Tentative agreement announced on final document for UN financial summitUNITED NATIONS — The General Assembly president announced tentative agreement on a blueprint for a global response to the world’s worst economic crisis in 70 years which would make the United Nations a player in promoting recovery, especially in hard-hit poor countries. Developing countries press for UN to represent world’s poor in tackling economic crisisUNITED NATIONS — The global financial crisis is being tackled by the eight major industrialized nations, the 20 key economic powers, and regional groups. Now, the U.N. General Assembly is getting into the act — and developing countries are pressing for the 192-member world body to become a key player in representing the world’s poor who have been hard-hit by the economic meltdown. Backed by robust economic growth, India’s clout ascends on global arenaWhen India committed $10 billion to the kitty of the International Monetary Fund (IMF) in April this year and its opinion was sought on how to overcome the worst global recession in six decades, it marked a major turning point in terms of its economic advancement as well as growing clout on the world stage. US Congress approves money for IMF, Afghanistan, IraqWASHINGTON - The US Congress has approved a $106-billion spending bill that includes money for the wars in Iraq and Afghanistan and a loan to the International Monetary Fund (IMF). India seeks a fair solution to Doha Round impasseWASHINGTON - India has told the US that while a “perfect solution” to the impasse over Doha Round of world trade talks may be elusive, it should be possible to find a fair solution keeping development central to it. Brazilian president brings UN a message of worker solidarity, gets rapped by rights groupsGENEVA — Brazilian President Luiz Inacio Lula da Silva brought a message of worker solidarity and economic responsibility to the United Nations on Monday. He left with some rare, sharp criticism from human rights groups that once championed his government. Queen, Michelle Obama strike ‘firm friendship since G20 summit meet’LONDON - Queen Elizabeth II and Michelle Obama have struck a firm friendship since they first met at the G20 summit in London in April, according to sources. The French get their Obama moment when the president goes privatePARIS — People gawked and cameras clicked as the Obamas cut a wide figure through the French capital even while confined to a presidential motorcade. It was more personal for the few kept not so distant — the restaurant owner who “saw God,” the chauffeur reveling in a “magnificent mission.” Montek Singh Ahluwalia back at Planning CommissionNEW DELHI - Montek Singh Ahluwalia is back at Planning Commission as its deputy chairman along with three new members - economists Saumitra Chaudhuri and Mihir Shah, and honorary vice chancellor of Pune University Narendra Jadhav. Russia ready to buy IMF bonds worth $10 bn: PutinMOSCOW - Russia is ready to buy $10 billion worth of bonds from the International Monetary Fund (IMF), Prime Minister Vladimir Putin said. Next G20 summit to be held in PittsburghWASHINGTON - The US city of Pittsburgh will host the next Group of 20 (G20) summit of the world’s leading wealthy and developing nations to highlight the effects of the global recession on industry, the White House announced Thursday. G11 signs accord to improve economic cooperationDEAD SEA - A group of lower-middle-income states, known as the Group of Eleven (G-11), Saturday signed an agreement to boost economic, trade and cultural cooperation among the member countries. Experts suggest annual BRIC summit and democratisation of IMFNEW DELHI - After two days of intense discussions at the Pre-BRIC Summit Preparatory Meeting, experts from Brazil, Russia, India and China have suggested holding annual BRIC Summits with each member-state taking turns at hosting the meeting and urgent democratising of the International Monetary Fund. BRIC a factor of stability in times of crisis: IndiaNEW DELHI - Ahead of the first BRIC summit in Russia next month, Foreign Secretary Shivshankar Menon Wednesday said the four-nation grouping, comprising Brazil, Russia, India and China, will be ‘a factor of growth and stability’ in the context of the global meltdown. Obama uses podium to express regret about past American behaviorWASHINGTON - Since taking office, President Barack Obama has made a habit of using podiums abroad to apologize and express regret for past American behavior. Obama keen to use Canadian model to end US fiscal meltdown: Canada paperNEW DELHI - US President Barack Obama, contemplating sweeping reforms to the American financial system, citing Canada as a model worth emulating to navigate the current volatility in the financial markets with limited impact. Hindus want G20 to come up with realistic solutions for developing nations“G20” should come up with some definitive solutions for developing countries, Hindus have argued.
India assured greater say in global financial mattersWASHINGTON - India and other developing nations have been assured greater say in the affairs of the World Bank and the International Monetary Fund (IMF), even as New Delhi offered $10 billion to address the worst global crisis in six decades. IMF seeks more funds in crisis as finance ministers meetWASHINGTON - The International Monetary Fund (IMF) and World Bank began their annual spring meetings Saturday in the midst of a deep global recession, seeking more funds and aid to help countries that can’t manage the economic crisis on their own. India seeks empowered IMF to pave road to global recoveryWASHINGTON - India Saturday called for empowering the International Monetary Fund (IMF) with resources, better governance, greater accountability and a redefined mandate for orchestrating efforts to overcome the daunting challenge posed by the global economic crisis. Worst may be over, say G7 finance ministersWASHINGTON - Finance leaders from the world’s top seven industrialised nations have pledged to cooperate on efforts to lift the global economy out of its worst recession since the 1930s even as they suggested the worst phase may be over. US presses destabilising Pakistan to shift focus from India to insurgencyWASHINGTON - Deeply concerned by the deepening insurgency destabilising Pakistan, the US is pressuring Islamabad to shift its focus from India to the existential threat posed by extremists and to reach out to the Indian government to continue with confidence-building measures. IMF set for huge expansion as world finance ministers meetWASHINGTON - With a financial crisis still hammering away at the global economy, the International Monetary Fund is poised for one of its biggest expansions of power since the lender was created after World War II. India, Spain call for stronger financial institutionsMADRID - India and Spain Wednesday agreed on the need to reinforce multilateral financial institutions and to increase the contributions of their member countries, Spanish government sources said. Spanish Prime Minister Jose Luis Rodriguez Zapatero and Indian President Pratibha Patil also agreed to step up cooperation against international terrorism. Pranab denies UPA going slow on unearthing Swiss Bank accountsKOLKATA - Minister for External Affairs Pranab Mukherjee Wednesday denied that the United Progressive Alliance (UPA) government was going slow in taking action to unearth illegal money of Indian citizens kept in secret Swiss Bank accounts. Canada says recession could worsen, overnight rate hits historic lowTORONTO - Warning that the current recession could deepen, the Bank of Canada Tuesday cut its overnight rate to a historic low of 0.25 percent in an ominous sign for an economy expected to contract by three percent in 2009. Canada lowers overnight rate to historic low of 0.25 percentTORONTO - Warning that the current recession could be worse than expected,the Bank of Canada Tuesday cut its overnight rate to the historic low of 0.25 percent. President Patil boosts ties with Spain in historic visitMADRID - President Pratibha Patil Tuesday stressed India’s interest in boosting relations with Spain, where she became the first Indian head of state to make an official visit. President Patil meets Spanish king at start of historic visitMADRID - Indian President Pratibha Patil was Tuesday welcomed by Spain’s King Juan Carlos and Queen Sofia after arriving Monday for the first official visit by an Indian head of state to Spain. Obama not always best with his decisions: SarkozyPARIS - While US President Barack Obama is very intelligent and charismatic, he is ‘not always at his best when it comes to decisions and efficiency’, French President Nicolas Sarkozy was quoted Thursday as saying. |
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