Global Economy News
LAST UPDATE: September 2, 2025
International Labour Organization staff fear job losses as Trump proposes $107 million cut
ILO staff expressed concern over job and operational cuts after the U.S. proposed a $107 million reduction in funding, implemented via a pocket rescission.
Insight
As the ILO’s largest donor, U.S. budget cuts significantly threaten its ability to uphold global labor standards.
China-Led Bloc to Set Up Development Bank in Win for Xi
Xi secured agreement from SCO partner countries to establish a new development bank, furthering Beijing’s influence in developing economies.
Insight
The bank strengthens China’s strategic financial clout and offers an alternative to Western-led institutions.
China’s Xi convenes ‘Axis of Upheaval’ in Beijing, sidelining Trump
Xi hosted leaders from Russia and North Korea in a show of geopolitical alignment, seen as a countermove to U.S. influence.
Insight
The gathering marks strategic consolidation among nations critical of the Western-led global order.
Xi, Putin Tighten Ties in Beijing With Apparent Gas Breakthrough
Putin and Xi reportedly reached a major gas pipeline agreement during the Beijing summit, signaling deepened energy ties.
Insight
The deal may reshape Eurasian energy dynamics and further bind Russia and China strategically.
ANALYSIS – North Korea’s Kim Jong Un to line up with the ‘big boys’ at China military parade
Kim will attend a major Chinese military parade, signaling his elevated global status and reinforcing ties with Beijing.
Insight
His presence elevates North Korea diplomatically and reflects growing alignment with China amid sanctions.
BRICS Leaders Schedule Virtual Meeting to Discuss Trump Tariffs
BRICS leaders are organizing a virtual summit to address U.S. tariffs under Trump’s administration.
Insight
The meeting demonstrates collective economic coordination among emerging economies amid U.S. protectionism.
