CARACAS, Venezuela (AP) _ Venezuelan President Hugo Chavez is planning to hold his own summit to counter a meeting of the so-called Group of 20 industrialized and developing countries this weekend in Washington.Chavez says he'll invite the Bolivarian Alternative for the Americas trade bloc, known as ALBA, and members of the Petrocaribe oil initiative to discuss the world financial crisis.The two groups include more than 18 Caribbean and Latin American nations.
Frank Delaney ~ Ireland
At an emergency summit in Washington, leaders from the world's 20 top economies have agreed on an action plan to better regulate global financial markets and halt a global economic slide. The measures agreed to at the meeting include a call for beefing up regulation of the world's financial system, bolstering government spending to spur economic growth and reforming international financial institutions. "We are determined to enhance our cooperation and work together to restore global growth and achieve needed reforms in the world's financial systems," said the Group of 20 (G20) leaders, which included the world's advanced economies as well as the leading emerging economies. The G20 represents 85 percent of the global economy. The group committed to using "fiscal measures to stimulate domestic demand to rapid effect," while delegating regulation to "national regulators" instead of organizing a coordinated stimulus package.
The measures agreed to at the meeting include a call for beefing up regulation of the world's financial system, bolstering government spending to spur economic growth and reforming international financial institutions.
"We are determined to enhance our cooperation and work together to restore global growth and achieve needed reforms in the world's financial systems," said the Group of 20 (G20) leaders, which included the world's advanced economies as well as the leading emerging economies. The G20 represents 85 percent of the global economy.
The group committed to using "fiscal measures to stimulate domestic demand to rapid effect," while delegating regulation to "national regulators" instead of organizing a coordinated stimulus package.
World leaders pledged yesterday to cut taxes and boost government spending to drag their economies out of recession, and to begin work on a new system for regulating the battered global financial system. The heads of 20 countries, meeting in Washington, endorsed a series of broad goals to fend off future economic calamities and to revive economic growth. They are expected to reconvene in London in April, with the incoming US President, Barack Obama, to decide on longer-term measures. "We must lay the foundation for reform to help ensure that a global crisis, such as this one, does not happen again," the leaders said in a joint communiqué issued after the conclusion of the G20's emergency two-day economic summit. Gordon Brown called the deal a "road map" to pull the world out of the credit crisis and predicted that participating countries will, in the coming weeks, unveil packages of tax cuts or spending programmes designed to stimulate their economies. If all 20 governments, accounting for 90 per cent of the world's GDP, acted in concert, he said, the effect on the world economy would be magnified. Among other things, leaders agreed to reform international financial institutions such as the World Bank and the International Monetary Fund to help developing countries weather the economic storm. And they promised to restart a round of international trade talks moribund since July.
World leaders pledged yesterday to cut taxes and boost government spending to drag their economies out of recession, and to begin work on a new system for regulating the battered global financial system.
The heads of 20 countries, meeting in Washington, endorsed a series of broad goals to fend off future economic calamities and to revive economic growth. They are expected to reconvene in London in April, with the incoming US President, Barack Obama, to decide on longer-term measures. "We must lay the foundation for reform to help ensure that a global crisis, such as this one, does not happen again," the leaders said in a joint communiqué issued after the conclusion of the G20's emergency two-day economic summit.
Gordon Brown called the deal a "road map" to pull the world out of the credit crisis and predicted that participating countries will, in the coming weeks, unveil packages of tax cuts or spending programmes designed to stimulate their economies. If all 20 governments, accounting for 90 per cent of the world's GDP, acted in concert, he said, the effect on the world economy would be magnified. Among other things, leaders agreed to reform international financial institutions such as the World Bank and the International Monetary Fund to help developing countries weather the economic storm. And they promised to restart a round of international trade talks moribund since July.
WASHINGTON: Facing the gravest economic crisis in decades, the leaders of 20 countries agreed Saturday to work together to revive their economies, but they put off thornier decisions about how to overhaul financial regulations until next year, providing a serious early challenge for the Obama administration. Though the countries' stimulus packages were cast as ambitious steps, they mainly reflected measures that the countries were already undertaking to respond to the crisis. What remains to be seen is whether, working with a new White House, the leaders will cast aside their political and economic differences to embrace more radical changes, including far-reaching but fiercely debated proposals to overhaul regulation. The group planned its next meeting for April 30, 101 days after President-elect Barack Obama is sworn into office. Obama, who sent emissaries but did not attend at the meeting, will find common ground with the leaders in his support of a further stimulus program in the United States -- something President George W. Bush opposes. The group called for more fiscal measures to cushion the blow of a downturn that is hitting rich and poor countries.
WASHINGTON: Facing the gravest economic crisis in decades, the leaders of 20 countries agreed Saturday to work together to revive their economies, but they put off thornier decisions about how to overhaul financial regulations until next year, providing a serious early challenge for the Obama administration.
Though the countries' stimulus packages were cast as ambitious steps, they mainly reflected measures that the countries were already undertaking to respond to the crisis. What remains to be seen is whether, working with a new White House, the leaders will cast aside their political and economic differences to embrace more radical changes, including far-reaching but fiercely debated proposals to overhaul regulation.
The group planned its next meeting for April 30, 101 days after President-elect Barack Obama is sworn into office.
Obama, who sent emissaries but did not attend at the meeting, will find common ground with the leaders in his support of a further stimulus program in the United States -- something President George W. Bush opposes. The group called for more fiscal measures to cushion the blow of a downturn that is hitting rich and poor countries.
Gordon Brown claimed that world leaders have agreed a "route map to global economic recovery" at the conclusion of the G20 summit in Washington yesterday. The leaders of the world's 20 leading economies promised to instruct their ministers to seek a new Doha trade deal by the end of the year and to co-ordinate interest rate and tax cuts to soften the severity of the global recession. They also agreed new international regulations of banks to be finalised at a second summit, possibly in the UK, in March next year.
Gordon Brown claimed that world leaders have agreed a "route map to global economic recovery" at the conclusion of the G20 summit in Washington yesterday.
The leaders of the world's 20 leading economies promised to instruct their ministers to seek a new Doha trade deal by the end of the year and to co-ordinate interest rate and tax cuts to soften the severity of the global recession.
They also agreed new international regulations of banks to be finalised at a second summit, possibly in the UK, in March next year.
European leaders said the emergency finance summit in Washington was a success, even though the resulting action plan was less drastic than some of their original suggestions. The measures agreed to at the meeting include a call for beefing up regulation of the world's financial system, bolstering government spending to spur economic growth and reforming international financial institutions. "We are determined to enhance our cooperation and work together to restore global growth and achieve needed reforms in the world's financial systems," said the Group of 20 (G20) leaders, which included the world's advanced economies as well as the leading emerging economies. The G20 represents 85 percent of the global economy.
"We are determined to enhance our cooperation and work together to restore global growth and achieve needed reforms in the world's financial systems," said the Group of 20 (G20) leaders
Does anybody really believe they are capable of doing this?Or even willing?
sure, as long as 'reform' means free market principles lower taxes for their rich friends, a shrewd decision made while quaffing $500 bottles of wine.
never mind, supersarko will have them all singing 'bella ciao' after the brandy...
the 'obama effect' dontchaknow... ~"When an inner situation is not made conscious, it appears outside as fate." Karl Jung~
The Croatian government has banned Christmas and New Year parties in the public sector because of the global financial crisis. State-run firms and organisations have also been told that they won't be allowed to dip into their funds to buy Christmas presents. The ban follows a proposal to freeze public-sector salaries next year. Prime Minister Ivo Sanader said there was no need for panic, but the country had to be serious. ... and this Christmas "For that goal we forbid buying of Christmas and New Year's gifts as well as organising of Christmas and New Year's receptions," said Mr Sanader. "I believe that with the proposed measures ... we can avoid a deeper crisis within the next year," he added.
The Croatian government has banned Christmas and New Year parties in the public sector because of the global financial crisis.
State-run firms and organisations have also been told that they won't be allowed to dip into their funds to buy Christmas presents.
The ban follows a proposal to freeze public-sector salaries next year.
Prime Minister Ivo Sanader said there was no need for panic, but the country had to be serious.
"I believe that with the proposed measures ... we can avoid a deeper crisis within the next year," he added.
WASHINGTON: Leaders of the Group of 20 nations headed back to their home countries Sunday to continue work on reviving their economies, leaving no clear direction for the thornier questions of overhauling financial regulation that President-elect Barack Obama of the United States will have to address. While the group put on a strong united front during its summit meeting here Saturday in the face of a global crisis, members delayed any top-level decisions, including far-reaching but hotly debated proposals on overhauling financial regulation, until the 101st day of the incoming Obama administration. The group planned its next meeting for April 30, months after Obama was scheduled to be sworn into office. The measures announced by the G-20 on Saturday, though cast as ambitious reforms, mainly reflected steps that the countries were already undertaking to grapple with the crisis. What remains to be seen is whether, working with Obama's new White House, the G-20 leaders will be able to put aside their political and economic differences to embrace more radical changes.
WASHINGTON: Leaders of the Group of 20 nations headed back to their home countries Sunday to continue work on reviving their economies, leaving no clear direction for the thornier questions of overhauling financial regulation that President-elect Barack Obama of the United States will have to address.
While the group put on a strong united front during its summit meeting here Saturday in the face of a global crisis, members delayed any top-level decisions, including far-reaching but hotly debated proposals on overhauling financial regulation, until the 101st day of the incoming Obama administration.
The group planned its next meeting for April 30, months after Obama was scheduled to be sworn into office.
The measures announced by the G-20 on Saturday, though cast as ambitious reforms, mainly reflected steps that the countries were already undertaking to grapple with the crisis. What remains to be seen is whether, working with Obama's new White House, the G-20 leaders will be able to put aside their political and economic differences to embrace more radical changes.
The following is a reformatted version of the full text of the statement released today by the leaders of the Group of 20 developed and emerging-market nations after meeting in Washington: ... Commitment to an Open Global Economy We recognize that these reforms will only be successful if grounded in a commitment to free market principles, including the rule of law, respect for private property, open trade and investment, competitive markets, and efficient, effectively regulated financial systems. These principles are essential to economic growth and prosperity and have lifted millions out of poverty, and have significantly raised the global standard of living. Recognizing the necessity to improve financial sector regulation, we must avoid over-regulation that would hamper economic growth and exacerbate the contraction of capital flows, including to developing countries. ... We are mindful of the impact of the current crisis on developing countries, particularly the most vulnerable. We reaffirm the importance of the Millennium Development Goals*, the development assistance commitments we have made, and urge both developed and emerging economies to undertake commitments consistent with their capacities and roles in the global economy. In this regard, we reaffirm the development principles agreed at the 2002 United Nations Conference on Financing for Development in Monterrey, Mexico, which emphasized country ownership and mobilizing all sources of financing for development. We remain committed to addressing other critical challenges such as energy security and climate change, food security, the rule of law, and the fight against terrorism, poverty and disease. ...
Commitment to an Open Global Economy
FRB, CFTC, SEC consolidate global CDS settlement | Bloomberg | 14 Nov 2008
CME Group, Intercontinental Exchange Inc. of Atlanta, NYSE Euronext and Eurex have each submitted proposals to run a clearinghouse, a central body that would back trades in the unregulated market. Authorities are now conducting "detailed" on-site reviews of risk management functions, the regulators said in a joint statement with the U.S. Treasury today. ... Chicago-based CME, Intercontinental Exchange and NYSE Euronext are vying for control of a global market that could generate as much as $400 million in revenue a year, Keefe Bruyette & Woods analyst Niamh Alexander estimates. "Bringing transparency to this market is vitally important,'' SEC Chairman Christopher Cox said in a statement today. "The virtually unregulated over-the-counter market in credit-default swaps has played a significant role in the credit crisis." ... CME is regulated by the CFTC. Intercontinental Exchange has set up its clearing plan as a special purpose banking entity within the state of New York that would be regulated by the Fed. Intercontinental agreed last month to buy Chicago-based Clearing Corp., which is owned by nine major banks. Eurex is part owned by Deutsche Boerse AG. The agreement between the Fed, the CFTC and the SEC, while not altering their oversight mandates, seeks to ensure consistent rules for clearinghouses that fall under the domain of one or the other. It also would give the SEC better access to market data to police market fraud and manipulation.
Chicago-based CME, Intercontinental Exchange and NYSE Euronext are vying for control of a global market that could generate as much as $400 million in revenue a year, Keefe Bruyette & Woods analyst Niamh Alexander estimates. "Bringing transparency to this market is vitally important,'' SEC Chairman Christopher Cox said in a statement today. "The virtually unregulated over-the-counter market in credit-default swaps has played a significant role in the credit crisis." ...
CME is regulated by the CFTC. Intercontinental Exchange has set up its clearing plan as a special purpose banking entity within the state of New York that would be regulated by the Fed. Intercontinental agreed last month to buy Chicago-based Clearing Corp., which is owned by nine major banks. Eurex is part owned by Deutsche Boerse AG.
The agreement between the Fed, the CFTC and the SEC, while not altering their oversight mandates, seeks to ensure consistent rules for clearinghouses that fall under the domain of one or the other. It also would give the SEC better access to market data to police market fraud and manipulation.
Menu for the Dinner in Honor of the Summit on Financial Markets and the World Economy | White House | 14 Nov 2008
Fruitwood-smoked Quail with Quince Gastrique Quinoa Risotto Landmark Chardonnay "Damaris Reserve" 2006 Thyme-roasted Rack of Lamb Tomato, Fennel and Eggplant Fondue Chanterelle Jus Shafer Cabernet "Hillside Select" 2003 Lolla Rosa, Red Oak and Endive Cider Vinaigrette Baked Vermont Brie with Walnut Crostini Pear Torte Huckleberry Sauce Chandon Étoile Rosé
Landmark Chardonnay "Damaris Reserve" 2006
Thyme-roasted Rack of Lamb Tomato, Fennel and Eggplant Fondue Chanterelle Jus
Shafer Cabernet "Hillside Select" 2003
Lolla Rosa, Red Oak and Endive Cider Vinaigrette Baked Vermont Brie with Walnut Crostini
Pear Torte Huckleberry Sauce
Chandon Étoile Rosé
FT.com / Companies / Aerospace & Defence - European companies launch supply chain rescues
Some of Europe's largest companies are taking extraordinary measures to help out suppliers stricken by the credit crisis by offering cash to prop them up.Groups from Daimler in cars, EADS in aerospace to Safran in defence are worried that their own financial health could be affected by a collapse of a supplier and are considering using their own liquidity to support smaller companies.Paul Lester, chief executive of UK defence company VT Group, said he had told his top 100 suppliers that they should come to him for financial help. "If you get into financial difficulties don't delay, but come and talk to us. You are probably better talking to us than banks because banks aren't really doing their jobs right now and we can help," he said.Daimler and BMW, the world's two largest luxury carmakers, have both hinted they could buy suppliers if they get into difficulties. Dieter Zetsche, Daimler's chief executive, said he was already helping some suppliers with cash and added "300,000 jobs were at risk in the industry" if banks continued to tighten credit.The supply chain for many large manufacturers is coming under increasing stress as their small and mid-sized suppliers see credit becoming more expensive or even withdrawn. Several small suppliers have gone bankrupt in recent weeks, including one to VT Group and several in the retail sector.
Some of Europe's largest companies are taking extraordinary measures to help out suppliers stricken by the credit crisis by offering cash to prop them up.
Groups from Daimler in cars, EADS in aerospace to Safran in defence are worried that their own financial health could be affected by a collapse of a supplier and are considering using their own liquidity to support smaller companies.
Paul Lester, chief executive of UK defence company VT Group, said he had told his top 100 suppliers that they should come to him for financial help. "If you get into financial difficulties don't delay, but come and talk to us. You are probably better talking to us than banks because banks aren't really doing their jobs right now and we can help," he said.
Daimler and BMW, the world's two largest luxury carmakers, have both hinted they could buy suppliers if they get into difficulties. Dieter Zetsche, Daimler's chief executive, said he was already helping some suppliers with cash and added "300,000 jobs were at risk in the industry" if banks continued to tighten credit.
The supply chain for many large manufacturers is coming under increasing stress as their small and mid-sized suppliers see credit becoming more expensive or even withdrawn. Several small suppliers have gone bankrupt in recent weeks, including one to VT Group and several in the retail sector.
... The North Dakota farmer, Bob Sinner, says he is suddenly getting more business than ever from overseas. But just as he was gearing up to sell more wheat and soybeans abroad, he discovered he couldn't find enough shipping containers -- the big, colorful steel boxes seen on ships and trains. The mystery of those missing containers reveals the interdependence of producers, consumers and economies around the world. <...> Americans aren't buying as much, which means they aren't importing as much. This is how Hagovsky [a woman who just bought a new house but refuses to buy stuff to furnish it, because she is worried about her economic situation] -- and probably most of us -- are linked to Sinner. We usually buy rugs, couches, teddy bears and shoes, and all those goods ride over from Asia or Europe in containers. And that's how Sinner gets his containers: They have to come from overseas so that he can fill them up with soybeans and wheat and then send them back. So Akemi in Japan might want to buy Sinner's cheap soy products. But if Hagovsky doesn't take out that credit card and furnish her house, Sinner can't get his stuff to Japan or anywhere else. "Well, we're all consumers, we all have our personal lives that we have to take care of," Sinner says. "I don't fault those consumers for those decisions -- that's just a function of our economy."
The mystery of those missing containers reveals the interdependence of producers, consumers and economies around the world. <...>
Americans aren't buying as much, which means they aren't importing as much. This is how Hagovsky [a woman who just bought a new house but refuses to buy stuff to furnish it, because she is worried about her economic situation] -- and probably most of us -- are linked to Sinner. We usually buy rugs, couches, teddy bears and shoes, and all those goods ride over from Asia or Europe in containers. And that's how Sinner gets his containers: They have to come from overseas so that he can fill them up with soybeans and wheat and then send them back.
So Akemi in Japan might want to buy Sinner's cheap soy products. But if Hagovsky doesn't take out that credit card and furnish her house, Sinner can't get his stuff to Japan or anywhere else.
"Well, we're all consumers, we all have our personal lives that we have to take care of," Sinner says. "I don't fault those consumers for those decisions -- that's just a function of our economy."
