Latest news with #Governors'Meeting
IOL News
23-07-2025
- Business
- IOL News
South Africa at a crossroads: Navigating global leadership for green industrialisation
The Minister of Trade, Industry and Competition, Parks Tau. Minister Tau's green industrial vision presents a promising pivot, says the author. Image: Independent Media Archives Poised at a critical crossroad, South Africa finds the complexities of its just transition encompassing both profound challenges and significant opportunities – illuminated by the recent G20 Finance Ministers' and Central Bank Governors' Meeting and Minister Parks Tau's budget speech for the Department of Trade, Industry, and Competition. These two events offer a glimpse of how the country could leverage its leadership position internationally and domestically to drive a sustainable, equitable and transformative economic shift. As South Africa approaches the G20 Summit in November 2025, the G20 Finance Ministers' and Central Bank Governors' Meeting held in Durban last week demonstrated the country's standing in building unity and the influencing global financial ecosystem. The meeting culminated in the issuing of a communiqué consented to by all members that centres on strategic macroeconomic issues, multilateral cooperation, price stability and capital mobilisation - all having important implications for South Africa's just transitions. At the meeting, ministers and central bank governors considered key recommendations for enhancing collaboration among Vertical Climate and Environment Funds, Multilateral Development Banks, National Development Banks, and the private sector for innovative financing mechanisms. They also shared views on binding macroeconomic and microeconomic constraints to scaling up sustainable finance. Significantly, members reaffirmed the urgency of scaling up financing for adaptation and just transitions. South Africa's global advocacy within the G20 is commendable, but the true measure of our G20 Presidency lies in converting these high-level pledges into tangible impacts that elevate marginalised communities. At home, Minister Tau's budget speech put the urgency of action required to address entrenched economic exclusion. For the past three decades the country's economy has been trapped in a paradox albeit blessed with mineral wealth, human ingenuity, and democratic promise, yet shackled by 34% unemployment, devastating poverty and inequality, and growth averaging just 0.7% since 2014. Minister Tau's green industrial vision presents a promising pivot that is centred around renewable energy, critical minerals beneficiation, local manufacturing, and inclusive finance that turns country's economic polycrisis into a bold just transition programme in which the energy transition benefits the society. Green industrial hubs such as the Boegoebaai Hydrogen SEZ and its concomitant R339 billion investment pipeline promised a series of value chains beyond renewable energy. A well planned and sequenced implementation will have a monumental impact. The South African Renewable Energy Masterplan (SAREM) targets local manufacturing of solar, wind turbines, and batteries for industrial scale manufacturing capabilities with significant value chains development envisaged. This illustrates a potential roadmap for green industrialisation, catalysing substantial investment and job creation. However, the success of these plans hinges critically on execution, ensuring that the public and private sectors procurement policies enforce local content. The promised "high-speed approval lane" under the Omnibus Bill for high impact projects must ease the doing business. Developing local and black industrialists, and community and worker owned enterprises should be the cornerstone of the bill's implementation to democratise the local ownership of the economy. Moreover, the international trade landscape and geopolitics presents both threats and opportunities. The 'Butterfly Strategy' posited by Minister Tau rightly sets out to diversify the country's trade beyond the West. As the United States trade regime threaten South Africa with a 30% tariff and the European Union implement its Carbon Border Adjustment Mechanisms, South Africa's exports face threats at multiple fronts. The Minister's speech lacked substantial content on the 'Butterfly Strategy', whether new markets are being sought or expanding existing markets to mitigate the risks exposure of South African exporters. While he did make cursory reference to ongoing engagements with the United States government, he provided no other alternative action barring the African Continental Free Trade Area. Possible expansion considerations may include prioritising regional value chains in batteries, electric vehicles, and solar technology with Namibia (green hydrogen), DRC (cobalt), and Morocco (solar), building out trade agreements within BRICS, etc. Ultimately, the G20 commitments and Minister Tau's green industrial strategy intersect profoundly. Both stress the importance of inclusive growth, sustainable finance, and collective action. South Africa's leadership in the G20 offers a unique moment to advocate for global equity while simultaneously transforming our domestic economy. This dual role requires vigilance and accountability to ensure lofty goals translate into lived realities. South Africa's industrial policy goes beyond economic growth, it serves as a form of social healing. Imbuing the just transition into industrial policy will lead the redress of historically skewed economic ownership and participation patterns and changing the fabric of our society into one of shared prosperity for all. The alignment between international advocacy and domestic action could set South Africa as a global example of how finance, industrial policy, and social justice can converge, powerfully impacting the most vulnerable in society. Yet this potential demands a commitment to action, beyond rhetoric, and beyond pledges. It is a moment to unite collective efforts across government, industry, and society, moving decisively from vision to reality. South African can lead the Global South but only if we treat this moment with urgency and into collective creation. Devan Pillay is the Executive Manager: Institutional Support at the Presidential Climate Commission. Image: Supplied Devan Pillay is the Executive Manager: Institutional Support at the Presidential Climate Commission *** The views expressed here do not necessarily represent those of Independent Media or IOL. BUSINESS REPORT
Straits Times
18-06-2025
- Business
- Straits Times
ECB's Panetta says EU a victim of US efforts to distance Russia from China
FILE PHOTO: Bank of Italy Governor Fabio Panetta attends the G7 Finance Ministers and Central Bank Governors' Meeting in Stresa, Italy May 24, 2024. REUTERS/Massimo Pinca/File Photo ECB's Panetta says EU a victim of US efforts to distance Russia from China MILAN - The United States' "confrontational" trade stance towards Europe is a consequence of US efforts to give Russia a seat in international forums and weaken its ties with China, a top European Central Bank policymaker said on Wednesday. ECB Governing Council member Fabio Panetta told a student conference in Milan he believed the European Union was paying the price for taking a firm stance against Russia in light of the war in Ukraine. In attempts to limit China's international influence, the administration of U.S. President Donald Trump is ready to sacrifice its historic ties with Europe, he said. Western sanctions against Russia have strengthened Moscow's ties with China in recent years. On Wednesday, Russia's deputy economy minister urged Brazil to complement China in filling the gaps in Russian markets left by the exodus of Western companies. Panetta told the Young Factor conference in Milan that the United States saw Russia's alliance with China as too big of a threat. "It would be extremely difficult to compete with China's industrial, technological, and financial power if that is combined with Russia's natural resources," Panetta said. "So I believe President Trump's goal is to give Russia back its international legitimacy, so to speak ... If that's the plan, then the economic area that most opposed Russia's invasion of Ukraine, i.e., the European Union, is your worst enemy," he said. Trump told the Group of Seven summit in Canada on Monday that the G8 had been wrong to kick out Russia in 2014 after it annexed Crimea from Ukraine. Trump also said that while trade talks with the EU continued, he did not feel the EU was offering "a fair deal" yet and may have to "just pay whatever we say they have to pay." European Commission President Ursula von der Leyen told reporters at the summit that the objective was still to reach a deal before higher tariffs kick in on July 9 after a 90-day pause. Panetta said the difference between the average duty the EU applied to U.S. goods and the average U.S. duty on goods from the economic bloc was small, and the issue would have been easily solvable. "But if the EU is the obstacle as Washington seeks to distance Russia and China, that can explain the aggressive attitude towards a commercial partner," he said. REUTERS Join ST's Telegram channel and get the latest breaking news delivered to you.
Toronto Sun
22-05-2025
- Business
- Toronto Sun
G7 finance ministers show 'proof of unity' with joint statement at summit: Champagne
Published May 22, 2025 • 1 minute read Minister of Finance and National Revenue Francois-Philippe Champagne scrums as he walks at the G7 Finance Ministers and Central Bank Governors' Meeting in Banff, Alberta, on May 21, 2025. Photo by COLE BURSTON / AFP via Getty Images BANFF — Canada's Finance Minister Francois-Philippe Champagne says there's a sense of unity after emerging from a summit with his counterparts across the G7. This advertisement has not loaded yet, but your article continues below. THIS CONTENT IS RESERVED FOR SUBSCRIBERS ONLY Subscribe now to read the latest news in your city and across Canada. Unlimited online access to articles from across Canada with one account. Get exclusive access to the Toronto Sun ePaper, an electronic replica of the print edition that you can share, download and comment on. Enjoy insights and behind-the-scenes analysis from our award-winning journalists. Support local journalists and the next generation of journalists. Daily puzzles including the New York Times Crossword. SUBSCRIBE TO UNLOCK MORE ARTICLES Subscribe now to read the latest news in your city and across Canada. Unlimited online access to articles from across Canada with one account. Get exclusive access to the Toronto Sun ePaper, an electronic replica of the print edition that you can share, download and comment on. Enjoy insights and behind-the-scenes analysis from our award-winning journalists. Support local journalists and the next generation of journalists. Daily puzzles including the New York Times Crossword. REGISTER / SIGN IN TO UNLOCK MORE ARTICLES Create an account or sign in to continue with your reading experience. Access articles from across Canada with one account. Share your thoughts and join the conversation in the comments. Enjoy additional articles per month. Get email updates from your favourite authors. THIS ARTICLE IS FREE TO READ REGISTER TO UNLOCK. Create an account or sign in to continue with your reading experience. Access articles from across Canada with one account Share your thoughts and join the conversation in the comments Enjoy additional articles per month Get email updates from your favourite authors Don't have an account? Create Account The group of finance ministers and central bankers gathered this week in Banff, Alta., ahead of the G7 leaders' summit set for next month in nearby Kananaskis. The finance group came out with a joint communique emphasizing a commitment to strong economic relationships in a period of global trade uncertainty. Champagne says the summit was about finding common ground and going back to basics. He says the existence of the joint statement is 'proof of unity' among the G7. U.S. Treasury Secretary Scott Bessent is among those at the meeting. The United States continues to wage a trade war sending shock waves across global markets, but tariffs are not mentioned in the communique. Toronto & GTA Sports Sunshine Girls Basketball World
The Sun
05-05-2025
- Business
- The Sun
Trade protectionism disrupts global trade - ASEAN+3
KUALA LUMPUR: Rising trade protectionism impacts global trade, causing economic fragmentation that affects trade, investment, and capital flows throughout the region, as concluded in the 28th ASEAN+3 Finance Ministers' and Central Bank Governors' Meeting (AFMGM+3). The meeting was held on May 4, 2025, in Milan, Italy, under the co-chairmanship of Malaysia's Finance Minister II Datuk Seri Amir Hamzah Azizan, Bank Negara Malaysia governor Datuk Seri Abdul Rasheed Ghaffour, China's Finance Minister Lan Fo'an, and the People's Bank of China governor Pan Gongsheng. The ASEAN+3 Macroeconomic Research Office (AMRO) director, the Asian Development Bank (ADB) president, the ASEAN Secretariat deputy secretary-general, and the International Monetary Fund (IMF) deputy managing director were also present. In a joint statement, AFMGM+3 said that near-term prospects may also be affected by other external risks, including tighter global financial conditions, growth slowdown in major trading partners, and reduced investment flows. 'We call for enhanced regional unity and cooperation as we endeavour to weather the heightened uncertainty. Our current policy priority is to reinforce long-term resilience while maintaining flexibility to address near-term challenges, including rising protectionism and volatile global financial conditions. 'On the fiscal front, this means rebuilding policy buffers while continuing to provide well-targeted support to sustain growth while implementing structural reforms. We will also carefully recalibrate monetary policy based on domestic conditions,' said the group. AFMGM+3 emphasised that they will maintain exchange rate flexibility as a buffer against external shocks. 'Our export markets and sources of growth have become increasingly diversified over the years, with domestic demand and intraregional trade now serving as key drivers of growth,' it said. The group said that amid rising uncertainties and long-term structural shifts, they reaffirm their full commitment to multilateralism and a rules-based, non-discriminatory, free, fair, open, inclusive, equitable, and transparent multilateral trading system, with the World Trade Organisation at its core. 'We will enhance macro-economic policy dialogue, promote regional financial cooperation, and ensure stable and unimpeded industrial and supply chains, to jointly safeguard regional economic and financial stability. 'We fully support the robust implementation of the Regional Comprehensive Economic Partnership (RCEP) Agreement,' it said. They urge international organisations to uphold multilateralism and promote free trade, analyse and monitor the potential impact of trade tensions on the global economy, and support their members in providing policy advice to manage the negative shocks that may arise. 'We will promote greater intra-regional trade and investment flows to strengthen the region's resilience against external shocks, to adjust to pre-existing and new challenges, and to support sustainable and equitable economic development. 'Given our financial market interlinkages, we are closely monitoring regional financial market conditions,' it said. AFMGM+3 stated that the meetings reaffirm their resolve and commitment to ensure that financial systems and markets remain resilient despite uncertainty, while maintaining open communication among members in light of rapidly evolving developments.
Mint
23-04-2025
- Business
- Mint
Pahalgam terror attack: FM Nirmala Sitharaman cuts short her US, Peru visit- ‘to be with our people in difficult time'
Pahalgam terror attack: Union Finance Minister Nirmala Sitharaman has decided to cut short her official visit to US and Peru, in the wake of the terrorist attack in Jammu and Kashmir's Pahalgam, At least 26 people, mostly tourists, including two foreigners, were killed in one of the deadliest attacks in Jammu and Kashmir in the recent past. The Ministry of Finance announced that Sitharaman will take the earliest flight available to return to India. "Union Minister for Finance and Corporate Affairs Smt. @nsitharaman is cutting short her official visit to the USA-Peru. She is taking the earliest available flight back to India to be with our people in this difficult and tragic time," the Ministry of Finance posted on X. Sitharaman was on a five-day official visit to the United States, which began on April 20. India's Ambassador to the US, Vinay Mohan Kwatra, and Consul General Srikar Reddy Koppula, along with Finance Secretary Ajay Seth, received her at the San Francisco International Airport. From April 22 to 25, Sitharaman was scheduled to participate in the Spring Meetings of the International Monetary Fund and World Bank in Washington, DC. She was also scheduled to attend the G20 Finance Ministers and Central Bank Governors' Meeting, the Development Committee Plenary, the IMF/World Bank Group's International Monetary and Financial Committee (IMFC) Plenary, and the Global Sovereign Debt Roundtable. On the sidelines, she was scheduled to hold bilateral meetings with counterparts from countries including the United States, the United Kingdom, France, Germany, Saudi Arabia, and others, as well as top officials from international financial institutions. Following her engagements in the US, Sitharaman was scheduled to travel to Peru for her maiden visit from April 26 to 30. However, she cut short her visit due to the terrorist attack in Pahalgam. Earlier, Sitharaman condemned the terrorist attack in Jammu and Kashmir and offered condolences to the families of the deceased. "Heart breaking news from Pahalgam, Jammu and Kashmir. No words to express grief. I condemn the terrorist act. Condolences to all affected families and friends of the deceased. Sincere prayers for the injured to recover fast. Reiterate the words of PM @narendramodi Those behind this heinous act will be brought to will not be spared! Their evil agenda will never succeed. Our resolve to fight terrorism is unshakable and it will get even stronger," Sitharaman posted on X. Prime Minister Narendra Modi has decided to cut short his visit to Saudi Arabia in view of the brutal terror attack on tourists in Jammu and Kashmir's Pahalgam on Tuesday. Modi, held bilateral talks with Saudi Crown Prince Mohammed bin Salman in Jeddah. However, in view of the terrorist attack in Kashmir, PM Modi skipped the official dinner hosted by Saudi Arabia and has decided to cut short his visit, said government source. Union Home Minister Amit Shah chaired a high-level security meeting with all the agencies following the Pahalgam terror attack. Home Minister Shah reached Srinagar on Tuesday evening for the security review meeting. Shah said earlier that those involved in this dastardly act of terror will not be spared. The Indian Army and Jammu and Kashmir Police have launched a search operation in the general area of Baisran, Pahalgam, Anantnag, to nab the perpetrators of the attack. Delhi Police has also been instructed to keep a close watch on tourist places and other important places. The incident, which targeted tourists in Pahalgam, sparked widespread outrage across the country, with several political leaders condemning the attack. Residents of Jammu and Kashmir turned up for a candlelight march at several places in the state against the Pahalgam terror attack that took place on Tuesday. Locals in Baramulla, Srinagar, Poonch and Kupwara held a candlelight march while Bajrang Dal workers in Jammu held a protest against the terror attack. Heart breaking news from Pahalgam, Jammu and Kashmir. No words to express grief. I condemn the terrorist act. First Published: 23 Apr 2025, 05:49 AM IST
