said the BJP's massive victory is the public's seal of approval on the welfare policies and good governance of the government led by Prime Minister Narendra Modi. Results of Madhya Pradesh, Rajasthan and Chhattisgarh showed that the BJP will form the government.

As Bitcoin soars to a striking $39,390, up by a significant 1.50% in the last day, the crypto community is abuzz with anticipation. This remarkable surge forms a crucial part of the broader escalation in the total cryptocurrency market cap, which has now eclipsed the $1.5 trillion milestone.

Winter session of Parliament, which begins on Monday, December 4. In addition to Rajnath Singh, Commerce Minister Piyush Goyal, Congress leader Jairam Ramesh, Gaurav Gogoi, and Pramod Tiwari, as well as Trinamool leader Sudip Bandyopadhyay, NCP leader Fouzia Khan, and RSP leader N K Premachandran, the meeting has been convened by Minister of Parliamentary Affairs Pralhad Joshi.

DUBAI—World leaders gathered for climate talks in this oil-rich corner of the globe amid sharp divisions over how quickly governments need to wean their economies off fossil fuels to prevent the planet from blowing past the Paris accord’s temperature targets. Vice President Kamala Harris was expected to join Brazilian President Luiz Inácio Lula da Silva, French President Emmanuel Macron and a host of leaders from across the Gulf region Friday at the start of a two-day summit to kick off the United Nations’ annual climate talks, known as COP28.

TAIPEI (Reuters) — Taiwan President Tsai Ing-wen appealed to voters on Sunday to think of what had happened to Chinese-controlled Hong Kong when they cast their ballots next month, saying peace must be backed up with a commitment to boost defences.

Kamal Nath said, "We will analyse the loopholes and why we were not able to make the voters understand our point. We will hold discussions will all, be it a winning or losing candidate..." Elections to the 230-seat Madhya Pradesh Assembly was a fight between the BJP and the Congress, which was toppled from power in 2020 with help from Jyotiraditya Scindia who defected to BJP from the Congress.

Revanth Reddy, whose political trajectory has surged from student activism with the ABVP to a brief period of incarceration amid allegations of bribery, now finds himself on the brink of a potential chief ministership. The 56-year-old Congress leader is known among fellow politicians, partymen and people for his never-say-die attitude.

Lok Sabha elections. Speaking of other parties, the BJP, which has 3 members in the outgoing 119-member House, was leading in 8 seats while Asaduddin Owaisi's AIMIM party was seen leading in 6 seats while CPI in 1.