22 September 2008
For Personal Use Only

• Source: Xinhua News Agency

BERLIN, Sept. 22 (Xinhua) — German Chancellor Angela Merkel Monday renewed her calls for an “international framework” to regulate financial market and promote transparency.

“These measures aren’t new, they have been elaborated at the G8 summit at Heiligendamm” during Germany’s presidency last year of the Group of Eight leading industrial nations,” Merkel said at a meeting of her Christian Democratic Union (CDU) party. (more…)

Filed by Amadeus Domaradzki under International Financial Architecture Reform, Financial Supervision, Corporate and Public Governance, Investment and Competition Policy

22 September 2008
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• Author: Glenn Somerville and David Milliken
• Source: Reuters News

WASHINGTON/FRANKFURT, Sept 22 (Reuters) - U.S. allies on Monday spurned entreaties from Washington that they enact large-scale financial bailouts, saying their banks were not exposed to the same level of reckless lending that put the American economy at risk of a deep recession.

While some European central banks offered more funding for stressed financial markets and Japan said it would offer dollar liquidity, finance ministers from the Group of Seven rich nations, who consulted by phone, issued only guarded promises to cooperate in efforts to keep market turmoil in check. (more…)

Filed by Amadeus Domaradzki under Global Financial Crises, International Financial Architecture Reform, Financial Supervision, Corporate and Public Governance, Exchange Rate Management and Monetary Policy, Macroeconomic Policy, Investment and Competition Policy

22 September 2008
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• Source: States News Service

The following information was released by the U.S. Department of the Treasury:

The Group of Seven Finance Ministers and Central Bank Governors released the following statement today:

The G-7 held a conference call today to discuss global financial markets. We reaffirm our strong and shared commitment to protect the integrity of the international financial system and facilitate liquid, smooth functioning markets, which are essential for supporting the health of the world economy. (more…)

Filed by Amadeus Domaradzki under Global Financial Crises, International Financial Architecture Reform, Financial Supervision, Corporate and Public Governance, Investment and Competition Policy

20 September 2008
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• Source: Deutsche Welle

German Chancellor Angela Merkel indirectly criticized the United States and Britain on Saturday for blocking her government’s previous efforts to tighten regulation of financial markets and inject transparency.

Speaking in Austria on Saturday, Sept 20, Merkel said her government had tried in vain to win G8 support last year for tighter regulation of hedge funds and financial oversight of capital markets, hinting that she felt vindicated in her stance as a financial disaster unfolded on Wall Street in recent days. (more…)

Filed by Amadeus Domaradzki under Global Financial Crises, Financial Supervision, Corporate and Public Governance

8 September 2008
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• Author: Takashi Nakamichi
• Source: Dow Jones Chinese Financial Wire

TOKYO (Dow Jones)–During a brief telephone conference held earlier Monday, U.S. Treasury Secretary Henry Paulson received words of praise from his Group of Seven nations counterparts for Washington’s move to bail out troubled mortgage giants Fannie Mae (FNM) and Freddie Mac (FRE), a Japanese Finance Ministry official said.

But the G7 finance ministers stopped short of discussing what they would do in the future, the official said at a press briefing. (more…)

Filed by Amadeus Domaradzki under Global Financial Crises, Financial Supervision, Corporate and Public Governance

24 July 2008
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• Source: Europolitics Energy

The European Union’s finance ministers have agreed to publish oil stocks data on a weekly basis, announced the French EU Presidency at the conclusion of the Ecofin Council, on 8 July in Brussels. They agreed “to improve the transparency of management of oil stocks, in particular with a political agreement on weekly publication of data on European stocks of oil products,” French Minister Christine Lagarde told a press conference.
(more…)

Filed by Anita Li under Global Financial Crises, Financial Supervision, Corporate and Public Governance, Exchange Rate Management and Monetary Policy, Energy and Nuclear Safety

23 July 2008
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• Source: Nikkei Report

TOKYO (Nikkei)–The brokerage industry plans to standardize disclosure requirements for securitized financial products and discourage the repackaging of such instruments.

In its interim report compiled Tuesday, the Japan Securities Dealers Association outlined a disclosure list for vehicles including collateralized loan obligations, asset-backed securities, and residential- and commercial-mortgage-backed securities. The JSDA seeks to provide investor-oriented information on the underlying collateral as part of a broader overhaul of the market for securitized products, heeding lessons from the subprime mortgage turmoil. (more…)

Filed by Amadeus Domaradzki under Financial Supervision, Corporate and Public Governance, Investment and Competition Policy

14 July 2008
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• Author: Ramesh Jaura
• Source: NoticiasFinancieras

The group of eight (G8) countries (Britain, France, Germany, Italy, Russia, Japan, Canada and the United States) failed to rise above their vested interests. The summit outcome therefore lagged far behind expectations. (more…)

Filed by Sarah Cale under Other, Global Financial Crises, Financial Supervision, Corporate and Public Governance, Multilateral Trade, Development, Climate Change, Energy and Nuclear Safety

7 July 2008
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• Author: Nicole Cargill
• Source: G8 Newswire

RUSUTSU, Japan– G8 Leaders met with a contingent of African leaders, UN Secretary General Ban Ki Moon, World Bank President Robert Zoellick and AU Chairperson in two working sessions today. Press Secretary Kazuo Kodama was on hand to give a synopsis of the day’s discussions.
A working lunch was followed by an afternoon of discussions on the food and oil crisis, the recent Tokyo International Conference on African Development, the trajectory of the Millennium Development Goals, continued dialogue to move the DOHAR Round forward and climate change. Discussion inevitably touched on Zimbabwe. (more…)

Filed by Nicole Cargill under Financial Supervision, Corporate and Public Governance, Development, Health and Infectious Disease

6 July 2008
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• Source: Dow Jones International News

AIX-EN-PROVENCE, France (Dow Jones)–Recommendations by the Financial Stability Forum to improve regulation in the world’s financial markets and prevent the eruption of new crises should be implemented swiftly, European Central Bank Jean-Claude Trichet said Sunday. (more…)

Filed by Ivana Jankovic under Global Financial Crises, International Financial Architecture Reform, Financial Supervision, Corporate and Public Governance

5 July 2008
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• Source: Irish Times

GROUP OF eight countries are failing to stamp out corruption and bribery, with damaging implications for trade, business and broader international goals, such as tackling poverty, according to Transparency International.

The report, released on the eve of the G8 summit in Tokyo, criticises Japan, Germany and Italy for not ratifying the UN Convention Against Corruption. More broadly, it reproaches Japan, the UK and Canada for “failure to demonstrate enforcement of their foreign bribery laws”. (more…)

Filed by Marina Garbutt under Financial Supervision, Corporate and Public Governance, Investment and Competition Policy

23 June 2008
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• Source: Independent Newspapers (UK) Limited

Eskom, Transnet and Sasol have come out in support of a long-term climate change policy framework drafted by global business leaders and due to be presented to the Group of Eight leading industrialized nations next month. (more…)

Filed by Vanmala Subramaniam under Financial Supervision, Corporate and Public Governance, Climate Change

22 June 2008
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• Source: Organisation of Asia-Pacific News Agencies

London, Jun 22 (PTI) The United Kingdom has called for India to be given greater say on the global stage, including at forums like World Bank, I.M.F. and G8, to help tame inflation in the worldwide commodity prices. “Open and constructive dialogue is essential if the causes of high and volatile prices and their impact are to be tackled,” the U.K. Treasury Ministry said in a note analysing the trends and drivers in commodity markets that have led to recent increase in commodity prices. “To help achieve this, the shape and role of the international institutions needs to be reformed. This should include offering countries such as China, India, South Africa, Mexico, Brazil and other emerging countries a greater role on the international stage, including with the G8, the I.M.F. and the World Bank,” the Treasury said. The Treasury is the U.K.’s Economics and Finance Ministry and is responsible for formulating and implementing the government’s financial and economic policy. (more…)

Filed by Aleksandra Susak under Financial Supervision, Corporate and Public Governance, East-West Relations and Russia

16 June 2008
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• Source: Dow Jones International News

Japanese Prime Minister Yasuo Fukuda on Monday urged world governments to step up agriculture production to ease the global crisis over rising food prices.

Fukuda said he would focus on the need to boost agricultural production as well as access to clean water and climate change at the July 7-9 summit of the Group of Eight leading nations in Hokkaido, which he would chair. (more…)

Filed by Marianne Madeline Lau under Global Financial Crises, Financial Supervision, Corporate and Public Governance

15 June 2008
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• Source: The Japan Times

The Group of Eight finance chiefs pledged Saturday to tackle the economic risks posed by soaring oil and food prices that are threatening global growth, which is already being hampered by the U.S. subprime mortgage loan crisis. High oil and food costs are a serious threat to the global economy, the G-8 finance ministers said in a concluding statement released after their two-day meeting in Osaka. Inflation has now replaced the credit squeeze as economic enemy No.1, they said. “Elevated commodity prices, especially of oil and food, pose a serious challenge to stable growth worldwide, have serious implications for the most vulnerable, and may increase global inflationary pressure,'’ they said in the statement. (more…)

Filed by Aleksandra Susak under Financial Supervision, Corporate and Public Governance, Exchange Rate Management and Monetary Policy

13 June 2008
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• Author: William L. Watts
• Source: MarketWatch

LONDON - Don’t look to this weekend’s meeting of G8 finance ministers to come up with a solution to runaway commodity prices and surging inflation. But don’t be surprised if there’s some tough, but limited, talk about the desirability of a stronger U.S. dollar, economists said.

With oil not far off its recently established record near $140 a barrel and corn prices surging to new all-time highs, officials have signaled they will focus on the toll inflation pressures are taking on consumers and the economy. (more…)

Filed by Vanmala Subramaniam under Global Financial Crises, Financial Supervision, Corporate and Public Governance, Exchange Rate Management and Monetary Policy, Macroeconomic Policy

25 May 2008
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• Author: David Akin
• Source: Calgary Herald

Prime Minister Stephen Harper urged France Tuesday to fight a European ban on seal products and asked the French to help Ukraine join NATO. (more…)

Filed by Nicole Cargill under Financial Supervision, Corporate and Public Governance, The Environment, Climate Change

25 May 2008
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• Author: Felix Osike
• Source: New Vision

President Yoweri Museveni has urged Japanese businesspeople to invest in Uganda’s energy, infrastructure and export sectors.

Museveni is among 52 African leaders attending the fourth Tokyo International Conference on African Development in Yokohama. (more…)

Filed by Nicole Cargill under Financial Supervision, Corporate and Public Governance, Development

21 May 2008
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• Source: States News Service

It is an honor to be at the Baker Institute. James Baker is one of the finest diplomats of our time. As you know well, few Americans have served their country with greater distinction. He began his public service as a Marine, served as the White House Chief of Staff, Treasury Secretary and Secretary of State. Secretary Baker’s breadth of experience is truly remarkable. (more…)

Filed by Nicole Cargill under Financial Supervision, Corporate and Public Governance, Multilateral Trade, Investment and Competition Policy, The Environment, Energy and Nuclear Safety

20 May 2008
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• Source: States News Service

The National Association of Manufacturers joined Transparency International and other associations in a letter sent today to Secretary of State Condoleezza Rice, Secretary of Commerce Carlos Gutierrez and Attorney General Michael B. Mukasey encouraging them to press for greater enforcement of the OECD Anti-Bribery Convention at the upcoming Ministerial meeting June 4-5. (more…)

Filed by Nicole Cargill under Financial Supervision, Corporate and Public Governance

19 May 2008
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• Source: Organisation of Asia-Pacific News Agencies

TOKYO, May 19 Kyodo - Group of Eight finance ministers are expected to discuss global economic conditions, development issues and how to tackle climate change during their upcoming meeting in Osaka in June, Vice Finance Minister Hiroki Tsuda said Monday. (more…)

Filed by Amadeus Domaradzki under Global Financial Crises, Financial Supervision, Corporate and Public Governance

3 April 2008
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• Author: Adam Cohen
• Source: The Wall Street Journal, The Wall Street Journal, The Wall Street Journal, The Wall Street Journal, The Wall Street Journal, The Wall Street Journal

European Union finance ministers and central bankers will grapple with how to steer the bloc’s economy through slower growth and rising inflation when they meet Friday in Slovenia for their twice-yearly summit.

The policy makers also will discuss how to handle the strong euro and new financial-market regulations ahead of a meeting of the Group of Seven countries starting April 11 in Washington. At previous G-7 meetings, Europe has pushed the U.S. to pursue a stronger dollar, but with little success. The euro currently is hovering above $1.56, just below record highs.
(more…)

Filed by Anita Li under Global Financial Crises, Financial Supervision, Corporate and Public Governance, Exchange Rate Management and Monetary Policy

3 April 2008
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• Author: Francois Murphy
• Source: Reuters News

French Economy Minister Christine Lagarde said on Thursday she expected G7 finance ministers would coordinate closely when they meet next week, and she added that she would prefer that they concentrate on a few key issues.

Finance ministers and central bankers from the Group of Seven industrial nations will meet in Washington on Friday, April 11 for their regular spring gathering as they try find a solution to the credit crunch.
(more…)

Filed by Anita Li under Global Financial Crises, Financial Supervision, Corporate and Public Governance, Exchange Rate Management and Monetary Policy

3 April 2008
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• Source: Kyodo News

The government and the ruling coalition parties plan to propose a new nominee for the post of Bank of Japan governor soon so that Japan can send the new central bank head to the Group of Seven finance officials’ meeting scheduled on April 11 in Washington, the government’s top spokesman and lawmakers said Thursday.
(more…)

Filed by Anita Li under Financial Supervision, Corporate and Public Governance, Exchange Rate Management and Monetary Policy

3 April 2008
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• Source: AFX International Focus

European Union finance ministers face pressure during their two-day meeting in Slovenia starting on Friday to devise concrete measures for tackling the financial crisis amid internal divisions on the best strategy.

Huge new writedowns this week by Swiss bank UBS AG. and Germany’s Deutsche Bank AG. added to the sense of urgency ahead of the informal gathering, which will also include central bankers.
(more…)

Filed by Anita Li under Global Financial Crises, Financial Supervision, Corporate and Public Governance, Exchange Rate Management and Monetary Policy