DIRS.INFO The most relevant business & tech news

For developing countries, the top priority is the U.N.’s two-day summit starting Monday aimed at generating action by world leaders to achieve 17 wide-ranging and badly lagging global goals by 2030. With the four leaders sending lower-ranking ministers, Ukraine President Volodymyr Zelenskyy is certain to grab even more attention, with the war in its 19th month and no end in sight. Guterres, who says the Ukraine war has aggravated divisions, said the current shift to a fragmented “multipolar world” isn’t going to solve the planet's myriad issues. Switzerland’s U.N. ambassador, Pascale Baeriswyl, said the summit on the 17 U.N. goals is the most important event this week apart from one-on-one meetings between world leaders. Gowan said Zelensky’s visit to New York is an opportunity for him to engage leaders from the global South and others he hasn’t met.

Persons: Ellen Johnson Sirleaf, Joe Biden, Xi Jinping, Vladimir Putin, didn’t, Emmanuel Macron, Britain’s King Charles, Rishi Sunak, Antonio Guterres, ”, Richard Gowan, U.N, Volodymyr Zelenskyy, Biden, Zelenskyy, Sergey Lavrov, Guterres, Pascale Baeriswyl, Gowan, hasn’t, ” Guterres, “, Edith M, Lederer Organizations: UNITED NATIONS, United, General, Liberian, . Security, International, Crisis, United Nations, Russian, Security Council, World Bank, International Monetary, The Associated Press Locations: Ukraine, United Nations, Johannesburg, Brazil, Russia, India, China, South Africa, Russian, New York, Paris, New Delhi, U.N, West

Newly installed Foreign Minister Qin Gang vanished with scant explanation in July, the same month as an abrupt shake-up of the military's elite Rocket Force, which oversees China's nuclear arsenal. China's Foreign Ministry did not immediately respond to a request for comment on Saturday. PROXIMITY ISN'T PATRONAGERegarding Defence Minister Li's disappearance and investigation, a ministry spokeswoman told reporters on Friday she was not aware of the situation. With corruption long permeating China's military and state institutions, some analysts and diplomats believe Xi's anti-graft crackdowns mark political purges across the Communist Party. If Li's fate "reflects Xi's increasingly inward focus, it is not good for those of us who want greater openness and lines of communications with China's military," said one Asian diplomat.

Persons: Xi Jinping, GIANLUIGI, Xi Jinping's, Li Shangfu, Qin Gang, Drew Thompson, Thompson, Li's, Li, Helena Legarda, Alexander Neill, Zhang Youxia, Lloyd Austin, Austin, Ja Ian Chong, Chong, Greg Torode, Martin Quin Pollard, William Mallard Organizations: Rights, Reuters, Foreign, Rocket Force, Pentagon, National University of Singapore, State Council and Defence Ministry, People's Liberation Army, PLA, Communist Party, Mercator Institute for China Studies, Hawaii's, Military Commission, Washington, U.S . Defence, Pacific ., East, South China Seas, Thomson Locations: Sandton, Johannesburg, South Africa, Rights BEIJING, India, China, Russia, Belarus, Beijing, Jakarta, Berlin, Singapore, Washington, Asia, Pacific, Taiwan, South, East China, South China, Hong Kong

☆ With outlaws for allies, is Russia becoming another 'rogue state'?
▼ + stars: | 2023-09-15 | by ( Holly Ellyatt | ) www.cnbc.com time to read: +6 min

Vladimir Smirnov | Afp | Getty ImagesUnder President Vladimir Putin, Russia has occupied an often contradictory and increasingly unsettling position on the global stage in recent years. Some close followers of Russia believe Moscow, operating outside international law, is increasingly acting like a "rogue state" itself, particularly in its desire to challenge and subvert the West's dominance in global affairs. Russian President Vladimir Putin (R) meets with Syrian President Bashar al-Assad in the Black Sea resort of Sochi, Russia November 20, 2017. "Russia is increasingly a rogue state: Its core relations are with countries outside a rules-based global order: Belarus, Iran, Syria, and North Korea," Ian Bremmer, the president and founder of Eurasia Group, told CNBC Monday. Friends, with benefitsRussian political analyst Anton Barbashin rejected the label of "rogue state" for Russia, however, saying Moscow continues to hold power and influence in a more global geopolitical sphere.

Persons: Vladimir Putin, Kim Jong Un, Vladimir Smirnov, —, Bashar al, Assad, Mikhail Klimentyev, South Korea —, Ian Bremmer, Bremmer, Kim, Kim Jong, Putin, Edward Howell, Anton Barbashin, Barbashin, Narendra Modi, Xi Jinping, Mikhail Svetlov Organizations: North, Vostochny, Afp, Getty, . Security, Sputnik, Kremlin, Eurasia Group, CNBC, NATO, Ukraine, Russian, Oxford University, UN Security Council, UN, Democratic People's, UNSC, Indian Locations: Amur, Russia, North Korea, Iran, Belarus, Syria, Ukraine, Moscow, China, India, Black, Sochi, U.S, South Korea, United States, Pyongyang, Russian, Tsiolkovsky, Korea, Beijing, DPRK, Democratic People's Republic of Korea, North, Turkey, OSAKA, JAPAN, Osaka, Japan

☆ World leaders to meet at UN as big powers vie for developing states
▼ + stars: | 2023-09-15 | by ( Michelle Nichols | ) www.reuters.com time to read: +6 min

John Angelillo/Pool via REUTERS Acquire Licensing RightsUNITED NATIONS, Sept 15 (Reuters) - World leaders meet at the United Nations next week in the shadow of geopolitical tensions - largely fueled by the war in Ukraine - as Russia and China vie with the United States and Europe to win over developing countries. BILLIONS FOR INFRASTRUCTUREThe Ukraine war is just one reason for the focus on developing countries. Ahead of the New York meetings, diplomats acknowledged their focus on the developing world but dismissed suggestions that rivalry played a role. Ambassador to the United Nations, Linda Thomas-Greenfield, described the U.N. gathering as a chance for small countries to "lay out their priorities to us" and that she doesn't view it "as being a competition between big powers." Ambassador Zhang Jun told Reuters that Beijing has "no intention to compete with anyone else" and that, as China's conditions improved, the country was "willing to do more in return for developing countries but we are not competing."

Persons: John Angelillo, Volodymyr Zelenskiy, Richard Gowan, U.N, Linda Thomas, Greenfield, Zhang Jun, Russia's U.N, Vassily Nebenzia, Joe Biden, Antonio Guterres, Sergei Lavrov, Nebenzia, Barbara Woodward, Michelle Nichols, Don Durfee, Howard Goller Organizations: UN, Assembly, United Nations Headquarters, REUTERS Acquire, UNITED NATIONS, United Nations, Group, New, Reuters, Security, Ukraine, Thomson Locations: New York, U.S, Ukraine, Russia, China, United States, Europe, Africa, Latin America, Asia, Beijing, Moscow, European, Western, Brazil, India, South Africa, African

BEIJING (AP) — China and Zambia upgraded their relationship to a comprehensive strategic cooperative partnership on Friday, the latest move by America's chief global rival to forge deeper ties with the Global South. Chinese President Xi Jinping and his Zambian counterpart announced the agreement shortly after Xi had exchanged cordial words with another visitor, the new prime minister of Cambodia. China has in turn won access to natural resources and diplomatic support from many Global South countries on contentious votes at the U.N. and from Cambodia in China’s territorial disputes with other Southeast Asian nations in the South China Sea. Cambodian Prime Minister Hun Manet made China his first official foreign visit after succeeding his father, Hun Sen, who ruled Cambodia for 40 years and cultivated his country's close relationship with China. Xi told Hun Manet that his father had made historic contributions to bilateral ties.

Persons: Xi Jinping, Xi, ” Xi, Hakainde Hichilema, Hichilema, Nicolás Maduro, ”, Edward Chan, South Africa —, Hun Manet, Hun Sen, Hun, Alfred Wu, National University of Singapore's Lee, “, Wanqing Chen Organizations: BEIJING, Global, Zambian, Australian National University, “, United Arab, Initiative, Cambodian, U.S, Ream Naval Base, National University of Singapore's, National University of Singapore's Lee Kuan Yew, of Public, Associated Press Locations: China, Zambia, Cambodia, Africa, Southeast Asia, Latin America, U.S, Zambian, Brazil, Russia, India, South Africa, Saudi Arabia, Iran, United Arab Emirates, Argentina, Egypt, Ethiopia, Afghanistan, South China, Cambodian, Beijing, ASEAN

☆ China, Venezuela sign agreements on economy, trade, tourism
▼ + stars: | 2023-09-14 | by ( ) www.reuters.com time to read: +3 min

China on Wednesday upgraded relations with Venezuela to an "all-weather strategic partnership", typically reserved for a select few nations. Maduro said Venezuela supports China's Belt and Road Initiative to boost trade infrastructure, Chinese media said, referring to a related conference in China next month. China has said it has Belt and Road cooperation agreements with more than 150 countries and over 30 international organisations. China said it is willing to support construction of special economic zones in Venezuela and both countries agreed to further develop bilateral trade and "enrich the variety of trade goods". In the statement they also said agreements on aviation and aerospace include future flights between the countries and cooperation in spaceflight.

Persons: Xi Jinping, Nicolas Maduro, Maduro's, Xi, Maduro, Bernard Orr, Liz Lee, Ella Cao, Elaine Hardcastle, Christopher Cushing Organizations: of, REUTERS Acquire, China Central Television, China, Initiative, United Nations, New Development Bank, Thomson Locations: Beijing, China, Miraflores, Handout, Venezuela, BEIJING, Venezuelan, China's, Brazil, Russia, India, South Africa

☆ Russia calls talks with North Korea 'important' amid geopolitical changes
▼ + stars: | 2023-09-13 | by ( ) www.reuters.com time to read: +1 min

[1/2] North Korean leader Kim Jong Un meets with Russian Natural Resources Minister Alexander Kozlov upon arrival in Khasan, Russia, September 12, 2023, in this image released by North Korea's Korean Central News Agency on September 13, 2023. KCNA via REUTERS Acquire Licensing RightsSept 13 (Reuters) - The upcoming talks between the leaders of Russia and North Korea are important against the backdrop of the geopolitical changes in the world, Russia's foreign ministry spokeswoman told RIA news agency in remarks published on Wednesday. "Of course, against this background, bilateral contacts are very important. And the situation on the Korean Peninsula is, of course, of utmost importance for security and stability in the region," RIA cited Zakharova as saying. Editing by Gerry DoyleOur Standards: The Thomson Reuters Trust Principles.

Persons: Kim Jong Un, Alexander Kozlov, Vladimir Putin, Maria Zakharova, Zakharova, Lidia Kelly, Gerry Doyle Organizations: Russian Natural Resources, North, Korean Central News Agency, KCNA, REUTERS Acquire, United Arab, Thomson Locations: Khasan, Russia, North Korea, Washington, United States, Saudi Arabia, Iran, Ethiopia, Egypt, Argentina, United Arab Emirates, Melbourne

An investor looks at an electronic board showing stock information at a brokerage house in Shanghai, China July 6, 2018. A monthly report from the Institute of International Finance showed non-residents funneled $14.9 billion out of China stocks, the largest monthly outflow on records back to 2015, while Chinese debt saw $5.1 billion in outflows. The broad MSCI stock and currency emerging market indexes posted in August their largest monthly drops since February. Equities fell across all geographical regions while debt posted inflows in Asia, Latam and emerging Europe. Year-to-date numbers through August show a $13.1 billion outflow from China while emerging markets ex-China has seen $139.5 billion in non-resident portfolio inflows.

Persons: Aly, Jonathan Fortun, Fortun, Rodrigo Campos, Chizu Organizations: REUTERS, China, EMs, Institute of International Finance, China's, Reuters Graphics Equity, Emerging, Thomson Locations: Shanghai, China, outflows, Emerging Asia, Latin, Africa, Middle East, Asia, Europe

☆ The US needs to get its ballooning debt problems under control to keep the dollar dominant, former IMF official says
▼ + stars: | 2023-09-11 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +3 min

The dollar's dominance is being threatening by growing debt in the US, economist Barry Eichengreen said. High debt caused the downfall of the British sterling as a global currency in the early 1900s, scholars say. Mounting debt was responsible for the British sterling's downfall as the world's top currency in the early 1900s, Eichengreen said. AdvertisementAdvertisement"Thus, whether the dollar retains its global role will depend not simply on US relations with Russia, China, or the BRICS. But a weaker dollar isn't necessarily a bad thing, as US companies with business overseas can be hurt if the dollar is too strong against local currencies.

Persons: Barry Eichengreen, Eichengreen, there's Organizations: Service, International Monetary Fund, Syndicate, UC Berkeley, Congressional, Office Locations: Wall, Silicon, China, Russia

☆ New US-backed India-Middle East trade route to challenge China’s ambitions
▼ + stars: | 2023-09-11 | by ( Nadeen Ebrahim | ) edition.cnn.com time to read: +8 min

It is comprised of two separate routes – an east corridor linking India to the Gulf Arab states and a northern corridor connecting the Gulf states to Europe. “I don’t think we would be here without you.”Goods and services would transit through the UAE, Saudi Arabia, Jordan, Israel and Europe. “The heart of the matter is that it is an alternative (to China’s BRI),” she said. Baharoon added that the project, if perceived as a “replacement” or “competitor” to China’s BRI, would fail to realize its potential. Despite pressure to choose sides, Gulf states have insisted that they maintain a balanced position that involves political and economic cooperation across the board, something that analysts say makes Gulf states strategically vital.

Persons: Joe Biden, ” Biden, Mohammed Bin Zayed, Narendra Modi, MBZ, Biden, ”, “, Xi Jinping, Cinzia Bianco, Bianco, China’s BRI, Beijing’s, China’s, Giorgia Meloni, Rome, Italy’s, Meloni, ‘, ” Mohammed Baharoon, Baharoon, Abu, ” Bianco Organizations: UAE CNN —, United Arab, Initiative, Group, European Union, UAE, Indian, US, European Council, Foreign Relations, Dubai Public Policy Research Center, CNN Locations: Abu Dhabi, UAE, India, Saudi Arabia, United Arab Emirates, East, Europe, Beijing, China, France, Italy, Germany, Gulf, Jordan, Israel, Salt Lake City , Utah, Vietnam, Berlin, Middle, Dubai, Brazil, Russia, South Africa, BRICS

U.S. President Joe Biden, Indian Prime Minister Narendra Modi and President of the European Union Ursula von der Leyen attend the G20 summit in New Delhi, India, September 9, 2023. The summit declaration avoided condemning Russia for the war in Ukraine but highlighted the human suffering the conflict had caused and called on all states not to use force to grab territory. A failure to agree on a summit declaration would have signalled that the G20 was split, perhaps irrevocably, between the West on one side and China and Russia on the other, analysts said. Diplomats have said negotiators from India, Indonesia, Brazil and South Africa drove the consensus in the summit document. Despite the lack of concrete progress, Harsh Vardhan Shringla, India's chief G20 coordinator, said the meeting did take the group forward.

Persons: Joe Biden, Narendra Modi, Ursula von der Leyen, Evelyn Hockstein, Michael Froman, Svetlana Lukash, Lukash, Patryk Kugiel, ” Kugiel, Sergei Lavrov, Vladimir Putin, India's, Xi Jinping, Li Qiang, Vardhan, ”, Michel Rose, Aftab Ahmed, Raju Gopalakrishnan Organizations: Indian, European, REUTERS, Diplomats, African Union, India, Foreign Relations, Shanghai Cooperation Organisation, Russian G20, Polish Institute of International Affairs, Xinhua, Reuters, Thomson Locations: New Delhi, India, DELHI, Ukraine, Russia, York, U.S, China, Beijing, Russian, Warsaw, Delhi, Indonesia, Brazil, South Africa, Germany, Britain

☆ What China’s new smartphone means for Wall Street
▼ + stars: | 2023-09-11 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +9 min

Huawei’s feat could mean that Chinese technology has been progressing much faster than previously thought. Before the Bell spoke to Zino about what’s happening and what it means for Wall Street. Huawei’s new smartphone uses an internally developed, very powerful chip that’s manufactured by the Semiconductor Manufacturing International Corporation (SMIC), a partially state-owned Chinese semiconductor foundry. In the long term, this is probably a good thing for the leading semiconductor companies like Nvidia (NVDA) and Qualcomm (QCOM). Furniture companies are in a rutPeople aren’t buying furniture like they used to, reports my colleague Samantha Delouya.

Persons: there’s, Mike Gallagher, Michael McCaul, Angelo Zino, Bell, There’s, they’ve, They’ve, it’s, Anna Cooban, Samantha Delouya, Hooker, “, ” Williams, Laura Alber Organizations: CNN Business, Bell, New York CNN —, Huawei, House, Skyworks, Materials, Semiconductor Manufacturing International Corporation, Nvidia, Qualcomm, Intel, Federal Reserve, West Elm Locations: New York, China, Taiwan, Korea, United States, Asia, Saudi Arabia, Europe, Virginia, Wayfair, Williams, Sonoma

☆ Western sanctions on Russia could push the BRICS alliance closer
▼ + stars: | 2023-09-11 | by ( Lee Ying Shan | ) www.cnbc.com time to read: +3 min

Michele Spatari | Afp | Getty ImagesSINGAPORE — Sanctions imposed by the West on Russia are pushing the BRICS nations closer, said oil executives at the recent APPEC conference in Singapore. "Looking at the oil markets today ... the Western sanctions on Russia are working. The BRICS alliance includes Russia, as well as Brazil, India, China and South Africa. The BRICS nations have had different brushes in their relationships with the West. BRICS is the candidate," Fereidun Fesharaki, chairman of energy consultancy Facts Global Energy, said at a panel discussion during the event.

Persons: Michele Spatari, Russell Hardy, Hardy, Argentina —, Fereidun Fesharaki, Moscow leapfrogging, Fesharaki Organizations: Afp, Getty, SINGAPORE —, West, European Union, UAE, U.S ., U.S, Treasury, Global Energy Locations: South Africa, Brazil, Russia, India, China, Sandton, Johannesburg, SINGAPORE, Singapore, Ukraine, European, Western, Saudi Arabia, Iran, Ethiopia, Egypt, Argentina, Moscow

☆ Key takeaways from the 2023 G20 summit in New Delhi
▼ + stars: | 2023-09-10 | by ( Sanjeev Miglani | ) www.reuters.com time to read: +4 min

FILE PHOTO-A man walks past a model of the G20 logo outside a metro station ahead of the G20 Summit in New Delhi, India, September 4, 2023. The entry of the AU would provide greater voice to the Global South within the G20 where the G7 countries have long played a dominant role. The deliberations of the G20 were being closely watched ahead of the COP28 U.N climate summit in the United Arab Emirates later this year. Modi's image has been on G20 billboards across the capital and in the vast and swanky new conference venue. To his supporters the successful outcome of the summit showed India's big moment had arrived.

Persons: Anushree, Joe Biden, Biden, MODI, Narendra Modi, Sanjeev Miglani, Kim Coghill Organizations: REUTERS, World Bank, Union, Diplomats, Host, European Union, U.S, Washington, United Arab, AS, Indian, India, Thomson Locations: New Delhi, India, DELHI, Ukraine, UKRAINE, Russia, Brazil, Indonesia, South Africa, China, Saudi Arabia, Iran, Beijing, SAUDI, United States, East, South Asia, Europe, United Arab Emirates

☆ Putin would not be arrested in 2024 Brazil G20 meeting, Lula says
▼ + stars: | 2023-09-10 | by ( ) www.reuters.com time to read: +1 min

[1/3] Russia's President Vladimir Putin attends the Dialogue with BRICS Business Council & New Development Bank during the BRICS summit in Brasilia, Brazil November 14, 2019. REUTERS/Adriano Machado Acquire Licensing RightsSept 9 (Reuters) - Brazilian President Luiz Inacio Lula da Silva said on Saturday that Russian leader Vladimir Putin would not be arrested in Brazil if he attends the Group of 20 meeting in Rio de Janeiro next year. Interviewed on the sidelines of the G20 meeting in Delhi by news show Firstpost, Lula said Putin would be invited to next year's event, adding that he himself planned to attend a BRICS bloc of developing nations meeting due in Russia before the Rio meeting. "I believe that Putin can go easily to Brazil," Lula said. "What I can say to you is that if I'm president of Brazil, and he comes to Brazil, there's no way he will be arrested."

Persons: Vladimir Putin, Adriano Machado, Luiz Inacio Lula da Silva, Lula, Putin, Sergei Lavrov, Gabriel Stargardter, Richard Chang Organizations: BRICS Business, New Development Bank, REUTERS, ICC, Thomson Locations: Brasilia, Brazil, Rio de Janeiro, Delhi, Russia, Rio, Ukraine, Rome

CNN —Russia on Sunday deemed the G20 Summit in India’s capital New Delhi an “unconditional success,” a day after the meeting’s final declaration stopped short of explicitly condemning its invasion of Ukraine. “At the same time, the G20 has nothing to be proud of in the part about Russia’s aggression against Ukraine. India's Prime Minister Narendra Modi and Russian Foreign Minister Sergei Lavrov shake hands ahead of the G20 summit. Earlier this month, Russian Foreign Minister Lavrov said Russia would block the final declaration of the G20 summit unless it reflects Moscow’s position on Ukraine and other crises. The summit had some high-profile absentees, with both Chinese leader Xi Jinping and Russian President Vladimir Putin staying away.

Persons: ”, Sergei Lavrov, Narendra Modi, Oleg Nikolenko, “, Antony Blinken, Ukraine “, CNN’s Jake Tapper, Ludovic Marin, Lavrov, ‘, ” Lavrov, Xi Jinping, Vladimir Putin Organizations: CNN, Sunday, Russian, ” Diplomats, Indian, Ukraine’s Foreign, Facebook, Meanwhile U.S, India's, Summit, Moscow State Institute of International Relations Locations: Russia, India’s, New Delhi, Ukraine, India, United States, Ukrainian, Meanwhile, Russian, AFP, Brazil, South Africa, Union

Hanoi, Vietnam CNN —President Joe Biden will arrive at Chinese leader Xi Jinping’s doorstep on Sunday with a deal in hand to draw yet another one of China’s neighbors closer to the United States. “It’s not going to be easy for Vietnam, because they’re under enormous pressure from China,” the official went on. In Vietnam, it’s not only China whose influence Biden is competing with. On Monday, Biden plans to announce steps to help Vietnam diversify away from an over-reliance on Russian arms, a senior administration official said. “I think that’s a deliberate design by the Biden administration,” said Yun Sun, the China program director at the Stimson Center.

Persons: Joe Biden, Xi Jinping’s, Biden, ”, It’s, playbook, Xi Jinping, Evelyn Hockstein, ” Biden, Modi, Xi, States ’, it’s, ratchets, aggressions, Didier Marti, “ We’re, “, Biden’s, Mao Ning, Vietnam’s, Antony J, Blinken, Trung, Patricia Kim, Le Hoai, Jake Sullivan, Sullivan, ” –, General Secreatary Nguyen, Trong, Yun Sun, ’ Organizations: Vietnam CNN, White House, Korean, Getty, Saturday, Communist Party, Xinhua, China’s, Monday, Communist Party of Vietnam's, Department of State . US Department of State, Biden, Brookings Institution, Communist, NATO, Wing, Stimson Locations: Hanoi, Vietnam, United States, Philippines, China, Beijing, New Delhi, AFP, Asia, States, Russia, Moscow, India, Brazil, South Africa, –, That’s, South China, Washington, South Korea, Helsinki, Japan, Korea, Australia, United Kingdom

But most concurred it was a foreign policy triumph for Modi as he pushes to increase India’s influence on the world stage. “India’s statement embodies the voice of the emerging Global South” said Derek Grossman, an analyst focused on the Indo-Pacific at the RAND Corporation. “It’s emerging as a successful case study of Western and non-Western powers and the Global South working together to pursue shared goals,” he said. Russian President Vladimir Putin and China's leader Xi Jinping skipped the G20 summit this year. Heading into the summit, Modi had argued that the developing countries should have more say, noting that they are disproportionately impacted by many crises including climate change, food shortages and rising energy prices.

Persons: —, Narendra Modi, Rishi Sunak, Olaf Scholz, Subrahmanyam Jaishankar, ”, Amitabh Kant, Modi, “, Derek Grossman, Michael Kugelman, Wilson, Vladimir Putin, Xi Jinping, Sergey Lavrov, India's, ” Lavrov, Michael Schuman, ” Schuman, ” Kugelman, Krutika Pathi, Adam Schreck, Joanna Kozlowska Organizations: DELHI, British, United, Russia, RAND Corporation, Beijing, ”, Union, South Asia Institute, Global, Russian, Atlantic, European Union, “, Associated Press Locations: Ukraine, Russia, China, Moscow, United Nations, India, New Delhi, Brazil, South Africa, Beijing, London

☆ The problem with labor data in understanding inflation
▼ + stars: | 2023-09-10 | by ( Bryan Mena | ) edition.cnn.com time to read: +6 min

The central bank will continue to pay close attention to the state of the labor market, specifically on wages, as it focuses on defeating inflation, but there’s only so much that labor data can reveal about price increases. Mainly, it’s that wage figures are great at gauging inflation’s progress, but they’re lousy at forecasting its future. Financial markets have shifted back to a “bad news is good news” way of perceiving economic data and will continue to react to labor data, but ultimately, it’s the actual inflation data that matter most to the Fed. The issue of labor figures in forecasting inflation lies with productivity data. The Federal Reserve releases August data on industrial production.

Persons: Austan Goolsbee, Raphael Bostic, ”, Quincy Krosby, ” Agron Nicaj, it’s, Anna Cooban, ” James Athey Organizations: CNN Business, Bell, DC CNN, Federal Reserve, Fed, Chicago Fed, Bloomberg, Atlanta Fed, Financial, LPL Financial, CNN, Oracle, National Federation of Independent Business, National Statistics, US Labor Department, Adobe, European Central Bank, US Commerce Department, China’s National Bureau of Statistics, Lennar Homes, The University of Michigan Locations: Washington, Saudi Arabia

☆ It is for China to explain Xi's absence from G20 summit, US official says
▼ + stars: | 2023-09-09 | by ( Nandita Bose | ) www.reuters.com time to read: +2 min

Chinese President Xi Jinping attends the plenary session of the 2023 BRICS Summit at the Sandton Convention Centre in Johannesburg, South Africa on August 23, 2023. GIANLUIGI GUERCIA/Pool via REUTERS Acquire Licensing RightsNEW DELHI, Sept 9 (Reuters) - Only China can explain the reason for the absence of President Xi Jinping from the annual G20 summit in New Delhi this weekend, a U.S. official said on Saturday. "Some have speculated China's absence indicates that it is giving up on the G20, building an alternative world order, that it will privilege groupings like the BRICS," Finer said. Also absent from the summit is President Vladimir Putin of Russia, which is being represented instead by Foreign Minister Sergei Lavrov. Last Sunday, reacting to news that Xi would not attend the G20 summit, Biden said he was "disappointed" but would "get to see him".

Persons: Xi Jinping, GIANLUIGI, Joe Biden, Jon, Li Qiang, Vladimir Putin of, Sergei Lavrov, Biden, Xi, Sudipto Ganguly, Clarence Fernandez Organizations: REUTERS Acquire, U.S, Thomson Locations: Sandton, Johannesburg, South Africa, DELHI, China, New Delhi, U.S, United States, Vladimir Putin of Russia, India, Brazil

Indian Prime Minister Narendra Modi announced that the Leaders' Declaration had been adopted on the first day of the weekend G20 summit in New Delhi. "On the back of the hard work of all the teams, we have received consensus on the G20 Leaders Summit Declaration. British Prime Minister Rishi Sunak said the declaration had "very strong language about Russia's illegal war in Ukraine". The declaration also called for the implementation of the Black Sea initiative for the safe flow of grain, food and fertiliser from Ukraine and Russia. Despite the compromise over the Leaders' Declaration, the summit had been expected to be dominated by the West and its allies.

Persons: Narendra Modi, Joe Biden, Evan Vucci, Germany's Scholz, Modi, Olaf Scholz, Rishi Sunak, Sergei Lavrov, Subrahmanyam Jaishankar, India's, Biden, Xi Jinping, Li Qiang, Russia's Vladimir Putin, Scholz, Sunak, Emmanuel Macron, Saudi Arabia's Mohammed Bin Salman, Japan's Fumio, Jon, Manoj Kumar, Katya Golubkova, Krishn Kaushik, Mayank Bhardwaj, Michel Rose, Raju Gopalakrishnan, Sanjeev Miglani, Jacqueline Wong, Kim Coghill, Alexander Smith Organizations: Indian, REUTERS Acquire, British, Foreign, INDIA, India's sherpa, Bharat, African Union, West, United Arab, Thomson Locations: New Delhi, India, Ukraine, Russia, DELHI, Ukrainian, Moscow, CHINA, China, Brazil, South Africa, Indonesia, Saudi, U.S, Delhi, Saudi Arabia, Iran, Ethiopia, Egypt, Argentina, United Arab Emirates

Indian Prime Minister Narendra Modi, this year’s host, has pledged not to let Ukraine overshadow the needs of the mostly developing nations in the so-called “ Global South,” but many of those issues are closely affected by the war. Russia's attack on Ukraine and China's growing assertiveness in the Asia-Pacific region have added friction, pitting some of the most powerful G20 countries directly against each other diplomatically, Lesser said. About half of the G20 countries are found in the Global South — depending on how one defines it — and Modi hopes to add the African Union as a bloc member. In preparation, he held a virtual “Voice of the Global South” summit in January and in working groups has targeted issues critical to developing nations, including alternative fuels like hydrogen, resource efficiency, developing a common framework for digital public infrastructure and food security. “While a yearlong presidency cannot solve all the problems of the Global South, India has managed to set the ball rolling on some of these issues, and individual G20 countries can carry forward the work,” she said.

Persons: — It’s, Narendra Modi, ”, Nazia Hussain, Volodymyr Zelenskyy, Modi, Joe Biden's, Justin Trudeau, Zelenskyy, “ I’m, Ian Lesser, Lesser, Vladimir Putin, Xi Jinping, Li Qiang, Xi, —, ” Hussain, Jake Sullivan, Sullivan, Biden, Putin, Hussain Organizations: DELHI, Group, Indian, Global, Singapore's, Rajaratnam, of International Studies, European Union, White, German Marshall Fund, United Arab, Foreign Ministry, U.S, Union, . National, World Bank, International Monetary Fund Locations: Ukraine, “ New Delhi, Russia, China, Bali, India, Brussels, U.S, Canada, Britain, Japan, Germany, Asia, Pacific, Brazil, South Africa, Iran, Saudi Arabia, United Arab Emirates, Argentina, Egypt, Ethiopia, Beijing, BRICS, Moscow

☆ The US dollar is king again. Here’s why
▼ + stars: | 2023-09-08 | by ( Anna Cooban | ) edition.cnn.com time to read: +5 min

London CNN —The US dollar is enjoying its longest winning streak in nearly nine years. The rally comes after months of volatility, fueled by concerns that the dollar may be losing its status as the world’s reserve currency. “Rumors of the US dollar’s demise continue to be greatly exaggerated,” James Athey, investment director at Abrdn, an asset manager, told CNN. Higher interest rates tend to boost the value of a country’s currency by attracting more foreign capital, as investors anticipate making bigger returns. “The US economy continues to surprise to the upside,” Carsten Brzeski, global head of macroeconomic research at ING, told CNN.

Persons: ” James Athey, ” Athey, ” Carsten Brzeski, ” Brzeski, Russ Mould, AJ Bell, Athanasios Vamvakidis, Sheldon Cooper, “, ” Alex Cohen Organizations: London CNN, CNN, Federal Reserve, ING, US Federal Reserve, European Central Bank, Bank of America Global Research, People’s Bank of Locations: Saudi Arabia, United States, China, Europe, Germany, Russia, People’s Bank of China

☆ Analysis: India is hosting G20 as the world is in crisis but for Modi it's also a chance to shine
▼ + stars: | 2023-09-08 | by ( Rhea Mogul | ) edition.cnn.com time to read: +9 min

Chinese leader Xi Jinping will be absent from the gathering, with Beijing giving no reason for the surprise miss – a move widely seen as a snub to India. Nevertheless, analysts say the gathering affords Modi a unique chance to shine on the world stage and flex India’s geopolitical muscle. India can act as a bridge,” said Kajari Kamal, associate professor at the Takshashila Institution in India. “For a long time, India was perceived as a nation of over 1 billion hungry stomachs,” Modi said in an interview with the Press Trust of India on Sunday. “It’s giving a great boost to infrastructure domestically, and to the world, it’s showcasing India’s culture and its rich heritage,” she added.

Persons: Narendra Modi, Modi, Modi’s statecraft, Xi Jinping, Vladimir Putin, Joe Biden, Mikhail Svetlov, ”, Kajari Kamal, ’, ” Modi, “, Kamal, It’s, Putin, Biden, Akhil Ramesh, Xi, Putin –, Michael Kugelman, it’s, Ramesh Organizations: CNN, Indian, Beijing, Kremlin, East, Takshashila, Press Trust of India, Pacific Forum, South Asia Institute, Wilson Center, Ukraine, White, Shanghai Cooperation Organization, SCO, Union, Pacific Locations: New Delhi, Ukraine, China, Russia, India, Russian, Moscow, Osaka, Japan, South, “, Australia, United States, Britain, East, Honolulu, Washington, Kremlin Moscow, Delhi

☆ Modi, Biden pledge to deepen India-U.S. partnership as world leaders descend on Delhi for G20 summit
▼ + stars: | 2023-09-08 | by ( Clement Tan | ) www.cnbc.com time to read: +6 min

Indian artist Jagjot Singh Rubal gives final touches to an oil painting of U.S. President Joe Biden, at his workshop in Amritsar on September 5, 2023, ahead of the two-day G20 summit in New Delhi. The pair's absence has sparked fears that a communique binding member states may not be issued at the end of a G20 leaders' summit — undercutting India's clout and diminishing his domestic messaging. At a pre-summit press conference Friday, India's G20 sherpa Amitabh Kant said the final declaration "is almost ready." In their joint statement after their Friday bilateral meeting, Biden and Modi "reaffirmed their commitment to the G20." Despite recently traveling to South Africa for a BRICS meeting, Xi has rarely traveled abroad.

Persons: Jagjot Singh Rubal, Joe Biden, Narinder Nanu, Narendra Modi, Biden, Bangladesh —, Modi, Vladimir Putin, Xi Jinping, Putin, Sergey Lavrov, China Premier Li Qiang, Xi, India's, Amitabh Kant, Kant, snubbing Modi, Taiwan — Organizations: Afp, Getty, Indian, U.S, International Monetary Fund, African Union, Global, China Premier Locations: Amritsar, New Delhi, Narinder, Delhi, Washington, Australia, India, Japan, U.S, Mauritius, Bangladesh, China, —, Russian, Russia, Ukraine, Germany, France, South Africa, Beijing —, Zambia, Venezuela, Malaysia, Philippines, Vietnam, Taiwan, Beijing

Search resuls for: "Brics"

25 mentions found