Skip to content
Search AI Powered

Latest Stories

G7 leaders adopt global infrastructure plan to counter China

G7 leaders adopt global infrastructure plan to counter China

TO counter China’s growing reach, G7 leaders have adopted a plan to support lower-and middle-income countries in building better infrastructure.

US president Joe Biden said he wanted the US-backed Build Back Better World (B3W) plan to be a higher-quality alternative to a similar Chinese programme.


China's Belt and Road Initiative (BRI) has helped finance trains, roads, and ports in many countries. However, the programme has been criticised for burdening some with debt.

The US has been particularly critical of China's so-called "debt diplomacy".

Meanwhile, the US officials insisted the new plan is about presenting a positive alternative for the world.

In a statement, the G7 leaders said they would offer a "values-driven, high-standard and transparent" partnership.

However, details of how the global infrastructure plan will be financed remained unclear.

German chancellor Angela Merkel said the group was not yet at a stage to release financing for its initiative.

The G7 members also committed to a new plan to stop future pandemics.

UK prime minister Boris Johnson hosted the three-day summit at the seaside resort of Carbis Bay in Cornwall.

More For You

uk-rich-getty

Two men speak together as they cross over a footbridge in London's central business district of Canary Wharf. (Photo: Getty Images)

One millionaire leaves UK every 45 minutes, study finds

A RECORD number of millionaires have left the country since Labour took office, with concerns mounting over the party’s tax policies.

A study by New World Wealth and Henley & Partners revealed that Britain lost a net 10,800 millionaires in 2024, marking a 157 per cent rise from the previous year.

Keep ReadingShow less
UK to lead European growth in 2025, predicts IMF

FILE PHOTO: A view of the Bank of England and the financial district, in London, Britain. REUTERS/Mina Kim.

UK to lead European growth in 2025, predicts IMF

BRITAIN is set to have the fastest growth among major European economies this year, according to the International Monetary Fund, a boost to finance minister Rachel Reeves who is under pressure over a slowdown since her party came to power in July.

The IMF has raised its forecast for British growth for 2025 by 0.1 percentage points to 1.6 per cent, making it the third-strongest among the Group of Seven advanced economies after the US and Canada.

Keep ReadingShow less
Reliance Industries

Revenue from operations rose 6.97 per cent year-on-year to £22.99 bn, with growth seen across all divisions. (Photo: Reuters)

REUTERS

Reliance Industries reports 7.38 per cent rise in quarterly profit

RELIANCE INDUSTRIES reported a 7.38 per cent year-on-year increase in profit for the December quarter on Thursday, driven by growth in its consumer-focused divisions.

The company, led by Mukesh Ambani, remains India’s most valuable by market capitalisation.

Keep ReadingShow less
India faces growth challenge
as global uncertainty mounts

Narendra Modi (left) and Nirmala Sitaraman

India faces growth challenge as global uncertainty mounts

AFTER world-beating economic growth last year, India’s policymakers are scrambling to prevent a sharp slowdown as worsening global conditions and declining domestic confidence undo a recent stock market rally.

Last Tuesday (7), Asia’s third-largest economy forecast 6.4 per cent annual growth for the fiscal year ending in March, the slowest in four years and below initial projections, weighed down by weaker investment and manufacturing.

Keep ReadingShow less
Tata Consultancy sees 5.6 per cent rise in revenue despite market challenges

Chief executive and managing director of TCS K Krithivasan

Tata Consultancy sees 5.6 per cent rise in revenue despite market challenges

INDIAN IT giant Tata Consultancy Services (TCS) posted a 5.6 per cent on-year rise in revenue for the December quarter last Thursday (9), after lower earnings in its key North American market.

The leader of India’s $254 billion (£208.4bn) IT sector, TCS is the second-largest company in India by market capitalisation and earns over 80 per cent of its revenue from Western clients.

Keep ReadingShow less