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The Group of 20 leading economies will discuss ways to tackle soaring food prices that are stoking fears of a repeat of the 2008 food crisis, as some Asian countries sought to reassure nervous consumers on Friday.
Global food prices hit a record high last month, outstripping the levels that sparked riots in several countries in 2008, and key grains could rise yet further, the United Nations’ food agency said this week. Get the full story »
Unemployment in the Group of 20 leading world economies is close to 8 percent of the total workforce and looks set to keep growing strongly, the International Labour Organisation (ILO) said on Monday. Get the full story »
The United States struggled on Friday to win backing for its proposal of setting numerical targets for external imbalances as a way of pressing surplus countries such as China to let their exchange rates rise.
In a letter to fellow finance ministers of the Group of 20 leading economies, U.S. Treasury Secretary Timothy Geithner said countries should implement policies to reduce their current account imbalances below a specified share of national output. Get the full story »
The building of the Bank for International Settlements, BIS, in Basel, Switzerland. (AP/Georgios Kefalas)
Bankers and analysts said new global rules could mean less money available to lend to businesses and consumers, but praised a decision to give them plenty of time — until 2019 — before the so-called Basel III requirements come into full force.
The rules, which will gradually require banks to hold greater capital buffers to absorb potential losses, are likely to affect the credit industry by imposing stricter discipline on credit cards, mortgages and other loans. Get the full story »
