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India is organizing the 'Global <keyword id="22243491" type="General" weightage="20" keywordseo="IndiaAI-Summit-2024" source="keywords">IndiaAI Summit 2024</keyword>' under the aegis of the Ministry of Electronics and Information Technology, scheduled for July 3-4 in New Delhi. According to a press release by the Ministry of Electronics and IT, the summit aims to foster collaboration and facilitate knowledge exchange among international <keyword id="22243492" type="General" weightage="20" keywordseo="AI-experts" source="keywords">AI experts</keyword>, reinforcing India's dedication to ethical and inclusive AI growth. The Global IndiaAI Summit 2024 will serve as a vital platform for stakeholders from diverse sectors, including science, industry, civil society, governments, international organizations, and academia. These experts will convene to discuss key AI issues, share insights, and address the challenges faced by the <keyword id="20055332" type="General" weightage="20" keywordseo="AI-ecosystem" source="keywords">AI ecosystem</keyword>. By hosting this summit, India is reaffirming its role as a proactive player in the global AI community, focusing on advancing technologies that are safe, secure, and beneficial to society. As the lead chair of the Global Partnership on Artificial Intelligence (GPAI), India is set to host member countries and experts to advance GPAI's commitment to trustworthy AI practices. The summit aims to showcase India's capability to lead in the AI domain and emphasizes the country's goal of ensuring that AI benefits are accessible to all, thereby contributing to the nation's socio-economic development. Central to the summit is the <keyword id="20869035" type="General" weightage="20" keywordseo="IndiaAI-Mission" source="keywords">IndiaAI Mission</keyword>, an initiative designed to build a comprehensive ecosystem that promotes AI innovation across the country. This mission focuses on democratizing access to computing resources, enhancing data quality, developing indigenous AI capabilities, attracting top AI talent, fostering industry collaboration, providing risk capital to startups, ensuring the societal impact of AI projects, and promoting <keyword id="20750054" type="General" weightage="20" keywordseo="ethical-AI-practices" source="keywords">ethical AI practices</keyword>, read the press release. The IndiaAI Mission is built upon seven key pillars, each targeting a crucial aspect of AI development and deployment. The first pillar, IndiaAI Compute Capacity, aims to establish a scalable AI computing ecosystem with over 10,000 GPUs through public-private partnerships. This will include the creation of an AI marketplace offering AI as a service and pre-trained models, providing essential resources for AI innovators and researchers. The second pillar, IndiaAI Innovation Centre, focuses on developing and deploying large multimodal models (LMMs) and domain-specific foundational models tailored to the unique needs of India's diverse industries and sectors. The third pillar, IndiaAI Datasets Platform, seeks to streamline access to high-quality non-personal datasets through a unified platform. This initiative will support Indian startups and researchers by providing seamless data access, thereby aiding in the development of robust AI models. The fourth pillar, IndiaAI Application Development Initiative, aims to promote AI applications across critical sectors by addressing problem statements from various government bodies and institutions, focusing on creating impactful AI solutions for large-scale socio-economic transformation, read the press release. The fifth pillar, IndiaAI FutureSkills, is dedicated to reducing barriers to AI education by increasing the availability of AI courses at different academic levels and establishing Data and AI Labs in Tier 2 and Tier 3 cities. This effort is crucial for building a steady pipeline of skilled AI professionals, ensuring that talent development keeps pace with technological advancements. The sixth pillar, IndiaAI Startup Financing, supports deep-tech AI startups by providing streamlined access to funding and risk capital, nurturing a vibrant ecosystem of AI startups that drive technological advancements and economic growth. The seventh pillar, Safe &amp; Trusted AI, emphasizes responsible AI development through the implementation of projects focused on ethical AI practices. This includes developing indigenous tools and frameworks and establishing guidelines for the transparency and trustworthiness of AI technologies. SEE ALSO:<a href="https://www.businessinsider.in/stock-market/news/vraj-iron-and-steel-ipo-allotment-how-to-check-allotment-ipo-gmp-listing-date-and-more/articleshow/111394752.cms" target="_blank"></a> <a href="https://www.businessinsider.in/stock-market/news/vraj-iron-and-steel-ipo-allotment-how-to-check-allotment-ipo-gmp-listing-date-and-more/articleshow/111394752.cms" target="_blank">Vraj Iron and Steel IPO allotment – How to check allotment, IPO GMP, listing date and more</a><a href="https://www.businessinsider.in/business/telecom/news/reliance-jio-and-airtel-price-hike-new-plans-and-how-you-can-save-money/articleshow/111331794.cms" target="_blank"></a> <a href="https://www.businessinsider.in/business/telecom/news/reliance-jio-and-airtel-price-hike-new-plans-and-how-you-can-save-money/articleshow/111331794.cms" target="_blank">Reliance Jio and Airtel price hike – new plans and how you can save money</a><a href="https://www.businessinsider.in/tech/mobile/webstories/upcoming-smartphones-launching-in-india-in-july-2024/slidelist/111304902.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/mobile/webstories/upcoming-smartphones-launching-in-india-in-july-2024/slidelist/111304902.cms" target="_blank">Upcoming smartphones launching in India in July 2024</a>

India to host Global India AI Summit 2024 in New Delhi on July 3-4

At the invitation of Russian President <keyword id="19900702" type="General" weightage="20" keywordseo="vladimir-putin" source="keywords">Vladimir Putin</keyword>, Indian Prime Minister Narendra Modi and Chinese President <keyword id="19946362" type="General" weightage="20" keywordseo="Xi-Jinping" source="keywords">Xi Jinping</keyword> will attend the 16th <keyword id="21003379" type="General" weightage="20" keywordseo="BRICS-summit" source="keywords">BRICS Summit</keyword> in Kazan, Russia, from October 22-23, 2024. The summit will focus on the theme "Strengthening Multilateralism for Just Global Development and Security," providing a key platform for leaders to discuss pressing global issues and explore opportunities for collaboration. The <keyword id="20037428" type="General" weightage="20" keywordseo="BRICS" source="keywords" meta.keywordsubtype="org" meta.entityname="BRICS" meta.hostid="261" meta.entityid="BRICS">BRICS</keyword> group, originally formed by Brazil, Russia, India, and China in 2006, has grown to include South Africa, and recently expanded further to welcome Egypt, Ethiopia, Iran, Saudi Arabia, and the UAE, making it a 10-member bloc. <keyword id="19911498" type="General" weightage="20" keywordseo="Putin" source="keywords">Putin</keyword> sees this <keyword id="23595116" type="General" weightage="20" keywordseo="expanded-BRICS" source="keywords">expanded BRICS</keyword> as a counterweight to Western dominance in global politics and trade. During his visit, <keyword id="19899320" type="General" weightage="100" keywordseo="PM-Modi" source="keywords">PM Modi</keyword> is expected to hold bilateral meetings with fellow BRICS leaders and other invited representatives, aiming to strengthen partnerships and advance shared objectives. The Indian Ministry of External Affairs emphasised that the summit will offer a valuable opportunity to evaluate the progress of BRICS initiatives and identify new areas for future collaboration. Modi's visit to Russia follows an informal meeting with Putin in Moscow earlier this year and a call in August, where the Indian leader urged for a resolution to the Ukraine conflict. The upcoming summit highlights the growing <keyword id="23595115" type="General" weightage="20" keywordseo="geopolitical-significance" source="keywords">geopolitical significance</keyword> of BRICS in reshaping global dynamics. (With inputs from sources)

PM Modi to meet Putin and Xi Jinping at BRICS summit in Russia on October 22-23

Earlier this week, former US President Donald Trump revealed that Indian Prime Minister <keyword id="19895781" type="General" weightage="20" keywordseo="narendra-modi" source="keywords">Narendra Modi</keyword> is scheduled to meet with him next week. This potential gathering, set against the backdrop of Trump’s bid for a return to the White House, highlights how global leaders are positioning themselves in anticipation of possible changes in US leadership. “He happens to be coming to meet me next week, and Modi, he’s fantastic,” Trump said on Tuesday during a town hall event in Flint, Michigan, while discussing free trade and US job protection. He even went on to call India a “very big abuser” in trade, Al Jazeera reported. Most likely, Prime Minister Narendra Modi meeting up with Trump could be an acknowledgment of the latter's potential return to power in the November election, as foreign leaders carefully navigate diplomatic relations with key US political figures. However, neither the Trump campaign nor India’s Ministry of External Affairs have clearly commented on the matter yet, meaning that the Indian leader’s plans of a tête-à-tête with ex US President Trump are foggy at best. During a press conference, foreign secretary <keyword id="20181706" type="General" weightage="20" keywordseo="vikram-misri" source="keywords">Vikram Misri</keyword> said, "there are many meetings with the Prime Minister right now which we are trying to fix. Right now, I will not be able to tell you about any specific meeting, whether the meeting has been fixed or not." "We are looking from all angles as to how much time we have and with whom we can hold meetings. We will keep updating you about the meetings," he added. <div type="Article" hostid="261" msid="113444882" title="Trump says PM Modi will meet him during US visit, calls him &amp;#39;fantastic&amp;#39;" mstype="2" mssubtype="0"></div>What we do know with certainty is that Mr Modi is indeed scheduled to travel to the US over the weekend and his calendar is going to be jam-packed. His visit coincides with his planned participation at the <keyword id="23145156" type="General" weightage="20" keywordseo="Quad-Leaders-Summit" source="keywords">Quad Leaders Summit</keyword> (including representatives from Australia, India, Japan and the US) in Wilmington, Delaware, hosted by President Joe Biden. As per a White House official, the meet-up will feature "ambitious announcements in multiple areas such as maritime security, high-quality infrastructure and critical and emerging technologies to demonstrate the group’s endurance". Prime Minister Modi will have bilateral meetings with President Biden, Japanese Prime Minister Fumio Kishida, and Australian Prime Minister Anthony Albanese on Sunday, following the conclusion of the Quad Summit. A special event, the Cancer Moonshot initiative, is also scheduled on the sidelines of the summit. In his meeting with President Biden, India and the US are anticipated to sign several agreements, including those related to the Indo-Pacific Economic Framework and a memorandum of understanding (MoU) on drug frameworks. Foreign Secretary Vikram Misri stated that Modi and Biden will review the comprehensive global strategic partnership between India and the US, which spans over 50 areas of engagement and bilateral dialogue mechanisms. <div type="Article" hostid="261" msid="113085171" title="India is likely to benefit if Trump wins US elections, per Nomura Global Research" mstype="2" mssubtype="0"></div>Both leaders will also assess progress in areas of cooperation, though tensions remain due to the alleged assassination plot involving Khalistani leader Gurpatwant Singh Pannun. The investigation is ongoing, and India has formed a committee to examine the accusations. This visit may serve to ease some of the friction in the relationship. Defence cooperation remains a key area of collaboration between India and the U.S., including agreements on the procurement of 31 MQ-9B Predator drones, joint manufacturing of Stryker Infantry Combat Vehicles, and co-production of GE F414 engines in India. The Ukraine conflict is also expected to be a topic of discussion. Prime Minister Modi is supposed to attend the "Modi &amp; US" community event at the Nassau Veterans Memorial Coliseum in Long Island. The event, already overbooked with more than 24,000 Indian Americans registered for a venue with a capacity of 15,000, has attracted attendees from 42 states, especially the tri-state area. Additionally, PM Modi will allegedly lead a roundtable with CEOs of American companies working in fields like AI, quantum computing, biotechnology, and cutting-edge technology. Lastly, on September 23, Modi will address global leaders at the United Nations' Summit of the Future (SOTF) and is expected to hold bilateral meetings with other heads of state attending the UN General Assembly. Obviously, squeezing in a meeting with Trump and Democrat Candidate Kamala Harris (you know, to balance things out) seems unlikely given Mr Modi’s tight schedule. But we’ll have a clearer picture only in the coming days. <div type="Article" hostid="261" msid="111770277" title="PM Modi likely to address high-level UNGA session on Sep 26" mstype="2" mssubtype="0"></div>

Why is Indian Prime Minister Narendra Modi visiting the US this weekend?

<ul class="summary-list"><li>More executives are seeking protection, a private security firm chief told The Financial Times.</li><li>It comes as companies and CEOs are targeted by political activists.</li></ul>An increasing number of companies appear to be spending big money on trying to keep their executives safe by hiring bodyguards.Steve Jones, the chief executive of security company Allied Universal, told <a target="_blank" class="" href="https://www.ft.com/content/a65d8aa1-673e-4620-920c-ec6ac79a303a?accessToken=zwAGJie6Mt7gkdOmXYqhZz5GINOSDOxqx5owOg.MEQCIFxG6p3_3JZEkIK5308UilsiYLPn5KB6jHRgvCT46TWdAiBsUI83XeA3QZKWt8vwHDTuuncjhZPUUiMp568P7c_W8g&amp;sharetype=gift&amp;token=5d647de2-ea1b-4ae3-8d8e-50e552279923">The Financial Times </a>that global political instability had created increased demand for security services.His assessment seems in line with market trends. According to an October report by <a target="_blank" href="https://www.fortunebusinessinsights.com/private-security-market-108283">Fortune Business Insights</a>, the global private security market is expected to grow from $247.75 billion in 2024 to $385.32 billion by 2032.Its largest and fastest-growing segment is "manned security," the broad category that includes executive protection.Jones told the FT that businesses linked to Israel and the defense and energy industries were most likely to hire extra security for their staff."We've got wars going on in certain parts of the world, we have elections, we have protests, we have social challenges, we have immigration challenges that face different countries around the world. It all creates a need for additional security," he said.In recent months, activists have targeted a number of high-profile companies and corporate events.In October, several Allianz Insurance buildings in the UK were <a target="_blank" class="" href="https://www.bbc.com/news/articles/c74871k7k73o">sprayed with red paint as part of a national protest by pro-Palestine activists. </a>The Palestine Action Group said it carried out the attacks to protest against Allianz's alleged links to an Israeli defense firm.In June, activists disrupted the Amazon Web Services Summit in Washington, DC, to protest about a cloud services deal between Israel's government, Google, Project Nimbus, and Amazon.Meanwhile, climate protesters in Germany in August disrupted European flights after accessing air traffic control centers.Jones told the FT his company employs around 17,000 people, including former police and military personnel, to protect executives and their families. Allied Universal did not immediately respond to a request for comment by Business Insider.Companies can spend millions to protect their CEOs. Meta, for instance, spent $23.4 million on Mark Zuckerberg's personal security in 2023, according to <a target="_blank" class="" href="https://archive.is/Y3kdg#selection-1001.136-1001.422">Fortune.</a> Last year, Alphabet paid $6.8 million for Sundar Pichai's personal security.Last year, Alex Bomberg, chief executive of Intelligent Protection International, told <a target="_blank" class="" href="https://www.fnlondon.com/articles/climate-activism-in-the-city-prompts-rise-in-bodyguard-demand-20230619">Financial News </a>that demand for executive security had doubled in 12 months."The role of a bodyguard is not just for security," he said. "You have someone who is highly trained in first aid, experienced in making dynamic risk decisions. It's not just some bloke in a suit."People don't realize how things can play out in the street," he added. "A CEO might go for an interview, and when they arrive, they get something thrown over them. It's not so much about them being robbed, although that's always a concern, but being doorstepped at home by protesters."According to Allied's <a target="_blank" class="" href="https://www.worldsecurityreport.com/">World Security Report, </a>in 2022, companies lost more than $1 trillion in revenue due to physical security incidents.One in four publicly listed companies reported a drop in their value after a physical security incident over the last year, the report said.

CEOs are clamoring for bodyguards as the world feels more dangerous, a top security boss says

<ul class="summary-list"><li>Saudi Arabia's wealth fund has pumped billions into global entertainment, sports, and infrastructure.</li><li>Now the Kingdom plans to cut its foreign investment to prioritize domestic spending.</li></ul>Saudi Arabia is pulling back on its <a target="_blank" class="" href="https://www.businessinsider.com/saudi-arabia-public-investment-fund-global-investment-spree-2024-8">global spending spree</a> to focus on domestic investments.Yasir Al Rumayyan, governor of the Public Investment Fund (PIF), said on Tuesday the kingdom planned to reduce the proportion of foreign investments made by the sovereign wealth fund from 30% to about 18% of its portfolio."We're more focused on the domestic economy and we've been achieving and doing so many big things," Al Rumayyan told delegates at the <a target="_blank" class="" href="https://www.businessinsider.com/finance-ceos-supporting-trump-blackstone-steve-schwarzman-citadel-ken-griffin-2024-10">Future Investment Initiative</a> in Riyadh. Saudi Arabia's annual business conference has been dubbed "Davos in the desert" in a nod to the World Economic Forum meeting in Switzerland each January.The absolute dollar amount for overseas deals was still increasing, the PIF chief said.<div type="image" title="Governor of Public Investment Fund of Saudi Arabia Yasir Al-Rumayyan on a panel at the Future Investment Initiative (FII) in Riyadh, Saudi Arabia October 29, 2024." height="3822" width="5366" msid="114781319" hostid="261" sizebytes="297336"></div>In recent years, the PIF has pumped billions into high-profile assets, including global sports teams, entertainment, airport infrastructure, and <a target="_blank" class="" href="https://www.businessinsider.com/saudi-arabia-public-investment-fund-global-investment-spree-2024-8">Uber</a>. The fund's assets are worth about $925 billion.The spending is part of Saudi Arabia's <a target="_blank" href="https://www.businessinsider.com/vision-2030-saudi-arabia-plan-future-proof-oil-economy-2023-8">Vision 2030</a> plan to reduce its economy's dependence on oil and transform the country into a significant global economic player.Investors have flocked to the FII conference in previous years to take advantage of the multi-billion dollar deals struck at the event. The total at last year's conference reached almost $18 billion, the Saudi Press Agency reported.The kingdom has already been slowing its cash flows and telling foreign fund managers to invest more in Saudi Arabia if they want to secure deals.The PIF's traded stocks in the US fell from about $35 billion at the end of 2023 to $20.6 billion at June 30, The Financial Times reported.Al Rumayyan said that investors were already changing their approach. "People used to come to us and ask for money. We are now seeing a shift from people wanting to take our money to people wanting to co-invest."The PIF governor also spoke about Saudi Arabia's <a target="_blank" class="" href="https://www.businessinsider.com/saudi-arabia-ai-groq-a16z-vision-2030-mbs-2024-9">ambitions to become a top destination</a> for AI companies and investors, saying that the technology's economic impact made it a driver of national power."We either have discussions or initial discussions to invest in AI and the reason why we are investing in AI is Saudi Arabia is very well positioned to be a global hub, not only a regional hub," Al Rumayyan said.The technology could add nearly $20 trillion to the global economy by 2030, he added.In September, Saudi Arabia held the third Global AI Summit, attracting a host of high-profile leaders and dealmakers. The PIF is also in talks to partner with prestigious venture capital firm Andreessen Horowitz on an AI fund, with a potential value of $40 billion, Bloomberg reported.The new focus on domestic investment comes as Saudi Arabia's spending on <a target="_blank" class="" href="https://www.businessinsider.com/saudi-arabia-vision-2030-projects-trillion-value-neom-2024-9">Neom</a>, its futuristic megacity in the desert, hit $1 trillion.Neom's scope appears to have been scaled back as the financial realities of the ambitious project hit home. Experts say Saudi has struggled to attract the foreign investment needed to fund the project's lofty goals.A <a target="_blank" class="" href="https://www.businessinsider.com/neom-sindalah-saudi-arabia-crown-prince-the-line-beach-party-2024-10">select group of guests</a> were recently invited to visit <a target="_blank" class="" href="https://www.businessinsider.com/saudi-arabia-neom-sindalah-island-dubai-resort-tourism-2024-4">Sindalah</a>, a luxury island resort in the Red Sea that is one of the first parts of Neom to become reality.

Saudi Arabia is pulling back on a global spending spree to focus on its own projects

<ul class="summary-list"><li>UAE's state-owned oil company brokered deals to boost fossil fuels at home and overseas in 2023.</li><li>The deals included supplying gas to China and expanding into Egypt and Azerbaijan.</li></ul>Last year, while the United Arab Emirates oversaw a historic agreement to fight the climate crisis, it was brokering deals for oil and gas that could bring the country tens of billions of dollars and boost fossil-fuel production globally.An <a target="_blank" href="https://www.globalwitness.org/en/campaigns/fossil-gas/i-hope-the-younger-generations-can-forgive-us-state-oil-company-pushed-100-billion-of-deals-in-uaes-year-as-cop28-host/">analysis by the climate watchdog Global Witness</a> found that the UAE's state-owned oil company, known as ADNOC, closed more than a dozen deals to expand its oil and gas footprint at home and overseas.Among the transactions were ADNOC's first contract to supply gas to China; a joint venture with the oil giant BP in Egypt; and a stake in Azerbaijan's gas field in the Caspian Sea. ADNOC also bought a Dutch fertilizer company and acquired a stake in an Austrian plastics maker, both of which rely on fossil fuels for their products.In November, during the UN climate summit in Dubai, <a target="_blank" href="https://www.businessinsider.com/cop28-host-uae-broker-secret-oil-deals-climate-summit-bbc-2023-11">the BBC and the Center for Climate Reporting</a> reported that UAE planning documents showed that oil, gas, petrochemical, and renewable-energy projects were among the talking points for meetings with countries in the lead-up to the climate summit, COP28. The summit was led by ADNOC's chief executive, Sultan Al Jaber.Global Witness found that ADNOC either pursued or closed fossil-fuel deals with firms in 11 of the 16 countries targeted in the UAE planning documents. These included deals to sell liquefied natural gas to Chinese-owned firms and to expand oil and gas businesses in Egypt and Azerbaijan — two countries that open up the UAE's access to Europe as it seeks non-Russian gas. Global Witness estimated that the overall value of the deals it analyzed was nearly $100 billion, though some haven't been finalized."Make no mistake, COP28 was hijacked by the interests of the fossil fuel industry, who weren't content simply to block or stall genuine climate policy but used the opportunity to pursue more climate-wrecking oil and gas deals," Patrick Galey, a senior investigator at Global Witness, said in a statement.ADNOC did not return a request for comment from Business Insider, but Global Witness presented its findings to the oil giant. A spokesperson told Global Witness that the allegation that ADNOC used COP28 to pursue business deals was "completely baseless and false."The spokesperson argued that COP28 "delivered the biggest climate breakthroughs" since the Paris Agreement in 2015, when world leaders agreed to try to limit global warming to 1.5 degrees Celsius above preindustrial levels.<h2 id="ab608433-ab72-4ca8-86e5-40fa507c2070">A historic deal in Dubai</h2>A <a target="_blank" href="https://www.ipcc.ch/report/sixth-assessment-report-cycle/">panel of hundreds of climate scientists</a> convened by the UN has said that temperature threshold is likely to be crossed within the next decade, pushing the planet toward a catastrophe, unless countries rapidly stop burning fossil fuels. They've said emissions from existing oil, gas, and coal infrastructure are on track to exceed the Paris Agreement goal.So far, the planet has warmed by about 1.1 degrees Celsius, and <a target="_blank" href="https://www.businessinsider.com/what-climate-change-crisis-extreme-weather-is-costing-you-2023-9">deadly heat waves, wildfires, flooding</a>, and <a target="_blank" href="https://www.businessinsider.com/global-food-crisis-higher-prices-shortages-civil-unrest-2022-8">drought-caused famine</a> are on the rise.At COP28 in Dubai, countries for the first time called for a transition away from fossil fuels this decade and for the tripling of renewable energy by 2030. In a side agreement brokered by the UAE, oil and gas companies accounting for 40% of global production <a target="_blank" href="https://www.businessinsider.com/cop28-un-climate-conference-oil-and-gas-methane-emissions-satellites-2023-12">promised to nearly eliminate their methane emissions</a> by 2030.But the Dubai deal left the door open to more fossil-fuel production by promoting technology such as carbon capture, which is still in the early stages of development. The deal also said "transitional fuels" could play a role in reducing emissions — a nod to gas, which is less polluting than coal but a major emitter of methane.<a target="_blank" href="https://climateactiontracker.org/countries/uae/">Climate scientists have found</a> that while the UAE is investing in renewable energy, carbon capture, and other low-carbon technologies, that activity is dwarfed by the country's fossil-fuel expansion. The UAE, the seventh-largest oil producer, is investing $150 billion to boost its own oil and gas production through 2027. Global Witness' investigation also sheds light on how the country is securing new markets overseas.Galey said he was concerned that another petrostate, Azerbaijan, which is hosting this year's UN climate summit, could follow the UAE's lead. COP29 is set to be led by Azerbaijan's ecology minister, Mukhtar Babayev, who spent nearly two decades in senior positions at the country's state-owned energy company until leaving in 2018.Azerbaijan is an emerging economy that relies on oil and gas for nearly half of its GDP and more than 92% of its export revenue.COP29 organizers didn't return a request for comment from BI. They told Global Witness that they "reject in the strongest terms the suggestion that Azerbaijan has a hidden agenda" in hosting the climate summit.

The United Arab Emirates pursued nearly $100 billion worth of oil and gas deals the same year it led the global climate summit, analysis finds 

<ul class="summary-list"><li>The NATO summit is being held in Washington, DC, this week.</li><li>It comes amid rising global conflict and turmoil.</li></ul>NATO leaders are gathering in Washington, DC, this week amid global conflict and rising tensions from <a target="_blank" href="https://www.businessinsider.com/russia-using-meat-assault-attacks-to-find-ukraine-firepower-bbc-2024-7">Ukraine</a> to the <a target="_blank" href="https://www.businessinsider.com/ai-taiwan-china-chip-war-2024-6">Taiwan Strait</a>.But it's the political future of the alliance's most powerful member, the US, that's expected to be a core focus of discussions.Following his <a target="_blank" href="https://www.businessinsider.com/biden-under-fire-for-appearing-unsure-whether-he-watched-debate-2024-7">disastrous debate performance</a> against Donald Trump on June 27, President Joe Biden's political future is in question just months before the November election.<h2 id="f23710a4-96b2-4f61-98eb-e9c279f15864">NATO faces growing threats</h2>European governments have been discussing how to "Trump-proof" NATO. One official told the <a target="_blank" href="https://apnews.com/article/nato-summit-trump-biden-europe-ukraine-e45273ef1bd408d72245f8f7fd1ec5c0">Associated Press</a> the mood ahead of the summit was "gloomy."<div type="image" title="Nato base Poland" height="682" width="1024" msid="111582139" hostid="261"></div>The 32-member alliance was formed during the Cold War as a bulwark against Soviet aggression. Under President Vladimir Putin, it's faced the most potent threat from Russia in decades.The alliance is giving money and weapons to Ukraine to defend itself against the Russian invasion. Leaders <a target="_blank" href="https://www.businessinsider.com/russia-war-nato-plans-destroy-within-putin-ukraine-hybrid-warfare-2024-5">believe that if Ukraine is defeated</a>, Putin could move on to other parts of Europe in a matter of years.Though Biden has been a staunch defender of NATO and has given Ukraine about $175 billion to help it fight Russia, Trump, who has increased his lead on Biden in many post-debate polls, has questioned <a target="_blank" href="https://www.newsweek.com/what-nato-and-how-it-funded-1018069">both the US's commitment to NATO</a> and to helping Ukraine defend its territory.During Trump's four years in office, he accused NATO members of freeloading off the US, threatened to withdraw from the organization, promoted baseless conspiracy theories about Ukraine, and repeatedly praised Putin.After decades of unbroken US backing for European security, Trump's presidency threw NATO into turmoil.And on the 2024 campaign trail, he's offered, at best, <a target="_blank" href="https://www.businessinsider.com/trump-didnt-scare-nato-defense-spending-putin-did-experts-2024-2">ambivalent commitments to NATO</a> and Ukraine.<h2 id="eaa95007-20dc-4612-9d57-fb4647e8956b">Moves to 'Trump-proof' NATO</h2>Trump has prompted some European leaders, including France's President Emmanuel Macron, to call for greater strategic autonomy for Europe to reduce its dependence on US wealth and military power.Congress also moved to safeguard the US's NATO commitment, passing legislation <a target="_blank" href="https://www.lawfaremedia.org/article/what-congress-has-done-and-what-it-still-needs-to-do-to-protect-nato#:~:text=Late%20last%20year%2C%20Congress%20enacted,purpose%20without%20permission%20from%20Congress.">requiring presidents to have congressional backing</a> to withdraw from the alliance.Trump, if reelected, could bypass this by cutting off NATO funding and military aid.<a target="_blank" href="https://www.wsj.com/podcasts/whats-news/nato-moves-to-trump-proof-future-ukraine-support/55eeb80f-8b6f-4cb1-b07a-3158f5830d14">The Wall Street Journal</a> reported that NATO members are expected to announce a range of new measures to "Trump-proof" the alliance this week, including taking the lead in coordinating the training and equipping of Ukrainian forces.And though many NATO members have boosted their spending in the wake of the Russian invasion — about one-third of the member nations met their 2% defense-spending goal in 2023, <a target="_blank" href="https://www.washingtonpost.com/politics/2024/02/12/nato-countries-defense-spending-gdp-trump/">The Washington Post reported</a> — a lack of US support would leave a huge hole.In the first few months of the year, there was a stark warning of what losing US support could mean for Ukraine.As Republicans blocked a US aid bill, <a target="_blank" href="https://www.businessinsider.com/russia-producing-shells-three-times-faster-cheaper-ukraines-allies-report-2024-5">Ukraine's military came perilously close to</a> collapse as it ran out of ammunition on parts of the front line. Ukraine's European allies were unable to make up the shortfall.The prospect of a second Trump term means that NATO members are once again asking hard questions about the alliance's future.Correction: July 8, 2024 — An earlier version of this article misstated the date of Biden and Trump's debate. It was on June 27, not June 28. It also misstated how many member states are in NATO. There are 32, not 23. It also misrepresented the number of NATO members that met the alliance's 2% GDP defense-spending goal. About one-third met this goal, not "nearly all of them."

Biden's debate disaster has thrown this week's NATO summit into chaos

<ul class="summary-list"><li>China welcomed African leaders to a lavish summit in Beijing on Monday.</li><li>It's a sign of China's influence on the continent, where it has extensive trade links</li></ul>China's leader Xi Jinping playing the lavish host to leaders from Africa this week — burnishing its credentials as a world power.The Forum on China-Africa Cooperation, held in Beijing, is the biggest diplomatic summit in China in recent years, with <a target="_blank" class="" href="https://www.globaltimes.cn/page/202409/1319052.shtml">53 African heads of state in town</a>.China declared the theme of the summit, the first since 2018, as "Joining Hands to Advance Modernization and Build a High-Level China-Africa Community with a Shared Future."As they arrived, leaders were greeted by dancers, lines of Chinese troops, and cheering flag-waving children.Xi himself hosted the delegations at an opening banquet and ceremony on Wednesday, before discussions begin in earnest.Analysts say the event is about cementing Chinese influence on the continent, and chipping away at the US.In recent decades China has struck trade, infrastructure, and security deals worth billions as part of its <a target="_blank" class="" href="https://www.businessinsider.com/what-is-belt-and-road-china-infrastructure-project-2018-1">global Belt and Road Initiative.</a>But China's investment in Africa has dropped sharply in recent years amid domestic economic woes, while the US seeks to catch up amid in an intensifying race for global dominance."This summit occurs amid intensifying strategic frictions between China and the West, especially the United States," Ali Wye of the US think tank Crisis Group told Business Insider.<h2 id="1ba31662-aa21-48fd-a0be-484ed5b7b8fc">China fuels African growth, but not for free</h2>For decades, China's rulers built alliances with African nations, portraying them as engaged in a common struggle against the legacy of Western colonialism.As China's economy grew at a ferocious pace from the 1990s, it engaged in extensive infrastructure projects in Africa, securing deals for lucrative minerals vital for its growing tech and renewable-energy sectors.In 2017, China opened its first overseas People's Liberation Army base in Djibouti, on the horn of Africa, adding a military dimension to its expansion.China is now Africa's biggest trading partner, with bilateral trade reaching $167.8 billion in the first half of this year, according to <a target="_blank" class="" href="https://chinaglobalsouth.com/2024/08/15/china-africa-trade-edges-higher-in-the-january-july-period/">China's state media.</a>But its presence in Africa has also attracted criticism, with China's leaders accused of saddling African countries with vast debts in the form of loans to fund infrastructure projects.The US, China's chief rival for overseas influence in Africa, <a target="_blank" class="" href="https://apnews.com/article/g-20-summit-politics-covid-china-government-united-states-46a01f4190fae4ca260f0ab5beaa59a5">has accused Beijing</a> of seeking to exploit African countries and ensnare them.<h2 id="270efc91-6046-4c91-bee6-d4eb073e0b7c">Seeking Xi's favor</h2>It hasn't stopped African leaders from lining up to do business with China, even as they take on the costs.Some are likely to push this week for deals to lighten their debt burden and address concerns over global warming, said Wyne.Among the leaders granted special one-to-one meetings with Xi are Cyril Ramaphosa, <a target="_blank" class="" href="https://africa.businessinsider.com/local/markets/african-leaders-likely-to-table-funding-dilemma-as-they-gather-in-china/fszgr2e">president of South Africa</a>, and William Ruto, the president of Kenya. The economies are among Africa's biggest, though Kenya has, in recent months, been rocked by riots over economic instability caused by its debts.China's economic downturn and the COVID-19 pandemic saw its investment in Africa dip sharply.According to data from <a target="_blank" class="" href="https://www.bu.edu/gdp/tag/chinese-loans-to-africa/">Boston University's Global Development Policy Center,</a> China's loans to Africa rose to $4.6 billion in 2023, an increase from the $1 billion loaned in 2022, but a massive reduction of the nearly $30 billion in 2016.Instead of the major projects it pitched around a decade ago, China will likely propose smaller deals to African leaders."Given the concerns of some African countries over the impact of the Belt and Road Initiative on their indebtedness and environments, China will seek to pitch smaller, more sustainable investments across the continent," said Wyne.<h2 id="e1da025b-79be-4f13-860d-4a1414905ac2">China portrays itself as leader of the 'Global South'</h2>Africa remains vital to China's strategy of portraying itself as the champion of the "global south" of non-Western nations.Tensions between China and the West have increased in the wake of the Ukraine war, in which China has provided support to Russia. And leaders in Western countries are increasingly alarmed by China's growing global assertiveness.The conference this week presents China with an opportunity to present itself as a global power broker."[China] will also aim to demonstrate that, even as advanced industrial democracies increasingly align to contest its influence, it is far from diplomatically isolated, especially in the developing world. In" said Wyne.

China is hosting African leaders in a lavish display of its global ambition

<ul class="summary-list"><li>Russia is proposing alternative payment systems and commodity centers.</li><li>The proposal aims to strengthen BRICS economies' sovereignty and reduce dollar reliance.</li></ul>Russia has released new details on how it could move away from the dollar, part of a long-running effort to buoy trade amid Western sanctions.Earlier this month, Russia's Finance Ministry, its central bank, and Moscow-based consultancy Yakov &amp; Partners outlined the country's vision of what the country is aiming for in a <a target="_blank" class="" href="https://www.yakovpartners.com/publications/imfs/">report.</a>Other than championing <a target="_blank" class="" href="https://www.businessinsider.com/dedollarization-russia-actively-working-brics-local-currencies-platform-us-dollar-2024-6">alternative payment</a> systems based in non-dollar currencies, Russia is also pitching the set-up of centers for mutual trade in commodity resources.Russia is a commodity giant and a major producer of oil, natural gas, gold, and grains. However, the country has been heavily sanctioned by the US following its full-scale invasion of Ukraine, which has impacted its oil and gas trade.The report proposed setting up foundations for commodity trading centers but did not provide details. However, it explained why it was a good idea."This measure will ensure independent pricing and strengthen the sovereignty of the BRICS economies," the report said, referring to Brazil, Russia, India, China, and South Africa — the anchor members of the BRICS emerging markets group.Such a measure would add to what Russia is already doing to keep trade humming amid sweeping sanctions, such as those that block banks from dealing with <a target="_blank" class="" href="https://www.businessinsider.com/russia-economy-all-china-banks-refuse-yuan-ruble-transfers-sanctions-2024-8">payment transactions</a> involving Russian companies.Another offbeat way Russia is beating sanctions is <a target="_blank" class="" href="https://www.businessinsider.com/russia-barter-pakistan-mounting-sanctions-western-war-allies-international-trade-2024-10">barter trade. </a>One Russian company struck an agreement to trade chickpeas and lentils for tangerines, rice, and potatoes from Pakistan, according to Tass state news agency earlier this month.Such alternative payment systems and bartering "are based on a notion that any involved institutions, even if faced with extraterritorial restrictions, will retain unchallenged access to their domestic market that will allow them to effectively facilitate domestic and cross-border transactions," the report said.Moving BRICS trade to trading centers within the bloc would also involve the use of local currencies and facilitate a move away from using the dollar for trade, according to the document.Russia's report on alternative payments and trading systems came weeks before the annual BRICS summit, which will be held in the Russian city of Kazan from October 22 to October 24.The proposal also came months after Russia proposed a grain-trading exchange for BRICS members, as <a target="_blank" class="" href="https://interfax.com/newsroom/top-stories/101594/">Interfax</a> news agency reported in April.BRICS member countries are <a target="_blank" class="" href="https://www.usda.gov/oce/commodity/wasde/wasde1024.pdf">major producers and exporters</a> of grains in the world market, with Russia accounting for about one-quarter of the world's wheat exports. Meanwhile, Brazil accounts for about 60% of the world's soybean exports, and India accounts for about 40% of the world's rice shipments.Most global grain prices are set on the Chicago Mercantile Exchange and are dominated by the US dollar."The BRICS countries, being key participants in the global grain market, cannot fully participate in the formation of prices for economically fundamental and food security-essential products as wheat, barley and corn, world prices for which are formed, and often manipulated, in third countries," Russia's Union of Grain Exporters wrote in a letter to the country's Agriculture Ministry in December when it proposed a BRICS grain exchange.Russia faces an uphill battle in changing the basics of dollar-dependent financial trading systems. Right now, dollar-based trade participants can easily enter and exit their positions, whereas bartering or using other currencies could reduce liquidity and flexibility.Since there's already heavy trading in CME's grain markets, it would be challenging for new exchanges and their products to lure participants over en masse.Brent crude oil futures, for example, are still the world's benchmark and are actively traded. However, their namesake <a target="_blank" href="https://www.shell.co.uk/about-us/sustainability/decommissioning/brent-field-decommissioning/brent-field-decommissioning-programme.html">Brent oil fields</a> in Scotland are being decommissioned due to resource depletion.As the <a target="_blank" class="" href="https://www.imf.org/External/Pubs/FT/GFSR/2015/02/pdf/c2_v2.pdf">International Monetary Fund</a> explained in a 2021 report, "because of the network nature of markets, effects tend to be self-reinforcing— high market liquidity tends to attract more traders and so forth."

Russia pitches trading centers in a widening plan to move away from the US-dominated global financial order 

<ul class="summary-list"><li>The G7 summit is exposing a crisis of Western authority, experts say.</li><li>Far-right parties are gaining ground in several countries, and leadership appears to be weakened. </li></ul>The <a target="_blank" href="https://www.businessinsider.com/biden-ukraine-security-deal-hollow-pledge-putin-ceasefire-russia-us-2024-6">G7 summit</a> has long been a showcase of global leadership and power.The world's seven largest "advanced" economies — the US, Canada, France, Germany, Italy, Japan, and the UK — gather each year to discuss issues such as the economy, security, and trade.But 2024's group of leaders appears to be one of the weakest that has attended the summit for some time.As <a target="_blank" href="https://www.politico.eu/article/g7-giorgia-meloni-2024-rome-emmanuel-macron-rishi-sunak-joe-biden-russia-ukraine/">Politico</a> noted, many of the attendees are distracted by domestic issues that are threatening their authority and grip on power.This year's cohort shows that there is a "crisis of Western authority," according to Inderjeet Parmar, a professor of international politics at City University of London.<h2 id="55e7fbd8-0635-4b37-9bc3-908aef0c02d7">A threat to power</h2>Political instability and uncertainty are rampant, from the recent <a target="_blank" href="https://www.businessinsider.com/european-union-parliament-election-far-right-nationalist-parties-2024-6">surge of support for the far-right</a> at the EU Parliamentary elections to the controversies on both sides of the <a target="_blank" href="https://www.businessinsider.com/donald-trump-hunter-biden-convictions-damaged-us-reputation-2024-6">US presidential campaign</a>.Among those facing challenges to his authority is France's president, Emmanuel Macron. He is just days away from a <a target="_blank" href="https://www.businessinsider.com/european-union-parliament-election-far-right-nationalist-parties-2024-6">snap election</a>, which many think could end his current coalition.Macron called the election after a big win for his rival Marine Le Pen's National Rally party at the <a target="_blank" rel="" href="https://www.businessinsider.com/european-union-parliament-election-far-right-nationalist-parties-2024-6">European parliamentary elections</a>. Macron's centrist alliance secured a 14.6% vote compared to the far-right National Rally's staggering 31.4%.Similarly, German chancellor Olaf Scholz's Social Democrats party recently suffered an embarrassing blow after the center-right party, Christian Democrats, rallied enough seats to sweep past the Social Democrats at the European elections.Meanwhile, in the UK, the prime minister, Rishi Sunak, appears to be on course for a heavy <a target="_blank" href="https://theconversation.com/our-reliable-election-forecast-model-predicts-british-conservatives-will-lose-big-231790">election loss</a> next month.<div type="image" title="French President Emmanuel Macron, Italian Prime Minister Giorgia Meloni, U.S. President Joe Biden, and Japanese Prime Minister Fumio Kishida at the G7 summit." height="683" width="1024" msid="111003639" hostid="261" sizebytes="85322"></div>Andrew Payne, a City University of London lecturer in foreign policy, told Business Insider that it would be difficult for some leaders to make "credible commitments on trade, sanctions, or any other issue of international significance" at this year's summit."When you're not sure if the person across the table is still going to be in office next month, or next year, you might think twice about striking a long-term agreement," Payne said.Meanwhile, the <a target="_blank" href="https://www.businessinsider.com/donald-trump-hunter-biden-convictions-damaged-us-reputation-2024-6">US' global reputation has suffered in recent months</a>. Donald Trump and Hunter Biden's respective criminal convictions have undermined the country's brand, regardless of who wins the Oval Office in the upcoming election, according to Payne and Parmar."The USA, as the world's pivotal state, at the heart of the G7 and its liberal international order, has candidates for the White House in November who are unpopular, and one of them is a convicted felon leading what is a far-right political party that threatens to wreak vengeance on its political opponents," Parmar said.<h2 id="1b1fbd61-741a-4d9c-a0ea-c529f41812d1">'Brittle at best'</h2>Payne argued that some of the G7 leaders aren't outright weak; rather, they face circumstances that threaten their authority."This is largely the same group of leaders that initiated or maintained an unprecedentedly strong response to Putin's invasion of Ukraine, for example," Payne said."But in a democracy, leaders are only as strong as their domestic foundations allow them to be, however bold their foreign policy visions may be. And right now, the domestic foundations of most of the G7 leaders are brittle at best," he added.

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