G20 finance ministers reach consensus on key economic issues

The finance ministers of the Group of 20 have finally reached a consensus following meetings in South Africa, emphasising that central banks must remain independent in reaction to months of attacks by United States President Donald Trump.

In their final statement published on Friday, following two days of meetings in the coastal city of Durban, the grouping agreed on key challenges for the global economy, including ongoing wars and conflicts, trade disputes, supply chain disruptions, debt and natural disasters.

The G20 finance ministers have met several times since the beginning of the year, but have been unable to agree on a joint statement at previous summits.

“Central banks are strongly committed to ensuring price stability, consistent with their respective mandates, and will continue to adjust their policies in a data-dependent manner”, the grouping said in Friday’s joint declaration, their first communique since October.

“Central bank independence is crucial to achieving this goal”, read the statement, which was also signed by the US.

Trump has for a long time been criticising the Federal Reserve – the central bank of the US – mainly over its decision on interest rates.

His attacks have intensified during his second term in office, and have mainly targeted Federal Reserve boss Jerome Powell, whom he has called a “moron”, “numbskull”, and “stubborn mule”.

Trump is unhappy with the central bank’s decision to lower interest rates slower than he prefers in an effort to fight inflation. He has also strongly criticised Powell for his handling of a project to renovate the Federal Reserve headquarters in Washington, DC.

The joint communique on Friday was reached in the absence of US Treasury Secretary Scott Bessent, but Washington was represented by Michael Kaplan, acting undersecretary of the Treasury for international affairs.

Bessent had also missed the previous gathering of the finance ministers of the G20 in Cape Town in February, when the representatives had failed to reach a joint stance to the dismay of host country South Africa.

Economic ‘ uncertainty’, complex challenges

The US is set to assume the G20’s rotating presidency in December, but it reportedly plans to shift its approach to the multilateral institution, which it helped found in 1999.

Three unnamed US sources cited by the Reuters news agency said on Friday that Washington plans to focus on the G20 leaders ‘ summit and the financial meetings in November, eliminating other working groups and ministerial-level meetings, including those on energy, healthcare, commerce, and environment.

The US has already withdrawn from co-chairing a working group on sustainable finance with China, and it remains unclear whether Trump will join the leaders ‘ summit in South Africa.

In its joint statement, the group also highlighted the global trade landscape that has increasingly been rocked by Trump’s tariffs, as well as wars involving the US and its allies.

“The global economy is facing heightened uncertainty and complex challenges, including ongoing wars and conflicts, geopolitical and trade tensions”, it said.

Usyk plays mind games with Dubois at weigh-in

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Oleksandr Usyk v Daniel Dubois 2

Venue: Wembley Stadium, London Date: Saturday, 19 July

Oleksandr Usyk attempted to get in Daniel Dubois’ head one final time by stepping ahead of the Briton and standing at the front of the stage during the weigh-in at BoxPark Wembley.

Dubois tipped the scales at 17st 6lb with Usyk coming in at a career-heavy 16st 3lb for their undisputed heavyweight contest on Saturday.

After a tense face-off the pair turned to the crowd but Usyk walked forward and flexed his muscles to block his rival from view before Dubois followed him.

“I’m locked in, focused and I can’t wait,” Dubois said.

“I’m going to win by any means necessary.”

But Dubois, 27, was cut short when Usyk moved to the front of the stage again – raising his arms to draw a huge cheer.

Dubois, who has 22 wins in 24 fights as a professional, looked perturbed that his rival had stolen the limelight and walked off shaking his head.

It was the final time WBA (Super), WBO and WBC champion Usyk and IBF title-holder Dubois will come face-to-face before meeting in a rematch at Wembley Stadium on Saturday.

Usyk, 38, is undefeated in 23 professional contests and claimed a ninth-round stoppage when they fought in August 2023.

What information do we collect from this quiz?

‘Rise to the occasion’

Getty Images

Usyk was undisputed at cruiserweight and moved up a division in 2019. He has grown into his heavyweight frame over the past six years and is one pound heavier than when he beat Tyson Fury in December.

He is eight pounds heavier than when he stopped Dubois in Poland 23 months ago.

Londoner Dubois once again had to accept being the B-side on home turf with most of the 400 or so people at BoxPark showing support for Usyk.

Several Ukrainian flags were hanging from the balcony and it was clear who they had come to see, although that support might not cut through as much when around 90,000 pack into Wembley Stadium.

Fellow heavyweights Joseph Parker and Dave Allen were among those watching on, while Britain’s last undisputed heavyweight champion Lennox Lewis was also in attendance.

Lewis, who held all three world titles in 1999, has urged Dubois to “rise to the occasion” and offered up advice on how to deal with the undefeated Usyk.

“Dubois needs to get that jab going, push him against the ropes and start combinations – don’t waste punches and stay eager,” Lewis told BBC Sport.

“Remember he is the true heavyweight and needs to press him.”

Dubois trimmed down to 16st 9lb when he lost against Usyk but has since found great success after bulking up to beat Jarrell Miller, Filip Hrgovic and Anthony Joshua.

Related topics

  • Boxing

Usyk plays mind games with Dubois at weigh-in

To play this video you need to enable JavaScript in your browser.

Oleksandr Usyk v Daniel Dubois 2

Venue: Wembley Stadium, London Date: Saturday, 19 July

Oleksandr Usyk attempted to get in Daniel Dubois’ head one final time by stepping ahead of the Briton and standing at the front of the stage during the weigh-in at BoxPark Wembley.

Dubois tipped the scales at 17st 6lb with Usyk coming in at a career-heavy 16st 3lb for their undisputed heavyweight contest on Saturday.

After a tense face-off the pair turned to the crowd but Usyk walked forward and flexed his muscles to block his rival from view before Dubois followed him.

“I’m locked in, focused and I can’t wait,” Dubois said.

“I’m going to win by any means necessary.”

But Dubois, 27, was cut short when Usyk moved to the front of the stage again – raising his arms to draw a huge cheer.

Dubois, who has 22 wins in 24 fights as a professional, looked perturbed that his rival had stolen the limelight and walked off shaking his head.

It was the final time WBA (Super), WBO and WBC champion Usyk and IBF title-holder Dubois will come face-to-face before meeting in a rematch at Wembley Stadium on Saturday.

Usyk, 38, is undefeated in 23 professional contests and claimed a ninth-round stoppage when they fought in August 2023.

What information do we collect from this quiz?

‘Rise to the occasion’

Getty Images

Usyk was undisputed at cruiserweight and moved up a division in 2019. He has grown into his heavyweight frame over the past six years and is one pound heavier than when he beat Tyson Fury in December.

He is eight pounds heavier than when he stopped Dubois in Poland 23 months ago.

Londoner Dubois once again had to accept being the B-side on home turf with most of the 400 or so people at BoxPark showing support for Usyk.

Several Ukrainian flags were hanging from the balcony and it was clear who they had come to see, although that support might not cut through as much when around 90,000 pack into Wembley Stadium.

Fellow heavyweights Joseph Parker and Dave Allen were among those watching on, while Britain’s last undisputed heavyweight champion Lennox Lewis was also in attendance.

Lewis, who held all three world titles in 1999, has urged Dubois to “rise to the occasion” and offered up advice on how to deal with the undefeated Usyk.

“Dubois needs to get that jab going, push him against the ropes and start combinations – don’t waste punches and stay eager,” Lewis told BBC Sport.

“Remember he is the true heavyweight and needs to press him.”

Dubois trimmed down to 16st 9lb when he lost against Usyk but has since found great success after bulking up to beat Jarrell Miller, Filip Hrgovic and Anthony Joshua.

Related topics

  • Boxing

Usyk plays mind games with Dubois at weigh-in

To play this video you need to enable JavaScript in your browser.

Oleksandr Usyk v Daniel Dubois 2

Venue: Wembley Stadium, London Date: Saturday, 19 July

Oleksandr Usyk attempted to get in Daniel Dubois’ head one final time by stepping ahead of the Briton and standing at the front of the stage during the weigh-in at BoxPark Wembley.

Dubois tipped the scales at 17st 6lb with Usyk coming in at a career-heavy 16st 3lb for their undisputed heavyweight contest on Saturday.

After a tense face-off the pair turned to the crowd but Usyk walked forward and flexed his muscles to block his rival from view before Dubois followed him.

“I’m locked in, focused and I can’t wait,” Dubois said.

“I’m going to win by any means necessary.”

But Dubois, 27, was cut short when Usyk moved to the front of the stage again – raising his arms to draw a huge cheer.

Dubois, who has 22 wins in 24 fights as a professional, looked perturbed that his rival had stolen the limelight and walked off shaking his head.

It was the final time WBA (Super), WBO and WBC champion Usyk and IBF title-holder Dubois will come face-to-face before meeting in a rematch at Wembley Stadium on Saturday.

Usyk, 38, is undefeated in 23 professional contests and claimed a ninth-round stoppage when they fought in August 2023.

What information do we collect from this quiz?

‘Rise to the occasion’

Getty Images

Usyk was undisputed at cruiserweight and moved up a division in 2019. He has grown into his heavyweight frame over the past six years and is one pound heavier than when he beat Tyson Fury in December.

He is eight pounds heavier than when he stopped Dubois in Poland 23 months ago.

Londoner Dubois once again had to accept being the B-side on home turf with most of the 400 or so people at BoxPark showing support for Usyk.

Several Ukrainian flags were hanging from the balcony and it was clear who they had come to see, although that support might not cut through as much when around 90,000 pack into Wembley Stadium.

Fellow heavyweights Joseph Parker and Dave Allen were among those watching on, while Britain’s last undisputed heavyweight champion Lennox Lewis was also in attendance.

Lewis, who held all three world titles in 1999, has urged Dubois to “rise to the occasion” and offered up advice on how to deal with the undefeated Usyk.

“Dubois needs to get that jab going, push him against the ropes and start combinations – don’t waste punches and stay eager,” Lewis told BBC Sport.

“Remember he is the true heavyweight and needs to press him.”

Dubois trimmed down to 16st 9lb when he lost against Usyk but has since found great success after bulking up to beat Jarrell Miller, Filip Hrgovic and Anthony Joshua.

Related topics

  • Boxing