G7 Leaders underline the unity and positive spirit

The G7 Biarritz  statement underlines the unity and positive spirit of the ongoing debates. According to the final statement, the G7 is committed to open and fair world trade and to the stability of the global economy.

– The G7 wishes to overhaul the WTO to improve effectiveness with regard to intellectual property protection, to settle disputes more swiftly and to eliminate unfair trade practices, the statement said.

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The event was also about gender and environmental issues. They launched the Biarritz Partnership Gender Equality initiative for governments to join.

The leaders urged also  Multilateral Development Banks (MDBs) and other Development Finance Institutions (DFIs)

  • to build on existing efforts to promote transparency and accountability mechanisms
  • to support projects that respect international law and prevailing standards, including the rule of law, human and labour rights, gender equality, and environmental standards
  • and to avoid unjustified disparities in the treatment of companies in calls for tenders.

Regarding the climate change issues, the US President Donald Trump kept his earlier message same and underlined the importance of LNG energy as one of the major energy sources in the world.

-I’m not going to lose that wealth (LNG). I’m not going to lose it on dreams, on windmills, which frankly aren’t working too well,  he said in the media meeting.

The tone of voice related to trade deals and US -China trade was somewhat positive and according to Mr Trump he said that he has great respect on the Chinese President Xi.

According to Bloomberg, some analysts thought that the UK PM Boris Johnson had a good meeting with the other G7 leaders and this was a positive sign for the Brexit due to October 31st.

The financial markets turned to green and the New York closed clearly up. Dow Jones index closed up 1,07 %, S&P 500- index  1,11 % and technology Nasdaq- index 1,32 %.

Business Finance

G7 to talk about environmental and gender issues

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The Group of 7 (G7) in Biarritz, France will talk about environmental and gender issues during the weekend meeting. According to the press materials, the G7 will discuss today on Sunday about trade and international security along with the Biarritz G7 final report.

The main focuses in the summit will be gender equality and environmental issues, but the delegates may bring new topics to the meetings as well.  One of the informal discussions is the UK Brexit deal with the EU and it will be seen if the Group will have some kind of statement of the Brexit by tomorrow. The closing press conference will be on Monday pm with the French President Emmanuel Macron.

The G7 have analysed the most effective legislative measures to enhance the gender issues and is offering this initiative to governments to join the partnership.  The advisory council have listed 70 laws and public policies and ask countries to adopt at least one of those and report back next year in 2020. During the year 2020 the US will be hosting the G7 meetings.

The second big issue is environmental questions. Climate change, oceans warming, biodiversity will be key topics also in Biarritz.  The G7 signed the Charter of Biodiversity in Metz and it will be presented for adoption now in Biarritz. During the meeting there will be discussions also about the Green Climate Fund and its actions towards to financing the climate change mitigation actions.

The G7 has also identified three different public and private stakeholder issues to fight global warming. They are the coalition of maritime transport and how the shipping companies can reduce their carbon and pollution, the coalition of energy efficiency in the cooling sector and the coalition of fashion industry.

According to the G7 materials, the fashion industry accounts about 8 % of global greenhouse gas emissions and textile production is having 1,2 billion tonnes of greenhouse gas emissions every year.

“This is more than all of the emissions produced by international flights and maritime transport combined. The fashion sector is also responsible for 17 % of the industrial water pollution worldwide and the microfibres shed by synthetic fabrics are responsible for up to 35 % of plastic pollution in the world oceans”, the report says.

This G7 Fashion Pact, is also signed by Francois-Henri Pinault, the owner of the one of the world’s biggest luxury companies Kering Group (KER). The Group includes brands like Gucci, Saint Laurent and Boucheron with the market cap of 51,9 billion euros.

The G7 countries include Canada, France, Germany, Italy, Japan, the United Kingdom and the United States.  The members represent about 40 % of the global GDP, but at that time when the group was established, in 1976, the countries represented 70 % of the global GDP.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Business Finance

Trump: New taxes with China trade

The US President Donald Trump is to impose a new 10 % tariff in China imports. The new taxes, would be imposed beginning September 1st and would include for example smart-phones, laptop computer and children’s clothing.

According to Bloomberg, they will come on top of the 25% duty in place already on some $250 billion in Chinese goods and mean that almost all trade with China will be subject to new taxes.

The US President Donald Trump and the Chinese President Xi Jinping, met last time in Osaka at the end of June. The coming G7 meeting in France, in Biarritz, at the end of August, the 24 to 26 August, might also provide a possibility to continue the locked trade talks.

The Financial markets tumbled to the new tariffs news in Wall Street yesterday and in Asia today. For example the Nikkei-index was trading over 2 % lower and Shanghai-index over 1,7 % lower.

 

 

Business Finance