US Business

Ending Ukraine war 'best thing' to mend world economy: Yellen

US Treasury Secretary Janet Yellen heaped pressure on Russia on Monday ahead of the G20 summit in Indonesia, saying the best way to end world economic tumult was to stop the Ukraine war.

“Ending Russia’s war is a moral imperative and the single best thing we can do for the global economy,” Yellen told reporters as she met French counterpart Bruno Le Maire in Nusa Dua, on the resort island of Bali. 

High fuel and food prices are among the top issues set to be discussed at the summit and few G20 countries have escaped the economic pain.

Yellen will hope to build diplomatic pressure for an end to the war by blaming Russia. 

Host Indonesia has called for talks and a peaceful resolution to the conflict but, like fellow G20 members China, South Africa and India, has largely avoided criticising Russia directly. 

The summit is also expected to discuss the need to extend a Turkish and UN-brokered agreement allowing vital Ukrainian grain and fertiliser exports to transit safely through the Black Sea. 

Ukraine is one of the world’s largest producers of both products. Russian President Vladimir Putin had appeared to walk away from the agreement but faced a sharp backlash from developing countries.

The current agreement expires on November 19. Le Maire underscored the need to counteract the effects of Russia’s invasion, namely on soaring fuel prices in Europe. 

“I really think that the first issue that we have on the table is how to bring down energy prices and how to get rid of inflation,” he said. 

'Black Panther' sequel scores huge opening, at home and abroad

Disney and Marvel’s highly anticipated “Black Panther: Wakanda Forever” had a huge opening this weekend, taking in an estimated $180 million in North American theaters, industry watcher Exhibitor Relations reported Sunday.

That domestic opening — the 13th highest all-time, according to BoxOfficePro.com — came as the film was raking in an impressive $330 million worldwide, a major boost for Hollywood after a lackluster October.

“This is a sensational opening,” said David A. Gross of Franchise Entertainment Research. “Reviews and audience scores are excellent — Wakanda should dominate moviegoing… into December.” 

The film pays heartfelt tribute to the star of the original “Black Panther,” Chadwick Boseman, who died from cancer in 2020 at age 43. He makes several flashback appearances as the fictional Wakanda fights against an underwater kingdom after the death of Boseman’s character, King T’Challa. 

Letitia Wright, as T’Challa’s sister Shuri, and Angela Bassett, as Queen Ramonda, struggle to fill the king’s shoes. Also starring are Lupita Nyong’o, Danai Gurira and Winston Duke.

The original “Black Panther,” the first major black superhero movie, became a cultural phenomenon, with a $202 million opening and a best-picture Oscar nomination.

Far, far behind in second place this weekend was Warner Bros.’ “Black Adam,” at $8.6 million — not even one-twentieth the “Wakanda” total. The Dwayne Johnson vehicle, a spinoff from 2019’s “Shazam!,” has now taken in $141.1 million domestically.

Universal’s rom-com “Ticket to Paradise,” powered by mega-stars Julia Roberts and George Clooney, managed to defy the superhero trend to place third, taking in $6.1 million in its fourth week out.

A family-friendly film, Sony’s live-action/computer animated musical comedy “Lyle, Lyle, Crocodile,” placed fourth at $3.2 million. 

And Paramount’s horror movie “Smile” continued to find viewers in its seventh week out, coming in fifth. With an estimated take of $2.3 million for the Friday-through-Sunday period, its domestic total bumped up to $102 million.

Rounding out the top 10 were:

“Prey for the Devil” ($2.0 million)

“The Banshees of Inisherin” ($1.7 million)

“One Piece Film: Red” ($1.4 million)

“Till” ($618,000)

“Armageddon Time” ($352,000)

US Democrats celebrate Senate win over distraught Republicans

Democrats celebrated Sunday a stunning victory to hold the US Senate, leaving Republicans in disarray and providing a critical base of political and legislative support for the remainder of Joe Biden’s presidency.

Although the fate of the lower House of Representatives is still up in the air, retaining control of the upper chamber in a midterm election many predicted they would lose by a wide margin is, in itself, a major triumph.

“I feel good and I’m looking forward to the next couple years,” said Biden, who was attending a summit of Southeast Asian leaders in Cambodia.

The Senate oversees the confirmation of federal judges and cabinet members, and having the 100-seat body in his corner will be a major boon for Biden as he seeks to keep his policy agenda on track.

US midterms traditionally deliver a rejection of the party in power, and with inflation surging and Biden’s popularity ratings cratering, Republicans had been expecting to ride a mighty “red wave” and capture both houses of Congress in Tuesday’s vote.

The deciding moment in the battle for control of the Senate came late Saturday, when US networks called the Nevada race for Democratic incumbent Catherine Cortez Masto, giving the party the 50 seats it needs for an effective majority.

Vice President Kamala Harris can cast the tie-breaking vote if the chamber is evenly split 50-50.

One Senate race remains undecided — a runoff in Georgia set for December 6, in which the Democrats could add to their majority.

Senate Majority Leader Chuck Schumer said the result was a “vindication” of Democrats’ achievements, and a clear rejection of the “anti-democratic, authoritarian, nasty and divisive direction” offered by former president Donald Trump and his loyalists.

Trump was the biggest Republican draw on the midterms campaign trail, and the party’s performance — with many candidates he personally endorsed losing their high-profile races — was a damaging blow.

Trump is widely expected to declare his 2024 White House bid on Tuesday — an announcement he had planned as a triumphant follow-on to an expected crushing election victory by the party he still dominates.

– Republicans’ ‘tiny trickle’ –

On Sunday House Speaker Nancy Pelosi toasted her Democrats for their strong performance, noting on CNN how the Republican “red wave” that had been predicted by pundits and the GOP collapsed into “a little tiny trickle.”

Republicans, meanwhile, are left to consider what went wrong, given the fair political winds they had at their backs going into the ballot.

After the Senate result was projected, Republican Senator from Missouri Josh Hawley called for the party to “build something new.” 

“The old party is dead. Time to bury it,” he tweeted.

Trump’s response has been to double down on unfounded claims of ballot rigging, posting on his Truth Social platform that the results were a “scam” — and pointing a finger of blame at Senate Republican leader Mitch McConnell.

“It’s Mitch McConnell’s fault,” he posted, saying the Kentuckian had badly allocated campaign funds and pursued a flawed legislative agenda. 

“He blew the Midterms, and everyone despises him,” said Trump, who has long been at loggerheads with McConnell.

Republicans are slightly favored to eventually take control of the House of Representatives, but with a far smaller majority than they had envisaged going into Tuesday’s election.

It remains to be seen just how strong an impact the poor Republican performance will have on Trump’s standing in the party — and on his aspirations for a return to the White House.

While there are already senior party voices suggesting the time has come to move away from Trump’s conspiracy-fueled, hard-right leadership style, the former president still enjoys major grassroots support, and running against him for the presidential nomination would be a formidable task.

One possible challenger, Maryland’s outgoing Republican Governor Larry Hogan, said the party had to switch direction and move on.

“It’s basically the third election in a row that Donald Trump has cost us the race, and it’s like, three strikes and you’re out,” Hogan, a vocal Trump critic, said Sunday on CNN’s State of the Union talk show.

“The definition of insanity is doing the same thing over and over again, expecting a different result.

“Donald Trump kept saying, we’re gonna be winning so much, we’ll get tired of winning. Well, I’m tired of losing. I mean, that’s all he’s done,” Hogan said.

Six dead in mid-air collision at Texas WWII show: authorities

Six people were killed when a pair of World-War-II-era planes collided in mid-air at a show in Texas and crashed to the ground in a ball of fire, authorities said Sunday. 

“According to our Dallas County Medical Examiner, there are a total of 6 fatalities from yesterday’s Wings over Dallas air show incident,” Dallas County Judge Clay Jenkins said Sunday on Twitter.

The incident at Dallas Executive Airport involved a Boeing B-17 Flying Fortress and a smaller Bell P-63 Kingcobra, the Federal Aviation Administration said Saturday.

Dallas Mayor Eric Johnson called the incident “a terrible tragedy,” adding that videos of the incident “are heartbreaking.”

Multiple videos posted on social media showed dramatic scenes of the smaller plane descending toward the lower-flying B-17 and crashing into it as both flew in loops around the airport. 

After the collision, the planes appeared to break apart into several large pieces before crashing to the ground and exploding in a ball of fire, creating a huge plume of black smoke.

The crash scattered debris across the airport grounds as well as on a strip mall and a nearby highway, which was closed for hours, Johnson said.

Fire and rescue vehicles were already at the show in case of an emergency and responded immediately, authorities said.

An estimated 5,000 people were in attendance at the event Saturday, a few miles south of downtown Dallas. Air show events planned for Sunday were canceled.

The FAA said its agents and the National Transportation Safety Board would investigate the incident.

Hank Coates, the chief executive of the Commemorative Air Force (CAF), whose planes were involved in the accident, said the B-17 “normally has a crew of four or five,” while the P-63 is operated by a single pilot.

He said the pilots who operate the planes during such shows are experienced volunteers with “very thorough training” and are often retired military pilots.

The Allied Pilots Association, the collective bargaining agent for American Airlines, confirmed earlier that two of its retired members died in the accident. 

Both planes were based in Houston, the Dallas Morning News reported.

The CAF has some 180 vintage aircraft that fly roughly 6,500 hours per year in air shows, tributes to veterans, and training flights, according to Coates.

The B-17, a four-engined bomber, played a major role in winning the air war against Germany in World War II. With a workhorse reputation, it became one of the most produced bombers ever.

The CAF said the B-17 involved in the crash, which bore a Texas Raiders logo on its nose, was one of only five of the bombers that could still fly out of the 12,731 initially built.

The P-63 Kingcobra was a fighter aircraft developed during the same war by Bell Aircraft, but it was used in combat only by the Soviet Air Force.

Safety has long been a concern at air shows. 

Seven people died on October 2, 2019 when a B-17 crashed during a vintage aircraft show in Connecticut.

US Democrats celebrate Senate win over distraught Republicans

Democrats celebrated Sunday a stunning victory to hold the US Senate, leaving Republicans in disarray and providing a critical base of political and legislative support for the remainder of Joe Biden’s presidency.

Although the fate of the lower House of Representatives is still up in the air, retaining control of the upper chamber in a midterm election many predicted they would lose by a wide margin is, in itself, a major triumph.

“I feel good and I’m looking forward to the next couple years,” said Biden, who is attending a summit of Southeast Asian leaders in Cambodia.

The Senate oversees the confirmation of federal judges and cabinet members, and having the 100-seat body in his corner will be a major boon for Biden as he seeks to keep his policy agenda on track.

US midterms traditionally deliver a rejection of the party in power, and with inflation surging and Biden’s popularity ratings cratering, Republicans had been expecting to ride a mighty “red wave” and capture both houses of Congress in Tuesday’s vote.

The deciding moment in the battle for control of the Senate came late Saturday, when US networks called the Nevada race for Democratic incumbent Catherine Cortez Masto, giving the party the 50 seats it needs for an effective majority.

Vice President Kamala Harris can cast the tie-breaking vote if the chamber is evenly split 50-50.

One Senate race remains undecided — a runoff in Georgia set for December 6, in which the Democrats could add to their majority.

Senate Majority Leader Chuck Schumer said the result was a “vindication” of Democrats’ achievements, and a clear rejection of the “anti-democratic, authoritarian, nasty and divisive direction” offered by former president Donald Trump and his loyalists.

Trump was the biggest Republican draw on the midterms campaign trail, and the party’s performance– with many candidates he personally endorsed losing their high-profile races — was a damaging blow.

Trump is widely expected to declare his 2024 White House bid on Tuesday — an announcement he had planned as a triumphant follow-on to an expected crushing election victory by the party he still dominates.

– Republicans’ ‘tiny trickle’ –

On Sunday House Speaker Nancy Pelosi toasted her Democrats for their strong performance, noting on CNN how the Republican “red wave” that had been predicted by pundits and the GOP collapsed into “a little tiny trickle.”

Republicans, meanwhile, are left to consider what went wrong, given the fair political winds they had at their backs going into the ballot.

After the Senate result was projected, Republican Senator from Missouri Josh Hawley called in a tweet for the party to “build something new.” 

“The old party is dead. Time to bury it,” he said.

Trump’s response has been to double down on unfounded claims of ballot rigging, posting on his Truth Social platform that the results were a “scam” and down to “voter fraud.”

Republicans are slightly favored to eventually take control of the House of Representatives, but with a far smaller majority than they had envisaged going into Tuesday’s election.

It remains to be seen just how strong an impact the poor Republican performance will have on Trump’s standing in the party — and on his aspirations for a return to the White House.

While there are already senior party voices suggesting the time has come to move away from Trump’s conspiracy-fuelled, hard-right leadership style, the former president still enjoys major grassroots support and running against him for the presidential nomination would be a formidable task.

One possible challenger, Maryland’s outgoing Republican Governor Larry Hogan, said the party had to switch direction and move on.

“It’s basically the third election in a row that Donald Trump has cost us the race and it’s like, three strikes and you’re out,” Hogan, a vocal Trump critic, said on CNN’s State of the Union talk show Sunday.

“The definition of insanity is doing the same thing over and over again, expecting a different result.

“Donald Trump kept saying, we’re gonna be winning so much, we’ll get tired of winning. Well, I’m tired of losing. I mean, that’s all he’s done,” Hogan said.

FTX working to secure assets after 'unauthorized' transactions

The new chief executive of troubled cryptocurrency platform FTX said Saturday the company was making “every effort to secure all assets” following unauthorized transactions potentially worth hundreds of millions of dollars.

“Unauthorized access to certain assets has occurred,” CEO John Ray said in a statement posted to Twitter by FTX’s general counsel, Ryne Miller.

FTX officials did not detail the quantity of unauthorized transactions made, but cryptocurrency analysis firm Elliptic said in a report published Saturday that “$477 million is suspected to have been stolen.”

More than “$663 million in various tokens” had been drained from FTX’s wallets only 24 hours after it filed for bankruptcy, Elliptic said, with the difference “believed to have been moved into secure storage by FTX themselves.”

FTX US and FTX.com “continue to make every effort to secure all assets, wherever located,” Ray, who specializes in corporate turnarounds, said in the statement.

The announcement comes a day after FTX filed for bankruptcy, part of a stunning collapse that has reverberated through the relatively young sector, sending other cryptocurrencies plummeting and drawing scrutiny from government regulators.

Additionally, the platform’s chief executive, 30-year-old Sam Bankman-Fried, once considered a star in the freewheeling cryptocurrency world, resigned.

As recently as 10 days ago, FTX was considered the world’s second-largest cryptocurrency platform, at one point valued at $32 billion.

But the company is now left trying to reassure a skeptical public.

– Fall from grace –

“Among other things, we are in the process of removing trading and withdrawal functionality and moving as many digital assets as can be identified to a new cold wallet custodian,” Ray said in the statement.

“Cold storage” refers to moving cryptocurrency assets to a hardware “wallet” unconnected to the Internet — to assure its security. 

Ray added that “an active fact review and mitigation exercise was initiated immediately in response” to the unauthorized transactions.

Overnight, Miller had tweeted about an investigation into anomalies and other unclear movements, and by Saturday morning indicated that “unauthorized transactions” had occurred.

FTX’s troubles first surfaced amid press reports that its Alameda Research trading house was involved in a risky financial arrangement with FTX.com that appeared to involve grave conflicts of interest. 

Financial media reported that FTX executives knew the platform was using billions in customer funds to prop up Alameda.

Adding to the drama, Binance, the world’s largest crypto exchange, agreed to buy FTX.com on Tuesday — before scrapping the takeover just a day later. 

FTX is being investigated by both the US Securities and Exchange Commission (SEC) and the New York state Justice Department, according to The New York Times, which cited sources close to those probes.

The fall from grace even stretched to the world of sports, where the Miami Heat announced its FTX Arena is set for a rename and the Mercedes Formula One team said it had suspended a sponsorship deal with FTX and removed the company’s logos from its cars ahead of this weekend’s Sao Paulo Grand Prix.

FTX working to secure assets after 'unauthorized' transactions

The new chief executive of troubled cryptocurrency platform FTX said Saturday the company was making “every effort to secure all assets” following unauthorized transactions potentially worth hundreds of millions of dollars.

“Unauthorized access to certain assets has occurred,” CEO John Ray said in a statement posted to Twitter by FTX’s general counsel, Ryne Miller.

FTX officials did not detail the quantity of unauthorized transactions made, but cryptocurrency analysis firm Elliptic said in a report published Saturday that “$477 million is suspected to have been stolen.”

More than “$663 million in various tokens” had been drained from FTX’s wallets only 24 hours after it filed for bankruptcy, Elliptic said, with the difference “believed to have been moved into secure storage by FTX themselves.”

FTX US and FTX.com “continue to make every effort to secure all assets, wherever located,” Ray, who specializes in corporate turnarounds, said in the statement.

The announcement comes a day after FTX filed for bankruptcy, part of a stunning collapse that has reverberated through the relatively young sector, sending other cryptocurrencies plummeting and drawing scrutiny from government regulators.

Additionally, the platform’s chief executive, 30-year-old Sam Bankman-Fried, once considered a star in the freewheeling cryptocurrency world, resigned.

As recently as 10 days ago, FTX was considered the world’s second-largest cryptocurrency platform, at one point valued at $32 billion.

But the company is now left trying to reassure a skeptical public.

– Fall from grace –

“Among other things, we are in the process of removing trading and withdrawal functionality and moving as many digital assets as can be identified to a new cold wallet custodian,” Ray said in the statement.

“Cold storage” refers to moving cryptocurrency assets to a hardware “wallet” unconnected to the Internet — to assure its security. 

Ray added that “an active fact review and mitigation exercise was initiated immediately in response” to the unauthorized transactions.

Overnight, Miller had tweeted about an investigation into anomalies and other unclear movements, and by Saturday morning indicated that “unauthorized transactions” had occurred.

FTX’s troubles first surfaced amid press reports that its Alameda Research trading house was involved in a risky financial arrangement with FTX.com that appeared to involve grave conflicts of interest. 

Financial media reported that FTX executives knew the platform was using billions in customer funds to prop up Alameda.

Adding to the drama, Binance, the world’s largest crypto exchange, agreed to buy FTX.com on Tuesday — before scrapping the takeover just a day later. 

FTX is being investigated by both the US Securities and Exchange Commission (SEC) and the New York state Justice Department, according to The New York Times, which cited sources close to those probes.

The fall from grace even stretched to the world of sports, where the Miami Heat announced its FTX Arena is set for a rename and the Mercedes Formula One team said it had suspended a sponsorship deal with FTX and removed the company’s logos from its cars ahead of this weekend’s Sao Paulo Grand Prix.

Biden arrives in Bali for G20, Xi summit

US President Joe Biden arrived in Indonesia’s Bali on Sunday for a summit of the world’s 20 largest economies and a high-stakes meeting with Chinese leader Xi Jinping.

The US leader said he expects to establish “red lines” in Washington’s fraught relations with Beijing in his first face-to-face talks as president with Xi.

The superpower sit-down will come on the sidelines of the G20 summit from Monday, the biggest gathering by the group since the Covid-19 pandemic began.

Biden said he was going into the discussions with Xi “stronger”, after his Democratic Party’s unexpected success in midterm elections they had been forecast to lose heavily.

But the summit comes with Beijing and Washington’s rivalry intensifying as a more powerful and assertive China tries to disrupt the US-led international order.

The world’s two largest economies are at loggerheads on everything from trade to human rights in China’s Xinjiang region and the status of the self-ruled island of Taiwan, and Biden said he expected “straightforward discussions” with Xi.

“I know Xi Jinping, he knows me,” he told reporters in Phnom Penh where he met with Asian leaders before heading to the Indonesian resort island of Bali.

“We have very little misunderstanding. We just got to figure out what the red lines are,” Biden said.

Biden hopes to “come out of this meeting with areas where the two countries and the two presidents and their teams can work cooperatively on substantive issues, National Security Advisor Jake Sullivan told reporters as the US leader flew to Bali.

He will push China to rein in North Korea after a record-breaking series of missile tests fuelled expectations that Pyongyang will soon carry out its seventh nuclear test.

– Putin stays away –

China is North Korea’s main ally and while Biden is not expected to make demands, he will warn Xi that further missile and nuclear build-up would mean the United States boosting its military presence in the region — something Beijing bitterly opposes.

Biden met Japan and South Korea’s leaders before flying to Bali, with the allies pledging a “strong and resolute response” to any North Korean nuclear test.

The US-China talks will cast a long shadow over the first post-pandemic G20, a reunion that Russian President Vladimir Putin has pointedly opted to skip.

He instead sent his Foreign Minister Sergei Lavrov, who arrived earlier on Sunday.

Putin’s invasion of Ukraine has made the trip to Bali logistically difficult and politically fraught, and while the war is not officially on the summit agenda, the conflict will dominate discussions.

Soaring energy and food prices have hit richer and poorer G20 members alike -– and both are directly fuelled by the war.

There is likely to be pressure on Russia to extend a deal allowing Ukrainian grain and fertiliser shipments through the Black Sea when the current agreement expires on November 19.

– ‘Never been this complex’ –

At a minimum, Biden and his allies want the G20 to make it clear to Putin that nuclear war is unacceptable.

Even that once uncontroversial position is likely to be blocked by a mixture of Russian opposition and Chinese unwillingness to break ranks with its ally in Moscow or give Washington a win.

At a recent meeting with German Chancellor Olaf Scholz, Xi said a nuclear war could not be won and should never be fought.

Ryan Hass, a former director for China at the US National Security Council, said Xi “likely will not be as magnanimous in his meeting with Biden”. 

“He will not want to be perceived as satisfying a request from Biden, whether on Ukraine, nuclear use, North Korea, or any other issue,” Hass told AFP.

G20 host Indonesia — still careful not to favour either China or the United States — is not confident that the leaders will be able to break the deadlock.

Ministerial meetings hosted by Indonesia in the run-up to the summit have failed to agree on a final joint communique — a procedural-sounding tradition that can be important in driving cooperation.

“Honestly, I think the global situation has never been this complex,” said Indonesian government minister Luhut Binsar Pandjaitan on the eve of the summit.

“If eventually (the G20) leaders do not produce a communique, that’s that, it’s OK.” 

burs-sah/arb/qan

Biden to seek red lines in talks with Xi

US President Joe Biden said Sunday he will seek to establish “red lines” in America’s fraught relations with Beijing in high-stakes talks with Chinese counterpart Xi Jinping.

The superpower sit-down will come on the sidelines of the G20 summit in Indonesia Monday, with leaders from the world’s 20 largest economies holding their biggest gathering since the pandemic.

Biden said he was going into his first face-to-face with Xi as president “stronger”, after his Democratic Party’s unexpected success in midterm elections they had been forecast to lose heavily.

But the summit comes with Beijing and Washington’s rivalry intensifying as a more powerful and assertive China tries to disrupt the US-led international order.

The world’s two largest economies are at loggerheads on everything from trade to human rights in China’s Xinjiang region and the status of the self-ruled island of Taiwan, and Biden said he expected “straightforward discussions” with Xi.

“I know Xi Jinping, he knows me,” he told reporters in Phnom Penh where he met with Asian leaders before heading to the G20 on the Indonesian resort island of Bali.

“We have very little misunderstanding. We just got to figure out what the red lines are,” Biden said.

White House officials say Biden will push China to rein in North Korea after a record-breaking series of missile tests fuelled expectations the reclusive regime will soon carry out its seventh nuclear test.

– Putin stays away –

China is Pyongyang’s main ally and while Biden is not expected to make demands, he will warn Xi that further missile and nuclear build-up would mean the United States boosting its military presence in the region — something Beijing bitterly opposes.

“North Korea represents a threat not just to the United States, not just to (South Korea) and Japan but to peace and stability across the entire region,” US National Security Advisor Jake Sullivan told reporters.

The talks will cast a long shadow over the first post-pandemic G20, a reunion that Russian President Vladimir Putin has pointedly opted to skip.  

He is instead sending his Foreign Minister Sergei Lavrov, who arrived on Sunday evening.

Putin’s invasion of Ukraine has made the trip to Bali logistically difficult and politically fraught, and while the war is not officially on the summit agenda, the conflict will dominate discussions.

Soaring energy and food prices have hit richer and poorer G20 members alike -– and both are directly fuelled by Putin’s war.

There is likely to be pressure on Russia to extend a deal allowing Ukrainian grain and fertiliser shipments through the Black Sea when the current agreement expires on November 19. 

– ‘Never been this complex’ –

At a minimum, Biden and his allies want the G20 to make it clear to Putin that nuclear war is unacceptable.

Even that once uncontroversial position is likely to be blocked by a mixture of Russian opposition and Chinese unwillingness to break ranks with its ally in Moscow or give Washington a win.

At a recent meeting with German Chancellor Olaf Scholz, Xi said a nuclear war could not be won and should never be fought.

Ryan Hass, a former director for China at the US National Security Council, said Xi “likely will not be as magnanimous in his meeting with Biden.” 

“He will not want to be perceived as satisfying a request from Biden, whether on Ukraine, nuclear use, North Korea, or any other issue,” Hass told AFP.

G20 host Indonesia — still careful not to favour either China or the United States — is not confident that the leaders will be able to break the deadlock.

A string of G20 ministerial meetings, hosted by Indonesia in the run-up to the summit, have failed to agree on a final joint communique — a procedural-sounding tradition that can be important in driving cooperation.

“Honestly, I think the global situation has never been this complex” said Indonesian government minister Luhut Binsar Pandjaitan on the eve of the summit.

“If eventually (the G20) leaders do not produce a communique, that’s that, it’s OK.” 

burs-sah/arb/mtp

Biden to seek red lines in talks with Xi

US President Joe Biden said Sunday he will seek to establish “red lines” in America’s fraught relations with Beijing when he holds high-stakes talks with Chinese counterpart Xi Jinping.

Biden said he goes into Monday’s encounter on the sidelines of a G20 summit in Indonesia stronger after his Democratic Party’s unexpected success in midterm elections they were forecast to lose heavily.

Washington and Beijing are at loggerheads over issues ranging from trade to human rights in China’s Xinjiang region and the status of the self-ruled island of Taiwan. Biden said he expected candid talks with Xi.

“I know Xi Jinping, he knows me,” he added, saying they have always had “straightforward discussions”.

The two men have known each for more than a decade, since Biden’s time as vice-president, but Monday will see them meet face-to-face for the first time in their current roles.

“We have very little misunderstanding. We just got to figure out what the red lines are,” Biden said.

White House officials say Biden will push China to use its influence to rein in North Korea after a record-breaking spate of missile tests sent fears soaring that the reclusive regime will soon carry out its seventh nuclear test.

Biden had a fillip overnight with the news that the Democrats retained their effective majority in the US Senate thanks to Catherine Cortez Masto winning in Nevada.

“I know I’m coming in stronger,” he said of the midterms’ impact on his talks with Xi.

– Japan, S. Korea talks –

Biden will meet his South Korean counterpart Yoon Suk-yeol and Japanese Prime Minister Fumio Kishida on Sunday to discuss ways to address the threat posed by the North’s missile programme.

China is Pyongyang’s main ally and US officials say that, while Biden will not make demands, he will warn Xi that further missile and nuclear build-up would mean the United States boosting its military presence in the region — something Beijing bitterly opposes.

“North Korea represents a threat not just to the United States, not just to (South Korea) and Japan but to peace and stability across the entire region,” US National Security Advisor Jake Sullivan told reporters.

Kim Jong Un’s regime ramped up missile launches in response to large-scale US-South Korean air exercises, which the North described as “aggressive and provocative”.

Biden on Sunday held talks with Prime Minister Anthony Albanese of Australia, a key regional ally and member of the Quad security group.

Beijing has denounced the Quad, which also includes the United States, Japan and India, as an attempt to isolate it.

– Diplomatic blitz –

Biden flew to Phnom Penh from the COP27 climate conference as part of US efforts to boost its influence in Southeast Asia as a counter to China.

China has been flexing its muscles — through trade, diplomacy and military clout — in recent years in a region it sees as its strategic backyard.

Biden told leaders at an East Asia Summit — including Chinese Premier Li Keqiang — on Sunday that the United States would speak out against Beijing’s rights abuses, according to a White House press release.

A day earlier Biden took a veiled swipe at Beijing in talks with leaders from the Association of Southeast Asian Nations (ASEAN) regional bloc.

He said the United States would work with ASEAN to “defend against the significant threats to rules-based order and threats to the rule of law”.

While the president did not refer to China by name, Washington has long criticised what it says are Beijing’s efforts to undermine international norms on everything from intellectual property to human rights.

Despite the US-China tensions the pair clinked glasses together in a toast at a gala dinner Saturday night, where they were seated on either side of the host, Cambodian leader Hun Sen.

While Biden goes into the meeting with Xi buoyed by the Democrats seeing off a predicted Republican “red wave”, Xi was anointed last month for a historic third term as paramount leader by the Chinese Communist Party congress.

Li met International Monetary Fund chief Kristalina Georgieva at the ASEAN gathering on Saturday, when he also addressed participants.

Biden and Li took part Sunday in an East Asia Summit that rounds off the first leg of a trilogy of top gatherings in the region, with the G20 on the holiday island of Bali and an APEC gathering in Bangkok to follow.

The consequences of the war in Ukraine are set to dominate the upcoming talks, although Russian President Vladimir Putin will be notably absent.

Close Bitnami banner
Bitnami