Saudi Arabia Leading G20 during Unprecedented Circumstances, Says Russia

Russia's G20 Sherpa Svetlana Lukash.
Russia's G20 Sherpa Svetlana Lukash.
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Saudi Arabia Leading G20 during Unprecedented Circumstances, Says Russia

Russia's G20 Sherpa Svetlana Lukash.
Russia's G20 Sherpa Svetlana Lukash.

Russia stated on Friday that the novel coronavirus provided the world with many lessons, starting with how to confront poverty and inequality in the world.

Russia's G20 Sherpa Svetlana Lukash added that one of the most important decisions taken by the G20 under Saudi Arabia’s presidency was the agreement to suspend debt service payments for the world’s poorest countries.

She remarked that the world was caught off-guard during the beginning of the pandemic, but Saudi Arabia’s presidency of the G20 helped professionally shift the focus on confronting the virus, while also still keeping the summit’s regular agenda, including issues related to climate change and poverty, within its sights.

Speaking at a virtual press conference ahead of Saturday’s G20 Summit, which is hosted by Saudi Arabia, Lukash said that the pandemic crisis is unprecedented and cannot be compared with any other.

The G20 has never had to confront such a global challenge, she stated.

The crisis prompted global cooperation from world leaders and the collaboration of the G20 has provided support to the global health and economic sectors, she continued.

Every crisis is an opportunity, not just a challenge, she remarked, explaining that the pandemic presented the world with a greater understanding of the way to choose how to confront poverty and inequality in the world.

The Saudi leadership has been excellent, she added, praising it for focusing on the future and technological advancement.



Game Developer Ubisoft Slides amid Muted Reception for 'Star Wars Outlaws'

A view of the Ubisoft Entertainment logo on a panel during a news conference at the company's headquarters in Saint-Mande, near Paris, France, September 8, 2022. REUTERS/Sarah Meyssonnier/File Photo Purchase Licensing Rights
A view of the Ubisoft Entertainment logo on a panel during a news conference at the company's headquarters in Saint-Mande, near Paris, France, September 8, 2022. REUTERS/Sarah Meyssonnier/File Photo Purchase Licensing Rights
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Game Developer Ubisoft Slides amid Muted Reception for 'Star Wars Outlaws'

A view of the Ubisoft Entertainment logo on a panel during a news conference at the company's headquarters in Saint-Mande, near Paris, France, September 8, 2022. REUTERS/Sarah Meyssonnier/File Photo Purchase Licensing Rights
A view of the Ubisoft Entertainment logo on a panel during a news conference at the company's headquarters in Saint-Mande, near Paris, France, September 8, 2022. REUTERS/Sarah Meyssonnier/File Photo Purchase Licensing Rights

Shares in French video game maker Ubisoft fell on Tuesday for a second consecutive day following a sluggish performance of its two recent releases, including the long-awaited "Star Wars Outlaws".

The shares, which closed 5.1% lower on Monday, were down 2.4% by 1114 GMT, trading at their lowest levels since 2015 and adding to their over 30% drop since the start of the year.

The decline was driven by a muted reception of Star Wars Outlaws, released on Friday, which follows lower than expected interest for the company's free-to-play game Xdefiant, said Midcap Partners analyst Charles-Louis Planade, Reuters reported.

The Outlaws premiere was one of the two big major game releases Ubisoft had slated for this year, with Assasin's Creed Shadows scheduled for release on Nov. 15.

After four years of negative cash flows amid game cancellations and delays, the family-owned company has been betting on these releases to support its financial recovery.

Chief Financial Officer Frederick Duguet said in July that Ubisoft expected the launch of Outlaws to boost net bookings in the July-September quarter.

Despite an overall positive reception by critics, Star Wars Outlaws had a "generally unfavorable" users' score of 4.9 out of 10 on review aggregation website Metacritic as of Tuesday.

"Star Wars Outlaws has struggled to meet our sales expectations despite positive critical reviews," J.P.Morgan analyst Daniel Kerven said in a note.

The game's development budget was at least 30% higher than that of Assasin's Creed Mirage, released last year, while data from video game live-streaming platform Twitch suggested it was underperforming AC Mirage by about 15%, Kerven added.

Kerven also lowered his sales expectations for Outlaws by 2 million units, to 5.5 million units in the year through March 2025.

Planade added that after a strong initial interest for Xdefiant, a first-person shooter game launched in May, there has been a sharp decline in Twitch viewership, and the game would likely have a minimal impact on Ubisoft's results over the next few quarters.