InfoAnda - Currencies center stage as G20 gets under way

Pakistanis angry over detentions in Times Sq. case
Monday, May 24, 2010
ISLAMABAD – Relatives of three men detained by Pakistan for alleged links to the suspect in the attempted Times Square bombing say the men are innocent.
They

Taiwan denies boycotting Australian film festival
Thursday, August 6, 2009

AFP - Thursday, August 6TAIPEI (AFP) - - Taiwan's Beijing-friendly government on Wednesday denied boycotting an Australian film festival amid a row over the e

Merkel's support dips, regional ally resigns International
Thursday, September 3, 2009

By Sarah Marsh and Noah Barkin

BERLIN (Reuters) - Chancellor Angela Merkel suffered a double blow on Thursday as a senior party ally in east German

Minister seeks closure of anti-Berlusconi websites
Wednesday, December 16, 2009
ROME (AFP) - – The Italian government moved Tuesday to close down Internet sites encouraging further violence against Prime Minister Silvio Berlusconi, who

Asian markets mixed after Wall Street rally
Wednesday, March 18, 2009

By ELAINE KURTENBACH,AP Business Writer AP - Wednesday, March 18SHANGHAI - Asia's stock market rally seemed to be running out of steam Wednesday, despite an

Indian police search for restaurant attackers | 15 February 2010
Google Decides Against Removing Photo Of First Lady Edited To Appear As A Monkey | 25 November 2009
Maytag Recalls More Than 1 Million Dishwashers | 3 June 2010

Oscar fashion goes bold. Thank Lady Gaga! | | 23 February 2011

Forum Views () Forum Replies ()

Read more with google mobile : Currencies center stage as G20 gets under way

Yahoo! My Yahoo! Mail More Yahoo! Services Account Options New User? Sign Up Sign In Help Yahoo! Search web search Home Singapore Asia Pacific World Business Entertainment Sports Technology Weekend Edition Singapore Asia Pacific World Currencies center stage as G20 gets under way By TOMOKO A. HOSAKA,Associated Press Writer - Friday, October 22 Send IM Story Print GYEONGJU, South Korea – The U.S. pressed emerging nations to set targets to reduce their vast trade surpluses with the West, a plan that could see their currencies rise, as a global finance summit fumbled for ways to reduce tensions that threaten to escalate into a trade war. U.S. Treasury Secretary Timothy Geithner's proposals, outlined in a letter to the Group of 20 major developed and emerging nations, met with immediate resistance on the opening day of a two-day meeting of top finance officials. Japan's Finance Minister Yoshihiko Noda on Friday called the idea of targets "unrealistic." The gathering of G-20 finance ministers and central bank governors in the South Korean city of Gyeongju comes just two weeks after their meeting in Washington failed to iron out currency differences that have led to fears of a trade war that could trigger another economic downturn. In such a scenario, countries devalue their currencies to gain a competitive advantage in a world economy that has yet to fully recover from the global financial meltdown two years ago. Trade barriers are erected in response, hitting international commerce and sending the economic recovery into reverse. Nations in Asia and other regions have been trying to stem strength in their currencies amid sustained weakness in the U.S. dollar out of fear their exports will become less competitive in world markets. At the same time, China's currency has been effectively pegged to the dollar, provoking an outcry that it is being kept artificially low and giving its exporters an unfair advantage. According to officials at the summit, Geithner's idea is to establish numerical targets for current account balances, be they surpluses or deficits _ aiming to reduce conflicts over exchange rates by allowing the currencies of trade surplus countries to rise in concert. The current account is a broad measure of a country's total trade and investment with the outside world. Striving to meet such targets could over time limit Asia's vast trade surplus with most advanced economies but it's uncertain whether specific goals will garner broad support within the G-20. Asia becoming less reliant on exports for growth is seen as one of the adjustments the world economy should make in the wake of last year's recession to ensure more stability in the global economy and markets. Stronger currencies, meanwhile, would make imported goods cheaper and boost local spending as a contributor to economic growth. Canadian Finance Minister Jim Flaherty said the currency issue must be addressed and that no one in the G-20 wants to end the meeting without an action plan. "If it's not, then we know from history the path that we end up going down, which is not good for any of us whether we're an emerging economy or a developed economy," he said. Flaherty said he supported Geithner's ideas in the letter, which was written to G-20 member nations ahead of the meeting. He said the letter also urges the group to refrain from competitive currency manipulation. The letter "sets out a possible way forward that has been discussed among participants here and previously," Flaherty said. "We need to develop an action plan for leaders, who will be meeting in a couple of weeks in Seoul." South Korean President Lee Myung-bak, chair of the upcoming G-20 leaders summit, hinted at the challenges facing members as they delved into discussions. Countries have a diverse set of economic situations so they may turn to different policy strategies when it comes to current accounts and foreign exchange, he said. But nations "must find a way for a mutual win-win," Lee said. The Group of Seven industrialized nations, which includes the U.S., Japan, U.K., France, Germany, Italy and Canada, met for informal talks ahead of the full G-20 gathering later Friday. Noda, Japan's finance minister, said there was no set agenda for the G7 meeting. The talks will help set the agenda for a Nov. 11-12 summit of G-20 leaders. U.S. President Barack Obama and the other heads of state will attend the summit. Separately, Brazil, Russia, India and China _ the so-called BRIC countries _ were holding a meeting ahead of the G-20 gathering to discuss issues of mutual interest including reform of the International Monetary Fund and increasing trade and investment among themselves, according to D.S. Malik, an official with India's Ministry of Finance. China, the world's No. 2 economy, is under renewed pressure over its management of the yuan, which the U.S., the European Union and Japan say is undervalued, giving China's exporters an unfair competitive advantage. Canada's Flaherty said he met with his Chinese counterpart Xie Xuren on Friday. "I think there's a willingness to open the door to more flexibility over time," he said of Beijing. The broad weakening of the dollar and the outlook for possible further monetary easing by the Federal Reserve is another factor adding to the strain over currencies. So-called hot money flowing into emerging countries in search of higher yields than can be fetched in the developed world have turned up the heat on those currencies, particularly in Asian nations such as South Korea. Some governments as a result have tried to stem currency appreciation through measures including direct intervention in markets or by imposing controls on capital or taxes on foreign investment. South Korea's Finance Minister Yoon Jeung-hyun, who spoke with Geithner in a bilateral meeting Friday, said in a statement that U.S. cooperation is essential toward reaching an agreement on reducing the imbalances in global trade. __ Associated Press writers Kelly Olsen and Kwang-Tae Kim in Gyeongju contributed to this report. Recommend Send IM Story Print Related Articles US claims WTO victory in China trade dispute AFP - 17 minutes ago WTO gives mixed ruling in China-US anti-dumping dispute AFP - 25 minutes ago India slaps Vodafone with $2.53 bln tax demand AFP - 2 hours 27 minutes ago AIA share sale set to be second largest IPO of the year AFP - Saturday, October 23 Germany's Daimler to invest 3 bln euros in China AFP - Saturday, October 23 News Search Top Stories Shock u-turn as Rooney signs new deal with United Ericsson reveals profit jump Moon's 'treasure chest' includes silver Madoff sale to run gamut from diamonds to slippers Low-dose aspirin slashes colon cancer risk - study More Top Stories » ADVERTISEMENT Most Popular Most Viewed Most Recommended Ancient galaxy is more than 13 billion light years away Moon's 'treasure chest' includes silver Tigers could be extinct within 12 years: WWF Shock u-turn as Rooney signs new deal with United California braces for the Big One with fake quake More Most Viewed » Time, like all good things, may come to an end: study Too much TV psychologically harms kids: study Iranian chocolate thief 'to have hand chopped off' Ancient galaxy is more than 13 billion light years away British lottery winner gets record 129 mln euros More Most Recommended » Elsewhere on Yahoo! Financial news on Yahoo! Finance Stars and latest movies Best travel destinations More on Yahoo! News Home Singapore Asia Pacific World Business Entertainment Sports Technology Weekend Edition Subscribe to our news feeds Top StoriesMy Yahoo!RSS » More news feeds | What are news feeds? Also on Yahoo! Answers Groups Mail Messenger Mobile Travel Finance Movies Sports Games » All Yahoo! Services Site Highlights Singapore Full Coverage Most Popular Entertainment Photos Yahoo! News Network Copyright © 2010 Yahoo! Southeast Asia Pte. Ltd. (Co. Reg. No. 199700735D). All Rights Reserved. Terms of Service | Privacy Policy | Community | Intellectual Property Rights Policy | Help

Other News on Friday, 22 October 2010
Sex, lies and pomegranate juice focus of US legal battle
Bolivian silver mountain risks collapse
"Paranormal 2" sequel set to rattle box office
Egypt's Mubarak to seek another term: official
Chavez and Ahmadinejad say united to change world order
French unions step up pressure on Sarkozy with demo call
Question a Nobel laureate on YouTube, Facebook
Tigers could be extinct within 12 years: WWF
Afghan peace council wants Saudi Arabia's help
Italian government calls emergency talks amid Naples riots
Putin should not run in 2012 vote: Medvedev aide |
Google to bring ultra high-speed broadband to Stanford
Afghanistan: Troops chasing Taliban from Kandahar
Nokia reports stellar profits, signals job cuts
Nokia reports stellar profits, job cuts
Far East Movement Earns First #1 Billboard Hot 100 Single With "Like A G6"
Top Putin aide confirmed as Moscow mayor
Lil Wayne Climbs To #1, Darius Rucker Debuts At #2 On Billboard Albums Chart
eBay net earnings climb with success of PayPal
Canadian air force colonel jailed for sex murders |
Study Finds Violent TV, Movies And Video Games Desensitize Teens
Former Actress Brigitte Bardot Says She May Run For French Presidency
Fearing new freeze, West Bank settlers rush to build |
Bruno Mars Spends Fourth Week At #1 On Billboard Hot 100 With "Just The Way You Are"
Italian regulator accuses media of Berlusconi bias |
Christina Aguilera Files For Divorce From Jordan Bratman
Nokia reports stellar profits, job cuts
Toby Keith Debuts At #1 On Billboard Albums Chart With "Bullets In The Gun"
Strong quake hits off Mexico's Baja California |
Guinness Team In Nepal To Award World’s Shortest Man
Oprah “Disappointed” After School Worker Is Acquitted Of Molestation
Former CNN Anchor Rick Sanchez Tells “Good Morning America” He “Screwed Up”
Barnes & Noble takes Nook eReader to Walmart |
Roxy Music's Bryan Ferry to release comeback album
Sony sells 1 million Move units in Americas |
Amazon, Facebook, Zynga team up on social media fund |
Tropical Storm Richard Forms in Caribbean
Brand, Perry to wed near Indian tiger sanctuary
Commerce Department Revises Q2 GDP Growth Upward To 1.7%
Sex.com domain name sold for $13 million |
Financial Experts Say Corporate Executives Should Assume Personal Risks
Russell Brand, Katy Perry to wed in Jaipur
Christina Aguilera To Perform On "American Music Awards"
Major Earthquake Shakes Mexico’s Pacific Coast
Electrical products makers gain from industrial rebound |
Kelly Ripa And Mark Consuelos Team Up For ABC Comedy
Xerox profit beats estimates; raises outlook |
Rescuers Search For Missing Hikers In California
Sony expects TV price falls by year-end |
AAA Study Finds Both Parents, Teens Engage In Distracted Driving Habits
The Black Eyed Peas To Release New Album "The Beginning," First Single "The Time (The Dirty Bit)"
Fed Beige Book Survey Finds Modest Economic Activity
Beyonce's mother says daughter is not pregnant |
Tom Hanks, Jon Hamm among Conan's first TV guests |
The King's Speech gets lower UK film rating |
Cuba authorizes release of five extra dissidents
- Tokyo urges Japan and China to avoid tit-for-tat claims |
Italy calls emergency talks as riots erupt in Naples
- Police clear refinery but French unions remain defiant |
Moon's 'treasure chest' includes silver
- Cargo ship and Dutch passenger ferry collide in canal |
Madoff sale to run gamut from diamonds to slippers
Low-dose aspirin slashes colon cancer risk
- Activists say Sudan arrested Darfuris after U.N. trip |
Canadian colonel gets life for sex attacks, murders
California braces for the Big One with fake quake
- Rousseff extends lead as Brazil runoff vote nears |
Major Northern Calif. mall burns after standoff
- U.N. envoy defends Falun Gong, evil cult for China |
Texas National Guard member killed by Mexican gunmen
- Firms halting Afghan projects over security ban |
Cambodian ex-monk gets 17 years for filming girls
- Hungary, rail firms sued in U.S. over Holocaust role |
North Korea heads for new food crisis: UN
China activists plan whistleblower site to spur reform
Bomb attack kills six Pakistani soldiers
Deadly Typhoon Megi heads for China
Nissan starts production of zero-emission Leaf car
Tibet language protests spread in China: rights group
Death toll in Philippine bus bombing rises to 10
Wipro posts 9.7 percent profit rise, below forecast
Hong Kong kicks off film fest with China focus
India's new rich fuel demand for high-rise luxury
- HP unveils $799 tablet with a PC feel |
Martin Freeman to play lead role in 'The Hobbit'
20 missing as typhoon pounds Taiwan
- Google in talks to unblock access to TV websites |
One week after rescue, Chile miners fed up with fame
Bank of China chief urges push overseas
- Canada project aims to track BlackBerry traffic |
Security row threatens Afghan reconstruction: report
iPhone subway performance goes viral on YouTube
Hyundai taps into China market
Khadr film provokes outrage, calls for his repatriation
Israel vanquishes Iran... on the chess board
- China unveils its own version of Google Earth |
Japan and Vietnam to jointly develop rare earth
- Obama meets with Apple CEO Jobs |
Rio's Christ statue comes to life against child sex abuse
G20 ministers to grapple with currency dispute
- Netflix website back up |
British channel to defy Harry Afghan kidnap drama outrage
Sony reports hot demand for PlayStation 3 motion
Bollywood looks for Diwali success
- SanDisk beats Street view after prices steady |
Japan plans to mine rare earth metals in Vietnam
Lively debate after Russian Avdeeva's Chopin victory
- eBay sells $1.5 billion of debt in debut deal |
Currencies center stage as G20 gets underway
- Mel Gibson dropped from Hangover sequel |
- New Zealand could face $1.5 billion fallout if loses Hobbit |
Amazon quarterly net profit up 16 percent
- U2 working With Danger Mouse on new album |
- The Cars reunite for first album in 23 years |
Obama to meet Apple supremo Steve Jobs
- Hirsute Robin Williams plays tiger in Broadway bow |
Facebook voyeurism a part of workplace life: report
- Rapper sued for not playing at jail release party |
Starbucks adds double-shot of Internet to cafe life
Facebook, Amazon and Zynga backing social Internet ideas
UK autopsy confirms suicide of Iraq weapon inspector
British nuclear submarine runs aground
Taliban hit NATO convoy in Afghanistan, killing 3
China launches own version of Google Earth
- Quake-hit Haiti battles cholera epidemic, 138 dead |
Shock u-turn as Rooney signs new deal with United
Ericsson reveals profit jump
- Iraq weapons inspector's death was suicide: UK files |
Diplomat: Quiet negotiations helped obtain release
Ship, ferry collide on Dutch canal
- Priest extradited from U.S. jailed for UK sex abuse |
French police break refinery blockade
- U.S. seeks $2 billion in military aid for Pakistan |
- Russia seeks 6 extra years in jail for tycoon |
- Dutch court to hear Wilders case over again |
- Afghan insurgents dismiss peace talks, NATO upbeat |
Currency skirmishes as US pushes plan at G20
Indonesia admits troops in Papua torture video
Feminism, war and silence fuel domestic abuse in Finland
India slaps Vodafone with $2.53 bln tax demand
US eyes new support for Pakistan
Martin Freeman to play Hobbit's Bilbo Baggins
Germany's Daimler to invest 3 bln euros in China
Manga 'pop opera' prepares to take Europe by storm
Post-Cannes blues for prize-winning Romanian director
Mitsubishi revises up first-half earnings
- News Corp ices Alesia digital newsstand plan: source |
For many, gamble lost in once-booming Las Vegas
Chinese smelter found leaking thallium into river
China's Baidu doubles profits in third quarter
Russia to keep gas imports from Turkmenistan flat
Currencies center stage as G20 gets under way
Greece at new risk of being pushed off euro
Bodies of missing Tenn. mom, Jo Ann Bain, and daughter found
Female Breasts Are Bigger Than Ever
AMD Trinity Accelerated Processing Units Now in Volume Production
The Avengers (2012 film), made the second biggest opening- and single-day gross of all-time
AMD to Start Production of piledriver
Ivy Bridge Quad-Core, Four-Thread Desktop CPUs
Islamists Protest Lady Gaga's Concert in Indonesia
Japan Successfully Broadcasts an 8K Signal Over the Air
ECB boosts loans to 1 trillion Euro to stop credit crunch
Egypt : Mohammed Morsi won with 52 percent
What do you call 100,000 Frenchmen with their hands up
AMD Launches AMD Embedded R-Series APU Platform
Fed Should not Ignore Emerging Market Crisis
Fed casts shadow over India, emerging markets
Why are Chinese tourists so rude? A few insights

USD EUR - 1 year graph	VPN on MacOSX	BlogMeter 1.01