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Sunday 04th of July 2010

News Tag: G20

June 28, 2010

China bows to G20 pressure and allows further yuan flexibility

by Kay Murchie
China bows to G20 pressure and allows further yuan flexibility
China faced renewed pressure at this weekend’s G20 summit Toronto, Canada, after a draft said: “Emerging surplus economies will undertake reforms tailored to country circumstances to… enhance rate flexibility.” Beijing has previously ruled out a one-off appreciation of its currency and has previously said keeping the yuan stable is “an important contribution” to global recovery. China has already faced ...



June 27, 2010

G20 summit sees protesters turn violent

by Kay Murchie
”G20
This weekend’s G20 summit, held in Toronto, Canada, saw more than 400 protesters arrested. Four police cars were set alight, while shop windows were broken with baseball bats and hammers, according to reports. Similar protests have occurred during the summit in past years and this year was no different as demonstrators came in their droves to protest against political issues. This weekend’s summit saw ...



June 25, 2010

BoE: UK banks still face risks

by Kay Murchie
’BoE:
The Bank of England's semi-annual Financial Stability Report, which has been published today, warned that UK banks are still at risk as a result of the euro zone debt crisis. While the report praised the €750 billion rescue package, agreed by the European Union and the International Monetary Fund (IMF), it said ongoing "market pressures" could affect Britain's financial system. The report ...



June 6, 2010

G20 nations address global economic issues

by Kay Murchie
’G20
G20 finance ministers and central bank governors from the world’s top 20 developed and emerging economies have met in South Korea this weekend and have said excessive budget deficits should be dealt with immediately. The agenda was believed to be discussing the need for common standards across financial markets, including a global bank tax - however there was no mention ...



June 4, 2010

G20 finance ministers to meet in South Korea this weekend

by Kay Murchie
’G20
Finance ministers and central bank governors from the world's top 20 developed and emerging economies are meeting this weekend in Busan, South Korea, with the euro zone debt crisis set to be high on the agenda. Markets have been in turmoil in recent months by worries over the debt crisis. The crisis led to the EU approving ...



April 25, 2010

G20 summit unveils optimism for global recovery

by Kay Murchie
’G20
The finance ministers of the G20 group of developed and emerging economies issued optimism about the global economic recovery, after it met on April 23 in Washington, D.C. An announcement after the meeting stated that the global economy is emerging faster than expected from its worst recession since World War II. According to the G20 ministers, the recovery was primarily due ...



November 10, 2009

G20 agreement sees shares rise

by Kay Murchie
G20 agreement sees shares rise
Over the weekend, G20 finance ministers at St Andrews in Fife reached an agreement to maintain financial support until recovery is ensured. The agreement was reached following concerns over rising unemployment and unsteady growth which saw finance ministers from developing and rich countries vow to keep fiscal measures in place until global recovery is assured. The International Monetary Fund (IMF) also believes that ...



November 9, 2009

G20: Recovery dependent on policy support

by Kay Murchie
”G20:
A meeting of G20 finance ministers at St Andrews in Fife saw an agreement to maintain financial support until recovery is ensured. The agreement was reached following concerns over rising unemployment and unsteady growth which saw finance ministers from developing and rich countries vow to keep fiscal measures in place until global recovery is assured. The International Monetary Fund (IMF) also believes ...



September 27, 2009

G20 nations agree to ‘tough new regulations’

by Kay Murchie
”G20
At last week’s G20 summit, the world's leading nations agreed to "tough new regulations". Following the summit, which took place in Pittsburgh on Thursday and Friday, US President Barack Obama announced that in order to prevent another financial crisis: "We have agreed tough new financial regulations to ensure that the reckless few can no longer be allowed to put the global ...



September 25, 2009

Dollar receives a boost after 1st day of G20 summit

by Kay Murchie
”Dollar
Sterling fell this morning to a near four-month low to $1.5917 against the US dollar before creeping back up to $1.5989. The level was the lowest seen since early June after G20 leaders said stimulus packages will remain until a recovery is sustainable. However, the pound is still currently higher than the low levels of below $1.50 seen ...



September 21, 2009

Banker bonuses an “ethical scandal” claims EU president

by David Masters
”Banker
Banker bonuses are an "ethical problem" on which Europe should place limits even if America does not, Jose-Manuel Barroso, president of the European Commission, claimed this week. "It would be interesting, important, useful to have if possible the same rules [across] the world [and] to have the Americans at our side," Barroso said in an interview on French television. "But in ...



September 7, 2009

Mandatory caps on bank bonuses rejected at G20 meeting

by Kay Murchie
”Mandatory
France’s proposal of a series of mandatory caps on bank bonuses was rejected at this weekend‘s meeting of G20 finance ministers. While the proposals made by French President, Nicolas Sarkozy, received strong European support, UK Chancellor Alistair Darling dismissed them as “unenforceable”. Instead, the G20 group of leading economies have agreed on new regulatory measures to require banks to disclose ...



September 2, 2009

EU Ministers unveil details of ending excessive bank bonuses

by Kay Murchie
”EU
A meeting today of European finance leaders unveiled details of plans to clamp down on excessive bank bonuses. The issue will also be high on the agenda at the G20 finance ministers’ meeting this weekend and will be a priority in the full G20 meeting in Pittsburgh in late September. Earlier this week, Prime Minister Gordon Brown suggested ...



September 1, 2009

PM adds to bank bonus debate

by Kay Murchie
”PM
The topic of bank bonuses continues to hit the headlines with Prime Minister Gordon Brown suggesting a possible cap on bonuses within the banking industry, and indicating that bonuses should be based on long-term success. The PM added that banks should be able to "claw back" bonuses if the bank later performed poorly. Mr Brown was speaking to the Financial Times ...



June 18, 2009

Obama outlines regulatory overhaul for US financial system

by Kay Murchie
Obama outlines regulatory overhaul for US financial system
US President Barack Obama is proposing a major reform of banking regulation in order to prevent future meltdowns of the US banking system. Mr Obama described the reforms as biggest overhaul of the system since the 1930s, which will see major banks put more money aside against future losses to prevent excessive risk taking. The objective is to tackle the ...



April 14, 2009

Poland seeking $20bn loan from IMF

by Peter Charalambous
”Poland
Despite Poland previously stating that it did not need help, the International Monetary Fund (IMF) has announced it is in the process of considering loaning $20 billion (£13.44 billion) after weeks of speculation. According to the IMF's managing director, Dominique Strauss-Kahn, the IMF board is considering a one-year flexible credit line arrangement after Poland’s Prime Minister, Donald Tusk, announced that the nation ...



April 3, 2009

Credit markets beginning to move after G20 lift

by Peter Charalambous
”Credit
There are finally signs that bank lending to companies and households will increase which will play a crucial part in the recovery from the recession, after a survey from the Bank of England revealed that credit conditions are improving. The quarterly survey on credit conditions now shows that lenders expect availability of credit to both households and corporate customers to ...



April 2, 2009

G20 leaders agree tax haven blacklist

by Peter Charalambous
”G20
The G20 leaders have come to an agreement to toughen up regulations within the financial markets today and have agreed to blacklist tax havens. The Organisation for Economic Co-operation and Development (OECD) will be in charge of publishing this and within the documentation a scale of white, grey and black list havens. This will be in order to reference and differentiate those who ...



Global stock markets rise on G20 summit hopes

by Kay Murchie
”Global
Stockmarkets throughout the world have risen today as leaders of the world's largest economies gather in London for the G20 summit. London‘s FTSE 100 index broke through the 4000 mark gaining 135 points to 4090.65 points this morning. However, the gains could also be attributed to the announcement from the Nationwide today, which revealed a 0.9% rise in March house ...



March 26, 2009

Leading economist delivers pessimistic outlook for global growth

by Kay Murchie
”Leading
DeAnne Julius, chairman of think tank Chatham House, has warned that the world could face five years of economic slowdown and a 10% decline in output. Addressing a G20 breakfast seminar organised by BBC News, Mrs Julius, who was previously a Monetary Policy Committee member of the Bank of England, said there was a 40% chance of such a ...