Latest news with #Washington-led
The Star
16-05-2025
- Business
- The Star
Dear Global South, you're up
THE era of 'US exceptionalism' may be over – and with it the Washington-led world economic and financial order of the last 50 years. This leaves investors with a big question, how will this reshape capital flows?
New Straits Times
16-05-2025
- Business
- New Straits Times
Global South emerges as world's 4th bloc for economic growth
THE era of "United States exceptionalism" may be over — and with it, the Washington-led world economic and financial order of the last 50 years. This leaves investors with a big question: How will this reshape capital flows? The most obvious destination is Europe, home to the world's second-largest economy and second-biggest reserve currency, where markets are deep and liquid and the rule of law reigns supreme. The so-called "Global South" may seem less attractive. Its 100-plus disparate countries, excluding China, carry the typical smorgasbord of emerging market risks, including political instability, legal concerns, and policymaking credibility. But the global economic and investment landscape is changing rapidly — and perhaps irreversibly — and investors may be skittish about once again finding themselves over-concentrated in any one region. Investors with long-term horizons and high risk thresholds may, therefore, increasingly consider boosting their allocations to this enormous and varied "bloc." These countries have long punched below their financial market weight. But could they be poised to benefit from a global capital reallocation shift? That's among the findings in a report published last week by Deutsche Bank strategists, The Global South: A Strategic Approach to the World's Fourth Bloc. "The time for the Global South is now," states the report, which broadly defines the bloc as the 134 member countries of the G77 group of nations, excluding China, Russia, Singapore, and a few others, and adding Mexico, Turkiye, and some Central Asian countries. Some numbers here are worth noting. The group is home to almost two-thirds of the world's working-age population, produces 40 per cent of the world's energy and key transition metals, accounts for a quarter of global trade, and has attracted nearly a quarter of all inward foreign direct investment (FDI) over the past decade. Indeed, the Boston Consulting Group says FDI in the Global South in 2023 totalled US$525 billion, surpassing FDI into advanced economies, which stood at US$464 billion. And while it is far too early to say how countries will align politically, economically, or militarily in the years ahead, there are already signs of capital rotating into the Global South and away from China. Deutsche Bank's report notes that foreign investment into the Global South has held relatively steady in recent years. China's economic rise in recent decades has been one of the most astonishing in human history. In 1990, China accounted for only two percent of developed economies' gross domestic product (GDP). By 2021, that figure had reached 33 percent, almost matching the Global South's then share. But China's growth rates have stalled, especially since the pandemic. The International Monetary Fund forecasts China's share of advanced economies' GDP will end this decade around 35 percent, while the Global South's share will rise to a new high of 40 percent. From an equity allocation perspective, there is a lot of space to grow. The Global South made up a mere 11 per cent of global market capitalisation at the end of last year, with India and Saudi Arabia accounting for more than half of this share. If the dominance of US equities wanes — they currently make up more than 70 per cent of global market cap — even a tiny reallocation to this group could have a big impact on valuations in these countries. The risks, however, are manifold, and many were on display during the market turbulence sparked by US President Donald Trump's tariffs. "The current environment differs fundamentally from past episodes. This is not an exogenous shock but a deliberate policy action with structural objectives. As a result, the scope for rapid normalisation is limited," said the Institute of International Finance. But what really matters here are not "rapid" moves, but the structural changes in the global economy that the US administration's unorthodox policies may have catalysed. It's worth remembering that Chinese exports to "conductor economies" in the Global South have doubled since Trump's first trade war in 2018. Given how unreliable the US now appears, it is reasonable to assume that both China and Europe may be seeking to further diversify their export markets. So perhaps the time is not now for the Global South — but it could be coming soon.
Hamilton Spectator
11-05-2025
- Politics
- Hamilton Spectator
Talks or ceasefire first? Ukraine, Russia appear deadlocked over next steps in effort to end the war
KYIV, Ukraine (AP) — Ukrainian President Volodymyr Zelenskyy on Sunday welcomed Russia's offer for direct peace talks, but insisted there must be a full, temporary ceasefire in place before negotiations can start. Zelenskyy's comments came a few hours after Russia's President Vladimir Putin effectively rejected a ceasefire offer made a day earlier by Ukraine and its European allies. Putin countered with a proposal to restart direct talks with Ukraine, during which a truce could be negotiated. The exchange of proposals appeared to leave Kyiv and Moscow deadlocked over the next steps in a Washington-led effort to end the war in Ukraine, now in its fourth year. During his election campaign, U.S. President Donald Trump had promised to end the fighting swiftly but his administration recently indicated it might walk away from the peace process if there was no tangible progress. Trump said in a social media post Sunday that Ukraine should agree to Putin's peace talks proposal 'IMMEDIATELY.' 'At least they will be able to determine whether or not a deal is possible, and if it is not, European leaders, and the U.S., will know where everything stands, and can proceed accordingly!' Trump wrote, adding: 'HAVE THE MEETING, NOW!!!' Ukraine, allies insist on a ceasefire Zelenskyy, writing on X on Sunday, said it was a 'positive sign that the Russians have finally begun to consider ending the war' and said that 'the entire world has been waiting for this for a very long time.' He added, however, that 'the very first step in truly ending any war is a ceasefire,' in a reference to his proposal to start a 30-day unconditional truce on Monday. Russian President Vladimir Putin in remarks to the media overnight effectively rejected that ceasefire offer and proposed restarting direct talks with Ukraine in Istanbul on Thursday instead 'without preconditions.' He said a ceasefire might be agreed on during the negotiations — but stressed that the Kremlin needs a truce that would lead to a 'lasting peace' instead of one that would allow Ukraine to rearm and mobilize more men into its armed forces. Putin's counter-offer came after leaders from four major European countries threatened to ratchet up pressure on Moscow if it does not accept an unconditional 30-day ceasefire in Ukraine. French President Emmanuel Macron, British Prime Minister Keir Starmer, German Chancellor Friedrich Merz and Polish Prime Minister Donald Tusk met with Zelenskyy in Kyiv on Saturday and issued a coordinated call for the truce starting Monday. The plan has received backing from both the European Union and Trump. The leaders pledged tougher sanctions on Russia if Putin did not accept the proposal. Zelenskyy, in his Sunday remarks, reiterated that call. 'There is no point in continuing the killing even for a single day. We expect Russia to confirm a ceasefire — full, lasting, and reliable — starting tomorrow, May 12th, and Ukraine is ready to meet,' the Ukrainian leader said on X. Macron said Sunday that Putin's offer of direct negotiations with Ukraine is 'a first step, but not enough,' signaling continued Western skepticism toward Moscow's intentions. 'An unconditional ceasefire is not preceded by negotiations,' Macron told reporters at the Polish-Ukrainian border, according to French media. Macron also warned that Putin is 'looking for a way out, but he still wants to buy time.' Moscow presses on with peace talks offer. Turkey says it's ready to host Kremlin spokesman Dmitry Peskov, in comments aired by Russian state TV on Sunday, called Putin's proposal 'very serious,' aimed at eliminating 'the root causes of the conflict,' and said it 'confirms a real intention to find a peaceful solution.' Without directly mentioning Moscow's proposal, Trump said in a social media post several hours after Putin's overnight remarks that it was 'a potentially great day for Russia and Ukraine!' 'Think of the hundreds of thousands of lives that will be saved as this never ending 'bloodbath' hopefully comes to an end,' Trump wrote. 'I will continue to work with both sides to make sure that it happens. The USA wants to focus, instead, on Rebuilding and Trade. A BIG week upcoming!' he added. In another post on Sunday, the U.S. president said Ukraine should accept Moscow's offer 'to meet on Thursday, in Turkey, to negotiate a possible end to the BLOODBATH.' He added, however, that he was 'starting to doubt that Ukraine will make a deal with Putin.' Putin spoke Sunday to Turkish President Recep Tayyip Erdogan, who expressed readiness to host the talks, the Kremlin said. According to the Kremlin's readout of the phone call, Erdogan 'fully supported the Russian proposal, emphasizing his readiness to provide' a platform for the talks in Istanbul, as well as 'all possible assistance in organizing and holding the negotiations aimed at achieving sustainable peace.' Erdogan also spoke to Macron on Sunday, according to a statement from the Turkish presidential communications office, and said that a 'historic turning point' had been reached in efforts to end the war. Russian attacks continue Meanwhile, Russia resumed mass drone attacks in Ukraine early on Sunday, after its self-declared three-day pause expired. Russia launched 108 attack drones and simulator drones from six different directions, Ukraine's air force said. It said 60 drones were shot down and another 41 simulator drones failed to reach targets due to Ukrainian countermeasures. The Russian Defense Ministry on Sunday accused Ukraine of 'violating' Moscow's three-day ceasefire more than 14,000 times. Ukraine, which did not agree to the May 8-10 ceasefire, has also accused Russia of violating its own truce, with the Ukrainian foreign minister calling it a farce. —— Litvinova reported from Tallinn, Estonia. Associated Press writers Suzan Fraser in Ankara, Turkey, and Thomas Adamson-Koumbouzis in Paris contributed to this report. ___ Follow AP's coverage of the war in Ukraine at
Chicago Tribune
11-05-2025
- Politics
- Chicago Tribune
Talks or ceasefire first? Ukraine, Russia appear deadlocked over next steps in effort to end the war
KYIV, Ukraine — Ukrainian President Volodymyr Zelenskyy on Sunday welcomed Russia's offer for direct peace talks, but insisted there must be a full, temporary ceasefire in place before negotiations can start. Zelenskyy's comments came a few hours after Russia's President Vladimir Putin effectively rejected a ceasefire offer made a day earlier by Ukraine and its European allies. Putin countered with a proposal to restart direct talks with Ukraine, during which a truce could be negotiated. The exchange of proposals appeared to leave Kyiv and Moscow deadlocked over the next steps in a Washington-led effort to end the war in Ukraine, now in its fourth year. During his election campaign, U.S. President Donald Trump had promised to end the fighting swiftly but his administration recently indicated it might walk away from the peace process if there was no tangible progress. Trump said in a social media post Sunday that Ukraine should agree to Putin's peace talks proposal 'IMMEDIATELY.' 'At least they will be able to determine whether or not a deal is possible, and if it is not, European leaders, and the U.S., will know where everything stands, and can proceed accordingly!' Trump wrote, adding: 'HAVE THE MEETING, NOW!!!' Zelenskyy, writing on X on Sunday, said it was a 'positive sign that the Russians have finally begun to consider ending the war' and said that 'the entire world has been waiting for this for a very long time.' He added, however, that 'the very first step in truly ending any war is a ceasefire,' in a reference to his proposal to start a 30-day unconditional truce on Monday. Russian President Vladimir Putin in remarks to the media overnight effectively rejected that ceasefire offer and proposed restarting direct talks with Ukraine in Istanbul on Thursday instead 'without preconditions.' He said a ceasefire might be agreed on during the negotiations — but stressed that the Kremlin needs a truce that would lead to a 'lasting peace' instead of one that would allow Ukraine to rearm and mobilize more men into its armed forces. Putin's counter-offer came after leaders from four major European countries threatened to ratchet up pressure on Moscow if it does not accept an unconditional 30-day ceasefire in Ukraine. French President Emmanuel Macron, British Prime Minister Keir Starmer, German Chancellor Friedrich Merz and Polish Prime Minister Donald Tusk met with Zelenskyy in Kyiv on Saturday and issued a coordinated call for the truce starting Monday. The plan has received backing from both the European Union and Trump. The leaders pledged tougher sanctions on Russia if Putin did not accept the proposal. Zelenskyy, in his Sunday remarks, reiterated that call. 'There is no point in continuing the killing even for a single day. We expect Russia to confirm a ceasefire — full, lasting, and reliable — starting tomorrow, May 12th, and Ukraine is ready to meet,' the Ukrainian leader said on X. Macron said Sunday that Putin's offer of direct negotiations with Ukraine is 'a first step, but not enough,' signaling continued Western skepticism toward Moscow's intentions. 'An unconditional ceasefire is not preceded by negotiations,' Macron told reporters at the Polish-Ukrainian border, according to French media. Macron also warned that Putin is 'looking for a way out, but he still wants to buy time.' Kremlin spokesman Dmitry Peskov, in comments aired by Russian state TV on Sunday, called Putin's proposal 'very serious,' aimed at eliminating 'the root causes of the conflict,' and said it 'confirms a real intention to find a peaceful solution.' Without directly mentioning Moscow's proposal, Trump said in a social media post several hours after Putin's overnight remarks that it was 'a potentially great day for Russia and Ukraine!' 'Think of the hundreds of thousands of lives that will be saved as this never ending 'bloodbath' hopefully comes to an end,' Trump wrote. 'I will continue to work with both sides to make sure that it happens. The USA wants to focus, instead, on Rebuilding and Trade. A BIG week upcoming!' he added. In another post on Sunday, the U.S. president said Ukraine should accept Moscow's offer 'to meet on Thursday, in Turkey, to negotiate a possible end to the BLOODBATH.' He added, however, that he was 'starting to doubt that Ukraine will make a deal with Putin.' Putin spoke Sunday to Turkish President Recep Tayyip Erdogan, who expressed readiness to host the talks, the Kremlin said. According to the Kremlin's readout of the phone call, Erdogan 'fully supported the Russian proposal, emphasizing his readiness to provide' a platform for the talks in Istanbul, as well as 'all possible assistance in organizing and holding the negotiations aimed at achieving sustainable peace.' Erdogan also spoke to Macron on Sunday, according to a statement from the Turkish presidential communications office, and said that a 'historic turning point' had been reached in efforts to end the war. Meanwhile, Russia resumed mass drone attacks in Ukraine early on Sunday, after its self-declared three-day pause expired. Russia launched 108 attack drones and simulator drones from six different directions, Ukraine's air force said. It said 60 drones were shot down and another 41 simulator drones failed to reach targets due to Ukrainian countermeasures. The Russian Defense Ministry on Sunday accused Ukraine of 'violating' Moscow's three-day ceasefire more than 14,000 times. Ukraine, which did not agree to the May 8-10 ceasefire, has also accused Russia of violating its own truce, with the Ukrainian foreign minister calling it a farce.
Los Angeles Times
11-05-2025
- Politics
- Los Angeles Times
Talks or ceasefire first? Ukraine, Russia appear deadlocked over next steps
KYIV, Ukraine — Ukrainian President Volodymyr Zelensky on Sunday welcomed Russia's offer of direct peace talks, but insisted there must be a full, temporary ceasefire in place before negotiations can start. Zelensky's comments came a few hours after Russian President Vladimir Putin in effect rejected a ceasefire offer made a day earlier by Ukraine and its European allies. Putin countered with a proposal to restart direct talks with Ukraine, during which a truce could be negotiated. The exchange of proposals appeared to leave Kyiv and Moscow deadlocked over the next steps in a Washington-led effort to end the war in Ukraine, now in its fourth year. During last year's campaign, President Trump had promised to end the fighting swiftly — within 24 hours — but his administration recently indicated it might walk away from the peace process if there was no tangible progress. Without directly mentioning either proposal, Trump said in a social media post several hours after Putin's peace talks remarks that it was 'a potentially great day for Russia and Ukraine!' 'Think of the hundreds of thousands of lives that will be saved as this never ending 'bloodbath' hopefully comes to an end,' Trump wrote. 'I will continue to work with both sides to make sure that it happens. The USA wants to focus, instead, on Rebuilding and Trade. A BIG week upcoming!' he added. Zelensky, writing on X on Sunday, said that it was a 'positive sign that the Russians have finally begun to consider ending the war' and that 'the entire world has been waiting for this for a very long time.' He added, however, that 'the very first step in truly ending any war is a ceasefire,' in a reference to his proposal to start a 30-day unconditional truce on Monday. Putin in remarks to the media early Sunday rejected that ceasefire offer and instead proposed restarting direct talks with Ukraine in Istanbul on Thursday 'without preconditions.' He said a ceasefire might be agreed on during the negotiations — but stressed that the Kremlin needs a truce that would lead to a 'lasting peace' instead of one that would allow Ukraine to rearm and mobilize more men into its armed forces. Putin's counter-offer came after leaders from four major European countries threatened to ratchet up pressure on Moscow if it does not accept an unconditional 30-day ceasefire in Ukraine. French President Emmanuel Macron, British Prime Minister Keir Starmer, German Chancellor Friedrich Merz and Polish Prime Minister Donald Tusk met with Zelensky in Kyiv on Saturday and issued a coordinated call for the truce starting Monday. The plan has received backing from both the European Union and Trump. The leaders pledged tougher sanctions on Russia if Putin did not accept the proposal. Zelensky, in his Sunday remarks, reiterated that call. 'There is no point in continuing the killing even for a single day. We expect Russia to confirm a ceasefire — full, lasting, and reliable — starting tomorrow, May 12th, and Ukraine is ready to meet,' the Ukrainian leader said on X. Macron said Sunday that Putin's offer of direct negotiations with Ukraine is 'a first step, but not enough,' signaling continued Western skepticism toward Moscow's intentions. 'An unconditional ceasefire is not preceded by negotiations,' Macron told reporters at the Polish-Ukrainian border, according to French media. Macron also warned that Putin is 'looking for a way out, but he still wants to buy time.' Kremlin spokesman Dmitry Peskov, in comments aired by Russian state TV on Sunday, called Putin's proposal 'very serious,' aimed at eliminating 'the root causes of the conflict,' and said it 'confirms a real intention to find a peaceful solution.' Putin spoke Sunday to Turkish President Recep Tayyip Erdogan, who expressed readiness to host the talks, the Kremlin said. According to the Kremlin's readout of the phone call, Erdogan 'fully supported the Russian proposal, emphasizing his readiness to provide' a platform for the talks in Istanbul, as well as 'all possible assistance in organizing and holding the negotiations aimed at achieving sustainable peace.' Erdogan also spoke to Macron on Sunday, according to a statement from the Turkish presidential communications office, and said that a 'historic turning point' had been reached in efforts to end the war. Meanwhile, Russia resumed mass drone attacks in Ukraine early Sunday, after its self-declared three-day pause expired. Russia launched 108 attack drones and simulator drones from six directions, Ukraine's air force said. It said 60 drones were shot down and 41 others failed to reach targets due to Ukrainian countermeasures. The Russian Defense Ministry on Sunday accused Ukraine of violating Moscow's ceasefire more than 14,000 times. Ukraine, which did not agree to the Thursday-through-Saturday ceasefire, has also accused Russia of violating its own truce, with the Ukrainian foreign minister calling it a farce. Kullab and Litvinova write for the Associated Press and reported from Kyiv and Tallinn, Estonia. AP writers Suzan Fraser in Ankara, Turkey, and Thomas Adamson-Koumbouzis in Paris contributed to this report.
