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US Treasury Secretary Scott Bessent on Wednesday said he was working to rally the private sector around a new $20 billion “facility” to support Argentina’s embattled economy.”We are working on a $20 billion facility that would be adjacent to our swap line, of private banks and sovereign wealth funds that I think would be more aimed at the debt market,” he told reporters in Washington.Bessent added that he had spent weeks working on the private-sector solution to Argentina’s upcoming debt payments, which would come on top of the $20 billion US swap line the US Treasury recently set up.”So that would be a total of $40 billion for Argentina,” he said, in remarks that triggered a rebound in Argentine stocks with some shares on the Merval index rising by almost 10 percent.Bessent’s comments mark the latest round of support from the administration of Donald Trump for Argentina’s right-wing populist leader Javier Milei, who faces an uphill battle in crucial midterm elections later this month.Milei enacted sweeping budget cuts after taking office in 2023 in a bid to quell inflation and turn the Argentine economy around, drawing fierce opposition and widespread protests.Last week, Bessent confirmed the Treasury had set up the $20 billion swap line with Buenos Aires, adding that it had already begun purchasing Argentine pesos to help support the currency on global markets. And on Tuesday, President Donald Trump hosted Milei at the White House, and threw his support behind him ahead of the elections.”If he loses, we are not going to be generous with Argentina,” he warned.The strong US showing of support for Argentina this week has unfolded on the sidelines of the annual meetings of the International Monetary Fund (IMF) and World Bank in Washington.The IMF, which has its own multi-billion dollar loan program with Buenos Aires, has supported America’s bilateral assistance for Argentina’s economy.In a broadcast interview on Wednesday, Milei said he was confident of US financial support so long as he remains in office, and vowed to maintain his libertarian agenda.”We continue to advance the ideas of freedom, so at least until 2027 we have that support assured,” he said, according to the dubbed-over voiceover of an English interpreter.Milei, an economist, voiced hope that the legislative elections would increase his base to allow him to pursue his policies.”I have no intention of changing course until the end of my term,” he said. “I am committed to the agenda of lowering taxes, deregulating and keeping the economy growing.”Bessent said Milei would continue to enjoy US support for as long as he had a veto on legislation in parliament. “It is not election-specific, it is policy-specific,” he said. “So as long as Argentina continues enacting good policy, they will have US support.”

A federal judge on Wednesday tossed a youth-led lawsuit accusing US President Donald Trump’s fossil-fuel agenda of trampling their inalienable rights, ruling that he lacked jurisdiction to intervene.In his written order, Judge Dana Christensen of Missoula, Montana, said that while the youth plaintiffs in Lighthiser v. Trump had presented “overwhelming” evidence showing the administration’s actions would further destabilize the climate and harm them, their case “must be made to the political branches or to the electorate.””With this understanding in mind, the Court reluctantly concludes…that it cannot grant Plaintiffs the relief they seek,” wrote Christensen.The 22 plaintiffs, including several minors and represented by the nonprofit Our Children’s Trust, had sought a stay against three executive orders they said violated their constitutional rights to life and liberty by seeking to “unleash” fossil fuel development while sidelining renewable energy.They also accused the administration of eroding federal climate science, leaving the public less informed about mounting dangers.During a two-day hearing held in Christensen’s courtroom last month, the youth were given the opportunity to testify about the ways global warming had impacted their lives. The witnesses included Joseph Lee, an undergraduate from California who suffered a life-threatening heat stroke, and Jorja McCormick of Livingston, Montana, who said she was traumatized by wildfires that forced her family to evacuate.Christensen, who has issued favorable environmental rulings in the past, listened intently as the plaintiffs called experts in climate science, energy economics, politics, and children’s health.Government lawyers, on the other hand, did not call their own witnesses and did not spend significant time disputing the reality of climate change.Instead, they argued that the lawsuit was fundamentally undemocratic and echoed Juliana v. United States — a similar youth-led case that featured some of the same plaintiffs and wound through the courts for nearly a decade before the Supreme Court declined to hear an appeal last year, closing it out.While lawyers for the youths contended the case differed from Juliana in key ways, Christensen ultimately disagreed.”Plaintiffs have presented overwhelming evidence that the climate is changing at a staggering pace, and that this change stems from the rise in atmospheric carbon dioxide, caused by the production and burning of fossil fuels,” Christensen wrote.He added that they had also shown “overwhelming evidence that implementation of the Challenged EOs will increase the concentration of atmospheric carbon dioxide, thereby exacerbating the harms Plaintiffs experience from an already-warming climate.”But he maintained the injuries were not redressable by a court, saying he was troubled by being asked to reset national energy policy to the way it was before Trump took office a second time, and by the fact that his court would be required to monitor all of the administration’s actions if he sided with the youths.”The Court reads Juliana to mandate this outcome,” he said, but added that he would gladly hear the case on its merits if an appeals court, the Ninth Circuit, disagreed.

The White House said Wednesday it will likely lay off at least 10,000 federal workers during the US government shutdown as Republican President Donald Trump steps up pressure on Democrats.The shutdown has ground into its third week, with Congress deadlocked in a clash over spending and Trump following through on his threats to take a hatchet to the workforce in response.”I think we’ll probably end up being north of 10,000,” White House Office of Management and Budget chief Russ Vought said in an interview with the Charlie Kirk show when asked how many layoffs there would be.”We want to be very aggressive where we can be in shuttering the bureaucracy.”Court documents filed by the Department of Justice showed that more than 4,000 employees were fired on Friday, with the US Treasury and health, education and housing departments hardest hit.Vought said that was a “snapshot” and that there would be more.Trump has warned that continued refusal by Democrats to support a House-passed resolution to fund the government through late November would result in mass layoffs targeting workers deemed to be aligned with the opposition party.The US president has vowed to find a way to pay troops due to go without their paychecks for the first time, although the uncertainty is already leading to long lines of men and women in uniform at food banks.

The US Supreme Court appeared poised on Wednesday to restrict the use of race to draw electoral districts in a case that could cement Republican control over the House of Representatives — potentially even by next year’s crucial midterm vote.During two-and-a-half hours of oral arguments, the court’s right-wing majority appeared inclined to gut a six-decades-old civil rights law designed to ensure Black representation in Congress.African-Americans overwhelmingly vote Democratic and a ruling by the court neutering the 1965 Voting Rights Act could reorder the electoral map and give President Donald Trump’s Republicans a lasting structural advantage.The case centers around a challenge to a congressional map adopted by the Louisiana state legislature creating a second Black majority district.Blacks make up one-third of the population of Louisiana, which has six congressional districts.But following the 2020 census, Louisiana created a new congressional map that included only one Black majority district instead of the previous two.The Legal Defense Fund (LDF) and others filed suit claiming the new map diluted Black voting power and violated the Voting Rights Act, passed during the civil rights movement to remedy historic racial discrimination.The Louisiana legislature released a new map last year with two Black majority districts that was met with the legal challenge from a group of “non African-American” voters.Opponents of the redrawn map argue that using race to design congressional districts is unconstitutional racial gerrymandering.Janai Nelson, an LDF attorney, noted that the Supreme Court had authorized race-based districting in the past to remedy discrimination, including in a recent Alabama case.Refusing to do so now, Nelson told the court, would constitute a “staggering reversal of precedent that would throw maps across the country into chaos.””The results would be pretty catastrophic,” she said. “We only have the diversity that we see across the south, for example, because of litigation that forced the creation of (minority) opportunity districts under the Voting Rights Act.”Benjamin Aguinaga, the Louisiana solicitor general, countered that “race-based redistricting is fundamentally contrary to our Constitution.””It requires striking enough members of the majority race to sufficiently diminish their voting strength, and it requires drawing in enough members of a minority race to sufficiently augment their voting strength,” Aguinaga said.Justice Sonia Sotomayor, one of the three liberals on the nine-member court, said no one is stopping the white plaintiffs who brought the case “from participating in the voting process.””No one is stopping them from trying to run candidates or support candidates that reflect their views,” Sotomayor said. “But the state is stopping Black voters from doing that in many districts because it’s packing them into areas where whites overwhelm them.”- ‘One-party control’ -Edward Greim, an attorney representing the white voters, questioned whether it was acceptable to create race-based districts “under our color blind constitution,” and even if so, he said “it was never intended to continue indefinitely.”This argument appeared to strike a chord with Justice Brett Kavanaugh, a conservative who could prove to be the crucial swing vote.The courts has ruled in the past that “race-based remedies are permissible for a period of time,” Kavanaugh said, but “they should not be indefinite and should have an end point.”A decision in the case is expected in June.Republicans currently hold a slim majority in the House and an increase or decrease in the number of Black majority districts could help tip the balance in the midterms, when all 435 seats in the chamber will be up for grabs.According to a report by voting advocacy groups Fair Fight Action and Black Voters Matter, a court ruling striking down voting protections for minorities could lead to Republicans picking up an additional 19 House seats.”It’s enough to cement one-party control of the US House for at least a generation,” they said.The Louisiana voting case is being heard against a backdrop of redistricting moves in both Republican- and Democratic-ruled states.Republican-led Texas has drawn new congressional maps that could flip up to five House seats from Democrats to Republicans. Democratic-ruled California has responded with a redistricting push of its own.

Chris Anderson took over TED 25 years ago, when the internet was young and optimism abounded about the future it could deliver.Since then, the New York-based conference series has become globally known for its trademark “talks” sharing big ideas for a better world, while the internet is increasingly seen as a maelstrom of misinformation and social division.Anderson still sees technology, particularly artificial intelligence, as able to bring out the best in humanity, as he hands off leadership of the organization behind TED and its prestigious conferences to Khan Academy founder Sal Khan.”Conversations about possibility, about what we can build together, have always been at the heart of TED,” Anderson said in an interview with AFP.”It’s probably what the world needs now more than ever; it’s the antidote to people throwing barbs at each other.”Anderson cited social media as “the single biggest contributor to our dysfunction and to the falling out of love with technology” for many.He faulted ad-driven business models that tie profit to time people spend on tech platforms, no matter how disturbing or unhealthy the content holding their attention.”These algorithms have found that the best way to lock people in is to make them see the world as frightening and to see the ‘other’ as threatening them,” Anderson said.”It’s a tragedy.”Nonetheless, Anderson is a self-described optimist, confident that better things can be built.- Tedsters -The first Technology, Education, and Design (TED) gathering was held in Monterey, California in 1984.The annual conferences were drawing about 500 people when Anderson’s nonprofit Sapling Foundation took over in 2001.The roster of “Tedsters” includes renowned scientists, Hollywood celebrities, influential artists, and founders of tech firms such as Amazon, Microsoft, Google, and Netflix.”I felt I’d come home to that heroic group of people dreaming about the future and what the future could be,” Anderson said.”They absolutely loved it,” he said of the atmosphere at TED.Anderson, who had been a successful publishing entrepreneur, made the risky move of releasing videos of the talks for free online.”It could have arguably wrecked the conference and stopped people from wanting to pay to come,” Anderson said.Instead, the opposite happened: as TED Talks spread around the world, so did interest in attending the conferences in person.”It’s completely thrilling seeing that TED didn’t just have to be for 500 people — it could be for many millions of people,” Anderson said.TED now produces podcasts, short video series, animated educational lessons (TED-Ed), and TV programs that are translated into more than 100 languages.- Best and worst selves -Anderson spearheaded the launch of the TEDx program, which lets local organizers host TED-style events, and brought young innovators into the fold with a fellowship program.A TED Audacious Project backing “wishes” by people seeking to do good has generated more than $3 billion for projects to make the world more sustainable, just, or beautiful, according to organizers.”The biggest thrill of TED has been discovering that the internet used the right way can be the most glorious gift,” Anderson said.Anderson, 68, touted Khan as an ideal successor to steward TED.Khan will continue to lead his online learning platform while also helping shape TED’s mission, particularly with AI.”You could argue that AI used right is capable of helping people become their best selves,” Anderson said, noting that education has long been central to TED.”Whereas social media often helps people become their worst selves.”

The EU will urge G7 partners to consider tapping immobilized Russian assets in aiding Ukraine, the bloc’s economy commissioner told AFP on Wednesday, as finance ministers of the group convene in Washington.Also on the Group of Seven ministers’ agenda are discussions on China’s recently announced curbs on rare earths, commissioner Valdis Dombrovskis told AFP in an interview.European allies have been working on a plan to provide loans to Ukraine without an outright seizure of Russian assets that have been immobilized after Moscow’s invasion of Ukraine in 2022.”UK and Canada have already indicated willingness to work alongside with the EU’s reparation loan model,” Dombrovskis said.”So, we’re also awaiting more concrete responses from (the) US and Japan,” he added on the sidelines of the International Monetary Fund and World Bank’s fall meetings in Washington this week.He stressed that G7 leaders earlier agreed at the finance ministers level to “work in a coordinated way.”Dombrovskis said he intends to outline the EU’s plans when G7 finance leaders gather, while encouraging partners to see what they can do with frozen assets in their territories. The leaders will also discuss work on further sanctions.Under the European Union’s plan, the EU would borrow funds from international deposit organization Euroclear in Belgium that have matured into cash, and the money would in turn be loaned to Ukraine.The understanding is that any funds Russia pays towards post-war reparations would be used to reimburse the Europeans.The Kremlin has said the EU plan amounts to “theft” and has threatened to retaliate. Meanwhile, Belgium is seeking guarantees that the bloc would share risks on the plan.- ‘We are ready’ -G7 leaders are also expected to discuss potential responses to China, after Beijing recently announced fresh export curbs involving the rare earth industry, triggering a fiery response from Washington.Early Wednesday, US Trade Representative Jamieson Greer slammed China’s move as a “global supply chain power grab,” saying that the United States and its allies would not go along with such a system of controls by Beijing.Dombrovskis told AFP that although no concrete decisions have been made at the EU level, “we are ready to engage and to coordinate those approaches, including at the G7 level.””We are willing to discuss what is the best way to approach it, both in the short-term, but also in the longer term. It’s obvious that we need to work on the diversification of our supply chains,” he said.EU trade commissioner Maros Sefcovic said Tuesday that the EU is coordinating with G7 partners on a response to China’s rare earths export controls, while engaging with China to find solutions.Asked about further progress to seek a reduction in US tariffs targeting EU goods, Dombrovskis noted Wednesday that “there’s a lot at stake economically.”He said he foresees further discussions on sector-specific tariffs, after Brussels managed to negotiate lower duties on auto exports to the United States.- ‘Sizable’ hit -Separately, Dombrovskis noted that a suspension of France’s pension reform would have significant implications, stressing the need for the eurozone’s second-largest economy to ensure it meets its budget commitments.On Tuesday, France’s Prime Minister Sebastien Lecornu backed the suspension of the unpopular 2023 reform — a key move to bolster his cabinet’s survival and draw his country out of political crisis.”There are quite sizable fiscal implications,” Dombrovskis said.”So, it’s important that indeed there are measures taken to ensure that France still meets its commitments in line with its medium-term fiscal structural plan,” he added.Freezing the pension reform would cost around 400 million euros ($463 million) in 2026 and 1.8 billion euros the following year, Lecornu previously said.He added that the shortfall should be covered by savings.France’s debt-to-GDP ratio is the EU’s third-highest after Greece and Italy, and is close to twice the 60-percent limit fixed by EU rules.

Stocks mostly rose and the dollar retreated Wednesday on hopes for further US interest rate cuts and a solid set of company earnings.Gold surged to a new high above $4,200 an ounce, boosted also by a fresh flare-up in China-US tensions.The dollar was weighed down by warnings from Federal Reserve boss Jerome Powell on risks to the US labour market, reinforcing expectations the central bank will cut rates at its October meeting.”The dollar’s pullback reflects both improved global risk sentiment and dovish comments from Fed Chair Powell, who signalled that rising labour market risks justify another rate cut,” said City Index and FOREX.com analyst Fawad Razaqzada.A series of weak jobs reports led the Fed to trim borrowing costs last month for the first time in 2025. The prospect of rate cuts has helped propel Wall Street stocks to record highs.”The Fed and a raft of better-than-expected earnings reports are driving sentiment,” said Kathleen Brooks, research director at trading group XTB.Paris surged more than two percent after the world’s biggest luxury group LVMH beat earnings expectations, triggering a rally across the sector.LVMH shares soared more than 12 percent, while shares in Hermes jumped 7.2 percent and Gucci-owner Kering rose 5.4 percent. Shares in Burberry climbed over three percent in London.”Luxury goods demand has been in something of a tailspin of late, but LVMH has reported signs of easing pressures,” said Steve Clayton, head of equity funds at Hargreaves Lansdown.Investors also hoped for an end to France’s political turmoil after Prime Minister Sebastien Lecornu backed the suspension of an unpopular 2023 pensions overhaul to bolster his cabinet’s survival.Frankfurt and London both finished the day in the red.Sentiment in the tech sector was lifted by Dutch tech giant ASML reporting solid sales and orders on its semiconductor machines.Its shares climbed 3.4 percent in Amsterdam even as it warned of a steep fall in its China business next year.Asian markets rallied, with Seoul jumping 2.7 percent while Hong Kong, Shanghai, Tokyo all closed more than one percent higher.The gains came despite data showing that Chinese consumer prices fell in September, a sign that the world’s second-largest economy still faces weak consumer activity.Investors also tracked the latest trade salvos between Washington and Beijing, with US President Donald Trump last week threatening 100-percent tariffs in retaliation to China’s new export controls on rare earths.China appeared to stoke the row Tuesday by imposing sanctions on five American subsidiaries of South Korean shipbuilder Hanwha Ocean, accusing them of supporting Washington’s investigation into the shipping industry.Trump later threatened to stop purchases of Chinese cooking oil in retaliation for Beijing’s halt of US soybeans.”The rebound in risk appetite has continued across the board today, shrugging off any further spat between the US and China, this time over cooking oil,” said Chris Beauchamp, chief market analyst at trading platform IG.US Treasury Secretary Scott Bessent added to the tensions on Wednesday by slamming Beijing’s rare earth export curbs as “China versus the world,” and vowing that Washington and its allies would “neither be commanded nor controlled.”- Key figures at around 1530 GMT -New York – Dow: UP 0.5 percent at 46,517.53 pointsNew York – S&P 500: UP 0.8 percent at 6,700.16New York – Nasdaq Composite: UP 1.1 percent at 22,774.70London – FTSE 100: DOWN 0.3 percent at 9,424.75 (close)Paris – CAC 40: UP 2.0 percent at 8,077.00 (close)Frankfurt – DAX: DOWN 0.2 percent at 24,181.37 (close)Tokyo – Nikkei 225: UP 1.8 percent at 47,472.67 (close)Hong Kong – Hang Seng Index: UP 1.8 percent at 25,910.60 (close)Shanghai – Composite: UP 1.2 percent at 3,912.21 (close)Euro/dollar: UP $1.1636 from $1.1604 on TuesdayPound/dollar: UP at $1.3396 from $1.3319Dollar/yen: DOWN at 151.22 yen from 151.74 yenEuro/pound: DOWN at 86.86 percent from 87.13 penceBrent North Sea Crude: DOWN 0.6 percent at $61.99 per barrelWest Texas Intermediate: DOWN 0.6 percent at $58.37 per barrelburs-rl/gv

FIFA said on Wednesday it hoped all 16 host cities will be “ready” to stage games at the 2026 World Cup finals after US President Donald Trump suggested matches could be moved for security reasons.”We hope every one of our 16 host cities will be ready to successfully host and fulfil all necessary requirements,” a FIFA spokesperson said.”Safety and security are the top priorities at all FIFA events worldwide.”The spokesperson however added that: “Safety and security are obviously the governments’ responsibility, and they decide what is in the best interest for public safety.”Trump said Tuesday that FIFA president Gianni Infantino would support moving World Cup games from US cities if necessary.In September, Trump raised the possibility of moving matches amid his crackdown on Democratic-run cities.”If somebody is doing a bad job and if I feel there’s unsafe conditions, I would call Gianni, the head of FIFA, who’s phenomenal, and I would say, let’s move it to another location. And he would do that,” Trump told reporters at the White House when asked if games could be moved from Boston, one of the host cities.”Very easily he would do it,” Trump added.The US president suggested that, if necessary, events for the 2028 Los Angeles Olympics could also be moved. Republican Trump’s administration has deployed national guard troops to Democratic-run US cities this year over the objections of local and state leaders, saying they are needed to counter crime and left-wing activism.Boston is scheduled to host seven games at next year’s World Cup. San Francisco and Seattle are both hosting six matches each at the tournament while Los Angeles is hosting eight.The United States is staging the World Cup jointly with Mexico and Canada, but will be hosting the bulk of the games in the tournament, which has been expanded to include 48 teams.Eleven of the 16 host cities are in the United States for the June 11 to July 19 tournament.Trump earlier this year appointed himself as chairman of a White House task force for the World Cup.

Canadian leaders said Wednesday that Jeep-maker Stellantis’s decision to invest $13 billion in the United States threatens Canadian jobs, urging action to counter what they called another casualty of President Donald Trump’s trade war.The automaker on Tuesday announced what it described as its largest US investment push in its 100-year history, aiming to create 5,000 jobs across the midwestern United States.Stellantis told AFP on Wednesday that “as part of this announcement, we will move one model from Canada to the US.”UNIFOR, Canada’s largest private-sector union representing thousands of autoworkers, said the model in question is the Jeep Compass, which will shift from a plant in Brampton, Ontario, to Illinois.”Canadian auto jobs are being sacrificed on the Trump altar,” Unifor national president Lana Payne said in a statement, calling on Prime Minister Mark Carney’s government “to use Canada’s leverage now to fight for our auto jobs.”Ontario Premier Doug Ford on Wednesday called the announcement “painful” for workers.”I have spoken with Stellantis to stress my disappointment with their decision to prioritize investment in the US,” Ford said, also urging Carney “to stand up for the 157,000 workers in Ontario’s auto sector.”Reshoring auto jobs has been a central plank of Trump’s trade policy.Canada has been partially spared from his global auto sector tariffs through an existing North American trade pact.But the levies in place have created uncertainty for Canadian autoworkers.Carney, who met with Trump in Washington last week to advance trade talks, has expressed optimism about the prospects for a deal to cut tariffs in certain sectors like aluminum, but a breakthrough on autos appears less promising.- ‘Transform our economy’ -Reacting to the Stellantis announcement late Tuesday, Carney said the company’s decision was “a direct consequence of current US tariffs.”He said his government would continue to prioritize investments “that will transform our economy from being overly reliant on our largest trading partner (the US).”University of Toronto industrial relations expert Rafael Gomez told AFP that Canada needs to be prepared for a steady loss of auto assembly jobs over the coming years.Trump will not relent on tariffs designed to ensure more cars are made in the US, Gomez said.”Think of the photo op — cutting a ribbon in front of the first new Jeep made in Illinois in years,” he added.Canada should prioritize being an essential provider of auto parts to serve US assembly plants, Gomez said.Stellantis told AFP it remains committed to Canada.”We have been in Canada for over 100 years, and we are investing,” the company said in a statement.”We have plans for Brampton and will share them upon further discussions with the Canadian government.”

Venezuelan President Nicolas Maduro on Wednesday ordered military exercises in the country’s biggest shantytowns after US forces blew up another boat allegedly carrying drugs from the Caribbean country.President Donald Trump said six “narcoterrorists” were killed in the strike on the vessel in international waters near Venezuela, bringing to at least 27 people the number killed in such attacks since early September.Trump has also deployed eight warships, a nuclear-power submarine and fighter jets to the region as part of what he has presented as an operation to combat drug smuggling into the United States.Maduro, who is widely believed to have stolen last year’s presidential election, has accused Washington of plotting regime change.In a message on the Telegram social network, the authoritarian Socialist said he was mobilizing the military, police and a civilian militia to defend Venezuela’s “mountains, coasts, schools, hospitals, factories and markets.”State television showed images of armored vehicles deploying in the sprawling low-income Caracas suburb of Petare, a traditional stronghold of socialist support.Military exercises will also take place in Miranda state, which neighbors Caracas.He said the deployments aim to “win the peace.”Trump accuses Maduro of heading a drug cartel — charges Maduro denies.The US Justice Department in August doubled a bounty for information leading to Maduro’s capture to $50 million.Venezuela’s Interior Minister Diosdado Cabello said Wednesday the United States was scheming to “rob” Venezuela, a once wealthy petro-state, “of its immense natural resources.”The pressure on Maduro inched higher last week when US-backed opposition leader Maria Corina Machado was awarded the Nobel Peace Prize for leading peaceful resistance to his 12-year rule.