Newscast WASHINGTON—The Group of 20 leading economic powers has said that it is
closely monitoring the situation in crisis-stricken Ukraine. At the same time, it has
called on the US to ratify reforms to the International Monetary Fund.
The final communique released following a meeting of G20 finance ministers and
central bankers in Washington on Friday, said the International Monetary Fund and
World Bank were best-placed to assist the new authorities in Ukraine.
“We are monitoring the economic situation in Ukraine, mindful of any risk to economic
and financial stability, and welcome the IMF’s recent engagement with Ukraine as the
authorities work to undertake meaningful reforms,” the statement said. CONTINUE TO FULL STORY>>
Newscast Media MOSCOW—Russia is not clinging to the G8 format, as all major world
problems can be discussed at other international venues such as G20, Russia’s
Foreign Minister Sergei Lavrov has said.
“The G8 is an informal club, no one gives out membership cards and no one can expel
members,” Lavrov told a media conference at the Hague. “If our Western partners
believe that this format has exhausted itself, let it be. We are not clinging to it.”
Lavrov also said that many believe that the G8 has already fulfilled its mission as
many issues are now discussed at the G20 forum. CONTINUE TO FULL STORY>>
Newscast Media MOSCOW—Leaders from the Group of 20 (G20) advanced and
emerging economies, who are meeting in St. Petersburg, Russia, September 5 and 6,
are expected to focus on the importance of global economic growth and job creation,
a senior Obama administration official says.
“The economic context for this discussion is very different from last year,” a senior
official said during a recent White House background briefing on the trip. “It will be
the first one since November 2010 that will not be dominated by urgent measures to
resolve the financial crisis, initially in the United States and then in Europe.”
Before attending the G20 Russia Summit, President Obama will meet September 4 and
5 with Swedish and other Nordic leaders in Stockholm to discuss climate change,
defense and security cooperation, global development, and trade, a senior
administration official says.
The Russia Summit will be the seventh G20 summit Obama has attended since taking
office in 2009.
“Turning to a few other initiatives this year, one is work in this forum to prevent tax
evasion — illegal tax evasion and legal tax avoidance, which is when companies use
legal loopholes to reduce or avoid taxes,” the official said. The United States has
been a world leader in passing and implementing legislation that increases disclosure
requirements for individuals and financial institutions to crack down on illegal tax
evasion, the administration official said.
The Obama administration hopes to convince others in the G20 to adopt a similar
disclosure standard globally, he added.
G20 countries represent about 80 percent of the gross domestic product globally and
nearly 80 percent of world trade. They also represent two-thirds of the world’s
Members of the G20 include the European Union and the following 19 countries:
Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy,
Japan, Mexico, Russia, Saudi Arabia, South Africa, the Republic of Korea, Turkey, the
United Kingdom and the United States. The G20 also includes the members of the
Group of Eight most advanced economies — Britain, Canada, France, Germany, Italy,
Japan, Russia and the United States. The organization was formed in 1999.
Newscast Media BELFAST—As the G-8 summit commences this week in Northern Ireland, Syria is expected to be high on the agenda, with Russia standing in stark opposition to any sort of resolution so far put forth by other nations present, especially the United States.
On Monday, G-8 host British Prime Minister David Cameron acknowledged the ideological chasm but said that Russia must push for negotiations as rapidly as possible and not to back a government that “butchers” its citizens.
In his first press conference, Hassan Rowhani, declared the winner of Iran’s presidential election on Saturday, spoke out against any intervention in Syria.
“The Syrian crisis must be resolved by the people of Syria,” Rowhani said. “We are against terrorism, civil war, and foreign intervention. Hopefully, with the help of all countries of the region and the world, peace and calm will return to Syria”. He added that “the government must be respected by other countries until the next elections, and then it is up to the people to decide.”
Meanwhile, after evening talks with British Prime Minister David Cameron, Russia’s Vladmir Putin said that Russia had conformed with international standards when selling weapons to Syrian President Bashar al-Assad.
“We are not breaching any rules and norms and we call on our partners to act in the same fashion,” Putin said, in an apparent reference to recent decisions from the US and some EU members like France and Britain to send military support to Syrian rebels. The German government has said it does not currently plan to send weaponry to either side in Syria’s civil war.
Barack Obama is also scheduled for his first face-to-face private talks with his Russian counterpart Vladimir Putin in a year on the sidelines of the summit at the Lough Erne golf resort near the Northern Irish town on Enniskillen.
Source: Deutsche Welle
Newscast Media MOSCOW—The group of the world’s 20 major economies has been trying to formulate joint policies in regard to future public spending and growth incentives. However, at the meeting in Moscow, exchange rate policies also played a role.
In the run-up to a meeting of financial officials from the G20 major economies in Moscow on Friday and Saturday, leading participants said a lot of work needed to be done to arrive at a common policy on currency exchange rates and whether to influence them or not.
The Moscow gathering looked likely to be dominated by controversy over Japan’s recent expansive moves to drive down the value of the yen so as to boost domestic exports.
The policy by many industrialized nations of artificially pumping money into their banking systems has raised the prospect of competitive devaluations as countries sought to foster foreign demand by engineering weaker currencies.
European Central Bank President Mario Draghi said in Moscow that he considered any loose talk on currencies as “inappropriate, fruitless and self-defeating.”
At a joint news conference with Sergey Ignatiev, the chief of Russia’s central bank, Draghi insisted that there had been no attempt to influence exchange rates on the part of the ECB. “Influencing exchange rates is no objective of the ECB’s monetary policy,” he said. “But our monetary policy is important for price stability and economic growth.”
The Moscow meeting was also expected to see the continuation of a long-brewing row between Europe and the US over budget consolidation and growth incentives.
Source: Radio Deutsche Welle
NewscastMedia.com — Ten of Toronto’s most wanted have been listed for vandalism and violence on a list, and the Toronto police is asking the public to help them identify the protesters.
The protests occurred during the G8 and G20 Summits especially the June 26 two-day G20 summit. Det.-Sgt. Gary Giroux said, “They are individuals who are not suspects, they are people who are wanted for criminal offenses and the only difficulty that the investigative team has is that, at this point, we don’t know who they are. So we are seeking the assistance of the public to identify them.”
Giroux said, the investigative team has amassed 14,000 images and 500 videos of the protests, and urged the public to send them more information. Meanwhile, the group Canadians Advocating Political Participation held its own news conference Wednesday afternoon to call for a federal public inquiry of police actions during the protest. http://www.newscastmedia.com/g20-most-wanted-list.htm
Newscast Media — Newly elected British Prime Minister will face his first political test when he attend the G8 and G20 summits this week in Canada. Already facing the BP oil spill, the economic crisis, and the war in Afghanistan, Cameron will address a global coalition of nations how he plans to contain these crises.
He meets with Obama on Saturday for bilateral talks and it will be the first time the two leaders have met face-to-face since Cameron’s election. The summit is known to draw protests from those who believe the world leaders are attempting to form a one world government.
The Toronto police is on standby and have already arrested a 37-year old female protester for possession of an explosive device.
The G8 meeting begins Thursday, June 24, in Huntsville Ontario and will be followed by the G20 meeting that will take place in Toronto over the weekend. http://www.newscastmedia.com/g8summit.htm