The deal values Vantage at a pre-money enterprise value of 3.8 billion euros ($4.37 billion) and includes a 1.16 billion euro cash injection from Tencent for a 26.32% economic interest

International News via Reuters:

Ubisoft said on Friday it has completed Tencent’s investment in Vantage Studios, a new unit built around its Assassin’s Creed, Far Cry and Tom Clancy’s Rainbow Six franchises.

The deal values Vantage at a pre-money enterprise value of 3.8 billion euros ($4.37 billion) and includes a 1.16 billion euro cash injection from Tencent for a 26.32% economic interest.

Ubisoft retains exclusive control of the subsidiary.

Under the agreement, Tencent must hold its Vantage stake for five years unless Ubisoft loses its majority interest. Ubisoft is required to keep control for at least two years. If Ubisoft’s ownership changes in a board-approved deal, it can buy back Tencent’s shares at market price but if it declines, Tencent can force a sale.

($1 = 0.8690 euros)

Reporting by Jerome Terroy and Leo Marchandon, Editing by Louise Heavens

The administration of U.S. President Donald Trump has indicated that it will boycott the November 22-23 summit over disagreements with the host nation, South Africa

International News via Reuters:

G20 envoys have agreed on a draft leaders’ declaration ahead of this weekend’s summit in Johannesburg without U.S. input, four sources familiar with the matter said on Friday.

The administration of U.S. President Donald Trump has indicated that it will boycott the November 22-23 summit over disagreements with the host nation, South Africa.

Trump had said he would not attend the first G20 summit in Africa because of allegations – which have been widely debunked – that the host country’s Black majority government persecutes its white minority.

He has also rejected the host nation’s agenda of promoting solidarity and helping developing nations adapt to worsening weather disasters, transition to clean energy and cut their excessive debt costs.

In defiance of Washington, G20 countries have included references to “climate change” in the draft declaration, a source familiar with the matter said, without sharing further details. The United States had earlier objected to mentions of climate change.

WHITE HOUSE CALLS DRAFT DECLARATION ‘SHAMEFUL’

“It is a longstanding G20 tradition to issue only consensus deliverables, and it is shameful that the South African government is now trying to depart from this standard practice despite our repeated objections,” a senior Trump administration official said.

While fearing that a loss of participation from its most powerful member would scupper a declaration at the G20, some analysts still saw an opportunity for the South African hosts, determined to set an agenda for global leaders in the face of Trump’s hostility to multilateral diplomacy.

The sources declined to detail the declaration’s contents, and it was not clear what concessions had to be made on the language to get everyone to agree.

Three out of four of South Africa’s planned top agenda items – preparing for climate-induced weather disasters, financing the transition to green energy, and ensuring the rush for critical minerals benefits producers – were largely about climate change.

President Cyril Ramaphosa said on Thursday that South Africa was in discussions with the United States – which will host the G20 in 2026 – over its possible participation in the summit after all, although the White House later denied this.

Ramaphosa had earlier said he was resigned to handing over to an “empty chair”. The White House on Thursday said it would send the U.S. charge d’affaires for the G20 handover, an offer which South Africa’s presidency rejected.

Reporting by Alexander Winning, Tim Cocks, Nellie Peyton and Julia Payne; Additional reporting by Wendell Roelf in Cape Town; Editing by Louise Heavens, Mark Heinrich and Alex Richardson

Leo, the first U.S. pope, spoke for about 40 minutes with the youth in the first such event of his six-month papacy

International News via Reuters:

Artificial intelligence may be a useful tool for learning, but don’t use it for your homework, Pope Leo told about 15,000 U.S. youth during a question-and-answer session on Friday.

In a live video transmission from the Vatican to a national Catholic youth conference in Indianapolis, Indiana, Leo told the young people that AI is “becoming one of the defining features of our time.”

“Using AI responsibly means using it in ways that help you grow,” said the pope. “Don’t ask it to do your homework for you.”

Leo, the first U.S. pope, spoke for about 40 minutes with the youth in the first such event of his six-month papacy, answering questions about the Catholic faith and giving advice on how to make friends in school.

The pope, who has been ramping up criticism of U.S. President Donald Trump’s anti-immigration policies, also briefly spoke about politics.

He said Jesus wants Christians to be “people who build bridges instead of walls,” invoking one of the late Pope Francis’ strongest criticisms of Trump.

“Please be careful not to use political categories to speak about faith, to speak about the Church,” Leo told the young people.

“The Church doesn’t belong to any political party,” he said. “Rather, she helps form your conscience … so you can think and act with wisdom and love.”

Reporting by Joshua McElweeEditing by Ros Russell