Latest news with #StPetersburgInternationalEconomicForum
Time of India
3 hours ago
- Business
- Time of India
India advocates democratisation of AI: Union minister Ashwini Vaishnaw
India on Thursday presented its vision for artificial intelligence at the St Petersburg International Economic Forum (SPIEF) 2025, with Union Minister for Railways, Information and Broadcasting, and Electronics and IT, Ashwini Vaishnaw delivering a keynote address at a high-level session titled "At the Forefront of Technology: The Future of AI & Global Competition." Addressing a distinguished gathering of global delegates, including representatives from Central Asian countries, the minister outlined India's inclusive and transformative approach to AI. In his speech, Vaishnaw emphasized the need for the democratization of AI , underscoring India's commitment to making the technology accessible and beneficial to every citizen. "Equity and accessibility are central to our AI vision," he said, highlighting how India aims to ensure that AI's advantages reach across all sections of society, industries, and geographical regions. He elaborated on India's national AI strategy through the INDIAai Mission , which is grounded in the principles of ethical, transparent, and responsible innovation. The mission, he said, aligns closely with India's broader socio-economic goals, placing a strong emphasis on inclusive development and sustainability. A major focus of the minister's address was India's young, tech-savvy population. Vaishnaw highlighted how the country is strategically nurturing an AI-skilled workforce to fuel innovation and economic growth. This talent pool, he suggested, would play a pivotal role in positioning India as a leading global force in AI development and application. On the sidelines of the forum, Vaishnaw also held a bilateral meeting with Russia's Deputy Prime Minister, Alexei Overchuk. The two leaders discussed expanding collaboration in key sectors such as transport, connectivity, infrastructure development, and rare earth minerals--areas critical to both countries' strategic and technological futures. The minister's visit to SPIEF 2025 reinforced India's rising prominence as a technology-driven nation. By championing a human-centric and inclusive AI future, India is not only shaping the global discourse on artificial intelligence but also deepening its engagement with key international partners.
Express Tribune
9 hours ago
- Business
- Express Tribune
Govt pursues Russian investment in mining
Pakistan has already chalked out a $1.9 billion funding plan to execute the Reko Diq copper and gold mining project. Total project funding has been estimated at $4.297 billion. Photo: File Listen to article Federal Minister for Energy Ali Pervaiz Malik is leading Pakistan's delegation to the St Petersburg International Economic Forum (SPIEF) 2025 from June 1821, 2025. According to an official statement issued Thursday, Malik held key meetings on the sidelines of the forum, including one with his Russian counterpart, Sergei Tsivilev, who also chairs the Pakistan-Russia Inter-Governmental Commission (IGC). Both sides discussed avenues for cooperation in energy, connectivity, trade, investment, banking, insurance, mining, and people-to-people exchanges. Russia expressed strong interest in expanding bilateral cooperation and welcomed the upcoming 10th session of the IGC, scheduled for the second quarter of 2025 in Islamabad. Malik also met with Alexey Shemetov, First Deputy Director of Rosatom Minerals, and invited the corporation to invest in Pakistan's mining sector, particularly in technology transfer and sharing expertise on enhancing safety and efficiency. Shemetov agreed to explore investment opportunities and submit proposals for collaboration in Pakistan's mining sector. In a high-level panel discussion titled 'The Responsibility of World Leaders for Mineral Reserves and Production for the Sustainable Development of Global Economy,' Malik presented Pakistan's recent reforms in the mining sector at the SPIEF 2025. He highlighted the newly launched Mining Framework Policy and the completion of the Reko Diq Mine feasibility study as major steps toward creating an investor-friendly environment for sustainable mineral development. He underscored the successful Pakistan Minerals Investment Forum, held in Islamabad in April 2025, as a turning point for the sector. "Under the leadership of Prime Minister Muhammad Shehbaz Sharif, Pakistan has undertaken comprehensive reforms to become a top destination for mining investment," said Malik. "Our new policy offers unparalleled opportunities in copper, gold, and critical minerals, while ensuring environmental stewardship and community benefits." He added that Pakistan has harmonised its legal framework with international standards through consultations with global legal firms. These reforms, he said, would unlock vast mineral resources through responsible development. Pakistan's mineral wealth, he added, is not limited to copper or gold but there are vast reserves of lithium and other rare earth elements. The minister noted that these initiatives were successfully unveiled at the Pakistan Minerals Investment Forum 2025, which saw strong participation from global mining leaders. He extended a formal invitation to international investors to participate in the next edition of Pakistan's Mineral Investment Forum. Multiple international mining companies expressed keen interest in participating in Pakistan's minerals forum. The positive engagement reflects growing confidence in Pakistan's reformed mining landscape.
United News of India
11 hours ago
- Business
- United News of India
EU price caps on Russian oil will not effect its supply volume: Russian Dy PM
St Petersburg, Jun 19 (UNI) Russian Deputy Prime Minister Alexander Novak on Thursday said that Europe's price caps on Russian oil will have no effect on its volumes of supply, adding that even the zero level of price ceiling will not affect them. Speaking to Business FM on the sidelines of SPIEF (St Petersburg International Economic Forum) 2025, Novak said "I assume that the introduction of the USD 60 ceiling had no influence. This means that even if zero (price ceiling) is introduced it will have no influence," reports Russian state media TASS. Currently, the G7 and EU countries (the price cap coalition) have banned imports of Russian crude oil and oil products, but allowed shipowners from their countries to transport them and provide brokerage and other services if the commodity is sold at a price that is no higher than the cap set by the coalition. The objective of the embargo and price cap is to limit Russian budget revenues from the sale of energy resources while maintaining a sufficient supply of crude and oil products on the world market. European Commission President Ursula von der Leyen confirmed on June 10 that the EC's proposal calls for the reduction of the price cap for Russian oil to USD 45 per barrel as part of the 18th package of sanctions against the country. However, Novak noted that it is not profitable for the European Union itself to lower the price ceiling to USD 45 per barrel. 'Now we supply more to our friendly jurisdictions than previously, though it is not related to the price ceiling, but to sanctions imposed on Russia by the EU, by the US, other unfriendly countries. I even think that it is not profitable for the European Union to lower prices, say, to $45," he explained. Novak added that none of the price ceilings implemented in the last few years have had any effect on Russian oil export.
North Wales Chronicle
14 hours ago
- Business
- North Wales Chronicle
Russia ‘on brink of recession', says economy minister
Economy minister Maxim Reshetnikov delivered the warning at the St Petersburg International Economic Forum, the annual event in Russia's second largest city designed to highlight the country's economic prowess and court foreign investors. Russian business news outlet RBC quoted the official as saying 'the numbers indicate cooling, but all our numbers are (like) a rear-view mirror. Judging by the way businesses currently feel and the indicators, we are already, it seems to me, on the brink of going into a recession.' Russia's economy, hit with a slew of sanctions after the Kremlin sent troops into Ukraine in February 2022, has so far outperformed predictions. High defence spending has propelled growth and kept unemployment low despite fuelling inflation. At the same time, wages have gone up to keep pace with inflation, leaving many workers better off. Large recruiting bonuses for military enlistees and death benefits for those killed in Ukraine have also put more income into the country's poorer regions. But over the long-term, inflation and a lack of foreign investments remain threats to the economy, leaving a question mark over how long the militarised economy can keep going. 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. Speaking at one of the sessions of the forum in St Petersburg, Mr Reshetnikov said Russia was 'on the brink', and whether the country would slide into a recession or not depends on the government's actions. 'Going forward, it all depends on our decisions,' Mr Reshetnikov said, according to RBC. RBC reported that Russia's finance minister Anton Siluanov and Central Bank governor Elvira Nabiullina gave more optimistic assessments. Mr Siluanov spoke about the economy 'cooling' but noted that after any cooling 'the summer always comes', RBC reported. Ms Nabiullina said Russia's economy was merely 'coming out of overheating', according to RBC.
South Wales Guardian
14 hours ago
- Business
- South Wales Guardian
Russia ‘on brink of recession', says economy minister
Economy minister Maxim Reshetnikov delivered the warning at the St Petersburg International Economic Forum, the annual event in Russia's second largest city designed to highlight the country's economic prowess and court foreign investors. Russian business news outlet RBC quoted the official as saying 'the numbers indicate cooling, but all our numbers are (like) a rear-view mirror. Judging by the way businesses currently feel and the indicators, we are already, it seems to me, on the brink of going into a recession.' Russia's economy, hit with a slew of sanctions after the Kremlin sent troops into Ukraine in February 2022, has so far outperformed predictions. High defence spending has propelled growth and kept unemployment low despite fuelling inflation. At the same time, wages have gone up to keep pace with inflation, leaving many workers better off. Large recruiting bonuses for military enlistees and death benefits for those killed in Ukraine have also put more income into the country's poorer regions. But over the long-term, inflation and a lack of foreign investments remain threats to the economy, leaving a question mark over how long the militarised economy can keep going. 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. Speaking at one of the sessions of the forum in St Petersburg, Mr Reshetnikov said Russia was 'on the brink', and whether the country would slide into a recession or not depends on the government's actions. 'Going forward, it all depends on our decisions,' Mr Reshetnikov said, according to RBC. RBC reported that Russia's finance minister Anton Siluanov and Central Bank governor Elvira Nabiullina gave more optimistic assessments. Mr Siluanov spoke about the economy 'cooling' but noted that after any cooling 'the summer always comes', RBC reported. Ms Nabiullina said Russia's economy was merely 'coming out of overheating', according to RBC.
