World

What to expect as leaders convene at the G7 Summit

Published

1 year ago

June 11, 2021

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.

G7 summit or meeting concept. Row from flags of members of G7 group of seven and list of countries, 3d illustration

Vaccine Donation

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.

We will only end the COVID-19 pandemic when everyone has access to vaccines.

Five reasons why we're calling on wealthy countries to #DonateDosesNow. https://t.co/TpzEtztwzU
— UNICEF (@UNICEF) June 10, 2021

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.

Business

Russia defaults on foreign debt for the first time in a century

Published

2 hours ago

June 27, 2022

Natasha Schapova

Russia has failed to pay out its overseas debt for the first time in over 100 years

The country missed its Sunday deadline due to challenges in transferring the payments to international creditors.

Moscow has the funds to make the 100 million dollar payment but sanctions have complicated the process.

The country is unhappy with the situation with the finance minister calling the situation “a farce”.

The last time that Russia defaulted on its foreign debt was in 1918 when leader Vladimir Lenin did not pay out debts on behalf of the Russian Empire.

Russia has been hit with sanctions by a number of countries in response to its invasion of Ukraine.

World

Over 20 young people mysteriously die at nightclub

Published

4 hours ago

June 27, 2022

ticker NEWS

Authorities in South Africa are investigating the deaths of 22 people, who were mysteriously found in a nightclub

Victims were found spread across the tables and floors in a coastal town.

They have been taken for testing, as authorities scramble to find a cause of death.

South Africa’s President is sending his “deepest condolences” to families of the victims, most of whom are teenagers.

The tragedy has taken place during Youth Month, where South Africa pushes for more opportunities to help young people from poor socio-economic backgrounds.