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UAE Calls on All Countries to Join Global Cooling Pledge

Al Jaber delivers his speech during a panel discussion on sustainable cooling systems. (WAM)
Al Jaber delivers his speech during a panel discussion on sustainable cooling systems. (WAM)
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UAE Calls on All Countries to Join Global Cooling Pledge

Al Jaber delivers his speech during a panel discussion on sustainable cooling systems. (WAM)
Al Jaber delivers his speech during a panel discussion on sustainable cooling systems. (WAM)

Dr. Sultan bin Ahmed Al Jaber, the United Arab Emirates’ Minister of Industry and Advanced Technology, and COP28 President-Designate, urged countries to join the global cooling pledge, a partnership between the United Nations Environment Program (UNEP) and the COP28 Presidency, announced earlier in the year.

In close collaboration with the International Renewable Energy Agency (IRENA) and the Sustainable Energy for All (SEforAll), the Global Cooling Pledge aims to expand cooling to protect the most vulnerable communities, especially in the global south, Small Island States and Least Developed Countries, from extreme heat, keep food fresh and vaccines safe.

Al Jaber made his remarks during a panel discussion on sustainable cooling systems, on the sidelines of the G20 Energy Transitions Ministerial Meeting.

In his remarks, he reiterated his commitment to the Pledge, saying: “We cannot expand cooling on a business-as-usual basis. Without strong policy action, emissions from the sector will rise between 7 to 10 percent from today. To solve this dilemma, we need a rapid transition to energy-efficient and climate-friendly cooling.”

He stressed that the cooling dilemma can provide cooling access to those who need it without undermining the energy transition.

Al Jaber highlighted the plight of the most vulnerable states and cooling as a matter of climate justice, saying: “Food and medicine all depend on cooling. It is a topic of critical importance across climate mitigation and adaptation.”

He added: “Cooling is also a matter of climate justice ─ with heat disproportionately impacting lower-income communities and families.”

“In a warming world, sustainable cooling is critical for reducing GHG emissions, protecting against heat stress, enabling productivity, reducing food loss, and enhancing access to healthcare.”

He thanked Dan Jergensen, Minister of Development Cooperation and Global Climate Policy of Denmark, and Dr. Jitendra Singh, Minister of Science and Technology of India, for their commitment to being Cool Champions and urged countries to unite and join the pledge.

Earlier in July, Al Jaber announced his approach and plan for COP28 based on an ambitious response to the Global Stocktake and based on four pillars: Fast Tracking the energy transition, fixing climate finance, focusing on people, lives, and livelihoods, and underpinning everything with full inclusivity.

The initiative provides incentives to governments and all stakeholders to act on sustainable cooling in five areas: nature-based solutions, super-efficient appliances, food and vaccine cold chains, district cooling, and National Cooling Action Plans.

“We have a unique opportunity to deliver a significant, collective response to the cooling challenge via the Global Cooling Pledge. This pledge aims to improve energy efficiency and increase access to sustainable cooling. It is gaining momentum with more than 20 early supporters ─ including India and Denmark. But there is more to be done. I call on all countries to join the Global Cooling Pledge in the lead-up to COP28,” said Al Jaber.

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Business

Global Markets Are Mixed and Oil Prices Rise as Iran and US Launch New Attacks

Vessels at the Strait of Hormuz, as seen from Musandam, Oman, July 8, 2026. REUTERS/Stringer TPX IMAGES OF THE DAY
Vessels at the Strait of Hormuz, as seen from Musandam, Oman, July 8, 2026. REUTERS/Stringer TPX IMAGES OF THE DAY
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Global Markets Are Mixed and Oil Prices Rise as Iran and US Launch New Attacks

Vessels at the Strait of Hormuz, as seen from Musandam, Oman, July 8, 2026. REUTERS/Stringer TPX IMAGES OF THE DAY
Vessels at the Strait of Hormuz, as seen from Musandam, Oman, July 8, 2026. REUTERS/Stringer TPX IMAGES OF THE DAY

US markets are mixed early and oil prices are rising modestly as Iran and the US launch fresh attacks in the Middle East, threatening a fragile truce.

Futures for the S&P 500 rose 0.1% before the opening bell Thursday, while futures for the Dow Jones Industrial Average fell 0.1%. Nasdaq futures were up 0.5%.

The United States launched more airstrikes on Iran, and Iran responded by firing at Bahrain, Kuwait and Qatar, a day after President Donald Trump said a temporary ceasefire was “over.” The prospects for a lasting peace are up in the air with high-level talks to end the war still underway, according to a regional intelligence official involved in the mediation efforts who spoke on condition of anonymity.

Oil prices inched up againThursday, with Brent crude, the international standard, rising 64 cents to to $78.66 per barrel. It briefly topped $80 on Wednesday. Before the Iran war began, Brent oil was trading at around $72 a barrel. Earlier optimism over an interim peace deal recently brought it back to prewar levels.

Benchmark US crude rose 54 cents to $74.06 a barrel.

A steady decline in gasoline prices has reversed this week and the cost for a gallon jumped a nickel overnight, according to motor club AAA. Prices have risen for two days, wiping out a week of declines.

The average price for a gallon of regular gasoline was $3.85 Thursday, according to AAA. That's 69 cents more per gallon than at this time last year, The AP news reported.

In equities markets, PepsiCo shares ticked down 1% after the drink and snack giant reported stronger-than-expected second quarter revenue despite weaker demand in North America, where it said consumers tightened their budgets due to economic concerns.

Earnings season ramps up next week when many of the biggest US banks and airlines report their latest quarterly results.

Coming later Thursday are the government's weekly report on layoffs and June home sales data from the National Association of Realtors.

Elsewhere, at midday in Europe, Britain's FTSE 100 fell 0.7%, France's CAC 40 rose 0.3% and Germany's DAX traded 0.1% higher.

Tokyo’s Nikkei 225 reversed some of its losses from earlier in the week, gaining 1.4% to 67,743.85. Chip equipment maker Tokyo Electron jumped 5.5%, and artificial intelligence-focused investment holding firm SoftBank Group slipped 0.1%.

South Korea’s Kospi index zigzagged and ended 0.6% higher at 7,291.91 despite falling earlier in the day. Samsung Electronics was up 0.2% on Thursday, while memory chipmaker SK Hynix gained 5.3%.

The Shanghai Composite index traded 1.7% higher at 4,036.59, even as China’s producer price index rose 4.1% in June compared to a year earlier. That was higher than May’s 3.9%, as some economists attribute higher inflation to impacts from the Iran war.

Hong Kong’s Hang Seng shed 0.7% to 24,030.18. Shares of Apple supplier Luxshare fell 1.6% in its trading debut in Hong Kong. Chinese AI company Zhipu, or Z.ai, surged 11.3% after it said it's raising about $4 billion through a share sale.

Australia’s S&P/ASX 200 shed 0.3% to 8,762.50.

Taiwan’s Taiex fell 0.8%, and India’s Sensex climbed 0.6%.

Business

BP CEO: Company Must Sharpen Financial Discipline, Tighten Spending

FILE PHOTO: BP CEO appointee Meg O'Neill attends a meeting in London, Britain, March 30, 2026. REUTERS/Jaimi Joy/Pool/File Photo
FILE PHOTO: BP CEO appointee Meg O'Neill attends a meeting in London, Britain, March 30, 2026. REUTERS/Jaimi Joy/Pool/File Photo
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BP CEO: Company Must Sharpen Financial Discipline, Tighten Spending

FILE PHOTO: BP CEO appointee Meg O'Neill attends a meeting in London, Britain, March 30, 2026. REUTERS/Jaimi Joy/Pool/File Photo
FILE PHOTO: BP CEO appointee Meg O'Neill attends a meeting in London, Britain, March 30, 2026. REUTERS/Jaimi Joy/Pool/File Photo

BP CEO Meg O'Neill said on Thursday the British energy major needs to prioritize financial discipline by simplifying its portfolio, cutting costs and tightening capital spending, as the company refocuses on its core oil and gas investments.

O'Neill, who took over as ⁠CEO in April ⁠following the abrupt departure of Murray Auchincloss last year, said BP needed to be more selective in its investment decisions ⁠as it works through its strategy reset after an unsuccessful push into renewables.

"We need to be deliberate about where we invest and where we don’t," Reuters quoted O'Neill as saying in a LinkedIn post on the 100th day of ⁠her being ⁠in the role.

"We need to make fewer, better choices and hold ourselves to account."

Her appointment coincided with other leadership changes, including Chair Albert Manifold's removal by the board in May over governance and conduct issues, which he disputes.
 

Business

China's Producer Inflation Jumps to 4-year High, Squeezing Manufacturers

This picture taken on June 28, 2026 shows women attending an electricity course at the Mulan Build workshop in Hangzhou, in eastern China's Zhejiang province. (Photo by Pedro PARDO / AFP)
This picture taken on June 28, 2026 shows women attending an electricity course at the Mulan Build workshop in Hangzhou, in eastern China's Zhejiang province. (Photo by Pedro PARDO / AFP)
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China's Producer Inflation Jumps to 4-year High, Squeezing Manufacturers

This picture taken on June 28, 2026 shows women attending an electricity course at the Mulan Build workshop in Hangzhou, in eastern China's Zhejiang province. (Photo by Pedro PARDO / AFP)
This picture taken on June 28, 2026 shows women attending an electricity course at the Mulan Build workshop in Hangzhou, in eastern China's Zhejiang province. (Photo by Pedro PARDO / AFP)

China's producer price inflation surged to its highest level in four years in June, piling pressure on manufacturers' profit margins as weak domestic demand limits their pricing power.

China's economy is developing a two-track dynamic as a global AI-fueled export surge is lifting advanced manufacturing, while weak household spending, lackluster investment and the property downturn continue to restrain domestic activity.

The producer price index (PPI) rose 4.1% year-on-year, the highest rate since July 2022, National Bureau of Statistics (NBS) data showed on Thursday, matching the forecast in a Reuters poll and up for the fourth straight month.

The gauge, which logged a 3.9% gain in May, had snapped a years-long deflationary streak in March as energy prices soared in the wake of the Iran war.

The faster growth in factory-gate prices owed partly to a low base of comparison a year earlier, though analysts said soft domestic demand meant deflationary pressures had ⁠yet to ease meaningfully.

"The ⁠latest escalation in US-Iran tensions could deliver some renewed upward pressure on inflation in the near term," said Julian Evans-Pritchard, head of China economics at Capital Economics. "But this will remain limited to a few narrow areas and inflation still looks set to return near zero once energy supply normalizes."

Higher prices in coal mining, electrical machinery, electronics and ferrous metals were among the main factors contributing to the rises in producer prices, according to the NBS. Prices declined in sectors including alcoholic beverages and automobile manufacturing.

Compared with the previous month, PPI fell 0.3% in June following a sharp drop in global oil prices after ⁠the US and Iran agreed on a ceasefire. In contrast, some high-tech and green-transition industries, such as virtual reality equipment, wearables and carbon-based nanomaterials, recorded month-on-month price gains.

Markets hardly budged on the data, with stocks holding steady and the yuan moving up slightly.

Although firmer prices have boosted profits in some upstream and high-tech sectors, manufacturers more reliant on the home market are struggling to pass higher costs on to consumers. This backdrop highlights headwinds policymakers face in their efforts to support the job market and bolster still-soft domestic demand.

Evidence of subdued domestic demand was underscored by China's auto sales, which fell for a ninth consecutive month in June, prompting carmakers to turn to external markets.

Data on consumer prices, which was released alongside PPI, showed some moderation. The consumer price index (CPI) climbed 1.0% last month year-on-year, slowing from a 1.2% increase in May and below an expected 1.1% rise, as price increases for industrial consumer goods eased, ⁠including those for gold jewelry ⁠and gasoline.

On a monthly basis, CPI edged down 0.3%, compared with an expected 0.2% drop and a 0.1% dip in May, Reuters reported.

Core CPI, which excludes volatile food and energy costs, rose 1.0%, the slowest pace since January. Food prices dropped 1.6% year-on-year.

"The data is moving from near-deflation to low positive inflation," said Lynn Song, ING's chief economist for Greater China. "This sort of inflation level is not likely to impede the People's Bank of China from monetary policy action, should it deem it necessary."

China's market regulator has renewed its crackdown on "involution-style" competition, pressing ahead with a campaign to rein in cut-throat price wars that have fueled deflationary pressures.

Excessive competition has led to shrinking corporate profit margins across multiple sectors, including electric vehicles (EVs), solar panels, lithium batteries, steel, cement and food delivery.

Analysts contend that stronger policy intervention is essential to rebalance an economy marked by excess production capacity and weak domestic demand. The export boom has allowed policymakers to postpone more decisive stimulus measures.

"The anti-involution campaign and low base effects would boost inflation again in the first quarter of 2027," Zhaopeng Xing, ANZ's senior China Strategist, said.

"The inflation outlook allows policymakers to remain patient and keep interest rate cut on hold in 2026."