Developing

  • Emerging economies to challenge U.S. hold on World Bank

    Reuters - Mon, Feb 27, 2012

    MEXICO CITY (Reuters) - Emerging economies said on Sunday that they will challenge a tradition that has placed an American at the head of the World Bank for decades, as the Obama administration shows sensitivity to the need for change at global institutions. Emerging economies said it was time to break a decades-old tradition that has long shut out candidates from the developing world and kept an American at the head of the World Bank and a European leader at the International Monetary Fund. ... More »Emerging economies to challenge U.S. hold on World Bank

  • Kodak woes draw Oscar theater jabs

    Reuters - Mon, Feb 27, 2012

    LOS ANGELES (Reuters) - The bankruptcy of Eastman Kodak, the once-dominant American film icon whose name was yanked from the Oscars telecast, provided irresistible fodder for Academy Awards host Billy Crystal on Sunday. Crystal welcomed the audience to the "beautiful Chapter 11 theater!" as he kicked off the awards show. Later, he called the 3,400-seat Hollywood venue the "your-name-here" theater. The Academy of Motion Pictures Arts and Sciences announced last week it was removing Kodak's name from the Oscars telecast. Kodak filed for Chapter 11 bankruptcy reorganization earlier this year. ... More »Kodak woes draw Oscar theater jabs

  • G20 alert to economic threat from rising oil prices

    Reuters - Mon, Feb 27, 2012

    MEXICO CITY (Reuters) - The world's leading economies said on Sunday they were "alert to the risks of higher oil prices" and discussed at length the impact that sanctions on Iran will have on crude supplies and global growth. Finance ministers and central bankers from the Group of 20 said in a statement after two days of talks that they welcomed a commitment from producer countries to ensure oil supplies. Higher prices at the gas pump could undercut the U.S. economic recovery, push Europe deeper into recession and stoke already-high inflation in many emerging economies. ... More »G20 alert to economic threat from rising oil prices

  • Factbox - What happened at the G20 meeting in Mexico

    Reuters - Mon, Feb 27, 2012

    (Reuters) - Finance chiefs from the Group of 20 nations met in Mexico City at the weekend and talks were dominated by the euro zone debt crisis. Following is a summary of the outcome of the meetings: EUROPE'S FIREWALL AND IMF RESOURCES Europe was told in stark terms that it must put up more money to help struggling euro zone countries before the rest of the world contributes extra cash to the IMF's crisis war chest. Germany resisted as it has already made hefty contributions and says it doesn't believe more cash is needed. ... More »Factbox - What happened at the G20 meeting in Mexico

  • ECB's Draghi - banks should lend out 3-year liquidity

    Reuters - Mon, Feb 27, 2012

    MEXICO CITY (Reuters) - European Central Bank President Mario Draghi urged banks on Sunday to help strengthen economic growth by lending the money they borrow from the ECB at very low rates to euro zone households and businesses. Draghi said banks used much of the 489 billion euros ($658 billion) they borrowed at the ECB's first offering of three-year loans in December to cover maturing debt. A second offering will be made on February 29, and the ECB chief said he hoped that this time the banks would lend the funds on to customers. ... More »ECB's Draghi - banks should lend out 3-year liquidity

  • G20 to Europe - show us the money

    Reuters - Mon, Feb 27, 2012

    MEXICO CITY (Reuters) - Leading economies told Europe it must put up extra money to fight its debt crisis if it wants more help from the rest of the world, piling pressure on Germany to drop its opposition to a bigger European bailout fund. Euro zone countries pledged on Sunday, at a meeting of finance leaders from the Group of 20 economic powers, to reassess next month the strength of their bailout fund. ... More »G20 to Europe - show us the money

  • Italy's Visco sees European firewall deal in March

    Reuters - Mon, Feb 27, 2012

    MEXICO CITY (Reuters) - A deal is likely to be reached in March on boosting the size of Europe's bailout fund, Bank of Italy Governor Ignazio Visco said on Sunday. Visco, who was speaking at a meeting of finance ministers and central bankers from the Group of 20 economic powers in Mexico City, also said he expected significant participation by Italian banks at the European Central Bank's next long-term lending operation. (Reporting by Francesca Landini) More »Italy's Visco sees European firewall deal in March

  • Lloyds and RBS eye ECB LTRO loans - FT

    Reuters - Mon, Feb 27, 2012

    LONDON (Reuters) - Lloyds and Royal Bank of Scotland may access the European Central Bank's three-year, low interest loans facility this week, the Financial Times reported on Monday. Both indicated that the scheme, known as the three-year long-term refinancing operation, or LTRO, is attractive because of its low 1 percent interest rate. The newspaper said neither bank would comment on how much they planned to raise exactly through the facility. ... More »Lloyds and RBS eye ECB LTRO loans - FT

  • Factbox - A look at Oscars' history

    Reuters - Mon, Feb 27, 2012

    (Reuters) - The 84th Oscar ceremony, hosted for the ninth time by Billy Crystal, will be televised on Sunday from Hollywood, just steps from the historic Grauman's Chinese Theatre. The awards are given out by the Beverly Hills-based Academy of Motion Picture Arts and Sciences. Here is a look at the Oscars: * EARLY DAYS: - When the first Academy Awards were handed out on May 16, 1929, movies had just begun to talk. The first ceremony took place in the Blossom Room of the Hollywood Roosevelt Hotel. ... More »Factbox - A look at Oscars' history

  • Geithner says Europe has lowered risks of "catastrophe"

    Reuters - Mon, Feb 27, 2012

    MEXICO CITY (Reuters) - U.S. Treasury Secretary Timothy Geithner said on Sunday that Europe's actions so far to deal with its debt crisis have averted potential financial catastrophe but said it still must put up a sturdier firewall against contagion. "A durable solution requires both a sustained period of economic reform and a substantial financial firewall to support those reforms," he told a press conference at the conclusion of a Group of 20 finance ministers' and central bankers' meeting. ... More »Geithner says Europe has lowered risks of "catastrophe"

  • Commodity investment turns positive in January - Barcap

    Reuters - Mon, Feb 27, 2012

    LONDON (Reuters) - Investment flows into commodities turned positive in January after heavy withdrawals the previous month, boosting hopes that money entering the sector will rise this year from the weakest levels in nearly a decade in 2011, Barclays Capital said. Commodities saw $7.7 billion (4.8 billion pounds) of net divestment in December, Barclays estimated, after many funds suffered heavy losses in volatile markets, but sentiment has improved this year amid reduced concerns about the European debt crisis and a hard landing of the Chinese economy. ... More »Commodity investment turns positive in January - Barcap

  • Spotlight on private equity record as it hits the stage

    Reuters - Mon, Feb 27, 2012

    BERLIN (Reuters) - Starved of credit, and facing a lack of deals and a new bout of indignation over executive pay, the private equity sector has one solace: returns continue to be better than those in stock markets. Buy-out houses, which make a living buying and selling companies for profit, have agreed some $15.2 billion (9.5 billion pounds) of deals so far in 2012, down 28 percent on last year. ... More »Spotlight on private equity record as it hits the stage

  • Merkel faces difficult Greek vote in parliament

    Reuters - Sun, Feb 26, 2012

    BERLIN (Reuters) - The German parliament will almost certainly vote to endorse a new Greek bailout package on Monday, but Chancellor Angela Merkel may be forced to rely on opposition support to overcome a determined band of rebels in her coalition. At least a dozen members of parliament in Merkel's center-right coalition said they would vote against the 130 billion-euro ($175 billion) rescue package. If the number of rebels rises to at least 20, the measure will pass only with opposition support. ... More »Merkel faces difficult Greek vote in parliament

  • Excerpts of G20 communiqué in Mexico

    Reuters - Sun, Feb 26, 2012

    MEXICO CITY (Reuters) - Following are excerpts from the final communiqué at the meeting of Group of 20 finance ministers and central bankers in Mexico City on Sunday. The full text is available at http://www.g20.org/ ON THE EURO ZONE FIREWALL: "G20 members have been actively engaged in taking the steps needed to safeguard the global financial system and to avoid adverse scenarios. At Cannes, our leaders asked us to review the adequacy of IMF resources. This review is particularly important against the backdrop of continued downside risks. ... More »Excerpts of G20 communiqué in Mexico

  • Comments from G20 finance chiefs meeting in Mexico

    Reuters - Sun, Feb 26, 2012

    MEXICO CITY (Reuters) - Following are comments from policymakers attending the meeting of Group of 20 finance ministers and central bankers in Mexico City on Sunday. U.S. TREASURY SECRETARY TIMOTHY GEITHNER ON EURO ZONE CRISIS "The most important thing we've seen is the progress in Europe towards laying out a more credible foundation for stability." "I'm very encouraged by the impact so far of the combined actions of new governments in Italy and Spain doing a very good job of laying out reforms to meet their very formidable economic challenges. ... More »Comments from G20 finance chiefs meeting in Mexico

  • France says IMF resource deal possible by April

    Reuters - Sun, Feb 26, 2012

    MEXICO CITY (Reuters) - France said on Saturday it was in favour of merging the firepower of the euro zone's EFSF and ESM rescue funds, and that this could pave the way for an agreement on increasing IMF resources as soon as the next G20 ministers' meeting in April. "It is not out of the question that we could have an agreement as soon as April," Bank of France Governor Christian Noyer told a news conference on the sidelines of a G20 ministerial meeting in Mexico City. ... More »France says IMF resource deal possible by April

  • Prudential considers relocating HQ from London

    Reuters - Sun, Feb 26, 2012

    LONDON (Reuters) - Prudential is considering moving its headquarters from London to escape tough new capital rules for European insurers, the company said in a statement on Sunday. The company did not specify where it would move but there has been long-running speculation that Prudential could shift its headquarters to Hong Kong in recognition of Asia's large and growing contribution to its growth. Prudential is concerned a conflict between Europe's Solvency II regime and U.S. insurance regulations could force it to hold billions of pounds of extra capital against its U.S. ... More »Prudential considers relocating HQ from London

  • G20 did not discuss amounts for IMF contributions - Carstens

    Reuters - Sun, Feb 26, 2012

    MEXICO CITY (Reuters) - Group of 20 finance chiefs did not discuss at their meeting in Mexico the specific amounts that countries might contribute in extra funding to the International Monetary Fund, Mexican central bank governor Agustin Carstens said on Sunday. (Reporting by Michael O'Boyle) More »G20 did not discuss amounts for IMF contributions - Carstens

  • Australian PM Gillard set to win leadership challenge

    Reuters - Sun, Feb 26, 2012

    CANBERRA (Reuters) - Australian Prime Minister Julia Gillard is set to see off a leadership challenge from party rival Kevin Rudd on Monday, but she faces a mammoth task to rebuild flagging support for her deeply divided and unpopular minority government. Gillard called for the leadership vote to stamp her authority over the governing Labor Party after Rudd suddenly quit as foreign minister in Washington last week after weeks of mounting infighting between the two camps. ... More »Australian PM Gillard set to win leadership challenge

  • BP oil spill trial delayed for settlement talks

    Reuters - Sun, Feb 26, 2012

    LONDON/NEW ORLEANS (Reuters) - BP Plc has delayed by one week the start of a massive trial to decide who should pay for the 2010 Gulf of Mexico oil spill, to allow more time to cut a deal with tens of thousands of businesses and individuals affected by the disaster. In a statement on Sunday, BP said the start date for the trial in New Orleans federal court has been pushed back to March 5 from February 27. ... More »BP oil spill trial delayed for settlement talks

  • Geithner says Europe has lowered risks of "catastrophe"

    Reuters - Sun, Feb 26, 2012

    MEXICO CITY (Reuters) - U.S. Treasury Secretary Timothy Geithner on Sunday praised European nations for having acted to reduce risks of "catastrophic" financial crisis but said a bigger firewall was needed against contagion. "A durable solution requires both a sustained period of economic reform and a substantial financial firewall to support those reforms," he told a press conference at the conclusion of a Group of 20 finance ministers' and central bankers' meeting. (Reporting By Glenn Somerville; Editing by Chizu Nomiyama) More »Geithner says Europe has lowered risks of "catastrophe"

  • G20 may reach IMF financing deal in April - Brazil

    Reuters - Sun, Feb 26, 2012

    MEXICO CITY (Reuters) - The Group of 20 major economies could agree on a deal to boost financing for the International Monetary Fund in April if Europeans strengthen their firewall and an IMF quota reform is ratified, Brazilian Finance Minister Guido Mantega said on Sunday. Mantega said European nations agreed during the G20 meeting of financial chiefs that it was necessary to strengthen their firewall to prevent the spread of a crippling debt crisis. (Reporting By Alonso Soto; Editing by Chizu Nomiyama) More »G20 may reach IMF financing deal in April - Brazil

  • Canadian banks play "O Canada" card to grow abroad

    Reuters - Sun, Feb 26, 2012

    TORONTO (Reuters) - When Royal Bank of Canada created advertising for its European wealth management business last year, it built some ads around the image of a shimmering gold maple leaf, playing on Canada's reputation for financial prudence. Embarking on an aggressive expansion, Canada's largest bank wanted to emphasize its roots in a country whose banking sector wins plaudits as the soundest in the world. With Europe's debt crisis dominating the headlines, it was a message designed to resonate with prospective customers. ... More »Canadian banks play "O Canada" card to grow abroad

  • Suicide bomber attacks Nigerian church in Jos

    Reuters - Sun, Feb 26, 2012

    JOS, Nigeria (Reuters) - A suicide bomber drove a car packed with explosives into a church in the Nigerian city of Jos Sunday, killing two people and wounding 38, and Christian youths beat two Muslims to death in revenge. Islamist sect Boko Haram claimed responsibility for the bombing, the latest in a series of attacks on churches which have fuelled fears the group is seeking to ignite sectarian strife. Two of the bodies were visible at the scene. Emergency services confirmed the three deaths, which included the bomber who rammed his Volkswagen into the church. ... More »Suicide bomber attacks Nigerian church in Jos

  • G20 to Europe - show us the money

    Reuters - Sun, Feb 26, 2012

    MEXICO CITY (Reuters) - Leading economies told Europe it must put up extra money to fight its debt crisis if it wants more help from the rest of the world, piling pressure on Germany to drop its opposition to a bigger European bailout. Euro zone countries pledged on Sunday at a Group of 20 meetings of finance leaders to reassess the strength of their bailout fund in March, which could clear the way for other G20 countries to contribute more funds to the International Monetary Fund. ... More »G20 to Europe - show us the money

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