Brisbane 2014: Taxes, Climate Change Dominate Summit Discussions

G20 leaders at the summit family photo in Brisbane, Australia, (File photo: AP)
G20 leaders at the summit family photo in Brisbane, Australia, (File photo: AP)
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Brisbane 2014: Taxes, Climate Change Dominate Summit Discussions

G20 leaders at the summit family photo in Brisbane, Australia, (File photo: AP)
G20 leaders at the summit family photo in Brisbane, Australia, (File photo: AP)

Climate change and tax issues dominated the two-days discussions of the G20 Brisbane 2014 summit in Australia, concluding with a pledge to accelerate global economic growth and address climate issues.

The closing statement of the summit, during which Saudi Arabia was represented by the then-Crown Prince King Salman bin Abdulaziz, stressed the need to encourage progress achieved under the auspices of the Organization for Economic Cooperation and Development (OECD), and combat tax concessions for multinational companies.

The G20 reaffirmed its support for “mobilizing finance for adaptation and mitigation”, such as the Green Climate Fund, which aims to help countries that are most at risk.

“We will work together to adopt successfully a protocol, another legal instrument or an agreed outcome with legal force under the UNFCCC that is applicable to all parties at the 21st Conference of the Parties (COP21) in Paris in 2015,” read the 2014 communique.

The following G20 summit was hosted by Turkey in Antalya, and it namely addressed combating terrorism and the refugee crisis created by the ongoing conflict in Syria since 2011, as well as development and investment issues.

Two days before the Antalya summit, ISIS claimed responsibility for two terrorist attacks in Paris and Ankara.

The summit discussed promoting development and investment, and condemned in its closing statement the “heinous attacks” in Paris, calling for the need to counter terrorism financing and enhance information exchange between countries in this regard.

The statement expressed states' concerns about the increasing influx of foreign terrorists, stressing that terrorism is not linked to any religion, nationality, or race. It urged the need to strengthen border security and aviation safety.

Regarding the refugee crisis, the statement reiterated the need to address this global problem in an organized and comprehensive manner.

It called upon all states to “contribute to responding to this crisis, and share in the burdens associated with it, including through refugee resettlement, other forms of humanitarian admission, humanitarian aid, and efforts to ensure that refugees can access services, education, and livelihood opportunities.”

Economically, the G20 admitted that global growth was uneven and fell short of the expectation, however, it expected recovery to gain momentum.

The statement urged governments and central banks to implement fiscal policies that support growth and create job opportunities, without utilizing interest rates as a means to support economic activity.

“We reiterate our commitment to implement fiscal policies flexibly to take into account near-term economic conditions, so as to support growth and job creation.”

G20 also pledged to refrain from competitive devaluation and resist all forms of protectionism, after the controversy created by China's unexpected devaluation of its national currency, and related concerns about the deterioration of the Chinese economy with the significant decline in market value.



Oil Prices Fall as Demand Concerns Overshadow Libyan Export Halt

FILE - The drilling rig of the Kingfisher oil field, operated by China National Offshore Oil Corporation (CNOOC), is seen on the shores of Lake Albert in the Kikuube district of western Uganda Tuesday, Jan. 24, 2023. (AP Photo/Hajarah Nalwadda, File)
FILE - The drilling rig of the Kingfisher oil field, operated by China National Offshore Oil Corporation (CNOOC), is seen on the shores of Lake Albert in the Kikuube district of western Uganda Tuesday, Jan. 24, 2023. (AP Photo/Hajarah Nalwadda, File)
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Oil Prices Fall as Demand Concerns Overshadow Libyan Export Halt

FILE - The drilling rig of the Kingfisher oil field, operated by China National Offshore Oil Corporation (CNOOC), is seen on the shores of Lake Albert in the Kikuube district of western Uganda Tuesday, Jan. 24, 2023. (AP Photo/Hajarah Nalwadda, File)
FILE - The drilling rig of the Kingfisher oil field, operated by China National Offshore Oil Corporation (CNOOC), is seen on the shores of Lake Albert in the Kikuube district of western Uganda Tuesday, Jan. 24, 2023. (AP Photo/Hajarah Nalwadda, File)

Brent oil prices fell on Tuesday as sluggish economic growth in China, the world's biggest crude importer, increased worries about demand that overshadowed the impact of the halt of production and exports from Libya.
Brent crude futures were down 17 cents, or 0.2%, to $77.35 a barrel by 0620 GMT, Reuters reported.
West Texas Intermediate crude futures, which did not settle on Monday because of the US Labor Day holiday, were up 50 cents, or 0.7%, at $74.05 a barrel.
"Oil remains under pressure given lingering Chinese demand concerns. Weaker-than-expected PMI data over the weekend would have done little to ease these worries," said Warren Patterson of ING, adding that demand jitters are offsetting the Libyan supply disruptions.
China's purchasing managers' index (PMI) hit a six-month low in August. On Monday, the country reported new export orders in July fell for first time in eight months, and new home prices grew in August at their weakest pace this year.
In Libya, oil exports at major ports were halted on Monday and production curtailed across the country, six engineers told Reuters, continuing a standoff between rival political factions over control of the central bank and oil revenue.
The country's National Oil Corp (NOC) declared force majeure on its El Feel oil field from Sept. 2. Total production had plunged to little more than 591,000 barrels per day (bpd) as of Aug. 28 from nearly 959,000 bpd on Aug. 26, NOC said. Production was at about 1.28 million bpd on July 20, the company said.
Still, some supply is set to return to the market as eight members of the Organization of the Petroleum Exporting Countries (OPEC) and affiliates, known as OPEC+, are scheduled to boost output by 180,000 bpd in October. The plan is likely to go ahead regardless of demand worries, according to industry sources.
OPEC planners may decide that the expected upcoming cuts in US interest rates and the Libyan outage provides space for the addition of more oil, RBC Capital analyst Helima Croft said in a note.
"In our view, a prolonged Libyan outage could support Brent prices" around $85 a barrel, even with additional supply coming onto the market in the fourth quarter, she said.