The Latest Breaking News from G7

Brazilian Finance Minister Fernando Haddad expressed serious concerns on Thursday that Argentina's economic challenges and a major drought there could affect the country's "political destiny" and usher in an extremist government.

NIIGATA, Japan: Political brinkmanship over raising the US debt ceiling risks "serious economic costs" even without the "catastrophe" of a default, Treasury Secretary Janet Yellen warned Thursday at G7 finance talks in Japan.

Tech sector complaints about the difficulties of doing business in the UK have been repeated more recently by the manufacturing sector. A decade of “flip-flopping” by the government has left the UK without an industrial strategy, according to Make UK, which represents industrial and manufacturing employers.

Leaders of seven of the world's richest nations meet next week at the G7 summit in the Japanese city of Hiroshima to discuss geopolitical, economic and climate issues as the war in Ukraine drags on and tensions rise between China and the United States.

Treasury Secretary Janet Yellen lands at Japan's G7 finance meeting this week, with her ambitious economic agenda hijacked by a bitter partisan fight over the U.S. debt ceiling that threatens a new financial crisis, and a signature tax deal blocked by Republicans.

European Union states were holding a first discussion on Wednesday on proposed new sanctions over Russia's war in Ukraine that would target Chinese and Iranian firms and allow export curbs on third countries for busting trade restrictions.

U.S. President Joe Biden will become the first U.S. sitting president to visit Papua New Guinea this month with a trip following the G7 in Japan, marking the administration's investment in the Pacific region to counter China.

The Group of Seven finance ministers will invite their counterpart from Ukraine, Serhiy Marchenko, to participate in a session on the global economy, Japan's top financial diplomat Masato Kanda said on Tuesday.

The leaders of the Group of Seven (G7) rich nations must condemn any threat to use nuclear weapons and vow "decisive action" against such a move when they hold a summit next week in the city of Hiroshima, Ukraine's envoy to Japan said.