G20 summit boycotted by US closes in South Africa

Leaders from India, Brazil, and South Africa convened in Johannesburg during the G20 summit to strengthen the trilateral IBSA forum, a move influenced by recent criticisms from former President Donald Trump. This gathering underscores a shift towards greater collaboration among these nations amidst geopolitical tensions.

The G20 summit held in South Africa successfully adopted a declaration despite a boycott from the United States, highlighting ongoing tensions within the group. The declaration addresses critical global economic issues and includes references to climate change, which contradicts the US's recent stance on climate science.

Several international airlines have canceled their flights to Venezuela following a warning from the U.S. regarding potential hazards, reflecting escalating tensions in the region. The Federal Aviation Administration (FAA) has indicated that military buildups near the Caribbean coast could pose risks to aviation safety.

US retail sales growth showed signs of moderation in September, concluding a generally strong quarter despite ongoing consumer frustrations over high prices and job security concerns. This trend reflects the complexities of consumer behavior in a challenging economic environment.

Walmart has officially launched its first store in South Africa, marking the company's debut on the African continent. This significant expansion reflects Walmart's strategy to tap into new markets and diversify its global presence.

Saudi Arabia's Crown Prince Mohammed bin Salman announced plans to invest up to $1 trillion in the United States, marking a significant shift from the Kingdom's traditional oil-centric economy towards technology and investment. This initiative aims to strengthen economic ties and diversify Saudi Arabia's financial portfolio.

The EU and US are set to resume trade negotiations next week after a two-month hiatus to address unresolved issues related to a controversial tariff deal made in July. High-level talks will take place in Brussels, involving US commerce secretary Howard Lutnick and trade representative Jamieson Greer, along with EU ministers and industry leaders.

Recent analyses question whether artificial intelligence (AI) is significantly boosting economic growth in the United States, as concerns about market stability and potential bubbles in AI-related investments emerge. The ongoing discussions highlight the mixed sentiment surrounding AI's impact on various sectors.