Ahead of the G7 summit in England, US President Joe Biden is leading a movement to push developing countries away from China’s grip.
Offering substantial infrastructure initiatives, and millions of Covid-19 vaccine doses, experts believe the power play could potentially outweigh Beijing’s.
It comes as Biden and British PM Boris Johnson sat down for their first meeting in Cornwall.
The leaders were promoting a new “partnership” and announced the financing of several major infrastructure projects in emerging markets.
Although there was no direct mention of China, the initiatives proposed do have significant similarities to pledges previously made by Beijing.
These pledges include China’s belt and road initiative and the country’s vaccine distribution program.
As G7 member nations prepare to convene, it is expected that leaders will continue to assert the moral and economic standards of the west.
During the summit, UK Prime Minister Boris Johnson expects the Group of Seven to agree on a decision to donate one billion coronavirus vaccine doses to poorer nations.
It comes as the United States donates 500 million Pfizer shots to COVAX to battle the pandemic and strengthen the rollout around the world.
Some campaign groups condemned the plan as a drop in the ocean, with Oxfam estimating that nearly 4 billion people will depend on COVAX for vaccines, the programme that distributes COVID-19 shots to low and middle income countries.
The pandemic has claimed the lives of around 4 million people and ripped through the global economy. Infections have been reported in more than 210 countries and territories since the first cases were identified in China in December 2019.
China’s property market crisis worsens
The Chinese property market is currently facing a crisis, with major developers like Evergrande and Country Garden experiencing significant financial challenges.
This alarming situation has garnered global attention due to its potential impact on the Chinese and international economies.
Evergrande, one of China’s largest property developers, has been struggling with a massive debt burden, exceeding $300 billion. This has raised concerns about the company’s ability to meet its financial obligations, causing a ripple effect across the property market. Country Garden, another prominent player in the industry, is also facing mounting debt pressures, further exacerbating the crisis.
The property market’s decline can be attributed to several factors, including government policies aimed at curbing excessive borrowing, a slowing economy, and a general shift towards more sustainable and affordable housing options.
These challenges have created uncertainty in the market, leading to a decrease in property sales and declining developer revenues.
The implications of this crisis extend beyond the property sector, with potential repercussions for the broader Chinese economy. #ticker today #featured
What life’s like for Ukrainian citizens as war rages
U.S. Secretary of State Antony Blinken will highlight the NATO alliance’s ongoing support for Ukraine in its war with Russia in Europe.
The war between Israel and Hamas and heightened tensions in the wider Middle East have raised concerns that Washington cannot sustain the level of military and diplomatic support it has given Ukraine since Russia’s February 2022 full-scale invasion.
Assistant Secretary of State for European and Eurasian Affairs James O’Brien also told reporters that Blinken, who departed on Monday for Brussels, will highlight the ongoing commitment of the United States and its allies as he takes part in the first foreign minister-level meeting of the NATO-Ukraine Council in Brussels.
“This is part of the process of finding a place in the alliance, which we’ve always said is Ukraine’s future,” he said. #featured
Black Friday shoppers spent a record $9.8 billion in U.S. online sales
Retailers are seeing big numbers as the 2023 holiday shopping season kicks off.
Black Friday kicked off the unofficial start to the holiday shopping season.
So far, shoppers spent a record $9.8 billion in U.S. online sales.
That’s up 7.5% from last year.
Qendresa Ibrahimi, the Influencer Marketing Director with EvenSkyn joins Veronica Dudo to discuss. #InAmericaToday #featured #BlackFriday #CyberMonday #retail #sales #retailssales #holiday #shopping
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