European Union economy commissioner Paolo Gentiloni warned that violence in the Red Sea sparked by Houthi attacks on shipping could push up energy prices and inflation in the bloc. "We know that we're starting this year with subdued growth, increasing concerns on the downside risks caused by the geopolitical tensions,"...
G7 launching partnership scheme to diversify supply chains
Niigata, Japan - The G7 plans to launch a partnership scheme to diversify supply chains this year, ministers from the group said Saturday following finance talks in Japan ahead of a major summit next week. The ministers did not directly mention efforts to reduce reliance on trade with China or Russia...Russia war ‘most important’ factor slowing growth: IMF committee chair
The fund trimmed its world growth forecast to 2.7 percent in 2023, and its chief economist Pierre-Olivier Gourinchas cautioned that the next year would feel like a recession for many people. Throughout its meetings of financial chiefs this week, the crisis lender stressed that the priority was for central banks...G7 to ‘urgently’ implement Russian oil price cap
G7 industrialized powers vowed Friday to "urgently" move towards implementing a price cap on Russian oil imports in a bid to cut a major source of funding for Moscow's war in Ukraine. The G7 said it was working towards a "broad coalition" of support for the measure but officials in...
G20 ministers endorse global deal to tax multinationals
A framework for international tax reform, including a minimum corporate rate of 15%, was agreed this month by 131 countries The reforms aim to prevent countries competing to offer the lowest tax rates to attract investment G20 finance ministers on Saturday gave their backing to a "historic" global deal to...
