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The Australian stock market faces challenges, with the ASX200 down 1% and sectors like Discretionary and Financials declining, while Utilities and Energy show resilience. Amid this backdrop, promising small-cap stocks with strong fundamentals, such as BSP Financial Group, are emerging as potential investment opportunities. BSP operates across several Pacific nations, boasting a solid funding base and an attractive P/E ratio, despite recent earnings growth setbacks.
Developed nations are urged to contribute $300 billion annually by 2035 to assist poorer countries in addressing climate change, as outlined in a draft deal from COP29 talks in Baku. This new target replaces the previous $100 billion commitment, which was met late, and reflects ongoing tensions between wealthy and developing nations over climate finance responsibilities. The agreement also includes rules for a global carbon credit market aimed at mobilizing additional funding for climate initiatives.
Tensions are rising at COP29 as Saudi Arabia resists reaffirming last year's fossil fuel transition pledge, crucial for global climate efforts. While the US and Europe push for stronger commitments, Saudi Arabia argues the agreement is just one of many options to address emissions. The negotiations aim to replace the $100 billion climate finance pledge with a more substantial commitment to support poorer nations in building green economies.
COP16 in Cali, Colombia, concluded without agreement on crucial biodiversity finance, leaving many issues unresolved. While a new "Cali Fund" was established to support genetic material compensation and a permanent body for Indigenous people was created, the failure to secure funding jeopardizes global conservation goals. Observers warn that the lack of a monitoring framework and financial commitments could hinder efforts to protect 30% of the world's ecosystems by 2030.
Newmont's CEO, Thomas Ronald Palmer, sold 20,000 shares at $53.81, totaling $1,076,200, while EVP Peter Toth sold 3,000 shares for $161,430, both transactions reflecting no change in ownership percentage. Institutional investors hold 68.85% of the stock, with recent downgrades from UBS and other analysts adjusting price targets. Newmont reported a quarterly earnings miss, with revenue up 84.7% year-over-year.
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