BERLIN/WASHINGTON (Own report) – The US-led RIMPAC 2018, the world’s largest naval maneuver, began yesterday with German soldiers participating. According to the US Navy, the naval exercise will also include operations in the Western Pacific. The region of the Southwest Pacific islands will thus come into focus, which – even though largely ignored by the European public – has been gaining significant global influence. On the one hand, the influence of Western countries has shrunk recently, while that of their strategic rivals, such as Russia and China, has significantly grown. Some Pacific island nations have since then been seeking to pursue a foreign policy independent from the West. On the other hand, the Southwest Pacific has become even more important also for Australia and the Unites States: as the political economic backyard for Australia and “gateway to the Indo-Pacific” for the U.S.A. Germany is also attempting to increase its activities in the region.
Saudi Arabia is getting ready for the twilight of the oil age by creating the world’s largest sovereign wealth fund for the kingdom’s most prized assets.
Over a five-hour conversation, Deputy Crown Prince Mohammed bin Salman laid out his vision for the Public Investment Fund, which will eventually control more than $2 trillion and help wean the kingdom off oil. As part of that strategy, the prince said Saudi will sell shares in Aramco’s parent company and transform the oil giant into an industrial conglomerate. The initial public offering could happen as soon as next year, with the country currently planning to sell less than 5 percent. Continue reading