World Bank-IMF meetings end with call for reformOctober 7th, 2009 ISTANBUL - The annual meeting of the World Bank and International Monetary Fund was formally concluded Wednesday in Istanbul with an appeal to nations to pursue reforms while dealing with the global economic crisis. In remarks wrapping up the conference attended by finance ministers, central bank governors and other top officials from 186 countries, plenary session chairman Nguyen Van Giau said further international cooperation was foreseen to master the problems.
Group of 7 finance ministers warns of fragile recovery and against complacencyOctober 3rd, 2009 G-7 finance ministers warn of fragile recoveryISTANBUL — The world economy is growing again, but the recovery remains fragile, according to the finance ministers from the Group of Seven rich countries. In a joint statement in Istanbul on Saturday, they say that decisive actions have helped the global economy to recover and financial market conditions to improve.
France optimistic that G-20 will strike agreement on bonuses at summitSeptember 11th, 2009 France sees chance for bonus restrictionsPARIS — French Finance Minister Christine Lagarde expressed optimism Friday that world leaders will agree to international rules on trader bonuses at this month's summit of rich and developed nations in Pittsburgh. In a preparatory meeting for Group of 20 summit, finance ministers last week agreed to curb hefty bankers' bonuses, but the proposed crackdown falls short of European demands after the U.S.
G20 pledges to implement IMF reforms, fight protectionism (Night Lead)September 5th, 2009 LONDON - Finance ministers of the Group of 20 (G20) countries Saturday pledged to give India and other emerging economies a greater voice in the running of the International Monetary Fund (IMF) and other global financial institutions. In their final communiqu issued here after Sep 4-5 meetings of the group representing 80 percent of world GDP, the finance ministers pledged to implement reforms to the World Bank by Spring 2010 and the next IMF quota review by January 2011.
G20 expected to reach agreement on bank bonusesSeptember 5th, 2009 LONDON - Finance ministers of the G-20 countries are expected to reach an agreement on bank bonuses, Britain's Sky News reported Saturday. The ministers were nearing an agreement under which banks would be forced to disclose the pay of their top earners, it reported.
Europe looks to India to plug IMF funding holeSeptember 4th, 2009 LONDON - Finance Minister Pranab Mukherjee began meeting with his counteparts from the G20 group of countries here Friday, as two key European leaders said India should help replenish a massive funding gap in the International Monetary Fund (IMF). European Union funding for the IMF is a major issue at the Sep 4-5 G20 finance ministers' meet, which could also see India, China, Brazil and Russia demand being given a greater say in the running of the IMF, including a bigger share of voting rights.
European countries press to put bonuses at top of agenda for G-20 talks in LondonSeptember 4th, 2009 European countries call on G-20 to tackle bonusesLONDON — Top finance officials have debated the next steps for the recovering global economy, with European countries pushing for a crackdown on bankers' bonuses while the U.S. stressed the need to boost bank reserves to prevent a repeat of the financial crisis.
Pranab begins BRIC meetings, India asked to plug IMF funding holeSeptember 4th, 2009 LONDON - Finance Minister Pranab Mukherjee began meeting with his counteparts from Brazil, Russia and China ahead of a G20 meeting here Friday, as two key European leaders said India should help replenish a massive funding gap in the International Monetary Fund (IMF). Mukherjee, participating in his first Group of 20 meeting as finance minister, met Guido Mantega of Brazil, Xie Xuren of China and Alexey Kudrin of Russia to firm up the position of the BRIC group ahead of the full G20 meeting Saturday.
Amid signs of improving economy, ECB keeps rate unchanged at 1 pctSeptember 3rd, 2009 European Central Bank keeps rate steadyFRANKFURT — The European Central Bank has left its benchmark rate unchanged at 1 percent as markets wait for word that it may raise its economic forecasts. The ECB, which sets interest rates for the 16 countries that use the euro, will explain its decision at a press conference later Thursday.
G20 countries to work on finance reforms, likely to agree on keeping stimulus efforts for nowSeptember 3rd, 2009 G20 officials to talk recovery, bank reservesLONDON — Top finance officials at a Group of 20 meeting in London are expected to stress their commitment to boosting the global economy for now — despite friction over when exactly to scale back stimulus efforts amid growing signs of recovery. Finance ministers and central bankers will try to coordinate plans for an eventual winding down of the trillions of dollars of support.
EU finance ministers declare war on bankers' bonusesSeptember 2nd, 2009 BRUSSELS - The European Union's finance ministers were meeting in Brussels Wednesday in a bid to curb bankers' bonuses amid strong opposition from Britain, home to the bloc's most important financial centre. "Bankers are partying like it's 1999, and it's actually 2009.
Geithner says global economy still needs stimulus until clearer signs of recoverySeptember 2nd, 2009 Geithner says global economy still needs stimulusWASHINGTON — Treasury Secretary Timothy Geithner said Wednesday that efforts by the United States and other nations to fight a worldwide economic crisis have been able to pull the global economy "back from the abyss."
But countries must continue to provide sizable amounts of support until there are clearer signs of recovery to avoid a classic mistake countries have made in past recessions, he said. Geithner said he would stress that point in meetings of financial ministers in London that start Friday.
Bank of America defends $33M Merrill Lynch bonus settlementAugust 24th, 2009 BofA defends Merrill bonus settlementCHARLOTTE, N.C. — Bank of America Corp.
Judge says more details, names needed in $33 million Bank of America bonus settlementAugust 11th, 2009 Judge: More details needed in BofA bonus caseNEW YORK —A federal judge says he needs more time and additional details before making a decision on a $33 million settlement between Bank of America and the Securities and Exchange Commission over executive bonuses. In a hearing in New York on Monday, U.S.
EU nations blame banking crisis on banking pay and bonuses, call for looser accounting rulesJuly 7th, 2009 EU partly blames bank crisis on payBRUSSELS — European Union nations on Tuesday partly blamed the financial crisis on the way bankers and traders are paid and called for new rules to link performance to pay. Finance ministers said in a joint statement that "inappropriate incentives, short-termism and inadequate capture of risk" had allowed banks take on massive risks that have forced them to put aside billions of euros (dollars) in the past year to cover potential losses.
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