The Kingdom of Saudi Arabia has announced that the G20 summit will be held virtually in two months time.
The event will take place from November 21 to 22 under the chairmanship of the Custodian of the Two Holy Mosques, King Salman bin Abdulaziz Al Saud.
Organisers say they plan to build on the success of the virtual extraordinary G20 Leaders’ Summit at the end of March and the results of more than 100 online working groups and ministerial meetings.
November's remote gathering will focus on protecting lives and restoring growth, by addressing vulnerabilities exposed during the COVID-19 pandemic and by laying down the foundations for a better future.
It will also foster international action to realise the opportunities of the 21st century, by empowering people and protecting the planet, while harnessing innovation's potential to shape new frontiers.
The G20 bloc is leading the fight against COVID-19 taking swift and unprecedented actions to protect lives, livelihoods and the most vulnerable.
The group has contributed more than US$ 21 billion to support the production, distribution, and access to diagnostics, therapeutics, and vaccines; and offered US$11 trillion to safeguard the global economy. It has provided more than US$14 billion in debt relief for less developed countries to finance their health systems and social programmes.
The tech-heavy Nasdaq Composite index was set to confirm it was in a bear market on Friday, down more than 20 per cent from a recent record high, as investors fled riskier assets on fears that tariffs imposed by President Donald Trump could spark a trade war and tip the global economy into recession.
UAE-based Dana Gas and Crescent Petroleum, alongside their partners in the Pearl Petroleum consortium, have said the cumulative production from their Khor Mor project, the largest non-associated gas field in Iraq, has exceeded 500 million barrels of oil equivalent (boe).
China has announced a slew of additional tariffs and restrictions against US goods as a countermeasure to sweeping tariffs imposed by US President Donald Trump. The Finance Ministry said it would impose additional tariffs of 34 per cent on all US goods from April 10.
Stocks limped to the end of the week on Friday, the dollar was set for its worst week in a month while gold flirted with a record peak as investors feared US President Donald Trump's sweeping tariffs would tip the global economy into a recession.
US stock index futures tumbled on Thursday after President Donald Trump's sweeping tariffs on major trade partners heightened fears of an all-out trade war that could push the global economy into a recession.