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National

In a joint declaration released Saturday, leaders of G20 nations reaffirmed their commitment to fighting climate change by upholding the Paris Agreement — with the exception of the U.S.

The United States reiterates its decision to withdraw from the Paris Agreement, and affirms its strong commitment to economic growth and energy access and security, utilizing all sources and technologies, while protecting the environment.

Between the lines: The Trump administration's position on the Paris Agreement is well known, and a similar clause was included in the communique from last year's G20 summit in Hamburg. But a senior White House official told reporters that the Paris climate section was one of the last issues to be settled "because the countries who typically might agree couldn't agree with each other." Countries like Turkey, Saudi Arabia and Russia might be starting to second-guess their commitment to a multilateral approach to climate change, the official said.

Yes, but: The U.S. nonetheless joined a separate, energy-focused portion of the communique that references climate change (albeit without using the term).

"We recognize the crucial role of energy in helping shape our shared future and we encourage energy transitions that combine growth with decreasing greenhouse gas emissions towards cleaner, more flexible and transparent systems, and cooperation in energy efficiency," it states.

Yet the section also has an oblique shout-out to fossil fuels, a U.S. priority, by noting, "We acknowledge the role of all energy sources and technologies in the energy mix and different possible national paths to achieve cleaner energy systems under the term 'transitions.'"

Editor's note: This story has been updated to add the energy-focused portion of the communique.

G20 leaders pledge to fight climate change — except for Trump

The U.S. instead emphasized economic growth and energy security.

Trump at the G20 summit in Buenos Aires. Photo: Ralf Hirschberger/picture alliance via Getty Images

World

Energy

Breaking climate science and policy coverage as extreme weather events reshape communities. Keep tabs on the race to a low carbon economy, which may be bumpy as governments, climate tech startups and major oil and gas companies race to find their niche amid the changing energy landscape.

Energy & Climate

In a joint declaration signed by all G20 nations Saturday, leaders acknowledged that the current multilateral trading system is "falling short of its objectives" and voiced support for "necessary reform" of the World Trade Organization.

The big picture: President Trump — who has made trade imbalances a hallmark complaint of his presidency — has threatened to withdraw from the WTO, which he believes was "designed by the rest of the world to screw the United States." Trump will meet Chinese President Xi Jinping Saturday night to discuss the ongoing trade war between the U.S. and China, per Reuters.

G20 nations agree to reform WTO in joint declaration

Leaders acknowledged the current system is "falling short of its objectives."

World leaders pose for the G20 family photo. Photo: Mikhail Svetlov via Getty Images

Politics

Top stories & latest news on the Federal Reserve, real-time data, plus the biggest shifts happening in the U.S. and global economy.

Economy

After a record economic expansion, the coronavirus pandemic sent the U.S. economy into a recession as unemployment soared to staggering heights. The country now faces urgent questions about how much stimulus is needed for reeling consumers and businesses, and what a recovery might look like.

Economy & Business

President Trump cancelled his press conference scheduled for the end of the G20 summit on Saturday, "out of respect for the Bush family and former President George H.W. Bush." 

"I was very much looking forward to having a press conference just prior to leaving Argentina because we have had such great success in our dealing with various countries and their leaders at the G20....However, out of respect for the Bush Family and former President George H.W. Bush we will wait until after the funeral to have a press conference." 

Trump cancels G20 press conference in light of George H.W. Bush's death

He said it will happen after President George H.W. Bush's funeral.

Donald Trump

2024 will be an election year like no other, as President Biden seeks re-election amid economic uncertainty, two wars and questions about his age. His likely foe, former President Trump, faces felony charges and vows revenge on his political enemies. Meanwhile, Americans generally are dissatisfied with those choices and are divided over immigration, race, education and more.

Politics & Policy

A CIA assessment says that Crown Prince Mohammed bin Salman (MBS) communicated several times with his top adviser, who oversaw the murder of journalist Jamal Khashoggi, before and after Khashoggi's death, according to the Wall Street Journal which reviewed excerpts of the assessment. 

Why it matters: The CIA's conclusion that MBS directed the murder of Khashoggi has been disputed by President Trump, who said the CIA "points it both ways." But MBS said, according to the CIA assessment, that "we could possibly lure him outside Saudi Arabia and make arrangements" if he was unable to get Khashoggi to return to the kingdom, which the CIA says "seems to foreshadow the Saudi operation launched against Khashoggi."

Details: The CIA concludes in its assessment that there is "medium-to-high confidence" that MBS "personally targeted" Jamal Khashoggi, and "probably ordered his death," the Journal reports. 

The team of people who killed Khashoggi was made up of MBS' "top security units in the Royal Guard," the WSJ reports. The CIA said: "We assess it is highly unlikely this team of operators...carried out the operation without Muhammed bin Salman's authorization." 

It's unclear if the comments about luring Khashoggi to another country came directly from MBS or were being described by someone. 

CIA report shows evidence linking Saudi crown prince to Khashoggi murder

The assessment reinforces the CIA's conclusion that MBS was involved in Khashoggi's murder.

Saudi Arabia

Axios AM

The passing last night of President George H.W. Bush at age 94 "marks the end of a long era in presidential history — what we might call the Cold War Presidents: Truman, Ike, JFK, LBJ, Nixon, Ford, Carter, Reagan and Bush," presidential historian Jon Meacham, author of "Destiny and Power: The American Odyssey of George Herbert Walker Bush," tells Axios. 

The big picture: "The last combat veteran to hold the office, President Bush came from a truly vanished world. Born to privilege, he had the most adventurous and courageous of spirits (he considered joining the Royal Air Force after Pearl Harbor since the RAF would take 17-year-olds). ... "The war years, the move to Texas, the long apprenticeship in national politics and governance — it was a thrilling life, and he loved every bit of it."

"To me," Meacham continued, "one of the most fascinating things about GHWB is how easily he could have turned out to be a conventional New England-born, Ivy League-educated Wall Streeter in a world circumscribed by the Council on Foreign Relations, the River Club, and commutes home to Greenwich."

"He resisted that with all his might — and because of his insistence on a different life, he now, to borrow a phrase commonly attributed to William Seward, belongs to the ages."

(Meacham will be the Washington National Cathedral's guest preacher tomorrow at 11:15 a.m.)

The statement from the former president's office: "George Herbert Walker Bush, World War II naval aviator, Texas oil pioneer, and 41st President of the United States of America, died on November 30, 2018."

"He was 94 and is survived by his five children and their spouses, 17 grandchildren, eight great grandchildren, and two siblings."

"Funeral arrangements will be announced as soon as is practical."

Jeb, Neil, Marvin, Doro, and I are saddened to announce that after 94 remarkable years, our dear Dad has died. George H. W. Bush was a man of the highest character and the best dad a son or daughter could ask for. The entire Bush family is deeply grateful for 41’s life and love, for the compassion of those who have cared and prayed for Dad, and for the condolences of our friends and fellow citizens.

From the office of Barack and Michelle Obama:

George H.W. Bush’s life is a testament to the notion that public service is a noble, joyous calling. And he did tremendous good along the journey. Expanding America’s promise to new immigrants and people with disabilities. Reducing the scourge of nuclear weapons and building a broad international coalition to expel a dictator from Kuwait. And when democratic revolutions bloomed across Eastern Europe, it was his steady, diplomatic hand that made possible an achievement once thought anything but — ending the Cold War without firing a shot. It's a legacy of service that may never be matched, even though he’d want all of us to try. 

The long view: "He was president for only four years, but George H.W. Bush shaped U.S. history for decades, taking on tough jobs from Beijing to the CIA, ousting Iraqi forces from Kuwait, sealing a breakthrough budget deal that cost him an election and fathering a future president." (Reuters' David Lindsey)

The N.Y. Times' Adam Nagourney writes for history: "George Bush, the 41st president of the United States and the father of the 43rd, who steered the nation through a tumultuous period in world affairs but was denied a second term after support for his presidency collapsed under the weight of an economic downturn and his seeming inattention to domestic affairs, died on Friday night at his home in Houston. He was 94."

"Bush, a Republican, was a transitional figure in the White House, where he served from 1989 to 1993, capping a career of more than 40 years in public service. A decorated Navy pilot who was shot down in the Pacific in 1944, he was the last of the World War II generation to occupy the Oval Office."

Statement from President Trump (who mocked the 41st president just five months ago: "What the hell was that, by the way: Thousand points of light?") and First Lady Melania Trump, issued after midnight ET from Buenos Aires:

"Through his essential authenticity, disarming wit, and unwavering commitment to faith, family, and country, President Bush inspired generations of his fellow Americans to public service — to be, in his words, 'a thousand points of light' illuminating the greatness, hope, and opportunity of America to the world."

"With sound judgement, common sense, and unflappable leadership, President Bush guided our Nation, and the world, to a peaceful and victorious conclusion of the Cold War."

"As President, he set the stage for the decades of prosperity that have followed. And through all that he accomplished, he remained humble, following the quiet call to service that gave him a clear sense of direction."

Go deeper: Political world mourns loss of George H.W. Bush

George H.W. Bush: emblematic of "a truly vanished world"

"[I]t was a thrilling life, and he loved every bit of it."

President Bush in the Rose Garden, 1991. Photo: Ron Edmonds/AP

George H.W. Bush

Politicians on both sides of the aisle — along with foreign leaders, including Russian President Vladimir Putin — are mourning the late Friday night passing of former President George H.W. Bush. 

President Trump, who has been publicly critical of the Bush family, tweeted that Bush "led a long, successful and beautiful life. Whenever I was with him I saw his absolute joy for life and true pride in his family." 

President Trump and first lady Melania Trump said in a statement that Bush's "example lives on, and will continue to stir future Americans to pursue a greater cause." Trump also tweeted that Bush's "accomplishments were great from beginning to end. He was a truly wonderful man and will be missed by all!" 

Former President Barack Obama said in a statement that Bush's legacy of public service "may never be matched, even though he'd want all of us to try." 

The Clintons said in a statement that "[f]ew Americans have been—or will ever be—able to match President Bush’s record of service to the United States and the joy he took every day from it." 

"Rosalynn and I are deeply saddened by the death of former President George H.W. Bush. His administration was marked by grace, civility, and social conscience. Through his Points of Light initiative and other projects, he espoused a uniquely American volunteer spirit, fostering bipartisan support for citizen service and inspiring millions to embrace community volunteerism as a cherished responsibility. 

We again extend our heartfelt condolences to the Bush family."

Russian President Vladimir Putin said, in a statement to President George W. Bush: "I was lucky to meet your father more than once. I remember with particular warmth how he organized our meeting in his wonderful estate in Kennebunkport." 

Accept the deepest condolences over the death of your father - George Herbert Walker Bush, the former US President.

An outstanding man who had served his country faithfully all his life — armed with arms during the war years and in high government positions in peacetime, passed away. Leading the United States at one of the most important stages of world history, he showed political wisdom and foresight, sought to make informed decisions even in the most difficult situations.

Realizing the significance of the constructive dialogue between the two major nuclear powers, George Bush Sr. did much to strengthen Russian-American relations and cooperation on international security issues.

I was lucky to meet your father more than once. I remember with particular warmth how he organized our meeting in his wonderful estate in Kennebunkport.

The fond memory of George Bush Sr. will forever remain in my heart and in the hearts of my countrymen. At such a sad time, I would like to convey the words of sincere sympathy and support to all members of your large family. Let courage not leave you in the face of this heavy, irreplaceable loss.

French President Emmanuel Macron said Bush "was a world leader, who strongly supported the alliances with Europe."

British Prime Minister Theresa May called Bush "a true friend to the UK...His statesmanship, wisdom and friendship will be much missed."

Former Vice President Al Gore said he'd remember Bush "for his personal kindness and for his love of this country." 

Secretary of State Mike Pompeo said Bush "was one of America’s most consequential and dedicated public servants." 

"Devoted husband, loving father, steadfast friend, exemplary patriot: this is how I will always remember President George H. W. Bush. Whether he was serving in the skies over the Pacific during World War II, protecting America at CIA headquarters, or leading our nation in the Oval Office, President Bush was one of America’s most consequential and dedicated public servants. In his private life, he was a devoted family man who exuded kindness and respect to everyone he met. I am privileged to have known him as a friend, and I will always treasure the special bond we shared of having led the world’s finest intelligence service. Though our hearts are heavy today, we take comfort in knowing he is no longer apart from his beloved wife Barbara. My thoughts and prayers, as well as those of my State Department colleagues, are with the entire Bush family."

Defense Secretary Jim Mattis said Bush's example "will long guide our Sailors, Soldiers, Airmen and Marines for how to live without regret." 

Energy Secretary and former Governor of Texas Rick Perry said, "We all were better knowing this fine gentleman. Gig ‘em & God Bless." 

Texas Governor Greg Abbott said Bush "was a friend to all he met, he embodied class and dignity." 

The U.S. Navy tweeted: "Fair winds and following seas, Sir. We have the watch." 

Former CIA Director John Brennan called Bush "an American who made us all proud." 

Senate Majority Leader Mitch McConnell said Bush "brought clear-eyed, principled leadership to a nation and world in transition," as president. 

Senator Chuck Schumer said that "even when he opposed your views, you knew he was doing what he thought was best for America." 

What they're saying: Political world mourns loss of George H.W. Bush

President Obama said Bush's legacy of public service "may never be matched."

President George H.W. Bush in Ankara, Turkey, 1991. Photo: AA Archive/Anadolu Agency/Getty Images

Data: Kurz et al. 2018; Chart: Naema Ahmed and Harry Stevens/Axios

When Generation X was the age of millennials, they had significantly more financial assets — more even than the Boomer generation before them, according to a new report by the Federal Reserve Bank. 

If any generation could be called "entitled," it might have been Gen Xers — if it weren't for the typically large debt that ultimately crushed their chances of wealth. 

The economic environment in the years immediately before the financial crash made it easy for young adults at the time — members of Generation X, born from 1965 to 1980 — to buy homes, cars and other properties, and to invest in stocks. 

But when you subtract the average Gen Xer's debt — mostly the easy-to-obtain mortgages — they weren't much better off than young Boomers before them, Bill Emmons, assistant vice president at the Fed in St. Louis, tells Axios.

By the numbers: More than half of Gen Xers owned homes when they were 21 to 36, around the age of millennials today. Just 33.9% of the same age group in 2016 owned homes, the Fed said. 

Young Gen Xers were also more likely to own stock at that age than millennials or boomers, at 28%, compared with 15% and 14%, respectively.

Millennials lacked the same financial opportunity to buy homes as Gen Xers at their age, and "as house prices have grown, they haven't been able to cash into that in the same way," said Lowell Rickets, of the St. Louis Fed's Center for Household Financial Stability. 

But even with the student debt crisis, millennial median and average debt is less than that of the generation before them when they were the same age, according to the report. 

The bottom line: With the financial crash, the investments that Gen Xers made when they were young still haven't really paid off, according to Emmons, and ultimately left them worse off. 

Millennials may not bear the same risk as Gen Xers did, but they are still having trouble accumulating wealth, partly because of student debt. 

Gen X bought the most homes, but debt killed their American Dream

When they were the age of millennials, Gen Xers had far more financial assets than Boomers.

Future

Demographics

Facebook stayed in the news this week as COO Sheryl Sandberg met with a civil rights group and her story continued to shift on her involvement with a political consulting firm's work. Here are five other stories in tech news this week that may have gotten lost in the Facebook drama. 

Catch up quick: Electric vehicles in China are sending real-time data to the government; Instagram is now using AI to describe photos for users with visual impairments; misinformation bots are smarter than we thought; Facebook launched a local news aggregator; and carmakers at the L.A. auto show are pushing their tech, not their cars. 

Electric vehicles in China send real-time data to the government (Associated Press)

Axios

Saturday's top stories