2025-11-04 20:42
Trump sowed confusion with Truth Social post threatening SNAP benefits White House says the administration is complying with court order to issue partial benefits Cities and nonprofits ask court to force Trump to issue full benefits Nov 4 (Reuters) - U.S. President Donald Trump created confusion on Tuesday when he said that food assistance aid for millions of Americans will be given out only when the federal government shutdown ends, as lawyers for cities and nonprofits urged a federal judge to force the White House to fully fund the benefits. Trump, in a post on his social media platform Truth Social, said Supplemental Nutrition Assistance Program benefits "will be given only when the Radical Left Democrats open up government, which they can easily do, and not before!" Sign up here. The Republican president's threat to withhold SNAP benefits for 42 million Americans came a day after the U.S. Department of Agriculture said it would use emergency funding to pay for reduced benefits in November after a judge blocked its plans to suspend payments during the shutdown. White House press secretary Karoline Leavitt said in a Tuesday press briefing that the administration is fully complying with the court order and that Trump was referring to future SNAP benefits in his post. "The recipients of these SNAP benefits need to understand it's going to take some time to receive this money," Leavitt said. "We are digging into a contingency fund that is supposed to be for emergencies, catastrophes, for war, and the president does not want to have to tap into this fund in the future," she said. The prolonged government shutdown on Tuesday entered its 35th day, matching a record set during Trump's first term for the longest in history, as Republicans and Democrats in Congress continue to blame each other for the standoff, which has put SNAP benefits in jeopardy. USDA WARNS OF WEEKS-LONG DELAYS U.S. District Judge John McConnell in Rhode Island had given the Trump administration the option of either using $5.25 billion in emergency funding to provide partial benefits once it resolved "administrative and clerical burdens" or tapping additional funding to provide SNAP benefits in full in November. The USDA on Monday said that, in light of his ruling, it would use the contingency funding to pay SNAP recipients 50% of their typical allotment. The benefits typically cost $8 billion to $9 billion per month. But the administration declined to tap other funding and said that it could take some states, which administer SNAP on a day-to-day basis, weeks to months to calculate and distribute the unprecedented partial payments. The USDA on Monday issued guidance to states instructing them to immediately calculate the reduced benefits and notify households of the reduction. "This will be a cumbersome process, including revised eligibility systems, State notification procedures, and ultimately, delayed benefits for weeks, but we will help States navigate those challenges," said Agriculture Secretary Brooke Rollins in a post on X. Lawyers for the cities and nonprofits at the liberal legal group Democracy Forward in a motion on Tuesday , opens new tab told McConnell that the USDA's statement about delays demonstrated that the administration had failed to resolve the "burdens" entailed by making only partial benefits available. "Time is of the essence when it comes to hunger," the lawyers wrote. They urged McConnell, an appointee of former Democratic President Barack Obama, to force the administration to release funding in its entirety for November SNAP benefits. McConnell scheduled a Thursday hearing to consider the request. https://www.reuters.com/world/us/trump-snap-benefits-begin-only-when-us-government-opens-2025-11-04/
2025-11-04 20:40
UNEP warns of 2.3-2.5°C warming despite pledges Lula criticizes lack of action on past climate deals Over 1,000 clean projects in development globally, report shows BELEM/SAO PAULO, Nov 4 (Reuters) - With a U.N. report warning that worldwide carbon emissions remain too high to halt global warming, Brazil’s president said on Tuesday that this month’s U.N. climate change summit in the Amazon would be a "COP of Truth" and offer real solutions. Despite three decades of global negotiations, countries will not prevent warming from exceeding 1.5 degrees Celsius – the main goal of the Paris Agreement brokered a decade ago. Instead, the world is on track for an extreme 2.3 - 2.5°C of warming, the United Nations' Environment Programme said on Tuesday. Sign up here. The forecast assumes countries will fulfill pledges they have made so far to cut emissions. If they fall short, the world will get even hotter. "This will be difficult to reverse," UNEP said of the 1.5C overshoot, noting that countries would need to move even faster and make even bigger reductions in greenhouse gas emissions to prevent runaway climate change. Brazil’s President Luiz Inacio Lula da Silva, whose country hosts COP30 on November 10-21, said failure to deliver on past climate deals – including the Kyoto Protocol and promised climate finance – was demoralizing for people around the world. Speaking with reporters at a naval base in Belem, Lula said countries must deliver on past promises, rather than making new ones. “We don't want the COP to continue to be an exposition or a fair for ideological climate products, with everyone seeing what they want, how they want it, and no one being obliged to do anything and make things happen,” Lula said. “We want it to be very serious, and for the things we decide to be implemented,” he said, noting some countries were “not complying” with the Paris treaty committing them to limit warming to “well below” 2°C above pre-industrial levels, working for a limit at 1.5°C. The U.N. emissions report on Tuesday noted that the current warming trajectory was only 0.3°C lower than it was a year ago before COP29 in Baku, Azerbaijan - meaning new plans announced this year have done little to move the needle. Brazil will propose creating a new U.N.-linked global environment council empowered to travel and monitor progress on climate pledges around the world. “Because otherwise nothing will happen. A country says ‘I’m not going to comply’ and nothing happens to it,” Lula said. “So the COP loses its momentum, and soon people will no longer want to participate, because it’s pointless.” MONEY MEETS The conference will be held in the riverside city of Belem in the Amazon rainforest with dozens of indigenous groups participating in the talks. Still, limited capacity and high costs have created logistical headaches. “We didn't want to be comfortable, we wanted challenges. And we wanted the world to come and see the Amazon,” Lula said. Instead, many corporate executives, regulators, bankers and investors have gone further south to the coastal Brazilian city of Sao Paulo, where they hope to help speed up climate action in the real economy by highlighting what is working. Clean industry groups said in a report on Tuesday that over 1,000 clean projects were in development worldwide. More than 70 of them, together worth $140 billion, are set to be shovel-ready in coming months, according to the Industrial Transition Accelerator and Mission Possible Partnership. Near Sao Paulo’s financial hub, business experts attended panel discussions, meetings and roundtables tackling topics from carbon markets to best practices in pricing the carbon held in a stand of trees. Hitachi Energy’s head of sustainability, Alicia Argüello, said she attended a roundtable Monday about green electricity grids. "I got a lot of feedback,” she said. Across town at a massive convention center, another three-day event offered more than 150 speakers. Some were disappointed at being so far from the COP30 discussions in Belem, a four-hour flight from Sao Paulo. That meant they would not be able to network with country officials. “These people including ourselves tend to be implementers,” said CEO Andrew Johnstone of Climate Fund Managers. Not being in Belem “affects the peripheral discussions and collaborations that may come out of convening ideas and people. That's a negative.” The world has made some progress in 30 years of climate negotiations. A decade ago, when the Paris Agreement was signed, the planet was on course for around a 4°C temperature rise. But in 2024, UNEP said, global carbon emissions increased by another 2.3% to 57.7 gigatonnes of CO2 equivalent. https://www.reuters.com/sustainability/cop/world-will-overshoot-15c-climate-goal-un-says-2025-11-04/
2025-11-04 20:29
COPENHAGEN, Nov 4 (Reuters) - Norway's energy regulator said on Tuesday it had rejected an application to build a wind farm in its northernmost Finnmark county, citing impacts to a wilderness area as well as Indigenous Sami culture. The building of wind turbines has long been contentious in the Nordic country due to the impact from construction on nature and wildlife, and is particularly controversial in regions dominated by Sami reindeer herding. Sign up here. "The project will have major, irreversible impacts on Norway's second-largest continuous natural area with an untouched character," the Norwegian Water Resources and Energy Directorate (NVE) said in a statement. "In addition, the area has great value for Sami culture and traditional use," it said. The project's name, Davvi, means 'north' in Sami language. The applicant, Grenselandet, can still comment on NVE's decision and affected Sami interests can also request consultation, the regulator said. ST1, majority owner of Grenselandet, did not immediately respond to a request for comment when contacted by Reuters. Despite the rejection, the regulator said that building renewable energy projects in Finnmark still remained a priority. The Davvi wind farm was designed to have a capacity of 800 megawatt (MW), the license application from Grenselandet showed. https://www.reuters.com/sustainability/boards-policy-regulation/norway-blocks-wind-farm-wilderness-used-by-reindeer-herders-2025-11-04/
2025-11-04 20:25
BUENOS AIRES, Nov 4 (Reuters) - Argentina's YPF (YPFDm.BA) , opens new tab and Italy's Eni (ENI.MI) , opens new tab have reached an agreement with the Abu Dhabi National Oil Company's XRG investment arm for it to join a liquefied natural gas project linked to Argentina's Vaca Muerta field, YPF said on Tuesday. In a statement released during the Abu Dhabi International Petroleum Exhibition and Conference, YPF CEO Horacio Marin said XRG's incorporation "strengthens a key initiative for the energy future of the country," and will allow Argentina to turn into a "world-class" exporter of LNG. Sign up here. The project is seeking financing of at least $12.5 billion, a person close to YPF told Reuters. The companies are expected to sign a technical agreement within a month, that person added. Eni and Argentine state-controlled oil company YPF signed a final engineering agreement in October to export gas from the Vaca Muerta formation, the world's second-largest unconventional natural gas reserve. YPF is leading the project, which involves installing floating liquefaction units at a port in the Patagonian province of Rio Negro. Gas will arrive from Vaca Muerta, in the province of Neuquen, via a pipeline. Argentina, which is seeking to increase its foreign exchange reserves, could earn at least $10 billion annually if it exports 12 million tons of LNG a year, YPF said on Tuesday afternoon. Exports of LNG are expected to start by mid-2030. As part of the project, YPF expects to export 50 million cubic meters of natural gas per day, 100,000 barrels of oil and 150,000 barrels of liquefied petroleum gas. https://www.reuters.com/business/energy/ypf-eni-sign-agreement-with-adnocs-xrg-develop-argentina-lng-project-2025-11-04/
2025-11-04 20:08
LONDON, Nov 4 (Reuters) - Britain's RMT trade union said on Tuesday it has secured a three-year pay deal for London Underground workers, following strike action in September that brought the public transport network to a standstill , opens new tab. The pay deal provides a 3.4% increase in the first year, followed by rises in line with the Retail Prices Index (RPI) inflation measure over the next two years, with guaranteed minimum increases if inflation drops. Sign up here. The RMT union said in a statement it has also won "fatigue-friendly" shifts, additional talks on staff travel, and a guaranteed £400 payment on Boxing Day, a public holiday celebrated on December 26. In September, five days of strikes on the "Tube", which is used by millions every day, caused major disruption across London. The new deal is expected to help prevent further industrial action. Transport for London (TfL), which operates the underground, welcomed the RMT's decision to accept its pay offer, according to a statement cited by British media. "This multi-year offer is fair, affordable and provides certainty for our colleagues over pay for several years. We are engaging with all of our unions on this offer and look forward to their responses," a TfL spokesperson said. According to TfL, there were no proposed changes to employees' working hours. https://www.reuters.com/business/world-at-work/union-reaches-pay-deal-with-london-underground-after-strike-action-2025-11-04/
2025-11-04 19:57
Starbucks partners with Boyu Capital for local expertise in China Boyu's involvement aligns with Starbucks' strategy, says analyst Starbucks faces competition from Luckin and boutique cafés in China SHANGHAI/BEIJING, Nov 5 (Reuters) - Starbucks' (SBUX.O) , opens new tab decision on Monday to sell up to 60% of its China business to local private equity firm Boyu Capital could help the hard-pressed brand regain ground in one of the world’s fastest-growing coffee markets. By pulling in Boyu, the U.S. coffee chain is adding local capital and operational expertise into its China arm, where it plans to triple its footprint to 20,000 stores, industry analysts say. Sign up here. However, Starbucks still faces mounting pressure from low-cost local rivals, including Luckin Coffee (LC0Ay.D) , opens new tab, as well as shifting consumer tastes. Boyu, already an investor in China’s budget bubble tea leader Mixue Group, is familiar with the low end of the coffee-price spectrum. The company operates Lucky Cup, a rapidly expanding coffee chain with a goal of opening 10,000 stores by the end of 2025. Prices start at just RMB 6 ($0.84), undercutting competitors such as Luckin. BOYU BETS ACROSS THE SPECTRUM By backing both Mixue and Starbucks, Boyu is positioning itself to capture both cost-conscious consumers and those seeking a premium experience. Starbucks' market share in China tumbled to 14% last year from 34% in 2019, according to Euromonitor International data. Boyu’s "hands-on experience in these markets matches Starbucks’ strategy," said food and beverage analyst Zhu Danpeng. "Boyu's involvement will make that push more resolute." Real estate risks also loom large. In smaller cities, rapid mall development can leave Starbucks stores stranded in underperforming locations, though Bernstein analysts wrote in an investor note that Boyu's deep connections could help it secure "some of the most premier real estate assets in China." Starbucks CEO Brian Niccol said Boyu would be especially helpful in assisting the roaster's entry into small cities. The company did not immediately respond to a request for comment. Niccol is pushing a U.S. recovery focused on overhauling store operations. His predecessor, Laxman Narasimhan, bet heavily on China, increasing the store count by more than a quarter to nearly 7,600 stores in the two years he led the company. Analysts say the China deal will allow Starbucks to focus more fully on the United States. Shares have lost 20% over the last year, compared with a 19% rise in the S&P 500. They were down more than 3% on the Nasdaq on Tuesday afternoon. Jessica Gleeson, a former Starbucks China executive, said the deal could be a turning point. "The injection of capital and China expertise from Boyu is exactly the catalyst Starbucks China needs to shift from defense back to offense," she said. STARBUCKS IN TOUGH POSITION Yet challenges remain. Ben Cavender, managing director at Shanghai-based China Market Research Group, said Starbucks’ brand is caught in a "really awkward position" in China. Budget-conscious consumers are flocking to Luckin or Yum China's KCOFFEE, while younger and more sophisticated drinkers are gravitating to boutique cafés offering better ambiance and quality at similar prices. "Starbucks is competing with an offer which by definition is a bit more unique and funky and interesting to the consumer," Cavender said. Starbucks China division generated around $3.1 billion in net sales last year, according to quarterly filings, compared to nearly $3 billion in 2024. Luckin reported slightly more than $3.6 billion in sales for the fiscal year ending in February. Starbucks did not disclose the licensing terms in the deal. Yum China, which launched KCOFFEE in 2022, pays licensing fees to Yum equal to 3% of net system sales, according to filings. https://www.reuters.com/world/china/starbucks-bet-local-expertise-could-help-it-regain-ground-china-2025-11-04/
