Spain hosts key UN talks on global development finance as US retreats
Trump slashed more than 80% of USAID funding, which previously accounted for roughly a quarter of total international development financing.
The once-in-a-decade conference, which runs through Thursday, aims to deliver concrete solutions to address critical global needs, including hunger, poverty, climate protection, health and peace.
It will also emphasize international cooperation and rebuilding multilateral trust.
According to organizers, a central focus will be the restructuring of financing for the 17 United Nations Sustainable Development Goals (SDGs), which were adopted in 2015 with a target date of 2030.
The goals address issues such as poverty, health, education, climate action, and equality.
A new agreement on global development financing, the Seville Commitment, is expected to be adopted during the conference by participating U.N. member states.
The United States, which is not attending, did not sign on to the agreement in advance.
From the perspective of development advocates, more ambitious action is needed.
The organization Germanwatch, for example, has called for a solidarity levy on environmentally harmful industries, arguing that polluters continue to reap profits while vulnerable populations bear the brunt of the climate crisis.
Despite global consensus on the SDGs, reaching them by 2030 appears increasingly unlikely due to conflict, climate disruption and shrinking development budgets.
The last such conference was held in 2015 in Addis Ababa.
--------
Copyright (C) 2025, Tribune Content Agency, LLC. Portions copyrighted by the respective providers.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
6 minutes ago
- Yahoo
Trump pressures China and India to stop buying cheap Russian oil
U.S. President Donald Trump is pushing China and India to stop buying oil from Russia and helping fund the Kremlin's war against Ukraine. Trump is raising the issue as he seeks to press Russian President Vladimir Putin to agree to a ceasefire. But cheap Russian oil benefits refiners in those countries as well as meeting their needs for energy, and they're not showing any inclination to halt the practice. Three countries are big buyers of Russian oil China, India and Turkey are the biggest recipients of oil that used to go to the European Union. The EU's decision to boycott most Russian seaborne oil from January 2023 led to a massive shift in crude flows from Europe to Asia. Since then China has been the No. 1 overall purchaser of Russian energy since the EU boycott, with some $219.5 billion worth of Russian oil, gas and coal, followed by India with $133.4 billion and Turkey with $90.3 billion. Before the invasion, India imported relatively little Russian oil. Hungary imports some Russian oil through a pipeline. Hungary is an EU member, but President Viktor Orban has been critical of sanctions against Russia. The lure of cheaper oil One big reason: It's cheap. Since Russian oil trades at a lower price than international benchmark Brent, refineries can fatten their profit margins when they turn crude into usable products such as diesel fuel. Russia's oil earnings are substantial despite sanctions The Kyiv School of Economics says Russia took in $12.6 billion from oil sales in June. Russia continues to earn substantial sums even as the Group of Seven leading industrialized nations has tried to limit Russia's take by imposing an oil price cap. The cap is to be enforced by requiring shipping and insurance companies to refuse to handle oil shipments above the cap. Russia has to a great extent been able to evade the cap by shipping oil on a 'shadow fleet' of old vessels using insurers and trading companies located in countries that are not enforcing sanctions. Russian oil exporters are predicted to take in $153 billion this year, according to the Kyiv institute. Fossil fuels are the single largest source of budget revenue. The imports support Russia's ruble currency and help Russia to buy goods from other countries, including weapons and parts for them. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
6 minutes ago
- Yahoo
South Korea pledges to help companies cope with higher US tariffs
By Jihoon Lee SEOUL (Reuters) -South Korea will prepare measures to help companies cope with higher U.S. tariffs and expand into new markets, the Finance Ministry said on Tuesday, as it kicked off a task force to prepare the new administration's economic policy plans. On the domestic front, the government will come up with measures to boost short-term demand, as well as financial support for mid- to long-term technology development to enhance market competitiveness, it said in a statement. South Korea reached a trade deal with the U.S. last week, just days before President Donald Trump's threatened 25% tariff rate was due to come in on its exports to the United States. The trade deal set tariffs on exports from the Asian country at 15%, still higher than a baseline 10% rate and the near zero tariffs for exports under a Korea-U.S. free trade agreement. Still, topics left unresolved by the deal provide scope for more disputes as the two countries prepare for a summit between Trump and new South Korean President Lee Jae Myung in the coming weeks. Trump may use the summit to try to squeeze more concessions on areas such as defence costs and corporate investments, left out of the deal, while non-tariff barriers and currency could prove thorny issues, experts said. South Korea's Finance Ministry, however, sought to give a positive spin on the agreement. The deal reduced uncertainty over the trade environment, while a $350 billion investment package included in the deal will provide new business opportunities for companies, deepen economic cooperation between the two countries, and contribute to a more stable supply chain, the ministry said. The administration of President Lee also plans to prepare policy measures to foster new industries, such as artificial intelligence, semiconductors and "K-contents" and include them in economic growth strategies and budget plans due to be announced later this month. K-contents refers to a range of cultural and entertainment goods produced by the country ranging from K-pop to Korean dramas that have boomed globally. The ministry vowed to bring regulatory improvements to vitalise business activity, as it kicked off a meeting with the country's major business groups. Asia's fourth-largest economy grew in the second quarter at the fastest pace in more than a year on rebounding consumer spending and a surge in technology exports, but still faces headwinds from slowing global trade amid the sweeping tariffs. The International Monetary Fund last week raised its outlook for most advanced and emerging economies this year based on developments around U.S. tariff negotiations, but South Korea was among the exceptions, with its 2025 growth forecast revised down to 0.8% from 1.0%.
Yahoo
6 minutes ago
- Yahoo
Morning bid: Bad news is good news for markets craving Fed 'rocket fuel'
A look at the day ahead in European and global markets from Rocky Swift Markets are trying hard to see the bright side of bad news in the United States, anticipating dour data will trigger the economic "rocket fuel" of Federal Reserve interest rate cuts so craved by President Donald Trump. Odds for a September cut now stand at about 94%, CME Fedwatch showed, from 63% last week. Market participants see at least two quarter-point cuts by year-end. The odds shot up after disappointing non-farm payrolls data on Friday, causing equity markets to swoon and Trump to shoot the messenger, firing the head of labour statistics and promising to replace her within days. Institutional independence is turning into a short bet in the U.S. The early resignation of Fed Governor Adriana Kugler will let Trump pick her successor, adding to concerns about partisan loyalty invading the staid world of central bank policy. Asian markets followed gains on Wall Street, with MSCI's broadest index of Asia-Pacific shares outside Japan up 0.4%. South Korea's Kospi stood out with a 1% jump, while Vietnamese shares traded near a record high. Data today from the region's two biggest economies showed resilience in their service sectors in the face of headwind from Trump's chaotic introduction of tariffs on goods from trading partners. In Japan, the S&P Global final services purchasing managers' index (PMI) climbed to 53.6 in July from 51.7 in June for the strongest expansion since February. China's services activity last month expanded at its fastest pace in more than a year. A slew of PMIs for July are due for release today across Europe. In earnings, the second-quarter U.S. results season is winding down, but investors are still looking forward to reports this week from big names including Walt Disney and Caterpillar. Equity futures are pointing to gains in European and U.S. markets, with the pan-region Euro Stoxx 50 futures up 0.13% and the S&P 500 e-minis rising 0.14%. Key developments that could influence markets on Tuesday: * France industrial output for June * July purchasing managers indexes in France, Germany, eurozone, Britain * Europe earnings: Diageo, BP, Deutsche Post, Telecom Italia * U.S. earnings: Caterpillar, Pfizer, Yum! Brands, MarriottInternational, Fox Corp Trying to keep up with the latest tariff news? Our new daily news digest offers a rundown of the top market-moving headlines impacting global trade. Sign up for Tariff Watch here. (By Rocky Swift; Editing by Christopher Cushing) Sign in to access your portfolio
