Leaders of the G7 have shown support for Ukraine, condemning Russia’s “brutal” war on the country. The group’s leaders also called on Russia to cease its aggression against Ukraine and adhere to the rules of the international community. The statement also offered Ukraine “unwavering support” in absence of lasting peace. Ukrainian President Volodymyr Zelensky is visiting Japan for the summit and is expected to meet with Indian Prime Minister Narendra Modi and Brazil’s ex-President Luiz Inacio Lula da Silva. Neither figure has supported Ukraine in the past, but they will participate in the summit.
Leaders at the G7 summit in Japan have held talks focusing on the deepening dominance of China and political tensions on the Korean peninsula. The likely impact on the Japanese economy of the UK's Brexit decision is also a significant concern. Top of the agenda was the situation in the Ukraine and issues related to economic security and supply chains. India's attendance, as chair of the G20, has highlighted the importance of the developing world. Prime Minister Narendra Modi has made several contributions to the talks, arguing for inclusive food systems to be created across the world. At a separate meeting, involving the leaders of Japan and Brazil, mention was made of the need for security council reform. Meanwhile, US President Barack Obama became the first sitting US president to visit Hiroshima, where he laid a wreath at the Hiroshima Peace Memorial.
The cost of travel, even budget travel, has surged since the pandemic hit, according to an article in The Telegraph. Airlines, hotels, travel agents and restaurants are scrambling to recover lost revenue, which has pushed up the cost of flights and accommodation across Europe by 23% since 2021, according to Consumer Choice. The Post Office reported that 27 out of 35 cities are charging more for hotels, and car hire fees in seven out of nine popular holiday destinations now cost over £100 more than before the pandemic. However, demand is still high due to people having built up holiday savings during lockdown and the high cost of living lingering in many households. Ground travel, such as train travel, has seen only a 3% rise in prices since 2019 and is expected to become more popular, given the rising cost of flights.
Leaders from the G7 countries have agreed to launch an initiative aimed at countering "economic coercion" and vowed to ensure any such efforts will fail and face consequences. While the statement did not name China, Western officials have said that is understood to be its target. The new Coordination Platform on Economic Coercion will use an early warning system and rapid information-sharing tools. The G7 leaders also vowed to support the supply chain of middle and low-income countries so they will be more resilient and less vulnerable.
Ukraine's President Volodymyr Zelensky has made a surprise visit to Hiroshima to participate in the Group of Seven (G7) economic summit after he was invited by President Joe Biden. The meeting was said to be focused on mobilising allies against the growing economic power of China, but Zelensky's appearance has overshadowed discussions around Russia's ongoing invasion of Ukraine. The G7 leaders' joint statement called on China to press Russia to stop military aggression, specifically citing the need for a comprehensive peace deal based on Ukrainian territorial integrity and UN Charter principles. According to reports, President Biden is to meet Zelensky and to provide flight training to the Ukrainian military, despite earlier dismissing Ukraine's request for F-16 fighter jets. The US President had initially planned for a longer and more ambitious trip, but cancelled stops in Papua New Guinea and Australia to focus on talks with congressional leaders over debt limitation and avoiding default.
Wine writer Shana Clarke has published "150 Vineyards to Visit Before You Die" including Japan's MGVs vineyard, which Clarke describes as a laboratory-like building with precise winemaking akin to alchemy; Spain's Bodegas Vega Sicilia's Ontañón Vineyard, featuring vines dating back over 100 years; and Australia's d'Arenberg Cube, a five-storey art and education venue that aims to blur the lines between wine and attraction. The book explores lesser-known vineyards as well as famous ones in France and Italy. The vineyards were chosen to reflect Clarke's "broad story about the world of wine, which meant not just focusing on historically important vineyards, but what may come in the future".
Services exports from the UK have grown by 17.8% from 2016 to 2022, according to data from the Organisation for Economic Co-operation and Development, marking the strongest growth in the G7. While goods exports fell in the last quarter of 2022, leading economist Sophie Hale has labelled the rise in services export as a "boom" and equating the UK's growing ability to provide high-skilled professional and business services. The Bank of England has also revealed that approvals by banks to households for house purchase loans were at the highest in February since April 2015. This activity shows signs of stability for the UK's economy, with market experts stating that the growth reflects the value of the country’s service-based industries, including travel, education and banking.
One person has been injured after a helicopter crashed in Italy whilst inspecting downed power lines. The crash happened in the province of Ravenna, which has been badly affected by floods and storms. The region has declared the highest alert level in some areas along the Adriatic coast, with floods and landslides still being severe holdbacks. In the whole Emilia-Romagna region, at least 14 people have been confirmed dead from the storms, which have also caused widespread land, building and agriculture damage.
Hedge funds have taken short positions against Greece’s government debt amid concerns about post-election political instability in the country, with the total value of bonds borrowed to bet on a fall in prices reaching its highest level since 2014 at over $500m. The yield between Greek and German 10-year debt yields has narrowed to 1.5 percentage points from over 2.8 last October. Most of Greece's €400bn debt is held by official bodies, rather than by investors.
The Group of Seven (G7) summit held in Hiroshima this week has focused on the Ukraine crisis, as well as the growth of China and the associated rising threat to Taiwan. The discussions have incorporated a range of issues, including energy and economic security and supply chains. The attendance of nations such as India, Indonesia, Vietnam and Australia has ensured a focus on developing countries. Earlier this week, speaking at the summit, Indian Prime Minister Narendra Modi suggested that the creation of a system focused on food security, particularly for “marginal farmers” must be given priority, and suggested that there was a need to strengthen global “fertilizer supply chains” while curtailing “the expansionist mindset controlling fertilizer resources.” The summit has also covered artificial intelligence, nuclear weapons and non-proliferation, and climate change. It had been hoped that discussion of global health issues would also feature. The G7 comprises Canada, France, Germany, Italy, Japan, the UK and the US. The summit concludes today.
Denz wins another Giro d'Italia stage, Armirail 1st Frenchman in pink this century
CBC
23-05-20 18:13
Nico Denz won the 14th stage of the Giro d’Italia, his second victory of this year’s race, less than 72 hours after his first. The German, riding for Bora-Hansgrohe, almost celebrated too early at the end of the stage as he beat Derek Gee by half a wheel. In the overall race, France's Bruno Armirail became the first Frenchman to wear the pink jersey this century after finishing 24th, which saw him lead Geraint Thomas by 1 minute 41 seconds. The Giro will finish in Rome in eight days.
Atalanta kept their faint hopes of qualifying for the Champions League alive by beating Hellas Verona 3-1 in Serie A. Despite going behind after 11 minutes to a goal from Darko Lazović, Atalanta levelled 11 minutes later with a powerful strike from Davide Zappacosta. In the second half, Verona goalkeeper Lorenzo Montipò’s mistake gifted the lead to Mario Pašalić before Rasmus Højlund all but sealed the match. The win moved Atalanta level with fifth-placed AC Milan, four points below the top four. Verona remain level on points with 17th-placed Spezia in the relegation battle.
Several countries across the Middle East have reportedly moved away from the US dollar in reaction to ongoing dollar rationing strategies set in place by the United States. As previously reported, on 15 May 2021 Iraq band all business deals and exchanges of the dollar with Iran, and underlining an existing case where the nation’s authorities made it more difficult for individuals to obtain dollars as the US had revealed increasing concerns that much of its currency was being smuggled to Iran, which is under sanctions. This extreme measure against the dollar has since highlighted a trend in the Middle East where the continuous slowing of the currency’s value has led Saudi Arabia's finance minister to state it is “open” to pricing oil sales using different currencies, including the Chinese yuan and the euro. Similarly, in February this year, Iraq confirmed its intention to conduct business with China using yuan, instead of dollars.
Bruno Armirail has overtaken Geraint Thomas to take the lead in the general classification of the Giro d'Italia, after the Welshman surrendered the Maglia Rosa to him. Meanwhile, Nico Denz has claimed his second stage triumph with a win on the 14th stage of the competition, just ahead of Derek Gee. Denz reacted fast to overcome Alberto Bettiol's attempted breakaway in the final kilometre of the race, and managed to hold off the Canadian to cross the finish line first. Armirail is now one minute and 41 seconds ahead of Thomas.
Greece has recovered 351 looted artefacts, which were stolen from the country and beyond by British antiquities dealer Robin Symes. The objects include a rare bronze statue of Alexander the Great, dating back to the second century BC. Repatriation proceedings against Symes’ eponymous company began in 2006, but only ended with the recovery of archaeological pieces stolen from Italy and stored by Symes in 2016. Among the objects returned to Greece are a 4th millennium BC Neolithic-era statuette and an Early Cycladic figurine from between 3200 and 2700 BC.
The UK government has promised that its support for Ukraine will “never waver” after Chancellor Rishi Sunak met Ukrainian president Volodymyr Zelensky during the G7 summit in Hiroshima. Sunak updated Zelensky with “very positive progress” on fighting jets, which the US has approved for donation to the Ukrainian military. Zelensky expressed confidence that “peace will become closer today”. The G7 leaders endorsed continued support for Ukraine and vowed to raise the costs for those involved on Russia’s side of the conflict, as well as criticising China for its aggression towards Taiwan. Russian deputy foreign minister Alexander Grushko warned the “escalation” carries “enormous risks” for the countries involved, while Defence Secretary Ben Wallace claimed it underlined “how serious this situation still is”. The UK has supplied Ukraine with equipment including Challenger tanks and long-range missiles.
Leaders from the G7 countries will end their festivities in Hiroshima centred on Russia and managing China following Ukrainian President Volodymyr Zelensky's appearance. The western leaders used the forums to implement new sanctions against Russia while increasing cash flow to the Ukrainian military. The talk will transition to China as the most robust Asian ally of Russia, as the leaders implicitly remind President Xi Jinping that if he bullies them or changes the status quo in self-ruled Taiwan or the disputed South China Sea, China will experience the same resolve as Russia's attempt to redraw Ukraine's borders.
British author Martin Amis has died at the age of 73, with his gift for sharp observational comedy and piercing prose being celebrated by a wide following. The son of author Sir Kingsley Amis, he overcame early success to write some 15 novels, four short story collections, seven books of non-fiction and two screenplays before his death. He was often dubbed the “Mick Jagger of fiction” and was often a focus for controversy and celebration in equal measure for his work on “disgraceful human beings”. Although his father was a successful and established writer, Martin Amis broke free of his shadow with his work, starting with his prize-winning debut novel The Rachel Papers. While he was known for his romantic exploits, which included a string of high-profile relationships, he was also a gifted writer of prose who was capable of handling complex and difficult themes in his work.
Over 36,000 people have been forced from their homes by floods in northeast Italy; rising waters have swallowed more houses and new landslides have isolated hamlets. Fourteen people have been killed this week after streets in the cities and towns of the Emilia-Romagna region were transformed into rivers. Heavy rains followed months of drought which had dried out the land, reducing its capacity to absorb water, meteorologists said.
Giorgia Meloni, Italy's far-right Prime Minister, has dismissed criticism from Canada's Prime Minister Justin Trudeau over her stance on LGBTQ+ rights. At a G7 Summit press conference, Meloni claimed that Trudeau had fallen "victim" to "fake news" and propaganda, with the accusations not "correspond[ing] to reality". Last month, Meloni's government told Italian city halls to stop automatically registering both parents in same-sex couples as parents, limiting recognition to only the biological parent. LGBTQ+ rights activists held rallies in opposition to the move, calling it homophobic.
