Latest news with #SPIEF
Daily Tribune
4 days ago
- Entertainment
- Daily Tribune
Career milestone
Renowned Bahraini composer and conductor Wahid Al Khan has received an official invitation from the government of Saint Petersburg, Russia, to perform at the prestigious Saint Petersburg International Economic Forum (SPIEF), scheduled for June 2025. The Kingdom of Bahrain will participate in the event as the guest of honor. This recognition marks a significant milestone in Al Khan's distinguished international career, following the success of his previous performances in Russia. His concerts drew large audiences and received critical acclaim across Europe, further cementing his reputation on the global stage. As part of the forum's cultural program, a new collaborative musical initiative titled 'Symphony of Music: Russia– Bahrain' will be launched. The project will feature Al Khan conducting the St. Petersburg Symphony Orchestra in a performance celebrating the 35th anniversary of diplomatic relations between Bahrain and Russia. The symphony is intended to serve as a symbol of the deep-rooted cultural and humanitarian ties between the two nations. The event also forms part of the broader 'Bahrain Days' celebrations in Russia — an initiative that underscores the strong and growing cooperation between the two countries, particularly in cultural and economic spheres.
Al-Ahram Weekly
22-05-2025
- Business
- Al-Ahram Weekly
Egypt to participate in SPIEF 2025 in St.Petersburg in june - Economy
The organising committee of the St. Petersburg International Economic Forum (SPIEF) announced that more than 92 countries, including Egypt, have already confirmed their intention to attend the event, which is scheduled for 19-21 June. The committee added that the number of countries intending to attend the forum has increased by 5 percent compared to last year. An informed source in Russia told Ahram Online that the forum will hold a session entitled "Russia–Egypt," in which opportunities for cooperation will be explored in areas such as trade, investment, logistics, industry, and tourism. The Egyptian delegation will include key ministers and representatives of the business community. "Attesting to the fForum's growing significance as a global platform for forging new economic ties in a multipolar world. Particularly notable is the active participation of the Global South, whose contribution to the global economy is growing rapidly. We are witnessing more interest in the Forum agenda from Asia, Africa, and Latin America than ever before. SPIEF 2025 guest country is Russia's important partner in the Middle East, Bahrain. SPIEF's many participants and diverse range of topics favour the development of practical solutions based on shared values and mutual respect," Adviser to the Russian President and Executive Secretary of the SPIEF Organising Committee, Anton Kobyakov, said. The forum is held in St. Petersburg under the title 'Shared Values: The Foundation of Growth in a Multipolar World,' which reflects how international cooperation is changing and the role of shared values in sustainable economic development. The business programme consists of four thematic blocks: 'Development Economics: Ensuring Growth', 'Technology: Pursuing Leadership', 'The Living Environment', and 'The Individual in a New World'. Fifteen bilateral business dialogues on economic cooperation and global challenges have been planned as part of SPIEF with partners from Armenia, Africa, Bahrain, Vietnam, the EU, India, Kazakhstan, Kyrgyzstan, China, Latin America, Moldova, Mongolia, Thailand, Uzbekistan, and EAEU–ASEAN. Follow us on: Facebook Instagram Whatsapp Short link:
IOL News
14-05-2025
- Business
- IOL News
BRICS+ Series: What the US-Russia Trade Resurgence Means for Global Geopolitics
Despite the widely publicised rupture in diplomatic relations between Russia and the United States, since the onset of the Ukraine conflict in 2022, recent trade data reveals a counterintuitive development: economic ties between the two powers are quietly resurging. In March 2025, US-Russia trade reached a two-year high of $573.4 million, a striking 50% increase from February's $389.4 million, based on official US statistics. This surge, driven primarily by Russia's exports, raises profound questions about the durability of Western sanctions, the fluidity of geopolitical alliances, and the direction of global multilateralism in an increasingly multipolar world. The Trade Reality Beneath the Political Theatre At the core of this trade revival is the United States' increased importation of critical raw materials from Russia. In March alone, the US imported $219 million worth of Russian fertilizers, $87.5 million in platinum, and additional shipments of phosphates, plywood, and other industrial goods. These are not luxuries—they are strategic commodities essential for American agriculture, industry, and technology sectors. Meanwhile, US exports to Russia remained steady at $50 million, with vaccines, medical instruments, food products, and lab testing equipment dominating the list. This points to a quiet acknowledgment of mutual dependency in key sectors. Are sanctions losing their effectiveness? This rebound in trade comes at a time when sanctions fatigue appears to be setting in across much of the West. While the European Union continues to pursue restrictions on Russian energy and technology, US businesses, especially in sectors not directly covered by sanctions are finding legal avenues to re-engage. The fact that over 150 American companies have remained operational in Russia, as stated by Russian Direct Investment Fund (RDIF) head Kirill Dmitriev, is telling. Dmitriev's remarks about foreign investors returning to the Russian market highlight a critical contradiction in Western policy: sanctions have limited long-term effectiveness when they clash with national economic interests. The demand for raw materials, metals, and agricultural inputs often overrides ideological posturing, particularly when inflation and supply chain volatility strain domestic economies. St. Petersburg Economic Forum and the Return of the Quiet Multinational The upcoming St. Petersburg International Economic Forum (SPIEF) to be held from 18–21 June 2025 under the theme Shared Values: The Foundation of Growth in a Multipolar World, is expected to further signal Russia's pivot from isolation toward reintegration. According to Dmitriev, the SPIEF will host high-level engagements with international investors, including Americans, many of whom never formally exited the Russian market. The emphasis on shared values within a multipolar framework underscores Russia's strategic narrative: that global commerce can and should transcend Western hegemony. This is not merely rhetorical, it is supported by ongoing Russian-Chinese diplomatic engagement and parallel trade surges with Global South economies. What This Means for Geopolitics and Multilateralism This quiet but steady re-engagement between the US and Russia on trade suggests that realpolitik is alive and well. Behind the scenes, national interest continues to drive policy. While Washington publicly champions Ukrainian sovereignty and denounces Russian aggression, it is simultaneously facilitating trade in critical commodities, a paradox that reveals the limits of liberal internationalism when confronted with material realities. This trend affirms the reemergence of multipolar multilateralism. Countries like Russia are no longer wholly dependent on Western markets, but they are not completely divorced from them either. Instead, a new form of pragmatic multilateralism is taking shape, one that blends ideological divergence with economic interdependence. This development also pressures institutions like the United Nations and World Trade Organisation to redefine neutrality in an age where East and West are both trading and contesting power simultaneously. In this context, platforms like the SPIEF—and even China's Belt and Road Initiative, are emerging as alternative hubs of economic diplomacy, particularly for middle powers and developing nations seeking to diversify beyond the US-EU axis. The Road Ahead: Cooperation in a Fractured World While the resumption of trade does not equate to political reconciliation, it does suggest that isolationist strategies are insufficient. As climate change, supply chain realignments, and regional conflicts continue to destabilise global systems, selective cooperation, even among adversaries, may become not just pragmatic, but necessary. Whether this trend will catalyse deeper political dialogues or remain compartmentalised within the economic sphere remains to be seen. But one thing is clear: the binary logic of Cold War politics is no longer viable in today's entangled global economy. As the United States and Russia continue to posture on the world stage, their trade numbers whisper a more complicated truth—that in an era of geopolitical rupture, economic necessity often keeps doors open where diplomacy has slammed them shut. Written By: *Dr Iqbal Survé Past chairman of the BRICS Business Council and co-chairman of the BRICS Media Forum and the BRNN *Chloe Maluleke Associate at BRICS+ Consulting Group Russian & Middle Eastern Specialist **The Views expressed do not necessarily reflect the views of Independent Media or IOL.
The Star
13-05-2025
- Business
- The Star
Former China National Petroleum Corp chairman sentenced to 13 years in prison for bribery
FILE PHOTO: Wang Yilin attends a session of the St. Petersburg International Economic Forum (SPIEF), Russia June 6, 2019. -Photo: Reuters file BEIJING: Wang Yilin, a former chairman of state-owned China National Petroleum Corp (CNPC), was sentenced to 13 years in prison for bribery and fined 3 million yuan (US$416,667), state-run CCTV reported on Tuesday (May 13). State media reported in July 2024 that Wang, who retired from CNPC in 2020, had been expelled from China's ruling Communist Party for discipline violations. The report said he was under investigation for illegally accepting high-value assets and taking advantage of his position to help others seek benefits in project contracting. CNPC, which is the parent company of listed PetroChina , did not immediately respond to a request for comment. The company said in a statement last year that it firmly supported Wang's expulsion from the Party, which it said showed the organisation's "zero-tolerance" stance on corruption. Prior to his role as CNPC chairman, Wang was at the helm of China National Offshore Oil Corp, or CNOOC, the parent of listed CNOOC Ltd. - Reuters ($1 = 7.2000 Chinese yuan renminbi)
The Star
08-05-2025
- Business
- The Star
Russia promises to invest $1 billion in ally Cuba by 2030
Russia's Deputy Prime Minister Dmitry Chernyshenko attends a session of the St. Petersburg International Economic Forum (SPIEF) in Saint Petersburg, Russia, June 4, 2021. REUTERS/Evgenia Novozhenina/File Photo HAVANA (Reuters) - Russia said its businesses would invest more than $1 billion in long-time political ally Cuba by 2030, Cuba's presidency said on Thursday, promising a lifeline for the communist-run Caribbean island amid a gruelling economic crisis. Russia had previously announced the so-called "Plan 2030" with Cuba, but for the first time put a price tag on a range of proposals to invest in key areas including electricity production, agriculture and public lighting. "Under this Plan, Russian companies and businesspeople have expressed their willingness and confirmed their readiness to invest more than $1 billion in the Cuban economy," said Russian Deputy Prime Minister Dmitry Chernyshenko. The statement immediately followed a meeting between Cuban President Miguel Diaz-Canel and Russia's Vladimir Putin at the Kremlin. Punishing sanctions from the United States, collapsing tourism and inefficient state-run production have hamstrung Cuba's economy, leaving it with little room to manoeuvre. Russia, which also faces stiff U.S. sanctions, has over decades provided Cuba with both financing and material goods, including cargoes of oil, infrastructure investments and, most recently, the promise of droves of Russian tourists. But Russia has often delayed and cancelled projects with Cuba in the past, saying the island nation has failed to make good on payments. Chernyshenko said Russia this time would subsidise interest rates for businesses interested in investing in Cuba as part of the plan, calling Cuba a "reliable partner". The timeline for the coming $1 billion in promised investment is unclear. "There's still a lot of hard work to be done, we'll advance little by little,' Chernyshenko told reporters in Moscow, adding that "it is impossible to achieve things immediately, as if by magic'. During his visit to Moscow and St. Petersburg this week, Cuba's Diaz-Canel also attended commemorative events for the 80th anniversary of the victory of the Soviet Union and its allies over Nazi Germany. (Reporting by Dave Sherwood; Editing by Ewan Harwood)
