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The Latest Breaking News from G7

India, China bought 80% of Russia's oil in May: International Energy Agency

India has increased purchases from almost nothing to close to 2 million barrels per day, while China has raised liftings to 2.2 million barrels per day. With Europe banning import and G7 imposing shipping restrictions on Russian oil, more than 90% of the product is now headed to Asia, with…

The Hindu

China ETFs Climb On Hopes Of Better US Relations As State Department Confirms Blinken’s Beijing Visit

Hope is building up across the Pacific

Zenger

Deutsche Bank puts U.S. recession chances near 100%—avoiding hard landing “unprecedented”

Output is expected to contract as early as October and continue shrinking during the all-important election year, making it the worst performing economy among G7 nations in 2024.

Fortune

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Ukraine urges G7 to clamp down after western parts found in Russian missiles

Kyiv says components including microchips supplied for civilian purposes are sent to Russia through countries such as China

The Guardian - UK

UK short-term borrowing costs surge above Truss-era highs; US inflation falls to 4% – as it happened

UK interest rates expected to hit 5.5% by December after regular pay grows by a record, sending two-year bond yields soaring

The Guardian - UK

UK exports in last decade worse than any G7 country except Japan

UN figures show value of British goods and services exports rose by 6% between 2012 and 2021, compared with 29.1% for EU

The Guardian - UK

The geopolitics of nature requires collaboration

From Russia's war against Ukraine to US rivalry with China, tectonic geopolitical shifts have shaken multilateralism in recent years. While many of the consequences, from surging food and energy prices to the rising risks of major conflict, have been discussed at length, more attention must be devoted to the implications…

Bangkok Post

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For the record

Same-sex couples’ rights | Democrat/Democratic

The Guardian - UK

Sunak praises Biden’s experience on China as ‘valuable to someone newer at this’

At 43, Mr Sunak is the youngest leader in the G7 group of industrial democracies, while Mr Biden is the oldest at 80.

The Independent UK

UK inflation nightmare - why Britain is suffering more than any other major economy

Inflation is tipped to average 6.9% as it takes longer to come down here than in any other G7 nation, according to the Organisation for Economic Cooperation and Development

Daily Mirror

Japan court falls short of calling same-sex marriage ban unconstitutional

The complicated ruling from a court in Fukuoka comes after four other courts reached differing conclusions, and ahead of a parliamentary debate on the subject

The Guardian - AU

Sunak accused of ‘bottling’ US baseball pitch by senior Tory

‘He bottled it – I bet you he bottled it’, says ex-Tory chairman Jake Berry

The Independent UK

Sunak to raise concerns about Biden’s green subsidies

PM talks up anti-protectionist agenda ahead of meeting – insisting subsidy races are ‘zero sum’ game

The Independent UK

Britain’s economy to suffer second worst growth in G7 this year

New analysis reveals only Germany will perform worse than UK, despite improved growth projections

The Independent UK

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Evening Standard

Rishi Sunak lays wreath at Arlington National Cemetery on first day of US visit

A Union Flag was carried by the party accompanying the Prime Minister as he made his way to the monument

Daily Mirror

Kinnock's Brexit warning to Starmer over EU Single Market and economic pledge

The former Labour leader issued a warning to the current incumbent over meeting his economic vow while remaining outside the Single Market and Customs Union

The Guardian - UK

Sunak talks up free trade on his way to Washington DC to meet Biden

Prime minister extols anti-protectionist agenda apparently at odds with large subsidies going to the US green energy sector

The Independent UK

Rishi Sunak to flag Inflation Reduction Act concerns in talks with Joe Biden

He will also push for action on artificial intelligence (AI) regulation and seek greater economic co-operation with the US.

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ABC News

Angus Taylor says Australia's core inflation is higher than all the countries in the G7. Is that correct?

Shadow Treasurer Angus Taylor says Australia has higher core inflation than all of the countries in the G7. Is that correct? RMIT ABC Fact Check investigates.

The Conversation

Price caps on groceries are not the answer to the UK's inflation problem

Prime Minister Rishi Sunak is proposing a form of price caps on basic food items like milk and bread to slow their price increases. This is likely to set maximum prices which sellers are not allowed to exceed, though it appears it would be voluntary.

Reuters

Sanctions on Russia over Ukraine must be maintained, Japan says

Japan and like-minded countries must be united and maintain sanctions on Russia until it ends its aggression in Ukraine, Japan's foreign minister, Yoshimasa Hayashi, said on Friday.

Reuters

Factbox-Governments race to regulate AI tools

Rapid advances in artificial intelligence (AI) such as Microsoft-backed OpenAI's ChatGPT are complicating governments' efforts to agree laws governing the use of the technology.

Salon

U.S. resisting global push for peace

Global South leaders, and even some in NATO, are pushing Putin and Zelenskyy toward talks. Time for U.S. to step up

Fortune

U.S. CEOs like Jamie Dimon and Elon Musk travel to China as Sino-American relations worsen

Some of America's top business leaders are visiting China this week, even after the G7 called for a strategy to diversify away from China.

The Guardian - UK

Running out of battery: how post-Brexit Britain is failing to set up a future-focused economy

One-off deals won’t keep pace with the big industrial strategies of the US and EU, says Mariana Mazzucato, a professor in the economics of innovation

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