Home Blog Page 1621

Biden awards Pope Francis medal of freedom, highest US civilian honor

MAZUR-CATHOLICNEWS.ORG.UK

WASHINGTON — US President Joseph R. Biden spoke with Pope Francis on Saturday and awarded him the Presidential Medal of Freedom with Distinction, the nation’s highest civilian honor, the White House said.

It was the first time during his four years in office that Mr.Biden awarded the medal “with distinction,” it said.

Mr. Biden, 82, leaves office on Jan. 20. To oversee the federal response to the fires in California, he canceled a trip to Rome this week, where he was due to meet Francis in person.

A lifelong Catholic who has met the pope several times, Mr. Biden told reporters on Friday that he was disappointed to cancel the trip, but felt it was more important to stay in Washington.

The Presidential Medal of Freedom is presented individuals who have made exemplary contributions to the prosperity, values, or security of the US, world peace, or other significant societal, public or private endeavors.

One week ago, Mr. Biden awarded the Presidential Medal of Freedom to former Secretary of State Hillary Clinton, chef Jose Andres and conservationist Jane Goodall, among others.

The White House said Mr. Biden spoke by phone with Francis on Saturday and expressed his deep regret that he was unable to visit Rome and Vatican City. The two leaders discussed efforts to advance peace around the world, including Francis’ work to alleviate suffering for vulnerable communities, it said. 

In his citation for Pope Francis, who was born as Jorge Bergoglio in Argentina, Mr. Biden lauded the religious leader’s life of service to “the voiceless and vulnerable across Argentina” and his lifetime of service to the poor.

“A loving pastor, he joyfully answers children’s questions about God. A challenging teacher, he commands us to fight for peace and protect the planet,” Mr. Biden wrote.

“The first pope from the Southern Hemisphere, Pope Francis is unlike any who came before. Above all, he is the People’s Pope — a light of faith, hope, and love that shines brightly across the world.”

Both BMr. iden and Pope Francis have been weakened by global events, said Massimo Faggioli, an Italian academic and professor at Villanova University who follows the papacy.

“That is really hard to underestimate how tragic this moment is for both men in different ways,” he said. “Because what could go wrong did go wrong in these few years.”

Pope Francis has pushed for an end to Russia’s war with Ukraine and has been critical of Israel’s military campaign against Palestinian militant group Hamas. Both conflicts are ongoing.

Mr. Biden, 82, a regular attender of Mass, departed from church doctrine later in life with his support for abortion rights. In 2021 he said Francis had defended him from criticism by some US Catholics over the issue, including many bishops.

Pope Francis, 88, has pushed to open the Church to the modern world since he took the helm in 2013. He has drawn criticism from some US Catholics who view him as too liberal. — Reuters

TikTok warns of broader consequences if US Supreme Court allows ban

REUTERS

WASHINGTON — The lawyer for TikTok and its Chinese parent company ByteDance offered a warning during Supreme Court arguments over a law that would compel the sale of the short-video app or ban it in the United States: If Congress could do this to TikTok, it could come after other companies, too.

The law, which was the subject of arguments before the nine justices on Friday, sets a Jan. 19 deadline for ByteDance to sell the popular social media platform or face a ban on national security grounds. The companies have sought, at the very least, a delay in implementation of the law, which they say violates the US Constitution’s First Amendment protection against government abridgment of free speech.

Noel Francisco, representing TikTok and ByteDance, argued that Supreme Court endorsement of this law could enable statutes targeting other companies on similar grounds.

“AMC movie theaters used to be owned by a Chinese company. Under this theory, Congress could order AMC movie theaters to censor any movies that Congress doesn’t like or promote any movies that Congress wanted,” Mr. Francisco told the justices.

The justices signaled through their questions during the arguments that they were inclined to uphold the law, although some expressed serious concerns about its First Amendment implications.

TikTok is a platform used by about 170 million people in the United States, roughly half the country’s population. Congress passed the measure last year with overwhelming bipartisan support, as lawmakers cited the risk of the Chinese government exploiting TikTok to spy on Americans and carry out covert influence operations.

Jeffrey Fisher, the lawyer representing TikTok content creators who also have challenged the law, noted during the Supreme Court arguments that Congress with this measure was focusing on TikTok and not major Chinese online retailers including Temu.

“Would a Congress (that is) really worried about these very dramatic risks leave out an e-commerce site like Temu that has 70 million Americans using it?” Mr. Fisher asked. “It’s very curious why you just single out TikTok alone and not other companies with tens of millions of people having their own data taken, you know, in the process of engaging with those websites and equally, if not more, available to Chinese control.”

Democratic President Joseph R. Biden signed the measure into law and his administration is defending it in this case. The deadline for divestiture is just one day before Republican Donald Trump, who opposes the ban, takes office as Mr. Biden’s successor.

‘FOREIGN ADVERSARIES’
Solicitor General Elizabeth Prelogar, arguing for the Biden administration in defending the law, said it was crucial that it take effect on Jan. 19 as scheduled in order to force ByteDance to act on divestiture.

“Foreign adversaries do not willingly give up their control over this mass communications channel in the United States,” Ms. Prelogar said.

“When push comes to shove, and these restrictions take effect, I think it will fundamentally change the landscape with respect to what ByteDance is willing to consider. And it might be just the jolt that Congress expected the company would need to actually move forward with the divestiture process,” Ms. Prelogar said.

If the ban takes affect on Jan. 19, Apple  and Alphabet’s Google would no longer be able to offer TikTok for downloads for new users but existing users could still access the app. The US government and TikTok agree that app would degrade and eventually become unusable over time because companies would not be able to offer supporting services.

The Supreme Court also debated whether the possibility of TikTok being used for covert influence campaigns or propaganda purposes by China justified the banning it.

“Look, everybody manipulates content,” Mr. Francisco told the court. “There are lots of people who think CNN, Fox News, the Wall Street Journal, the New York Times are manipulating their content. That is core protected speech.”

Trump on Dec. 27 urged the court to put a hold on the Jan. 19 deadline to give his incoming administration “the opportunity to pursue a political resolution of the questions at issue in the case.”

Under the law, the US president has the power to extend the Jan. 19 deadline for 90 days, but under circumstances that do not appear to apply to the current situation in which ByteDance has made no apparent effort to sell TikTok’s US assets. The law mandates that the president certify that significant progress has been made toward a sale, with binding legal agreements.

Regardless, Trump does not become president until after the deadline — though Francisco said “we might be in a different world” once Trump is back in the White House.

Justice Brett Kavanaugh asked Ms. Prelogar whether the president could “say that we’re not going to enforce this law?”

“I think as a general matter, of course the president has enforcement discretion,” Ms. Prelogar said.

“Again, that’s one of the reasons why I think it makes perfect sense to issue a preliminary injunction here and simply buy everybody a little breathing space,” Mr. Francisco said. — Reuters

India set for Maha Kumbh Mela, the world’s largest gathering of humanity

EN.WIKIPEDIA.ORG

PRAYAGRAJ, India — A six-week Maha Kumbh Mela or Great Pitcher Festival begins in India on Monday, a Hindu sacred event that will be the world’s largest gathering of humanity as it showcases religion, spirituality, tourism and crowd management.

More than 400 million people are expected in the northern city of Prayagraj in Uttar Pradesh state over the course of six weeks to take a holy dip at the confluence of three sacred rivers — the Ganga, the Yamuna, and the mythical, invisible Saraswati.

Devout Hindus believe taking a dip in the sacred waters absolves people of sins, and during the Kumbh Mela, it also brings salvation from the cycle of life and death.

The festival has its roots in a Hindu tradition that says the god Vishnu wrested a golden pitcher containing the nectar of immortality from demons.

In a 12-day celestial fight for possession, four drops fell to earth, in the cities of Prayagraj, Haridwar, Ujjain and Nashik, which host the festival every three years by rotation. The Kumbh held once every 12 years in this cycle has the prefix ‘maha’ (great) as it is considered more auspicious due to its timing and attracts the largest gathering.

The Kumbhs are a big test for authorities to showcase India’s ability to organize and manage the movement of millions of people and retain the ancient festival’s sanctity.

A sprawling 4,000 hectares of open land along the banks of the rivers has been converted into a temporary city to house the visitors in 150,000 tents and comes equipped with 3,000 kitchens, 145,000 restrooms and 99 parking lots.

Authorities are also installing up to 450,000 new electricity connections, with the Kumbh expected to drain more power than what 100,000 urban apartments in the region consume in a month.

Indian Railways has introduced 98 special trains that will make 3,300 trips during the festival to transport visitors besides regular trains that connect Prayagraj.

Prashant Kumar, the police chief of Uttar Pradesh, said around 40,000 police personnel and cybercrime experts have created a web of surveillance powered by artificial intelligence (AI) to protect and help navigate the sea of humanity at the site.

“Security and safety of pilgrims is our priority,” said Mr. Kumar.

Emergency response capabilities include 125 road ambulances, seven river ambulances and air ambulances for swift medical assistance.

“I am fortunate to host one of the most auspicious Hindu festivals in my state,” state Chief Minister Yogi Adityanath told the Aaj Tak TV channel.

Adityanath is also a powerful Hindu monk and a popular hardline Hindu politician in Prime Minister Narendra Modi’s Bharatiya Janata Party (BJP).

A successful Maha Kumbh is expected to burnish the BJP’s record of reclaiming and glorifying India’s religious and cultural symbols for its Hindu base, promised by Modi and Adityanath since their Hindu nationalist party swept to power nationally in 2014.

The state government has allocated 64 billion rupees ($765 million) for this year’s event, officials said. It has also promoted the Kumbh Mela at several international tourism expositions and invited foreign representatives.

In 2021, Mr. Modi’s government had refused to call off the Kumbh festival despite a sharp rise in COVID-19 cases and allowed thousands of ash-smeared ascetics and devout Hindus to take a dip in the Ganga, possibly fearing a backlash from religious leaders in the Hindu-majority country. — Reuters

Malaysia PM denies hiding document on ex-premier Najib’s home detention

Najib Razak — WORLD ECONOMIC FORUM/WIKIPEDIA

KUALA LUMPUR — Malaysia Prime Minister (PM) Anwar Ibrahim said the government did not conceal any document relating to jailed former premier Najib Razak’s home detention, state media reported.

Mr.Najib, imprisoned for his role in the country’s biggest scandal, has been pursuing a legal bid to compel the government to confirm the existence of and execute an “addendum order” that he said was issued by the former king alongside a pardon he received last year, entitling him to serve the remainder of his jail term at home.

The former premier had his 12-year sentence halved in a pardon by then-King Al-Sultan Abdullah Ahmad Shah, who was chair of a special pardons board. Al-Sultan Abdullah’s five-year reign under Malaysia’s unique system of rotating monarchy ended in January 2024.

Mr. Najib and the ex-king’s palace say the document exists, with Najib’s legal team saying it has been ignored by authorities.

Mr. Anwar said the document was sent to the attorney-general and not to him nor any other member of the pardons board, state news agency Bernama reported on Saturday. “The attorney-general then forwarded the document to the palace when there was a change of king, as it is the king who chairs the pardons board. We did not hide anything,” Mr. Anwar said.

On Friday, Malaysia’s law ministry said it had no record of any documents authorizing house arrest for Najib nor had it received any official notification or instructions from the royal palace on the matter. The home and communications ministers have also said they were not aware of the existence of such a document.

Mr. Najib was found guilty in 2020 of criminal breach of trust and abuse of power for illegally receiving funds misappropriated from a unit of state investor 1Malaysia Development Berhad. He is on trial for corruption in several other 1MDB-linked cases and denies wrongdoing.

The Court of Appeal on Monday overturned the dismissal of Mr. Najib’s legal attempt to access the document that he says should allow him to serve the rest of his term at home. The case will go back to court to be heard by another judge. — Reuters

Philippine fintech GCash hires banks for up to $1.5 bln IPO, sources say

BW FILE PHOTO

SINGAPORE – GCash, a Philippine fintech firm, has hired banks, including Citi, Jefferies and UBS, to work on an up to $1.5 billion domestic initial public offering, three sources with knowledge of the matter said, in what would be the country’s biggest ever stock offering.

The IPO is expected to take place as early as the second half of 2025 or in 2026, subject to broader market conditions, two of the sources said, declining to be named as the matter was private.

If the listing goes ahead it would be Philippines’ biggest ever, surpassing the $1 billion IPO of Philippine food company Monde Nissin in 2021.

In response to Reuters questions, GCash referred on Friday to a statement from its listed affiliate, Globe Telecom, to the Philippine bourse saying it has no material information to disclose at this time regarding the engagement of banks for GCash’s IPO.

“We would like to reiterate that the plan of GCash is to be push-button ready for an IPO when the opportune time comes, but no final decisions have been made at this point,” Globe Telecom said in the statement.

Bloomberg first reported on GCash appointing HSBC, Jefferies, JPMorgan, Morgan Stanley and UBS for the IPO.

Citi, HSBC, Jefferies, JPMorgan, Morgan Stanley and UBS declined to comment.

GCash’s IPO could boost the Southeast Asian IPO market, where total IPO proceeds fell 43% to $3.28 billion in 2024 from $5.76 billion in 2023, according to LSEG data.

IPO proceeds raised in the Philippines amounted to $234.1 million in 2024, a surge from $72.9 million a year ago, LSEG data showed.

GCash described itself as the Philippines’ “number one finance app and largest cashless ecosystem” on its website. Its app can be used for services like remitting money and making bill payments in the Philippines.

In August last year, its parent Globe Fintech Innovations Inc, also known as Mynt, announced that it has secured investments from Philippine conglomerate Ayala Corp and Japan’s Mitsubishi UFJ Financial Group that gave it a valuation of $5 billion, a press statement at that time said.

That was more than double the $2 billion valuation from a previous funding round in 2021, the statement said. – Reuters

Philippines eyes adoption of Global Minimum Tax

The Philippines is making strides toward adopting the Global Minimum Tax (GMT), an international tax standard designed to curb revenue losses and foster fair competition. In a significant discussion yesterday, the Senate Ways and Means Committee and the Organisation for Economic Co-operation and Development (OECD) explored how the country can align itself with this global reform to enhance its fiscal sustainability.

The meeting was facilitated by Mon Abrea, founder and CEO of the Asian Consulting Group (ACG), and was attended by Senator Win Gatchalian, Chair of the Senate Ways and Means Committee; and John Peterson, Head of the OECD’s Cross-Border and International Taxation Division. Their conversation focused on the necessity of implementing the GMT, especially as neighboring countries in Southeast Asia have already taken steps toward compliance.

Senator Gatchalian, while noting the complexity of the GMT, emphasized his commitment to advancing the reform in the Philippines. He highlighted his active role in engaging with key government agencies such as the Department of Finance (DoF) and the Bureau of Internal Revenue (BIR), ensuring the smooth passage of this important legislation. Mr. Gatchalian also expressed his intention to collaborate with Mr. Abrea and the Asian Consulting Group (ACG), seeking their expertise in further studying the Global Anti-Base Erosion (GloBE) rules to enact a law that will adopt and implement GMT in the Philippines.

John Peterson shared insights from the OECD, emphasizing that the GMT is more than a fiscal policy; it represents a commitment to fairness and global cooperation. The OECD reaffirmed its readiness to assist the Philippines in navigating the complexities of this reform.

This collaborative effort marks a significant step in the Philippines’ journey toward a more equitable and globally aligned tax system, ensuring the country remains competitive in the international landscape.

 


Spotlight is BusinessWorld’s sponsored section that allows advertisers to amplify their brand and connect with BusinessWorld’s audience by publishing their stories on the BusinessWorld Web site. For more information, send an email to online@bworldonline.com.

Join us on Viber at https://bit.ly/3hv6bLA to get more updates and subscribe to BusinessWorld’s titles and get exclusive content through www.bworld-x.com.

Indonesia to intensify defence partnerships and maritime security, top diplomat says

FREEPIK

JAKARTA – Indonesia will expand its existing defence partnerships and step up its handling of strategic issues impacting its sovereignty, including maritime security and the safety of sea passage and fisheries, its foreign minister said on Friday.

Sugiono, who uses only one name, said Indonesia would continue to advocate for the completion of a code of conduct between the Southeast Asian bloc ASEAN and China on the South China Sea and prioritise ASEAN’s centrality.

Indonesia considers itself not a party in disputes over the sea, a waterway crucial to global trade, but has recently been tested by forays by China’s coast guard into its exclusive economic zone.

Beijing claims sovereignty over almost the entire South China Sea, putting it at odds with Malaysia, Vietnam and the Philippines, with disputes frequent over the conduct in their EEZs of China’s massive fleet of coast guard. China insists it is operating lawfully in its territory.

“In the geostrategic sense, Indonesia is close to a source of regional conflict, the South China Sea. Indonesia’s position remains prioritising conflict resolution that is peaceful,” Sugiono said, adding Indonesia would keep pushing for constructive dialogue on a code of conduct.

Regional commitments to draft a code were first made in 2002 but talks towards its creation only started in 2017 and progress has been limited, with years spent discussing the framework for negotiations and numerous agreements signed to expedite the process.

Thorny issues include whether the code will be legally binding, enforceable and based on international maritime law, under which a 2016 international arbitration panel ruled Beijing’s expansive territorial claims had no legal basis.

China does not recognise the ruling.

In a wide-ranging speech setting out Indonesia’s foreign policy that was attended by the diplomatic community, Sugiono also said Indonesia would prioritise completion of talks on free trade agreements and expand its international trade, including with non-traditional partners in Africa and the Pacific.

He said Indonesia’s joining of the BRICS grouping – which includes Russia, China, Brazil, India, Iran, Egypt and South Africa – was not a deviation from Indonesia’s international position, but an underlining of its free and active foreign policy.

He also said Indonesia would never abandon its support for the Palestinian cause, calling for a ceasefire and accountability for Israel over its role in the Gaza conflict.

Sugiono was appointed in October when new President Prabowo Subianto took office.  – Reuters

Trump to be sentenced in hush money case, days before his inauguration

REUTERS

NEW YORK – U.S. President-elect Donald Trump is scheduled to be sentenced on Friday for his criminal conviction stemming from hush money paid to a porn star, a case that for a time overshadowed his bid to retake the White House.

The U.S. Supreme Court paved the way on Thursday for the 9:30 a.m. ET (1430 GMT) sentencing in New York state court in Manhattan, rejecting a last-minute request by Mr. Trump to halt it 10 days before his Jan. 20 inauguration.

Justice Juan Merchan, who oversaw the six-week trial last year, has signaled he does not plan to send Mr. Trump to jail or to fine him. But by granting an unconditional discharge, he would place a judgment of guilt on Trump’s permanent record.

Mr. Trump, 78, who pleaded not guilty, was expected to appear virtually at the hearing.

He fought tooth and nail to avoid the spectacle of being compelled to appear before a state-level judge days before returning to the public office he lost four years ago.

“He doesn’t want to be sentenced because that is the official judgment of him being a convicted felon,” said Cheryl Bader, a law professor at Fordham University in New York.

The trial played out against the extraordinary backdrop of Trump’s successful campaign to retake the White House. The sentencing marks the culmination of the first-ever criminal case brought against a U.S. president, past or present.

Manhattan District Attorney Alvin Bragg, a Democrat, charged Mr. Trump, a Republican, in March 2023 with 34 counts of falsifying business records to cover up his former lawyer Michael Cohen’s $130,000 payment to adult film star Stormy Daniels for her silence before the 2016 election about a sexual encounter she said she had with Mr. Trump, who denied it.

Mr. Trump defeated Democrat Hillary Clinton in that election.

The Manhattan jury found Mr. Trump guilty of all 34 counts on May 30. Prosecutors argued that despite the tawdry nature of the allegations, the case was an attempt to corrupt the 2016 election.

Critics of the businessman-turned politician cited the charges and other legal entanglements he faced to bolster their contention that he was unfit for public office.

Mr. Trump flipped the script. He argued the case – along with three other criminal indictments and civil lawsuits accusing him of fraud, defamation and sexual abuse – was an effort by opponents to weaponize the justice system against him and harm his reelection campaign.

He frequently lashed out at prosecutors and witnesses, and Merchan ultimately fined Mr. Trump $10,000 for violating a gag order.

As recently as Jan. 3, Mr. Trump called the judge a “radical partisan” in a post on his Truth Social platform.

In a decision that day, Mr. Merchan said that setting aside the verdict would “undermine the Rule of Law in immeasurable ways” and wrote that Mr. Trump’s behavior during the trial showed disrespect for the judiciary.

“Defendant has gone to great lengths to broadcast on social media and other forums his lack of respect for judges, juries, grand juries and the justice system as a whole,” Mr. Merchan said.

Late on Thursday, hours before sentence was to be imposed, Mr. Trump wrote on his social media platform that he would be appealing the case and was confident that he would prevail.

A POLITICAL MIXED BAG

The hush money case was widely viewed as less serious than the three other criminal cases Trump faced, in which he was accused of trying to overturn his 2020 election loss and retaining classified documents after leaving the White House. Trump pleaded not guilty in all the cases.

But Mr. Bragg’s case was the only criminal case to reach trial in the face of an onslaught of challenges from Trump’s lawyers. After Trump’s Nov. 5 election victory, federal prosecutors backed off their two cases due to Justice Department policy against prosecuting a sitting president.

The remaining state case, brought in Georgia over efforts to reverse the 2020 election results in that state, is in limbo after a court in December disqualified the lead prosecutor on the case.

The hush money case was a mixed bag politically. Contributions to Mr. Trump’s campaign surged after he was indicted in March 2023, likely helping him vanquish his rivals for the Republican nomination. During the trial, polling showed a majority of voters took the charges seriously, and his standing among Republicans slipped after the guilty verdict.

But the case quickly faded from the headlines, especially after President Joe Biden’s disastrous debate performance led him to drop out with Vice President Kamala Harris replacing him on the Democratic ticket, and after a gunman’s bullet came inches from killing Mr. Trump at a rally in Butler, Pennsylvania.

Merchan initially scheduled the sentencing for July 11, but pushed it back multiple times at Trump’s request. In agreeing in September to defer the sentencing until after the election, the judge wrote that he was wary of being perceived as placing his thumb on the scales.

Falsification of business records is punishable by up to four years in prison. While Mr. Trump would have been unlikely to get jail time due to his advanced age and lack of a criminal history, legal experts said it was not impossible, especially given his gag order violations.

Mr. Trump’s victory and looming inauguration made a sentence of jail or probation even less practical. – Reuters

Indonesia’s Pertamina to buy 20% stake in Philippine’s Citicore Renewables for $115 million

Philippines-based Citicore Renewable Energy on Friday said Indonesian state-owned oil firm Pertamina will buy a 20% stake in the pure-play renewable energy company for 6.70 billion pesos ($114.8 million).

PT Pertamina Power Indonesia, a subsidiary of Pertamina, will subscribe for 2.23 billion shares in Citicore for 3 pesos per share under the agreement.

Citicore, one of the Philippines’ biggest solar power producers, said the deal will help it develop renewable energy projects in Indonesia and expand its presence in the Southeast Asia region, as it aims to contribute about 1 gigawatt (GW) green energy capacity per year.

The funds from the subscription agreement will help the company develop its pipeline of domestic green energy projects, it added. – Reuters

2024 was the first year above 1.5C of global warming, scientists say

PEOPLE are silhouetted against the setting sun at “El Mirador de la Alemana (The viewpoint of the German)” in Malaga, southern Spain, July 24, 2019. — REUTERS

BRUSSELS – The world just experienced the first full year in which global temperatures exceeded 1.5C above pre-industrial times, scientists said on Friday.

The milestone was confirmed by the European Union’s Copernicus Climate Change Service (C3S), which said climate change is pushing the planet’s temperature to levels never before experienced by modern humans.

“The trajectory is just incredible,” C3S director Carlo Buontempo told Reuters, describing how every month in 2024 was the warmest or second-warmest for that month since records began.

The planet’s average temperature in 2024 was 1.6 degrees Celsius higher than in 1850-1900, the “pre-industrial period” before humans began burning CO2-emitting fossil fuels on a large scale, C3S said.

Last year was the world’s hottest since records began, and each of the past ten years was among the ten warmest on record.

Britain’s Met Office confirmed 2024’s likely breach of 1.5C, while estimating a slightly lower average temperature of 1.53C for the year.

Governments promised under the 2015 Paris Agreement to try to prevent average temperatures exceeding 1.5C, to avoid more severe and costly climate disasters.

The first year above 1.5C does not breach that target, which measures the longer-term average temperature. Buontempo said rising greenhouse gas emissionsmeant the world was on track to soon also blow past the Paris goal – but that it was not too late for countries to rapidly cut emissions to avoid warming rising further to disastrous levels.

“It’s not a done deal. We have the power to change the trajectory from now on,” Buontempo said.

The impacts of climate change are now visible on every continent, affecting people from the richest to the poorest countries on earth.

Wildfires raging in California this week have killed at least five people and destroyed hundreds of homes. In 2024, Bolivia and Venezuela also suffered disastrous fires, while torrential floods hit Nepal, Sudan and Spain, and heatwaves in Mexico and Saudi Arabia killed thousands.

Climate change is worsening storms and torrential rainfall, because a hotter atmosphere can hold more water, leading to intense downpours. The amount of water vapour in the planet’s atmosphere reached a record high in 2024.

But even as the costs of these disasters spiral, political will to invest in curbing emissions has waned in some countries.

U.S. President-elect Donald Trump, who takes office on Jan. 20, has called climate change a hoax, despite the global scientific consensus that it is human-caused and will have severe consequences if not addressed.

The U.S. experienced 24 climate and weather disasters in 2024 in which the cost of damages exceeded $1 billion, including Hurricanes Milton and Helene, according to the National Oceanic and Atmospheric Administration.

Chukwumerije Okereke, a professor of global climate governance at Britain’s University of Bristol, said the 1.5C milestone should serve as “a rude awakening to key political actors to get their act together”.

“Despite all the warnings that scientists have given, nations… are continuing to fail to live up to their responsibilities,” he told Reuters.

Concentrations in the atmosphere of carbon dioxide, the main greenhouse gas, reached a fresh high of 422 parts per million in 2024, C3S said.

Zeke Hausfather, a research scientist at U.S. non-profit Berkeley Earth, said he expected 2025 to be among the hottest years on record, but likely not top the rankings.
“It’s still going to be in the top three warmest years,” he said.

That’s because while the biggest factor warming the climate is human-caused emissions, temperatures in early 2024 got an extra boost from El Nino, a warming weather pattern which is now trending towards its cooler La Nina counterpart. — Reuters

Slow, steady US job growth seen in December

People look for discounts in a local store, in New York, U.S., Dec. 25, 2023. REUTERS/Eduardo Munoz

WASHINGTON – U.S. job growth likely slowed to a still-healthy clip in December while the unemployment rate held steady at 4.2%, reinforcing the Federal Reserve’s cautious approach toward interest rate cuts this year.

The Labor Department’s closely watched employment report on Friday will probably not be clouded by the weather and strike distortions that dominated in October and November.

The labor market would be ending the year on solid footing, though fears are mounting that pledges by President-elect Donald Trump to impose or massively raise tariffs on imports and deport millions of undocumented immigrants could derail momentum.

Those worries were evident in minutes of the U.S. central bank’s Dec. 17-18 policy meeting published on Wednesday, which noted “most participants remarked that … the Committee could take a careful approach in considering” further cuts.

“The labor market is not as tight as it was coming out of the pandemic, but it’s still strong by any historical measure,” said Sevin Yeltekin, a macroeconomist and dean of Simon Business School at the University of Rochester. “If we can avoid a large increase in tariffs and immigration policies that encumber companies that rely on both skilled and seasonal talent, businesses are going to continue to create jobs.”

Nonfarm payrolls likely increased by 160,000 jobs last month after surging 227,000 in November, payback after being severely constrained by hurricane and strike disruptions, a Reuters survey of economists showed. Estimates ranged from 120,000 to 200,000 jobs added.

Baring revisions to October and November’s payrolls counts, this would mean the economy added 2.144 million jobs in the final year of President Joe Biden’s term, equivalent to 179,000 positions per month. About 3 million jobs were created in 2023.

Labor market resilience, mostly reflecting historically low layoffs, has powered the economy by supporting consumer spending via higher wages. Average hourly earnings are forecast rising 0.3% after gaining 0.4% in November. The annual increase in wages is seen unchanged at 4.0% in December.

Hiring has slowed considerably in the aftermath of the central bank’s hefty rate hikes in 2022 and 2023. The economy is expanding at well above the 1.8% pace that Fed officials regard as the non-inflationary growth rate.

NO POST-ELECTION HIRING BUMP
Job gains last month were likely concentrated in non-cyclical industries like healthcare as well as government, a pattern that prevailed for much of 2024. While business sentiment perked up following Trump’s Nov. 5 election victory on hopes of tax cuts and a less-stringent regulatory environment, economists are not anticipating a surge in hiring.

There have also been no signs in business surveys that companies are planning to boost head counts.

“Though some uncertainty has receded, tariffs and immigration policy are key unknowns,” said Andrew Husby, a senior economist at BNP Paribas Securities. “After the 2016 election, no clear pickup in net hiring occurred until after major tax-cut legislation passed Congress.”

Despite the prevailing strength, potential red flags are lurking. The unrounded unemployment rate has been creeping up, rising to 4.246% in November, which rounded down to 4.2%. In October it climbed to 4.145%, rounding down to 4.1%.

“The rounded data has been understating the recent rise in the unemployment rate,” said Ernie Tedeschi, director of economics at The Budget Lab at Yale. “The unemployment rate is now less than a hundredth of a percentage point away from its July 2024 level. The close rounding of October and November … means that the risks around the unemployment rate in December are skewed more to the upside rather than being symmetric.”

A surge in the unemployment rate to 4.3% in July from a five-decade low of 3.4% in April 2023, was key to the Fed launching its policy easing cycle with an unusually large half-percentage point rate cut in September. It followed up with quarter-point rate cuts in November and December, leaving its benchmark overnight rate in the 4.25%-4.50% range.

Last month, the Fed projected only two quarter-point rate cuts this year compared to the four it had forecast in September. The policy rate was hiked by 5.25 percentage points in 2022 and 2023.

“As things currently stand, Fed officials appear to have reached an uneasy comfort level with the labor market situation,” said Stephen Stanley, chief U.S. economist at Santander US Capital Markets.

The government will revise the seasonally adjusted household survey data, from which the unemployment rate is derived, for the last five years. Economists expect minimal or no impact on the jobless rate.

Loosening labor market conditions have been underscored by steady rises in the number of people who have permanently lost their jobs, as well as the median duration of unemployment since September to a near three-year high of 10.5 weeks in November. That is consistent with the Job Openings and Labor Turnover Survey, showing the hires rate falling back to levels seen early in the pandemic.

“So far, the increase in permanent job losses and the duration of unemployment aren’t too concerning given the low pace of layoffs, but the trend for both needs to be monitored,” said Nancy Vanden Houten, lead U.S. economist at Oxford Economics. — Reuters

Japan weather bureau says no signs of El Nino, La Nina

REDCHARLIE-UNSPLASH

TOKYO – Japan’s weather bureau said on Friday that there no signs of El Nino or La Nina phenomena, but that characteristics of La Nina were becoming more apparent.

The bureau added that there was an 80% likelihood of normal conditions towards spring.

El Nino is a warming of ocean surface temperatures in the eastern and central Pacific. La Nina is characterised by colder-than-usual ocean temperatures in the equatorial Pacific region and is linked to floods and drought. — Reuters