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.