DUBAI: The summit of the G20 nations assembling in Buenos Aires comes at a crucial time in world affairs, as well as a critical juncture in the economy of its host nation, Argentina.
For Saudi Arabia too, the meeting comes at an important crossroads – an opportunity to move its economic transformation strategy onto another level in the face of challenges at home and abroad.
While public perception of the G20 is based on the power-play politics on display over the traditional 48 hours of summitry, behind the scenes the gathering is a forum for the resolution of economic and financial issues.
The two days of in-your-face events are preceded by more discreet meetings of business leaders and financial officials — the legendary “sherpas” — from the member countries and their invitees; their discussions are decidedly economic, rather than political; their implicit agenda is to maintain economic stability within the existing financial framework.
Maybe this is why, over the course of the 10-year history of the G20, it has attracted more criticism and opposition from the left wing, and physical opposition from violent extremists, than any other multinational gathering.
The G20 is unashamedly a club of capitalists, even when its most populous member and second biggest economy, China, is still nominally a communist economy. In its decade in the capitalist inner sanctum, China has proven just as orthodox a capitalist as any of the other members, including the standard bearer of free enterprise, the US.
In 2009 at the G20 in Pittsburgh, China joined with the US to bail out the world with an expansionist program after the global financial crisis had led it to the brink, declaring itself a committed member of the club.
How different the atmosphere is in Buenos Aires. The global economic system seems to be on the point of fracture again, but this time there seems little chance of a US-China double act coming to the rescue.
The Costa Salguero Center on the edge of the Rio de la Plata will be the venue for the first meeting between US President Donald Trump and Chinese President Xi Jinping since, earlier this year, the former fired the opening shots in the “trade war” going on between them by declaring his intention to impose $250 billion of tariffs on Chinese imports.
China retaliated with its own tariffs, and there is a danger that the confrontation — which some American officials describe as merely a “skirmish” — will descend into a full-scale battle next year, when the tariffs take effect.
That would have serious consequences for a global economy that is looking increasingly fragile amid concerns that the financial system, too, is laboring under a weight of increased debt and overinflated asset prices.
China recently held out an olive branch, with deputy president Wang Qishan declaring his readiness to enter serious negotiations to avoid a breakdown in the global trade system. The hope is that Trump will hold off formally applying the tariffs in January.
But in Buenos Aires, nobody is expecting too much from the dinner that the two presidents have arranged on Friday night.
By then, the first full day of the summit will have been completed, and President Mauricio Macri of Argentina will be hoping that it has gone off without the major incidents that have been threatened by home-grown and international agitators.
If there was a repeat of the serious football-related violence that broke out in Buenos Aires recently, it would take the shine off his attempts to claim that Argentina had turned a corner in its economic troubles, in the run-up to presidential elections next year.
Macri was elected three years ago in a burst of optimism that his reformist policies would put the Argentine economy on the road to stability after years of boom-and-bust cycles, interspersed corruption scandals, and domestic unrest.
For a while it seemed to be working, and winning the G20 was seen as a mark of approval by the international community for his presidency.
But recently the old Argentine malaise has come back with a vengeance. The peso has lost 50 percent of its value against the dollar this year, Argentine financial markets have been chaotic, and inflation has soared to more than 30 percent per annum. Some Argentinians complain they cannot afford steak.
Macri has stabilized the situation in recent weeks, with the IMF giving its blessing in a series of measures to stabilize the economy and the financial system.
But Argentine citizens are still having to live with an austerity program that threatens their standard of living, and it would not take much for ordinary citizens — the ones who have not taken Macri’s advice to have a long weekend away from Buenos Aires — to join protests that could easily descend into violent confrontation as the G20 leaders meet.
That would be an embarrassment for Macri in front of his fellow leaders, and would also distract from the rest of the very worthy G20 program.
While the media is salivating for a Trump-Xi confrontation on trade, more fireworks on climate change and street protest, the compilers of the G20 program have actually put together a formal agenda that reflects some of the other genuine concerns of the international community.
The theme of the Buenos Aires G20 — as it is the case increasingly with international forums from Davos to Singapore — is sustainability. The world has to live within it means, both in terms of energy, environment, society and finance.
The Argentine G20’s self-declared goals are to focus solutions on the future of work, infrastructure for development, viable food production and consumption, and the inclusion of more women in the global workforce, all against the backdrop of the rapid technological change turning most aspects of the economic process on its head.
That coincides with many of the goals of Saudi Arabia’s Vision 2030, which Saudi policymakers — led by Crown Prince Mohammed bin Salman — will be at pains to stress is still on track in Buenos Aires. The event gives the opportunity to reassert the project’s credentials on the international stage after a period of uncertainty in crucial global energy markets and changes in the international perception of the Kingdom.
Some aspects of the Vision 2030 program — like the initial public offering of Saudi Aramco originally slated for next year — have been modified in line with changing circumstances, and lower oil prices threaten to alter the fiscal mathematics for the Kingdom’s economic policymakers.
As the biggest economy in the Middle East, a leading oil producer and a long-standing member of the G20, Saudi Arabia will retain its role and its influence in Buenos Aires. The top-level delegation will be working hard behind the scenes, at the bilateral and “retreat” events at the summit center, to argue its case among its global peers.
It all promises to be an instructive lesson in the stagecraft, and statecraft, that goes into hosting a G20 summit, which, after a move to Japan next year, is planned to be held in Saudi Arabia in 2020, its first time in the Middle East.
Why the G20 matters now for both Saudi Arabia and the international community
Why the G20 matters now for both Saudi Arabia and the international community
- The world is hoping the US and China will resolve their trade war
- Saudi Arabia will showcase Vision 2030 on the global stage
China, Cambodia sign major canal deal
- The canal project, which was previously estimated to cost $1.7 billion — nearly 4 percent of the country’s annual gross domestic product — and stretching 180 km, is now valued at $1.16 billion with a length of 151.6 km, the Cambodian government said in a
BEIJING: China and Cambodia have agreed to build safe and stable supply chains and strengthen cooperation in transportation infrastructure, they said in a joint statement released by China’s Foreign Ministry on Friday.
The two countries also signed a deal to construct a major canal, which Cambodia hopes will transform its economic fortunes.
The agreements came after Chinese President Xi Jinping’s three-nation tour of Southeast Asia, which included stops in Vietnam and Malaysia.
The trip was part of Beijing’s effort to consolidate economic and trading ties with close neighbors.
“China supports Cambodia in building the Funan Techo Integrated Water Conservancy Project in accordance with the principles of feasibility and sustainability,” the joint statement said.
The canal project, which was previously estimated to cost $1.7 billion — nearly 4 percent of the country’s annual gross domestic product — and stretching 180 km, is now valued at $1.16 billion with a length of 151.6 km, the Cambodian government said in a separate statement.
The statement showed that it will be financed through a public-private partnership, with Cambodian investors holding a 51 percent stake and Chinese investors holding 49 percent.
China also commended Cambodia’s efforts in cracking down on illegal online gambling and telecom fraud in the joint statement, with the two countries agreeing to strengthen law enforcement cooperation further.
Before Xi’s visit, the Cambodian government said it had deported to China several “Chinese criminals,” including people from Taiwan, in a move that angered Taipei and was praised by Beijing.
The two countries also agreed to establish a ministerial dialogue between their foreign and defense ministers to facilitate coordination on major strategic issues.
Three tourists among 4 killed after Italian cable car crashes into a ravine south of Naples
- An Arab woman with Israeli citizenship was the third foreign victim to be identified following Thursday’s accident
- The fourth victim was the Italian driver of the cable car
ROME: Three tourists, including a brother and sister from Britain, were among four people who were killed when a mountain cable car plunged into a ravine south of Naples, an Italian official said Friday.
An Arab woman with Israeli citizenship was the third foreign victim to be identified following Thursday’s accident, said Marco De Rosa, a spokesperson for the mayor of Vico Equense.
The fourth victim was the Italian driver of the cable car. A fifth tourist, said to be the brother of the Israeli victim, is in a stable but critical condition at a Naples hospital, officials said.
Initial reports suggested that a traction cable may have snapped as the cable car ascended Monte Faito, in the town of Castellammare di Stabia. The cable car plunged into a ravine after stopping very close to the station at the top of the peak, at around 1,050 meters (3,400 feet).
Sixteen passengers were helped out of another cable car that was stuck mid-air near the foot of the mountain following the incident.
The accident happened just a week after the cable car, which is popular for its views of Mount Vesuvius and the Bay of Naples, reopened for the season. It averages around 110,000 visitors each year.
The emergency services, including Italy’s alpine rescue, more than 50 firefighters, police and civil protection personnel, worked into the evening in severe weather conditions, with fog and strong winds making rescue operations difficult.
“The traction cable broke. The emergency brake downstream worked, but evidently not the one on the cabin that was entering the station,” Luigi Vicinanza, the mayor of Castellammare di Stabia, said on Thursday. He added that there had been regular safety checks on the cable car line, which runs 3 kilometers (1.8 miles) from the town to the top of the mountain.
Local prosecutors have opened an investigation into possible manslaughter, which will involve an inspection of the cable stations, the pylons, the two cabins and the cable, officials said Friday.
The company running the service, the EAV public transport firm, said the seasonal cable car had reopened with all the required safety conditions.
“The reopening had taken place a week ago after three months of tests every day, day and night,” said EAV President Umberto De Gregorio. “This is something inexplicable.”
De Gregorio said technical experts believed there was no connection between the severe weather and the cause of the crash. “There is an automatic system. When the wind exceeds a certain level, the cable car stops automatically,” he said.
The Monte Faito cable car opened in 1952. Four people died in 1960 when a pylon broke.
Italy has recorded two similar fatal accidents involving cable cars in recent years.
A cable car crash in May 2021 in northern Italy killed 14 people, including six Israelis, among them a family of four. In 1998, a low-flying US military jet cut through the cable of a ski lift in Cavalese, in the Dolomites, killing 20 people.
Half a million weapons lost or smuggled after Taliban takeover in Afghanistan
- When Taliban swept through Afghanistan, they captured about 1 million pieces of US-funded military equipment
- Many weapons were abandoned by retreating Afghan soldiers or left behind by US forces
LONDON: Around half a million weapons seized by the Taliban after their 2021 takeover of Afghanistan have been lost, sold, or smuggled to militant groups, according to sources who spoke to the BBC.
Some of the missing weapons are believed to be in the hands of Al-Qaeda affiliates, UN officials say.
When the Taliban swept through Afghanistan, they captured about 1 million pieces of US-funded military equipment, including M4 and M16 rifles, according to the report published on Thursday.
Many weapons were abandoned by retreating Afghan soldiers or left behind by US forces, it added.
At a closed-door UN meeting in Doha last year, Taliban officials reportedly admitted that half of this equipment is now “unaccounted for.”
A UN report in February said groups such as Tehreek-e-Taliban Pakistan and the Islamic Movement of Uzbekistan were accessing Taliban-captured weapons or buying them on the black market.
The Taliban government denies the claims, insisting that all weapons are securely stored.
However, a 2023 UN report said local Taliban commanders were allowed to keep 20 percent of seized US arms, fueling a thriving black market.
Sources described an underground trade where US-made weapons are now sold via messaging apps like WhatsApp.
Oversight of US equipment in Afghanistan has long been criticized, and a US watchdog, Sigar, said tracking efforts were hampered by poor record-keeping across multiple agencies.
US President Donald Trump has vowed to reclaim the lost weaponry, though experts argue the cost of recovery would outweigh its value.
Meanwhile, the Taliban have used captured Humvees, rifles, and other simpler equipment to bolster their military strength, although they struggle to maintain more complex machinery like Black Hawk helicopters.
Concerns remain that the flow of advanced weaponry to militant groups will continue to destabilize the region.
Australian to stand trial in Russian-occupied Ukraine on mercenary charges
- Jenkins came to Ukraine in February 2024 from Melbourne
- Then fought against the Russian army between March and December 2024
MOSCOW: An Australian man will stand trial on mercenary charges in Russian-occupied Lugansk, the eastern region’s Moscow-installed authorities said on Friday, the latest foreign soldier fighting for Ukraine to appear before the court.
“The Prosecutor’s Office of the Lugansk People’s Republic approved the indictment in the criminal case against 33-year-old citizen of the Commonwealth of Australia Oscar Charles Augustus Jenkins,” the authorities said in a statement.
According to the investigators, Jenkins came to Ukraine in February 2024 from Melbourne and then fought against the Russian army between March and December 2024, for which he was paid around $7,000-9,000 a month.
Russia and its eastern Ukraine proxies typically consider foreigners traveling to fight in Ukraine as “mercenaries.”
This enables them to prosecute fighters under its criminal code, rather than treating them as captured prisoners of war with protections and rights under the Geneva Convention.
Most recently British man James Scott Rhys Anderson, 22, was charged with terrorism after he was caught in the Kursk region fighting on Ukraine’s side.
Prince Harry requested taxpayer-funded security after Al-Qaeda death threat
- The prince is in a legal battle with the Home Office over the level of protection he receives in Britain
- Terror group called for prince ‘to be murdered’ after 2020 decision to reduce his security, court told
LONDON: The UK’s Prince Harry, duke of Sussex, requested taxpayer-funded protection following a murder threat against him by Al-Qaeda, new court documents show.
The prince is in a legal battle with the UK Home Office over the level of taxpayer-funded personal security he receives when traveling back home from the US, and the documents were revealed following the duke of Sussex’s appearance at London’s Royal Courts of Justice last week, The Independent newspaper reported.
The Executive Committee for the Protection of Royalty and Public Figures (RAVEC) ordered in 2020 that Prince Harry should receive a lower grade of security when in the UK.
He fought back against the decision, but the High Court dismissed his case against the Home Office last year, which he is now appealing.
Private evidence was heard in the case, showing that Prince Harry submitted a request for protection following the Al-Qaeda threat.
A court summary said the prince “confirmed that he had requested certain protection after a threat was made against him” by the terror organization.
Prince Harry previously claimed he faces a greater risk than Princess Diana, his late mother, with “additional layers of racism and extremism.”
After the RAVEC decision in 2020, Al-Qaeda called for Prince Harry “to be murdered,” written submissions in the prince’s appeal say.
Shaheed Fatima KC, for the prince, said that his security team was told that Al-Qaeda had released a document which said his “assassination would please the Muslim community.”
The RAVEC decision was made after Prince Harry and Meghan Markle announced they would step back from public duties in early 2020.
The pair were later told that, while in the UK, they would no longer receive the full-scale police protection offered to the king and queen, the prince and princess of Wales, and their three children.
An alternative “bespoke” security detail was arranged for the duke and duchess of Sussex.
They are required to give 30 days’ notice of their arrival in Britain for officials to make threat assessments.
Prince Harry had been “singled out for different, unjustified and inferior treatment,” Fatima said, adding that he “does not accept that ‘bespoke’ means ‘better.’”
