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The Latest Breaking News from G7

Putin’s budget faces 'catastrophe' after price cap spells doom for Russian oil exports

Nearly a year after Russia invaded Ukraine, the Kremlin risks a massive revenue shortfall as the price of each barrel of oil it can sell on the world market falls dramatically.

Fortune

G7 seeks two price caps for Russian oil products

The Group of Seven (G7) coalition will seek to set two price caps on Russian refined products in February, one for products trading at a premium to crude oil and the other for those trading at a discount, a G7 official said.

Reuters

Japan, France to reinforce security cooperation in Asia-Pacific region

Japanese Prime Minister Fumio Kishida and French President Emmanuel Macron on Monday pledged greater security cooperation in the Asia-Pacific region as Kishida made his first visit to France since taking office.

Radio France Internationale

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Talks between Biden and Mexico's López Obrador got off to a bit of a rough start

The two leaders set out to talk about working together on migration, fentanyl interdiction and the economy. But first, they sparred over the history of U.S. support in Latin America.

WEKU

Macron to take Japan's Kishida to Notre-Dame as allies deepen ties

French President Emmanuel Macron will take Japanese Prime Minister Fumio Kishida to visit the construction site of the Notre-Dame cathedral on Monday as he looks to boost bilateral relations ahead of Tokyo taking over the G7 presidency.

Reuters

Japan's PM to meet President Macron, visit Notre-Dame cathedral

French President Emmanuel Macron and Japanese Prime Minister Fumio Kishida are due to visit the construction site of Notre-Dame cathedral in Paris this Monday.

Radio France Internationale

Japan's Kishida set to talk military buildup, chips on G7 tour

Japanese Prime Minister Fumio Kishida starts a tour of key Western partners on Monday, after unveiling his country's biggest military buildup since World War Two as Tokyo weighs steps to counter China's growing power.

Reuters

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Japan mulls inviting Yoon to May's G7 Hiroshima summit

The government is considering inviting South Korean President Yoon Suk-yeol to the Group of Seven summit meeting in Hiroshima after observing Seoul's response to an issue related to former wartime requisitioned workers, according to government sources.

The Japan News/Yomiuri

G7 chair Japan to focus on Ukraine, E. Asian security

Now that the international order has been shaken by Russia's aggression against Ukraine and China's military rise, how will Japan demonstrate the shared values and unity of the G7?

The Japan News/Yomiuri

Kishida looks ahead to tackling economic, constitutional issues

How will Prime Minister Fumio Kishida deal with mounting challenges, both domestic and global? The Yomiuri Shimbun Political News Editor Shinichi Murao interviewed him about defense, the economy, diplomacy and more.

The Japan News/Yomiuri

Japan wants G-7 to team up against ‘economic coercion’ by China

Japan wants the Group of Seven advanced economies to take a coordinated approach this year aimed at preventing the “economic coercion” that China has applied to some of its trading partners.

Tribune News Service

Japan PM Kishida invited to visit Ukraine, spokesperson says

Japanese Prime Minister Fumio Kishida has been invited to visit Ukraine, the government's top spokesperson said on Friday.

Reuters

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

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Daily Mirror

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

Fortune

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.

The Independent UK

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

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

Asharq Al-Awsat

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,…

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The Independent UK

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

Asharq Al-Awsat

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…

Reuters

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.

Evening Standard

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

The Independent UK

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

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