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☆ Europe's energy market faces 3 key challenges this year, the IEA's chief says
▼ + stars: | 2023-05-21 | by ( Charmaine Jacob | ) www.cnbc.com time to read: +4 min

Birol warned that the region's energy market still has three main hurdles to overcome this year, however. China's exit from its zero-Covid policy in December has caused energy demand to increase, with the IEA forecasting that global oil demand will increase by more than 2 million barrels per day this year. Birol said a U.S. debt default would cause oil demand and prices to drop, but agreed that such a scenario was unlikely. And I don't see a major risk for the global oil markets. But of course, oil markets are always involved with risks."

☆ UN chief says it's time to reform Security Council and Bretton Woods
▼ + stars: | 2023-05-21 | by ( ) www.reuters.com time to read: 1 min

HIROSHIMA, Japan, May 21 (Reuters) - U.N. Secretary-General Antonio Guterres said on Sunday that it was time to reform both the Security Council and Bretton Woods to align with the "realities of today's world". Speaking at a press conference in Hiroshima, Japan, where the Group of Seven summit meeting had been held, Guterres said both institutions reflected the power relations of 1945 and needed to be updated. "The global financial architecture is outdated, dysfunctional and unfair," he said. "In the face of the economic shocks from the COVID-19 pandemic and the Russian invasion ofUkraine, it has failed to fulfil its core function as a global safety net." Reporting by Sakura Murakami Editing by Chang-Ran KimOur Standards: The Thomson Reuters Trust Principles.

☆ Biden says GOP must move off 'extreme' positions, and that there will be no debt limit deal solely on its 'partisan terms'
▼ + stars: | 2023-05-21 | by ( ) www.cnbc.com time to read: +4 min

GOP lawmakers are holding tight to demands for sharp spending cuts, rejecting the alternatives proposed by the White House for reducing deficits. GOP lawmakers are also seeking cuts to IRS funding and asking the White House to accept provisions from their proposed immigration overhaul. Republicans had also rejected White House proposals to raise revenues in order to further lower deficits. He said "the socialist wing" of the Democratic party appears to be in control, "especially with President Biden out of the country." For months, Biden had refused to engage in talks over the debt limit, insisting that Congress was trying to use the borrowing limit vote as leverage to extract other policy priorities.

☆ Live updates: Russia's war in ukraine
▼ + stars: | 2023-05-20 | by ( Heather Chen | Andrew Raine | ) edition.cnn.com time to read: +5 min

The move is in response to the "regularly anti-Russian sanctions" imposed by the US administration, according to a statement from Russia's Ministry of Foreign Affairs on Friday. Hours earlier, at the Group of Seven summit, the Biden administration unveiled new sanctions targeting Moscow for its war in Ukraine. An adviser to the mayor of Mariupol in southeastern Ukraine claims the explosions took place at a base for Moscow's forces. US diplomatic appointment: US President Joe Biden formally nominated James O'Brien to serve as the top State Department official for European affairs — a key role for guiding Washington's response to Russia's war in Ukraine. NATO developments: Turkish President Recep Tayyip Erdogan told CNN he is still not prepared to support Sweden's NATO membership, repeating his claim that Stockholm has allowed terrorist organizations to harbor in the country.

Prigozhin made the claim in a video in which he appeared in combat fatigues in front of a line of fighters holding Russian flags and Wagner banners. "Today, at 12 noon, Bakhmut was completely taken," Prigozhin said. Our units are fighting in Bakhmut." Bakhmut has been the focus of the longest and bloodiest battle of Russia's war in Ukraine, which is nearly at the end of its 15th month. His victory claim followed fierce fighting around the city in the past week in which Ukraine said it pushed back some Russian forces.

☆ House Speaker McCarthy says debt ceiling negotiations can't resume until Biden returns from G-7 summit
▼ + stars: | 2023-05-20 | by ( Brian Schwartz | ) www.cnbc.com time to read: +2 min

U.S. House Speaker Kevin McCarthy (R-CA) speaks to reporters with U.S. Senate Republican Minority Leader Mitch McConnell (R-KY) at his side following debt limit talks at the White House in Washington, U.S., May 9, 2023. The on-again, off-again deliberations on Capitol Hill surrounding the debt ceiling are back off-again, as House Speaker Kevin McCarthy told reporters on Saturday Republicans will only continue negotiations when President Joe Biden returns from the Group of Seven Summit in Japan. "Unfortunately, the White House moved backwards," McCarthy said about the current deliberations surrounding the debt ceiling. Biden is scheduled to return to Washington, D.C., from the G-7 summit on Sunday. McCarthy's revelation that the talks are on pause again, at least for now, is the latest hurdle facing the debate in Congress on what to do with the pending debt limit.

Washington CNN —A pair of Democratic lawmakers from California have asked President Joe Biden to once again raise the case of a US Navy officer jailed in Japan with Japanese Prime Minister Fumio Kishida while at the Group of Seven summit in Hiroshima. Lieutenant Alkonis’ case remains stalled in the Japanese system,” the pair wrote. Biden raised the Alkonis case with Kishida during the prime minister’s visit to the White House in January, and the two countries agreed to establish a working group to solve the problem. “I’m not doing that good,” he wrote in a letter dated April 30, which was shared with CNN. “Lieutenant Alkonis’ service records make clear that he is an extraordinary officer, and we believe he deserves better,” the Democratic lawmakers wrote.

☆ Japan's G7 summit menu: World leaders have plenty on their plates, including beef, oysters and sea urchins
▼ + stars: | 2023-05-20 | by ( Chris Lau | ) edition.cnn.com time to read: +3 min

Hong Kong CNN —World leaders attending the Group of Seven summit in Hiroshima have been treated to a belt-expanding tour of local gastronomical delights with a host of menus showcasing the best of Japanese fine dining. Leaders were also served sea bream with Japanese matsutake mushrooms, simmered stonefish and slipper lobster. Next came famously marbled beef sourced from Hiroshima – known as hiba beef – served alongside red sea urchin and eggplants, complemented by a selection of sparkling sake and red wine. For the main, they will be served with homegrown chicken and locally sourced mussels, according to the menu seen by CNN. And for those still hungry, Sunak and other world leaders will have plenty more opportunities to sample Japanese cuisine before they begin to depart from Sunday.

☆ Japan's G7 refugee balancing act: door open for Ukrainians, but not many others
▼ + stars: | 2023-05-19 | by ( Elaine Lies | ) www.reuters.com time to read: +5 min

The generosity towards Ukrainian evacuees, however, will highlight the stark contrast against Japan's track record with asylum seekers, experts and advocates say, with hopes for broader refugee policy reform still distant. Ukrainians have entered Japan under a framework set up specifically for them and are referred to as evacuees rather than refugees. "We want the world to know how bad Japan's refugee recognition system is," said Keiko Tanaka, head of Osaka-based refugee assistance group Rafiq, noting the group would hold a press conference on Sunday when the G7 summit wraps up. Private charity Nippon Foundation gave her 1 million yen ($7,400)- an annual grant it extends exclusively to Ukrainian evacuees. Advocates are guardedly hopeful the Ukrainian presence could change Japan's overall refugee policy, but Temple University Japan's political science professor James Brown thought it unlikely.

☆ G-7 leaders to announce more sanctions on Russia; Zelenskyy expected to fly to Japan
▼ + stars: | 2023-05-19 | by ( Jihye Lee | ) www.cnbc.com time to read: +1 min

The Group of Seven summit will be held in Hiroshima, Japan, from May 19-22. Leaders of the Group of Seven are expected to introduce on a set of measures to add pressure on Russia as its invasion of Ukraine continues for a second year. G-7 leaders are in Hiroshima, Japan, for a three-day meeting to discuss international trade and security as the U.S. and China battle for influence in a multipolar world amid concerns of their decoupling, and as the Ukraine war continues. A senior U.S. administration official, speaking on the condition of anonymity, said early Friday morning that the government plans to introduce steps to "economically isolate" Russia to weaken its ability to wage war. Discussions on the scope of the sanctions on Russia will be underway as Ukrainian President Volodymyr Zelenskyy is reportedly expected to fly to Japan to attend the G-7 summit on Sunday, according to the Financial Times.

The young Terao had just survived the world’s first nuclear attack. For Terao, the idea the world is hurtling back toward the nightmare he barely survived is incomprehensible. Terao points to a photograph showing Hiroshima before the atomic bombing and the house where he spent the first four years of his life. And yet, for a man who has survived an atomic bomb attack, the fact that the planet remains at risk of nuclear armaggedon is hard to live with. “I wonder If I’ll die without seeing a world without nuclear weapons,” he adds.

☆ European markets poised to open higher as U.S. debt ceiling talks continue
▼ + stars: | 2023-05-19 | by ( Hannah Ward-Glenton | ) www.cnbc.com time to read: 1 min

European markets look set to open higher Friday as U.S. debt ceiling talks boost investor sentiment. German stocks are also expected to extended Thursday's gains, which caused the DAX index to hit its highest point since January 2022. Traders will be keeping an eye on the Group of Seven summit in Hiroshima, which starts Friday, where world leaders are expected to discuss international trade and security. China and Russia relations and sanctions are on the agenda for discussions between Canada, France, Germany, Italy, Japan, the United Kingdom and United States.

WASHINGTON, May 18 (Reuters) - Vice President Kamala Harris and top White House economic adviser Lael Brainard said on Thursday that a default on the U.S. debt of $31.4 trillion would throw the American economy into a recession. In a conference call for Democratic activists, Harris and Brainard urged them to contact lawmakers to express opposition to a debt default that could be less than two weeks away. "A debt default could trigger a recession," she said. Negotiators for the White House and congressional Republicans met again on Capitol Hill to discuss their search for common ground on lifting the $31.4 trillion debt ceiling, and plan to meet again on Friday, a White House official said. Brainard said the administration's goal, in its talks with House Speaker Kevin McCarthy's team, is to work toward a reasonable, bipartisan budget agreement.

☆ Ahead of G7, Japan PM welcomes more investment from global chipmakers
▼ + stars: | 2023-05-18 | by ( ) www.reuters.com time to read: +2 min

TOKYO, May 18 (Reuters) - Prime Minister Fumio Kishida said he welcomed and expected more investment from global chipmakers in Japan, which is striving to revive its chip sector, after meeting top executives on Thursday before a Group of Seven summit. Growing Taiwan and U.S. tensions with China have brought serious challenges to the semiconductor industry, with Taiwan a major producer of chips used in everything from cars and smartphones to fighter jets. "I am very pleased with your positive attitude towards investment in Japan, and would like the government as a whole to work on further expanding direct investment in Japan and support the semiconductor industry," Kishida said. In particular, Kumamoto prefecture in southwestern Japan is quickly becoming a hotbed for tech investment from companies including TSMC and Fujifilm Holdings Corp (4901.T). The G7 summit runs from Friday to Sunday, and Kishida is set to meet with U.S. President Joe Biden later on Thursday.

☆ G7 summit: Biden arrives in Japan starting with meeting with PM Kishida
▼ + stars: | 2023-05-18 | by ( Kevin Liptak | ) edition.cnn.com time to read: +3 min

CNN —President Joe Biden arrived in Japan on Thursday for a truncated Asia visit meant to bolster allies amid China’s growing military and economic ambitions. Left with only a stop in Japan for the Group of Seven summit, Biden will attempt to coalesce the leaders of some of the world’s largest economies around a commitment to take on Beijing’s aggressions. He’s also selected the symbolic city of Hiroshima, where he has family roots, to host world leaders. President Barack Obama paid a historic visit here in 2016, laying a wreath in a memorial park and meeting with some survivors. The bombing of Hiroshima hastened an end to World War II but launched a new era of atomic brinksmanship.

☆ Chipmakers look to Japan as worries about China grow
▼ + stars: | 2023-05-18 | by ( ) edition.cnn.com time to read: +2 min

Japanese Prime Minister Fumio Kishida said he welcomed and expected more investment from global chipmakers, after meeting top executives on Thursday before a Group of Seven summit. Growing Taiwan and US tensions with China have brought serious challenges to the semiconductor industry. “I am very pleased with your positive attitude towards investment in Japan, and would like the government as a whole to work on further expanding direct investment in Japan and support the semiconductor industry,” Kishida said. Japan's Prime Minister Fumio Kishida meets executives of major global chipmakers ahead of a G7 summit. In particular, Kumamoto prefecture in southwestern Japan is quickly becoming a hotbed for tech investment from companies including TSMC and Fujifilm Holdings Corp (FUJIF).

WASHINGTON, May 17 (Reuters) - President Joe Biden and top U.S. congressional Republican Kevin McCarthy on Wednesday underscored their determination to reach a deal soon to raise the federal government's $31.4 trillion debt ceiling and avoid an economically catastrophic default. Asked by reporters at the Capitol whether it's possible to reach a debt ceiling deal by the time Biden returns from Asia on Sunday, McCarthy replied, "It's doable." On Tuesday, Biden and McCarthy met for about an hour at the White House with Senate Majority Leader Chuck Schumer, Senate Republican leader Mitch McConnell and House Democratic leader Hakeem Jeffries. Biden plans a news conference in Hiroshima on Sunday before leaving to return to Washington, a White House official said. WORK REQUIREMENTSNegotiations are continuing over the longevity of any deal, work requirements for aid programs for the poor, including food subsidies, and spending caps.

WASHINGTON, May 17 (Reuters) - President Joe Biden and top U.S. congressional Republican Kevin McCarthy said on Wednesday they aimed to reach a deal by Sunday to raise the federal government's $31.4 trillion debt ceiling and avoid an economically catastrophic default. "We're going to come together because there's no alternative," Biden told reporters at the White House. Asked by reporters at the Capitol whether it's possible to reach a debt ceiling deal by the time Biden returns from a trip to Asia on Sunday, McCarthy replied, "It's doable. On Tuesday, Biden and McCarthy met for about an hour at the White House with Senate Majority Leader Chuck Schumer, Senate Republican leader Mitch McConnell and House Democratic leader Hakeem Jeffries. Asked on CNN if Biden wanted the debt limit agreement to last through 2025, White House spokesperson Karinne Jean-Pierre declined to answer.

"I think at the end of the day, we do not have a debt default," the Republican congressman said in an interview with CNBC. Financial markets appeared to be buoyed by Tuesday's discussions as McCarthy joined McConnell and the White House in pledging the U.S. would not fail to pay its debt obligations. WORK REQUIREMENTSNegotiations are continuing over the longevity of any deal, work requirements for aid programs for the poor, including food subsidies, and spending caps. Asked on CNN if Biden wanted the debt limit agreement to last through 2025, Jean-Pierre declined to answer. She also did not give details on negotiations over expanding work requirements for the two programs that provide food and cash aid to low-income families, which Republicans want to see included as part of a deal.

☆ Kami Rita Sherpa breaks record with 27th Mount Everest summit
▼ + stars: | 2023-05-17 | by ( Lilit Marcus | ) edition.cnn.com time to read: +1 min

CNN —A Nepali Sherpa has reached the top of Everest for the 27th time, breaking the world record for total number of summits of the world’s tallest, and one of its deadliest, mountains. Kami Rita Sherpa, a 53, completed his latest ascent early on May 17, Nepal Department of Tourism official Bigyan Koirala told CNN. Kami — most Sherpas go by their first names — is a senior guide at Kathmandu expedition company Seven Summit Treks. “We are very happy to know that this morning at 8:30 a.m., Kami Rita successfully summitted Mount Everest along with a foreign climber,” said Mingwa Sherpa, chairman of Seven Summit Treks. He added: “Currently Kami Rita is descending.

☆ Spanish mountaineer, 84, injured just short of goal to become world's oldest climber
▼ + stars: | 2023-05-17 | by ( ) www.reuters.com time to read: +1 min

A Sherpa fell on Carlos Soria, injuring his tibia, a message posted on his behalf on his Twitter and Facebook accounts said. The climber, who was on his 15th attempt on Mt Dhaulagiri, was preparing to make a push for the summit when the incident occurred, the Himalayan Times newspaper said. Sherpa guides were bringing him down to base camp, for him to be evacuated to Kathmandu by helicopter, Guragai added. Soria has successfully climbed 12 of the world's 8,000-metre peaks and had the Dhaulagiri and Tibet's Shishapangma left to become the oldest climber to reach the summits of the planet's 14-highest peaks. Writing by Emma Pinedo; Editing by Aislinn Laing and Emelia Sithole-MatariseOur Standards: The Thomson Reuters Trust Principles.

☆ Nepali sherpa sets Everest record with 27th ascent
▼ + stars: | 2023-05-17 | by ( Gopal Sharma | ) www.reuters.com time to read: +2 min

[1/2] Nepali mountaineer Kami Rita Sherpa waves upon his arrival after climbing Mount Everest for the 24th time in 2019, setting a record for the most summits of the world's highest mountain, in... Read moreKATHMANDU, May 17 (Reuters) - A Nepali sherpa scaled Mount Everest for a record 27th time on Wednesday, beating his own record, a government official and his hiking company said. Kami Rita Sherpa, 53, scaled the 8,849 metre (29,032-foot) mountain early in the morning along the traditional southeast ridge route, guiding a foreign climber. "Yes, Kami Rita climbed Sagarmatha for the 27th time," said Department of Tourism official Bigyan Koirala, referring to the mountain by its Nepali name. For now it's 100% confirmed that Kami Rita scaled for the 27th time,” Guragai said. Climbing contributed $5.8 million to state coffers this year, $5 million of it from Mount Everest, according to government data.

Democrats were not as positive about a quick time frame, but the White House called the meetings "productive and direct." Republicans have refused to vote to lift the debt ceiling past its $31.3 trillion limit unless Biden and his Democrats agree to spending cuts in the federal budget. Going forward, the talks will be narrowed for more engagement between House Republicans and the White House, McCarthy said. White House adviser Steve Ricchetti and budget director Shalanda Young will lead discussions for the administration. "We can raise the debt ceiling if we limit what we're going to spend in the future," McCarthy told reporters.

But attendees said they made progress, including through an agreement to turn the multilateral debt limit negotiations into direct one-to-one talks between a close ally of House Speaker Kevin McCarthy and two White House aides, on Biden's behalf. The White House said Biden "directed staff to continue to meet daily on outstanding issues. It was "a good and productive meeting," said Senate Majority Leader Chuck Schumer, D-N.Y., who noted that it was "more cordial" than a previous meeting last week. The White House also said Tuesday that it would cancel the second leg of the president's upcoming international trip, given the delicate state of the debt ceiling negotiations. His return will set up a critical stretch in the efforts to avoid a first-ever default on U.S. debt and prevent major economic damage.

☆ Yellen warns of broken markets, disrupted services as she ramps up debt ceiling pressure
▼ + stars: | 2023-05-16 | by ( Emma Kinery | ) www.cnbc.com time to read: +3 min

Janet Yellen, US Treasury secretary, during a news conference at the Treasury Department in Washington, DC, US, on Tuesday, April 11, 2023. "A default would crack open the foundations upon which our financial system is built," Yellen warned in prepared remarks. Yellen also warned that a debt ceiling breach could affect essential government services. Lifting the debt ceiling is necessary for the government to cover spending commitments already approved by Congress and the president and prevent default. "A default could cause widespread suffering as Americans lose the income that they need to get by," Yellen said.

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