News
July 2, 2009
China to Boost Ties With IMF
China will next week take an important step towards reconciliation with the International Monetary Fund, agreeing to disagree about its controversial currency policy in order to return to good standing in an organization it hopes to influence.
July 2, 2009
Exporters Struggle to Get Trade Loans - WTO's Lamy
Exporters are struggling to get the loans they need to ship their goods, the head of the World Trade Organisation said ahead of a high-level meeting on poor countries' aid-for-trade needs.
June 30, 2009
Emerging Markets Outlook Is ‘Optimistic,’ Faber Says
The outlook for emerging markets is “far more optimistic” than for developed economies as growth picks up, said investor Marc Faber, who advised investors to buy gold before its eight-year rally.
June 28,2009
G8 Set to Push For a Return to ‘Ethics’
Flawed markets and fundamental weaknesses in the world economic system demand adoption of a “global standard” of norms and principles and a return to ethics in business, according to finance ministers from the Group of Eight club of rich countries.
June 26, 2009
Global Free Trade Accord Seen Helping Environment
A new global free trade accord could help fight climate change by making clean-energy products more widely available, the World Trade Organization and United Nations Environment Program said on Friday.
June 25,2009
World Economy Limps One Step Forward, One Back
The global economy served up a mixture of green shoots and bitter herbs on Thursday, matching comments overnight from the U.S. Federal Reserve that the recession there appeared to be easing, but at no great pace.
June 25, 2009
Major economies Consider Halving World CO2
Major economies including the United States and China are considering setting a goal of halving world greenhouse gas emissions by 2050 when they hold a summit in Italy next month, a draft document showed.
June 24,2009
U.S., Europe File Trade Complaint Against China
The U.S. and the European Union filed separate complaints with the World Trade Organization on Tuesday alleging that China is unfairly benefiting domestic industries by restricting exports of certain raw materials.
June 23, 2009
Rich and Poor Nations Divided Before U.N. Finance Meeting
Rich and poor nations edged closer to a deal on proposals for reforming the global financial system, but diplomats said there would have to be changes if a U.N. conference this week is to adopt them.
June 23, 2009
Tug-of-War over ‘Buy American’
Business groups, trade unions and the US’s trading partners are fighting a tug-of-war over “Buy American” rules as the Obama administration ponders whether to toughen up or neuter the controversial provisions.
June 22,2009
World Bank Warns on Emerging Markets
Leading developed nations are misguided in focusing efforts on restoring demand in their own economies, the World Bank will say on Monday.
June 22,2009
A Recipe for Reviving Doha
With this week's meeting of the trade ministers of the Organization for Economic Cooperation and Development, and next month's G-8 summit, skeptics are already saying we are jumping back on the World Trade Organization "merry-go-round" for another futile run at a world trade deal. Some point to what they see as irreconcilable differences on the substance of the negotiations, saying that if a deal were in the offing it would have been achieved by now. The elements of the package already agreed offer everyone substantial gains. To re-ignite the Doha round, we need to give an idea of what a final deal might look like, and create a shared, solid perception by all WTO members that this is not an open-ended process.
June 19,2009
We Need Greater Global Governance
Fingering the villain in the banking crisis of 2008 turns out to be tougher than it looks. Was it the banker with the skewed incentives and the poor grasp of risk? Was it the over-indebted consumer with the 125% mortgage? Was it the politicians and regulators who failed to see the risks in both?
June 19,2009
Decline in World Economy Moderating- IMF's Lipsky
The International Monetary Fund is likely to revise up its 2010 growth forecast for the world economy with signs that the rate of decline in global output has moderated, a senior IMF official said on Friday.
June 18,2009
U.S. Congress Vote Marks Big Step For IMF Reform, Funding
Approval by the U.S. Congress of a package of measures related to the IMF gives a big boost to international funding to combat the global economic crisis and marks a significant step forward in reforming the 185-member intergovernmental institution that has taken a central role in channeling assistance to countries hit by the financial turmoil.
June 18,2009
World Bank Raises China GDP Forecast
A sustainable recovery is not yet assured in China despite the government’s large fiscal stimulus package and Beijing may have little room for additional measures this year, the World Bank said yesterday.
June 17, 2009
WTO Chief Hopes to Conclude Doha Round in 2010
The head of the World Trade Organization is hopeful long-running trade talks can be wrapped up next year.
June 16,2009
U.S. House Clears $106 Billion War Funding, Senate Next
The House of Representatives on Tuesday narrowly backed a $106 billion bill to pay for the U.S. wars in Iraq and Afghanistan and extend billions in new credit to the International Monetary Fund.
June 15,2009
Obama's IMF Boost Exacts Heavy Toll
Congress is this week expected to approve Barack Obama's request for an extra $108bn for the International Monetary Fund, but it will come at a political price after weeks of grandstanding, messy compromise and horse-trading.
June 15,2009
Leaders Gather for Shanghai Talks
Chinese President Hu Jintao and other leaders are gathering in Russia for the ninth Shanghai Co-operation Organisation summit.
June 15,2009
Citi in $1.25bn tie-up With IFC to Unblock World Trade Flows
Attempts to unblock world trade flows still jammed by the credit crunch have been backed by Citigroup, which today unveils a $1.25bn (£760m) funding tie-up with the International Finance Corporation, the private sector arm of the World Bank.
June 13,2009
IMF Asked to Aid G-8 With Exit Strategies For Crisis Policies
Amid signs that the global economic crisis is stabilizing, the Group of Eight (G-8) advanced economies has asked the International Monetary Fund (IMF) to do the necessary analytical work to help governments prepare “exit strategies” to unwind the huge stimulus packages that have been deployed to combat the crisis.
June 12,2009
China Faces WTO Action on Raw Materials
The European Union and the US are preparing to take China to the World Trade Organisation over allegations that Beijing grants raw materials to domestic manufacturers at below-market prices, according to people familiar with the matter.
June 12,2009
G-8 Finance Official Discuss Banking Rules
Finance officials from the Group of Eight countries face rifts at their summit Friday over the scope of global banking rules and how to exit massive government-stimulus efforts, even as they acknowledge fledgling signs of an improving economy.
June 11,2009
IIF Says Domestic Bailouts Hurt Capital Markets
An international financial industry group warned that concerted international action to fight the global financial crisis, rather than separate rescue plans undertaken by different governments, is urgently needed to protect the global financial system and ensure it can run smoothly.
June 11,2009
As Global Slump is Set to Continue, Poor Countries Need More Help
The world economy is set to contract this year by more than previously estimated, and poor countries will continue to be hit hard by multiple waves of economic stress, said World Bank Group President Robert B. Zoellick today.
June 10,2009
U.S. Trade Gap Widens on Softening Exports
The U.S. trade gap widened to $29.2 billion in April as exports weakened again in a reflection of waning global demand, a U.S. government report on Wednesday showed.
June 10,2009
Russia Changes Its WTO Strategy
Russian Prime Minister Vladimir Putin said Moscow will pull its long-delayed application to join the World Trade Organization and reapply as part of a bloc with neighbors Kazakhstan and Belarus.
June 9,2009
EU Ministers Seek Financial Overhaul
European Union finance ministers sought agreement Tuesday on a major overhaul of their financial system to avoid another banking crisis like the one that has plunged the 27-country bloc into recession.
June 8,2009
Major Economies Are ‘Close to Low Point’
Most of the world’s major economies are now close to the low point of their slowdowns, in a sign that the global recession is easing, according to data published on Monday.
June 8,2009
World Bank: Protectionism Could Kill Green Shoots
World Bank President Robert Zoellick warned on Monday that protectionism could stifle economic recovery.
June 5,2009
Russia Accelerates Push to Join OECD and WTO
Russia on Thursday promised to accelerate its membership bids for two major Western economic institutions, at a time when the global downturn has starved its economy of capital.
June 4,2009
IMF Strengthens Actions to Help Resolve Global Economic Crisis
The International Monetary Fund (IMF) will build upon ongoing efforts to respond rapidly and boldly to the needs of its membership during the current global crisis and will continue to mobilize commitments for increased resources, complete the overhaul of the Fund’s lending framework, further strengthen the quality of its surveillance, and consider reforms in the key area of the Fund’s own governance.
June 3,2009
Banks' Powers in Spotlight as IMF Readies Report
Top financial institutions could be held more accountable for the power they wield over world economies in possible new rules to prevent meltdowns like the one that triggered the global recession.
June 2,2009
Geithner Urges Role for China in Recovery
U.S. Treasury Secretary Timothy Geithner, in a speech here Monday, touched on a contentious subject, urging China to move toward a more flexible exchange-rate regime.
May 31,2009
Global Crisis Forces African Governments to Turn to IMF
Years after graduating from dependence on the International Monetary Fund, many African countries are having to call upon the fund for assistance to cope with a global economic crisis that is not their fault.
May 28,2009
World Income Seen To Decline By 3.7%
World income is likely to decline by 3.7 per cent this year on a per capita basis as a result of a global financial crisis that had disproportionately affected livelihoods in the developing world, a team of United Nations economists said on Wednesday.
May 28,2009
US To Host Next G20 World Meeting
The US will host the next G20 summit of world leaders in September, the White House has confirmed.
May 27,2009
EU Outlines Overhaul of Financial Regulation
Legislation to overhaul Europe’s patchy system for supervising banks and insurers, and introduce a new system to help warn against future financial crises will be put forward in the early autumn, top EU officials said on Wednesday.
May 26,2009
UN Postpones Financial Summit Until Late June
The United Nations rescheduled a summit focused on the financial crisis which will attempt to lay down proposals for a new international financial architecture to June 24-26, a spokesman said on Tuesday.
May 21,2009
World Economies Plummet
Steep declines in the economies of three of the U.S.'s biggest trading partners -- Mexico, Japan and Germany -- underscored the severity of the global recession and put pressure on major industrialized nations to revive moribund global trade talks.
May 21,2009
Senate Rejects Move to Cut IMF Contributions
The Senate Thursday decisively rejected an attempt to eliminate $108 billion in U.S. contributions to the International Monetary Fund, but the fate of the funding remains uncertain despite the strong backing of the White House.
May 19,2009
Big-Hitters Side With Obama Over IMF
The Obama administration turned to a group of Republican and Democrat big-hitters on Monday to bolster its attempt to win Congressional approval for more money for the International Monetary Fund.
May 14,2009
New Finance Rules Have Potential to Alter the Path of Global Trade
If this proves to be the moment when the march toward ever-greater globalization and trade ends or slows significantly, look not only to tariffs or buy-American rules or street protests as the causes. Look also to changes now being contemplated in rules for global finance.
May 13,2009
US Backs New Approach to Doha Negotiations
Ron Kirk, the new US trade representative, on Wednesday reaffirmed Washington’s commitment to a successful and speedy conclusion to the Doha global trade talks, but said this might require a change in the negotiating approach.
May 5,2009
Don't Forget About Foreign Aid
President Barack Obama's inaugural address included a ringing endorsement of U.S. engagement with the developing world: "To the people of poor nations, we pledge to work alongside you to make your farms flourish and let clean waters flow; to nourish starved bodies and feed hungry minds."
May 3,2009
ADB Plans $3 Billion Crisis Fund
The Asian Development Bank is planning to launch a $3 billion loan facility to help its "developing member countries cope with the crisis," ADB President Haruhiko Kuroda said Saturday, amid lingering uncertainty over when and how the financial crisis will end.
April 30, 2009
China's Stimulus Spurs U.S. Business
China's efforts to quickly pump up its economy are providing a much-needed boost for U.S. businesses as well.
April 29,2009
Food Scare Sparks Developing World Land Rush: Think Tank
High food prices fueled a land-buying spree in developing nations, particularly in Africa, by countries and private investors wanting to assure food supplies for themselves, a think tank said on Wednesday.
April 28, 2009
World Bank Demands Poverty Action
The head of the World Bank has warned of a "human catastrophe" in the world's poorest countries unless more is done to tackle the global economic crisis.
April 28,2009
Free Trade: Not So Bad
The economy is as bad as it’s been since the Great Depression, the International Monetary Fund tells us. Protectionism is on the rise, the World Trade Organization warns.
April 26,2009
IMF Says Existing Stimulus Could Suffice
The head of the International Monetary Fund said on Saturday that if countries are successful in cleansing their financial systems, the fiscal stimulus already implemented for 2009 “may be enough”.
April 22,2009
Lagarde to Push EU to Give IMF More Than $100 Billion
French Finance Minister Christine Lagarde is lobbying her European Union counterparts to increase the region’s extra contribution to the International Monetary Fund beyond the $100 billion initially pledged, an aide to Lagarde said.
April 21,2009
Asian EMs See Glimmer Of Hope
The outlook for share, currency and bond markets in emerging Asia is “less bleak” than for those in other regions, the Asian Development Bank said on Tuesday.