'Not something to celebrate': As it turns 80 and faces dwindling global clout, can the UN survive？
Its clout on the world stage is diminished. Facing major funding cuts from the United States and others, it has been forced to shed jobs and start tackling long-delayed reforms. Its longtime credo of 'multilateralism' is under siege. Its most powerful body, the Security Council, has been blocked from taking action to end the two major wars in Ukraine and Gaza.
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Yahoo
9 minutes ago
- Yahoo
How Trump's meeting with Putin impacts investors
US President Trump is set to meet with Russian President Vladimir Putin to discuss Russia's ongoing war in Ukraine. Slatestone Wealth chief market strategist and host of Yahoo Finance's Trader Talk, Kenny Polcari, shares his expectations for the meeting and how it could move markets, while Nomura's chief economist David Seif examines the potential economic impact of the meeting's outcome. To watch more expert insights and analysis on the latest market action, check out more Opening Bid. Kenny, I want to go over to you here. This is a market that is still inclined to trade on economic data rather than geopolitical events, but this meeting between President Trump and Vladimir Putin could that change the tone of the market, do you think? Listen, it can change the tone temporarily. Geopolitical stuff can cause chaos, short term chaos in the market because it doesn't really price stocks in the long term. So on a day like today, everybody's gonna be paying attention. They want to see how long Trump stays in the room or not in the room, right? He's already made it very clear. If he stays in there less than five minutes, there's no deal, he doesn't want to talk about it. And there's going to be more more threats and sanctions on Russia. If the if the if the meeting goes longer than five minutes, then we can all assume that maybe they're making some progress. And that should help to settle things down. So yes, while it's not gonna price stocks in the long term, people should be paying attention although it's not going to hit until 3:00 this afternoon just because of the time difference. So the market may not have a lot of time to react. David, good to see you here this morning, David. What What Hey, how are you? Good. What are the economic ramifications of a meeting like this? Well, you know, I think that the the Russia Ukraine war, of course, is is sort of a travesty, um, from a humanitarian basis. It's not a first order importance to the United States. And I actually think that if there were to be some sort of a solution, either coming out of this meeting, or or in the near future, uh, one of the biggest beneficiaries at least in sort of the developed world would actually be Europe. Europe has this war on its on this war on its doorstep. And, um, solving it would unlock a lot of the potential that, uh, or undo a lot of the hit that occurred in 2022 when the war began. Uh, In addition, I think other countries could benefit such as India because that would allow them to avoid these, the the tariffs that Trump has talked about from trading with Russia. And so relief from those could also be a benefit to, uh, to India in particular, which is is one of the main trading partners with Russia that's also been a historic US ally. Ali, I've been making the argument all week, the market has totally forgotten about geopolitical risks, so focused on corporate earnings, what's happening with interest rates, but look, any bad headline from this meeting will likely dent stocks. Full stop. Look, Brian, geopolitical risks are always lurking around the corner, and you often don't know when they're going to hit. And I referenced earlier that Israel-Iran escalation, and that really took markets by surprise. We saw that intense spike in oil. We saw equities fall. There was a lot of concern whether we could be heading into a World War III situation. So that's always something that you have to keep in mind. But I totally agree with you. There's just a lot of momentum in stocks right now. There's a lot of risk trading. We are looking at Big Tech cap companies continuing to outperform. Crypto stocks have surged. And like you were saying, earnings have really been a big driver for that. And across the board, we've seen analysts raise their forecast for the S&P 500, specifically citing earnings. And it's not just earnings expectations for 2025. It's really for 2026 and beyond as well. So that is where the optimism is stemming from that this rally has legs and that it can also continue to trade higher from here. And I've been speaking to a lot of sources about whether or not we are overbought in this market. And they tell me no, that we're really at a fair value considering where earnings are and how the fundamental story has largely remained intact. Of course, we saw those hotter than expected inflation reports this week. TBD on the impact of that will have on the Fed and equities and trade policy moving forward. Kenny, I originally met you eons ago down the New York Stock Exchange trading floor. So let's pretend we are back there right now. What trades do you put in or put on going into the close, knowing that this meeting with Trump and Putin will happen likely 30 minutes before the market closes? So I think you have to decide on where you stand, right? I'm more optimistic. I actually think that there's going to be a deal. So if that were the case, then I'm gonna I'm going to go long the market, right? I'm going to be I'm going to buy bets. I'm going to be in the market. If you're on the side of the case that you think there's not going to be a deal and the market's going to back off, then you want to get short the market or at least maybe you want to get short parts of the market, right? You'd want to go long oil. You'd want to go long gold if in fact, you think that there's not going to be a deal. So it depends on who you are is gonna dictate how you set yourself up or how you how you get ready for what this may be. I'm optimistic. I think there's going to be a deal. I think oil's going to go lower. I think gold's going to go lower. And I think stocks will continue to move higher. Related Videos Why Trump might push for a US gov't. stake in Intel Buffett's Berkshire Hathaway sold Apple shares. Should you? US July Retail Sales Rise Despite Tariff Uncertainty Watch: Trump Departs White House for Putin Summit on Ukraine Errore nel recupero dei dati Effettua l'accesso per consultare il tuo portafoglio Errore nel recupero dei dati Errore nel recupero dei dati Errore nel recupero dei dati Errore nel recupero dei dati
Los Angeles Times
11 minutes ago
- Los Angeles Times
Japan marks 80th anniversary of WWII surrender as concern grows about fading memory
TOKYO — Japan paid tribute Friday to more than 3 million war dead as the country marked its surrender that ended World War II 80 years ago, as concern grows about the rapidly fading memories of the tragedy of war and the bitter lessons from the era of Japanese militarism. On Friday, Prime Minister Shigeru Ishiba expressed 'remorse' over the war — the first time a Japanese leader has used the word in an address — since former premier Shinzo Abe shunned it in 2013. Ishiba called the war a mistake, but did not mention Japan's aggression across Asia or apologize. 'We will never repeat the tragedy of the war. We will never go the wrong way,' Ishiba said. 'Once again, we must deeply keep to our hearts the remorse and lesson from that war.' He vowed to pass his peace pledge to next generations. In a national ceremony Friday at Tokyo's Budokan hall, about 4,500 officials and bereaved families and their descendants from around the country observed a moment of silence at noon, the time when Emperor Hirohito's surrender speech began on Aug. 15, 1945. Participants later offered chrysanthemum flowers for the war dead. Just a block away at the Yasukuni Shrine, dozens of Japanese rightwing politicians and their supporters gathered to pray. The shrine honors Japan's 2.5 million war dead, including convicted war criminals. Victims of Japanese aggression, especially China and the Koreas, see visits to the shrine as a lack of remorse about Japan's wartime past. Ishiba stayed away from Yasukuni and sent a religious ornament as a personal gesture instead of praying at the controversial shrine. But Shinjiro Koizumi, the agriculture minister considered as a top candidate to replace the beleaguered prime minister, prayed at the shrine. He told reporters that he made the no-war pledge to the spirits. 'It is important to not forget those who sacrificed their lives for their country,' he said. Koizumi is the son of popular former Prime Minister Junichiro Koizumi, who outraged China when he visited Yasukuni as a serving leader in 2001. Rightwing lawmakers, including former economic security ministers Sanae Takaichi and Takayuki Kobayashi, as well as governing Liberal Democratic Party heavyweight Koichi Hagiuda, also visited the shrine Friday. A non-partisan group of 87 parliamentarians led by Liberal Democrat Ichiro Aisawa also prayed at Yasukuni, pledging 'to uphold peace' in Japan and in the Indo-Pacific region. Separately, Sohei Kamiya, head of the populist far-right Sanseito, prayed with 17 parliamentarians and 70 local assembly members from his party. He told reporters that the prime minister should visit Yasukuni. China and South Korea reminded Japan of its wartime atrocities in their countries and elsewhere in Asia. Chinese Foreign Minister Wang Yi criticized attempts in Japan to 'whitewash and deny aggression, distort and falsify history and even seek to rehabilitate the accusations of war criminals.' 'Only by facing history squarely can we gain respect, only by learning from history can we forge ahead into the future,' he added. In Seoul, South Korean President Lee Jae Myung, ahead of an upcoming trip to Japan for a summit with Ishiba, called for the two U.S. allies to overcome grievances from Japan's brutal colonial rule. He said some historical issues remain unresolved, urging Tokyo to face up to 'our painful history and strive to maintain trust between our two countries.' Japanese emperors have stopped visiting the Yasukuni site since the enshrinement of top war criminals there in 1978. Emperor Naruhito, in his address at the Budokan memorial Friday, expressed his hope that the ravages of war will never be repeated while 'reflecting on our past and bearing in mind the feelings of deep remorse.' Naruhito reiterated the importance of telling the war's tragic history to younger generations as 'we continue to seek the peace and happiness of the people in the future.' As part of the 80th anniversary, he has traveled to Iwo Jima, Okinawa and Hiroshima, and is expected to visit Nagasaki with his daughter, Princess Aiko, in September. Hajime Eda, whose father died on his way home from Korea when his ship was hit by a mine, said he will never forget his father and others who never made it home. In a speech representing bereaved families, Eda said it is Japan's responsibility to share lessons about the emptiness of the conflict, the difficulty of reconstruction and the preciousness of peace. Several teenagers took part in the ceremony after learning about their great-grandfathers who died in the battlefields. Ami Tashiro, a 15-year-old high school student from Hiroshima, said she joined a memorial marking the end of the battle on Iwo Jima last year after reading a letter her great-grandfather sent from the island. She also hopes to join in the search for his remains. As the population of wartime generations rapidly decline, Japan faces serious questions on how it should pass its history to the next generation. The country has faced revisionist pushbacks since the 2010s under Abe, who pushed to correct a 'self-deprecating view' of Japan's wartime history and regain national pride. Since 2013, Japanese prime ministers have stopped apologizing to Asian victims, under the precedent set by Abe. Some lawmakers' denial of Japan's military role in massive civilian deaths on Okinawa or the Nanking Massacre have stirred controversy. Naoya Endo, 64, came to Yasukuni in place of his late father who was among a few out of his unit's 50 members who returned from Taiwan. He said he worries about the growing global tension and hopes there will be no war in his lifetime. He lamented that many Japanese have lost pride and a love of their homeland. In an editorial Friday, the Mainichi newspaper called on Japan to work together with Asian neighbors as equal partners. 'It's time to show a vision toward 'a world without war' based on the lesson from its own history,' the Mainichi said. Yamaguchi writes for the Associated Press. AP journalists Mayuko Ono, Ayaka McGill and Reeno Hashimoto in Tokyo; Huizhong Wu in Bangkok and Kim Tong-hyung in Seoul, South Korea contributed to this report.
Los Angeles Times
11 minutes ago
- Los Angeles Times
Plastic pollution treaty talks in Geneva end without an agreement
GENEVA — Talks on a treaty to address the global crisis of plastic pollution in Geneva ended without an agreement Friday as the session was adjourned with plans to resume at a later date. Nations worked for 11 days at the United Nations office to try to complete a landmark treaty to end the plastic pollution crisis. But they were deadlocked over whether the treaty should reduce exponential growth of plastic production and put global, legally binding controls on toxic chemicals used to make plastics. Most plastic is made from fossil fuels. Inger Andersen, executive director of the United Nations Environment Programme, said despite challenges, despite the disappointment, 'we have to accept that significant progress was made.' This process won't stop, she said, but it's too soon to say how long it will take to get a treaty now. The Youth Plastic Action Network was the only organization to speak at the closing meeting Friday. Comments from observers were cut off at the request of the U.S. and Kuwait after 24 hours of meetings and negotiating. Like Saudi Arabia and Kuwait, the U.S. opposed cutting plastic production or banning chemical additives in the treaty. It supported provisions to improve waste collection and management, improve product design and drive recycling, reuse and other efforts to cut the plastic dumped into the environment. The negotiations at the U.N. hub were supposed to be the last round and produce the first legally binding treaty on plastic pollution, including in the oceans. But just like at the meeting in South Korea last year, they left without a treaty. Luis Vayas Valdivieso, the chair of the negotiating committee, wrote and presented two drafts of treaty text in Geneva based on the views expressed by the nations. The representatives from 184 countries did not agree to use either one as the basis for their negotiations. Valdivieso said Friday morning as the delegates reconvened in the assembly hall that no further action is being proposed at this stage on the latest draft. After a three-hour meeting, he banged a gavel made of recycled plastic bottle tops from a Nairobi landfill. Representatives of Norway, Australia, Tuvalu and others nations said they were deeply disappointed to be leaving Geneva without a treaty. Madagascar said the world is 'expecting action, not reports from us.' European Commissioner Jessika Roswall said the European Union and its member states had higher expectations for this meeting and while the draft falls short on their demands, it's a good basis for another negotiating session. 'The Earth is not ours only. We are stewards for those who come after us. Let us fulfill that duty,' she said. China's delegation said the fight against plastic pollution is a long marathon and that this temporary setback is a new starting point to forge consensus. It urged nations to work together to offer future generations a blue planet without plastic pollution. The biggest issue of the talks has been whether the treaty should impose caps on producing new plastic or focus instead on things like better design, recycling and reuse. Powerful oil- and gas-producing nations and the plastics industry oppose production limits. They want a treaty focused on better waste management and reuse. Saudi Arabia said both drafts lacked balance, and Saudi and Kuwaiti negotiators said the latest proposal takes other states' views more into account. It addressed plastic production, which they consider outside the scope of the treaty. That draft, released early Friday, did not include a limit on plastic production, but recognized that current levels of production and consumption are 'unsustainable' and global action is needed. New language had been added to say these levels exceed current waste management capacities and are projected to increase further, 'thereby necessitating a coordinated global response to halt and reverse such trends.' The objective of the treaty was revamped to state that the accord would be based on a comprehensive approach that addresses the full lifecycle of plastics. It talked about reducing plastic products containing 'a chemical or chemicals of concern to human health or the environment,' as well as reducing of single-use or short-lived plastic products. It was a much better, more ambitious text, though not perfect. But each country came to Geneva with a lot of 'red lines,' said Magnus Heunicke, the Danish environment minister. Denmark holds the rotating presidency of the Council of Europe. 'To be very clear, a compromise means that we have to bend our red lines,' he said. For its part, Iran said it's a disappointing moment and faulted 'nontransparent and non-inclusive processes on unrealistic elements,' particularly chemicals. The plastics industry also urged compromise. The Global Partners for Plastics Circularity said in a statement that governments must move past entrenched positions to finalize an agreement reflecting their shared priorities. For any proposal to make it into the treaty, every nation must agree. India, Saudi Arabia, Iran, Kuwait, Vietnam and others have said that consensus is vital to an effective treaty. Some countries want to change the process so decisions may be made by a vote if necessary. Graham Forbes, head of the Greenpeace delegation in Geneva, urged delegates in that direction. 'We are going in circles. We cannot continue to do the same thing and expect a different result,' he said as Friday's meeting ended. The International Pollutants Elimination Network said what happened in Geneva showed 'consensus is dead.' Thursday was the last scheduled day of negotiations, but work on the revised draft continued into Friday. Every year, the world makes more than 400 million tons of new plastic, and that could grow by about 70% by 2040 without policy changes. About 100 countries want to limit production. Many have said it's also essential to address toxic chemicals used to make plastics. Science shows what it will take to end pollution and protect human health, said Bethanie Carney Almroth, an ecotoxicology professor at Sweden's University of Gothenburg who co-leads the Scientists' Coalition for an Effective Plastics Treaty. The science supports addressing the full lifecycle of plastics, beginning with extraction and production, and restricting some chemicals to ensure plastics are safer and more sustainable, she added. 'The science has not changed,' she said. 'It cannot be down negotiated.' Environmentalists, waste pickers and Indigenous leaders and many business executives traveled to the talks to make their voices heard. Some used creative tactics, but are leaving disappointed. Indigenous leaders sought a treaty that recognizes their rights and knowledge. Frankie Orona, executive director of the Texas-based Society of Native Nations, said the best option now is to move forward with more negotiations to 'fight for a treaty that truly safeguards people and the planet.' McDermott writes for the Associated Press.
