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G20 Summit 2023: The G20 Summit has entered its final day today i.e. on 10 September. Prime Minister Narendra Modi will hold various meetings with eight global leaders including French President Emmanuel Macron, Canadian PM Justin Trudeau, Comoros, Turkey, UAE, South Korea, etc.

Netanyahu has described it as the «largest cooperation project in our history» that will «change the face of the Middle East, Israel, and will affect the entire world». The new economic corridor, which many see as an alternative to China's Belt and Road Initiative, was jointly announced on Saturday by the leaders of the US, India, Saudi Arabia, the United Arab Emirates, France, Germany, Italy and the European Union on the sidelines of the G20 summit in New Delhi. In a video message released late Saturday evening, Netanyahu said that Israel is at the focus of an unprecedented international project that will link infrastructure from Asia to Europe. «I welcome the statement that was released today by the United States, India, Saudi Arabia, the UAE and the European Union, as well as France, Italy and Germany,» Netanyahu said. «A good week to you, citizens of Israel.

Also Read: G20 Summit: 'G20 can still drive solutions to our most pressing issues,’ says US President Joe Biden “Charting a journey of shared aspirations and dreams, the India-Middle East-Europe Economic Corridor promises to be a beacon of cooperation, innovation and shared progress. As history unfolds, may this corridor be a testament to human endeavour and unity across continents," PM Modi wrote on ‘X’ on Saturday. During the G20 Summit, Prime Minister Narendra Modi unveiled a groundbreaking initiative in collaboration with the United States, Saudi Arabia, and the European Union.

G20 summit. Our efforts are a testament to the collective spirit of unity and progress." Meanwhile, Union Finance Minister Nirmala Sitharaman interacted with the first Deputy Managing Director of the IMF, Gita Gopinath during Ratri Bhoj par Samvad at Bharat Mandapam in the national capital.

global cues, Sensex and Nifty gained nearly 2% last week with all sectors participating in the broad-based rally which was backed by strong economic outlook and macroeconomic data such as robust GDP and PMI figures. Nifty is now just 172 points away from the all-time high of 19,992, made on July 20 and analysts are now eyeing 20,000 level this week itself. «In the broad market, mid- and small-cap stocks attracted strong buying interest, even though their valuations were relatively high. Moreover, heightened order inflows made sectors like infrastructure and realty particularly attractive to investors during the week,» said Vinod Nair, Head of Research at Geojit Financial services. Here are top 5 factors that may sway the market mood in the week:

Crude oil prices clocked at a ten-month high last week, driven by worries about supply shortages after an unexpected extension of voluntary supply cuts by Saudi Arabia and Russia. Hopes of a delay in further rate hikes by the US Federal Reserve and positive fuel demand from China aided the demand outlook. The most active US WTI crude tested $88 a barrel level, while the Asian benchmark Brent crude pushed above $90 a barrel, for the first time since November last year. A similar move was witnessed in the domestic futures market as well. In April, the key oil-producing countries including Russia, commonly known as OPEC Plus, announced a combined production cut, proposed to extend till 2024 aimed at supporting market stability. However, Saudi Arabia and Russia voluntarily introduced additional reductions in production on top of the broader deal by the OPEC plus countries. Saudi announced a reduction of 1 million barrels of oil per day from July while Russia started cutting down daily production by 300,000 barrels per day. There were expectations in the market that both countries would extend the supply cut into October, but they surprised the market by extending the program till the end of December. Both countries also informed that the plan would be reviewed monthly and adjusted according to market conditions. This has raised worries that demand will exceed supply in the coming quarter sending prices to multi-month highs.

G20 Leaders' Summit hosted in the national capital, according to a report published by the news agency ANI. The Heads of State of countries including UAE, Bangladesh, Egypt, China, Australia, UK, Argentina, Indonesia, France, Germany, Netherlands, Turkey, Japan, Italy, Spain, South Africa, Republic of Korea, Canada and Singapore will depart from Delhi on Monday. The Central government has assigned responsibilities to Union Ministers of State to see off the foreign delegates after the summit.

G20 Summit will give a global focus to the ancient Red Sea from India to Egypt, which he also mentioned in his new book called “The Golden Road". In a post on X (formerly Twitter), Willian Dalrymple said, “With the announcement today of the opening of an Indian-Middle Eastern Economic Corridor at G20, it looks the ancient trade routes up the Red Sea from India to Egypt that I am writing about in my new book, The Golden Road, and previewed here in @nybooks, will again become a global focus of economic and cultural exchange." In a book review named ‘Garum Masala’ in The New York Post, Dalrymple wrote, “In March 2022 a team of American archaeologists was excavating a temple of the Egyptian goddess Isis at the ancient site of Berenike, on the shores of the Red Sea in modern-day Egypt, when they stumbled across a series of remarkable finds." India-Middle East-Europe economic corridor including shipping and railway links will be launched soon.

From Qantas’ descent to the prime minister’s diminished Yes campaign and what Cristiano Ronaldo’s $313m contract shows about oil. Here are the 10 best opinion reads from the week.

Belt and Road Initiative (BRI), which has pushed many countries into a debt trap besides losing control over their assets, leaders of India-US-Saudi Arabia-UAE-Europe-Japan on Saturday announced a mega joint infrastructure deal to connect Asia with Europe via ports and railroad. Prime Minister Narendra Modi launching the project said an India-West Asia-Europe connectivity corridor for economic integration would be launched soon. Modi made the announcement flanked by US President US Biden, Saudi Arabia Prime Minister Mohammed bin Salman, President of UAE, EU and key European leaders on the sidelines of the G20 Summit. «This corridor will show a sustainable way to the whole world,» the Prime Minister said. While the US President described it as a game-changer, Ursula von der Leyen, President, European Union said, «It will be the most direct connection between India, Middle East.

Leaders of the 20 biggest economies in the world — collectively known as G20 — are pushing for a speedy implementation of a cross-border framework for crypto assets. 

G20 leaders on Saturday asked the financial institutions to leverage private capital through innovative financing models and new partnerships to make maximum development impact.It also endorsed the roadmap for implementing the recommendations of the G20 Independent Review of MDBs Capital Adequacy Frameworks (CAFs) and called for its ambitious implementation, within MDBs' own governance frameworks while safeguarding their long-term financial sustainability, robust credit ratings and preferred creditor status.. «We also call for a regular review of the progress of implementation on a rolling basis including through engaging with MDBs, subject experts and shareholders. We commend the MDBs for their progress in implementing the CAF recommendations, especially with respect to adapting definitions of risk appetite and financial innovation,» the G20 New Delhi Leaders' Declaration said.Also Read: G20 Summit News Updates: India announces mega rail, port connectivity deal with US, UAE, Saudi Arabia Committing to pursue reforms for better, bigger and more effective MDBs to address global challenges to maximise developmental impact, G20 leaders urged these institutions to undertake comprehensive efforts to evolve their vision, incentive structures, operational approaches and financial capacities so that they are better equipped to maximize their impact in addressing a wide range of global challenges.

G20 Summit update: India-Middle East-Europe' economic corridor including shipping and railway links will be launched soon. The first-of-its-kind economic corridor will be a historic initiative on cooperation on connectivity and infrastructure involving India, UAE, Saudi Arabia, EU, France, Italy, Germany and the US, reported news agency ANI. Biden, Indian Prime Minister Narendra Modi and European Commission President Ursula von der Leyen announced the project during the annual Group of 20 summit of the world's top economies.

President Joe Biden and his allies have outlined plans to create a rail and shipping corridor linking India with the Middle East and ultimately Europe

shipping and rail transportation corridor linking countries across the Middle East, South Asia and Europe on the sidelines of the ongoing G20 Summit in New Delhi. «Strong connectivity and infrastructure is the base of development of humanity. India has prioritised on this in its developmental journey,» said PM Modi while addressing the Partnership for Global Infrastructure Investment (PGII) conference with G20 leaders. The United States, India, Saudi Arabia, the United Arab Emirates, the European Union and other G20 partners were set to explore the shipping and rail transportation corridor, which is aimed at aiding in the flow of commerce, energy and data from India across the Middle East up to Europe. The leaders are meeting to discuss the global economy and supply chain challenges, among other issues facing the global community. This agreement after it is inked could be seen as an alternate supply chain in a completely evolved post-pandemic world order. Finer added that President Biden and Prime Minister Modi will meet with other leaders for an event focused on global infrastructure later today. “The deal will benefit low and middle-income countries in the region, and enable a critical role for the Middle East in global commerce.

Gareth Southgate, the England manager, faces a slew of selection dilemmas as the national team prepares for their Euro 2024 qualifier against Ukraine today. With several key players sidelined due to injury, Southgate must make strategic choices to ensure a solid starting lineup.

China has raised objections to the US hosting the Group of 20 nations in 2026 as already announced by President Joe Biden’s administration, according to four people familiar with the discussions.G-20 members rotate their presidency of the group, including the annual summit of world leaders, and the US has said it will take it on after India, Brazil and South Africa complete their respective yearlong stints. China’s objection — backed by Russia, according to one of the people — is mostly symbolic as it’s unlikely the decision will be reversed. The people asked not to be named since the discussions on the sidelines of the current G-20 in India are private. The Chinese move was first reported by the Financial Times. Beijing asked that its displeasure be recorded, according to the people, who didn’t know the reasons for China’s objections.

Saudi Arabian Crown Prince Mohammed bin Salman arrived in New Delhi on a three-day state visit during which he will hold a bilateral meeting and co-chair the first leaders' meeting of the Strategic Partnership Council with Prime Minister Narendra Modi. During this visit, the Crown Prince and Prime Minister of Saudi Arabia will also attend theG20 Summit being hosted in Delhi on Saturday and Sunday. He will continue his stay in India on Monday for the state visit, a statement issued by the Ministry of External Affairs (MEA) said in a statement. On his arrival, Saudi Crown Prince Mohammed bin Salman was received by Union minister Ashwini Vaishnaw at the airport. The Saudi Crown Prince had earlier come to India on a state visit in February 2019 and this will be his second state visit.

Also Read: G20 Summit: PM Modi, Prez Biden hold bilateral talks; discuss technology, democracy Over the past few years, India has actively established itself as a prominent advocate, highlighting the issues, difficulties, and aspirations of the Global South, particularly the African continent. Prime Minister Modi has been at the forefront of these efforts, especially in advocating for the African Union's inclusion as a member of the G20.

Joe Biden and Indian prime minister Narendra Modi are expected to announce the project as a part of the Partnership for Global Infrastructure Investment. The project, which is in line with president Biden's middle east strategy, will enhance connectivity, de-escalate conflict, and provide a counter for China's 'Belt and Road' initiative. This project, which will push commerce, energy trade, digital connectivity, high standards, will be executed in a transparent, non-coercive and sustainable way, Finer added.

G20 partners will unveil ambitious plans Saturday to bolster trade between India, the Middle East and Europe, the United States said — a modern-day Spice Route that could more closely bind three regions that account for about a third of the global economy. Washington, Saudi Arabia, the EU, UAE and others will sign an agreement on the sidelines of the G20 summit to explore a railway and port project to augment trade flows between Europe and India, officials said.Track all the live updates here The agreement comes with Washington actively engaging with Riyadh, a major oil producer and security partner, as it encourages the kingdom to normalise ties with Israel. Jon Finer, US deputy national security advisor, said the announcement came after «months of careful diplomacy, quiet, careful diplomacy, bilaterally and in multilateral settings». Finer said the plan could include shipping and rail transportation projects to «enable the flow of commerce, energy and data from here in India across the Middle East to Europe». This project «has enormous potential» he said.