EU presidency says G-20 summit in Pittsburgh was 'a step forward'September 26th, 2009 EU presidency: G-20 summit was 'a step forward'STOCKHOLM — The EU presidency calls the Pittsburgh Group of 20 summit "a step forward," because world leaders agreed to restrict bankers' bonuses and introduce tougher financial market regulation. Swedish Premier Fredrik Reinfeldt and Finance Minister Anders Borg say the agreements struck at the summit of rich and developing nations "took the first steps toward a more sustainable financial system."
The key deals struck by the G-20 in Pittsburgh included tougher rules on bonus payments, improved regulation of the financial market as well as stricter supervision.
Elite G-7 to be replaced by G-20September 25th, 2009 PITTSBURGH - World leaders have announced that the elite club of developed nations known as the Group 7 would be permanently replaced as a global forum for economic policy by the much broader Group of 20, which includes China, Brazil, India and other fast-growing developing nations. World leaders agreed to the expansion of the G 20's role in global economic affairs during meetings on Thursday, the White House said in a statement.
G20 leaders set for summit on financial crisis, regulationSeptember 24th, 2009 PITTSBURGH - As G20 leaders converged here for their third summit, a major consensus that has emerged is economies like India have a key role to play in restoring normalcy in the global financial system and to overcome the current economic downturn. While Prime Minister Manmohan Singh has already said India had much to offer in terms of finding a solution to the financial crisis, US President Barack Obama feels America alone cannot resolve all problems and there must be a global consensus.
Clinton praises Rudd as one of world's 'most intelligent and smartest leaders'September 23rd, 2009 NEW YORK - Former US President Bill Clinton has described Australian Prime Minister Kevin Rudd as one of the world's smartest leaders. Clinton, who was introducing Rudd as a panellist, along with Chilean President Michelle Bachelet, in the opening session of the four-day climate change conference to discuss key global issues, said: "In my opinion, he is one of the most well-informed, well-read, intelligent leaders in the world today."
According to The Times,he also praised Rudd for his government's recognition of the need to take urgent action on climate change and for its advocacy of the Group of 20 major economies as a preferred vehicle than the smaller G-8 to deal with issues such as the global financial crisis and climate change.
'Tackle climate change or imperil democracy'September 15th, 2009 LONDON - Democratic freedoms will be in danger around the world unless governments step up immediate efforts to tackle climate change, according to a think tank based here. In an open letter to UN Secretary-General Ban Ki-moon Tuesday, the second International Day of Democracy, the Foundation for Democracy and Sustainable Development (FDSD) has warned of "formidable environmental and natural resource challenges just around the corner - and climate change is the biggest of them all".
India calls for 'better surveillance' to tackle financial crisisSeptember 2nd, 2009 NEW DELHI - Ahead of the G20 summit later this month, India has underlined the need for developing better surveillance and regulation to tackle the global financial crisis and stressed a bigger voice for developing countries in international financial institutions. "There should be better and transparent regulatory mechanism for capital markets as well as a stronger voice for developing countries, External Affairs Minister S.M.
FTC issues new rules and stiff penalties for oil traders found manipulating pricesAugust 6th, 2009 FTC issues braced to fight oil price manipulationWASHINGTON — The Federal Trade Commission has issued a final regulation to curb price manipulation in oil trading markets. The regulation announced Thursday prohibits oil traders from making false or misleading statements about oil prices, petroleum production or oil market statistics that would likely distort the market.
Manmohan Singh arrives in Italy for G-8 summitJuly 8th, 2009 ROME - Prime Minister Dr. Manmohan Singh arrived in Rome on a four-day visit on Tuesday to attend the G-8 summit.
PM blames developed world for slowdown, climate changeJuly 7th, 2009 NEW DELHI - Heading for the G8-G5 summit in the Italian earthquake-hit town of L'Aquila Wednesday, Prime Minister Manmohan Singh blamed the developed economies for the present global financial and economic slowdown and adverse consequences of climate change being faced by the world. "The global financial and economic slowdown that we are witnessing is particularly detrimental for the development objectives of developing countries such as India.
G5 launches website, presses for global reformsJuly 6th, 2009 NEW DELHI - Ahead of the G8 summit in Italy, External Affairs Minister S.M. Krishna Monday launched the website of the outreach partners, an important step that underlines increasing congruence among G5 countries which share common positions on key global issues.
Sarkozy, Brown push for new tax haven rules, tighter financial regulationJuly 6th, 2009 Sarkozy, Brown push against tax havens, regulationEVIAN, France — The leaders of France and Britain say the countdown has begun for uncooperative tax havens to improve their transparency or face sanctions by March. Meeting for their annual Franco-British summit in this Alpine resort, French President Nicolas Sarkozy and British Prime Minister Gordon Brown said that 2009 will be a "decisive" year in terms of financial regulation reform.
Scandal-hit Berlusconi seeks sobriety by hosting G-8June 29th, 2009 ROME - Facing a series of domestic scandals that would have embarrassed Roman Emperor Tiberius, Italian Prime Minister Silvio Berlusconi has decided to take the sobriety route by announcing the program for this year's G-8 summit. A spokesman for Berlusconi said the summit had been moved from the Sardinian resort of La Maddalena to the devastated town in Abruzzo, central Italy, partly to bring a degree of "sobriety" to proceedings in a time of international crisis.
EU leaders strike draft deal on financial oversight reform, bow to British fearsJune 18th, 2009 EU leaders agree financial oversight reformBRUSSELS — European Union leaders agreed Thursday that new EU financial oversight agencies could overrule national regulators as a last resort — but soothed British fears by saying they shouldn't order them to use taxpayers' money to bail out banks, diplomats said. EU nations say they need better oversight of banks and markets to prevent a repeat of last year's financial crisis, which has sent the global economy into its worst downturn since the Second World War.
United States and China pledge co-operation for a better futureApril 1st, 2009 LONDON - The United States and China on Wednesday agreed that there was need to step up economic co-operation to address the ongoing global financial crisis. Ahead of the G-20 economic summit to be held here on Thursday, the US President Barack Obama and Chinese President Hu Jintao met here and both Heads of State expressed a commitment for the need to resist protectionism and ensure stable US-China trade relations.
Manmohan Singh calls for G20 'umpire'April 1st, 2009 LONDON - Prime Minister Manmohan Singh has said there is a need for an international 'umpire' to ensure that rich nations are fulfilling their pledges. The International Monetary Fund (IMF) needs a new monitoring body - an 'expert crew' - to ensure that any stimulus packages agreed by the Group of 20 (G20) leaders meeting in London are 'sustained and maintained' next year.
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