Aurelia Butler

LONDON (Reuters) – The amount of finance provided to developing countries to help them adapt to the impacts of climate change is far short of the $359 billion a year needed even after the biggest annual increase yet, a U.N. report on Thursday showed.Funding from the developed world hit $28 billion in 2022 after a $6 billion rise, the most in any one year since the U.N. Paris deal in 2015 to try and limit the impacts of global warming, the annual U.N. Environment Programme report said.Countries are preparing to meet in Azerbaijan at COP29 from Nov. 11-22 for the next round of climate talks in a year marked by extreme weather aggravated by climate change, including floods in Bangladesh and drought in Brazil.How much money richer countries agree to send to developing countries to help them cope is expected to be central to the talks in Baku.”Climate change is already devastating communities across the world, particularly the most poor and vulnerable. Raging storms are flattening homes, wildfires are wiping out forests, and land degradation and drought are degrading landscapes,” UNEP Executive Director Inger Andersen said in a statement.”Without action, this is a preview of what our future holds and why there simply is no excuse for the world not to get serious about adaptation, now.”Adaptation finance covers activities including building flood defences against rising sea levels, planting trees in urban areas to protect against extreme heat and ensuring infrastructure can withstand hurricanes.In addition to the finance, countries need guidance on how to use it.While 171 countries have a policy, strategy or plan in place, the quality varies, and a small number of fragile or conflict-affected states have none, the report said.A separate U.N. report last month said the world was on track to exceed its goal of limiting warming to 1.5 degrees Celsius (2.7 Fahrenheit) above the pre-industrial average by 2050, and instead head for warming of 2.6-3.1C. More

Policymakers voted 8 to 1 to cut the Bank Rate by 25 basis points to 4.75%, helped by the consumer inflation figures for September surprising to the downside, falling below its own August projections. The BoE also trimmed interest rates by 25 basis points in August, its first cut since the pandemic in 2020.“It would be an understatement to say that a lot has happened since the Bank of England’s last rate decision,” said analysts at Deutsche Bank, in a note. “The last few weeks or so have seen: a dovish signal on rates from the BoE governor, a large downside domestic inflation surprise, a more expansionary than expected Budget, and the US election on top.”Aside from the data, and with the full impact of the US election unlikely to be felt until next year, it’s the Budget that is creating the biggest uncertainty over the likelihood of further rate reductions.“Despite the substantial tax increases, [the Budget] was on balance net expansionary implying looser fiscal stance than was previously expected,” said analysts at UBS, in a note. “The OBR’s assessment of the treasury’s policies also suggested a positive impact on near-term growth and, importantly, inflation. However, the Bank will conduct its own assessment of the announced fiscal measures, which might differ from the OBR’s,” UBS added.The Swiss bank now looks for the November cut to be followed by a pause in December. “On the one hand, a more pronounced moderation in headline and, importantly, services inflation, could justify a faster pace of rate cuts (i.e. cutting in December). On the other hand, some of the progress seen in the data could be offset by the inflationary impact of the Budget, depending on the Bank’s assessment,” UBS added.A December rate cut has become less likely, analysts at ING agreed, although they feel a lot hinges on the two inflation reports due before Christmas.“Last week’s budget has made life more complicated for the Bank of England,” analysts at ING said, in a note. “The combination of extra fiscal stimulus and a volatile US election aftermath means officials won’t want to comment on its next steps.” More

BUDAPEST (Reuters) -European leaders meeting in Budapest on Thursday urged Donald Trump from afar to avoid trade wars, maintain support for Ukraine and to refrain from unsettling the global order following his victory in the U.S. presidential election.Trump’s win is a major challenge for Europe, opening an era of huge uncertainty at a time when the continent is already grappling for unity and its two biggest powers, Germany – whose government just broke apart – and France, are weakened.Trump’s relationship with his European peers was tense and rocky for much of his first term, and his return to power brings uncertainty over U.S. backing for Ukraine against Russia’s invasion, the U.S. commitment to the NATO military alliance and the prospect of tariffs on exports to the United States.”I trust the American society,” European Council chief Charles Michel said as he and others urged Trump to continue to support Ukraine, as they arrived at a meeting of nearly 50 European leaders in Budapest.”They know it is in their interest to show firmness when we engage with authoritarian regimes. If the United States were weak with Russia, what would it mean for China?”European Commission chief Ursula von der Leyen said it was now up to the European Union to be united. No EU member state on their own can manage the upcoming challenges, she said.On Ukraine, she said: “It is in all our interests that the autocrats of this world get a very clear message that is not the right of might, that the rule of law is important.”HOPE TO AVOID TRADE WARMany of the leaders said they were looking forward to working with Trump. The summit host, Hungary’s rightwing nationalist Prime Minister Viktor Orban, is one of Trump’s few close allies among European leaders, and has said he would pop champagne corks if Trump won. Diplomats have speculated that Orban might arrange for Trump to address the European leaders by video link.But others were blunt about concerns, including over trade and Trump’s brusque treatment of allies.”President Trump is known sometimes for a degree of unpredictability, a degree of volatility, so we need dialogue,” Luxembourg Prime Minister Luc Frieden said. “We will seek dialogue, but we will not give up our principles.”Finland’s Prime Minister Petteri Orpo said he was concerned about the prospect of a trade war: “It should not be allowed to happen,” he said. “Let’s now try to influence the U.S. and Trump’s future policy so that he understands the risks involved.”Adding to the uncertainty hanging over the Budapest gatherings, Germany’s three-party government broke apart on Wednesday evening as Chancellor Olaf Scholz sacked his finance minister and paved the way for a general election.”One thing is for sure, Europe is not strong without a strong Germany,” European Parliament President Roberta Metsola said.The summit will first include a meeting of leaders of the wider European Political Community which includes non-EU states such as Britain, expected to renew their commitment to support Ukraine, before sessions on migration and economic security.Mark Rutte, head of NATO, said it was important to see Ukraine as a problem that extends beyond Europe, describing Russia’s partnership with North Korea as “a threat, not only to the European part of NATO, but also to the U.S.”In the evening the EU’s 27 leaders will weigh transatlantic relations, as well as Georgia, where the ruling Georgian Dream party, seen as increasingly pro-Russian, claimed victory in a disputed Oct. 26 election. The EU has frozen Georgia’s membership bid over concerns about democratic backsliding. More

NEW YORK (Reuters) – A couple of years ago, Amanda Coffee and her husband were poring over her company’s open enrollment options, when she noticed an intriguing legal benefit.“The benefit cost roughly $200 for a year of legal services, which is a lot less than contracting a lawyer on our own,” says Coffee, 38, who is a New York City communications consultant. “We opted into the benefit and took advantage to draft a will and trust.”The savings? Roughly $4,000.But when benefits season rolls around, most people are not paying careful attention to their choices like Coffee. In fact, about half of benefits-eligible American workers spend less than 20 minutes reviewing all options, according to a survey by Voya Financial (NYSE:VOYA).That means you could be leaving money on the table.Here are two good reasons not just to check the same boxes as last year: First, your company might be rolling out new benefits, and second, your own life might be changing in important ways. So do a little fortune-telling and figure out what Future You might require.“Maybe you have an upcoming planned procedure, like a knee replacement,” says Tim O’Connor, a vice president at Prudential (LON:PRU) who leads group insurance enrollment and engagement strategy. “Or maybe you are starting a family. If you know what’s coming, you can help cover a lot of those costs.”Keep in mind the clock is ticking, since most companies like to wrap open enrollment up by Thanksgiving. Here are the three benefits that warrant a closer look. FUND A HEALTH SAVINGS ACCOUNTHSAs are “one of the most commonly overlooked benefits,” says Alyson Basso, a financial planner in Middleton, Massachusetts.HSAs are typically offered in conjunction with high-deductible health plans, as a way to defray healthcare expenses. They do that by being triple-tax-advantaged: Pre-tax contributions, tax-free earnings, and tax-free withdrawals, as long as you use the money for qualifying expenses.Because you can actually invest the money, an HSA can essentially act as an additional retirement account as unused funds roll over year after year – for instance, if you have maxed out your 401(k) or IRA. But only 3% of working Americans even understand the full benefits of an HSA, according to the Voya Financial survey.OPEN A DEPENDENT CARE FSAAny parent knows the cost of raising a kid these days is astronomical. Prepare to budget an eye-popping $237,482 from birth to age 18, according to one estimate from LendingTree — and that is not even counting college.So would you like to save around 30% on costs like daycare or preschool, babysitting, or summer day camps? You can – using a dependent care FSA (flexible spending account), for kids under 13. For singles or married couples filing jointly, the current annual maximum contribution is $5,000.“For working families with children, a dependent care FSA is invaluable—especially since most incur at least $5,000 in dependent care expenses annually,” says Spenser Liszt, a financial planner in Dallas. “It’s a great way to avoid taxes on a necessary family expense.”  GET INSURED TO THE HILTFor individuals looking to take out their own policies for life, short-term or long-term disability or liability, costs can often be prohibitive.But if your company is offering policies through open enrollment, it can be a game-changer, thanks to group rates that make such policies much more affordable. With liability, for instance, you could get millions in extra coverage, in case you are ever on the receiving end of a lawsuit.“One of the most undersubscribed benefits I see is disability insurance,” says Cathleen Tobin, a financial planner in Rhinebeck, New York. “Group coverage through an employer costs employees almost nothing – and can be a financial lifesaver if it’s ever needed.” More