AFP

Amber Heard agrees to pay Johnny Depp $1m in defamation case

Johnny Depp and Amber Heard have settled their acrimonious defamation case, they said Monday, with the actress agreeing to pay her former husband $1 million over claims he physically abused her.

In a post on Instagram, Heard said she was dropping an appeal against the $10 million payout she had been ordered to make by a jury because she “simply cannot go through” another trial.

“After a great deal of deliberation I have made a very difficult decision to settle the defamation case,” she said.

“I make this decision having lost faith in the American legal system, where my unprotected testimony served as entertainment and social media fodder,” the 36-year-old said.

“Now I finally have an opportunity to emancipate myself from something I attempted to leave over six years ago and on terms I can agree to,” she said. “I have made no admission. This is not an act of concession.”

In a legal battle involving suits and countersuits, a Virginia jury found Depp and Heard both liable for defamation — but sided more strongly with the “Pirates of the Carribean” star following an intense six-week trial riding on bitterly contested allegations of domestic abuse.

The jury awarded $10.35 million in damages to Depp, and $2 million to Heard.

Lawyers for 59-year-old Depp on Monday hailed the settlement.

“We are pleased to formally close the door on this painful chapter for Mr. Depp, who made clear throughout this process that his priority was about bringing the truth to light,” attorneys Benjamin Chew and Camille Vasquez said.

“The jury’s unanimous decision and the resulting judgement in Mr. Depp’s favor against Ms. Heard remain fully in place.

“The payment of $1 million — which Mr. Depp is pledging and will (actually) donate to charities — reinforces Ms. Heard’s acknowledgement of the conclusion of the legal system’s rigorous pursuit for justice.”

– ‘Defended my truth’ –

Depp sued Heard over an op-ed she wrote for The Washington Post in December 2018 in which she described herself as a “public figure representing domestic abuse.”

The Texas-born Heard did not name Depp in the piece, but he sued her for implying he was a domestic abuser and sought $50 million in damages.

Heard countersued for $100 million, saying she was defamed by statements made by Depp’s lawyer, Adam Waldman, who told the Daily Mail her abuse claims were a “hoax.”

The case, livestreamed to millions, featured lurid and intimate details about the Hollywood celebrities’ private lives.

Heard’s lawyers said following the trial that the actress did not have the resources to pay Depp the $10 million in damages.

In her Instagram post, Heard said she “defended my truth and in doing so my life as I knew it was destroyed.

“The vilification I have faced on social media is an amplified version of the ways in which women are revictimised when they come forward,” she said.

“I was exposed to a type of humiliation that I simply cannot relive.

“Even if my US appeal is successful, the best outcome would be a retrial where a new jury would have to consider the evidence again,” she said. “I simply cannot go through that for a third time.”

Entertainment outlet Variety said Heard had initially made claims of domestic abuse in 2016 during her divorce from the “Edward Scissorhands” star.

In a settlement she was granted $7 million and the issue was shelved, with the couple signing non-disparagement and non-disclosure agreements.

European stocks attempt pre-Christmas rebound; US equities retreat

European equities rose Monday in light pre-Christmas trade, rebounding gently from last week’s losses that followed bumper interest rate hikes, but Wall Street and Asian markets failed to get into the holiday spirit.

Equity markets often experience a so-called Santa rally, when prices rise during thin year-end trading dominated by small investors in a festive mood.

“Everyone, it seems, is waiting to see if Santa is going to come around, which leaves the market stuck between feelings of hope and angst,” said market analyst Patrick O’Hare at Briefing.com.

Major indices in New York were in the red most of the day and finished firmly lower, with the S&P 500 off 0.9 percent.

Michael Hewson at CMC Markets said that most investors are likely “content to sit on the sidelines with the main focus likely to be on this week’s core PCE inflation data and personal spending numbers for November which are due on Friday.”

But in Europe, stocks moved timidly higher.

Both Frankfurt and London rose 0.4 percent, while Paris added 0.3 percent.

“Markets are grinding higher as some traders are optimistic about valuations which seem to them somewhat attractive,” AvaTrade analyst Naeem Aslam told AFP.

“We really don’t have much volume in markets as traders are away for holidays,” he added.

“Overall I think it’s going to be pretty subdued trading, given the lack of significant data to react to,” noted analyst Susannah Streeter at stockbroker Hargreaves Lansdown.

Asian indices fell on lingering concern over a possible global recession caused by moves to fight inflation from top central banks.

Equities took a turn south last week after monetary policymakers around the world signaled that while price rises appeared to be stabilizing, more work would be needed to get them under control.

Adding to the downbeat mood was a spike in Covid-19 cases in China following the country’s reopening after almost three years of strict containment measures.

While the move is expected to boost the world’s number two economy, there is a worry that businesses and China’s health system will be hit in the near term.

Still, Beijing flagged a number of measures aimed at kickstarting growth next year, including support for the beleaguered property sector.

An expected pick-up in Chinese demand helped propel oil prices higher, as did plans by the United States to refill its strategic oil reserves.

– Key figures around 2040 GMT –

New York – Dow: DOWN 0.5 percent at 32,757.54 (close)

New York – S&P 500: DOWN 0.9 percent at 3,817.66 (close)

New York – Nasdaq: DOWN 1.5 percent at 10,546.03 (close)

London – FTSE 100: UP 0.4 percent at 7,361.31 (close)

Frankfurt – DAX: UP 0.4 percent at 13,942.87 (close)

Paris – CAC 40: UP 0.3 percent at 6,473.29 (close)

EURO STOXX 50: UP 0.2 percent at 3,811.24 (close)

Tokyo – Nikkei 225: DOWN 1.1 percent at 27,237.64 (close)

Hong Kong – Hang Seng Index: DOWN 0.5 percent at 19,352.81 (close)

Shanghai – Composite: DOWN 1.9 percent at 3,107.11 (close)

Euro/dollar: UP at $1.0610 from $1.0586 on Friday

Pound/dollar: FLAT at $1.2148

Euro/pound: UP at 87.31 pence from 87.14 pence

Dollar/yen: UP at 136.95 yen from 136.60 yen

West Texas Intermediate: UP 1.2 percent at $75.19 per barrel

Brent North Sea crude: UP 1.0 percent at $79.80 per barrel

burs-jmb/sst

European stocks attempt pre-Christmas rebound; US equities retreat

European equities rose Monday in light pre-Christmas trade, rebounding gently from last week’s losses that followed bumper interest rate hikes, but Wall Street and Asian markets failed to get into the holiday spirit.

Equity markets often experience a so-called Santa rally, when prices rise during thin year-end trading dominated by small investors in a festive mood.

“Everyone, it seems, is waiting to see if Santa is going to come around, which leaves the market stuck between feelings of hope and angst,” said market analyst Patrick O’Hare at Briefing.com.

Major indices in New York were in the red most of the day and finished firmly lower, with the S&P 500 off 0.9 percent.

Michael Hewson at CMC Markets said that most investors are likely “content to sit on the sidelines with the main focus likely to be on this week’s core PCE inflation data and personal spending numbers for November which are due on Friday.”

But in Europe, stocks moved timidly higher.

Both Frankfurt and London rose 0.4 percent, while Paris added 0.3 percent.

“Markets are grinding higher as some traders are optimistic about valuations which seem to them somewhat attractive,” AvaTrade analyst Naeem Aslam told AFP.

“We really don’t have much volume in markets as traders are away for holidays,” he added.

“Overall I think it’s going to be pretty subdued trading, given the lack of significant data to react to,” noted analyst Susannah Streeter at stockbroker Hargreaves Lansdown.

Asian indices fell on lingering concern over a possible global recession caused by moves to fight inflation from top central banks.

Equities took a turn south last week after monetary policymakers around the world signaled that while price rises appeared to be stabilizing, more work would be needed to get them under control.

Adding to the downbeat mood was a spike in Covid-19 cases in China following the country’s reopening after almost three years of strict containment measures.

While the move is expected to boost the world’s number two economy, there is a worry that businesses and China’s health system will be hit in the near term.

Still, Beijing flagged a number of measures aimed at kickstarting growth next year, including support for the beleaguered property sector.

An expected pick-up in Chinese demand helped propel oil prices higher, as did plans by the United States to refill its strategic oil reserves.

– Key figures around 2040 GMT –

New York – Dow: DOWN 0.5 percent at 32,757.54 (close)

New York – S&P 500: DOWN 0.9 percent at 3,817.66 (close)

New York – Nasdaq: DOWN 1.5 percent at 10,546.03 (close)

London – FTSE 100: UP 0.4 percent at 7,361.31 (close)

Frankfurt – DAX: UP 0.4 percent at 13,942.87 (close)

Paris – CAC 40: UP 0.3 percent at 6,473.29 (close)

EURO STOXX 50: UP 0.2 percent at 3,811.24 (close)

Tokyo – Nikkei 225: DOWN 1.1 percent at 27,237.64 (close)

Hong Kong – Hang Seng Index: DOWN 0.5 percent at 19,352.81 (close)

Shanghai – Composite: DOWN 1.9 percent at 3,107.11 (close)

Euro/dollar: UP at $1.0610 from $1.0586 on Friday

Pound/dollar: FLAT at $1.2148

Euro/pound: UP at 87.31 pence from 87.14 pence

Dollar/yen: UP at 136.95 yen from 136.60 yen

West Texas Intermediate: UP 1.2 percent at $75.19 per barrel

Brent North Sea crude: UP 1.0 percent at $79.80 per barrel

burs-jmb/sst

Five takeaways from congressional report calling for Trump charges

Much of the detail on Donald Trump’s alleged misconduct aired Monday by the panel probing the 2021 US Capitol insurrection had already been made public.

But a summary of the upcoming report on the congressional committee’s findings was full of tidbits that had not come out before. 

Here are five takeaways from the 154-page document.

– Trump was the ‘central’ cause of the violence –

“(The) evidence has led to an overriding and straightforward conclusion: the central cause of January 6th was one man, former president Donald Trump, who many others followed,” the summary reads.

“None of the events of January 6th would have happened without him.”

– Laws Trump and others allegedly broke –

The document explicitly sets out the multiple criminal statutes it says Trump violated his bid to cling to power — justifying its referrals for insurrection, conspiracy to defraud the United States, conspiracy to make a false statement and obstructing an official proceeding.

None of Trump’s aides was referred to the Justice Department under specific statutes but the summary suggests there could be sufficient evidence to charge Trump lawyer John Eastman and “others.”

The summary details 17 findings undergirding its reasoning for criminal referrals, alleging that Trump knew the fraud allegations he was pushing were false and that his decision to declare victory falsely “was premeditated.”

– Seditious conspiracy? –

The summary raises the possibility of additional “seditious conspiracy” charges against Trump similar to those leveled against members of the Oath Keepers militia over the insurrection.

“The Department of Justice, through its investigative tools that exceed those of this committee, may have evidence sufficient to prosecute President Trump under Sections 372 and 2384.” it reads.

“Accordingly, we believe sufficient evidence exists for a criminal referral of President Trump under these two statutes.”

Committee member Jamie Raskin said after the hearing any potential further charges, beyond the four it has recommended, would be “a judgment that the Department of Justice will have to make.”

– Ivanka Trump not ‘forthcoming’ –

The summary makes clear that several figures close to Trump were evasive or made claims of memory lapses that were not credible during testimony.

It specifically names the former president’s daughter and former advisor Ivanka Trump, saying she appeared to know more than she was acknowledging during questioning.

“Ivanka Trump was not as forthcoming as… others about President Trump’s conduct,” the document says, noting her “lack of full recollection of certain issues.”

The panel also notes that former White House press secretary Kayleigh McEnany “seemed evasive, as if she was testifying from pre-prepared talking points.” 

“In multiple instances, McEnany’s testimony did not seem nearly as forthright as that of her press office staff, who testified about what McEnany said,” the summary states.

– Non-criminal referrals –

The summary says several Republican lawmakers are being referred to the House Ethics Committee for refusal to cooperate with the investigation.

They include House Minority Leader Kevin McCarthy, who is vying to be House Speaker in the next Congress, the third most powerful political position in Washington, and three hardline right-wingers. All four defied subpoenas to give evidence.

“If left unpunished, such behavior undermines Congress’s longstanding power to investigate in support of its lawmaking authority and suggests that members of Congress may disregard legal obligations that apply to ordinary citizens,” the text says.

Twitter users vote to oust Elon Musk as CEO

Twitter users voted on Monday to oust owner Elon Musk as CEO in a highly unscientific poll he organized and promised to honor, just weeks after he took charge of the social media giant.

A total of 57.5 percent of more than 17 million accounts voted for him to step down. Musk, who is also the boss of car maker Tesla and rocket firm SpaceX, has not yet responded.

“The question is not finding a CEO, the question is finding a CEO who can keep Twitter alive,” the South African-born billionaire tweeted before the vote closed.

In a response to another tweet he added: “No one wants the job who can actually keep Twitter alive. There is no successor.”

Musk has fully owned Twitter since October 27 and has repeatedly courted controversy as CEO, sacking half of its staff, readmitting far-right figures to the platform, banning journalists and trying to charge for previously free services.

Analysts have also pointed out that the stock price of Tesla has slumped by one-third since the Twitter takeover and the share price briefly rallied by 3.3 percent on Monday before fading.

“It’s hard to ignore the numbers since [Twitter] deal closed,” tweeted investment expert Gary Black, saying he reckoned Tesla’s board was putting pressure on Musk to quit his Twitter role.

In discussions with users after posting his latest poll, Musk renewed his warnings that the platform could be heading for bankruptcy.

– ‘Won’t happen again’ –

Resorting to Twitter’s polling feature has been a favorite strategy of Musk’s to push through decisions, including the reinstatement of the account of former president Donald Trump.

Paris-based Reporters Without Borders, which defends the freedom of the press around the world, said the polls were a “crude and cynical” ploy.

“These methods appear to be democratic procedures, but in reality they are…the opposite of democracy,” said the group’s head Christophe Deloire.

The unpredictable entrepreneur posted his latest poll shortly after trying to extricate himself from yet another controversy.

On Sunday, Twitter users were told they would no longer be able to promote content from other social media sites.

But Musk seemed to reverse course a few hours later, writing that the policy would be limited to “suspending accounts only when that account’s *primary* purpose is promotion of competitors.”

“Going forward, there will be a vote for major policy changes. My apologies. Won’t happen again,” he tweeted.

The attempted ban had prompted howls of disapproval and even bemused Twitter cofounder Jack Dorsey, who had backed Musk’s takeover.

He questioned the new policy with a one-word tweet: “Why?”

– ‘Perfect storm’ –

Musk has generated a series of controversies in his short reign.

Analyst Dan Ives from Wedbush called his tenure a “perfect storm.” 

He flagged that “advertisers have run for the hills and left Twitter squarely in the red ink potentially on track to lose roughly $4 billion per year.”

Shortly after taking over the platform, Musk announced the site would charge $8 a month to verify account holders’ identities, but had to suspend the “Twitter Blue” plan after an embarrassing rash of fake accounts. It has since been relaunched.

On November 4, with Musk saying the company was losing $4 million a day, Twitter laid off half of its 7,500-strong staff.

Musk also reinstated the account of Donald Trump — though the former US president indicated he had no interest in the platform — and said Twitter would no longer work to combat Covid-19 disinformation.

In recent days, he suspended the accounts of several journalists after complaining some had published details about the movements of his private jet, which he claimed could endanger his family.

Employees of CNN, The New York Times and The Washington Post were among those affected in a move that drew sharp criticism, including from the European Union and the United Nations.

The Washington Post’s executive editor Sally Buzbee said the suspension of journalist Taylor Lorenz’s account “further undermines Elon Musk’s claim that he intends to run Twitter as a platform dedicated to free speech.”

Some of the suspended accounts have since been reactivated.

Twitter users vote to oust Elon Musk as CEO

Twitter users voted on Monday to oust owner Elon Musk as CEO in a highly unscientific poll he organized and promised to honor, just weeks after he took charge of the social media giant.

A total of 57.5 percent of more than 17 million accounts voted for him to step down. Musk, who is also the boss of car maker Tesla and rocket firm SpaceX, has not yet responded.

“The question is not finding a CEO, the question is finding a CEO who can keep Twitter alive,” the South African-born billionaire tweeted before the vote closed.

In a response to another tweet he added: “No one wants the job who can actually keep Twitter alive. There is no successor.”

Musk has fully owned Twitter since October 27 and has repeatedly courted controversy as CEO, sacking half of its staff, readmitting far-right figures to the platform, banning journalists and trying to charge for previously free services.

Analysts have also pointed out that the stock price of Tesla has slumped by one-third since the Twitter takeover and the share price briefly rallied by 3.3 percent on Monday before fading.

“It’s hard to ignore the numbers since [Twitter] deal closed,” tweeted investment expert Gary Black, saying he reckoned Tesla’s board was putting pressure on Musk to quit his Twitter role.

In discussions with users after posting his latest poll, Musk renewed his warnings that the platform could be heading for bankruptcy.

– ‘Won’t happen again’ –

Resorting to Twitter’s polling feature has been a favorite strategy of Musk’s to push through decisions, including the reinstatement of the account of former president Donald Trump.

Paris-based Reporters Without Borders, which defends the freedom of the press around the world, said the polls were a “crude and cynical” ploy.

“These methods appear to be democratic procedures, but in reality they are…the opposite of democracy,” said the group’s head Christophe Deloire.

The unpredictable entrepreneur posted his latest poll shortly after trying to extricate himself from yet another controversy.

On Sunday, Twitter users were told they would no longer be able to promote content from other social media sites.

But Musk seemed to reverse course a few hours later, writing that the policy would be limited to “suspending accounts only when that account’s *primary* purpose is promotion of competitors.”

“Going forward, there will be a vote for major policy changes. My apologies. Won’t happen again,” he tweeted.

The attempted ban had prompted howls of disapproval and even bemused Twitter cofounder Jack Dorsey, who had backed Musk’s takeover.

He questioned the new policy with a one-word tweet: “Why?”

– ‘Perfect storm’ –

Musk has generated a series of controversies in his short reign.

Analyst Dan Ives from Wedbush called his tenure a “perfect storm.” 

He flagged that “advertisers have run for the hills and left Twitter squarely in the red ink potentially on track to lose roughly $4 billion per year.”

Shortly after taking over the platform, Musk announced the site would charge $8 a month to verify account holders’ identities, but had to suspend the “Twitter Blue” plan after an embarrassing rash of fake accounts. It has since been relaunched.

On November 4, with Musk saying the company was losing $4 million a day, Twitter laid off half of its 7,500-strong staff.

Musk also reinstated the account of Donald Trump — though the former US president indicated he had no interest in the platform — and said Twitter would no longer work to combat Covid-19 disinformation.

In recent days, he suspended the accounts of several journalists after complaining some had published details about the movements of his private jet, which he claimed could endanger his family.

Employees of CNN, The New York Times and The Washington Post were among those affected in a move that drew sharp criticism, including from the European Union and the United Nations.

The Washington Post’s executive editor Sally Buzbee said the suspension of journalist Taylor Lorenz’s account “further undermines Elon Musk’s claim that he intends to run Twitter as a platform dedicated to free speech.”

Some of the suspended accounts have since been reactivated.

Putin insists no plan to absorb Belarus on visit in Ukraine shadow

President Vladimir Putin denied plans to absorb Belarus as he paid a rare visit Monday to the country whose strongman assisted his invasion of neighbouring Ukraine.

Putin flew into Minsk with his defence and foreign ministers in tow, hours after Russian forces launched a swarm of attack drones at critical infrastructure in Kyiv, which provoked emergency blackouts in a dozen regions.

Putin said that Russia and Belarus — slapped with new Western sanctions since President Alexander Lukashenko was declared the winner of a sixth term in 2020 elections widely criticised as fraudulent — were “united by a common history and spiritual values”.

Putin called the countries “closest allies and strategic partners” but said that rumours that Russia sought to take over Belarus came from “ill-wishers”.

“Russia has no interest in absorbing anyone, this would simply make no sense,” Putin said.

In Washington, State Department spokesman Ned Price scoffed at Putin’s remarks.

“I think a statement like that has to be treated as the height of irony coming from a leader who is seeking at the present moment — right now — to violently absorb his other, peaceful next-door neighbour,” Price said.

“We have seen the Lukashenko regime essentially cede its sovereignty — cede its independence — to Russia,” Price said.

Belarus has let Russian forces use its territory and hours before Putin touched down in Minsk, Moscow released footage of drills with Belarusian forces including tank manoeuvres and sniper fire at a snow-dusted training ground.

Lukashenko urged closer military cooperation and said that Russia and Belarus are “open for dialogue with other states, including European ones.”

“I hope that soon they will listen to the voice of reason,” Lukashenko said.

Speculation mounted ahead of the Russian leader’s visit that he would pressure Lukashenko to send troops to Ukraine to fight alongside the Russians after Moscow suffered a string of defeats in nearly 10 months of fighting.

Kremlin spokesman Dmitry Peskov, however, dismissed the reports “as totally stupid, groundless fabrications.”

In October, Belarus announced the formation of a joint regional force with Moscow with several thousand Russian servicemen arriving in the ex-Soviet country.

– New explosions near Kyiv –

The drone attacks wounded three people near Kyiv. They came as Russia said it shot down several US-made missiles over its airspace near Ukraine.

“I first heard the air raid siren… I thought there is going to be a drone attack. For the first time, it scared me,” said Natalia Dobrovolska, a 68-year-old resident of Kyiv.

She described hearing multiple explosions before power shut off in her building in western Kyiv. Officials said Russia had flown in 35 attack drones nationwide, including 23 over Kyiv.

Ukraine said it downed 30 of the aerial weapons, including Iranian-made “Shaheds”, which have pummelled the capital in recent weeks.

Mayor Vitali Klitschko said critical infrastructure facilities were damaged while regional authorities said nine homes had been scarred by the attacks.

Ukraine has experienced frequent and deadly aerial attacks. After a series of battlefield setbacks, Moscow stepped up its aerial campaign to target the country’s energy grid.

– Russia ‘must fail’ –

With winter setting in, missile and drone attacks have plunged cities around the country into darkness, and severed water and heat supplies to millions of Ukrainians.

Speaking to the leaders of several NATO countries via video link on Monday, President Volodymyr Zelensky urged Ukraine’s allies to supply its military with more weapons.

“Russian aggression can and must fail. And our task now is to accelerate it,” he told the leaders assembled in Riga.

He said in a late-night address Sunday that some nine million of Ukraine’s estimated 40 million people had their electricity restored after Russia’s previous missile barrage last week.

UN Secretary-General Antonio Guterres, in a year-end news conference, said with regret that he expected the war “will go on.”

“I am not optimistic about the possibility of effective peace talks in the immediate future,” Guterres said.

– Gas price cap –

The West has sought to keep the pressure on Russia. European Union ministers, after months of wrangling, on Monday decided on a price gap on Russian natural gas, following an agreement that came in force this month on Russian oil.

The price ceiling on natural gas was fixed at 180 euros per megawatt hour, although the European Commission said it may suspend the cap if “the risks outweigh the benefits” following protracted negotiations involving Germany, the continent’s largest economy which backs Ukraine but is highly dependent on imported energy.

“It wasn’t an easy thing to achieve,” Maltese Energy Minister Miriam Dalli said.

The Kremlin lashed out at the latest measure, with Peskov saying the cap was “unacceptable” and a violation of market processes.

Things to know about global biodiversity agreement

After years of negotiations, the world has agreed a landmark deal to protect vanishing species and ecosystems.

Here are some of the strengths of the pact agreed at the UN meeting in Montreal called COP15, as well as where it fell short.

– ’30 by 30′ –

The cornerstone of the agreement is the so-called 30 by 30 goal — a pledge to protect 30 percent of the world’s land and seas by 2030 — up from about 17 percent of land and seven percent of oceans currently. 

The oceans target had reportedly been opposed by some countries but made it into the final text. Some experts had said 30 percent is a low aim, insisting that protecting 50 percent would be better. 

– Indigenous rights –

Indigenous rights were addressed throughout the text, including in areas covered by the 30 by 30 pledge — safeguarding Indigenous peoples’ right to remain stewards of land they use and ensuring they are not subject to evictions in the name of conservation.

The International Indigenous Forum on Biodiversity praised the text for its “strong language on respect for the rights of Indigenous Peoples and local communities.”

– Funding – 

The text approves the objective for rich countries to provide “at least US$20 billion per year by 2025, and … at least US$30 billion per year by 2030,” approximately double and then triple the current international aid for biodiversity.

Developing countries were seeking a new funding mechanism, but developed nations said it would take several years to create.

A halfway solution was adopted: a “trust fund” within an existing financial mechanism called the Global Environment Facility, as a stepping stone towards a new fund.

– Pesticides –

The accord prescribes efforts for “reducing the overall risk from pesticides and highly hazardous chemicals by at least half.”

Some delegates and campaigners had argued that the emphasis should be on overall pesticide “use” which is easier to measure. But specialists said some pesticides are powerful in small quantities so the emphasis should be on “risk.”

– Genetic sequencing –

The framework demands people receive benefits from “genetic resources” originating in their countries: natural assets, such as medicine or cosmetic ingredients in plants, which may be sourced in a developing country but then have their genetic information mapped and shared with researchers and companies abroad.

The text calls on parties to “ensure the fair and equitable sharing of benefits that arise from the utilization of genetic resources and from digital sequence information” and “traditional knowledge” associated with them.

– Business –

Despite common fears of “greenwashing” at environment summits, several delegates and observers said businesses played a largely positive role at COP25. But some noted lacked a strong mandate for businesses to assess and report on their biodiversity impacts — the accord instead merely urged countries to “encourage” them to do so.

Eliot Whittington, director of policy at the says Cambridge Institute for Sustainability Leadership, said the accord should “prompt a new mandatory disclosure framework for larger businesses… something the business community has supported vigorously at COP15.”

– Milestones –

The document sets a mechanism for implementation of the deal, but it is less strict than the Paris climate agreement. Campaigners complained the COP15 text did not contain enough “milestones” for marking progress.

For example, the text says human-induced extinction of known threatened species must be halted, and, by 2050, the extinction rate of all species reduced tenfold — but there aren’t targets that countries must hit before that year.

EU reaches gas price cap agreement, angering Russia

EU energy ministers on Monday overcame months of wrangling to agree a price cap for natural gas in the bloc, drawing an immediate warning from Russia that the move was “unacceptable”.

The price ceiling was fixed at 180 euros per megawatt hour, but with conditions attached and a word of caution from the European Commission that it may suspend the measure if “the risks outweigh the benefits”.

The aim of the cap on gas prices traded within the European Union is to mitigate an energy crunch brought on by Russia’s invasion of Ukraine.

EU countries are worried that they will have a hard time filling gas storage tanks in time for next winter.

Russia — before the war, the top exporter of gas to the EU — has turned off the taps in retaliation for a series of crippling sanctions against it designed to deplete its income used for its war.

The Kremlin has already said it won’t supply oil to countries applying a distinct EU embargo on its shipments of crude, and on Monday lashed out at the gas price cap.

“This is a violation of the market price-setting, an infringement on market processes, any reference to a (price) cap is unacceptable,” Kremlin spokesman Dmitry Peskov was cited as saying by Russian state-run news agencies. 

– Divisive issue –

The EU price cap will apply from February 15 and run for a year.

It will be triggered if the European benchmark price for natural gas futures goes above 180 euros per megawatt hour for three consecutive days.

That ceiling would then apply on trades for at least following 20 working days. For the cap to be deactivated, there has to be three consecutive days of trading below the 180-euro ceiling.

The mechanism is in response to high gas prices seen in Europe in August, which briefly soared to nearly 340 euros per megawatt hour, rattling EU governments.

The price of gas in Europe has since fallen, but remains historically high, and was trading at just under 112 euros per megawatt hour on Monday.

The gas price cap divided EU countries. 

Many said it was urgent to bring it in to force down energy costs. But others — led by economic powerhouse Germany — feared it could provoke suppliers of liquified natural gas (LNG) to snub Europe in favour of more lucrative Asian markets.

– Consequences –

The European Commission was also wary of the consequences of a price cap, and it initially proposed a ceiling of 275 euros and a two-week period above that number before it could be activated.

But that proposal met fierce objections from countries, such as Spain and Greece which made other broadly-backed energy measures — including joint gas purchases and speeded-up authorisations for renewable energy sources — contingent on a viable price cap.

Monday’s meeting saw Germany agree to the much lower price cap, and the much shorter triggering period to unlock the entire package.

“It wasn’t an easy thing to achieve,” Maltese Energy Minister Miriam Dalli said.

In acknowledgement of Germany’s concerns, a condition attached to the price cap is that futures prices for gas in Europe must to be at least 35 euros more than that paid for LNG on global markets.

EU energy commissioner Kadri Simson also said the European Securities and Markets Authority (ESMA) and the bloc’s Agency for the Cooperation of Energy (ACER) would present a “data report” on the likely consequences of the unprecedented price cap before it takes effect.

“The Commission stands ready to suspend ex-ante the activation of the mechanism, if an analysis from ECB (European Central Bank), ESMA and ACER shows that the risks outweigh the benefits,” she said.

France’s energy minister, Agnes Pannier-Runacher, said that, with the price cap agreed, attention must now turn to a longer-term reform of the EU’s energy market, notably unhitching the price of gas from that of electricity.

Global 'peace pact' signed to protect nature

Countries reached a historic deal on Monday to reverse decades of environmental destruction threatening the world’s species and ecosystems, in what the UN chief hailed as “a peace pact with nature.”

After the marathon COP 15 biodiversity summit in Montreal ran into the small hours, chair Chinese Environment Minister Huang Runqiu, declared the deal adopted and banged his gavel, sparking loud applause.

“We are finally starting to forge a peace pact with nature,” UN Secretary-General Antonio Guterres said, hailing the accord.

EU chief Ursula von der Leyen said the deal was a “foundation for global action on biodiversity, complementing the Paris Agreement for Climate.”

And the United States hailed the outcome as a “turning point,” voicing appreciation for the role of frequent adversary China. State Department spokesman Ned Price called the deal “sweeping and ambitious.”

American President Joe Biden supports the deal and has launched his own “30 by 30” plan domestically, but the United States is not formally a party to the biodiversity convention because of opposition by Republicans in Congress.

After four years of fraught negotiations, more than 190 other states rallied behind the Chinese-brokered accord aimed at saving Earth’s lands, oceans and species from pollution, degradation and the climate crisis.

“We have in our hands a package which I think can guide us all to work together to hold and reverse biodiversity loss, to put biodiversity on the path of recovery for the benefit of all people in the world,” Huang told the assembly.

He overruled an objection from the Democratic Republic of Congo, which had refused to back the text, demanding greater funding for developing countries.

– Biggest conservation deal ever –

The deal pledges to secure 30 percent of the planet as a protected zone by 2030, stump up $30 billion in yearly conservation aid for the developing world and halt human-caused extinctions of threatened species.

Environmentalists have compared it to the landmark plan to limit global warming to 1.5C under the Paris agreement, though some warned that it did not go far enough.

Brian O’Donnell of the Campaign for Nature called it “the largest land and ocean conservation commitment in history.”

“The international community has come together for a landmark global biodiversity agreement that provides some hope that the crisis facing nature is starting to get the attention it deserves,” he said.

“Moose, sea turtles, parrots, rhinos, rare ferns and ancient trees, butterflies, rays, and dolphins are among the million species that will see a significantly improved outlook for their survival and abundance if this agreement is implemented effectively.”

The CEO of campaign group Avaaz, Bert Wander, cautioned: “It’s a significant step forward in the fight to protect life on Earth, but on its own it won’t be enough. Governments should listen to what science is saying and rapidly scale up ambition to protect half the Earth by 2030.”

– Indigenous rights –

The text pledges to safeguard the rights of Indigenous people as stewards of their lands, a key demand of campaigners.

But observers noted it pulled punches in other areas — for example, only encouraging businesses to report their biodiversity impacts rather than mandating them to do so.

The 23 targets in the accord also include saving hundreds of billions of dollars by cutting environmentally destructive farming subsidies, reducing the risk from pesticides and tackling invasive species.

– Funding fight –

At times, the talks looked at risk of collapsing as countries squabbled over money.

How much the rich countries will send to the developing world, home to most of the planet’s biodiversity, was the biggest sticking point.

Developing countries had been seeking the creation of a new, bigger fund for aid from the Global North. But the draft text instead suggested a compromise: creating a fund under the existing Global Environment Facility (GEF).

That concern was echoed by the Democratic Republic of Congo, home to the Congo Basin, a rich haven of biodiversity.

Current financial flows for nature to the developing world are estimated at around $10 billion per year.

A DRC delegate spoke up in the plenary to demand annual funding rise to $100 billion — but Huang declared the framework passed, angering DRC’s allies.

Close Bitnami banner
Bitnami