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According to Fox News: U.S. Treasury Secretary Bessant stated that Trump will meet with three candidates for Federal Reserve Chair after Thanksgiving. I can say with certainty that I will not become the Federal Reserve Chair.According to Fox News: U.S. Treasury Secretary Bessant said that President Trump may announce the next Federal Reserve Chairman before Christmas.1. All three major U.S. stock indexes closed lower. The Dow Jones Industrial Average fell 1.07% to 46,091.74 points, the S&P 500 fell 0.83% to 6,617.32 points, and the Nasdaq Composite fell 1.21% to 22,432.85 points. Home Depot fell 6%, and Amazon fell more than 4%, leading the decline in the Dow. The Wind U.S. Tech Big Seven Index fell 1.82%, Nvidia fell nearly 3%, and Microsoft fell more than 2%. Chinese concept stocks were mixed, with Amer Sports rising more than 8% and Daqo New Energy falling more than 6%. Both the Dow and the S&P 500 recorded their fourth consecutive day of decline. 2. All three major European stock indexes closed lower. The German DAX fell 1.85% to 23,153.92 points, the French CAC40 fell 1.86% to 7,967.93 points, and the UK FTSE 100 fell 1.27% to 9,552.3 points. 3. US Treasury yields fell across the board. The 2-year Treasury yield fell 2.93 basis points to 3.572%, the 3-year Treasury yield fell 4.17 basis points to 3.567%, the 5-year Treasury yield fell 4.02 basis points to 3.686%, the 10-year Treasury yield fell 2.52 basis points to 4.113%, and the 30-year Treasury yield fell 0.20 basis points to 4.733%. 4. International precious metals futures generally closed lower. COMEX gold futures fell 0.17% to $4067.40 per ounce, and COMEX silver futures fell 0.34% to $50.54 per ounce. 5. Rosnefts Ryazan refinery suspended crude oil processing since the November 15 drone attack. The WTI crude oil futures contract closed at $60.57 per barrel; the Brent crude oil futures contract rose 0.93% to $64.8 per barrel. 6. London base metals all fell, with LME aluminum down 0.85% to $2,789.50/ton, LME copper down 0.75% to $10,698.00/ton, LME lead down 0.52% to $2,027.00/ton, LME zinc down 0.12% to $2,990.50/ton, LME tin down 0.07% to $36,860.00/ton, and LME nickel down 0.03% to $14,645.00/ton.November 19th - According to CMEs "FedWatch": The probability of the Federal Reserve cutting interest rates by 25 basis points in December is 48.9%, and the probability of keeping rates unchanged is 51.1%. The probability of the Fed cumulatively cutting rates by 25 basis points by January next year is 49.7%, the probability of keeping rates unchanged is 31.9%, and the probability of cumulative rate cuts of 50 basis points is 18.4%.Moodys affirmed Lebanons rating at "C" and maintained a stable outlook.

Africa Should Use Its Natural Gas, Says The AfDB President

Skylar Williams

Nov 16, 2022 14:50

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The right of African states to utilize their natural gas supply should be reflected in any agreement concluded at the COP27 climate talks, the head of the African Development Bank told Reuters, despite the efforts of certain nations to restrict the use of the fuel.


According to sources, achieving an agreement on fossil fuels is one of the most difficult aspects of the negotiations, with certain countries, notably India, aiming to eliminate the use of all fossil fuels, including gas.


Monday evening's distribution of a preliminary document by summit organizers removed any reference to fossil energy. Even while it is the basis of any agreement, the crucial final language has yet to be discussed.


Akinwumi Adesina, president of the African Development Bank, stated on the sidelines of the United Nations conference in Sharm el-Sheikh, Egypt, on Friday, "Africa needs natural gas to supplement its renewable energy."


He stated that even if Africa tripled its current natural gas production, its contribution to global emissions would only grow by 0.67 percent.


In view of the fact that the world is on track to miss its climate goal of limiting global warming to 1.5 degrees Celsius above the pre-industrial average by the middle of the century, one of the conference's main emphasis has been on countries speeding their transition to renewable energy.


Adesina indicated that the AfDB intends to fund $25 billion via the African Adaptation Acceleration Program, more than any other comparable lender. In addition, it has invested 85 percent of its capital in renewable energy between 2016 and 2021.


He added that natural gas is required to balance the electricity supply despite the intermittent nature of renewables.


"We must acknowledge Africa's singularity. Africa has the highest rate of energy poverty in the world, "Adesina noted.


"What intrigues me is how Africa uses natural gas as part of its energy mix to provide electricity to the 600 million people who currently lack access to electricity."


According to Adesina, developed nations have produced around 2,400 gigatonnes of climate-damaging carbon emissions since the industrial revolution, leaving only 400 gigatonnes if the world is to fulfill its temperature target.


"Therefore, Africa, which did not significantly emit, should not be penalized for its inability to utilise even a small amount of gas to supplement its natural resources."

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