IMF advised to get out of loan business, concentrate on assessment and advice
February 28, 2007
According to information from an independent committee that reported Tuesday on the lack of cooperation between the World Bank and the International Monetary Fund, the IMF should cease its offerings of long-term financing to developing nations and leave that work to the World Bank, where it properly belongs. The IMF should instead, the report […]
Film industry grows globally
February 23, 2007
With the Academy of Motion Pictures Arts and Sciences set to award its annual prizes for film and acting on Sunday, the high number of nominations of individuals and films with foreign ties reflects the fact that worldwide demand for films is growing and that the film industry sells more tickets outside than inside the […]
OECD says richest nations must increase aid contributions
February 22, 2007
Western developed nations will need to increase financial assistance to the worlds poorest countries in the next three years in order to avoid missing pledges they made to those underdeveloped nations, according to the Organisation for Economic Cooperation and Development on Thursday. The OECD said that development assistance will drop in 2007 as it […]
US government ready to “monitor” Japan Post privatiziation
February 15, 2007
The US government will monitor the privatization of Japan Post closely in order to make sure that US financial services groups that operate in Japan will not be disadvantaged unfairly by the move, according to US trade representative Susan Schwab. While a senior Japanese official called the concerns voiced by the administration of President […]
G7 warns on renminbi, yen-funded carry trades
February 12, 2007
In their communiqu following a meeting in Essen, Germany, the finance ministers and central bank presidents of the G7 leading industrialized nations said that they believe the US economy is strong and that European economies are improving. The message also said that while the Japanese economy is recovering, the yen should be watched so […]
Congressional Democrats challenge Treasury on Japanese currency
February 9, 2007
Democratic members of the US House of Representatives have sent a letter to Treasury Secretary Hank Paulson in an effort to pressure the Bush administration to in turn put pressure on the Japanese to strengthen the yen. The letter claims that the Japanese government is deliberately pursuing a policy to keep the yen weak […]
US urges Eruope to tighten Iran sanctions
February 8, 2007
The United States is expressing frustration that European governments have not placed more stringent economic sanctions on Iran in an effort to get that nation to scale back or abandon its program for enriching nuclear fuel. US ambassador to the International Atomic Energy Agency Gregory Schulte said Wednesday night that Europe should be doing […]
China says developed nations bear responsiblity for cutting emissions
February 7, 2007
A spokesperson for Chinas foreign ministry has made comments blaming developed nations for global warming and said that those nations are responsible for cutting emissions. The remarks come in the wake of a report from the United Nations Intergovernmental Panel on Climate Change last week that said the evidence that human activity in causing […]
Germans to propose emerging markets initiative at G7 meeting
February 5, 2007
The German government will propose an initiative that would help emerging markets build domestic bond markets when the G7 nations meet later this week in Essen, Germany. The plan is meant to build financial stability by encouraging the development of bond markets in local currencies. Such markets are considered to be valuable in […]
Yen weakness likely not on agenda at G7 meeting
February 2, 2007
The government of Japan might face informal pressure to address the problem of the weakening yen at a meeting of the Group of Seven meeting later this month in Essen, Germany, but divisions among other members of the G7 will likely prevent an official inquiry into causes of and solutions to the yens problems. […]
IMF advised to sell gold, invest in capital markets
February 1, 2007
A panel of experts has advised the International Monetary Fund that it should sell $6.6 billion worth of the gold it holds and put the money in assets that provide higher yields. The experts also told the IMF that they should charge for the technical assistance they provide to nations, although they allowed that […]