Greek government gets more time to rescue economy

Early elections in Greece have been delayed to give the interim government more time to rescue the country's crisis-hit economy, but political uncertainty looks set to complicate delicate talks with creditors.

Britain's poorest hit by £2.5bn 'stealth tax'

Tax cuts for low and middle-income families in April will be dwarfed by hidden reductions in tax credits, according to a study for The Independent.

Global stocks mixed on concern about US, Europe

BEIJING (AP) — Global stock markets were mixed Tuesday amid worries about weak Christmas sales in the United States and Europe and a warning by Japan's central bank about possible risks from the European debt crisis.

Banks not lending? Corporate borrowing soars in 2011

Consumers may be cutting debt and banks may be tightening up their balance sheets, but borrowing by U.S. corporations is in full swing.At a time when the popular narrative centers on how tight-fisted banks are getting with their lending, end-of-year data for syndicated loans tell a different story.

Reversal of fortune

(Reuters) - While the threat of credit rating downgrades hangs over Europe, a few big emerging market economies are on the upswing.

Analysis: Russia's neighbors balk at Putin's "big idea"

MOSCOW (Reuters) - Vladimir Putin bills it as an economic union that could rival China and the United States, stretch from the Polish frontier to Pacific shores and reunite at least part of the Soviet Union.

Home foreclosures jump in third quarter

(Reuters) - The number of new home foreclosures jumped by more than 21 percent in the third quarter from the second as banks moved more aggressively after a pause to review how they deal with troubled borrowers, according to a report released by a bank regulator on Wednesday.

EU misses IMF loan target as UK says no

Britain’s refusal to contribute to the IMF for a eurozone bailout fund has left the EU short of its 200 billion euro target.

Getting to No: The Entirely Predictable Tax Stalemate

As the year careens to a close, a new chapter in dysfunction has opened in Washington. We noted that in the long-running game of "Deal or No Deal" between Democrats and Republicans over fiscal issues, the answer always seems to be "No Deal."

Uruguay Prodded by G-20 to End Bank Secrecy

As the rich flock to Punta del Este to visit their money over the long Christmas season known as la temporada, Uruguay faces diplomatic pressure from France and other G-20 nations to ease the strict bank secrecy that has earned the nation of 3.7 million the nickname "the Switzerland of South America."

Analysis: 2012 could prove even wilder ride than 2011

LONDON (Reuters) - The ancient Mayans attached special significance to 2012, possibly the end of time. That has spawned a rush of apocalyptic literature for the holiday season.

Budget wrangling trips up payroll-tax vote

WASHINGTON (MarketWatch) — A dispute between Senate leaders about funding the government past Friday delayed a quick vote on a House-passed bill to extend a payroll tax cut, raising the possibility of a government shutdown and leaving the tax cut’s fate in limbo.

Federal Reserve keeps monetary policy on ice

NEW YORK (CNNMoney) -- The Federal Reserve acknowledged the job market has improved slightly, but said the economy's immediate future remains on pins and needles.

With Britain a holdout, European nations see a path out of debt crisis

Working almost to exhaustion and persuading countries one by one, European leaders agreed Friday to redefine their continent _ hoping that by joining their fiscal fortunes they might stop a crippling debt crisis, save the euro currency and prevent worldwide economic chaos.

Europe Moves Ahead With Fiscal Union; UK Stands Isolated

Europe secured an historic agreement to draft a new treaty for deeper economic integration in the euro zone on Friday, but Britain, the region's third largest economy, refused to join the other 26 countries in a fiscal union and was isolated.

Draghi Courts Bundesbank in Bid to Avoid Trichet’s Fate on Bond Purchases

Mario Draghi knows he can’t afford to repeat Jean-Claude Trichet’s mistake.

Global Poll Predicts U.S. Economy Rebounding

The U.S. receives its highest rating from international investors in more than two years on new optimism that the world’s largest economy will weather the financial crisis in Europe and avoid a recession in 2012, according to a Bloomberg poll.

G-20 plans $600 bln IMF fund for Europe: Nikkei

SAN FRANCISCO (MarketWatch) -- The Group of 20 Finance Ministers and Central Bank Governors is planning a $600 billion fund for the International Monetary Fund to deal with the European debt crisis, according to Nikkei.com in a Thursday-dated online report.

Downing St insists there will be no EU referendum despite Iain Duncan Smith's demands

Downing Street has rejected Iain Duncan Smith’s suggestion of a European Union referendum, insisting the Government is under no obligation to hold a public vote on Franco-German moves to create a “fiscal union”.

Trade data to hint at U.S. economic difficulties

WASHINGTON (MarketWatch) — After a week of key employment and manufacturing-sector data, Wall Street can be forgiven for directing their focus away from the economic reports that come out of the Capitol this week and toward Europe ahead of key meetings there.

China Signals Reluctance to Rescue E.U.

HONG KONG — The Chinese government over the weekend sought to tamp down international expectations that Beijing might use its large financial reserves to help ease the European debt crisis.

Italians hope new government can save their nation

ROME – Even in a country where an inept, unstable and bickering government is nothing new, Italians say they are nervous about the future."What will be next if the Italian economy goes bankrupt?" asked Giacomo Levy, a 33-year-old psychologist. "It's something hard to imagine. People or business can go bankrupt. But the government?"

Markets still buoyed by euro rescue hopes

LONDON (AP) — Markets were boosted again on Tuesday by hopes that the 17 countries that use the euro will finally come up with a plan to deal with their crushing debt crisis, but the surprise announcement that American Airlines and its parent company are filing for bankruptcy protection checked the buying momentum.

OECD: UK has begun slide into double-dip recession

Britain has already begun to slide back into recession, the Organisation for Economic Co-operation & Development (OECD) has warned, as it predicted that the Bank of England will pump another £125bn into the economy to try to salvage the recovery.

Foreign markets make U.S. stocks look good

The U.S. stock market hasn't been much to write home about, with the Standard & Poor's 500 coming off a rough two weeks that left it down 7.9% for 2011. But that beats the pounding investors who strayed outside the U.S. have gotten.

Europe agrees on EFSF, seeks deeper union: reports

LONDON (MarketWatch) — European officials have agreed on how to leverage a key rescue fund, while Germany and France are looking at how to deepen fiscal integration in the euro zone, according to news reports.

Belgium Agrees 2012 Budget After Rating Cut

Belgium’s political factions reached a deal to reduce the leaderless country’s budget deficit, bringing it closer to forming a government after 531 days of post-election brinksmanship.

Analysis: World economy counts cost of euro zone dithering

ONDON (Reuters)- From credit bottlenecks in eastern Europe to slower growth in China, delays in tackling the euro zone's debt crisis are causing ever-greater economic and financial damage well beyond the borders of the 17-nation bloc.

Kissinger’s Favorite Communist Paves Monti’s Way

Italy’s new government, headed by former European Union Commissioner Mario Monti, has an unlikely supporter in President Giorgio Napolitano, an ex-communist who once praised the Soviet Union for crushing the 1956 reformist movement in Hungary.

Cameron tells CBI sorting debt 'harder than envisaged'

Getting debt under control is proving harder than anyone envisaged, the prime minister has told the CBI conference.

Debt committee: Decision time

NEW YORK (CNNMoney) -- With just days left for the bipartisan debt committee to agree to a deal or call it quits, the mood is pessimistic.

Euro zone must solve crisis as group: Spain Econ Min

(Reuters) - Euro zone countries must respond as a bloc to the region's debt crisis, Spain's Economy Minister Elena Salgado said on Friday, adding that reforms at state level were not a substitute for co-ordinated action from the region.

The Rise of a Euro Doomsayer

LONDON — The euro zone was unraveling, just as he had long predicted, yet Bernard Connolly, Europe’s most persistent prophet of doom, still faced a skeptical audience.

UK October inflation falls to 5%

The rate of Consumer Prices Index (CPI) inflation in the UK fell slightly to 5% during October, down from a rate of 5.2% the month before.

Japan economy rebounds from post-quake slump

Japan's economy rebounded in July-September as efforts to restore supply chains and recover lost output in the wake of the March disasters helped it post its first expansion in four quarters.

Merkel Says EU Must Forge Closer Union to Sway Bondholders

Nov. 14 (Bloomberg) -- German Chancellor Angela Merkel said it’s time to embrace a “political union” in Europe to send a message to bondholders that euro-area leaders are serious about ending the sovereign debt crisis.

Italian Senate Approves Budget Bill

ROME—The Italian Senate approved a package of growth-boosting measures on Friday that are likely to pave the way for the appointment of an interim government and the resignation of longtime Prime Minister Silvio Berlusconi.

In Overheard Comments, Sarkozy Calls Netanyahu a ‘Liar’

JERUSALEM — The president of France, Nicolas Sarkozy, told President Obama that he could no longer bear Benjamin Netanyahu, the prime minister of Israel, and went on to call Mr. Netanyahu a “liar” in a private conversation overheard by several French journalists last week at the Group of 20 summit meeting in Cannes.

At the G-20, Small Victories for India

“History is being written in Cannes,” trumpeted billboards around the Mediterranean resort city when world leaders met there last week. And it was, though not as the French might have hoped.

G20 seeks more talks on eurozone crisis

The Group of 20 is seeking to meet again, possibly before Christmas, with the aim of resurrecting a deal to provide an international firewall around Greece, G20 sources have told the Financial Times, saying negotiators at the Cannes summit had been close to an agreement.

Canada's Flaherty says G20 likely to meet before February

G20 leaders are likely to meet before their next scheduled summit in February to try and restore market confidence battered by the euro zone debt crisis, Canada's finance minister said on Saturday, while Germany's Angela Merkel said it would take a decade to turn around the currency bloc.

Why the financial transaction tax proposal is DOA

Democrats have revived calls for a tax on trades, and economic leaders are weighing such a move at the G-20 meeting in France.

Will G-20 Counter Power of Uncertainty?

By Alexander Mirtchev

In 2009, G-20 leaders met in Pittsburgh and emerged with a mandate ‘to be the premier forum for international economic cooperation,' endowing the G-20 with a leading economic role on the global stage. It appeared at the time that the leaders of the G-20 had successfully defeated pessimism. However, the rising tide of global economic turmoil and problems ranging from sovereign indebtedness to consumption and saving imbalances have created a ‘perfect storm' that is far from abating.

G20 leaders agree to boost IMF resources

G20 leaders in Cannes have ended their summit with a plan to boost growth and rebalance the global economy.

Pressure on Greece ahead of G20

The Greek prime minister faces rising international pressure as crisis talks begin on the eve of the G20 summit.

Beware of Greeks bearing votes

Greece gave us democracy, Europe and economics, in both concept and language.

IMF mulls how to better help countries under strain

The International Monetary Fund said on Sunday that it was considering how better to help countries under economic strain because of financial market stress but said it was not targeting particular countries.

German court suspends key parliament committee

The work of a special committee designed to speed up Berlin's decisions on the use of the eurozone bailout fund has been suspended after complaints about its legality.Due to have started work on Friday (28 October), the nine-person committee was instead issued with a temporary injunction by Germany's constitutional court in Karlsruhe.

Brussels is stifling City of London, Cameron claims

David Cameron signalled new European battles ahead as he pledged to resist alleged attempts by Brussels to shackle the City of London in red tape.

Eurozone seeks bailout funds from China

The head of the eurozone's bailout fund is beginning attempts to persuade China to invest in a scheme to help rescue member countries facing debt crises.

Olympus Chairman to step down amid public row

Olympus Chairman and President Tsuyoshi Kikukawa is stepping down with immediate effect, the Japanese camera maker said Wednesday.

Wall Street banks getting NSA intel on foreign hackers

Amid fears of financial sabotage, one of the nation's top spy agencies is sharing intelligence on foreign computer hackers with Wall Street investment banks, Reuters is reporting.

Euro Zone Looks Abroad to Get Support for Bailout

BRUSSELS — Struggling to assemble a credible backstop for their troubled single currency, European Union leaders on Sunday reached out for wider international support for their bailout fund by seeking investment from non-European countries or the International Monetary Fund.

Rescuing the global economy

The state of the world economy could hardly be gloomier. Developments in the bond markets, particularly in the case of sovereign debt, are causing much anxiety among investors.

Little reassurance is offered by macroeconomic trends: in the US and Europe, employment data offer no room for optimism and even China’s growth rates have been affected by the slowdown in global trade. Business decisions are on hold and the risk of a double-dip recession appears ever harder to escape.

G20 Fails to Solve Global Economic Crisis

From G4 to G7 to G20, the capitalist leaders have used the forums to protect imperialist trends and capillarity corporate exploitative profit interests. Some over greedy nations from developing world looking to gain access to manoeuvrings by US-UK terror twins have joined the club to secure some place on the "high" stable but n fact only assist the G7 rogues that control the UNSC-5 to mainly promote their interests.

The most crucial issue of climate change has remained either on the periphery of debates of G20 or just found nowhere.

Oil prices drop after G20 fail to lift confidence

NEW YORK: Oil prices ended lower on Monday after the Group of 20 meeting in Paris on the weekend failed to solidify market confidence in the global growth picture and Europe's financial soundness.

New York's main contract, light sweet crude for delivery in November, fell 42 cents from Friday's close to finish at $86.38 a barrel.

RI healthy despite worsening global economy: G20

The recent meeting of the G20 grouping of the world’s largest economies praises Indonesia’s “good economic growth and fundamentals” amid the worsening global economic conditions.

“In other emerging economies with rapid growth, there is potential of overheating due to spiking inflation. In Indonesia, inflation remains manageable,” said Finance Minister Agus Martowardojo, who attended the G20 finance ministers and central bank governors meeting on Oct. 13-14 in Paris, France. “So, generally, we’re ready to tackle the global economic slowdown without reducing our preemptive efforts,” he said on Monday.

Euro crisis, yuan sow discord as G20 gathers

G20 finance ministers will press Europe this week to find an urgent solution to its debt crisis, with a row between Washington and Beijing over the yuan threatening efforts to address broader global imbalances.

An economic slowdown and market slump has been met with discord within the Group of 20 rich and developing economies that makes up 85 percent of global output, a stark contrast to 2009 when the group launched a coordinated stimulus to pull the world economy back from the brink.

Jobless fall reduces need for rate cut

Federal Treasurer Wayne Swan will have something else to brag about when he catches up with his G20 counterparts this weekend - Australia's jobless rate is on the decline again.

Having steadily risen since April, new data on Thursday showed the unemployment rate unexpectedly declined to 5.2 per cent in September as 20,400 people joined the workforce, double the amount forecast by economists.

G20 finance chiefs to discuss Europe's 'comprehensive plan'

NEW YORK (CNNMoney) -- Finance ministers from the world's leading economies will focus on ways to strengthen the faltering global recovery at a meeting later this week, according to a senior U.S. Treasury official.

Lael Brainard, under secretary for foreign affairs at Treasury, said the debt crisis in Europe "represents the most serious risk to the global recovery today."

Economists call on G20 finance ministers to stop food speculation

Over 450 economists from around the world have written to the finance ministers of the G20 countries calling on them to put a stop to financial speculation in commodity markets, which causes higher prices and fuels hunger.

The letter signed by economists, from top universities such as Oxford, Cambridge, Berkeley, Cornell and the London School of Economics, adds to the ongoing and growing campaign to stop food price speculation.

G20 must advance currency reform: WTO's Lamy

The Group of 20 nations must make headway on a coordinated reform of the international currency system and eschew the unilateral actions that serve only to harm global commerce, World Trade Organization chief Pascal Lamy said.

If the G20 summit in Cannes next month failed to take a step toward closer cooperation on macroeconomic policy, trade was likely to become a scapegoat for systemic failings, he said in Berlin, according to the text of a speech published on Thursday by the WTO.

Avoid risky assets until November G20 meet: Citi strategist

(Reuters) - Investors should shun all risky assets and hold cash until early November when the Group of 20 leading economies (G20) meets to find a solution for the euro zone debt crisis, a Citigroup (C.N) strategist said.

"The way with which the euro zone crisis is managed will dictate whether or not we have slow growth in the United States or a global financial crisis," John Woods, chief Asian strategist at Citi Private Bank, told the Reuters Global Wealth Management Summit, on Tuesday.

Lee stresses G20 role in financial crisis

President Lee Myung-bak Monday indicated the important role of international economic cooperation in forums like the G-20, Monday, in not only protecting Korea but also finding long term solutions to global financial instability, particularly Europe’s sovereign debt crisis.

"We have surmounted the previous global financial crisis in the fastest and most successful fashion in the world,” Lee said in a radio address.

Transaction tax not warranted here:bankers

The banking industry does not believe a global tax on financial transactions is appropriate for Australia because its financial institutions didn't fail during the financial crisis.

The European Commission has lodged draft legislation to introduce such a tax, that will go before all 27 European Union heads of state and government next month, and also the G20 leaders summit in Cannes in November, despite opposition from the US.

G-20 committee warns against over-reliance on big four banks

AUSTRALIA'S over-reliance on the big four banks poses systemic and "moral hazard" risks that would require policymakers and regulators to take action.

A new report from the Financial Stability Board -- a Switzerland-based sub-committee of the G20 -- has found that while the Australian banks were in good shape after the global financial crisis, governments should be alert to the lack of competition in the sector.

G20 ministers promise to help jobs, social justice

Labor ministers from the Group of 20 rich and developing nations vowed on Tuesday to make job creation a priority despite strained public finances and to ensure workers enjoy fundamental rights like health and unemployment benefits.

CoOrganization's-day meeting in Paris, G20 ministers promised to implement basic social protection and respect the International Labor Organization's (ILO) fundamental standards, with the aim of building a balanced globalised economy as the world struggles to emerge from financial crisis.

Asian shares tumble as Europe fears deepen

HONG KONG - Asian markets tumbled Monday and the euro fell against the greenback as anxious traders fear European leaders will not be able to find a solution to the region's debt crisis.

The week got off to a poor start as investors were left unimpressed by a commitment at the weekend from G20 finance chiefs to take strong, co-ordinated action to avoid another global financial crisis.

G20 warned of structural unemployment

GENEVA — Slow growth in advanced economies risks transforming high long-term unemployment rates into structural unemployment, a group of international economic organisations warned on Monday.

According to a study by the International Labour Organisation and the Organisation for Economic Cooperation and Development, "the large increase in long-term unemployment is of particular concern because of the increased risk that many workers will become structurally unemployed."

G20 expects Greece to default

Members of the G20 group of nations think it inevitable that Greece will default on its debts, Sky News has learned.

The message comes as global stock markets reacted to the eurozone crisis by staging dramatic falls during the week.

Chancellor George Osborne denied a default was inevitable, but admitted the situation was becoming dangerous.

G20 pledges bank support, eyes bolder euro fund

The world's major economies on Thursday pledged to prevent Europe's debt crisis from undermining banks and financial markets, and said the euro zone's rescue fund could be bolstered.

Under pressure from investors to show action, finance ministers and central bankers from the Group of 20 economies said they would take all steps needed to calm the global financial system.

Euro Rebounds as G-20 Meets, Stock Rise; Yen at Almost Record

The euro rose against the yen and dollar as global equities erased losses and European Central Bank governing council members said the central bank may step up efforts to ease market tensions.

The Japanese currency pared a weekly advance against its 16 most-traded currencies tracked by Bloomberg after G-20 leaders pledged to address risks in the global economy. Traders are net long the dollar against its major counterparts for the first time since July 2010. South Korea’s won rose against the dollar after the government said it may intervene to stem its decline. Brazil’s real also gained after the central bank sold dollars.

G20 promises collaboration to boost world economy

South Korea (AP) – The Group of 20 leading advanced and emerging economies are vowing to work together to boost the struggling global economy and financial system.

The G-20 voiced the resolve in a statement, saying its finance ministers and central bank governors are "committed to a strong and coordinated international response to address the renewed challenges facing the global economy."

G20 pledges to help maintain financial stability

European shares edged up from 26-month lows on Friday and the euro rose after the G20 major economies pledged to preserve financial stability, but risk sentiment remained fragile on fears of renewed recession in the developed world.

U.S. stock index futures pointed to a tentative recovery on Wall Street after finance ministers and central bankers from the Group of 20 said they would take "all steps necessary" to calm the global financial system and said central banks were ready to provide liquidity.

Europe to face G20 heat on euro crisis response

WASHINGTON, Sept 20 (Reuters) - Europe will come under heavy pressure this week to stem its deepening debt crisis but talks among the self-proclaimed guardians of global finance are unlikely to yield bold action.

Spreading fears about a Greek debt default and contagion to larger economies in the euro zone have raised alarm in the United States and among emerging market heavyweights about the risk of a potentially major shock to an ailing global economy.

G20 action needed for new global order

The next few months see a new president at the European Central Bank and a key G20 summit, both capable of seriously influencing the shape of a new global monetary order. What is needed most are wise and consistent decisions by the politicians.

It is time for them to produce a New Deal on ‘green growth’ for sustainable world development, guided by the principle of common but differentiated responsibilities. This needs to be backed by a new Bretton Woods system reflecting today’s realities, involving OECD as well as BRICS countries.

G20 will not issue communique on crisis: sources

(Reuters) - The Group of 20 leading economies will not issue a communique on the current financial crisis and the global economy after their meetings in Washington next week, Western G20 sources said on Friday.

G20 finance ministers and central bankers will discuss global economic woes at a dinner on Thursday, September 22, but are not planning a statement afterward, said the sources, speaking on condition of anonymity.

G20 nations turn to agricultural research for food security

The G20 group of major economies has for the first time put international agricultural research on its agenda, in an effort to take a long-term view on the fight for food security.

The group’s first meeting on the topic has endorsed the key role of agricultural research not only in preventing global food crises, but also in making an effective contribution to economic growth.

G20 court case draws criticism from defendants

Given the largely polarized views of police work surrounding the protests and activism at the G20 summit in Toronto last year, it shouldn’t surprise many people that a significant court case linked to that policing is now the subject of some controversy.

A preliminary hearing began this week in Toronto for 17 people facing conspiracy charges in connection with mischief at the event. Among them is Guelph activist Mandy Hiscocks.

Juppe urges support for G20

BEIJING - French Foreign Minister Alain Juppe spent a busy Tuesday visiting Beijing to gain China's support for the upcoming G20 Cannes Summit.

"France is in close touch with China in regards of the G20 Cannes Summit that will start in two months. And we hope we can have China's support on this," Juppe said during a briefing with Chinese media after meeting his Chinese counterpart Yang Jiechi.

Analysis: G20 must ignore bank lobby over food speculation

It is arguably the world’s most powerful lobby firm. The Institute of International Finance is an umbrella organisation representing the biggest investment banks on the planet.

Enjoying huge financial resources to fund research and the ear of every significant politician and regulator, the IIF’s views generally hold sway in most international financial debates.

Labelle unhappy with G20 incident

Sudbury Progressive Conservative candidate Gerry Labelle said he is not going to let the subject go.

He is still looking for an explanation from Sudbury Liberal MPP Rick Bartolucci about his "involvement" in the G20 Summit of world leaders in June 2010 in Toronto.

G-20 financial chiefs to meet on Sept. 22 in Washington

TOKYO (Kyodo) -- Finance ministers and central bank governors from the Group of 20 leading economies will hold a meeting on Sept. 22 in Washington to discuss growing tensions over the sovereign debt market and the global economic outlook, conference sources said.

The meeting will be held on the sidelines of the annual general conferences of the International Monetary Fund and the World Bank. From Japan, Bank of Japan Governor Masaaki Shirakawa is likely to attend, along with a new finance minister who will succeed the previous holder of the post, incoming Prime Minister Yoshihiko Noda.

G20 Experts to Meet on Food Security Solutions

Agricultural experts from the G20 countries will meet next week to find ways to match the latest research and technology to the growing demand for more food. It’s estimated the world’s population will grow to nine billion by 2050.

The meeting in Montpellier, France, stems from last November’s G20 summit in Seoul, South Korea. During that conference, France, Japan, Canada and Brazil were asked to focus more on food security.

G20 and the iron law of oligarchy amid world crisis

The world has seemed in panic. International media, as if unanimously, have been reporting the dramatic fall of shares in worldwide stock markets, believed to have been affected by the declining credit rating of the United States and the debt defaults in Spain, Italy and Portugal.

Time and again the international community has looked to the Group of 20 (G20) when the world is on the verge of economic crisis.

G20 task force steps up work on shadow bank rules

The Financial Stability Board, a task force set up by world leaders to strengthen regulation, will step up work on new rules to supervise the multi-trillion dollar "shadow banking" sector.

The FSB said it has set up workstreams to focus on five areas for possible closer supervision, including how banks are linked to shadow banking entities, reform of money market funds and securitisation.

G20 summit in Toronto

CityNews reporter Francis D'Souza from Mississauga has won a Gemini Award for his work with cameraman Alfredo Colangelo during the G20 protests in Toronto last summer.

D'Souza accepted the award for best local breaking news coverage last night as the Gemini Awards were presented at the Metro Convention Centre in Toronto.

G-20 aftermath: court allows class action lawsuit to proceed

Without any kind of serious, thorough and official reckoning in the wake of the G20 summit in Toronto last summer, we were finally starting to get used to the idea that what Ontario ombudsman André Marin called the most massive compromise of civil liberties in Canadian history was going to be brushed off with nothing more than a pat on the head from the feds, a province desperate to pass the buck and an SIU that couldn’t get Toronto police to identify more than a handful of officers. But it looks like we got used to the idea a little too soon. News broke yesterday that a class action lawsuit on behalf of the people rounded up during the G-20 will, in fact, go forward.

French President Nicolas Sarkozy wants commitments at G20 summit

PARIS – French President Nicolas Sarkozy said on Wednesday he wanted to see concrete commitments at a G20 summit in November on a plan to get the world economy back to healthy growth.

“What we want at Cannes is for the G20 to agree on a plan of action for growth, including precise and concrete commitments from the main economies,” Sarkozy said during an opening speech for an annual conference of French ambassadors.

Judge allows one G20 class action lawsuit to seek certification, while staying a second one

A judge has given one G20 class action lawsuit the green light to seek certification, while calling a halt to another.

The $45 million suit launched by office administrator Sherry Good on behalf of people subject to mass arrests during the June 2010 Toronto meeting of world leaders can now ask a judge for certification.

But the $115 million G20 suit launched by activists Miranda McQuade and Mike Barber is stayed, Justice Carolyn Horkins ruled in a judgment released Tuesday in Ontario Superior Court.

European Union to push for financial transaction tax at G20

BRUSSELS: The European Union will push for the adoption of a financial transaction tax at a summit of the world's 20 biggest economies, the G20, in November, European Commission President Jose Manuel Barroso said on Wednesday.

G20 leaders are to meet in the southern French resort of Cannes in early November.

A boots on the ground perspective on the Chile riots

You’ve probably heard that old saying– ‘if you’re not a socialist by the time you’re 20, you have no heart. If you’re still one by the time you’re 30, you have no brain.’

This is true everywhere in the world. Even in capitalist bastions like Hong Kong, there is a misguided minority that believes they should prosper from others’ labor.

OAS wants global recognition for small states at G-20

PORT OF SPAIN, Trinidad, Monday August 29, 2011 – Assistant Secretary General of the Organization of American States (OAS), Ambassador Albert Ramdin, says the time has come for small states and smaller economies to be officially included in deliberations of the G20 – the Group of 20 Finance Ministers and Central Bank Governors from 20 major economies.

His call followed recent meetings in Trinidad and Tobago with the twin-island republic’s Finance Minister and Chair of the World Bank Small States Forum, Winston Dookeran.

Economic storm casts pall on French president's China visit

On the afternoon of Aug. 25, French President Nicolas Sarkozy arrived in Beijing and met Chinese President Hu Jintao, and they jointly attended the evening reception. The leaders of China and France deeply discussed and communicated with each other regarding such subjects as the current global economic situation, the European debt crisis, the agendas of the G20 summit and China-France relations.

Sarkozy's current visit to China is just a short working visit on his way to visiting France's overseas territory New Caledonia, but it has attracted a lot of attention. The main reason is that the economies of France, the euro zone and the whole world are all in a dire condition.

France Expects Consensus On Financial Transaction Tax At G20

French plans to achieve consensus on the financial transaction tax at the G-20 meeting to be held on November 3 and 4 in Cannes, Finance Minister Francois Baroin said in an interview with newspaper Le Journal du Dimanche on Sunday.

Obama, Merkel vow action on global economic woes

Aug 27 (Reuters) - U.S. President Barack Obama and German Chancellor Angela Merkel discussed the eurozone crisis and financial-market turbulence on Saturday and vowed action to bolster the global economy, the White House said in a statement.

"The two leaders agreed on the importance of concerted action, including through the G20, to address current economic challenges and to spur growth and job creation in the global economy," the statement said.

Canada’s Macklem Says G-20 Reform Delay Threatens Global Economic Recovery

Bank of Canada Senior Deputy Governor Tiff Macklem said delays by the Group of 20 nations in fixing “imbalances” in trade and fiscal policies threatens to exacerbate recent financial market instability and erase trillions of dollars of demand.

“As the recent extreme market volatility has made all too stark, we hand financial markets the opportunity to speculate against needed adjustments at our collective peril,” Macklem, who helped lead G-20 talks on improving financial rules, said at a banking conference in Mumbai today. “We have fallen short in correcting the imbalances that are plaguing the global economy and fueling financial vulnerabilities.”

Vice premier: China to work with France to secure success of G20 summit

BEIJING, Aug. 26 (Xinhua) -- Chinese Vice Premier Wang Qishan said here Friday that China is ready to coordinate with France in pushing for the success of the Group of 20 (G20) summit to be held in Cannes in November.

"Securing the stability of the global economy and the financial market is an important prerequisite for the success of the Cannes summit," Wang said.

Hu Jintao meets Sarkozy in Beijing

BEIJING, Aug. 26 (Xinhuanet) --President Hu Jintao has met his French counterpart, Nicolas Sarkozy, in Beijing. Sarkozy is on a five-hour stopover in the Chinese capital, before heading on to New Caledonia, a French South Pacific territory.

Hu Jintao called Sarkozy's visit a symbol of strategic cooperation between the two countries. Hu said strong ties between China and France would drive positive results from November's G-20 summit, and help promote the sound recovery of the global economy.

French, Brazilian Finance Ministers To Discuss G-20 Next Week

By Nathalie Boschat

PARIS (Dow Jones)--French Finance Minister Francois Baroin will travel to Brazil next week to meet his counterpart Guido Mantega to discuss issues related to the next gathering of the Group of 20 industrialized and emerging nations, a person familiar with the situation said.

France's Sarkozy says G20 must help global recovery

BEIJING: The Group of 20 leading and emerging nations must play a role in stimulating global economic growth, French President Nicolas Sarkozy said in Beijing on Thursday.

"The G20 summit must be conclusive, must be decisive, and must take part in the revival of global growth. It's a major task and China plays an essential role," said Sarkozy, who met Chinese President Hu Jintao on a brief stopover in Beijing before visiting France's Pacific territory of New Caledonia.

Obama, Sarkozy discuss Libya, economy

US President Barack Obama spoke with his French counterpart, Nicolas Sarkozy, on Tuesday about the situation in Libya, the global economy and recent developments in financial markets, the White House said.

The Robin Hood tax: a small step for capitalism, a big stride for development

What connects hunger in Africa, people dying for want of medicines or health care and fast-paced global capitalism? A small tax on financial transactions.

A new report about computer-driven high frequency trading (HFT), compiled by supporters of the Robin Hood tax campaign, reveals a niche world of millions of transactions each day. The report highlights how HFT threatens a new financial crisis. Driven by computers and their "algorithmic trading", this activity is divorced from real-world fundamentals and is raising risk in alarming ways. It increases volatility and drives up prices, whether of shares or, increasingly, commodities such as oil or food. The Bank of England has identified high frequency trading as a serious systemic risk.

France's Sarkozy to discuss crisis with China's Hu

By Daniel Flynn and Zhou Xin

(Reuters) - President Nicolas Sarkozy will seek support from Chinese President Hu Jintao on Thursday for Europe's handling of the euro zone debt crisis, amid signs of growing concern in Beijing.

Chinese Vice Foreign Minister Fu Ying warned on Tuesday that the euro zone could collapse if it did not pull together, just a day after China's leading official newspaper likened the bloc's debt crisis to the Black Death pandemic.

Insurers may escape capital surcharges from global regulators

(Reuters) - New rules to ensure no insurance company is too big to fail are set to be drawn up in time for the 2012 meeting of G20 leaders, although unlike banks they may not include capital surcharges, according to industry supervisors.

The proposed new rules, which the International Association of Insurance Supervisors (IAIS) is helping to draw up for the Financial Stability Board (FSB), are aimed at preventing a repeat of the problems seen at insurer AIG, which required a rescue by the U.S. government during the 2008 financial crisis.

Harper Clashing With Rousseff on Capital Controls May Herald G-20 Discord

Canadian Prime Minister Stephen Harper may clash with Brazilian President Dilma Rousseff today as she rejects pressure to scale back capital controls aimed at checking a rally in her country’s currency.

Harper is in Brasilia for talks that will include currency policies, Brazil’s ambassador to Canada, Piragibe Tarrago, said last week. Harper may push Rousseff to rely less on capital restrictions, such as taxes on bond purchases by foreigners, which are undermining prospects for a G-20 agreement on resolving global economic imbalances, said John Kirton, co- director of the University of Toronto’s G20 Research Group.

Credit agencies draft law up for comment

South Africa's Treasury has released for public comment the Credit Ratings Services Bill, which seeks to regulate credit rating agencies according to international best practice, while improving investor protection and the efficiency and transparency of financial markets.

In a statement this week, the Treasury said the Bill seeks to align South Africa's regulation of credit rating agencies with international best standards and practice, including the International Organisation of Securities Commissions Principles, G-20 countries' regulation, and the European Union's equivalency requirement.

Dr Freddy Patel: G20 pathologist suspension extended

The pathologist criticised over post-mortem tests on a man who died at the London G20 protests has had his suspension over another case extended.

In March, Dr Freddy Patel was suspended for four months after being found guilty of serious misconduct.

Police wrong to question man with crossbow near G20 fence, judge rules

Police breached the rights of a man arrested with a crossbow near the G20 security fence when they questioned him without giving him a chance to consult a lawyer, a judge has ruled.

“The law makes clear that an investigative detention of that kind gives rise to a right to counsel,” provincial court Justice David Fairgrieve said Wednesday as he excluded all the statements made by Gary McCullough to a police officer who questioned him at the scene.

G20 accused fight 'no-demo' bail

TORONTO - A year after her release from jail over G20-related conspiracy charges, Amanda Hiscocks returned to court to fight the constitutionality of her “no-demonstration” bail condition.

She and co-accused Alex Hundert represented themselves during the hearing Thursday seeking to get a clear definition what “demonstration” means.

Baum: lower margins but higher volumes in the new world order

Make no mistake, the 2009 G20 leaders statement on OTC derivatives will be seen to have been the initiator of a revolution in OTC derivatives trading as we know it today.

The quest of governments for more secure financial markets, a reaction to the collapse of CDO markets, the default of Lehman and near default of AIG, is relentless, spurred on by the ongoing economic slump and only mildly distracted by the lobbying of concerned parties.

UK Treasury Minister:Basel III Dilution Incredibly Disappointing

LONDON -(Dow Jones)- U.K. Treasury Minister Mark Hoban Tuesday hit out at attempts by some of the world's largest economies to water-down the implementation of the new "Basel III" standards for bank capital and liquidity.

Asia may struggle to meet G20 derivative deadline-ISDA

(Reuters) - Asian countries may struggle to implement rules on derivative clearing and trade data warehouses by the deadline set by the world's top 20 economies (G20), according to the International Swaps and Derivatives Association (ISDA).

Asian members of the G20 have committed to establish central clearing services for over-the-counter (OTC) derivatives and systems to store trading data by the end of 2012.

Somalia famine: UN to hold emergency meeting

The United Nations is to convene an emergency meeting to discuss the response to Horn of Africa drought, which it says has already killed tens of thousands of people.

Famine was declared in two regions of Somalia on Wednesday – the first time this has occurred since 1992 – with 3.7 million people needing urgent humanitarian assistance. A further 8 million people require food in neighbouring countries such as Kenya and Ethiopia.

Court date set for officer charged in G20 assault

A Toronto police officer charged with assaulting a resident at the G20 summit last June has been scheduled to return to court Sept. 12.

Constable Glenn Weddell was not in court Thursday but was “doing fine” despite the charges, said lawyer Maureen Salama, who appeared on his behalf to set the next date.

Fears of slow global growth foster protectionism - report

TOM MILES - The Globe and Mail

Protectionism is on the rise as more countries try to give their economies a leg-up by blocking foreign competition – especially Chinese imports, according to a report by independent economists to be published on Wednesday.

The report, by Global Trade Alert (GTA), found almost 200 protectionist steps taken since the G20 summit in Seoul last November. Four out of five of those steps were taken by G20 countries, and almost half – 91 out of 194 – would harm Chinese interests.

G-20 Poised For Joint Effort On Financial Stability

TOKYO (Nikkei)--Central bankers and finance regulators from the world's 20 leading economies met in Paris on Monday to set new rules for about 30 of the world's biggest financial institutions.

Once the rules are in place, institutions that wield a major influence on global finance would have to hold more capital and put forward crisis-management plans. Should one of them fail despite these precautions, its assets would be instantly frozen worldwide.

No more charges in 'Nobody' G20 case: SIU

No additional officers will be charged in a G20 police brutality case involving a complainant named Adam Nobody, the director of the province's Special Investigations Unit said Monday.

"I cannot form reasonable grounds that any identifiable officer was involved in excessive use of force against Mr. Nobody in this aspect of the investigation. This investigation, therefore, is closed," Ian Scott said Monday in a news release.

G20 task force expected to endorse bank surcharges

(Reuters) - Global regulators are expected to give the green light on Monday to two measures they hope will shield taxpayers from having to rescue failed banks again.

The Financial Stability Board (FSB) meets in Paris to endorse the capital surcharge and bank resolution proposals that will be put out to public consultation ahead of final approval by leaders of the world's top 20 economies (G20) in November.

Did ‘owling’ Internet craze start with G20 protester?

The wild man of the G20 is behind the craze taking over from planking — owling.

Owling involves perching in a crouch, somewhat like the bird, on top of things: fences, kitchen counters, mailboxes. It’s not to be confused with that “craze” from last month, coning.

IMF To G-20: Urges 'Immediate' Plan For Failing European Banks

WASHINGTON (Dow Jones)--The International Monetary Fund issued a dire warning about the poor state of Europe's banks Thursday, just a day before officials plan to release details on how well banks there are suited to withstand financial shocks.

Global banks urge G20 over supervision

Global reform of supervisory standards should be at the centre of G20 summits with "no tolerance" for jurisdictions that make an insufficient effort to improve.

The International Institute of Finance argues that the banking industry is "prepared to meet" the significant new costs that this will create and is keen to work out a code of best practice to foster the best quality of supervision on its firms.

G-20 and food prices

The G-20 will have to ensure there is free trade, without which prices will not come under control.

It is a pity that it took the G-20 — which accounts for 65 per cent of farmland in the world and 77 per cent of foodgrain production — so long to address the issue of surging food prices. Despite the long-standing nature of the problem, it was only two weeks ago that G-20 farm ministers agreed to set limits on export bans and create a crop database in a bid to tackle rising food prices. The agreement included a call for international market regulation, higher farm production and the development of a proposal for emergency food reserves. There can be no denying the G-20's complacency in addressing an issue as important as this. In February, an index of prices of 55 food commodities climbed to a record 238 (base period 2002-04) and it took the G-20 this long to wake up. Around the same time, the World Bank President, Mr Robert Zoellick, said that the elevated food prices had pushed 44 million people into poverty since June 2010, and that another 10 million could be added to the list if the index rose another 10 per cent. The World Bank has estimated that nations will spend $1.29 trillion on food imports this year, the highest ever, and 21 per cent more than last year. The Food and Agriculture Organisation, on its part, has been expressing concern over surging food prices since June 2010.

G8 'neglecting hunger fight pledge'

G8 leaders have been accused of neglecting a pledge to fight hunger in poor countries.

Anti-poverty group ONE said the drought crisis in east Africa is a "wake-up call" to Governments who pledged to help feed the hungry in Africa two years ago.

A spokeswoman from the group said leaders of the rich world meeting at the G8 summit in Italy in 2009 pledged 22 billion US dollars (£13.7 billion) to go towards agricultural projects designed to put Africa on the road towards food self-sufficiency, rather than on emergency aid during famines and disasters.

Public inquiry needed into police bully tactics at the G20

Toronto Police Chief Bill Blair just doesn't get it. Perhaps Prime Minister Stephen Harper and Ontario Premier Dalton McGuinty get it, but they either don't care or would rather it just go away.

But what's even more concerning is that it's clear police officers -- not just in Toronto, but everywhere in Canada -- don't get it either: how the transgressions, abuses, thuggery directed at peaceful demonstrators and innocent bystanders alike at the G20 Summit a year ago and their ridiculously misplaced code of silence to protect each other from prosecution has impacted the public's perception of them.

ECB's Draghi: G20 Should Be Able To Manage Legacy Of Crisis

AIX-EN-PROVENCE, France (MNI) - Foreign exchange rate tensions and conflicts among national policies can best be countered by pursuing the international cooperation set up during the crisis, European Central Bank Governing Council member Mario Draghi said Friday.

Introducing the topic "Currency Wars" for a round table here, the governor of the Bank of Italy hesitated to use a phrase evocative of "disasters" but acknowledged the "reality" of national monetary policies that create undesirable spillovers.

Analysis: French G20 commodity rule hope may prove forlorn

France's push to get the world's leading economies to toughen regulation on commodity markets may prove to be like herding cats as most governments see little benefit in new rules that could harm their financial interests.

Many say improving market transparency and raising food production is the way to tackle price volatility and few expect last month's call by G20 farm ministers for regulation to bring coordinated hard action among the Group of 20 leading economies.

G-20 offers solutions to cool food prices

We are becoming more selfish, not less. As food, fuel and fibre become increasingly expensive it's every country for itself. That's why the prescription for global food security by the G-20 , a group of 20 nations including India, is so odd. It completely ignores reality. G-20 has offered five solutions to cool food prices. First, increase production and yields on the millions of small farms in developing nations.

Can G20 Separate Wheat from Chaff with China Food Data?

The agriculture ministers of the Group of 20 industrialized and emerging nations, including China, agreed last week to set up a monitoring database for food stocks and production to help producers reliably predict needs – a laudable goal given that escalating food prices have been behind some of the sharpest inflationary pressures in recent years.

G-20 Agriculture Ministers Unveil Plan to Tackle High Food Prices

In their first-ever summit, agriculture ministers from the Group of 20 (G-20) leading economies gathered to tackle high and volatile food prices. The Paris meeting, held on 22 and 23 June, ended with the release of an “Action Plan” that drew both praise and criticism. The plan will be evaluated at the G-20 summit in November, where heads of state will meet to decide whether to approve the measures outlined.

France calls for common G-20 trade finance rules

By Nathalie Boschat

PARIS -(MarketWatch)- France wants the Group of 20 industrialized and developing nations to agree on common rules for trade finance in order to foster a level playing field in international trade, French junior minister for trade Pierre Lellouche said Monday.

Lellouche gathered his G-20 counterparts at the French ministry of finance Monday "to start a discussion on a common rulebook" for trade finance, he told reporters at the end of the meeting.

G20 should adopt flexible trade policy: India

NEW DELHI: India, the world's second- largest producer of wheat and rice, has said free export of agricultural commodities could affect the country's food security at a time when global prices are high and urged G-20 nations to adopt flexibility in trade policy.

"Developing countries like India for whom free exports can be detrimental to their food security during the times of high global prices," Agriculture Minister Sharad Pawar said in the summary note circulated at the fist agriculture ministers' meeting of G-20 held in Paris.

G20 agrees measures to tackle high global food prices

Agriculture ministers from the G20 group of nations have agreed a series of measures they hope will reduce food price volatility and boost supplies.

In a communique following a two day meeting in Paris ministers said they would adopt a new collective rapid response system to help calm any spikes in prices.

G20 eyes Russia's WTO entry this year

Group of 20 nations support Russia's bid to complete negotiations this year to join the World Trade Organisation, the conclusions of a G20 farm ministers meeting said on Thursday.

After years of talks, Russia aims to become a member of the global trade watchdog in December, but Russian Economy Minister Elvira Nabiullina warned recently that entry could be delayed for years if key issues were not settled by the end of next month.

G-20 ag ministers will stand behind biofuels despite report

G-20 Agriculture ministers announced June 23 at a G-20 meeting in Paris that the group would remain supportive of biofuels policies. Just days before the meeting ethanol supporters had urged the group not to turn on biofuels, despite a report that had recommended G-20 countries remove support for biofuels subsidies or mandates.

Ont. must show more transparency after G20 secret law

TORONTO — There is a growing culture of secrecy in the provincial government which has been building for years and culminated with the "granddaddy of all secret manoeuvres" during the G20 summit, Ontario's ombudsman said Tuesday.

"The problems that my office uncovers in government, the problems that we hear about from thousands of frustrated citizens every year, almost always have to do with secrecy or lack of transparency," ombudsman Andre Marin said in his annual report.

World Bank unveils hedging tool to aid poor farmers

(Reuters) - The World Bank on Tuesday launched a new agricultural hedging tool to help farmers in developing countries curb increasing food price volatility.

The launch of the Agricultural Price Risk Management facility together with JP Morgan Chase & Co precedes a June 22-23 meeting in Paris of G20 agriculture ministers seeking a deal on improving global food security amid increasing global commodity prices.

France warns G20 farm deal far from guaranteed

(Reuters) - A deal on steps to curb food price volatility between G20 agriculture ministers next week is reachable but far from guaranteed, French Farm Minister Bruno Le Maire said on Friday.

"Negotiations have been tough. A deal is possible, it is within reach, but it is not guaranteed at all," Le Maire said on the sidelines of a farm organizations meeting at the Organization for Economic Co-operation and Development (OECD) headquarters.

Businesses get compensation for G8, G20 summits

By Elizabeth Thompson, iPolitics.ca

The federal government has agreed to pay nearly $2 million in compensation to businesses affected by last year's G8 and G20 summits in Ontario, iPolitics has learned.

Of that amount, $1,908,152 is for those affected by Toronto's G20 summit, which sealed off much of the city's downtown core and sparked violent clashes between police and protesters.

Another $67,256 in claims will be paid out in connection with the G8 summit in Huntsville, Ont., in picturesque Muskoka cottage country north of Toronto.

U.N. urges G20 to do more to phase out subsidies

Big economies should do more to phase out damaging subsidies on fossil fuels, farming and fisheries that are hindering a shift to a green economy, the head of the U.N. Environment Programme (UNEP) said on Wednesday.

The Group of 20 leading economies agreed at a summit in 2009 to phase out damaging fossil fuel subsidies in the "medium term" -- a step that would help cut greenhouse gas emissions and free up investments for cleaner energies to fight climate change.

World leaders should put cyber security on agenda: Internet body

World leaders should put cyber security on the international agenda at forums such as the G20 and bring pressure to bear on "slower-moving" nations to take a stand against hacking, the co-founder of a global industry body said on Tuesday.

Peter Coroneos, co-founder of the International Internet Industry Association and head of Australia's industry body, said such leadership by major powers could support and hasten early industry efforts to adopt global anti-hacking safeguards.

IMF State-Backed Cyber-Attack Follows Hacks of Lab, G-20

By Michael Riley and Sandrine Rastello

The data theft from International Monetary Fund computers by hackers said to be linked to a foreign government follows incidents against companies and governments that illustrate the growth of cyber-attacks as an espionage tool.

The IMF hack resulted in the loss of a “large quantity” of data, including documents and e-mails, according to a person familiar with the incident, a security expert who declined to be identified because he wasn’t authorized to speak on the subject. This year, the Group of 20 and Oak Ridge National Laboratory have also come under cyber-attack.

G-20 calls for improved safety tests on all nuclear reactors

PARIS — Government ministers and officials from nearly 30 nuclear energy- producing countries called yesterday for safety tests on all nuclear reactors, after the disaster at Japan’s Fukushima plant sparked concern over standards.

A majority of delegates at talks hosted under France’s Group of 20 chairmanship supported stress tests that would determine how well nuclear plants could withstand disasters, such as the earthquake and tsunami that rocked Fukushima in March.

G20 Task Force recommends on food security

The meeting, convened by Bruno Le Maire, Minister of Agriculture, Food, Fisheries, Rural Affairs and Planning of France, in collaboration with the CEO Working Group on Food Security of the World Economic Forum’s G20 Task Force, was the first private-sector consultation as part of the G20 process on food and agricultural commodities price volatility.

G20 ministers meet to tackle price volatility in food markets

Agricultural ministers from the G20 group of leading nations are due to meet in Paris on June 22-23rd to discuss an initiative that aims to reduce volatility in agricultural commodity markets.

The meeting comes after the United Nations Food and Agriculture Organisation released its twice yearly Food Outlook analysis, saying that rising demand will absorb most of the increased output in food production. It also outlined expectations for prices to remain at the high levels established earlier this year.

Police equipment, surveillance issues at second G20 hearing

How much oversight should everyday citizens have over policing of major events like the G20?

That's what the retired judge John Morden wanted answered at the Etobicoke public hearing Monday, June 6, at the Etobicoke Civic Centre.

The hearing was the second in three meetings hosted by the Independent Civilian Review Into Matters Relating to the G20 Summit, launched in September 2010 by the Toronto Police Services Board. The hearing was smaller than the first hearing on June 1 - only 25 people were in attendance versus the reported 50 plus at the downtown hearing. Many of those registered to speak did not turn up to address the crowd.

Canada’s Fiscal Spending Out of Control: G20 and Now F-35 Planes?

The Conservative government announced plans in July 2010 to purchase 65 new F-35 Lighting II jet fighters for $9 billion from Lockheed-Martin, a US-based manufacturer, to replace its stock of 80 CF-18 Hornet planes. The deal, including maintenance of the planes, will cost taxpayers over $16 billion until 2016. However, the acquisition of these jets is under huge debate as Canada is currently suffering from one of its largest federal deficits in history.

Chinese hackers leaked classified gov't document: lawmaker

A classified government document, containing telephone conversations between South Korean and U.S. presidents, was leaked by Chinese hackers, an opposition lawmaker said Saturday.

"I received a report from the National Intelligence Service that a secret document written by the South Korean foreign ministry ahead of the Group of 20 (G-20) Summit in London in April 2009 was leaked to China," Rep. Shin Hak-yong of the main opposition Democratic Party (DP) told Yonhap News Agency by phone.

City cashes in on G8, G20 summits

WINDSOR, Ont. -- The Windsor fire department billed the feds $83,000 for the use of two surplus fire trucks during last year's G8 and G20 summits, only to sell the vehicles shortly after for less than half that amount.

Windsor Fire Service Chief Dave Fields said the trucks were rented for 11 days to provide emergency protection at the G8 gathering of world leaders in Huntsville.

G-20 countries ‘increasing protectionist measures’

ICC warns against measures by the G-20 that will keep a hold on global markets.

THE International Chamber of Commerce (ICC) has urged the Group of Twenty (G-20) to keep markets open to trade, following reports of G-20 countries increasing protectionist measures.

Toronto police G20 probe a ‘cat and mouse’ game, lawyer warns

The “cat and mouse” game playing out in investigations of policing at last year’s G20 summit is creating a crisis of confidence among the public towards Toronto’s forces, a leading human rights lawyer has warned.

Julian Falconer, who represents several clients who have accused police of mistreatment during last June’s meeting, said police actions, including the removal of badges and subsequent efforts to conceal officers’ identities, have become a systemic issue that requires systemic change.

Admirers and critics debate future of G8 summit as G20 grows in power

DEAUVILLE // The latest Group of Eight summit was "historic", the moment for the great powers to rally their wealth and arms behind the Arab people and staunch a gap in the spread of "western" values across the world.

Or was it a pointless, costly absurdity, a vanity project for leaders of nations in decline, marginalised by the rise of China and other big, industrialising nations, for whom the forum founded in the 1970s is a neo-colonial throwback?

G-8 Chiefs Say Strengthening Economies to Prompt Focus Shift to Debt Cuts

Group of Eight leaders said a strengthening global economy will pave the way to cuts in the debt built up during the recession that followed the 2008 financial crisis.

Europe vowed to fight its fiscal woes with “determination,” while President Barack Obama promised a “clear and credible” U.S. deficit-reduction strategy. Japan was allowed to put off savings measures until its economy rebounds from the March earthquake and tsunami.

G-20 suit settled for $170,000

The least complicated of four civil lawsuits against the City of Pittsburgh stemming from the G-20 Summit has settled for $170,000, officials said Wednesday.

The settlement in the case of Frank Beal, a Point Breeze man who said out-of-town police broke his kneecap, will be paid by the city's insurer, City Solicitor Daniel Regan said.

London police officer on trial for manslaughter

British police officer Simon Harwood faces charges of manslaughter over the death of London newspaper seller c during G-20 summit in April 2009.

When 47-year old newspaper vendor Ian Tomlinson died in April 2009 it was announced that of heart attack. Some time later the British mass media published a video, on which it is seen that a masked policeman hit the man with a baton and pushed him to the ground. The repeated examination proved that man died of internal hemorrhage.

G20 police officer to learn if he will be charged with manslaughter of Ian Tomlinson

The Director of Public Prosecutions will announce tomorrow if there is enough evidence to charge the Scotland Yard officer involved in the G20 protests death of Ian Tomlinson with manslaughter.

Keir Starmer QC vowed to launch a quick and ''thorough'' review of his decision not to prosecute Pc Simon Harwood after an inquest jury unanimously ruled earlier this month that the newspaper seller was unlawfully killed at the protests.

Sarkozy Says G-20 Priority Must Be Jobs, Protecting Rights

French President Nicolas Sarkozy said creating jobs must be the priority for Group of 20 nations while at the same time they must ensure respect for labor rights.

Sarkozy, speaking today in Paris at a conference on the social implications of economic development, said that countries with strong welfare systems did better during the recession that followed the 2008 financial turmoil.

The last jailed Toronto G-20 activist is released

Computer security expert Byron Sonne was granted finally bail after 330 days behind bars on May 16. He waited until Wednesday to be released, however, following the final bail hearing, when the crown attorney had the opportunity to contest the decision. Fortunately, the judge disagreed and he was free to go.

Sonne spent roughly 11 months in custody. The 38 year old was denied bail twice since his June 22, 2010 arrest, which took place just prior to the start of the G-20 Summit in Toronto.

Kingdom to host heads of Parliaments of Group- 20 states next year

JEDDAH: Saudi Arabia will host the third G20 Speakers' Conference next year. Parliamentary leaders and delegates from 26 countries and unions that met for the final day of discussions for the conference on Friday adopted a joint communique that addressed global issues.

"We are very happy to be the next host of the speakers' consultation, and we look forward to seeing you again next year. We will do our best to make the meeting as productive as it can be," Chairman of the Shoura Council of Saudi Arabia Abdullah Al-Asheikh said Friday while addressing the conference.

Full text of G-20 Speakers' Consultation Joint Communique

The following is the full text of the G-20 Speakers' Consultation Joint Communique released after the three-day meeting of the world's parliamentary leaders ended in Seoul Friday.

1. We, the speakers of the G20 Parliaments, have gathered in Seoul, Republic of Korea, from May 18 to 20, 2011 under the theme of "Development and Growth for Common Prosperity," in the recognition that it is our common responsibility to seek a common approach toward shared growth in which all of humankind can lead prosperous lives and to secure the safety of the global community.

Defiant Sonne on a tight leash before G20 trial

Byron Sonne emerged from a Toronto courthouse Wednesday afternoon free of shackles and the centre of a media frenzy.

And after almost a year in police custody, accused of collecting explosives and plotting to attack the G20 summit in Toronto, he seemed to enjoy the attention.

Chancellor admits that the Treasury faces one email attack every day

The government is dealing with 20,000 ‘hostile' emails every month, with the Treasury facing an average of more than one attack per day.

Speaking at the Google Zeitgeist event, chancellor George Osborne said that the emails were sent by ‘hostile intelligence agencies' and in one instance, a legitimate email relating to the G20 was followed by an almost identical hostile replica.

Securing global economic security

Inflation is a significant factor of global economic security and has the innate capacity to upend carefully laid plans

Lee, Sarkozy agree to help G-20 deliver commitment

South Korean President Lee Myung-bak and French President Nicolas Sarkozy agreed Friday to step up joint efforts to help the G-20 economic forum to deliver its commitment to bring stability to the world economy, including fighting speculation in food and energy markets.

G20 security still a question

Premier Dalton McGuinty has lost an opportunity to clarify the bizarre security regulations at last year’s G20 summit in Toronto by either apologizing for the secretly passed regulations or calling a broad inquiry.

Speaking last week, McGuinty declined to apologize for the regulations cabinet approved to the Ontario Public Works Protection Act that allowed police to search pedestrians in an area near the summit. The regulations caused confusion for demonstrators, particularly when police left the impression that the regulations applied to a five-metre zone near the summit’s fence. In fact, one may wonder if some police officers sincerely thought they did have the right to question pedestrians in that zone.

Leaked Report Urges G-20 Action on Food Price Volatility

A leaked report by top international food security experts urges the Group of 20 leading economies to tackle food price volatility by reforming biofuel policies, curbing the use of agricultural export restrictions, and rebuilding emergency food reserves.

Senior agriculture ministry officials from G-20 governments are meeting in Paris on 11-12 May to hammer out an action plan based on the experts’ recommendations.

G-20 holds key to Canada's diplomatic future

In a paper, released today by The School of Public Policy, Paul Heinbecker examines the G-20 as a major innovation in international governance.

The author suggests that Canada's foreign policy interests can be advanced through careful use of G-20 relationships.

Ian Tomlinson death: IPCC rules Met officer 'reckless' in conduct

A senior Metropolitan police officer has been found to have "recklessly" misled two pathologists over the possible cause of Ian Tomlinson's death at the G20 protests in London.

Detective Inspector Eddie Hall was investigated after it emerged he told two forensic experts Tomlinson had fallen to the ground in front of a police van before the newspaper seller later came into contact with PC Simon Harwood.

G-20 Seoul Speakers' Consultation seeks parliamentary action on global issues

Sharing experiences and know-how through parliamentary exchanges is key to tackling major problems the global community is facing, South Korea's parliamentary speaker said Wednesday as he prepared to host a conference of his counterparts from the Group of 20 countries later this month.

"We are now faced with many problems that threaten the global community as a whole, such as nuclear crisis, natural disasters, poverty, terror and financial crisis," National Assembly Speaker Park Hee-tae said at a press briefing. "Not only efforts by individual countries alone, but also close cooperation among the global community is needed more than ever."

UUP peer’s fury at G20 death ‘fall guy’

Britain's most senior police officer has denied he was jumping to judgment and using the officer involved in the death of Ian Tomlinson during the G20 protests as a “fall guy”.

Sir Paul Stephenson was accused of being prepared to “surrender” Pc Simon Harwood by the Ulster Unionist peer Lord Maginnis, who added he was “horrified” by the police stance.

Oil Price Controls Are Advocated by UN in Proposal for G-20, OPEC Accord

The Group of 20 nations should negotiate a benchmark “fair” cost of oil with the Organization of Petroleum Exporting Countries and limit price movements within a band, the United Nations said.

The G-20 needs to “act decisively to moderate the volatility of oil and food prices,” the agency said in a statement as it released an annual report on Asia and the Pacific in Bangkok today.

G20 summit in Toronto

Britain's most senior prosecutor has said he was considering whether to prosecute the police officer who attacked Ian Tomlinson for manslaughter after an inquest jury found that the newspaper seller had been unlawfully killed.

Tomlinson, 47, had been trying to walk home from work through the G20 demonstrations near the Bank of England when he was attacked from behind by a Metropolitan police constable, Simon Harwood, a member of the Met's Territorial Support Group (TSG).

Paper Seller Unlawfully Killed During Protests, Jury Says

Newspaper seller Ian Tomlinson was unlawfully killed by a police officer during the April 2009 c protests in London, a coroner’s inquest found today.

A jury at the inquest into Tomlinson’s death said today that a policeman used “excessive and unreasonable force” when he hit Tomlinson and shoved him to the ground, a court official said.

Judge refuses to release controversial G-20 report

A court has said it won't order the release of a controversial auditor general's report into government spending during last year's G8 summit.

A Federal Court of Canada judge ruled Thursday against activists who were seeking the release of the report before Monday's election, saying the group should have filed its suit weeks earlier.

Warmington: G20 riot should never have happened

Why didn’t Chief Bill Blair and his senior command just let their officers arrest the Black Bloc when they had the chance before the rampaging began?

Turns out there was no need to sneak in any fancy wartime laws!

There are aerial pictures of these punks all huddled together.

G20 inquest to consider unlawful killing charge

Jurors at the inquest into the death of Ian Tomlinson will consider whether the actions of a police officer amounted to unlawful killing, a coroner has said.

The jury must decide whether Pc Simon Harwood acted illegally and directly caused the death of Mr Tomlinson at the G20 protests in London on 1 April 2009.

The G-20’s Empty Gestures

The world’s 20 most important finance ministers and 20 most important central bankers traveled to Washington this month from every part of the globe to accomplish, predictably, exactly nothing.

The subject of the G-20’s recent meeting was “global imbalances.” According to the communiqué issued by the group, the meeting focused on developing a procedure for identifying which G-20 countries have “persistently large imbalances” and why they have them. This delicate analytical task was assigned to the International Monetary Fund, which is to complete its work before the ministers’ next meeting in October.

Lawsuit seeks release of G8 spending documents

An online activist group has filed a lawsuit asking the Federal Court to order the release of a report into government spending during last year's G8 and G20 summits.

Auditor General Sheila Fraser has steadfastly refused to release the final report until after the election. However, drafts of the report that leaked to the media suggested the government misled Parliament about the true cost of the world leaders summit, held last June in Toronto and near Huntsville, Ont.

India to raise concerns over easy money policy at G-20

At the G-20 Sherpa’s meeting later this month, India is set to highlight external risks such as aggressive policy action and high public debt in advanced economies that pose a risk to its growth and create inflationary pressures.

“While domestic factors are largely conducive for maintaining a high growth, external risks such as low interest rates are leading to a surge of capital flows into India. This is ultimately leading to an asset price bubble and soaring commodity prices within the country, making it difficult to curb prices,” a finance ministry official said.

Ahead of G-20, India offers nuke help

India has proposed to the International Atomic Energy Agency (IAEA) that it can send experts to deal with the Fukushima nuclear incident and the emerging fallouts even as G-20 countries are set to discuss a new universal framework for nuclear safety ahead of the group’s summit in Cannes in November t his year.

Ian Tomlinson died from internal bleeding, says third pathologist

A forensic pathologist has told an inquest that the only plausible explanation for the death of Ian Tomlinson at the G20 protests was internal bleeding from an injured liver.

Dr Kenneth Shorrock, who was instructed by the Metropolitan Police after one of its officers was shown on film shoving Tomlinson to the ground, said the injury to the organ was "consistent" with the footage.

The ‘chilling effect’ of kettling on freedoms

The police’s use of kettling to police protest has come under fire from human rights campaign group Liberty, who argue that it undermines trust between protesters and police and has a “chilling effect” on people’s right to freedom of expression and assembly.

CANADA DAYBOOK: Election Campaign Second Half, Teck Earnings

The federal election campaign entered its second half following the leaders’ debates last week. Teck Resources Ltd. is estimated to post a first-quarter profit of 76 cents a share.

WHAT TO WATCH: *Conservative Prime Minister Stephen Harper and Liberal Leader Michael Ignatieff kicked off the second half of their campaigns for the May 2 federal election in Ontario last week.

G-20 unified on coping with Japan risks

The Group of 20 countries have expressed their intent to jointly support Japan's reconstruction, underscoring the fact that the aftermath of the Great East Japan Earthquake poses a new concern for the global economy.

The prolonged stagnation of the Japanese economy, which took a direct hit from the March 11 earthquake and tsunami, could negatively impact the global economy. Each country shared a sense of crisis and placed high expectations on Japan's early reconstruction.

G20 agrees to take actions to reduce downside risks

Downside risks remain in the global economy, even as the recovery is broadening and becoming more self-sustained with increasingly robust private demand growth, the G-20 countries have said.

After the meeting of finance ministers and Central Bank Governors, the group comprising most influential economies in the world, issued a joint communique which they agreed to remain vigilant and take necessary actions to reduce risks to the global recovery.

Trichet: G-20 Didn’t Discuss Greek Debt Restructuring

There was no discussion of a possible restructuring of Greek sovereign debt at Friday’s meeting of finance ministers and central bank governors of the Group of 20 leading developed and emerging economies, European Central Bank President Jean-Claude Trichet said.

G-20 to draw up tentative debt, surplus rules

The Group of 20 finance ministers and central bankers will finalize specific measures to use to gauge mismatches or imbalances between export-oriented, creditor nations and consumption focused, debtor economies, a senior U.S. Treasury official said Tuesday.

Untimely Leak From Canada's Auditor General

You don't have to be an auditor-general to know some of the Harper Government's spending around last year's G-20 and G-8 event in Ontario was wasteful, partisan and even eridiculous. But that certainly is not the sort of message a party leader wants the electorate to be reminded of mere weeks before an election.

G-20 wants Japan revival plan

G-20 finance ministers will ask Japan for a plan to revive its economy on fears that the nation's disaster could dent global growth, said Takatoshi Kato, a former IMF deputy managing director.

OECD official expresses hope for Chile to join G-20

A top official with the Organization for Economic Cooperation and Development (OECD) said Tuesday that the "impressive economic and political development" Chile has achieved in recent years might help the nation join the Group of 20 major economies (G-20).

New G20 Bank Rules Insufficient To Fix Financial System

New banking rules agreed upon by global financial leaders aren't sufficient to ward off the type of financial crisis the world is still recovering from, the International Monetary Fund warned Wednesday.

To help fix the problem, the fund is proposing new tools to measure the impact a financial institution can have on the system as a whole. Once authorities have a good picture of the systemic importance of a firm, they could then confidently require a company to pay a proportional fee to guard the entire system.

Does the G-20 Even Care About the Environment?

CALGARY, April 5 /CNW/ - In a paper released today by The School of Public Policy, Professor Barry Carin examines the prospect of G-20 leaders taking hard action on environmental issues at upcoming meetings and finds that it is unlikely that environmental policy will be a major agenda item for the next meeting in France in 2011, or at future meetings.

A modest proposal for the G-20

BEIJING: In March, at a meeting in Beijing organised by Columbia University's Initiative for Policy Dialogue and China's Central University of Finance and Economics, scholars and policymakers discussed how to reform the international monetary system.

After all, even if the system did not directly cause the recent imbalances and instability in the global economy, it proved ineffective in addressing them.

G20 keeps up snail's pace of global monetary reform

Another month, another inconclusive meeting of G20 finance ministers: reform of the international monetary reform is proving a hard, thankless slog.

True, Thursday's seminar in the eastern city of Nanjing confirmed the consensus that changes are needed to put the world economy on a firmer financial footing, keep a closer eye on capital flows and ensure the global monetary order better reflects the clout of China and other emerging giants.

Italy Finance Minister: Crisis Galvanizing Europe, G-20 Obsolete

The global financial and economic crisis is galvanizing Europe into furthering the project of a political union and may trigger spreading unrest elsewhere in the world, Italian Economy Minister Giulio Tremonti said Saturday.

We are seeing a "colossal restructuring of the political architecture of Europe," Tremonti told central and commercial bankers, business leaders and politicians from around Europe at a conference in this northern Italian lakeside town.

China Meeting Highlights Currency Conflict

Top officials at a meeting of the world's major developed and emerging economies offered starkly different views on exchange rates and other elements of the international monetary system, underlining the challenges facing efforts to find a new global financial architecture.

Highlighting the tensions at the one-day meeting of Group of 20 officials here, U.S. Treasury Secretary Timothy Geithner emphasized the importance of flexible exchange rates in prepared remarks that were a thinly veiled criticism of China's currency policy—which Beijing had insisted shouldn't be discussed at the meeting.

Geithner’s Remarks at G-20 Currency Conference

Here is the official Treasury Department transcript of remarks U.S. Treasury Secretary Timothy Geithner was scheduled to deliver Friday at the Group of 20 nations seminar in Nanjing on the international monetary system:

Statement by Secretary of the Treasury Tim Geithner at the “High-level Seminar on the International Monetary System”

Germany’s Schaeuble Sees Bigger G-20 Currency Role by Year-End

Exchange-rate talks will move to the Group of 20 from the Group of 7 as the bloc’s members step up cooperation that aims to enhance the resilience of the world economy, German Finance Minister Wolfgang Schaeuble said.

“We’ll see at the end of the year that there’ll be quite some movement” in the discussion of exchange rates, he told reporters today as he traveled to a G-20 seminar in Nanjing, China. “Sure, we won’t return to Bretton Woods, but there is some movement after all.”

Treasury fights G20 move to toughen rules

THE Gillard government is planning to resist efforts by global regulators to make Australia's big four banks hold even higher levels of capital, even though any collapse could send shockwaves through the economy.

Global supervisors are hammering out a package of measures designed to make big, complex banks safer and less of a burden on taxpayers in case of future crises.

Crossbow seized near G20 fence meant to repel break-in, court told

A Haliburton man stopped by Toronto police with a loaded crossbow two days before the G20 summit told an officer he was carrying it in case a neighbour broke into his car, a court has heard.

The arrest on a charge of weapons dangerous a short distance from the G20 security fence was one of the first of hundreds linked to the upcoming summit and made international headlines.

Food prices: Leaked UN Report Urges G-20 Action on Farm Trade

A confidential draft report from leading international agencies has urged G-20 governments “immediately to strengthen” global rules on agricultural import and export restrictions as well as subsidies that distort production, discourage supply or constrain international trade, ahead of a meeting of senior officials from the G-20 group of major economies in Paris this week.

Police 'illegally' kettled peaceful G20 protesters for four hours, court hears

Police officers illegally kettled peaceful climate activists at the G20 protests in 2009 to stop their gathering being "hijacked" by violent protesters from another demonstration, the high court has heard.

Lawyers for green campaigners seeking a judicial review of the legality of the police tactics, said the Metropolitan police imposed a tight cordon on the protesters for more than four hours, despite noting at the time that they were "relatively peaceful". Officers also used their shields to strike campaigners in a way that is "not a recognised form of reasonable force at all", Michael Fordham QC said.

China Commerce Min: Willing To Discuss Trade Balance With G20

China's trade minister said he would be willing to discuss including the trade balance -- and indirectly, the exchange rate reducing current account imbalances.

At the same time, Commerce Minister Deng Deming said China may post another trade deficit in March, noting that the nation posted a trade shortfall in the first 10 days of the month.

Speaking at a forum at the weekend, Chen noted the G-20 is discussing which some indicators to use to monitor current account balances and so ensure sustainable world economic growth.

Clout of G-7 Validated as Yen Selloff Bolsters Its Relevance Against G-20

The Group of Seven may have been counted out too soon.

Almost two years after ceding control of international economic policy making to the G-20, the club of seven rich nations yesterday reminded financial markets of its power. By throwing what analyst Ashraf Laidi called a “no buy zone” around the surging yen, the G-7 triggered the Japanese currency’s biggest drop in more than two years.

G20 doctor Freddy Patel's fitness 'impaired', says GMC

The GMC has said the fitness to practise of a pathologist criticised over his report into a man's death at the G20 protests is "impaired".

A disciplinary panel upheld allegations earlier this week against Dr Freddy Patel of misconduct and "deficient professional performance".

France Calls For G-7, G-20 Meetings On Japan Crises

France called Wednesday for finance ministers and central bankers of the Group of Seven leading nations to discuss the consequences of the multiple Japanese crises on the world economy and to prevent them from fueling volatility on global capital and commodity markets.

France also plans to hold a meeting of energy and economy ministers of the Group of 20 industrial and developing nations, to foster international cooperation on energy.

China Says Yuan Currency Not on Nanjing Agenda

The exchange rate of China's currency will not be on the agenda when a G-20 meeting is held in Nanjing at the end of the month, a Foreign Ministry official said Tuesday.

The Group of 20 seminar on March 31 will be opened by French President Nicolas Sarkozy and will discuss ideas on revamping the global monetary system.

CHINA NPC: China Minister: Hope G-20 Will Work On North-South Imbalance

China hopes countries in the Group of 20 industrial and developing nations will view narrowing the global North-South development gap as the key to resolving global economic imbalances, Foreign Minister Yang Jiechi said Monday.

China hopes the G-20 this year can advance the interests of developing countries, and that members "take addressing the development imbalance between the North and the South as the fundamental solution in addressing international economic imbalances," Yang said at a news briefing during meetings of China's legislature, the National People's Congress.