G20 Meetings: Five Initiatives to Address Obstacles Facing Youth Entrepreneurship

Journalists sit in the media center during the meeting of G20 finance ministers and central bank governors in Riyadh, Saudi Arabia, February 22, 2020/File Photo
Journalists sit in the media center during the meeting of G20 finance ministers and central bank governors in Riyadh, Saudi Arabia, February 22, 2020/File Photo
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G20 Meetings: Five Initiatives to Address Obstacles Facing Youth Entrepreneurship

Journalists sit in the media center during the meeting of G20 finance ministers and central bank governors in Riyadh, Saudi Arabia, February 22, 2020/File Photo
Journalists sit in the media center during the meeting of G20 finance ministers and central bank governors in Riyadh, Saudi Arabia, February 22, 2020/File Photo

The Entrepreneur Union Summit, which is held on the sidelines of the G20 meetings, currently chaired by Saudi Arabia, announced on Sunday the adoption of five initiatives to promote youth entrepreneurship around the world.

Those include addressing the obstacles faced by young entrepreneurs in obtaining capital, supporting training programs and entrepreneurship education, developing a sustainable future economy, in addition to resolving trade barriers and enhancing economic and social resilience by taking advantage of digitization.

“Despite the economic difficulties that we have witnessed during the Covid-19 pandemic, the year 2020 has highlighted the flexibility of entrepreneurs and emerging companies in their quest to develop new opportunities and find creative ways to display their excellence,” Prince Fahd bin Mansour bin Nasser, Chairman of the Young Entrepreneurs Union Summit of the Saudi G20, told Asharq Al-Awsat.

He continued: “SMEs and entrepreneurs are among the main business makers in the G20 countries. They employ more than two-thirds of the workforce in the private sector, and provide more than 80 percent of net job growth.”

The summit’s closing statement was based on the recommendations of the research carried out on the entrepreneurship system in the G20 countries and came in line with the priorities of the B20 business groups, especially with regards to development and employment within SMEs.

During the meetings, participants stated that at a time when the world begins to repair the economic damage caused by the outbreak of the coronavirus and to search for ways to pay record levels of government debts, the potential of entrepreneurs must be harnessed to stimulate a new generation that would work on sustainable and inclusive growth.



Oil Prices Set to End Week Higher after US Rate Cut

The US last week announced a 10-nation coalition to counter the attacks in the Red Sea. - File Photo
The US last week announced a 10-nation coalition to counter the attacks in the Red Sea. - File Photo
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Oil Prices Set to End Week Higher after US Rate Cut

The US last week announced a 10-nation coalition to counter the attacks in the Red Sea. - File Photo
The US last week announced a 10-nation coalition to counter the attacks in the Red Sea. - File Photo

Oil prices eased on Friday, but were on track to register gains for a second straight week following a large cut in US interest rates and declining global stockpiles, Reuters reported.

Brent futures were down 50 cents, or 0.67%, at $74.38 a barrel at 1004 GMT while US WTI crude futures fell 48 cents, or 0.65%, at $71.47.

Still, both benchmarks were up 3.7% and 4% respectively on the week.

Prices have been recovering after Brent fell below $69 for the first time in nearly three years on Sept. 10.

"US interest cuts have supported risk sentiment, weakened the dollar and supported crude this week," UBS analyst Giovanni Staunovo said.

"However, it takes time until rate cuts support economic activity and oil demand growth," he added, regarding crude's more muted performance so far on Friday.

Prices rose more than 1% on Thursday following the US central bank's decision to cut interest rates by half a percentage point on Wednesday.

Interest rate cuts typically boost economic activity and energy demand, but some also see it as a sign of a weak US labor market.

The Fed also projected a further half-point rate cut by year-end, a full point next year and a half-point trim in 2026.

"Easing monetary policy helped reinforce expectations that the US economy will avoid a downturn," ANZ Research analysts said.

Also supporting prices were a decline in US crude inventories, which fell to a one-year low last week.

A counter-seasonal oil market deficit of around 400,000 barrels per day (bpd) will support Brent crude prices in the $70 to $75 a barrel range during the next quarter, Citi analysts said on Thursday, but added prices could plunge in 2025.

Crude prices were also being supported by rising tensions in the Middle East. Walkie-talkies used by Lebanese armed group Hezbollah exploded on Wednesday following similar explosions of pagers the previous day.

Security sources have said the Israeli spy agency Mossad was responsible, but Israeli officials have not commented on the attacks.

China's slowing economy also weighed on market sentiment, with refinery output in China slowing for a fifth month in August and industrial output growth hitting a five-month low.