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Associated Press
9 hours ago
- Business
- Associated Press
Putin boasts about Russia's economy despite recession fears
ST. PETERSBURG, Russia (AP) — President Vladimir Putin on Friday hailed Russia's economic outlook, saying it has managed to curb inflation and ease its reliance on energy exports. His optimistic account in a speech at the St. Petersburg International Economic Forum contrasted with somber statements by some members of his government who warned at the same conference that Russia could face a recession. Economic Minister Maxim Reshetnikov had said Thursday that the country is 'on the brink of going into a recession.' Putin mentioned the recession warnings, but emphasized that 'it mustn't be allowed.' He pointed out that manufacturing industries have posted steady growth, allowing the country to reduce its reliance on oil and gas exports. 'The perception of Russian economy as based on raw materials and dependent on hydrocarbons exports have clearly become outdated,' Putin said, adding that the economy grew by 1.5% in the first four months of 2025 and inflation has dropped from double digits to 9.6%. Putin has used the annual forum to highlight Russia's economic prowess and encourage foreign investment, but Western executives have shunned it after Moscow sent troops into Ukraine in 2022, leaving it to business leaders from Asia, Africa and Latin America. The economy, hit with a slew of Western sanctions, has so far outperformed predictions. High defense spending has propelled growth and kept unemployment low despite fueling inflation. Large recruiting bonuses for military enlistees and death benefits for those killed in Ukraine also have put more income into the country's poorer regions. But over the long term, inflation and a lack of foreign investments pose threats to the economy. Economists have warned of mounting pressure on the economy and the likelihood it would stagnate due to lack of investment in sectors other than the military.
Time of India
a day ago
- Politics
- Time of India
Putin Refuses To Comment On Khamenei Assassination Talk, Backs Political Solution
Russian President Vladimir Putin refused to discuss the possibility of Iran's Supreme Leader Ayatollah Khamenei being assassinated by Israel or the U.S. during the St. Petersburg Economic Forum. Asked directly about a potential strike, Putin said he 'didn't even want to talk about it.' He reiterated Russia's support for a peaceful solution and defended Iran's right to nuclear energy. Watch Read More
The Sun
a day ago
- Business
- The Sun
Empowering women key to driving ASEAN's sheconomy
KUALA LUMPUR: A whole-of-society approach is needed to empower women across all sectors, including governance, urban planning and the digital economy to unlock the full potential of the 'sheconomy' and drive inclusive, sustainable development in ASEAN, said Kuala Lumpur mayor Datuk Seri Dr Maimunah Mohd Sharif. She said women must not only be included in decision-making spaces but also be recognised as key architects of change especially in city-level transformation where daily life is most affected. 'The 'sheconomy' is not a parallel economy. It is a reimagining of our whole economy, powered by inclusion and inclusion is not charity; it is good policy,' she said. She said during the plenary session titled 'ASEAN Women Leading Social Change: Integrating Social Goals with Economic Growth in the 'Sheconomy', at the Women Economic Forum (WEF) ASEAN 2025 here today. Maimunah who is also a former executive director of UN-Habitat, stressed the importance of embedding gender equity into the fabric of urban governance, budgeting and service delivery. She noted that this aligns with the ASEAN Gender Mainstreaming Strategic Framework 2021-2025 and Kuala Lumpur is localising the framework to the governance tool by ensuring housing, transport and public health policies serve women. Maimunah also shared initiatives by Kuala Lumpur City Hall (DBKL) through the Safe City Programme which includes the installation of 10,000 CCTVs and improved street lighting. 'These efforts are not just about safety, but about dignity and inclusion. We are creating safer zones, better transit and walkable neighbourhoods centred on women's mobility. In 2024, crime dropped by 15 per cent in the upgraded areas and women reported feeling safer,' she said. Despite progress, she pointed only 10 per cent of local councils in Malaysia are led by women, calling the need to localise gender mainstreaming efforts at all levels of government. Maimunah added that the private sector plays a crucial role in unlocking the potential of the 'sheconomy' by elevating women into leadership positions, fostering inclusive innovation, and building supportive workplace cultures. 'Gender-smart investing, mentorship programmes and targeted support for women-led start-ups, particularly in the green and digital sectors, are how we activate 'sheconomy'. 'Academia plays its part too by producing gender-inhibited data, training women in STEM and governance, and documenting what works. Communities must be empowered. Women entrepreneurs, mothers, and youth must be recognised, not just as participants, but as planners and leaders,' she said. Maimunah, the first female mayor of Kuala Lumpur said since joining DBKL in August last year, significant strides had been made in closing the leadership gap. Currently, women make up 29.3 per cent of total DBKL staff, 43.6 per cent of professionals, 44 per cent of department heads and 40 per cent of top management, surpassing the 30 per cent benchmark. Earlier at the WEF ASEAN 2025, Maimunah was conferred the 'Women of the Decade' award alongside Women, Family and Community Development Deputy Minister Datuk Seri Dr Noraini Ahmad. Themed Women Leaders Beyond Borders: Shaping the Future of the ASEAN Sheconomy, the three-day forum starting today, celebrates women's transformative role in driving global economic growth. The WEF ASEAN 2025 which brings together influential women leaders from across the region and beyond, offers participants the opportunity to engage in impactful discussions, forge powerful networks, and explore new pathways for women to shape the future of the global economy.
Hindustan Times
05-06-2025
- Business
- Hindustan Times
New eurozone rate cut expected as Trump trade war weighs
US President Donald Trump's tariff blitz, persistent growth worries and slowing inflation are expected to prompt eurozone rate-setters to lower borrowing costs again on Thursday. It would be the European Central Bank's seventh consecutive interest rate cut, with officials having shifted focus from taming consumer price rises to easing pressure on the sluggish eurozone economy. Trump's tariffs have added to an already uncertain outlook for the single-currency area, with Europe firmly in his crosshairs, fuelling fears about a heavy hit to the continent's exporters. Expectations that the Frankfurt-based institution will deliver a fresh rate cut were strengthened this week when data showed eurozone inflation eased to 1.9 percent in May, faster than expected and below its two-percent target. "Any doubts about an ECB interest rate cut this week have now been eliminated," said Dirk Schumacher, chief economist at German public lender KfW. Analysts expect another quarter-point reduction that would take the central bank's key deposit rate to two percent. Observers will be on the lookout for any hints from ECB President Christine Lagarde at her press conference that policymakers could hit pause at their next meeting in July, as some expect. The ECB's series of cuts stands in contrast to the US Federal Reserve, which has kept rates on hold recently amid fears that Trump's levies could stoke inflation in the world's top economy. Lagarde may also face questions on her own future after the Financial Times last week reported she had discussed leaving the ECB early to take the helm of the World Economic Forum, which organises the annual Davos gathering. The ECB has however insisted that Lagarde is "determined" to finish her term, which ends in 2027. Trump, who argues his tariffs will bring manufacturing jobs back to the United States, has already hit the EU with multiple waves of levies. The bloc currently faces a 10-percent "baseline" levy as well as higher duties on specific sectors. He has paused even higher rates on the EU and other trading partners to allow for talks, but he continues to launch fresh salvos that are keeping the world on edge. This week he doubled tariffs on aluminium and steel from 25 to 50 percent and last month threatened the EU with an escalation if it did not negotiate a swift deal. For the ECB, it is a tricky task to protect the eurozone from the mercurial US president's trade policies while keeping inflation stable. The ECB is expected to cut its inflation predictions when it releases its own new economic forecasts Thursday, with most observers now believing that Trump's tariffs will add to downward pressure. This is due to factors including tariff-hit China redirecting inexpensive manufactured goods to Europe, recent strengthening of the euro and potentially lower energy prices. The ECB is also likely to cut its growth estimates Thursday due to the impact of the trade war, after the EU slashed its forecasts last month. Lower inflation and slower growth should push the ECB to make further rate cuts, but there are some factors making this uncertain. These include signs of resilience in the eurozone economy at the start of the year and a a potentially inflationary spending blitz planned by the new German government. Given the lack of clarity, ING bank analyst Carsten Brzeski said he believes the ECB would like to take a breather at its next meeting in July. "Unless trade tensions return with a vengeance, our suspicion is that the ECB would like to stick to a wait-and-see approach over the summer," he said. sr/sea/lth ING Groep
Scoop
02-06-2025
- Politics
- Scoop
King's Birthday Honours – ‘This Belongs To The Samoan Community'
Former National MP Anae Lupematasila Lima Arthur John Anae has received a King's Service Medal in the King's Birthday Honours. Anae Arthur Anae has been honoured for services to the Samoan community. 'On behalf of our community, I'm thrilled for it, because this isn't me. This is not mine,' Anae said. 'This belongs to the Samoan community who stood behind and joined the battle to get justice that belonged to us, and the recognition belongs to all of us, because we've all had to hold hands and and fight this for a long time.' Read more: Anae has been part of the push for the Samoa Citizenship Bill, which restores a pathway for citizenship for a group of Samoans who had their right to it removed. He led the Mau o Samoa I le Sitiseni committee from 1997, keeping awareness of the issue alive and supporting the activism of transitional Samoans, which culminated in 24,500 Select Committee submissions on the Bill before its passing. Anae was a list MP from 1996 to 2002, initiating several Pacific initiatives during this time. He was a Manukau city councillor from 2004 to 2010 and an Auckland councillor from 2010 to 2016, chairing the Economic Forum for both councils. Besides politics, Anae is an elder of the Pacific Islanders Presbyterian Church and has chaired its development committee. Hailing from the villages of Falelatai, Apia, Si'umu, and Safotulafai in Samoa, Anae reflects on his parents' journey and their challenges after moving to Aotearoa from Samoa. He said he dedicates the King's Service Medal to his parents, who moved to New Zealand in 1951 when he was five years old. 'All our parents, not just my parents… came out here in the 50s for one reason, to give their children an education, an opportunity. 'We tend to overlook, these days, the people who paved the way for us, and our parents had to sacrifice themselves on factory floors to give their children opportunities for tomorrow, and those opportunities are what we're reaping today. 'I was asked the question the other day, well, who's going to run the mantle after you're gone? I said, there's an army of young Pacific people behind me, highly educated, and they won't be drawn back by the fa'a'aloalo [respect] which has always held us back. 'Palangis (Pākehā) have always said – treated us – our fa'a'aloalo and respect is a sign of weakness. They've got a hell of a lot to learn.' The advocating doesn't end here for Anae, who is currently working on getting one million signatures for a petition on visa-free travel for Pacific countries. 'I'm still battling on two things, and that is the recognition of the woman married to these people or the men as well. 'I still believe in my heart that New Zealand owes these people 50 percent of their pension if they stay in Samoa, where they want to stay, and have the freedom to travel backwards and forward as they want. And these are two issues that I will continue to fight with them, because I believe in it and they're things that are right and should be done.' Asked about the future generations looking at awards like this, he said: 'My only advice for all our people is, whatever we do in life, you do it with a clean heart. 'You don't look at any rewards or anything that might come – they never come. 'Your thinking is based on what you're trying to achieve for people, from your heart, that's what you do; win or lose, you do it.'
