Latest news with #globalgrowth
Russia Today
2 days ago
- Business
- Russia Today
BRICS launches ambitious development drive
BRICS countries have launched large‑scale joint projects in nuclear power, aviation, AI and other sectors, Russian President Vladimir Putin has said. The economic group is 'setting the bar in the development of so-called human-centric industries,' Putin noted, speaking on Friday at the St. Petersburg International Economic Forum. The group is mobilizing 'major projects to improve the living environment' and 'implementing large-scale initiatives in nuclear energy and aviation, in the field of new materials and the IT industry, in robotics and artificial intelligence,' the Russian president said. BRICS was initially established in 2006 by Brazil, Russia, India, and China, with South Africa joining in 2010. In 2024, the bloc extended full membership to Iran, Egypt, Ethiopia, the United Arab Emirates, and, later, Indonesia. Over 30 more nations have applied to join the group. The collective trade turnover of BRICS nations has 'already exceeded a trillion dollars and continues to grow,' Putin told a SPIEF plenary session. The Russian leader underlined the platform's core principles – consensus, parity, mutual interest, and openness – saying it will strengthen as more countries join. 'Russia invites partners to contribute to shaping a new global growth model, to jointly ensure the prosperity of our countries and the stable development of the entire world for many, many years to come,' he said. Today's global challenges require a global response, Putin stressed. 'Solving problems alone, especially at someone else's expense, is simply impossible – it is an illusion. Only joint actions within an organization such as BRICS and some other formats can ensure the movement of the entire civilization forward,' the president told the gathering. This year, SPIEF has drawn participants from 137 countries and territories, including global leaders, major corporations, international organizations, and policy experts.
Russia Today
2 days ago
- Business
- Russia Today
BRICS driving ambitious development push
BRICS countries have launched large‑scale joint projects in nuclear power, aviation, AI and other sectors, Russian President Vladimir Putin has said. The economic group is 'setting the bar in the development of so-called human-centric industries,' Putin noted, speaking on Friday at the St. Petersburg International Economic Forum. The group is mobilizing 'major projects to improve the living environment' and 'implementing large-scale initiatives in nuclear energy and aviation, in the field of new materials and the IT industry, in robotics and artificial intelligence,' the Russian president said. BRICS was initially established in 2006 by Brazil, Russia, India, and China, with South Africa joining in 2010. In 2024, the bloc extended full membership to Iran, Egypt, Ethiopia, the United Arab Emirates, and, later, Indonesia. Over 30 more nations have applied to join the group. The collective trade turnover of BRICS nations has 'already exceeded a trillion dollars and continues to grow,' Putin told a SPIEF plenary session. The Russian leader underlined the platform's core principles – consensus, parity, mutual interest, and openness – saying it will strengthen as more countries join. 'Russia invites partners to contribute to shaping a new global growth model, to jointly ensure the prosperity of our countries and the stable development of the entire world for many, many years to come,' he said. Today's global challenges require a global response, Putin stressed. 'Solving problems alone, especially at someone else's expense, is simply impossible – it is an illusion. Only joint actions within an organization such as BRICS and some other formats can ensure the movement of the entire civilization forward,' the president told the gathering. This year, SPIEF has drawn participants from 137 countries and territories, including global leaders, major corporations, international organizations, and policy experts.
Russia Today
2 days ago
- Business
- Russia Today
Putin calls on Russia's partners to discuss new global model of growth
Russia is calling on its partners to take part in shaping a new global growth model aimed at ensuring stable development worldwide, President Vladimir Putin said on Friday. Speaking at the main plenary session of the St. Petersburg International Economic Forum (SPIEF), he stressed the need to create a fair and open platform for global progress. 'Russia invites its partners to contribute to the formation of a new global growth model that will ensure the prosperity of our countries and the stable development of the entire world for many, many years to come,' Putin said. 'To that end, we held an Open Dialogue in Moscow this year, titled 'The Future of the World: A New Platform for Global Growth', which brought together representatives from over a hundred countries. We intend not only to make this format a regular occurrence but also to build an entire ecosystem around it for discussing, developing, and implementing breakthrough ideas.' Putin noted that the challenges facing the modern world undoubtedly require a collective response. He argued that it is impossible to solve such problems alone, especially at the expense of others. Only joint efforts through organizations like BRICS and other international platforms can ensure the advancement of global civilization, he concluded. The Open Dialogue, held in April at the RUSSIA National Center, welcomed more than 100 guests from 48 countries. Participants explored the future through four main themes: 'Investments in Human Capital', 'Investments in Technology', 'Investments in the Environment', and 'Investments in Communication'. Summing up the outcome of the Open Dialogue during one of the SPIEF sessions, Maksim Oreshkin, deputy head of President Putin's administration, noted that the initiative had received broad international attention. 'It is through such an Open Dialogue that our future, and our understanding of that future, is being shaped,' Oreshkin said.
Yahoo
3 days ago
- Business
- Yahoo
PureCycle to raise $300m to expand plastic recycling capacity
US-based plastic recycling company PureCycle Technologies has signed binding agreements to raise $300m in capital to support its global growth strategy. The company is planning to establish one billion pounds of installed capacity by 2030 across the US, Europe, and Asia. The capital raise involves a collaboration with new and existing investors, including Duquesne Family Office and Wasserstein Debt Opportunities. PureCycle has initiated a partnership with IRPC Public Company, a petrochemical firm in Southeast Asia, to construct a polypropylene recycling facility in Thailand. This facility will feature a 130-million-pound line located in IRPC's eco-industrial zone in Rayong. Construction is set to commence in the second half of 2025, with operations expected to begin in mid-2027. IRPC is noted for being the first fully integrated petrochemical operator in Southeast Asia, providing a robust infrastructure that includes utilities and a deep-sea port. PureCycle plans to utilise this existing infrastructure to minimise construction costs. The collaboration is expected to enhance the company's growth trajectory alongside its European partners. In addition to the Thailand facility, PureCycle will also establish a 130 million pound line in Antwerp, Belgium. The company intends to integrate insights from its Ironton facility into the design of its Augusta facility, which will be upgraded to accommodate a larger Gen 2 line. The anticipated capacity for the Augusta facility is more than 300 million pounds per year, with final design details expected in early 2026. Both Thailand and Antwerp are strategically chosen for their mature feedstock opportunities and strong infrastructure synergies. PureCycle is currently navigating the permitting process in Europe, with final approvals expected in 2026. The Antwerp facility is projected to be operational by 2028, while construction on the Gen 2 facility in Augusta is slated to begin in mid-2026. The Augusta PreP facility is expected to be operational by mid-2026, with the first purification line anticipated to commence operations in 2029. PureCycle CEO Dustin Olson said: 'Following significant production progress at the Ironton Facility, momentum in our commercialization efforts and confidence in financing efforts, the time for growth is now. 'Over the last several years, we have continued to invest time and resources in progressing our global growth plans and this capital will allow us to execute on those plans. We're excited to share these attractive investment projects with investors. 'This is an impressive group of investment organisations and we are thankful for their continued support.' In April 2025 PureCycle partnered with Landbell Group to increase polypropylene plastic recycling in Europe. "PureCycle to raise $300m to expand plastic recycling capacity" was originally created and published by Packaging Gateway, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.
Russia Today
5 days ago
- Business
- Russia Today
G7 ‘no longer engines of growth'
The G7 nations are no longer the engines of global growth as new power centers are emerging, Maksim Oreshkin, the deputy head of President Vladimir Putin's administration, has said. Oreshkin delivered the comments on Wednesday as he moderated a session at the 28th annual St. Petersburg International Economic Forum (SPIEF 2025), which will run for three days and focus on key economic issues in Russia and the broader multipolar world. 'The shifts we see today are the result of structural changes in the global economy,' he stated. 'Power centers are changing. The so-called 'Big Seven', which hasn't been 'big' for a long time, is being replaced by new growth hubs,' he added, pointing to the rise of countries in the Global South and East. This year's SPIEF will host 19 business dialogue sessions involving Russia and major international partners, including Africa, Brazil, and the United Arab Emirates. The agenda also features discussions between the Eurasian Economic Union (EAEU) and the Association of Southeast Asian Nations (ASEAN). Russian presidential aide Yuri Ushakov said the event will draw officials from 50 countries and around 20,000 participants from 140 nations, including the US. Russian President Vladimir Putin is expected to deliver a keynote address at the plenary session on June 20. The Kremlin earlier this year said the G7 had 'lost its relevance' as it no longer reflects current global economic dynamics. Spokesman Dmitry Peskov pointed to the G20 as being a more representative format, noting it includes fast-growing economies such as China, India, and Brazil. 'The G20 better reflects the economic locomotives of the world,' he said. At the most recent summit of the G7 in Canada, US President Donald Trump stated that removing Russia from the group, which was called the G8 at the time, was a mistake, arguing that its presence could have helped prevent the Ukraine conflict. The US leader had previously said he would 'love' to see Russia back in the group.
