• President Sheikh Mohamed arrives for the G20 Summit in Nusa, Bali. Photo: UAE Presidential Court
    President Sheikh Mohamed arrives for the G20 Summit in Nusa, Bali. Photo: UAE Presidential Court
  • US President Joe Biden, right, and China's President Xi Jinping, left, shake hands at the summit. AFP
    US President Joe Biden, right, and China's President Xi Jinping, left, shake hands at the summit. AFP
  • Canada's Prime Minister Justin Trudeau arrives. AFP
    Canada's Prime Minister Justin Trudeau arrives. AFP
  • French President Emmanuel Macron is welcomed. AFP
    French President Emmanuel Macron is welcomed. AFP
  • Chinese President Xi Jinping (R) arrives. EPA
    Chinese President Xi Jinping (R) arrives. EPA
  • Turkey's President Recep Tayyip Erdogan and his wife Emine Erdogan arrive to attend the meeting. AFP
    Turkey's President Recep Tayyip Erdogan and his wife Emine Erdogan arrive to attend the meeting. AFP
  • Prime Minister of Japan Fumio Kishida and his wife Yuko Kishida arrive. Reuters
    Prime Minister of Japan Fumio Kishida and his wife Yuko Kishida arrive. Reuters
  • Australian Prime Minister Anthony Albanese arrives. Reuters
    Australian Prime Minister Anthony Albanese arrives. Reuters
  • Students wave flags of G20 member nations to greet world leaders, on a street near Ngurah Rai International airport in Bali. EPA
    Students wave flags of G20 member nations to greet world leaders, on a street near Ngurah Rai International airport in Bali. EPA
  • US President Joe Biden and Indonesia's President Joko Widodo hold a meeting in Bali. AFP
    US President Joe Biden and Indonesia's President Joko Widodo hold a meeting in Bali. AFP
  • A video by Amazon and Bezos Earth Fund executive chairman Jeff Bezos is displayed at the B20 Summit for business leaders, held before the G20 leaders summit. AP
    A video by Amazon and Bezos Earth Fund executive chairman Jeff Bezos is displayed at the B20 Summit for business leaders, held before the G20 leaders summit. AP
  • US President Joe Biden arrives for the summit in Bali. AFP
    US President Joe Biden arrives for the summit in Bali. AFP
  • Russia's Foreign Minister Sergey Lavrov (R) arrives to attend the G20 summit. AFP
    Russia's Foreign Minister Sergey Lavrov (R) arrives to attend the G20 summit. AFP
  • South Korean President Yoon Suk-yeol and his wife Kim Keon-hee arrive. EPA
    South Korean President Yoon Suk-yeol and his wife Kim Keon-hee arrive. EPA
  • British Prime Minister Rishi Sunak holds a 'huddle' press conference with political journalists on board a plane heading for Bali. PA
    British Prime Minister Rishi Sunak holds a 'huddle' press conference with political journalists on board a plane heading for Bali. PA
  • Tourists pose for pictures in front of police-armoured vehicles parked near the venue of the G20 Bali Summit in Nusa Dua, Bali. AFP
    Tourists pose for pictures in front of police-armoured vehicles parked near the venue of the G20 Bali Summit in Nusa Dua, Bali. AFP
  • Indonesia is gearing up to host leaders of the world's biggest economies. AP Photo
    Indonesia is gearing up to host leaders of the world's biggest economies. AP Photo
  • A plane comes in to land at Ngurah Rai International Airport in Bali. AFP
    A plane comes in to land at Ngurah Rai International Airport in Bali. AFP
  • Bali will host the 17th Group of 20 Heads of State and Government Summit from November 15 to 16. EPA
    Bali will host the 17th Group of 20 Heads of State and Government Summit from November 15 to 16. EPA
  • Flags of the participating countries line a motorway. AFP
    Flags of the participating countries line a motorway. AFP
  • Hindus join the Melaspas and Mecaru rituals ahead of the G20 meeting. Reuters
    Hindus join the Melaspas and Mecaru rituals ahead of the G20 meeting. Reuters
  • The logo of the G20 summit, in Jakarta. AFP
    The logo of the G20 summit, in Jakarta. AFP
  • Indonesian military personnel take part in a security drill for the G20 meeting in Denpasar, Bali's main city. EPA
    Indonesian military personnel take part in a security drill for the G20 meeting in Denpasar, Bali's main city. EPA
  • Indonesian military personnel prepare for the G20 meeting. Reuters
    Indonesian military personnel prepare for the G20 meeting. Reuters
  • An Indonesian police officer stands in front of a portrait of President Joko Widodo. EPA
    An Indonesian police officer stands in front of a portrait of President Joko Widodo. EPA
  • Part of the security drill in Denpasar. Reuters
    Part of the security drill in Denpasar. Reuters
  • Indonesian police officers. EPA
    Indonesian police officers. EPA
  • Female police officers stand to attention during a security parade. AP Photo
    Female police officers stand to attention during a security parade. AP Photo
  • Soldiers during a security parade. AP Photo
    Soldiers during a security parade. AP Photo
  • Military honour guards at a security parade. AP Photo
    Military honour guards at a security parade. AP Photo
  • Indonesian military personnel. AFP
    Indonesian military personnel. AFP
  • Indonesian military personnel on the resort island of Bali. AFP
    Indonesian military personnel on the resort island of Bali. AFP

G20: Biden and Xi warn against nuclear weapon use amid rising Ukraine tensions


Indranil Ghosh
  • English
  • Arabic

US President Joe Biden met his Chinese counterpart Xi Jinping on Monday, discussing the intense rivalry between the two superpowers, which has encompassed everything from growing nuclear arsenals to trade wars over technology and a naval buildup by both sides in the Pacific.

The leaders met face to face a day before the opening of the G20 conference in the Indonesian resort of Bali, where they shook hands and sat across from each other at the luxury Mulia Resort along Nusa Dua's Bay in the southern part of the island.

In a meeting that lasted three hours, Mr Xi said as leaders of two major countries, they need to chart the right course and direction for bilateral ties and elevate their relationship.

He told Mr Biden the world was "big enough" for both nations to prosper.

Mr Biden said the two nations share the responsibility to show the world that they can "manage our differences, prevent competition from becoming conflict".

After Monday's meeting, US Secretary of State Antony Blinken will travel to China, the White House said.

Talks will also resume on matters including climate change, economic stability and debt relief, as well as health and food security, according to the statement.

In a press conference following the bilateral meeting, Mr Biden said he wants to ensure there are no misunderstandings with China.

While he wouldn't be able to work everything out, there was "no need for concern for a new cold war," he said.

Mr Xi also said his country is "deeply concerned" about the situation in Ukraine, Beijing's foreign ministry said.

This was the first in-person talk between the heads of the world’s biggest economies since Mr Biden took office.

"There’s little substitute for face-to-face discussions," Mr Biden said.

Still, Mr Biden raised concerns about matters in Xinjiang, Tibet, and Hong Kong, and more broadly on China's human rights.

  • US President Joe Biden holds virtual talks with Chinese President Xi Jinping from the White House in Washington in March. Reuters
    US President Joe Biden holds virtual talks with Chinese President Xi Jinping from the White House in Washington in March. Reuters
  • The virtual summit between the presidents, which lasted more than three hours, is displayed on screens in Beijing. Getty
    The virtual summit between the presidents, which lasted more than three hours, is displayed on screens in Beijing. Getty
  • Mr Biden speaks to Mr Xi, again virtually, from the Roosevelt Room of the White House last November. EPA
    Mr Biden speaks to Mr Xi, again virtually, from the Roosevelt Room of the White House last November. EPA
  • In 2015, US president at the time Barack Obama (2R), Mr Xi (2L) and their delegations meet at the White House, with then vice president Joe Biden (3R) and Secretary of State John Kerry also participating. Reuters
    In 2015, US president at the time Barack Obama (2R), Mr Xi (2L) and their delegations meet at the White House, with then vice president Joe Biden (3R) and Secretary of State John Kerry also participating. Reuters
  • The pair shake hands in the Great Hall of the People in Beijing in December 2013. Getty
    The pair shake hands in the Great Hall of the People in Beijing in December 2013. Getty
  • The pair meet in Los Angeles in February 2012, when each was vice president. EPA
    The pair meet in Los Angeles in February 2012, when each was vice president. EPA
  • Mr Biden speaks to a Mandarin language class in South Gate, California, in February 2012, as Mr Xi listens. EPA
    Mr Biden speaks to a Mandarin language class in South Gate, California, in February 2012, as Mr Xi listens. EPA
  • Mr Xi applauds next to US secretary of state Hillary Clinton and Mr Biden (L) at a luncheon at the State Department in Washington in February 2012. Reuters
    Mr Xi applauds next to US secretary of state Hillary Clinton and Mr Biden (L) at a luncheon at the State Department in Washington in February 2012. Reuters
  • Mr Biden and Mr Xi make their way to view an honour guard during a welcoming ceremony in Beijing in August 2011. Getty
    Mr Biden and Mr Xi make their way to view an honour guard during a welcoming ceremony in Beijing in August 2011. Getty
  • The pair inspect the honour guard at Great Hall of the People, Beijing, in 2011, part of Mr Biden's official visit to China. Getty
    The pair inspect the honour guard at Great Hall of the People, Beijing, in 2011, part of Mr Biden's official visit to China. Getty

He told Mr Xi the US remains committed to its One-China policy, while raising objections to China's increasingly aggressive actions towards Taiwan.

Mr Xi said the the Taiwan question is the first red line that must not be crossed in US-China relations.

Indeed, both leaders appeared to have been emboldened by their recent wins at home.

While Mr Xi had recently secured a third term that firmly entrenched him as China’s most powerful recent leader, Mr Biden had been lifted by his party’s results in the US midterms.

The pair had last met in 2017, when Mr Biden was vice president.

No nuclear weapons

Both on Monday agreed that nuclear weapons should never be used, including in Ukraine, the White House said.

Ahead of the meeting, China’s foreign ministry spokeswoman Mao Ning said it expected the meeting to bring relations back on track.

Relations between the two sides have been fraught with tension over issues ranging from Hong Kong and Taiwan to the South China Sea, trade practices and US restrictions on Chinese technology.

Still, there have been efforts by both Beijing and Washington to mend differences.

US Treasury Secretary Janet Yellen said in Bali earlier the Biden-Xi meeting was aimed at stabilising the relationship and create an air of certainty for US businesses.

Mild hiccup

Pre-summit proceedings suffered a mild hiccup earlier in the evening following an AP report that Russian Foreign Minister Sergei Lavrov had been taken to hospital. Mr Lavrov, though, said he was in his hotel and preparing for the G20 summit, Russian state-owned TASS reported.

Mr Lavrov, 72, is Russia's longest-serving foreign minister, having held the post since 2004.

British PM Rishi Sunak arrives for the G20 meeting on November 14 in Nusa Dua, Indonesia. Getty Images
British PM Rishi Sunak arrives for the G20 meeting on November 14 in Nusa Dua, Indonesia. Getty Images

Besides Mr Lavrov, who was sent as his replacement by Russian President Vladimir Putin, a string of world leaders including British PM Rishi Sunak, Japanese Prime Minister Fumio Kishida and Australia's Anthony Albanese arrived on Monday for the summit.

Mr Sunak's office said he would condemn Russia's action in Ukraine at the talks, urge a deal with Moscow allowing the extension of safe passage of grain shipments from its neighbour, and call for commitment never to weaponise food production and distribution.

Mr Sunak will also hold bilateral meetings with Mr Biden, Mr Kishida, Mr Albanese and Indian PM Narendra Modi, whose country will host the G20 next year.

Meanwhile, UN Secretary General Antonio Guterres, addressing the media in Bali on Monday, said the grain deal is crucial for the world's food security.

"We need urgent action to prevent famine and hunger in a growing number of places around the world," he said. "The Black Sea Grain Initiative, and efforts to ensure Russian food and fertilisers can flow to global markets, are essential to global food security."

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Results

5pm: Handicap (PA) Dh80,000 (Turf) 1,600m; Winner: Nadhra, Fabrice Veron (jockey), Eric Lemartinel (trainer)

5.30pm: Maiden (PA) Dh80,000 (T) 1,400m; Winner: AF Dars, Tadhg O’Shea, Ernst Oertel

6pm: Handicap (PA) Dh80,000 (T) 1,400m; Winner: AF Musannef, Tadhg O’Shea, Ernst Oertel

6.30pm: Handicap (PA) Dh80,000 (T) 1,200m; Winner: AF Taghzel, Malin Holmberg, Ernst Oertel

7pm: Wathba Stallions Cup Handicap (PA) Dh70,000 (T) 2,200m; Winner: M’Y Yaromoon, Khalifa Al Neyadi, Jesus Rosales

7.30pm: Handicap (TB) Dh100,000 (PA) 1,400m; Winner: Hakeem, Jim Crowley, Ali Rashid Al Raihe

A%20Little%20to%20the%20Left
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Who's who in Yemen conflict

Houthis: Iran-backed rebels who occupy Sanaa and run unrecognised government

Yemeni government: Exiled government in Aden led by eight-member Presidential Leadership Council

Southern Transitional Council: Faction in Yemeni government that seeks autonomy for the south

Habrish 'rebels': Tribal-backed forces feuding with STC over control of oil in government territory

COMPANY%20PROFILE
%3Cp%3E%3Cstrong%3ECompany%3A%3C%2Fstrong%3E%20Eco%20Way%3Cbr%3E%3Cstrong%3EStarted%3A%3C%2Fstrong%3E%20December%202023%3Cbr%3E%3Cstrong%3EFounder%3A%3C%2Fstrong%3E%20Ivan%20Kroshnyi%3Cbr%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20Dubai%2C%20UAE%3Cbr%3E%3Cstrong%3EIndustry%3A%3C%2Fstrong%3E%20Electric%20vehicles%3Cbr%3E%3Cstrong%3EInvestors%3A%3C%2Fstrong%3E%20Bootstrapped%20with%20undisclosed%20funding.%20Looking%20to%20raise%20funds%20from%20outside%3Cbr%3E%3C%2Fp%3E%0A
RESULTS

2pm: Handicap (PA) Dh40,000 (Dirt) 1,000m
Winner: AF Mozhell, Saif Al Balushi (jockey), Khalifa Al Neyadi (trainer)

2.30pm: Maiden (PA) Dh40,000 (D) 2,000m
Winner: Majdi, Szczepan Mazur, Abdallah Al Hammadi.

3pm: Handicap (PA) Dh40,000 (D) 1,700m
Winner: AF Athabeh, Tadhg O’Shea, Ernst Oertel.

3.30pm: Handicap (PA) Dh40,000 (D) 1,700m
Winner: AF Eshaar, Bernardo Pinheiro, Khalifa Al Neyadi

4pm: Gulf Cup presented by Longines Prestige (PA) Dh150,000 (D) 1,700m
Winner: Al Roba’a Al Khali, Al Moatasem Al Balushi, Younis Al Kalbani

4.30pm: Handicap (TB) Dh40,000 (D) 1,200m
Winner: Apolo Kid, Antonio Fresu, Musabah Al Muahiri

COMPANY PROFILE
Name: HyperSpace
 
Started: 2020
 
Founders: Alexander Heller, Rama Allen and Desi Gonzalez
 
Based: Dubai, UAE
 
Sector: Entertainment 
 
Number of staff: 210 
 
Investment raised: $75 million from investors including Galaxy Interactive, Riyadh Season, Sega Ventures and Apis Venture Partners
Leaderboard

64 - Gavin Green (MAL), Graeme McDowell (NIR)

65 - Henrik Stenson (SWE), Sebastian Soderberg (SWE), Adri Arnaus (ESP), Victor Perez (FRA), Jhonattan Vegas (VEN)

66 - Phil Mickelson (USA), Tom Lewis (ENG), Andy Sullivan (ENG), Ross Fisher (ENG), Aaron Rai (ENG), Ryan Fox (NZL)

67 - Dustin Johnson (USA), Sebastian Garcia Rodriguez (ESP), Lucas Herbert (AUS), Francesco Laporta (ITA), Joost Luiten (NED), Soren Kjeldsen (DEN), Marcus Kinhult (SWE)

68 - Alexander Bjork (SWE), Matthieu Pavon (FRA), Adrian Meronk (POL), David Howell (ENG), Christiaan Bezuidenhout (RSA), Fabrizio Zanotti (PAR), Sean Crocker (USA), Scott Hend (AUS), Justin Harding (RSA), Jazz Janewattananond (THA), Shubhankar Sharma (IND), Renato Paratore (ITA)

Avatar: Fire and Ash

Director: James Cameron

Starring: Sam Worthington, Sigourney Weaver, Zoe Saldana

Rating: 4.5/5

Profile of Tamatem

Date started: March 2013

Founder: Hussam Hammo

Based: Amman, Jordan

Employees: 55

Funding: $6m

Funders: Wamda Capital, Modern Electronics (part of Al Falaisah Group) and North Base Media

'Munich: The Edge of War'

Director: Christian Schwochow

Starring: George MacKay, Jannis Niewohner, Jeremy Irons

Rating: 3/5

Key figures in the life of the fort

Sheikh Dhiyab bin Isa (ruled 1761-1793) Built Qasr Al Hosn as a watchtower to guard over the only freshwater well on Abu Dhabi island.

Sheikh Shakhbut bin Dhiyab (ruled 1793-1816) Expanded the tower into a small fort and transferred his ruling place of residence from Liwa Oasis to the fort on the island.

Sheikh Tahnoon bin Shakhbut (ruled 1818-1833) Expanded Qasr Al Hosn further as Abu Dhabi grew from a small village of palm huts to a town of more than 5,000 inhabitants.

Sheikh Khalifa bin Shakhbut (ruled 1833-1845) Repaired and fortified the fort.

Sheikh Saeed bin Tahnoon (ruled 1845-1855) Turned Qasr Al Hosn into a strong two-storied structure.

Sheikh Zayed bin Khalifa (ruled 1855-1909) Expanded Qasr Al Hosn further to reflect the emirate's increasing prominence.

Sheikh Shakhbut bin Sultan (ruled 1928-1966) Renovated and enlarged Qasr Al Hosn, adding a decorative arch and two new villas.

Sheikh Zayed bin Sultan (ruled 1966-2004) Moved the royal residence to Al Manhal palace and kept his diwan at Qasr Al Hosn.

Sources: Jayanti Maitra, www.adach.ae

Four reasons global stock markets are falling right now

There are many factors worrying investors right now and triggering a rush out of stock markets. Here are four of the biggest:

1. Rising US interest rates

The US Federal Reserve has increased interest rates three times this year in a bid to prevent its buoyant economy from overheating. They now stand at between 2 and 2.25 per cent and markets are pencilling in three more rises next year.

Kim Catechis, manager of the Legg Mason Martin Currie Global Emerging Markets Fund, says US inflation is rising and the Fed will continue to raise rates in 2019. “With inflationary pressures growing, an increasing number of corporates are guiding profitability expectations downwards for 2018 and 2019, citing the negative impact of rising costs.”

At the same time as rates are rising, central bankers in the US and Europe have been ending quantitative easing, bringing the era of cheap money to an end.

2. Stronger dollar

High US rates have driven up the value of the dollar and bond yields, and this is putting pressure on emerging market countries that took advantage of low interest rates to run up trillions in dollar-denominated debt. They have also suffered capital outflows as international investors have switched to the US, driving markets lower. Omar Negyal, portfolio manager of the JP Morgan Global Emerging Markets Income Trust, says this looks like a buying opportunity. “Despite short-term volatility we remain positive about long-term prospects and profitability for emerging markets.” 

3. Global trade war

Ritu Vohora, investment director at fund manager M&G, says markets fear that US President Donald Trump’s spat with China will escalate into a full-blown global trade war, with both sides suffering. “The US economy is robust enough to absorb higher input costs now, but this may not be the case as tariffs escalate. However, with a host of factors hitting investor sentiment, this is becoming a stock picker’s market.”

4. Eurozone uncertainty

Europe faces two challenges right now in the shape of Brexit and the new populist government in eurozone member Italy.

Chris Beauchamp, chief market analyst at IG, which has offices in Dubai, says the stand-off between between Rome and Brussels threatens to become much more serious. "As with Brexit, neither side appears willing to step back from the edge, threatening more trouble down the line.”

The European economy may also be slowing, Mr Beauchamp warns. “A four-year low in eurozone manufacturing confidence highlights the fact that producers see a bumpy road ahead, with US-EU trade talks remaining a major question-mark for exporters.”

A State of Passion

Directors: Carol Mansour and Muna Khalidi

Stars: Dr Ghassan Abu-Sittah

Rating: 4/5

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Updated: November 14, 2022, 4:25 PM