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The Latest Breaking News from G7

Global economy 2023: how governments could make the energy crisis worse this year

This is the second instalment in our series on where the global economy is heading in 2023, which started with this article on global inflation.

The Conversation

Japan's PM Kishida vows deeper alliance with US on defense

Japanese Prime Minister Fumio Kishida has pledged to deepen his country’s alliance with the United States under Japan’s new defense policy that breaks from its exclusively self-defense-only stance in the face of growing regional tensions

The Independent UK

Britain faces the worst recession among G7 partners, economists predict

A bleak survey of over 100 leading UK-based economists suggests high inflation could linger for longer than other countries as Brits face a huge squeeze in household incomes

Daily Mirror

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A global recession is coming, and this is where economists predict will fare the worst

IMF director Kristalina Georgieva said simultaneous contractions in three major economies—the U.S., the EU, and China—will be the driving forces behind a global recession in 2023.

Fortune

UK suffering from ministers’ ‘outright incompetence’, economists warn

The UK is set for a deeper recession than other G7 nations, economists warned

The Independent UK

G7 Tells Taliban to ‘Urgently Reverse’ Ban on Women Aid Workers

G7 foreign ministers on Thursday called on the Taliban to "urgently reverse" a ban on women working in Afghanistan's aid sector. The ban is the latest blow against women's rights in Afghanistan since the Taliban reclaimed power last year. The hardliners also barred women from attending universities earlier this month,…

Asharq Al-Awsat

Ukraine news – live: No place in Bakhmut ‘not covered with blood’, says Zelensky

Vladimir Putin’s forces increasingly diminished at epicentre of fighting in Donbas, analysts believe

The Independent UK

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Russia May Cut Oil Output in Response to Price Caps, Says Deputy PM

Russia may cut oil output by 5%-7% in early 2023 as it responds to price caps on its crude and oil products by halting sales to the countries that support them, Deputy Prime Minister Alexander Novak told state television on Friday. Detailing for the first time the Russian response to…

Asharq Al-Awsat

G7 Commits to $32 Bln in Budget Support for Ukraine in 2023

The Group of Seven (G7) wealthy nations has mobilized up to $32 billion in budget and economic support for Ukraine next year, their finance ministers said in a joint statement on Thursday, adding that they are prepared to give more if needed. "We remain strongly committed to addressing Ukraine's urgent…

Asharq Al-Awsat

G7 to Taliban: women ban in universities could amount to crime against humanity

Gender persecution may amount to a crime against humanity, said a statement by German Foreign Minister Annalena Baerbock on Thursday on behalf of the Group of Seven (G7) wealthy nations' foreign ministers.

Reuters

G7 commits to $32 billion in budget support for Ukraine in 2023

The Group of Seven (G7) wealthy nations has mobilised up to $32 billion in budget and economic support for Ukraine next year, their finance ministers said in a joint statement on Thursday, adding that they are prepared to give more if needed.

Reuters

UK economy shrank ‘more than thought’ up to September putting it last among G7 nations

Growth has been weaker than estimated throughout much of the past year

Evening Standard

Tories accused of ‘losing control of the economy’ as figures show it shrinking faster and worst in G7

Revised figures show the UK is slipping even further from its pre-pandemic level

The Independent UK

UK economic growth weaker than first thought, latest figures show

THE UK economy contracted by more than was first thought between July and September with growth also weaker than estimated in a grim set of official…

The National (Scotland)

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Bangkok Post

Crude oil prices continue to fluctuate due to the protracted Russia-Ukraine war and Russian oil price cap

Global political and economic directions shifted as soon as Russian President Vladimir Putin ordered the invasion of Ukraine under a “special operations” mission on 24 February 2022.

The Conversation

Ukraine war: Putin has been weaponising energy for years, here's what to look out for next

Not since the 1970s oil crisis has the west seen such a focus on energy security. Suddenly in 2022 it became a critical part of the battle for Ukraine. Russian attacks on energy facilities have left millions of Ukrainians without power during a freezing winter.

The National (Scotland)

Calls for Tories to U-turn on international aid cuts after alarming report

A NEW report shows the UK Government is exacerbating humanitarian crises around the world after cutting international aid spending and missing…

The Independent UK

Allies discuss how Ukraine can be given ‘decisive edge’ against Putin

The Ukrainian President has asked G7 allies including Britain to go further by supplying long-range missiles that could be used in deadly attacks.

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Reuters

G7 nations to provide Vietnam with $15.5 billion to cut coal use

The Group of Seven (G7) industrialised nations will provide $15.5 billion to help Vietnam transition away from coal, the British foreign office said on Wednesday.

Reuters

U.S. accelerates Ukraine diplomacy as Europe slides into winter

Nearly ten months into the war in Ukraine, the Biden administration is intensifying diplomatic efforts to ensure that the transatlantic alliance that opposes Russia's invasion survives a bitter European winter.

Zenger

Will Putin Adhere To G7 Price Cap? EU To Face Tough Year Filling Oil, Gas Reserves

Until the Russia-Ukraine War, the European Union (EU) relied on Russia for roughly close to 40% for natural gas supply.

Al Jazeera

When will global gas prices go down to pre-Ukraine war levels?

Energy analysts explain why much of the world can expect high prices for at least the next two years.

Asharq Al-Awsat

G7 Considers More Air Defense for Ukraine as Fighting Rages

Russian missiles, artillery and drones hammered targets in eastern and southern Ukraine, the Ukrainian General Staff said, as global economic powers pledged to beef up Kyiv's military capabilities with a focus on air defense. The Group of Seven promised to "meet Ukraine's urgent requirements" after President Volodymyr Zelenskiy appealed for…

Reuters

Ukraine's Zelenskiy pushes G7 for winter Global Peace Summit

Ukrainian President Volodymyr Zelenskiy urged leaders of the Group of Seven nations on Monday to support his idea of convening a special Global Peace Summit in winter dedicated to bringing peace to his country.

Reuters

G7 says it is setting up multi-agency platform to coordinate aid to Ukraine

Group of Seven rich nations on Monday said they would set up a multi-agency platform to coordinate aid to Ukraine and support its repair, recovery and reconstruction, with senior representatives to convene as soon as possible in January.

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