28 h. ago Retail investors fight for right to bet on natural disasters

Asset managers push back against an EU attempt to curb access to fast-growing market for catastrophe bonds

Economics

6 d. ago Oil exploration in the Congo basin rainforest could be a disaster for nature and the climate

The Democratic Republic of Congo is putting one of the best-preserved tropical ecosystems left on Earth up for auction, and the impact could be felt worldwide• Don’t get Down to Earth delivered to your inbox? Sign up here to get the newsletter in fullThe “worst place in the world” to explore for oil is open for business. Again. Swathes of the Congo basin rainforest, home to okapis, lowland gorillas, bonobos and other rare wildlife, are being auctioned off by the Democratic Republic of the Congo (DRC) for the second time in three years.This round of licensing includes 52 blocks across 124m hectares (306m acres) of swamps and rainforest in some of the best-preserved tropical ecosystems left on Earth. Opening it up for fossil fuel extraction could be a disaster for nature and the climate.DRC to auction oil and gas permits in endangered gorilla habitatThe rangers turning the DRC’s ‘triangle of death’ back into a thriving wildlife reserveThe secret life of the Congo rainforest – in pictu...

Events

8 d. ago A wasteland of rubble, dust and graves: how Gaza looks from the sky

The Guardian joins a Jordanian military airdrop for a rare chance to observe a landscape devastated by Israel’s offensive Seen from the air, Gaza looks like the ruins of an ancient civilisation, brought to light after centuries of darkness. A patchwork of concrete shapes and shattered walls, neighbourhoods scattered with craters, rubble and roads that lead nowhere. The remnants of cities wiped out.But here, there has been no natural disaster and no slow passage of time.Members of Jordan’s military stand among pallets of aid about to be dropped on Gaza. Continue reading...

Politics

8 d. ago Tesla’s UK sales fall almost 60% in July; Trump attacks ‘woke’ JLR as it announces new boss – business live

Rolling coverage of the latest economic and financial newsNewsflash: The UK’s financial regulator has decided to fine former star fund manager Neil Woodford and his investment management company nearly £46m, over the collapse of his popular equity fund.The Financial Conduct Authority says it has decided to fine Woodford £5,888,800 and ban him from holding senior manager roles and managing funds for retail investors.‘Being a leader in financial services comes with responsibilities as well as profile. Mr Woodford simply doesn’t accept he had any role in managing the liquidity of the fund.The very minimum investors should expect is those managing their money make sensible decisions and take their senior role seriously. Neither Neil Woodford nor Woodford Investment Management did so, putting at risk the money people had entrusted them with.’ Continue reading...

Economics

3 w. ago Tyson Fury ready to place £1million bet on Anthony Joshua vs Jake Paul fight

Anthony Joshua and Jake Paul are in talks over a blockbuster fight and Tyson Fury has backed the YouTube star to defeat the two-time heavyweight world champion

Economics

4 w. ago 20 states sue FEMA for canceling grant program that guards against natural disasters

Twenty Democratic-led states have filed a lawsuit against the Federal Emergency Management Agency over the cancellation of a disaster mitigation grant program

Events

4 w. ago Trump administration sued by 20 states for cutting disaster prevention grants

Lawsuit claims Fema lacks power to cancel multibillion-dollar Bric program after it was approved by CongressA group of 20 mostly Democratic-led US states filed a lawsuit on Wednesday seeking to block the Trump administration from terminating a multibillion-dollar grant program that funds infrastructure upgrades to protect against natural disasters.The lawsuit filed in Boston federal court claims that the Federal Emergency Management Agency (Fema) lacked the power to cancel the Building Resilient Infrastructure and Communities program in April after it was approved and funded by Congress. Continue reading...

Politics

last month Catastrophe bond sales hit record as insurers offload climate risks

Investors attracted by high yields, while recent natural disasters have failed to trigger losses for bondholders

Events