UN climate change conference marks small step towards justice, says EU leader

'We have treated some of the symptoms but not cured the patient from its fever,' says Ursula von der Leyen
Aysu Bicer |21.11.2022


The UN climate change conference COP27 “marks a small step towards climate justice,” said European Commission President Ursula von der Leyen on Sunday.

At the conference in Sharm el-Sheikh, Egypt, nearly 200 countries made a historic deal to establish a “loss and damage” fund to help vulnerable countries hit hard by climate change.

"We have treated some of the symptoms but not cured the patient from its fever," von der Leyen said. "We are rebuilding trust. This is crucial moving forward because there can be no lasting action against climate change without climate justice."

She also said the goal of a temperature rise of no more than 1.5C was kept alive at COP27 yet added: "Unfortunately however, it has not delivered on a commitment by the world's major emitters to phase down fossil fuels, nor new commitments on climate mitigation."

The “loss and damage” fund is a big win for poor countries, which have long called for being compensated for climate-related disasters. Rich countries, however, have long opposed the idea.

Details on how the fund would operate, however, remain murky. The text leaves a lot of questions unanswered about when it will be finalized and become operational, and how exactly it would be funded.

Sunday’s agreement came after marathon talks between delegates from about 200 countries that exceeded the final date of the summit, which was originally scheduled to conclude on Friday.​​​​​​​

What Did COP27 Accomplish?

BY EMILY HALNON |NOVEMBER 22, 2022


COP27 in Sharm el-Sheikh, Egypt. Photo: Ministry of Environment – Rwanda via Flickr Creative Commons

The United Nations climate conference COP27 wrapped up this weekend in Sharm el-Sheikh, Egypt. Negotiators kept the midnight oil burning to work through one of the biggest issues: whether to create a loss and damage fund to help developing nations deal with the consequences of climate change.

While negotiators ultimately decided to approve this fund, they did nothing to curb global emissions—leaving climate advocates disappointed in the lack of action on this critical issue.

Columbia Climate School sent a number of delegates to the 27th annual convening of the climate conference, where they delivered talks, hosted panel discussions, forged new partnerships and discussed ideas with envoys from around the world. We checked in with a few representatives from Columbia Climate School to get their take on what happened, in and outside of the negotiation room, and to weigh in on the most promising decisions—and where negotiations fell short.

“The climate crisis is worsening faster than predicted and requires serious action,” said Alex Halliday, founding dean of Columbia Climate School. “It’s great to see so many gathering to formulate ideas, strategies, examples and commitments. But things have to change much faster.”

The Loss and Damage Fund

Negotiators at COP27 agreed to create a fund that will support developing nations as they deal with climate disasters. This concept is informed by the idea that richer nations have disproportionately caused the climate crisis through their higher use of fossil fuels—while poorer nations bear the brunt of the costs—and suffer some of the most devastating climate disasters. This fund will require developed nations to help foot the bill for the climate crisis in vulnerable countries.

“The establishment of this fund is a victory for climate justice,” said Perrine Toledano, director of research and policy at the Columbia Center on Sustainable Investment. “Developing countries have been asking for it since 1992.”

While this turned into the main headline action out of COP27, it wasn’t even on the agenda when the conference started, said Melody Braun, senior staff associate at the International Research Institute for Climate and Society (IRI).

Representatives from the global south pushed for the fund as soon as the conference opened and forced discussions to go late into the night on the first day to ensure it had a place on this year’s agenda.

“The growing anger and sense of hypocrisy among developing countries was on full display in Sharm el-Sheikh,” said Jason Bordoff, co-founding dean of Columbia Climate School, in a post about the event. “Wealthy nations have failed to fulfill their promises to provide climate finance to the poorest countries.”

The details of the fund—and how it will be enacted—remain unclear, but Toledano reports there were also financial micro-agreements between nations that she hopes can serve as a model for how to implement this kind of financial relationship.

Lack of Action on Global Emissions

One of the greatest disappointments of COP27 was the inability to address global emissions reductions, the experts agreed. The Intergovernmental Panel on Climate Change has stressed that global emissions need to be cut by 43 percent by the end of the decade in order to limit global warming to 1.5 degrees, the amount agreed upon through the Paris Agreement in 2015. But, the global community is not on track to do that—and did nothing to change that reality at COP27.

“We negotiated the way forward back in Paris,” said John Furlow, director of IRI. “Now the problem is that we’re not doing what we said.”

It doesn’t help that climate negotiations have involved such a piecemeal approach to a global problem, said Furlow. Or that the highest emitters won’t fully commit to sufficient carbon reductions until other nations do the same.

“The way that we do things here on Earth is to mostly lead country by country, government by government,” said Furlow. “The atmosphere doesn’t care where the carbon is coming from. It’s all cumulative and it all mixes together.”

“The economic rivalry between the US and China, and China’s status as both an economic powerhouse and a developing country, make taking action at the national level difficult,” he continued. This problem won’t be solved without China’s full participation; China is responsible for over a quarter of annual emissions, he said.

“We have to move beyond this ‘they need to go first attitude’ or the impacts are just going to get worse and worse,” said Furlow.

The most vulnerable countries will continue to suffer the greatest consequences without meaningful action toward fossil fuel reduction, which could minimize, or erase, the work of any loss and damage fund.

“COP27 failed to raise commitments on mitigation and phasing out of fossil fuels,” said Toledano. “Which will mean more loss and damage for everyone and in particular for the most vulnerable. Climate inaction raises the contribution needs to a loss and damage fund and if these needs are not satisfied, the fund might just be a drop in the ocean.”

“This is a temperature goal that would literally allow certain countries to stay alive,” Braun added. “And beyond needing to enable countries to survive, we should be positioning people to thrive.”

Outside the Negotiation Room

While most of the COP27 news and hot takes will focus on the negotiations, Braun said there’s a lot of important work that happens outside of the negotiation room.

“It’s the only event of the year that brings together people from all over the world that work on the same climate issues, like mitigation, adaption, and loss and damage,” she said. “And when you put them all together, magic happens.”

While Braun and Furlow didn’t spend much time in negotiation rooms, they accomplished a lot at the conference on behalf of IRI. They spoke at events, shared information about what IRI does, and connected with potential partners all over the world to discuss specific, concrete implementation tools that can help governments strengthen adaptation plans and strategies.

IRI focuses on supporting developing countries as they deal with climate challenges. Braun estimates they made upwards of 20 promising connections that could turn into new collaborations for capacity building, climate services, and efforts directly supporting adaptation on the ground.

“We connected with many potential new partners that could turn into new research or new projects that will solve real climate problems,” said Furlow.

Columbia Climate School at COP27

In addition to the work of IRI, the Columbia Climate School had a strong presence at COP27 this year. Here’s a roundup of some of the many places delegates could be found during the conference.The Climate School co-hosted a Talanoa dialogue to discuss how to accelerate climate breakthroughs in small island developing states, as they’re among the nations hit hardest by climate change.
They co-sponsored the Climate Justice Pavilion to amplify the voices of communities disproportionately impacted by climate change.
Columbia Climate School’s Ben Mylius led a workshop with Columbia students exploring human reasons we connect to the environment and why those reasons make climate change so important to address.
Sustainability Management student Jiangnan Shen gave a talk about how board games can contribute to climate education and action.
The Columbia Business School and the Columbia Climate School co-hosted an in-depth discussion on climate and finance and a roundtable discussion focused on the next generation of climate leaders.
Biological oceanographer Sonya Dyhrman from Columbia Climate School’s Lamont-Doherty Earth Observatory presented her research in an event around ocean-based carbon dioxide removal.
Maria Dombrov of the Climate School’s Center for Climate Systems Research spoke at a panel about electric mobility in developing countries. Dombrov also established an Israeli Research Hub with the Urban Climate Change Research Network.

The U.S. and China hold the world's climate future in their hands

• Bethany Allen-Ebrahimian
Andrew Freedman

Illustration: Aïda Amer/Axios

The resumption of U.S.-China climate talks at the recent COP27 summit is a positive sign for global cooperation on climate change, but it's not clear how both sides will now follow through at home to meet their climate commitments.

Why it matters: The global community will not be able to meet its climate targets without stepped-up decarbonization efforts in the U.S. and China, which are the world's two largest emitters.

Driving the news: U.S. climate envoy John Kerry and his Chinese counterpart Xie Zhenhua held "very candid" discussions at the UN climate summit in Egypt that concluded over the weekend, Xie said. They didn't reach a new bilateral agreement, but Xie and Kerry made it clear talks would continue.

• For the U.S., COP27 was a chance to demonstrate the actions the Biden administration is taking at home, after passing the most far-reaching climate bill in U.S. history.
• The U.S. also sought to encourage other nations to commit to making more ambitious emissions cuts.
• The U.S. and China still have work to do together on a cooperative agreement they signed during COP26 in Glasgow last year, particularly when it comes to reducing methane emissions and being more transparent about them.

Between the lines: The summit resulted in a historic agreement among nearly 200 nations to provide funds for countries that did not contribute much to climate change but are suffering much of the damage, such as Pacific island nations.

• But gathered nations failed to agree to phase out the use of all fossil fuels, instead focusing only on limits to coal use. They also did not include an emissions peaking year of 2025, which studies show would be needed to reach the 1.5-degree Paris target.

The backstory: President Biden and Chinese leader Xi Jinping agreed just a week ago during their meeting on the sidelines of the G20 in Bali to resume climate cooperation, which Beijing had cut off after House Speaker Nancy Pelosi visited Taiwan over the summer.

• Prior to that, Xie and Kerry had been speaking and gathering negotiating teams together to work on areas of agreement, and some had expected another document to be signed at COP27.
• The resumption of climate cooperation raised hopes the climate summit might yield a significant deal, as U.S.-China climate talks helped pave the way for the Paris Agreement in 2015.

Yes, but: A new report from a think tank in Finland has found that though China's overall carbon emissions are falling, rising energy demand is likely to slow the rate at which China achieves its decarbonization goals.

• At the summit, Biden said the U.S. is on track to meet its climate targets. However, this will require spending from a divided Congress and the use of executive actions that could be thwarted by the courts.

What to watch: The agreement on climate damages, which China supported, is short on details and does not specifically include China among the countries that would need to pay into the fund.

• The “who pays” question remains unsettled. “The decision made it clear that this is something to be sorted out next year," Li Shuo of Greenpeace East Asia told Axios via email.
• In the lead-up to the summit, Xie said countries should receive compensation, but "it is not the obligation of China to provide financial support."
• Negotiations on how the fund will work are likely to revisit this topic starting at COP28 next year

LABOUR LEADER SOUNDS LIKE A TORY

SIR Keir Starmer warns UK must wean itself off ‘immigration dependency’ and ‘cheap labour’ to grow economy

Speaking at the CBI annual conference in Birmingham, Sir Keir Starmer outlined the Labour Party’s plans for economic growth.

By Imogen Howse

Sir Keir Starmer has warned that UK industry must be weaned off “immigration dependency” and “cheap labour” in order to achieve economic growth.

Addressing business leaders at the Confederation of British Industry’s (CBI) annual conference, the Labour Party leader said businesses need to “invest more in training up workers who are already here” and warned bosses that the days “when low pay and cheap labour are a part of the British way on growth” must come to an end.

He also said he would be “pragmatic” when it comes to the shortages felt by companies and would focus on improving the current points-based immigration system, which was brought in after Brexit, to ensure the UK could receive skilled foreign workers.

In response to his comments, the Holborn and St Pancras MP was asked if he wanted to bring down immigration, but Starmer said he would not commit to “arbitrary” numbers. Speaking to those gathered in Birmingham, he said: “If one of the big drivers [of immigration] is skills failure, then I think we need to address the skills issue rather than just talk about arbitrary numbers.

“That means if we get this right then immigration will go down in some of those areas that are overly reliant on immigration, but equally we’re not going to hold businesses back if there’s innovation, technologies, where we do need talent from abroad.”

Britain’s leader of the opposition Labour Party Keir Starmer speaks at the Confederation of Business Industry’s annual conference in Birmingham on November 22, 2022. Credit: Getty Images

Starmer’s keynote speech comes one day after CBI’s director-general Tony Danker called for immigration to be used to solve worker shortages in the UK. He told the government that it must be “practical on the issue”, commenting: “It’s time to be honest - we don’t have the people we need, nor do we have the productivity.”

Brexit stopped many workers from Europe being able to easily fill jobs in the UK which has resulted in some industries, particularly hospitality and health and social care, struggling to find staff.

But on the same day (21 November), Prime Minister Rishi Sunak insisted to the CBI that the UK has “one of the world’s most attractive visa regimes for entrepreneurs and highly-skilled people” in the world. The most pressing issue in terms of migration, he said, is “tackling illegal migration”.

The Conservative Party leader also spoke positively of the economic impacts of Brexit - citing “proper control of borders” and the freedom to make trade deals with the “world’s fastest growing economies” as key benefits - and took the opportunity to slam rumours that the UK government was considering a Swiss-style relationship with the EU.

In his speech, Starmer also outlined Labour’s three priorities for government. These were:

economic stability
higher skills
green growth

A notion which did not explicity make this list - but which the Labour MP frequently returned to - was the idea that “Britain’s low-pay model has to go” as it “does not serve working people” and is not “compatible with grassroots growth”.

He explained: “When we look at our economy as a whole, it can seem like we’re more comfortable hiring people to work in low-paid, insecure, sometimes exploitative contracts than we are investing in the new technology that delivers for workers, productivity and our country.”

Following on from Sunak’s comments yesterday (21 November), and the rumours of changes to the deal secured by former Prime Minister Boris Johnson, Starmer also clarified Labour’s stance on Brexit - something which has been frequently contested. The party’s leader said that there would be no going back to the EU and no return to freedom of movement, but promised a thorough review of the UK’s immigration system.

Being careful not to take too much of a hardline stance, Starmer also said Labour will always protect the rights of migrant workers, adding: “Migration is part of our national story – always has been, always will be. And Labour will never diminish the contribution it makes to the economy, to public services, to your businesses and our communities.”

UK
Tories selling parts of our economy to Qatar  cash but let’s talk about footballers


By Dorset Eye
-22nd November 2022


According to the official reports from the UK government Boris Johnson dined the Amir of Qatar, back in May 2022, and then received a £10 billion bung as more of the UK economy was transferred oversees.‘The PM hosted the Amir of Qatar to develop our historic partnership and agree new joint work on trade, energy and defence
Strategic Investment Partnership will see Qatar invest up to £10 billion in key industries across the UK, creating jobs and growth
UK and Qatar agreed to work together improve the stability of energy supply chains and support security at the 2022 World Cup

The Prime Minister welcomed the Amir of Qatar, Sheikh Tamim bin Hamad al Thani, to Downing Street today [Tuesday] for discussions on driving economic growth and addressing global challenges together.

The UK and Qatar signed a new Strategic Investment Partnership (SIP) which will see Qatar invest up to £10 billion over the next five years in key sectors of the UK economy, including fintech, zero emissions vehicles, life sciences and cyber security. The investment is expected to create high-quality jobs in new industries across the country.

The Prime Minister and the Amir also had a wide-ranging discussion on geopolitical issues. They were united in their condemnation of Russia’s aggression in Ukraine and discussed issues of regional security, including relations with Iran.

Prime Minister Boris Johnson said:

Today’s announcement of up to £10bn in new investment from our Qatari friends is another vote of confidence in the UK’s brilliant businesses and cutting-edge industry. The new UK-Qatar Strategic Investment Partnership will create quality job opportunities across the country in key sectors, delivering on our vision of economic growth through trade and investment.

Qatar is a valued partner for the UK, supported by Sheikh Tamim bin Hamad’s leadership. We had a rich discussion on the issues that matter to both of our countries, including boosting the economy, ensuring regional stability and improving energy security following Russia’s appalling invasion of Ukraine

UK-Qatar trade was worth £4.8 billion last year and Qatari investment in the UK economy is already estimated to be worth over £40 billion, supporting jobs and growth across the country.

Minister for Investment Lord Grimstone said:

It is excellent news that Qatar is targeting up to £10 billion investment into the UK through our new Strategic Investment Partnership.

Not only will it boost local economies and support jobs, but it supports our green economy and decarbonisation – crucial in meeting our Net Zero targets. It also strengthens our relationship with Qatar ahead of our UK-Gulf Cooperation Council trade negotiations.

Business Secretary Kwasi Kwarteng also signed an MoU on energy cooperation with Qatar’s Minister of State for Energy Affairs at Downing Street. Qatar is a major energy supplier for the UK, providing 40% of our liquefied natural gas – the new MoU commits us to work together to boost innovation and collaboration, supporting the security of global energy supplies.

UK Secretary of State for Business and Energy, Kwasi Kwarteng, said:

I am delighted to further the UK’s energy cooperation with the State of Qatar as we work to stabilise international energy markets and boost energy security in the context of Russia’s illegal invasion of Ukraine.

Qatar is already a valued trading partner, recently investing in the future of British low-carbon nuclear technology through the Rolls Royce consortium developing small modular reactors. Today’s meeting will deepen our relationship even further, reinforcing the UK’s energy security and delivering cleaner and affordable energy in the years ahead.

The Prime Minister and Amir discussed the upcoming 2022 Qatar World Cup this winter, and the UK committed significant new military and counter-terrorism support for the safe running of the event. A joint UK-Qatar Typhoon Squadron will provide additional air security, and the Ministry of Defence with advanced venue search training and operational planning support.

The Prime Minister also confirmed that the UK will ensure Qatari nationals can access the UK’s new Electronic Travel Authorisation system from early 2023, facilitating easier travel for business visitors and tourists.’

No attempt to hold Qatar to account and punish them for their appalling human rights abuses.

And yet if an ex footballer, who does call the Qater regime out, takes the devil’s lucre then all hell breaks loose.

Until now.

We need to distance ourselves from partiality and hypocrisy. Condemn ALL not merely what suits our prejudices.

Douglas James

https://dorseteye.com/from-the-top-down-corruption-in-the-uk-is-being-normalised/

FIFA World Cup: Who is Herve Renard, once a cleaner who masterminded Saudi Arabia's shock win over Argentina

Herve Renard-coached Saudi Arabia caused one of the biggest upsets in FIFA World Cup history by beating Argentina 2-1.

FP Sports November 23, 2022 12:02:04 IST

Herve Renard masterminded Argentina's loss to Saudi Arabia in FIFA World Cup. Image: AP

Saudi Arabia’s stunning 2-1 win over heavyweights Argentina in the ongoing FIFA World Cup 2022 has been declared as statistically the biggest shock in the history of the tournament by data company Nielsen Gracenote. 51st-ranked Saudis were only seen as a mere formality for the Lionel Messi-led Argentina who are among the favourites to win the World Cup but the Herve Renard-coached side had other ideas.

FIFA World Cup: Fixtures | Results | Points Table | Squads | Records

Naturally, the football world is stunned and Renard is at the centre of attraction. While the victory over Argentina is certainly Renard’s biggest headline-making achievement, it isn’t his first real accomplishment. Renard, who once worked as a janitor, has numerous distinctions to his name.

Let’s get a complete lowdown on the coach and how his team outclassed Argentina.

Who is Herve Renard?

A French national, Renard had a 15-year-long career as a defender playing for Cannes, Stade de Vallauris, and SC Draguignan in France. At the end of his playing career, Renard had to work as a janitor or cleaner to make ends meet.

He would then go on to start his own cleaning company while getting his coaching licenses.

Renard’s managerial career started at Draguignan before assistant coach stints at Shanghai Cosco (China) and Cambridge United (England). He was later made the manager of the Cambridge team and also Nam Dinh (Vietnam) and AS Cherbourg (France).

His managerial success however came at the international level with African teams.

The 54-year-old Renard is the only coach to have led two different national teams to African Cup titles: Zambia in 2012 and Ivory Coast three years later.

Renard also helped Morocco qualify for their first World Cup in 20 years in 2018, but he stepped down after a surprise exit from the 2019 African Cup of Nations.

He also managed Ligue 1 club Lille in 2015.

His achievements with the Saudi Arabia team

Renard was appointed Saudi Arabia coach in 2019 and under his tutelage, the Green Falcons have jumped from 70 to 51 in the FIFA rankings.

Saudi Arabia under Renard finished at the top of their qualifying group and ahead of Japan and Australia to reach the World Cup for the sixth time.

What Renard said after Argentina win?

Renard had a very objective reaction to Saudi Arabia’s famous win over Argentina. In fact, he also went on to point out the faults from his side’s display against Messi and Co.

“This is football, sometimes totally crazy things can happen,” said the French coach. “(We can) just have a good celebration during 20 minutes and that’s all, there are still two more games.

“When you come to the World Cup, you need to believe in yourself, anything can happen in football.”

“Tactically we were not good in the first half. Our block was compact but our pressure on the centre-backs and (defensive midfielder) Leandro Paredes was not enough,” said the 54-year-old. “If we had conceded a second goal at that time, the game would have been finished.”

Saudi Arabia’s next match is against Poland on 26 November.

With AP inputs

Liverpool given four scenarios of how club sale will unfold as PSG link emerges

 Liverpool were reportedly put up for sale by current owners Fenway Sports Group earlier this month.

By ARCHIE GRIGGS

06:20, Wed, Nov 23, 2022

Jurgen Klopp fully committed to Liverpool amid suggestion club may be sold

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Liverpool owners Fenway Sports Group (FSG) could decide to explore a variety of available options in their bid to sell the Reds, with French giants Paris Saint-Germain reportedly said to be following a similar path to their Merseyside counterparts. It was revealed earlier this month that FSG were open to offers for Liverpool, who they have owned since taking over from George N. Gillett, Jr. and Tom Hicks back in 2010.

The group have confirmed that they are on the lookout for new shareholders but are adamant that they will only act in the best interests of the club, which could open the door to a handful of potential scenarios regarding how Liverpool's change of ownership may unfold over the coming months. An outright sale is among the possibilities on the table but there remains a chance that FSG could stay involved in some capacity by securing external investment from minority stakeholders as opposed to relinquishing all of their shares in the club.

It has also emerged that PSG are on the lookout for minority investors, with L'Equipe reporting that Qatar Sports Investments (QSI) are open to collaborating with other shareholders but are not trying to push for a full sale. It is said that QSI are hoping to give up as much as 15 per cent of the Ligue 1 club and have been negotiating with an unnamed American investment fund as of late, with chairman Nasser Al-Khelaifi having already received a multi-billion pound offer.

It remains to be seen whether Liverpool will be able to follow suit, though, with no concrete progress having been made by FSG regarding any external investment as of yet. However, it has been suggested that the situation at Anfield may simply be a ploy to gain an insight into the club's true value, with the Liverpool Echo claiming that the Reds owners are only 'testing the waters' to find out where they stand in the marketplace.

Manchester United owners consider selling club

Updated / Wednesday, 23 Nov 2022 

Old Trafford, the home of Manchester United

Manchester United said it was starting a process to explore strategic alternatives, including a new investment or a potential sale.

This comes 17 years after the American Glazer family bought the English Premier League soccer club.

The Glazer family is working with financial advisers on the process, which could lead to a partial sale of the Old Trafford club or investments including stadium and infrastructure redevelopment, the club said in a statement.

Man Utd fans have been clamouring for a change of ownership and the Glazers have been the target of intense criticism as the team have gone five years without winning a trophy.

The last silverware they won was the Europa League and League Cup back in 2017.


"As we seek to continue building on the club's history of success, the board has authorised a thorough evaluation of strategic alternatives," Avram Glazer and Joel Glazer, executive co-chairmen and directors of United, said in the statement.

"We will evaluate all options to ensure that we best serve our fans and that Manchester United maximizes the significant growth opportunities available to the club today and in the future," the statement said.

In August, British billionaire Jim Ratcliffe had expressed interest in buying United, Reuters reported. At the time, Elon Musk had also joked about planning to buy the club.

Wealthy Asian tycoons, especially those from China, have been buying European teams in recent years including Premier League side Wolverhampton Wanderers and Italy's Inter Milan.

But football clubs have since been deemed unfavourable assets by China and any major overseas purchase would seem unlikely at the moment, said Mark Dreyer, author of "Sporting Superpower", a book about China's sports ambitions.

"It's almost impossible to see how any Chinese-related entity could justify a purchase of this magnitude in the current climate," he said.

The owners are under pressure with United sitting fifth in the Premier League halfway through the season, which has been suspended because of the current Qatar World Cup.

Manchester United shares jumped as much as 20% after Sky News first reported on the sale process, giving the club a market capitalisation of $2.6 billion.

The company was worth $2.5 billion at the close of US trading last night. At its peak as a public company, it had a market capitalisation of $4.3 billion in 2018.

The club also said yesterday that star striker Cristiano Ronaldo will leave with immediate effect, marking a bitter end to the Portugal captain's second spell at Old Trafford after he said he felt betrayed by the club.

The Glazers bought the club for £790m in 2005 in a highly leveraged deal which has been criticised for loading debt onto the club.

United has been listed on the New York Stock Exchange since 2012, when the Glazers sold 10% of their holding via the listing and have sold more shares since.

Among the fan protests against the Glazers was one in May 2021 that forced the postponement of a home match against Liverpool, one of the club's biggest rivals. It was the first Premier League match to be postponed because of a protest.

United and Liverpool were among a group of big clubs that said they wanted to establish a European Super League in April 2021 but then withdrew, partly because of objections from many fans in England.

Liverpool are also "exploring a sale" according to club chairman Tom Werner.

In May 2022, Chelsea Football Club was sold to a consortium led by an investment group fronted by Todd Boehly and Clearlake Capital for £2.5 billion.

United finished sixth last season in their worst Premier League campaign in terms of points earned, failing to qualify for the lucrative European Champions League competition.

They won the last of their record 20 top-flight league titles in 2013, the year the great Alex Ferguson stepped down as manager after more than 26 years in charge.

The club have hired Dutch manager Erik ten Hag from Ajax Amsterdam in a bid to turn around their fortunes.

Manchester United for sale after Cristiano Ronaldo exit on day of drama at Old Trafford

Time up: Cristiano Ronaldo leaves Manchester United

James Ducker
November 23 2022 02:30 AM

The Glazer family are exploring the potential sale of Manchester United after a dramatic day of developments at Old Trafford that saw Cristiano Ronaldo exit the club with immediate effect.

Following the news of the Portugal star’s departure, it emerged that United’s controversial owners have consulted investment bankers to explore their financial options, including a full or partial sale of one of the world’s most famous clubs.

Last night United released a statement saying that the board “is commencing a process to explore strategic alternatives for the club.”

The statement went on: “The process is designed to enhance the club’s future growth, with the ultimate goal of positioning the club to capitalise on opportunities both on the pitch and commercially. As part of this process, the Board will consider all strategic alternatives, including new investment into the club, a sale, or other transactions involving the Company.”

The news comes barely a fortnight after it was reported that Fenway Sports Group (FSG), the American owners of Liverpool, had put the Merseyside club up for sale. FSG and the Glazers had been driving forces behind the failed European Super League (ESL) plot, which collapsed amid a furious backlash last year.


Read More

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From interview to exit, how Cristiano Ronaldo’s Man Utd departure unfolded

Speculation that the Glazers could sell United has been rife for years and their 17-year ownership of the club has been marked by decline on the pitch and long-standing fan protests.

The prospect of a sale would be welcomed by many United supporters, who have campaigned for the Americans’ removal. Jim Ratcliffe, the billionaire majority shareholder of chemical group Ineos who has supported United since childhood, said last month that the Glazers told him they did not want to sell the club.

Indeed, it remains possible that the family – who bought United in a highly leveraged takeover in May 2005 that was fiercely protested by fans at the time and led to some supporters forming a breakaway club – may decide not to sell and could instead pursue fresh investment.

​United are currently exploring the possibility of redeveloping Old Trafford. There is also a possibility that any capital raised could be put towards funding such a project.

The Glazers vowed to consult more with fans in the wake of the ESL collapse and acknowledged the need for “significant investment” in Old Trafford.

United were valued at $2.15billion (€2.1bn) as trading closed on the New York Stock Exchange, but there is an expectation the club would be sold for substantially more, if it ever got to that stage.

Meanwhile, it emerged that Ronaldo will not receive a penny in compensation from United after his dramatic departure from the club.

Less than 48 hours before Portugal’s opening World Cup match against Ghana, United issued a statement confirming Ronaldo had left the club by mutual agreement with immediate effect.

The announcement comes in the wake of the Portugal striker’s bombshell interview last week, in which he infuriated United by launching blistering attacks on manager Erik ten Hag, the Glazers and the way the club is run.

United were determined to ditch Ronaldo without a pay-off, in the belief he had breached his contract, and it is understood that the player will walk away with nothing.

Ronaldo had stood to earn up to another £17million (€19.6m) from a contract that ran until the end of the season.

United were keen for a swift and clean resolution and to avoid a long legal battle with the five-time World Player of the Year and got their wishes after talks between lawyers for both parties and Old Trafford chief executive Richard Arnold and Ronaldo’s agent Jorge Mendes.

Ronaldo’s exit marks a sad and ugly end to the player’s second spell at Old Trafford as what was billed as a dream “homecoming” turned into a nightmare.

The departure will ramp up the pressure on the 37-year-old free agent to deliver for Portugal at the World Cup as he looks for a new club.

United made no reference to Ronaldo’s incendiary interview in a 67-word statement released yesterday evening and instead opted for a dignified tone as they thanked the renegade striker for his “immense contribution” over two spells with the club.

“The club thanks him for his immense contribution, and wishes him and his family well for the future. Everyone at Manchester United remains focused on continuing the team’s progress under Erik ten Hag and working together to deliver success on the pitch.”

Another major cryptocurrency exchange could be poised to go bankrupt

bl/kb 22.11.2022

Photo: Chesnot/Getty Images

According to reports, Genesis has been facing a liquidity crunch following the rapid mass withdrawal prompted by users spooked by the collapse of FTX. Executives at Genesis have reportedly spent the past several days asking investors for fresh capital, which has not yet materialized.

USD 1 billion in client funds missing at crypto firm FTX

At least USD 1 billion of customer funds have vanished from collapsed crypto exchange FTX, according to Reuters sources.see more

The rush for funding precipitated by the liquidity crunch at the lender after the sudden collapse of FTX, one of the world’s largest crypto exchanges, led to Genesis halting redemptions, revealing that it had USD 175 million locked in an FTX trading account.

FTX, which had been controlled by 30-year-old multibillionaire Sam Bankman-Fried, filed for bankruptcy after users discovered that the trading firm run by former Bankman-Fried love interest Caroline Ellison, had allegedly been using funds from FTX to make investments. Binance initially made an offer to bail out the company but withdrew the proposal, leading to the venture’s collapse and the resignation of Bankman-Fried

Genesis is owned by Digital Currency Group, which also holds investments in popular exchange platform Coinbase and several dozen other cryptocurrency companies, according to a report from Axios. Genesis ceased withdrawals and new loan originations last week and has been relatively silent over the past several days.

Genesis is a counterparty to many in the digital-asset space and is closely watched as a gauge of the industry’s strength. It’s among the crypto lenders that are feeling acute strain after a prolonged rout in virtual-coin prices amid multiple high-profile blowups.

Other platforms are facing their own struggles as redemption requests roll in after FTX’s bankruptcy filing roiled the crypto sector and left investors on edge about the risk of contagion.

Lawmakers increased their skepticism of the cryptocurrency sector in response to the crises. A letter from four members of the Senate Banking Committee to multiple regulators expressed concern over SoFi Technologies, a company that operates as a bank holding company and owns a subsidiary cryptocurrency exchange.

“Over the past year, several meltdowns in the crypto market have wiped out trillions in value, including another huge crash last week,” the lawmakers told SoFi CEO Anthony Noto, requesting information on the company’s compliance with banking standards.

source: BLOOMBERG

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Indonesia earthquake deaths could soar past 268 as 14,000 rescuers reach West Java

At least 150 people are still missing and some villages have been almost buried by mud

The National
Nov 22, 2022

An army of 14,000 soldiers and police has reached Indonesia's Cianjur region near the town of West Java, hit by Monday’s magnitude-5.6 earthquake that killed at least 268 people.

They scrambled over debris with drills and shovels to find survivors buried in rubble and landslides.

With the likelihood of finding people still alive diminishing every hour, rescuers also used their bare hands to pull away rocks and dirt.

Poor-quality rural roads, heavy monsoon rain and damage to hard surface roads, including cracked and shattered tarmac, have hampered the relief effort.

The number of wounded has risen to at least 1,000, with many people still being treated in makeshift tent hospitals.

5.6-magnitude earthquake in Indonesia kills dozens

Two thousand police and 12,000 soldiers have been sent to assist emergency services, ​​said Suharyanto, who goes by one name, the National Disaster Mitigation Agency chief.

Volunteers and rescue personnel erected more temporary shelters for those left homeless in several villages of Cianjur district.

Most were barely protected by makeshift shelters that were lashed by heavy monsoon downpours. Only a few were lucky to be protected by tarpaulin-covered tents. They said they were running low on food, blankets and other aid, as emergency supplies were rushed to the region.
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Indonesia earthquake: Injured treated in car parks as 268 confirmed dead

Suharyanto said more than 58,000 survivors were moved to shelters and more than 1,000 people were hurt, with nearly 600 of them still receiving treatment for serious injuries.

He said rescuers had recovered 268 bodies from collapsed houses and landslides triggered by the earthquake, and at least 151 people were still missing.

But not all of the dead have been identified, so it is possible some of the bodies pulled from the rubble are of people on the missing list.

Rescue operations were focused on about a dozen villages in Cianjur, where people are still believed trapped, Suharyanto said.

He also said that more than 22,000 houses in Cianjur were damaged.

Updated: November 22, 2022, 11:47 p.m.