G20 financial chiefs flag global economic ‘soft landing’, warn of risks from war

G20 financial chiefs flag global economic ‘soft landing’, warn of risks from war
Brazil's Economy Minister Fernando Haddad (L) speaks next to US Treasury Secretary Janet Yellen after signing an agreement during the G20 economic ministers' meeting in Rio de Janeiro on July 26, 2024. (AFP)
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Updated 27 July 2024
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G20 financial chiefs flag global economic ‘soft landing’, warn of risks from war

G20 financial chiefs flag global economic ‘soft landing’, warn of risks from war
  • Communique avoids mention of wars in Gaza and Ukraine, to sidestep disagreements between Russia and major Western nations
  • Communique avoids mention of wars in Gaza and Ukraine, to sidestep disagreements between Russia and major Western nations

RIO DE JANEIRO: G20 financial leaders said on Friday the global economy was likely heading for a “soft landing,” but warned wars and escalating conflicts could endanger this outlook, while more global cooperation could make growth stronger.
In a joint communique after a two-day meeting in Brazil, finance ministers and central bankers from the Group of 20 major economies also committed to resist protectionism in trade and stressed the need to reduce economic inequalities.
Last month, the World Bank forecast that the global economy would avoid a third consecutive decline in growth since a major post-pandemic jump in 2021, with 2024 growth stabilising at 2.6 percent, in line with 2023, but warned that overall output would remain well below pre-pandemic levels through 2026.
“We are encouraged by the increasing likelihood of a soft landing of the global economy, although multiple challenges remain,” the communique said. “Downside risks include wars and escalating conflicts,” it said.
By avoiding explicit mention of the conflicts in Ukraine and Gaza, diplomats have worked to sidestep the disagreements between Russia and major Western nations that derailed a consensus at the finance chiefs’ gathering in February.
To defuse the disagreement, Brazil drafted a chair statement on geopolitical issues, stressing that these matters will be addressed by G20 leaders in November.
“The G20 made a wise decision to put geopolitical issues in their place to allow the cooperation agenda to move forward,” Brazil Finance Minister Fernando Haddad told a news conference.
Haddad also hailed the group’s first-ever declaration calling for cooperation to effectively tax the world’s largest fortunes, although that separate joint statement papered over disagreements about the right forum to advance the agenda.
The G20 communique said economic activity had proved to be more resilient than expected in many parts of the world, but the recovery had been highly uneven across countries, contributing to the risk of economic divergence.

Balance of risks
The document flagged risks to the economic outlook that remain broadly balanced, with more economic cooperation, faster-than-expected disinflation and technological innovations, like the safe development of Artificial Intelligence (AI), cited among upside risks.
But at the same AI tech could also turn out to be a downside risk to growth, the document said, along with economic fragmentation and persistent inflation keeping interest rates higher for longer, extreme weather events, and excessive debt.
Climate change and significant loss of biodiversity were key topics of concern, the G20 financial leaders agreed, warning that if poorer nations had to shoulder more of the cost of fighting climate change, it would make global inequality worse.
“We reiterate the understanding that the cost of inaction is greater than the cost of action,” the communique said.
The document also stepped-up language calling for a reform of the International Monetary Fund, that would give emerging and developing economies a bigger say in the lender of last resort.
The G20 communique underlined the “urgency and importance of realignment in quota shares to better reflect members’ relative positions in the world economy.” G20


Finland to ban Russian nationals from buying property: minister

Finland to ban Russian nationals from buying property: minister
Updated 58 min 16 sec ago
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Finland to ban Russian nationals from buying property: minister

Finland to ban Russian nationals from buying property: minister
  • “The government has just decided to submit a proposal to parliament to ban real estate transactions by Russians in Finland,” Finnish Defense Minister Antti Hakkanen said
  • “Our aim is to strengthen the security of Finland and the Finnish people“

HELSINKI: Finland’s government on Thursday proposed a ban on property purchases by nationals from countries that initiate wars, meaning in practice that real estate transactions by Russian citizens will be restricted.
It recommended that “persons whose country of nationality is waging a war of aggression and may pose a threat to Finland’s national security” would not be permitted to buy real estate there.
“The government has just decided to submit a proposal to parliament to ban real estate transactions by Russians in Finland,” Finnish Defense Minister Antti Hakkanen told a press conference.
“Our aim is to strengthen the security of Finland and the Finnish people,” he added.
While the bill did not mention Russia explicitly, Hakkanen said the current security environment meant “Russia and Russian nationals and companies are the ones concerned.”
Finland, which shares a 1,340-kilometer (830-mile) eastern border with Russia last year blocked several real estate acquisitions by private individuals and companies linked to Russia, citing threats to national security.
According to Hakkanen, the bill aims to prevent property being used for “large-scale hostile influence,” such as enabling intelligence activities and various forms of sabotage against Finland.
Persons holding a permanent residence permit in Finland or a long-term European Union residence permit granted by Finland would not be affected by the ban.
To reduce the risk that the ban will be circumnavigated by so-called dummy purchasers — someone who buys property on behalf of another to conceal the aim of a purchase — the ministry said it “could impose an obligation to apply for a permit.”
Parliament is set to vote on the bill later this spring, according to Hakkanen.


Panama president decries US ‘lies’ about canal fees

In this aerial view a cargo ship enters the Panama Canal on the Pacific Ocean side in Panama City on February 4, 2025. (AFP)
In this aerial view a cargo ship enters the Panama Canal on the Pacific Ocean side in Panama City on February 4, 2025. (AFP)
Updated 06 February 2025
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Panama president decries US ‘lies’ about canal fees

In this aerial view a cargo ship enters the Panama Canal on the Pacific Ocean side in Panama City on February 4, 2025. (AFP)
  • Allegations are latest point of tension between countries which have clashed over the canal since Trump claimed waterway had effectively been taken over by China

PANAMA CITY: Panama President Jose Raul Mulino on Thursday said the United States was spreading “lies and falsehoods” after the State Department claimed US government vessels would be able to pass the Panama Canal without paying a fee.
The fiery allegations are the latest point of tension between the two countries which have clashed over the canal since US President Donald Trump claimed the vital waterway had effectively been taken over by China and vowed “we’re taking it back.”
Speaking to journalists, Mulino expressed his “absolute rejection” of managing US-Panama ties “based on lies and falsehoods.”
The Panama Canal Authority issued a statement late on Wednesday denying the claim from the US State Department earlier in the day that Panama’s government had agreed to no longer charge crossing fees for US government vessels, in a move that would save the US millions of dollars a year.
Trump has accused the Central American country of charging excessive rates to use its trade passage, one of the busiest in the world.
“Why are they making an important institutional statement from the entity that governs the foreign policy of the United States, under the President of the United States, based on a falsehood?” Mulino asked on Thursday, calling the State Department’s claim “simply and plainly intolerable.”
Mulino said he had asked his ambassador in Washington to take “firm steps” to deny the Trump administration’s claim.


Four killed as US military-contracted plane crashes in Philippines

Four killed as US military-contracted plane crashes in Philippines
Updated 06 February 2025
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Four killed as US military-contracted plane crashes in Philippines

Four killed as US military-contracted plane crashes in Philippines
  • The Philippine military said in a statement it could not release information about the crash on Mindanao Island
  • None of the four known victims had so far been identified

MANILA: A small plane that crashed in the southern Philippines on Thursday, killing at least four people on board, was contracted by the American military, the US embassy confirmed without further detail.
The Philippine military said in a statement it could not release information about the crash on Mindanao Island as the matter was classified and an investigation was ongoing.
Small numbers of American troops are put on short-term rotational deployments in the Philippines, where the US military has helped provide intelligence to troops battling militants linked to the Daesh group that remain active on Mindanao.
The US Indo-Pacific Command in Hawaii did not immediately respond to inquiries.
Regional police spokesman Jopy Ventura told AFP that officers had not yet determined the cause of the fixed-wing aircraft’s crash on a farm near the municipality of Ampatuan.
None of the four known victims had so far been identified, he said, adding that police and soldiers had been deployed to the site to prevent potential tampering with evidence.
The plane’s tail number, identified by police as N349CA, was registered to defense firm Metrea, according to flight-tracking site FlightAware, which identified it as a Beechcraft Super King Air B300.
The Metra website describes the company as a “leading provider of effects-as-a-service to national security partners across multiple domains and over a dozen mission areas.”
Municipal rescuer Rhea Martin told AFP her team had found four dead bodies at the crash site.
“The bodies were found near the plane,” she told AFP, adding: “The plane was cut in half.”


Police probe school link in Sweden’s worst mass shooting

Police probe school link in Sweden’s worst mass shooting
Updated 06 February 2025
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Police probe school link in Sweden’s worst mass shooting

Police probe school link in Sweden’s worst mass shooting
  • Swedish police found three rifles near the body of the gunman, who they believe took his own life
  • Syrian Arab Republic’s embassy in Stockholm wrote on Facebook that Syrian citizens were among the dead

OREBRO, Sweden: A gunman who killed 11 people, including himself, at an adult education center in central Sweden may have been a student at the school, police said on Thursday, as they described chaotic scenes after the country’s deadliest mass shooting as being like an “inferno.”
Police believe the suspected killer — identified by a Reuters source and Swedish media as Rickard Andersson, a 35-year-old unemployed recluse — acted alone in Tuesday’s attack on an educational campus in Orebro, about 200 km (125 miles) west of Stockholm.
Swedish police found three rifles near the body of the gunman, who they believe took his own life.
“The police who arrived at the scene have spoken about what could be described as an inferno ... dead people and injured people, screams and smoke,” Orebro police chief Lars Wiren said.
Police found 10 empty bullet magazines and a “large amount” of unused ammunition. Wiren said police arrived on the scene five minutes after the alarm was raised and believed the attacker then began directing his fire toward them.
“After approximately one hour, the acute operation was over when the suspected perpetrator was found dead with several weapons near him,” Wiren said, adding that police had not opened fire during the incident.
Police said the smoke was not caused by fire but by “some sort of pyrotechnics.” Several police had to seek medical attention for inhaling smoke.

’NO CLEAR MOTIVE’
Swedish authorities have said there was no evidence so far that the shooter, who was not previously known to police, had “ideological motives.”
“We don’t see a clear motive, but we’re looking for it,” police investigations leader Anna Bergqvist said. “It’s a very difficult question, but it’s really important for all of us to be able to present a motive as soon as possible.”
Police said in a statement that there was information indicating that he had been a student at the school. “That is something we will have to look closer at,” Bergqvist told the press conference.
Police have not confirmed the name of the suspect and are awaiting genetic, dental and fingerprint data before making a conclusive identification.
The Risbergska adult education center, where the attack took place, offers adult courses and Swedish language classes for immigrants.
While police have yet to disclose the identities of the victims, Syrian Arab Republic’s embassy in Stockholm wrote on Facebook that Syrian citizens were among the dead, without specifying how many. Bosnia’s foreign ministry said separately its embassy had been informed by relatives that one Bosnian citizen had been killed and another wounded in the attack.
Sweden has a high level of gun ownership by European standards, mainly linked to hunting, though it is much lower than in the United States. A wave of gang crime in recent years has also highlighted the high incidence of illegal weapons.
BARRICADED IN CLASSROOMS
While Sweden has suffered a wave of gun violence in recent years related to gang crime, the nation has been shocked by the brutality of Tuesday’s crime.
Survivors barricaded themselves in classrooms and hid under beds to escape the killer. When they were released by police, they spoke of seeing pools of blood where victims had been shot. Police are still working to formally identify the dead.
Six people were admitted to a local hospital in the wake of the attack, five of whom required surgery for gunshot wounds. All were now in stable condition though two remained in intensive care, regional authorities said in a statement.
Many students in Sweden’s adult school system are immigrants seeking qualifications to help them find jobs in the Nordic country, while also learning Swedish.
The Campus Risbergska school has around 2,700 pupils, around 800 of whom were enrolled in Swedish for Immigrants courses, according to information provided by the local authority.
Prime Minister Ulf Kristersson, who called the attack a “dark day” for Sweden, was holding a regular gathering of the government on Thursday and has invited all the opposition parties to attend in a show of political unity.
Unlike in many countries, access to schools in Sweden is generally not tightly controlled. Speaking to Swedish Radio, School Minister Lotta Edholm, said that should change.


Zelensky hails arrival of French jets as ‘strengthening Ukraine’s security’

Zelensky hails arrival of French jets as ‘strengthening Ukraine’s security’
Updated 06 February 2025
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Zelensky hails arrival of French jets as ‘strengthening Ukraine’s security’

Zelensky hails arrival of French jets as ‘strengthening Ukraine’s security’
  • Zelensky said: “This is another step in strengthening Ukraine’s security“

KYIV: Ukrainian leader Volodymyr Zelensky on Thursday hailed the delivery of the first Mirage 2000 fighter jets from France, to help Kyiv defend its airspace against Russia.


“The first Mirage 2000 jets from France have arrived, adding to our air defense capabilities,” Zelensky said, adding that “France’s president (Emmanuel Macron) keeps his word, and we appreciate it. This is another step in strengthening Ukraine’s security.”