Latest news with #Group-of-Seven
Forbes
20-05-2025
- Politics
- Forbes
Tuesday, May 20. Russia's War On Ukraine: News And Information From Ukraine
Dispatches from Ukraine. Day 1,182. Trump-Putin Phone Call U.S. President Donald Trump spoke for nearly two-and-a-half hours with his Russian counterpart, Vladimir Putin, on May 19, with the phone conversation focusing on potential steps toward ending the war in Ukraine and trade issues. Putin described the call as 'very substantive and useful,' saying that Moscow is willing to work on a memorandum with Ukraine drafting principles for a future peace agreement, including a possible ceasefire. Following this call, Trump plans to speak with Ukraine's President Volodymyr Zelenskyy. One day earlier, on May 18, Zelenskyy met with U.S. Vice President J.D. Vance and Secretary of State Marco Rubio at the inauguration of Pope Leo XIV at the Vatican. Zelenskyy briefed U.S. officials on the stalled Istanbul talks and Russia's unrealistic demands for a ceasefire. Russia's Attacks on Ukraine Russia carried out its largest drone attack on Ukraine to date in the evening of May 17 and overnight into May 18, launching a record-breaking 273 Iranian-designed Shahed drones on Ukraine's capital, Kyiv, and surrounds, and on the central-eastern regions of Dnipropetrovsk and Donetsk. The Ukrainian Air Force reported downing 88 drones, while 128 were neutralized by electronic warfare systems. Still, one woman was killed in the attack, and three others injured, including a child. The assault, which exceeded the Kremlin's previous record of 267 drones used in a single strike in February 2025, came one day ahead of a scheduled call between Russian President Vladimir Putin and U.S. President Donald Trump to discuss a possible ceasefire in Ukraine. Sumy region. A Russian drone struck a civilian bus near the northeastern city of Bilopillia on May 17, killing nine people and injuring seven others. An entire family of three was reportedly among the dead. A three-day mourning period has been declared in the city. Kherson region. Late on May 18, Russian shelling of residential areas in Ukraine's southern oblast, or region, of Kherson, killed a woman and injured three other people; earlier the same day, a man was killed in a drone strike on the village of Vesele on the Dnieper River. Kharkiv region. Russian strikes on Ukraine's northeastern region of Kharkiv on May 16 killed one woman, injured nine civilians, and caused widespread damage to homes and infrastructure. Donetsk region. Unrelenting Russian artillery and drone strikes killed four and left 19 others injured in Ukraine's eastern province between May 17-19. Economic Updates The European Union plans to propose lowering the current $60-per-barrel price cap on Russian seaborne oil to $50 at the upcoming Group-of-Seven industrialized nations, or G7, finance ministers' meeting in Canada, as a way to tighten sanctions on Moscow's oil revenues. The price cap, established in December 2022, restricts the sale, shipping, and insurance of Russian crude above the set threshold to curb funding for Russia's invasion of Ukraine while stabilizing global oil supply. Russia, however, has circumvented these limits by using a 'shadow fleet' of uninsured tankers, and Russian crude prices have frequently exceeded the cap, though oil prices briefly dipped below $60 in April amid rising economic uncertainty. Ukraine's Ministry of Economy estimates the country's exporters could lose $3.25 billion annually if the EU's temporary free trade regime, set to expire June 5, 2025, is not extended, risking a near 1% hit to GDP growth. The suspension would most impact corn, wheat, poultry, and sugar exports, which surged to 5.4 billion euros ($6 billion) last year under tariff-free conditions introduced in June 2022 to support Ukraine's wartime economy. Ukraine is preparing investors for a possible missed payment of $500 million, due in early June, on $3.2 billion of GDP-linked debt, with chief negotiator Yuriy Butsa saying last week that Ukraine was in no rush to restructure, but focused on securing the right deal. Despite talks breaking down with key warrant holders, led by hedge funds opposed to a full rewrite, Kyiv says it remains committed to finding a sustainable solution. The complex warrants, tied to Ukraine's economic growth, were excluded from last year's broader debt restructuring and now pose challenges as Ukraine's economy recovers from a 30% contraction in 2022. Military Aid to Ukraine On May 18, several European countries announced new military aid packages to Ukraine totaling over $1.7 billion. Belgium is set to deliver a $1.1 billion package featuring armored ambulances, drones, air defense systems, and a Leopard tank with a new gun turret. Denmark unveiled a $610 million aid package, including fighter jet equipment and expanded military training programs. Finland committed $100 million in ammunition, funded by profits from frozen Russian assets, while Italy is reportedly preparing its 11th aid package. The package will include 400 M113 armored personnel carriers that are tracked, or equipped with continuous treads rather than wheels for superior traction, alongside a satellite surveillance system to enhance frontline intelligence and coordination. The U.S. has authorized Australia to send decommissioned, American-made M1A1 Abrams tanks to Ukraine, with the first shipment of 49 tanks already enroute as part of a $150 million aid package. U.S. officials, nonetheless, are skeptical about the tanks' battlefield viability due to their vulnerabilities in a drone-dominated war. The move follows earlier deliveries of Abrams tanks from the U.S. amid ongoing debate over the tanks' effectiveness. So far, Ukraine has received 31 Abrams tanks from the U.S., with Dutch open source intelligence group Oryx reporting that 10 have been destroyed, eight damaged and abandoned, and one damaged and captured. By Danylo Nosov, Karina L. Tahiliani
Yahoo
20-05-2025
- Business
- Yahoo
Citi Sees Weaker Dollar After G-7 Meeting as US Softens Tariffs
(Bloomberg) -- Citigroup Inc. said the dollar could fall further after this week's Group-of-Seven meeting as global leaders discuss currency policies as part of their trade negotiations with the US. America, 'Nation of Porches' NJ Transit Train Engineers Strike, Disrupting Travel to NYC NJ Transit Makes Deal With Engineers, Ending Three-Day Strike NYC Commuters Brace for Chaos as NJ Transit Strike Looms The bank's currency strategists led by Osamu Takashima wrote in a note that Washington is unlikely to 'aggressively pursue' a weak dollar, but the greenback will end up declining as the nation reaches agreements with its trading partners to lower tariffs. Currency policy has become a focal point ahead of the G-7 meetings that start on Tuesday after South Korea and Taiwan officials suggested they have been discussing the theme with the US. Japan's Finance Minister said earlier on Tuesday he's arranging a bilateral meeting with US Treasury Secretary Scott Bessent this week to discuss topics including currency matters. 'We suspect that currency appreciation is likely to be requested as part of negotiations to lower tariffs,' Citi strategists wrote, adding that Japan and China, as well as other East Asian nations, could be targeted. 'We suspect that behind the scenes the Bank of Japan's monetary policy is being discussed in US-Japan trade negotiations.' Rather than trying to seek a broad 1985 Plaza Accord-like deal to weaken the dollar, Citi expects Bessent to emphasize the role of central banks on currencies. He's also seen focusing on the effect that investment policies for foreign currency reserves have on US interest rates, they said. 'We do see the headline risk as biased toward US dollar depreciation,' the strategists said. 'The US would have less incentive to maintain a strong US dollar policy' as high tariffs are reversed, they added. The Bloomberg Dollar Spot Index is down 4% since early April, when the US unveiled high tariffs and sent global markets into a tailspin. Since then, a chaotic roll-out and uncertainty about the permanence of the tariffs has raised questions about US policies, damaging sentiment on the currency and other US assets. Why Apple Still Hasn't Cracked AI Anthropic Is Trying to Win the AI Race Without Losing Its Soul Microsoft's CEO on How AI Will Remake Every Company, Including His Cartoon Network's Last Gasp DeepSeek's 'Tech Madman' Founder Is Threatening US Dominance in AI Race ©2025 Bloomberg L.P.
Bloomberg
30-01-2025
- Business
- Bloomberg
UK Bucks Global Climate Skepticism With Bold CO2-Cutting Goal
The UK submitted a plan to the United Nations to cut its CO2 emissions by at least 81% by 2035, just as the country's status as a global climate leader comes under increased scrutiny. The government fleshed out the goal Prime Minister Keir Starmer announced at the COP29 summit in November, touting its credentials as the first Group-of-Seven country to phase out coal, its phaseout of new cars relying solely on the combustion engine by 2030 and its policy of not issuing new oil and gas exploration licenses.
