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The Latest Breaking News from G7

EU ‘very close’ to finalising Russian diamond ban, says Belgian PM

Belgian backing for Russian diamond embargo critical as about 90% of world’s diamonds pass through Antwerp

The Guardian - UK

UK to have highest inflation and slowest growth of any G7 economy, IMF says

THE UK is set to become the slowest growing economy among major developed nations next year, according to the International Monetary Fund (IMF).

The National (Scotland)

Russia-Ukraine war at a glance: what we know on day 595 of the invasion

Zelenskiy attends Nato meeting in Brussels and appeals for more air defence ahead of winter; Yellens says G7 oil price cap has reduced Russian revenue

The Guardian - UK

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UK economy set for weakest growth in G7 next year as IMF cuts its forecasts

Higher interest rates to stay as global economy ‘limping along’

The Independent UK

IMF says UK will have weakest growth in G7 next year

But Government says GDP is set to rebound faster than in France or Germany

Evening Standard

UK moving in ‘reverse gear’ in global race for green growth, think-tank warns

Rishi Sunak’s recent rollback of some net-zero policies makes the UK an outlier, new report suggests

The Independent UK

Building BRICS for the future

BRICS, a grouping of six new members inducted in August, is an economic compulsion. It has grown to 36% of global GDP and 47% of world population by 2050. It has the potential to challenge G7 dominance and contains two of the world's fastest-growing economies, China and India. The U.S.'s…

The Hindu

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UK economy makes stronger recovery from pandemic than first thought

Revisions to figures show stronger performance than Germany and France but momentum starts to stall

The Guardian - UK

Western sanctions on Russian diamonds set to disrupt a global industry

G7 experts are set to arrive in India on a fact-finding mission this week ahead of the expected announcement of a new embargo on importing Russian diamonds. An EU ban has also been under discussion for months – but imposing new regulations on the global diamond market is no easy…

France 24

Fake coordinates, shadow tankers: How Russia is transporting oil to avoid G7 sanctions

On a sunny day off the southern coast of Greece last week, two aging tankers nestled next to each other while one pumped oil to the other. As far as global satellite tracking systems could tell, it never happened.

The Times of India

Revealed: Europe’s role in the making of Russia killer drones

Exclusive: Kyiv says Iranian drones used by Russia in Ukraine have various European components

The Guardian - UK

Russia still relies on Europe to ship its oil despite price cap breach

Russia is still relying on European shipping to transport its oil even as the country’s supplies exceed Group-of-Seven price caps, according to a researcher.

The Times of India

Russian oil supplies continue to spike despite G7 price cap sanctions, data shows

Russia’s oil revenues likely to increase due to constant increases in crude prices, show estimates

The Independent UK

Who wants to rule the world? I will, says Joe Biden. No, it’ll be me, says Xi Jinping

The US and China are building rival global coalitions as the UN stumbles. Tackling collective challenges will be harder in a fragmented world

The Guardian - UK

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The Conversation

G20 summit proved naysayers wrong – and showed Global South's potential to address world's biggest problems

Skepticism was running high ahead of the 2023 summit of the Group of 20, or G20, held in New Delhi in early September. Russian President Vladimir Putin and Chinese President Xi Jinping announced that they would not attend. At one moment, it was touch and go whether U.S. President Joe…

The Guardian - UK

UK minister says west must learn to listen better to global south

James Cleverly says some in south feel they only hear ‘Ukraine, Ukraine, Ukraine’ from western leaders

The Independent UK

Hunt: Inflation plan working but households still feeling cost-of-living pain

The Chancellor said there is still ‘immense pressure’ on families but the Government’s plan ‘is working – plain and simple’.

The Guardian - UK

Investors cut bets on UK interest rate rise after surprise fall in inflation – as it happened

Odds of an increase in UK interest rates on Thursday fall below 50%, after inflation rate dropped unexpectedly in August to an 18-month low

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The Hindu

The ‘mantras’ that powered success at the G-20 summit

It is India’s policy ‘mantras’ of multilateralism, multipolarity and the “middle way” that won the day at the G-20 summit

Evening Standard

OPINION - Guto Harri: Meeting Macron is a coup for Keir Starmer, but he should be wary too

You don’t easily forget an encounter with Emmanuel Macron. Mine was brief and in private, at the G7 summit in Germany last year. His hand was firm but he held my gaze even more tightly. A Downing Street colleague got a wink that she will cherish for ever — Gallic…

Evening Standard

UK flatlining economy will grow slower and suffer higher inflation than eurozone in 2023, leading economists

Government accused of leaving Britain ‘stuck in the slow lane’

The National (Scotland)

Stronger taxes on UK's biggest polluters could have raised £23 billion

STRONGER action on taxing the country’s biggest polluters by the UK Government could have raised up to £23 billion last year, a report has…

The Hindu

Assessing outcomes of G-20 summit

There should be no hesitation in recognising that the summit has been a major political and diplomatic success for G-20 and its current president, India

The Independent UK

Aid cuts see UK fall out of top five in global development rankings

The UK had previously been the only G7 nation in the top five, but has now been overtaken by Germany and France.

The Hindu

Summit without a declaration would have meant death for the G-20: German Ambassador

G-7 countries saved G-20 from demise with skilful Indian negotiations, Indonesia-India-Brazil-South Africa joint proposal. All countries agreed to formulation, Russia isolated. Ukraine disappointed, Germany promised more aid and support.

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