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The Latest Breaking News from G7

Commentary: OPEC’s move to raise oil prices is all about Russia

On Wednesday, OPEC+ announced a dramatic reduction in production quotas, by 2 million barrels per day. According to oil ministers, the goal is to boost crude prices and “encourage investment” in the sector — making it sound like they are doing the world a favor. In fact, this is an…

Los Angeles Times

Capping Russia's oil profits could keep oil flowing to global markets at a reasonable cost while slashing Putin's war funding

The world as we know it cannot function without oil, giving oil-producing countries an advantage economists call market power. Nations that produce oil are able to set the price, while countries that rely on oil have little choice but to buy it at prices determined by the seller.

The Conversation

U.S. Treasury seeks phased G7 oil sanctions as EU ban looms

G7 sanctions on Russia will target its oil and products in three phases, senior U.S. treasury official Ben Harris said on Tuesday, as the bloc seeks to limit unintended economic damage while curbing Moscow's funds to wage war in Ukraine.

Reuters

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Truss to attend first meeting of European Political Community

Inaugural summit of EU initiative that aims to unite Europe on issues such as security and energy to take place in Prague

The Guardian - UK

Why is Russia sending oil and gas workers to fight in Ukraine? It may signal more energy cutoffs ahead

Russia’s effort to conscript 300,000 reservists to counter Ukraine’s military advances in Kharkiv has drawn a lot of attention from military and political analysts. But there’s also a potential energy angle.

The Conversation

Spike in oil price breaking India's back: Jaishankar

India is deeply concerned over the spike in the price of oil due to the Russia-Ukraine conflict and it is "breaking our back," External Affairs Minister S Jaishankar has said. Read more on Dynamite News:

Dynamite News

Exclusive-U.S. seeks allies as split emerges over global plastics pollution treaty

The United States is seeking to form a coalition of countries to drive negotiations on a global plastic pollution treaty, weeks after a similar group involving several other G7 nations was launched, according to a document seen by Reuters.

Reuters

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Modi recalls Shinzo Abe’s vision at state funeral in Tokyo

PM Narendra Modi meets Japanese counterpart Fumio Kishida; lauds Shinzo Abe’s role in cementing Indo-Japan ties

The Hindu

Government to push on with tax cuts as pound hits all-time low against dollar

Neither Chancellor Kwasi Kwarteng nor Liz Truss are currently expected to publicly address the major market shift, following Friday’s mini-budget

Evening Standard

Govt aims to boost economy by easing entry for intl travelers

Prime Minister Fumio Kishida announced his intention to increase the number of inbound travelers to Japan by lifting the current ban on the acceptance of individual foreign travelers from Oct. 11.

The Japan News/Yomiuri

Moscow to stop energy supply if prices are unfair, says Russian Ambassador to India Denis Alipov

India has maintained that the purchase of Russian crude is not made through government intervention and the supply is being sourced from the global market

The Hindu

Cost of living crisis: what are the rest of the G7 doing?

From generous one-off benefit payments to caps on rent increases, state intervention is taking shape across the G7

The Guardian - UK

Biden state visit to UK ‘being considered for 2023’

Diplomatic sources believe the 25th anniversary of the Good Friday Agreement would be an ideal time for Joe Biden

The Independent UK

Mini-budget predictions: What should we expect from Kwasi Kwarteng?

The Standard looks at the moves the chancellor could announce

Evening Standard

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The Guardian - UK

Denmark offers ‘loss and damage’ funding to poorer countries for climate breakdown

Denmark ‘gets ball rolling’ at UN ahead of protests as poor nations call for greater collective commitment

The Guardian - UK

Macron says UK and France must ‘move on’ from Truss remarks

Two leaders appear to smooth over tensions in first bilateral talks in New York but avoid awkward topics

Reuters

U.S. senators want secondary sanctions on Russian oil

Democratic and Republican senators on Tuesday proposed that U.S. President Joe Biden's administration use secondary sanctions on international banks to strengthen a price cap G7 countries plan to impose on Russian oil over Moscow's invasion of Ukraine.

The Guardian - UK

Liz Truss warned corporation tax cuts have not fuelled investment

‘Race to the bottom’ on tax on company profits has failed to boost economic growth, says IPPR

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The Independent UK

Liz Truss’s bid to ‘go for growth’ by slashing big business taxes will fail, study warns

UK among ‘worst performers’ for private sector investment – despite lowest corporation tax rate

The Guardian - AU

Greens urge Labor to redirect fossil fuel subsidies to renewables in budget – as it happened

This blog is now closed

AAP

Australia backs G7 Russian oil price cap

Australia will join the G7 nations and impose a price cap on Russian oil to drive down global oil prices while still putting a dent in Moscow's finances.

Bangkok Post

Fallout from an 'economic war'

Thailand's customs-cleared export value continued to expand for a 17th consecutive month in July, but the growth rate slowed to 4.3% year-on-year after robust gains of 11.9% in June, 10.5% in May, 9.9% in April and 19.5% in March, which was the highest level since records began in 1991.

The Hindu

PM Modi arrives in Samarkand for Shanghai Cooperation Organisation meeting, skips photo ops

Friday will mark Modi’s first face-to-face meeting with Xi since April 2020 LAC stand-off

The Independent UK

G7 nations to take tougher line on trade with China

Germany’s economy minister says the Group of Seven major economies have agreed to take a tougher, more coordinated stance toward China when it comes to trade

The Hindu

India’s procurement of Russian crude oil not under govt-to-govt framework: Foreign secretary

India’s procurement of discounted crude oil from Russia has seen a significant jump in the last few months notwithstanding an increasing disquiet over it by the Western countries

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