US Hosts G20 Finance Talks with Growth, Iran Pressure on Agenda

 A member of law enforcement works a checkpoint at the Omni Grove Park Inn before finance ministers and central bank governors from G20 countries meet in Asheville, North Carolina, US, August 29, 2026. (Reuters)
A member of law enforcement works a checkpoint at the Omni Grove Park Inn before finance ministers and central bank governors from G20 countries meet in Asheville, North Carolina, US, August 29, 2026. (Reuters)
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US Hosts G20 Finance Talks with Growth, Iran Pressure on Agenda

 A member of law enforcement works a checkpoint at the Omni Grove Park Inn before finance ministers and central bank governors from G20 countries meet in Asheville, North Carolina, US, August 29, 2026. (Reuters)
A member of law enforcement works a checkpoint at the Omni Grove Park Inn before finance ministers and central bank governors from G20 countries meet in Asheville, North Carolina, US, August 29, 2026. (Reuters)

Finance leaders from the Group of 20 major economies open talks Monday at a US-hosted gathering, as the Trump administration seeks consensus on lifting global growth while ramping up economic pressure on Iran.

The gathering of G20 finance ministers and central bank governors takes place Monday and Tuesday in the Blue Ridge Mountains city of Asheville, North Carolina.

But looming over the meetings are fallout from the US-Israeli war on Iran, a tightening of US trade barriers and questions on whether the group can still work together to address key economic challenges.

US Treasury Secretary Scott Bessent skipped last year's meeting led by South Africa, which has been excluded from the group by the US. Washington holds the rotating presidency this year.

Instead, US officials invited Poland to the table, although it is not a permanent G20 member.

Brazil's finance minister is shunning the gathering amid tensions with the Trump administration.

A Russian representative is participating too. A European official speaking on condition of anonymity expressed disapproval that Moscow -- at war with Ukraine since its 2022 invasion -- was not excluded.

Besides promoting economic growth, US priorities this year include dealing with "global imbalances" and sovereign debt challenges, a senior US Treasury official told reporters ahead of talks.

G20 discussions will seek to ensure economies avoid policies that push excess production and capacity into global markets, the official added.

The official noted that some G20 partners have seen dumping on their shores while Trump raised US trade barriers -- echoing criticism of China's excess industrial capacity, which critics say drives down prices and causes unfair competition.

- 'Difficult conversations' -

"Those are difficult conversations to have," Josh Lipsky of the Atlantic Council told AFP, referring to the issue of imbalances.

He added that an ongoing US-Canada trade war weighs on unity among the Group of Seven advanced economies as countries broach tough topics in the wider grouping.

G7 finance ministers are also expected to meet on the margins of the Asheville talks.

But certain reporters from major US newsrooms, including the New York Times and Bloomberg News, were not granted credentials to cover the gathering.

Bloomberg News said it did not receive accreditation while the Times said its economic policy reporter was excluded. Another Times reporter, covering Europe, was allowed access.

A Times spokesperson said this was "not just another disturbing effort by the administration to undermine independent journalism, but a blatant attempt to evade public scrutiny."

A Treasury spokesperson said it plans to welcome nearly 300 media representatives from around a dozen countries, including a New York Times reporter and others including from NPR and the Washington Post.

"Members of the media will have a high level of access to policymakers throughout the event, and with that access comes a responsibility to report factual information consistent with established journalistic standards," the Treasury official added.

Coverage should not prioritize "clicks, engagement, or sensationalism," the spokesperson said.

All eyes will be on bilateral meetings on the sidelines of the summit too, where Bessent is set to make direct appeals to counterparts as Washington pushes to isolate Iran economically.

A Treasury official said Bessent will deliver a strong statement to the G20 to urge compliance with US sanctions if they want to continue operating in the dollar-based financial system.

Business leaders will also be present at G20 discussions this year on barriers to investment, innovation and productivity.

On worries over higher Treasury bond yields, closely monitored as a proxy for interest rates, the official said interest costs are expected to cool as inflation eases over time.

The G20 comprises 19 nations plus the European Union and the African Union. It was established in the wake of the 1997-1998 Asian financial crisis to boost global economic and financial stability.



Riyadh Brings Tech Giants Together at LEAP 2026, with Major Deals and Investments Expected

Minister of Communications and Information Technology Abdullah Alswaha addresses attendees at a government press conference. (Ministry of Media) 
Minister of Communications and Information Technology Abdullah Alswaha addresses attendees at a government press conference. (Ministry of Media) 
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Riyadh Brings Tech Giants Together at LEAP 2026, with Major Deals and Investments Expected

Minister of Communications and Information Technology Abdullah Alswaha addresses attendees at a government press conference. (Ministry of Media) 
Minister of Communications and Information Technology Abdullah Alswaha addresses attendees at a government press conference. (Ministry of Media) 

Riyadh is gearing up for major deals and partnerships with global technology giants during the fifth edition of LEAP 2026, which opens Monday with more than 200,000 attendees, 1,900 investors and 1,000 speakers from around the world, as Saudi Arabia continues to expand its role as a global hub for technology and artificial intelligence.

Saudi Minister of Communications and Information Technology Abdullah Alswaha said on the eve of the event that major deals were expected with global companies including Amazon and Nvidia, alongside the launch of Microsoft’s Azure cloud services. He described LEAP as “the largest technology movement of the 21st century.”

Alswaha said Saudi Arabia’s digital economy had grown by more than 75 percent, from about SAR 300 billion ($80 billion) to SAR 522 billion ($139.2 billion), reflecting the sector’s expanding contribution to the national economy.

Speaking at a government press conference, the minister said LEAP 2026 would bring together more than 250,000 creators and innovators, as well as global technology leaders and investors, while showcasing the Kingdom’s achievements and success stories.

Global Technology Indicators

Alswaha highlighted Saudi Arabia’s progress in the technology sector, noting that it now has nine unicorn companies and ranks first globally in digital readiness while placing among advanced countries on global technology indicators.

Employment across the technology ecosystem has risen from 150,000 to 410,000 jobs, he said, adding that Saudi Arabia had become an exporter rather than an importer of technology. The Kingdom now has more than 80 specialized schools, while universities have adopted artificial intelligence programs aimed at training about 30,000 talented students.

Fiber-optic penetration stands at 32 percent, Alswaha underlined. By 2028, 5G coverage in Al-Baha, in southern Saudi Arabia, is expected to reach 64 percent, while 50,000 homes will be connected to fiber-optic networks.

The minister also highlighted the National Technology Development Program, which has supported more than 1,500 entrepreneurs and helped drive activity among 5,000 companies, including nine unicorns. About 60 percent of technology investments are being directed toward data centers.

Over four years, LEAP has evolved beyond a technology conference into a global gathering of technology and AI leaders, investors, innovators and entrepreneurs, as well as a platform for launching investments, partnerships and major projects. Announced launches and investments across its first four Riyadh editions exceeded $44.2 billion.

LEAP’s rapid growth reflects government support for the communications, technology and AI sectors, which has helped create a competitive digital environment, attract investment and advanced technologies, and strengthen Saudi Arabia’s position as a global center for innovation and the digital economy.

Expanding Beyond Riyadh

LEAP expanded into Asia in July 2026 with LEAP East in Hong Kong, its first international edition since launching in Riyadh. The expansion marked its transformation from an annual Riyadh event into a Saudi-born global platform connecting technology and investment ecosystems across the Middle East and Asia.

LEAP began in 2022, when its inaugural edition drew more than 100,000 visitors, over 500 speakers, 700 exhibitors, 403 startups and more than 330 investors.

Now in its fifth edition, the four-day event again brings together leading technology and AI executives, investors, innovators and entrepreneurs from around the world for discussions, announcements, partnerships and experiences exploring the future of the digital economy in the intelligent age.

This year’s edition is being held under the theme “Into New Worlds,” building on LEAP’s evolution from a global technology event in Riyadh into an international movement extending into Asia.


Mawani Updates MSC’s 'JADE' Service Route via Bab Al-Mandab, Suez Canal

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Mawani Updates MSC’s 'JADE' Service Route via Bab Al-Mandab, Suez Canal

The Saudi Ports Authority (Mawani) announced an update to the route of MSC’s JADE shipping service, which will now transit the Bab Al-Mandab Strait and the Suez Canal, passing through King Abdullah Port in Rabigh, the Saudi Press Agency reported on Sunday.

The update will help reduce cargo transit times and enhance trade efficiency and the reliability of supply chains to and from the Kingdom of Saudi Arabia.

The JADE shipping service connects King Abdullah Port with several regional and international ports. These include Fos-sur-Mer in France; Barcelona and Valencia in Spain; Gioia Tauro in Italy; Singapore; Nansha, Yantian, Xiamen, Ningbo, Shanghai, and Qingdao in China; and Busan in South Korea. The service has a capacity of up to 15,000 TEUs.

Updating the service route via the Bab Al-Mandab Strait and the Suez Canal shortens the shipping route, speeds up the delivery of goods and commodities to markets, and improves the efficiency of export and import flows. This supports the smooth operation of supply chains and strengthens the Kingdom’s position as a major hub in the global trade and maritime network.

The route update reflects the readiness and operational capabilities of Saudi ports, as well as their strategic location along major maritime trade routes. It strengthens Saudi Arabia’s connectivity with global markets and supports the objectives of the National Transport and Logistics Strategy to establish the Kingdom as a global logistics hub connecting three continents.


Chinese Factory Slump Eases, but Weak Services Signal Uneven Recovery

Workers install a tunnel‑boring machine at a factory in Jinhu county in eastern China's Jiangsu province on Aug. 25, 2026. (Chinatopix via AP)
Workers install a tunnel‑boring machine at a factory in Jinhu county in eastern China's Jiangsu province on Aug. 25, 2026. (Chinatopix via AP)
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Chinese Factory Slump Eases, but Weak Services Signal Uneven Recovery

Workers install a tunnel‑boring machine at a factory in Jinhu county in eastern China's Jiangsu province on Aug. 25, 2026. (Chinatopix via AP)
Workers install a tunnel‑boring machine at a factory in Jinhu county in eastern China's Jiangsu province on Aug. 25, 2026. (Chinatopix via AP)

China's factory activity improved in August on stronger demand but remained in contraction, while services activity stayed weak, underscoring deepening imbalances in the economy and fueling calls for policy measures to boost the economy.

The divergence between manufacturing and service sectors suggests that China will continue to rely on manufacturing and exports to drive growth as momentum remains under pressure from lackluster domestic consumption and investment.

The official manufacturing purchasing managers' index (PMI) picked up to 49.8 from 49.2 in July, remaining below the 50-mark separating growth from contraction, a survey by the National Bureau of Statistics showed on Monday. It beat the median forecast of 49.6 in a Reuters poll.

NBS data showed both demand and output improved in August, with sub-indexes ‌for new orders ‌and production returning to expansion territory above 50.

TOO EARLY TO PREDICT ECONOMIC ‌RECOVERY

"Domestic ⁠demand seems to ⁠be coming back, although it's more likely to have been driven by AI and exports than by policy expansion," said Xu Tianchen, senior economist at the Economist Intelligence Unit.

Zhiwei Zhang, president and chief economist at Pinpoint Asset Management, said it was too early to conclude the economy had rebounded.

The non-manufacturing purchasing managers' index (PMI), which covers services and construction, remained unchanged at 49.0, matching July's reading, the weakest since December 2022.

"Because China's services sector is primarily domestically focused, this suggests domestic demand remained relatively sluggish in August," Lynn Song, ING's Greater China chief economist, said in a note. "For ⁠now, the PMI data suggests that we are due for another month of ‌relatively sluggish domestic activity data in August, with any potential rebound ‌likely to be limited."

The August PMIs for equipment manufacturing and high-tech manufacturing both came in above 51, while consumer goods ‌and high-energy-consuming industries stayed in contraction, according to data released by the NBS.

Zhang Liqun, an analyst with the ‌China Federation of Logistics & Purchasing, said that with the manufacturing PMI reading still in contraction, business confidence remained unstable.

"Continued government investment in public goods should be strengthened to effectively drive increased orders for businesses, continuously consolidate and enhance business confidence, and further strengthen factors contributing to economic stabilization and recovery."

SIGNS OF PREVAILING WEAKNESS

Economic data released earlier this month showed that growth remained under ‌pressure at the start of the second half, with goods consumption and industrial output both slowing.

Fixed-asset investment extended declines and the property market is still ⁠struggling to find a ⁠bottom more than five years into a slump.

Exports remained a growth driver, helped by robust demand for AI-related shipments that lifted prices for Chinese-made high-tech goods, but the profit squeeze felt by manufacturers relying on domestic demand weighed on overall industrial profits.

China's top leaders pledged in late July to introduce additional policies to support the economy as growth slowed to a more-than-three-year low of 4.3% in the second quarter, and vowed to accelerate fiscal spending on already-budgeted infrastructure projects for the remainder of the year.

The finance ministry recently expanded loan interest subsidies for small private firms and consumers to spur demand, while the central bank said this month it would roll out measures without signaling explicit cuts to policy rates or banks' reserve-requirement ratio.

ING's Song said the positive impact from interest subsidies "may be relatively marginal," and expects more measures in the weeks ahead.

In a sign the government will not unveil large-scale stimulus, an article published this month in the People's Daily, the Communist Party's official newspaper, said China is not excessively reliant on strong policy stimulus and that it is capable of achieving its annual economic growth target.