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Carney Joins G20 Leaders in Johannesburg as Bloc Moves Forward Without U.S.

PM Carney in Johannesburg as G20 members agree to release a declaration without U.S. Prime Minister Mark Carney arrived in Johannesburg, South Africa , for the historic G20 summit, the first ever held on African soil. The gathering has been overshadowed by a U.S. boycott , yet leaders from across the globe have agreed to move ahead with a joint declaration, signaling a determination to maintain unity despite Washington’s absence. South African officials confirmed that the declaration will address pressing global challenges, including inclusive economic growth, climate change, food systems, and clean energy . Carney participated in sessions focused on reforming financing for development in the morning, followed by discussions on sustainability in the afternoon. The declaration, adopted unanimously by the remaining members, is being hailed as a symbolic victory for Africa’s growing role in global governance. Carney also held bilateral meetings with leaders from France, Jamaica, Norway...
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IKEA lowers prices in several countries to attract more customers

 

The price cuts, which will take effect from February 1, are part of IKEA’s strategy to boost sales volumes and market share in the wake of the pandemic, which disrupted global supply chains and increased shipping costs. IKEA said it aims to bring prices back to pre-pandemic levels by the end of next year.

Some of the products that will see lower prices are KALLAX storage cubes, BILLY bookcases, and MALM bed frames. IKEA is already selling more of these products in some countries, according to Tolga Oncu, Ingka Retail Manager at Ingka Group, the biggest owner of IKEA stores.

“When you lower the price you also need to see a volume increase,” Oncu said. “Every country is sitting and looking at where are the opportunities for us to, by lowering the prices, sell more pieces.”

IKEA is not the only retailer that is adjusting its prices in response to changing market conditions. Other companies, such as Walmart and Target, have also lowered or raised prices on certain items to cope with inflation and supply chain issues.

IKEA, which operates in 52 markets, said it has invested more than 1 billion euros ($1.08 billion) in price reductions across its markets from September to November. The company also said it is not expecting any major impact from the recent disruptions in the Red Sea, which have affected global freight movements.

IKEA is owned by a separate company, Inter IKEA, which manufactures all IKEA products. Ingka Group is the main global franchisee of IKEA. 

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