Markets gain…Brexit fight…Japan-China meeting
SINGAPORE (AP) – World markets rose on Monday, brushing off softening Chinese growth and a downgrade in Italy’s credit rating after its lawmakers approved a budget plan with room for a higher deficit. Futures point to opening gains on Wall Street. Benchmark U.S. crude rose above $69.50 per barrel. The dollar strengthened against the yen and the euro.
LONDON (AP) – British Prime Minister Theresa May was seeking to scotch a growing rebellion against her Brexit plans Monday, urging lawmakers to back her and saying a divorce deal with the European Union is 95 percent complete. May’s office said she planned to tell the House of Commons that “the vast majority” of issues are settled, including the status of Gibraltar, Britain’s territory at the tip of the Iberian Peninsula. The prime minister also appealed to voters directly with an article in The Sun tabloid.
BEIJING (AP) – Around 500 Japanese business leaders will accompany Prime Minister Shinzo Abe when he visits Beijing this week, amid an ongoing China-U.S. trade feud that is hurting industries on both sides. A Japanese government official speaking Monday on routine condition of anonymity said Abe’s three-day visit starting Thursday will mark a further step in returning bilateral relations to a “normal trajectory” following a 2012 spat over ownership of uninhabited East China Sea islands. China is Japan’s biggest trade partner.
BERLIN (AP) – The Organization for Economic Cooperation and Development is warning that the world’s consumption of raw materials will rise sharply, putting greater pressure on the environment. The Paris-based think tank said Monday that with a growing global population and rising living standards, the amount of raw materials used each year will increase to 167 gigatons by 2060, from 90 gigatons today. The OECD says increased extraction and processing of wood, oil, gas, metals and building materials “is likely to worsen pollution of air, water and soils, and contribute significantly to climate change.”
BERLIN (AP) – A U.N.-backed fund has approved more than $1 billion for 19 new projects to help developing countries tackle climate change. Officials said Sunday that during a four-day meeting in Bahrain that ended late Saturday, overseers of the Green Climate Fund also agreed to start seeking fresh money next year as its initial capital of about $6.6 billion will soon be used up. The South Korea-based fund was originally meant to receive over $10 billion from rich countries by 2018. But President Donald Trump withheld $2 billion of the $3 billion pledged by the U.S.