UN chief urges divided nations to approve blueprint to address global challenges from climate to AI

UNITED NATIONS (AP) — The United Nations chief urged the world’s divided nations on Wednesday to compromise and approve a blueprint to address global challenges from conflicts and climate change to artificial intelligence and reforming the U.N. and global financial institutions.

Secretary-General Antonio Guterres told reporters that discussions on the “Pact of the Future” are in their final stretch and failure to reach the required consensus among all 193 U.N. member nations “would be tragic.”

A year ago, Guterres sounded an alarm about the survival of humanity and the planet and summoned world leaders to a Summit of the Future at their global gathering this year to unite and take action to reform the U.N. and other institutions established after World War II and address new global threats. It is taking place Sunday and Monday, just before Tuesday's start of the annual high-level meeting at the U.N. General Assembly.

Negotiations on the 30-page pact, now in its fourth revision, have been taking place for months, and in recent interviews and at Wednesday’s press conference the secretary-general has faced questions about its lack of vision, and what is different from U.N. documents adopted in recent years that haven’t been implemented.

“It’s very simple,” the U.N. chief replied.

All the previous “extraordinary, important declarations” were about what is needed to meet the challenges of the 21st century, he said. The Summit of the Future is about implementing those challenges, which requires reform of global institutions established after World War II including the United Nations.

Guterres stressed that in every area — from climate to AI — “there is a serious problem of governance,” and that’s what the Summit of the Future is about.

The draft Pact of the Future says world leaders are gathering “at a time of profound global transformation,” and it warns of “rising catastrophic and existential risks” that could tip people everywhere “into a future of persistent crisis and breakdown.”

But the draft says leaders are coming to the U.N. “to protect the needs and interests of present and future generations through actions in the Pact for the Future.”

It includes 51 actions on issues including eradicating poverty, combating climate change, achieving gender equality, promoting peace and protecting civilians, and reinvigorating the multilateral system to “seize the opportunities of today and tomorrow.”

Guterres pointed to “potential breakthroughs” in the pact including “the strongest language on Security Council reform in a generation,” and the most concrete steps to enlarging the powerful 15-member body since 1963.

He also cited the first measures to govern new technologies including Artificial Intelligence, a “major advance” in reforming international financial institutions, and a commitment to multiply resources for developing countries to meet U.N. development goals by 2030.

Urging member states to get the Pact of the Future “over the finish line,” Guterres said, “We can’t create a future fit for our grandchildren with systems built for our grandparents.”

U.S. Ambassador Linda Thomas-Greenfield told reporters Tuesday that a priority for the Biden administration at this year’s Summit of the Future is “to create a more inclusive and effective international system.”

She said the Group of 77 which now represents 134 developing countries at the U.N., the 27-member European Union and the United States all agreed to the fourth revision of the Pact of the Future.

But the U.S. ambassador said Russia objected to about 15 different issues, Saudi Arabia had problems with the climate language, and other countries objected to the language on reforming the international financial institutions including the World Bank and International Monetary Fund..

“I do think the Summit of the Future will make a difference,” Thomas-Greenfield said. “There are still some major differences. … But I am still hopeful that we will get there.”

António Guterres, United Nations Secretary-General, speaks during the 79th session of the United Nations General Assembly, Tuesday, Sept. 10, 2024. (AP Photo/Yuki Iwamura)

BANGKOK (AP) — World shares were mixed on Tuesday after Wall Street rolled to more records, with Hong Kong's benchmark losing more than 3%.

Oil prices shed more than $3 a barrel.

Germany's DAX gained 0.3% to 19,564.16, while the CAC 40 in Paris dropped 0.7% to 7,547.36. Britain's FTSE 100 lost 0.5% to 8,253.07.

The futures for the S&P 500 and the Dow Jones Industrial Average fell less than 0.1%.

Chinese shares extended losses after the government reported late Monday that growth in exports fell sharply in September, adding to signs of weakness in the economy.

The Shanghai Composite index lost 2.5% to 3,201.29, while the Hang Seng in Hong Kong gave up 3.7% to 20,318.79.

Weaker than expected data on lending and prices have undermined already fragile market sentiment that has wavered as investors await fresh details on the government plans for stimulus to help rev up the economy.

“Market participants continue to seek for clarity around fiscal stimulus support from Chinese authorities, but the lack of commitment remains a source of reservation for risk-taking in Chinese equities,” Yeap Jun Rong of IG said in a commentary.

Tokyo's Nikkei 225 index gained 0.8% to 39,910.55, while the Kospi in Seoul gained 0.4% to 2,633.45.

In Australia, the S&P/ASX 200 was up 0.8% to 8,318.40.

Also early Tuesday, the dollar fell to 148.89 Japanese yen from 149.83 yen. The euro rose to $1.0915 from $1.0911.

U.S. benchmark crude dropped $3.73 to $70.10 per barrel. Brent crude, the international standard, skidded $3.79 to $73.67 per barrel.

“The oil market is on a wild ride, caught in a whirlwind of geopolitical tension, OPEC+ strategy shifts and a slowdown from its biggest customer, China,” Stephen Innes of SPI Asset Management said in a report. China's usual growth in demand of about 600,000 barrels per day has fallen to 200,000 barrels.

Despite uncertainty over how conflict in the Middle East might affect oil supplies, “the real threat to crude isn't war, it's oversupply,” he said, noting that many oil exporters are committed to ramping up their output.

Besides oil, prices also have been falling for copper and other commodities that a healthy Chinese economy would devour.

On Monday, Wall Street rolled to more all-time highs.

The S&P 500 climbed 0.8% to build on its record set on Friday, closing at 5,859.85. The Dow Jones Industrial Average rose 0.5% to 43,065.22, adding 201 points to its own record. The Nasdaq composite gained 0.9% to 18,502.69.

The gains followed relatively quiet trading in Europe, while the U.S. bond market remained closed for the day because of a holiday.

This week will have few top-tier economic reports outside of an update Thursday on sales at U.S. retailers. That leaves the emphasis on corporate earnings reports, which will pick up the pace this week after big banks began the reporting season last week.

Bank of America, Johnson & Johnson and UnitedHealth Group will all report their latest results on Tuesday. Later in the week will come United Airlines, Netflix, American Express and Procter & Gamble.

Analysts expect S&P 500 companies to deliver overall growth of 4.1% in earnings per share for the latest quarter from a year earlier, according to FactSet. If they’re correct, it would be a fifth straight quarter of growth.

Stocks have broadly rallied to records on relief that interest rates are finally heading back down, now that the Federal Reserve has widened its focus to include keeping the economy humming instead of just fighting high inflation.

Recent reports showing the U.S. economy remains stronger than expected have also raised optimism that the Fed can pull off a perfect landing where it gets inflation down to 2% without causing a recession that many had thought would be necessary.

FILE - People pass the entrance for the Wall Street subway station on Sept. 2, 2024, in New York. (AP Photo/Peter Morgan, File)

FILE -A passerby moves past an electronic stock board showing Japan's Nikkei 225 index and stock prices outside a securities building Friday, Oct. 11, 2024 in Tokyo. (AP Photo/Shuji Kajiyama, File)