G20 Meetings

Finance ministers from leading rich and developing nations gathered in Rio de Janeiro on Thursday for a two-day meeting to discuss a global tax on the super-rich, a top priority for Brazil, which holds the presidency. According to the proposal before the Group of 20, individuals with over $1 billion in total assets would be required to pay the equivalent of 2% of their wealth in income tax. Brazil’s Finance Minister Fernando Haddad told reporters that the final declaration will mention a proposal to tax the super-rich, but he didn’t ...

Treasury Secretary Janet Yellen highlighted commitments by Group of Seven nations backing market-set exchange rates when asked about recent remarks by former President Donald Trump that blamed a strong dollar for hurting US export competitiveness. “Over the last several years, the United States has had tight monetary policy,” with higher interest rates than in other parts of the world, Yellen said at a press conference Thursday in Rio de Janeiro. “That’s induced capital inflows that have strengthened the dollar — that’s really ...

Group of 20 finance chiefs are set to end their meeting in Sao Paulo without agreement on a closing communique, amid divisions over how to refer to the conflicts in Gaza and Ukraine, according to people familiar with the matter. In the event of a failure to achieve consensus, host nation Brazil will likely issue what’s known as a chair’s statement instead, the people said, asking for anonymity to talk about ongoing discussions. The text that’s set to form the basis of such a declaration, obtained by Bloomberg News, makes reference to ...

Global finance chiefs are poised to march out of their Group of 20 meeting with a sense of collective reticence to talk about just how much they’re borrowing. In the same week that S&P Global Ratings predicted sovereign debt issuance will balloon this year about $11.5 trillion, more than 50% above its pre-pandemic level, ministers and finance chiefs in Sao Paulo seem far keener to talk up the world economy’s outlook. That’s underscored by their draft communique, obtained on Tuesday by Bloomberg. While applauding the increased ...

Leaders of the US, India, Saudi Arabia, the UAE and the EU have agreed to work together to establish a multinational rail and shipping corridor connecting south Asia to the Middle East and Europe. The initiative, announced on the sidelines of the G20 summit in New Delhi on 9 September, could act as a counter to China's growing influence across the energy-rich Middle East. The India–Middle East–Europe Economic Corridor (IMEC) is "expected to stimulate economic development through enhanced connectivity and economic integration between ...