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Business, Economics, Education, Entrepreneurs,
Environment, Science and Technology
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Global Headlines
Merkel-EU To Decide On Market Transparency In March
Imf To Take Up Reforms, Sovereign Wealth Funds By Spring Mtg
World Bank Backs Solar Energy Systems In Bangladesh
Serbia Citizens Set For Huge Privatisation Windfall
Grow More Food In Cities, UN Agency Tells Asia
Merkel-EU To Decide On Market Transparency In March
"German Chancellor Angela Merkel said on Wednesday EU leaders would decide at a summit in March on measures designed to boost transparency on financial markets.
'We must learn to understand new financial market instruments - and that doesn't just apply to hedge funds. ...,' Merkel added at a news conference in Berlin. Merkel held the news conference jointly with the heads of the International Monetary Fund (IMF), World Bank, International Labor Organization (ILO), World Trade Organization (WTO) and Organization for Economic Co-operation and Development (OECD). Merkel and the leaders of the international organizations discussed 'fair ground rules for a socially equitable and open global economy', she said in the statement. ..." [Reuters/Factiva]
Deutsche Welle reports that Merkel "...said that while the opportunities created by globalization outweighed the risks, the process needed to be shaped more constructively. The leaders discussed issues such as transparency in financial markets, intellectual property rights, open trade and supporting development.
Merkel said she would suggest to Japan, which takes the reins of the G8 presidency next month, that it continue to gather the leaders of global economic institutions for regular talks on globalization. OECD General Secretary Jose Angel Gurria supported her, saying that his suggestion that the five organizations meet once a year 'on a more structured basis' in future had been received positively.
Merkel called for the long-running Doha round of global trade talks to be wrapped up successfully, and promised the head of the WTO Pascal Lamy, Germany's full support. ..." [Deutsche Welle (Germany)/Factiva]
Dow Jones notes that "....In the communique, Merkel also said that globalization poses challenges. 'Given the manifold interdependencies that now exist, risks and problems also spread at great speed, as we were again forcefully reminded by the latest crisis in the financial markets,' the communique said. ..." [Dow Jones/Factiva]
IMF To Take Up Reforms, Sovereign Wealth Funds By Spring Mtg.
"The International Monetary Fund (IMF) plans to present its board with recommendations on reforming the institution's voting and income structures by the spring meetings, and will also hold discussions on global financial crises and sovereign wealth funds in that time, according to the new Managing Director.
Dominique Strauss-Kahn... told the executive board last Friday that the Fund needs to accelerate the process of reform. ... The Fund plans to hold a discussion by the April spring meetings on allotting more voting power to developing countries, with plans to set out recommendations to the board, he said. It will also present a paper with the main cost-cutting proposals for board consideration by that time. ...
Between February and April, the Fund will hold a discussion on financial crises and its future role in crisis prevention and resolution. Another will be held to examine the issues of sovereign wealth funds, including 'the best practices that may be identified,' he said. ..." [Dow Jones/Factiva]
The Wall Street Journal writes that "...The IMF is working on a code for sovereign-wealth funds (SWF); the Organization for Economic Cooperation and Development (OECD) is writing a code for the recipients of investment. The two institutions are expected to produce a preliminary set of guidelines in April. ...
The IMF is focusing on guidelines that would help sovereign-wealth funds operate more professionally. There would be rules on setting up investment strategies and making sure investment decisions fit those strategies. Other guidelines would look at the structure of sovereign-wealth funds, including oversight boards and committees to manage purchases. The IMF would also make suggestions on what kind of financial information to disclose, how often and to what authority. ...If sovereign-wealth-fund recipients are concerned about a Fund's political influence, the nations can enact laws regulating investment, said the IMF officials. ...
The OECD codes will cover countries that receive investment and will try to ensure they treat SWF investments uniformly and don't discriminate against any particular SWF. ...Both the OECD and the IMF are focusing on issues of 'transparency,' advising the funds and the recipient nations to be more open about the choices they make. But that may not be enough to assuage popular concerns. ..." [The Wall Street Journal/Factiva]
World Bank Backs Solar Energy Systems In Bangladesh.
"The World Bank on Wednesday signed two deals with Grameen Shakti and IDCOL for the installation of Solar Home Systems in Bangladesh, with the objective of reducing greenhouse gas emissions through the use of clean energy. ...
Under these agreements, Grameen Shakti and IDCOL can claim benefits for carbon emission reduction for about 970,000 and 227,000 solar-home systems installed in Bangladesh respectively. ...These projects will contribute to the sustainable development of Bangladesh with a particular emphasis on the rural population, which is generally poorer. ..." [Asia Pulse (Australia)/Factiva]
United News of Bangladesh writes that "...The CDM revenue will further accelerate the spread of SHS through assisting Grameen Shakti and IDCOL to cover the risks involved in providing micro-finance to the end-users. ..." [United News of Bangladesh/Factiva]
Reuters reports that "...Grameen Shakti, the pioneer in solar power systems in the country, is affiliated with the micro credit organization, Grameen Bank...The World Bank projects will provide solar electricity to a large number of households that are not connected to the electricity grid and ordinarily use kerosene and diesel. Only 30 percent of Bangladesh's over 140 million people have access to the national electricity gird." [Reuters/Factiva]
Serbia Citizens Set For Huge Privatisation Windfall.
"Serbia will give almost half its citizens privatization shares worth about a thousand Euros per person when it sells its six biggest state companies, senior ministers said in reports Wednesday. Employees of the companies could receive up to four times as much.
The plan, which the government hopes will boost the economy, triple the Belgrade Stock Exchange's capitalization and reduce poverty, would be phased in during the next three years, said Deputy Prime Minister Bozidar Djelic. It involved the privatization of energy, telecommunications, air transport and pharmaceuticals monopolies, various media outlets cited Djelic as telling RTS television late Tuesday.
The companies involved in the scheme included oil firm Naftne Industrije Srbije (NIS), electricity counterpart Elektroprivreda Srbije (EPS), Telekom Srbija, JAT Airways, Belgrade's international airport and pharmaceuticals company Galenkia. An estimated four million of Serbia's 7.5 million people would be able to participate in the massive share giveaway, said Djelic, whose ministry came up with the proposal. ..." [Agence France Presse/Factiva]
Grow More Food In Cities, UN Agency Tells Asia.
"Asian nations, many at risk from climate change, must invest more in urban and indoor farming to help feed the hundreds of millions of people in their growing cities, the World Meteorological Organization (WMO) said on Wednesday.
Of the 10 countries most affected by extreme weather in 2006, seven were Asian - Afghanistan, China, India, Indonesia, North Korea, the Philippines and Vietnam, said the WMO, the UN agency looking at weather, climate and water problems.
Asia needs secure food supplies for its rising population, and 'indoor and urban agriculture is receiving special attention to make most efficient use of space using controlled environments,' WMO Secretary-General Michel Jarraud said in a statement after a 3-day meeting in Hanoi on sustainable farming. ...
The agency called on countries to provide the latest information on the impact of climate change on water resources, and assess whether modern or traditional methods of collecting rainwater were best for them." [Reuters/Factiva]
Also in this edition; briefly noted...
Zimbabwe is to issue new banknotes in an effort to tackle the serious cash shortages afflicting the country. From Thursday, notes worth 250,000, 500,000 and 750,000 Zimbabwean dollars will enter circulation. [BBC News (UK)]
The International Monetary Fund and the Democratic Republic of Congo have started talks on a three-year plan that could start in March next year, officials on both sides said Wednesday. [Agence France Presse/Factiva]
Ecuador has made an early payment of $250 million in credits to the Andean Development Corporation, Economy Minister Fausto Ortiz said on Wednesday. [Reuters/Factiva]
Peru's economic performance is surpassing expectations and growth in 2008 should be between 6 percent and 7 percent, even as the global economy slows, the International Monetary Fund said on Wednesday. [Reuters/Factiva]
Developing island nations in the Caribbean should de-emphasize food production to focus more attention on reducing poverty, a World Bank agriculture specialist told Grenadian reporters. [The Associated Press/Factiva]
The World Bank has debarred two firms for alleged collusive practices in connection with the Bank-financed Reproductive and Child Health Project in India. The two firms, Nestor Pharmaceuticals Ltd and Pure Pharma Ltd were debarred for a period of three years and one year respectively after a sanctions hearing in fiscal year 2007, according to a new Bank report. [The Economic Times (India)/Factiva]
India's tribal communities are being driven from their homes in disproportionate numbers by large development and industrial projects, global anti-poverty group ActionAid said Wednesday. [Agence France Presse/Factiva]
India aims to achieve 10 percent economic growth by 2012 but is not immune to a global credit crunch spreading from the US, Prime Minister Manmohan Singh warned on Wednesday. [Agence France Presse/Factiva]
Bangladesh's economic growth will be slower than expected in the current fiscal year due to the effects of a deadly cyclone while inflation will be higher, the Governor of the Central Bank said on Wednesday. [Reuters/Factiva]
British Prime Minister Gordon Brown will press emerging economic giants India and China for their support for a new global climate change deal when he travels there next month, he said Wednesday. He voiced confidence that the world will agree a deal to accelerate cuts in greenhouse-gas emissions after the Kyoto Protocol pledges run out in 2012. [Agence France Presse/Factiva]
Japan's Finance Ministry proposed Thursday cutting Japanese foreign aid 4.0 percent in fiscal 2008 for the ninth straight year of reduction in the initial budget amid tight state finances, despite the Foreign Ministry's request for a raise. The proposed allocation of 700.2 billion yen (about $6.18 billion) for foreign aid, formally known as official development assistance, for the fiscal year beginning April 1 is down from 729.3 billion yen in the current fiscal year's initial budget. [Kyodo News/Factiva]
Japan is eyeing slashing greenhouse gas emissions by a hefty 20 percent by 2020 from 1990 levels, rivaling EU targets on fighting global warming, the Environment Minister said Wednesday. [Agence France Presse/Factiva]
Bulgaria must shrink its current account deficit and address rising price pressures, the International Monetary Fund said on Wednesday, as it projected robust economic growth for 2008. [Reuters/Factiva]
The UN Educational, Scientific and Cultural Organization (UNESCO) and the U.S. computer Hewlett-Packard (HP) Wednesday signed a strategic partnership agreement to strengthen their collaboration around existing education projects. Through the partnership, UNESCO and HP will work together on several projects in the area of education, especially to support UNESCO's priority of Education for All. [Xinhua/Factiva] |
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