Group of 7 finance ministers warns of fragile recovery and against complacency

October 3rd, 2009 ISTANBUL - Finance ministers and central bank heads from the world's seven major industrial powers were meeting Saturday, less than two weeks after being relegated to a side role in future global economic talks. The Group of Seven (G7) nations were coming together on the sidelines of the International Monetary Fund and World Bank's annual meetings in Istanbul.

October 3rd, 2009 G-7 finance ministers face dollar concernsISTANBUL — Finance ministers from the Group of Seven rich countries gathered Saturday to confront concerns about the dollar, in a forum whose role is under question as developing countries get more say. G-7 officials indicated their joint statement could be less detailed than communiques of the past, always intensely parsed for policy language that could move markets.

September 30th, 2009 Lockhart: No rush for Fed to raise ratesWASHINGTON — A Federal Reserve official sees no need to rush to boost interest rates and rein in the extraordinary support for the economy, suggesting there are still dangers to the unfolding recovery. In a speech in Mobile, Ala., Federal Reserve Bank of Atlanta President Dennis Lockhart says: "I think it may well be some time before (a) comprehensive exit need be under way." In recent days, other Fed officials have raised the prospect of having to raise rates quickly once the economy gains traction to ward off inflation.

September 30th, 2009 US Treasury official: G-7 may drop joint statementWASHINGTON — Finance ministers from the world's seven most developed economies may not even issue a joint communique when they meet in Istanbul this weekend, a senior U.S. Treasury official said Wednesday.

September 19th, 2009 BANGALORE - The stimulus package, introduced in the last fiscal to protect the Indian economy from the impact of the global financial crisis, would continue till the economies of Europe and US recover, Finance Minister Pranab Mukherjee said here Saturday. "At the recently held G-20 countries' finance ministers' meet in London, we came to the conclusion that we should not reverse the stimulant package, which we have injected in the aftermath of international financial crisis, till the full recovery in Europe and North America is distinctly visible," Mukherjee told reporters at a news conference.

September 10th, 2009 Canada to run deficit until at least 2015VICTORIA, British Columbia — Canada's finance minister says the government will run deficits for two years longer than originally forecast, and the country will be in the red at least until 2015. Finance Minister Jim Flaherty says the deficit for this year will be over $4.6 billion more than originally thought, moving up to a projected $51.9 billion from $46.5 billion Flaherty told an audience in Victoria on Thursday that Canada is showing signs of a fragile economic recovery, but returning to balanced budgets will not be easy.

September 5th, 2009 LONDON - British Prime Minister Gordon Brown warned Group of 20 (G20) finance ministers and central bankers Saturday against moving too hastily to roll back the $5-trillion fiscal stimulus plans governments launched to counter fallout from the recession. Brown told the top G20 finance officials from the world's leading economies meeting in London that scaling back the anti-economic crisis packages would undermine "the tentative signs of recovery" that have recently emerged in the global economy.

September 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.

September 5th, 2009 British leader urges G-20 against complacencyLONDON — British Prime Gordon Brown has called on Group of 20 leaders to commit to continued efforts to boost global growth, saying that the world economy is at a "critical juncture." Addressing finance officials from the G-20 rich and developing countries at the start of their talks here on Saturday, Brown said that cooperation on the path ahead was essential. The G-20 is convening in the British capital amid mounting signs of at least a modest economic upturn.

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.

September 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.

September 3rd, 2009 OECD predicts earlier recovery than forecastPARIS — The world economy is headed for an earlier recovery than previously forecast, although the pace of the rebound will likely remain modest for some time to come, the OECD said Thursday. The Paris-based watchdog of industrialized nations said recessions this year in Japan and the euro zone will be less severe than the organization forecast in June, while the outlook for the U.S.

August 17th, 2009 NEW DELHI - Prime Minister Manmohan Singh Monday said there is no need to panic over the drought situation in many parts of India as the government has a better understanding of how to handle a crisis like this. The prime minister was speaking at a special session devoted to the drought situation during a chief ministers conference on internal security.

July 3rd, 2009 Canada finance minister says unemployment to riseTORONTO — Canada's finance minister said Friday that the country's economic recovery will likely be modest and job losses will mount into 2010 even after growth has begun. Jim Flaherty gave his most recent, sobering assessment of economic prospects in a conference call from Chile, after a meeting with finance ministers from the Americas.

June 9th, 2009 Geithner says risks to global recovery remainWASHINGTON — Treasury Secretary Timothy Geithner said Tuesday that the global recession is easing but serious risks remain to a prolonged recovery. Geithner told reporters there were a number of signs that conditions are getting better, including that 10 of the largest U.S.