Bedugul Coffee: November 2018

G20 Summit

A summit of the world’s top economies will open with leaders struggling over fallout from a U.S.-China trade war that has roiled global markets and bracing for the kind of divisive geopolitical drama that President Donald Trump often brings to the international stage.

G20 member nations were still struggling to reach agreement on major issues including trade, migration and climate change as world leaders began arriving in the Argentine capital ahead of a summit starting today. President Trump abruptly canceled a planned meeting with Russian President Putin in Argentina, registering his disapproval of Russia’s treatment of Ukraine and casting new uncertainty over U.S.-Russian ties.

Breakingviews: It will take two to tango at the G20 summit in Buenos Aires. Donald Trump and China’s Xi Jinping’s supper appointment is at risk of yielding nothing. Beijing hints it won’t compromise on its state-directed economic model; Washington hardliners believe their government has already conceded more than it should. Both are wrong, writes Pete Sweeney, Gina Chon.

United States

Trump’s unprecedented proposal to keep migrants waiting in Mexico while seeking U.S. asylum will likely face challenges that it endangers refugees and denies them due process, and may be decided by an obscure provision of immigration law.

The U.S. Congress will have a difficult time undermining the Trump administration’s close ties with Saudi Arabia, despite a Senate vote this week to consider a resolution that would end support for the Saudi-led war in Yemen.

World

A Reuters special report: An agency in Iran has been feeding propaganda through at least 70 websites; and American firms have helped. They look like normal news and media outlets, but only a couple disclose any Iranian ties. Read the full report.

Ukraine banned Russian men of combat age from entering the country, a move introduced under martial law after Russia fired on and captured three Ukrainian naval ships off Crimea last weekend.

A human rights law group contracted by the State Department to interview refugees as part of an investigation into atrocities against Rohingya Muslims in Myanmar has found that there is a reasonable basis to conclude that genocide was committed - even though the U.S. government stopped short of saying so. See latest updates on jailed Reuters reporters.

Commentary: President Emmanuel Macron is losing popularity and power over France's fuel price protests and the obstacles in the way of his desire for a more integrated Europe, writes columnist John Lloyd. Ironically, however, "Macron’s largest success is to have illuminated two important hypocrisies" – that the EU's rhetoric is out of kilter with its members' wishes and that concern about climate change doesn't stop people from choosing self-interest over good environmental policies.

Business

Police spend second day searching Deutsche Bank headquarters

Police searched Deutsche Bank’s headquarters in Frankfurt for a second day over money laundering allegations linked to the Panama Papers and shares in the company fell to a record low.

3 min read

Japan-France spat over Renault-Nissan brews as Ghosn remains jailed

Tokyo authorities extended the detention of ousted Nissan Motor chairman Carlos Ghosn for 10 days, media said, amid signs of a brewing diplomatic feud over the balance of power at the troubled Renault-Nissan alliance.

4 Min Read

Oil toils after worst month in a decade

Oil toiled at a more than one-year low after its worst month in a decade, while most major markets were keeping moves tight ahead of a weekend meeting between U.S. and Chinese presidents Donald Trump and Xi Jinping. Oil prices also slipped further as swelling inventories depressed sentiment despite widespread expectations that OPEC and Russia would agree some form of production cut next week.

2 min read