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Summits

Summits
G7 ministers to meet as world grapples with Iran war
Finance ministers from the Group of Seven developed economies are set to meet in Paris this week as the world grapples with the economic consequences of the war in Iran. President of the Eurogroup, Kyriakos Pierrakakis, is among those travelling to the meeting and said the situation in the Middle East highlights how exposed our interconnected economies are to external shocks. “Opening the Strait of Hormuz and bringing the conflict to a lasting end are of the utmost importance in mitigating the impact on the economy,” he said. “The European economy has proven resilient in the face of this energy crisis. “Yet, the global economy will feel the pressure – even if the conflict is resolved swiftly.” He also said that macroeconomic imbalances must be viewed in a broader context. “The EU’s agenda to deepen our capital markets and make the European economy more investible will contribute to more sustainable levels of macroeconomic imbalances,” Perrakakis said. “However, reducing the imbalances is a shared responsibility of all major economic regions.” Long-term borrowing costs in several G7 countries have surged in recent weeks amid investor worries about rising inflation, as the war in Iran continues to restrict en
Summits
Execs travel to China for forum amid trade tensions
More than 80 global executives travelled to Beijing for the annual China Development Forum as corporate giants attempt to navigate United States-China tensions. This year’s meeting comes as executives attempt to recapture the Chinese consumer after years of uncertainty from the Covid-19 pandemic, slower growth and U.S. trade tensions. Beijing has said it is committed to becoming a "cornerstone of certainty” and a “harbour of stability”. “China will unswervingly promote high-level opening up to the outside, import more high-quality foreign goods and work with all parties to promote the optimised and balanced development of trade, jointly expanding the global economic and trade pie,” Chinese Premier Li Qiang said. Beijing also touted its five-year economic plan to 2030 as an opportunity for foreign investment. The five-year plan largely doubles down on China’s manufacturing-oriented high-tech industrial policy, raising fears of an even greater shock to Western factories. The meeting came amid increasing concerns over China’s massive trade surplus, which hit a record US$1.2 trillion. It also comes fresh off a recovery in Apple iPhone sales in China. Apple CEO Tim Cook praised the extraordinary pace of technolo
Summits
Davos opens amid rising inequality fears
Corporate leaders and government officials from around the world are descending on Davos, Switzerland this week for the World Economic Forum’s annual meeting, as concerns over inequality, geopolitical tension and a shifting global order loom large over the elite gathering. United States President Donald Trump is set to attend in person for the first time since 2020, arriving with what organisers describe as the largest U.S. delegation ever. His presence is expected to dominate proceedings at an event that promotes dialogue and economic progress, even as critics point to widening wealth gaps and growing unease among the public. The four-day forum, which opens Tuesday, is hosted by the World Economic Forum under the theme “A spirit of dialogue” and its longstanding motto of “improving the state of the world". One of the central questions hanging over the meeting is whether Trump will speak with attendees — or at them. High-profile attendees include JPMorgan CEO Jamie Dimon, Ukrainian President Volodymyr Zelenskyy and Nvidia CEO Jensen Huang, who is making his Davos debut. Organisers say close to 3,000 cross-sector leaders are expected, including a record 400 political leaders, 850 chief executives and around 100 te
Summits
Jackson Hole 2025: Will the Fed signal a Sept rate cut?
Every year, an obscure valley in the state of Wyoming - Jackson Hole - captures the world’s attention when it plays unlikely host to an annual Economic Symposium, which includes some of the world’s leading economists and monetary policymakers. Given the mounting political pressure on Federal Reserve (The Fed) chair Jerome Powell, this year’s annual economic pow wow at Jackson Hole – which kicks off on Friday (U.S. time) – is expected to provide long-awaited clarity into the central bank’s thinking on more interest rate cuts and the implications for Americans' wallets. Much to the frustration of United States President Donald Trump, Powell has not succumbed to bullying and has kept rates on hold in light of recent inflation readings that reveal price pressures remain above the Fed’s target of 2%. Also worrying Powell and fellow members of the Fed’s board is the weakening state of the U.S labour market. Given that markets are pricing in a quarter to half a point cut for September – with some even expecting a bigger move - Powell’s guidance later this week can’t be understated. What’s also creating an interesting backdrop to Powell’s comments is the recent appointment of Trump-loyalist Stephen Miran to the central bank
Summits
World Bank commits to supporting Pacific development
The World Bank has emphasised its commitment to supporting economic resilience and development in the Pacific region, following a visit from the bank’s officials. Its managing director of operations Anna Bjerde visited Fiji, Papua New Guinea, and Australia. The World Bank also agreed in July to strengthen its procurement requirements to mandate that at least 30% of labour on international civil works contracts is local. “The World Bank Group is proud to support the people of the Pacific with solutions that address development challenges in the region, with jobs at the centre — giving young people the chance to shape their own future,” said Bjerde. Bjerde attended the Pacific Islands Forum Economic Ministers Meeting in Fiji, where the World Bank said she stressed the importance of smaller Pacific island nations’ connections to international financial institutions. The World Bank’s Correspondent Banking Relationships Project, which launched last year, allows eight Pacific nations to offer services in foreign currencies across borders. “How can Pacific countries maintain their economic links? We recommend removing barriers to trade and investment, especially in services, since many of your countries have large, tradable s

Summits
Carney meets Trump to forge Canada's US economic reset
Despite the seismic gulf between the United States and Canada on key issues, the Oval Office meeting between the country’s two leaders was more like the traditional White House peacock dance than the high stakes encounter the market expected. However, while U.S. President Donald Trump was hell bent on framing the meeting as a “very friendly” meeting with America’s northern neighbour, Canada’s newly appointed Prime Minister Mark Carney had a more pressing objective. Given that Carney had come to power on the promise of creating a new bilateral economic and security relationship with its southern neighbour, his visit to Trump was all about reminding Washington that it was rebalancing its relationship with Canada. What has galvanised Canadians' desire to diversify an economy heavily dependent on exports to the U.S. was repeated throw away remarks by the U.S. president that Canada should become the 51st state of America. No visit to the U.S. would have been complete without Carney delivering his blunt salvo to Trump that “Canada is not for sale; it won’t be for sale – ever.” In typical Trump-like retort the U.S. President responded by saying “Never say never, never say never”, and that it would be “a wonderful marriage
Summits
US 'back, open for business': Trump tells class at Davos
United States President Donald Trump has vowed to bring down oil and gas prices, eliminate regulations, introduce U.S. domestic tax cuts and bring in tariffs on foreign goods in a video address to the Davos 2025 World Economic Forum in Switzerland. Trump said he would be implementing the “largest tax cut in American history” and laid out plans for a major intervention to lower oil prices and interest rates. There will also be “massive tax cuts” for American workers and will slash corporate tax from 21% to 15% which will benefit foreign companies that manufacture goods in the U.S., while tariffs will be slapped on those that don’t. He also laid out plans to increase investment in U.S. energy by speeding up the permit process for new projects. “The United States has the largest amount of oil and gas of any country on Earth, and we're going to use it,” Trump said, adding that this would benefit the country’s AI and cryptocurrency industries. “America is back and open for business.” WATCH: President Trump thanks the 2025 class in front of 3,000 world leaders at Davos The former and now 47th U.S. President has also promised to tackle government spending, “economic chaos” and increased public borrowing. He also s
Summits
ASEAN Summit: Key Outcomes for Australia
The 44th and 45th ASEAN Summits finished up in Vientiane, Laos, with significant outcomes for Australia. Prime Minister Anthony Albanese highlighted the strides Australia has made in implementing the Southeast Asia Economic Strategy to 2040, emphasising the joint fortunes shared with the region. “This is about Australian businesses making new partnerships in South-East Asia to drive a new generation of jobs, trade and investment,” Albanese said in his opening remarks last week. “Because a fundamental principle of the ASEAN-Australia partnership is mutual benefit and we all gain from a regional economy that is more resilient and more connected. Just as we all prosper from the peace, stability and security that enables the free exchange of ideas, culture, technology and the strengthening of bonds in business, education and tourism.” Australia announced a range of new initiatives, including a $2 billion investment mission in Southeast Asia, aimed at deepening economic ties and creating jobs at home. New programs, such as Landing Pads for tech startups and scholarships, help deepen socio-cultural and economic ties, while climate cooperation and maritime capacity-building initiatives solidify long-term partnerships. T
Summits
Southeast Asia opportunities for Australia at ASEAN summit
As Australia looks toward its regional neighbours, the Association of Southeast Asian Nations (ASEAN) remains a crucial partner for economic growth and collaboration. The 44th and 45th ASEAN Summits will be held from October 6, 2024 to October 11, 2024 in Vientiane, Laos. Here’s what you need to know:The ASEAN Summit: A Gathering of Economic PowerhousesThe ASEAN Summit, scheduled for October 10, 2024, in Vientiane, Laos, promises to be pivotal. Leaders from ASEAN member countries and their partners will convene to discuss a wide range of issues, with a strong focus on economic cooperation and investment.Elevating Korea-ASEAN TiesSouth Korean President Yoon Suk Yeol’s visit to Laos aims to upgrade ties to a Comprehensive Strategic Partnership — the highest level in ASEAN’s diplomatic hierarchy. This move underscores the importance of investment and economic collaboration between South Korea and ASEAN nations.Laos as the Host CountryLaos, currently chairing ASEAN, is hosting the annual ASEAN Business and Investment Summit (ABIS) in 2024. The goal? Boosting regional business and investment initiatives. Expect discussions on trade facilitation, infrastructure projects, and cross-border investments.EU's Investment PledgeIn a signifi