Leading US financial institution JPMorgan Chase & Co. warns that the recent weakening of the Israeli shekel may indicate long-term trends for the currency, citing political risk and a shift in foreign allocation by Israeli investors as contributing factors.
India has spent ₹4,100 crore on hosting the G20 summit, four times the amount allocated in the budget, while other countries have spent significantly less on previous summits.
G20 leaders have committed to reforming the dysfunctional World Trade Organization's dispute settlement system by 2024, aiming to improve global trade and reduce protectionism.
The G20 in India will be remembered for its historic achievements, including bringing the African Union to the table and creating a global bio-fuel alliance, according to Union Minister Hardeep Singh Puri.
Leaders of the G20 have pledged to tackle global hunger and malnutrition by enhancing research on climate-resilient crops, promoting sustainable food systems, and supporting developing nations in meeting their food security goals.
Chinese President Xi Jinping's decision to skip the G20 Leaders' Summit in India is not viewed as a snub by the Indian government, with External Affairs Minister S Jaishankar praising China's role in the summit and dismissing any notion of offense.
African nations are struggling with high borrowing costs due to attractive US rates, risk aversion, and challenging economic conditions, leading to difficulties in market access for Eurobonds. To mitigate high financing costs, sovereigns are seeking diversification of funding sources.
Britain experienced its hottest day of the year so far, with temperatures reaching 32.7 degrees Celsius (90.9 degrees Fahrenheit) at Heathrow airport.
The Group of 20 nations have urged uninterrupted grain exports from Russia and Ukraine to meet the demand in developing countries and reduce global food inflation.
India has successfully achieved its finance track objectives during its G20 presidency, including strengthening Multilateral Development Banks, creating a global regulatory framework for crypto assets, promoting financial inclusion through digital infrastructure, resolving debt for lower and middle-income countries, and financing sustainable cities, among other accomplishments, according to Finance Minister Nirmala Sitharaman.
The G20 leaders have reached a conclusion on the Ukraine war, emphasizing the need for the revival of the Black Sea grain deal and urging all states to refrain from the use or threat of force, stating that the use of nuclear weapons is inadmissible.
US President Joe Biden described India's plan to build a rail and shipping corridor linking India with the Middle East and Europe as a "game-changing investment" during the G20 Summit, aiming to boost trade, transport energy resources, and improve digital connectivity.
India, along with several countries including the UAE, Saudi Arabia, EU, France, Italy, Germany, and the US, will launch an economic corridor connecting India, the Middle East, and Europe, which is expected to significantly boost trade and connectivity.
Saudi Arabia's membership in the G20 reflects its increasing global economic importance, particularly in energy exports, international trade, and financial resources, as well as its efforts in promoting transparency and economic stability.
G20 leaders have agreed to implement global tax reforms encompassing digital economy taxation and a global minimum corporate tax rate, with significant progress already made on the first pillar and a Multilateral Convention (MLC) expected to be ready for signature in the second half of 2023. Additionally, the leaders called for the swift implementation of a Crypto-Asset Reporting Framework (CARF) and the regulation of crypto-assets activities and markets.
China's Belt and Road Initiative, which has expanded global investments and trade, is facing challenges due to economic slowdown, defaults, and the impact of COVID-19, leading President Xi Jinping to prioritize profitability in projects and explore new approaches to economic assistance.
Residents in Slough, a bankrupt borough in the UK, are warning that their lives will be "plunged into misery" after the city council went bust, causing a decline in services, record council tax hikes, and a run-down town center.
The Africa Climate Summit highlighted the need for global action to combat climate change, with the Arab world playing a key role in addressing the issue and supporting Africa's climate resilience efforts through financial assistance and collaborative initiatives.
The US dollar's strength in the foreign exchange market, along with discussions of de-dollarization, highlights the divergence between the US and other major economies. The Dollar Index is on an eight-week rally, reaching a record high in international payments, while the euro's share has declined to a record low. In the week ahead, the US CPI and the ECB meeting are expected to be major events, with the US showing signs of inflation and weaker demand, and the euro facing challenges amid stagnation and inflation. China's CPI and PPI have shown some improvement, but the focus will be on yuan loans and real sector data. The eurozone's focus will be on the possibility of a rate hike by the ECB and the release of July industrial production figures. Japan's household consumption continues to fall, and the country may experience a contraction in Q3. The UK will release employment data and GDP details, while Canada will see data on existing home sales and the CPI. Australia will release its August employment data, and Mexico's peso positions may continue to adjust due to the winding down of the currency forward hedging facility.
The G20 reached a consensus and adopted the New Delhi Leaders Summit Declaration, which called for upholding international law, peaceful conflict resolution, and diplomacy.
The spouses of G20 leaders visited India's Green Revolution seat, the PUSA-Indian Agricultural Research Institute, where they witnessed breakthroughs in Indian agriculture and enjoyed a farm-to-fork millet experience, including witnessing curated millets from different countries and innovative tech solutions showcased by agricultural startups.
The Birmingham City Council in England has declared itself bankrupt due to financial difficulties, with the main causes being equal pay claims and excessive spending on projects such as an IT system and the Commonwealth Games bid. The council has issued a Section 114 notice, halting all but essential spending. The Conservative government has refused to provide further funding, stating that it's the responsibility of local councils to manage their own budgets.
Saudi Arabia's membership in the G20 is a reflection of its growing importance in global energy exports, international trade, and financial resources, as well as its impact on the global economy and its commitment to stability and development.
The UK's decision to rejoin the EU's Horizon research program may not be as beneficial as it seems, as the program has failed to live up to expectations and Europe as a whole is falling behind in terms of scientific breakthroughs and technological innovation, with the US and China leading the way. Additionally, closer cooperation with Europe comes at a time when the bloc is facing economic challenges and declining growth, making it more advantageous for the UK to focus on expanding its trade relationships with other dynamic economies around the world.
The African Union's membership in the G20 will provide an opportunity for the continent to make a significant contribution to addressing global challenges, according to AU Commission head Moussa Faki Mahamat.
Canadian consumer and business confidence has plummeted to its lowest levels since the pandemic, leading to a disconnect between the state of the economy and the public's negative sentiment, which could be attributed to anxiety-inducing inflation and concerns about rising interest rates as well as worsening structural problems such as unaffordable home prices and stagnant GDP per capita.
UK Prime Minister Rishi Sunak believes that the G20 leaders can address the enormous challenges facing the world and provide leadership, as he attends the summit in Delhi alongside Prime Minister Narendra Modi, who emphasized India's inclusive approach to the G20 presidency and proposed granting the African Union permanent membership.
China's real estate market downturn, characterized by falling property prices and potential defaults by developers, poses significant risks to Chinese banks, global markets, and Asian economies closely linked to China through trade and investment. The situation has prompted cautiousness among international investors and led to negative impacts on Japan's exports.
The Group of 20 (G20) is an international organization that aims to unite world leaders around shared economic, political, and health challenges, with its members representing more than 80 percent of the world's economic output. The annual G20 summit brings together finance ministers and heads of state to discuss and address key issues, often culminating in a joint statement of collective action.
President Biden aims to rally support for Ukraine and promote American investment in the developing world at the G20 summit in India, presenting new plans for a transit corridor connecting partner nations and unveiling World Bank reforms, challenging China's global trade expansion and providing a better option for emerging economies.
Prime Minister Narendra Modi urged world leaders at the G20 Summit to overcome the "trust deficit" caused by war and emphasized the importance of finding new solutions to global challenges during his opening address. Additionally, he announced that the African Union has been granted permanent membership in the G20.
Vietnamese businesses are hopeful that President Joe Biden's visit to Vietnam will lead to increased exports, lower tariffs, and the approval of more agricultural imports, particularly passion fruit, which could result in significant growth for companies like Vina T&T. Additionally, the visit is expected to strengthen trade relations between the two countries, with Vietnam becoming a major market for the U.S. and attracting investments from American businesses.
The African Union (AU) has been granted permanent membership in the G20, according to Indian Prime Minister Narendra Modi during the G20 Summit, marking the AU's inclusion in the group of 20 largest economies worldwide.
The G20 summit in India has sparked speculation that India may be changing its name to Bharat, an ancient Sanskrit term, which is already used interchangeably with India. Critics see this as part of the Hindu nationalist government's attempt to erase the Muslim Mughal influence in the country, while others argue for retaining the name "India" for its historical value and global recognition.
Gen Z is more optimistic about homeownership than millennials, with a lower percentage believing it will be impossible in their lifetime, and while both generations face barriers to homeownership such as high home costs and student loan debt, Gen Z is doing a better job of saving and has a slightly higher rate of homeownership compared to millennials and Gen X at their age.
The article discusses how the rate of inflation has impacted processors, distributors, and other middlemen, with some benefiting from price increases but now at risk of a slowdown.
India's stock market is reaching record highs, making it an attractive investment destination for global investors, especially as China struggles with economic woes, positioning India as a "safe place to hide" and a geopolitical juggernaut.
China's consumer prices rose slightly and the decline in factory-gate prices slowed in August, indicating easing deflation pressures and signs of stabilization in the economy, although more policy support is needed to boost consumer demand.
India's stock market is at a record high valuation, attracting foreign investors and positioning it as a safe haven compared to China, with its solid economic growth, policy reforms, and robust credit growth contributing to its outperformance in the equities market.
China's consumer price index rebounded in August after slipping into deflation in July, indicating a post-Covid economic recovery, despite sluggish domestic consumption and concerns of a relapse into deflation in the coming months.
The 18th G20 Summit, hosted by India, will focus on the theme of 'One Earth' and aims to accelerate climate action and achieve net-zero emissions, with over 30 heads of state and international organizations in attendance.
Surging rice prices in the Philippines, caused by India's export restrictions, serve as a warning for other major importers as they rush to secure supply and contain rising costs.
The Torkham border crossing between Afghanistan and Pakistan remained closed for the third consecutive day due to a lack of agreement between the two countries over the establishment of a security checkpoint on the Afghan side of the border. Afghan officials have been uncompromising, causing frustration and hardship for stranded Afghans.
The United States, Saudi Arabia, India, and other nations are discussing a potential infrastructure deal that would connect Middle Eastern countries with South Asia through railways and ports, with the aim of improving trade and countering China's Belt and Road initiative.
China Evergrande Group has announced a delay in making a decision on offshore debt restructuring, giving more time for Hong Kong CEG class holders of debt to consider its new restructuring plan.
The British public's long-term inflation expectations rose in August, posing a challenge for the Bank of England, which is expected to raise interest rates later this month.
Mexico's finance ministry expects the country's economy to grow between 2.5% and 3.5% next year, with inflation slowing to 3.8%, according to a draft budget document released by the ministry.
India's record stock market valuation and increasing foreign inflows are positioning the country as a safe and attractive investment option, especially amidst the economic troubles and struggling financial markets of its neighboring rival, China.
India's use of Digital Public Infrastructure (DPI) to enhance financial inclusion and delivery of public goods and services has been praised by the World Bank, with the India Stack achieving an 80% financial inclusion rate in just six years, according to a report prepared for the G-20 summit. The report also highlights the success of India's UPI platform, as well as other digital ID and fast payment systems around the world. India is leveraging its leadership of the G-20 to promote its advancements in financial inclusion and offer support to non-G-20 countries in implementing their own digital infrastructure.
Pertamina Geothermal Energy, a unit of Indonesian state energy firm Pertamina, is in advanced talks to buy KS Orka Renewables' geothermal unit for up to $1 billion to double its geothermal capacity by 2027-2028.